While China is and continues to be the manufacturing platform of the world, concerns around its decelerating growth in 2023 have triggered panic waves across the globe. Given the deep interconnection between the global economy and the Chinese economy, there is fear among nations that global growth will further decelerate due to the troubled Chinese economy. One of the most important questions in this context becomes how to tackle the fallout. To answer this question, it is first pertinent to understand whether the problem is cyclical or structural in nature. That clarity can help avoid the fallout.