Is China transitioning to a lower growth plateau?

China's economy slowed significantly in the first three quarters of 2012 and questions have been raised on a possible hard landing. While recent early indicators have shown signs of improvement in the most recent months, it is essential to understand what is driving this slowdown and how lasting it may be given China's importance as an engine for global growth. Is the Chinese economy experiencing just a "temporary malaise"; is it at the beginning of a sharper and more prolonged downturn; or is it in a transition to lower but still sustained growth rates?