An article dated 18 February 2015 by Professor Danny Quah of the London School of Economics on Brookings Online shows that as China's economy at $11.3 trillion is nearly five times larger compared with a decade ago, even slowing to 7% growth will treble the increment in the absolute size of China's economy and double the size of China's potential market for exports from her trading partners.

Likewise, a 7% slower growth rate is estimated to generate 53 million new jobs, assuming the same productivity increase at 2013 levels. This would account for over 10% of the rural migrant labor pool. 

So a slower 7% growth of a much larger economy may not necessarily spell disaster for China or the rest of the world.