Chinese economy still full of power

A glass is filled halfway with water. Pessimists would say it's half empty, while optimists would say it's half full. The same is true when it comes to the Chinese economy. Quite a few pessimists have been forecasting doom and gloom since the beginning of the year. However, they have failed to see the country's resilience and the new driving forces that have emerged.

In fact, the recent moderation in China's growth is the anticipated result of reform measures and regulation. This is therefore the new normal: we are seeing slower yet better quality growth helped along by proactive and deeper reforms. Of course, China's growth rate could easily have exceeded 7 percent if the energy- and- pollution-intensive industries had been given free rein, or if massive stimulus measures had been applied.

China, however, chose not to opt for this kind of unsustainable growth - because it would come with a huge cost and would sacrifice the long-term development of China and the world.