China’s sudden economic slowdown is worrying. But it doesn’t have to be all bad news for Australia

‘The transformation of the Chinese economy is a necessary part of the transition to decarbonising electricity and steel, which Australia must accept sooner or later.’ Photograph: Stringer/AFP/Getty Images

After two decades of stunning economic growth, evidence of a slowdown in China is naturally a cause for concern.

The evidence, unfortunately, is not hard to find. China’s estimated annual rate of GDP growth is slowing and looks to be stabilising at about 4%, only a couple of percentage points higher than that of rich countries in the OECD. At this rate it will take many decades before income per person in China catches up with that of other leading economies.