China's low rate of growth is not sign of failure, says official mouthpiece

China's low rate of economic growth is not a sign of failure, and it is far from losing momentum, according to the official Xinhua news agency.

In an editorial, Xinhua writer Wu Xia says that China's economy has entered a "new normal" of slower but higher-quality growth.

"The popularity of the catchphrase marks a shift in mindset of the Chinese people – lower growth is likely to continue for a while and is not a sign of failure, but a lack of reform can be fatal to long-term sustainable growth," he writes.

Having achieved double-digit growth rates for the last three decades on average, China recorded much lower growth rates in recent times. Recent economic data suggests that the economy would slow down further in the coming years. The country's problems include the cooling property market, soaring total debt and higher labour costs among others.

In the third quarter of the year, China's economy expanded by 7.3%. While this beat analysts' forecasts of 7.2%, it represents the slowest expansion for more than five years after China reported a 6.9% growth in the first quarter of 2009.

The growth rate is expected to decline further in the fourth quarter, despite a number of stimulus measures by the government. Official outlook for economic growth is 7.5% for 2014.

However, China's leadership is seemingly accepting the slow growth rate as they highlight a balanced and sustainable growth model for the economy.

President Xi Jinping discussed about China's "new normal" economy during the latest APEC summit. The new model involves shifting from the previous high speed to a medium-to-high speed growth, improving and upgrading of the economic structure, and promoting innovation as a stronger economy driver than input and investment previously.

"For policymakers, they are less worried about missing official growth targets, but rather hold fast to the belief that giving up growth spurts for stringent reforms will eventually pay off," the editorial says.

"The episode of super rapid growth has apparently come to an end for China, leaving the current leadership with opportunities as well as challenges. The world must be patient to see how China adapts to the change."