On the right track for quality development

The surprising thing now is not that the Chinese economy is slowing, but that there are so many who seem surprised by this.

Chinese leaders, and economists, have been saying for years that the high rate of GDP growth was unsustainable. In many ways it is remarkable that China has managed it as long as it has.

From 1978 to the 2000s, the Chinese economy grew fast, but from a much smaller base. Delivering 10-plus percent GDP increases was easier then than now, for the simple fact that these days the Chinese economy is five times larger than it was even as recently as 2000. Making even 1 percent of growth means much more activity and work now than it did a decade and a half ago.