That has made the transition to a consumption-driven economy move at a glacial pace.

But if income growth accelerates, there is another grave concern: that the country will lose its labor cost advantages while productivity gains stagnate. There are plenty of statistics pointing to just such an outcome－and then there is the rapidly aging population.

The only answer to that, economists said, is more innovation and openness.

Chinese leaders know that, which is why they recently scrapped most of the administrative approvals enterprises were subject to when they made outbound investments. Premier Li Keqiang has reiterated on several occasions that there is only hope for the Chinese economy if 1.4 billion individuals' entrepreneurship and creativity are unleashed.

Much must be done to facilitate that change, and in the age of global competition, slower progress means backsliding. There is little room for self-indulgence.

IMF official: Growth slowdown welcome	China needs to boost productivity to sustain growth: IMF