Econ Grapher writes at Seeking Alpha:

• The Chinese economy has slowed its rate of growth recently, but the drivers
  of this slowdown are known and relatively benign. Monetary policy tightening in
  2010-11, along with regulatory measures to curb property speculation and
  inflation resulted in a slowing of activity growth (this is what you would
  expect when monetary policy tightens). The European sovereign debt crisis and
  subsequent austerity induced recession also put a dampener on external demand
  for exports.
• In the backdrop of this engineered and externally driven slowdown, there
  have been some efforts towards rebalancing the economy away from investment and exports and towards domestic consumption. This is a good idea for China, and
  will ultimately result in lower but more sustainable growth. But this has not
  been a key driver of the recent slowdown, and will take decades to come to full
  fruition.

Read more: http://seekingalpha.com/article/1040051-bear-no-more-it-s-time-to-get-beta-in-china