How Worried Should We Be If China's Growth Rate Slows to 6.4 Percent?

There have been numerous articles in the news recently telling us about China's slowing economy (e.g. here and here). From the accounts I've seen, it does sound like China has problems, although we have heard this story before. (There have been China experts predicting a financial collapse since the late 1990s.)

But the striking part is that a slowing economy is treated as something unexpected. China had been maintaining extraordinary double digit through the 1980s, 1990s, and 2000s. The idea...