The turmoil on stock exchanges is overdone and does not presage a slowdown in global growth. One thing is clear, the days of supercharged Chinese growth of 8 percent and more are over. The realignment of the Chinese growth model and the reduction of existing imbalances are no simple task. But the end of the credit-fueled investment boom will not cause the economy to crash. The Chinese government and the central bank still have sufficient leeway to prevent a nasty landing.