China's GDP growth rate last year was 7.4 percent. This year, Premier Li Keqiang noted in the report on the work of the government that the expected growth of GDP was round 7 percent. For people who have grown accustomed to the "high-speed economy train", this steady slow-down could cause a degree of concern. Experts point out that this new economic phase is inevitable and reasonable. Slowing down in a managed way can help to transform and upgrade the economy and settle the foundations for future sustainable development.

Even though China's economic growth rate is falling, it is still one of those countries with the fastest economic growth in the world. Last year, China's economic added value reached 800 billion dollars, equaling a whole year's GDP for a country like Turkey. And China is the first country after the US whose GDP has surpassed 10 trillion dollars, double the value of Japan.

The Chinese government's decision to turn down the burner on economic growth is in conformity with the current situation in China. Taking the international environment, employment, and incomes into consideration, this decision also meets with the need to upgrade industry and the laws of economic development. In 2014 China’s economy was turning from manufacturing to services, the entrepreneurial boom was prospering, and labor productivity increased by 7 percent over 2013 - and energy consumption still declined by around 4.8 percent.

To make sure China's economy continues to run on an even keel, both "hands" — the government and the market - should be used as appropriate. 

This article is edited and translated from 《7%增长目标符合中国实际》，source: People's Daily Online, author: Luo Lan