Finding a subtle balance for China's economy

A country's economy is like a moving bicycle: If it goes too fast, it may lose control; too slow and it may fall on the ground. [Special coverage]

China's economy has witnessed super-high growth over the three decades following the country's reforms in 1978, but at the cost of the environment, quality and efficiency.

With a faltering global economy following the financial crisis and increasing difficulties for stabilizing its growth, both reasons behind the China's "new normal," it's high time that the country should make a change.

The lowered growth expectation for 2015 is a perfect start for China to strike the subtle balance between diversified facets of social and economic development.

China's 2015 growth target was lowered to around 7 percent -- a level not seen since 2004 -- in a government work report delivered by Premier Li Keqiang Thursday.

This eye-catching change reflects the Chinese government's determination and confidence to coordinate the speed of growth with economic restructuring, pushing forward overall reforms and letting the people share the fruits of development.

It seems like China is going backward with its growth target, but it aims at achieving steady and sustainable growth with higher quality and efficiency.

A couple of other targets for this year provide proof. With a lower growth forecast, the country wants to create more than 10 million jobs, the same as last year's target, and energy consumption per unit of GDP must continue to decline.

Juggling many tasks at a time takes skill. The Chinese government is showing the world what it can achieve with the conception of new normal, which is more than just words, but also a sober understanding of its current situation and the urgent need to change.

As a simple response to the question of how to deal with the new normal, China boiled it down to two targets -- maintaining medium-high-level growth rate and moving toward medium-high-level development.

China will not allow the economy to free fall. The government wants its people to have jobs and live better lives, its companies to make money and contribute to society and lead the people in achieving the great rejuvenation of the Chinese nation.

Along the path, the country will not let outdated development patterns stand in the way by emphasizing the quality and efficiency of growth.

To achieve the subtle balance, the government is also seeking new engines to drive the world's second largest economy, including entrepreneurship and innovation that will give full play to everyone's diligence and wisdom.

China is still growing up, both in term of economic size and wisdom.