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CHINA PRESS: Weaker-than-expected economic data released Monday only show the
economy has "returned to normal status," in line with the downward trend from
January to May, as the better-than-expected performance of June may have been
just "a dream", the 21st Century Business Herald said in a front-page commentary
Tuesday. The steady slowing of China's economic growth is inevitable and there's
no "new growth cycle" as some analysts have argued recently. China's current
policy environment will determine the scope for economic growth in the period
ahead, as the government continues to campaign to deleverage financial markets,
control risks, curb asset bubbles and rein in local government debt, the
newspaper said. The strengthening of China's economic foundation and
transformation to sustainable growth is a long-term process and major challenge,
which means the traditional growth model that relies on ample credit will fade.
The market should be neither overly pessimistic or overly optimistic about the
outlook. (21st Century Business Herald)