Today’s publication of China’s GDP data for 2014 marks the country’s slowest growth in more than two decades. But the reported figure of 7.4%—still the fastest of any big economy—is hardly cause for concern. Slightly slower growth is part of the government’s plan for steering the economy onto a more sustainable path as it concentrates on structural reforms such as creating a social safety net. And these days the Chinese economy is so large that growth of 7% now adds as much output—more than $700 billion—as a turbo-charged 14% did in 2007. The healthy GDP figure has, for now, assuaged investors’ fears about the Chinese stockmarket, which plunged by 7.7% on Monday, the biggest fall in six years. That was a long-overdue correction after a soaring rally that had little to do with economic fundamentals.