China needs to shift to a more sustainablegrowthmodel, and adopting a new growth strategy will trigger a structural catch-up process in global investment and consumption.
Growth in the years of transition to a more sustainable economic model is likely to be a fraction of what we took for granted in the boom years: consistent growth of 1% might not be such a disastrous result, given the scale of the challenge.
And so one of our challenges now, and I've been speaking about this for many months now, is how do we get what I call a post-bubble growthmodel, one that is sustainable.
But some economists stress that the focus on consumption as a measure of economic growth can be misleading, arguing that a model that is not based on production cannot be sustainable.