CNN Beijing chief: China's challenges, opportunities (2)

In the third quarter, China's GDP grew 7.4 percent compared to the previous year. It was the seventh consecutive quarter of slowing growth, against the backdrop of China's aim to tame inflation and its real estate bubble.

To cope with the slowing economic growth, FlorCruz believes the mid-to-long-term solution lies in the development of the service sector.

"There needs to be more encouragement for the growth in the private sector, and especially in the service sector, because China can no longer rely on the manufacturing.

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