Today, China released its much anticipated third-quarter growth figures. The country’s economy grew by 7.4 percent, its weakest pace in three and half years.

The economic slowdown in the US and Europe is hurting demand for China’s exports. At the same time, it appears the Chinese goverment is taking steps to deliberately slow growth.

“They are making this happen to try and get growth down to a more sustainable level and have it driven more by consumption,” says Shanghai-based economist Andy Rothman. “The real trick is going to be, can they bring it down in a very gradual and easy way.”