The United States is a typical example of this pattern as the nation evolved from agriculture in the first 100 years after independence into a manufacturing behemoth in the late 19th and 20th century to the sophisticated provider of services that now dominate U.S. employment and production.
What is unique about China's economic history is the rapid movement through this development ladder. This development took place over more than a century in the U.S., but is now taking place in China in about half the time. This rapid growth is surely good news for Chinese citizens and for the rest of the world. The historic pattern is that these growth rates slow as a nation's standard of living begins to approach those of the leaders. It is in this sense that the Chinese growth slowdown is anticipated.
But what has roiled worldwide markets are growing doubts about the health of the Chinese financial system.