New waves of urbanization and rebalancing of industries will sustain country's economic growth and drive world's progress

Concern is growing that China's economy could be headed for a hard landing. The Chinese stock market has fallen 20 percent over the past year, to levels last seen in 2009. Continued softness in recent data - from purchasing managers' sentiment and industrial output to retail sales and exports - has heightened the anxiety. Long the global economy's most powerful engine, China, many now fear, is running out of fuel.

These worries are overblown. Yes, China's economy has slowed. But the slowdown is contained, and will likely remain so for the foreseeable future. The case for a soft landing remains solid.