The country should get used to slow economic growth and transform its growth model for sustainable development

In the context of decelerating real estate investment, feeble external demand and the economic stimulus measures implemented a few years ago running out of steam, China's economic growth rate is expected to be 7.8 percent year-on-year in 2012, down from 9.2 percent in 2011 and 10.4 percent in 2010.

The continuous economic downturn has caused market concerns over a possible "hard landing" of the Chinese economy and even an economic crisis triggered by overproduction.