Economic structural changes in China: challenges and opportunities

As economic deceleration in China continues to reverberate across global markets, there are concerns and wonders about China's future growth and what it will mean for the world economy. China's economy is currently undergoing a major structural change and reform towards a new development model focused on achieving better quality growth that is more economically and environmentally sustainable, and achieves better social outcomes for the Chinese people. With a comprehensive approach to reform, it is natural and normal that the economic growth would fluctuate and sometimes fall rapidly post-peak. China's transformation has profound implications for the global economy. The recent stock market plunge could be a reaction to this economic transformation. China's new development model will continue to promote economic growth in China and in the world. As China is fast becoming a consumption-oriented economy with the services industry as the largest sector, the change presents the rest of the world with challenges as well as opportunities.