I think Chinese government has to welcome slowing down because it's just impossible to maintain a growth rate like that indefinitely. The GPD of China already come close to that of US. At this scale, the same growth rate is naturally becoming harder and harder to achieve and simply pursuing that number might lead to catastrophic outcome. A slow down in economy growth gives China more time to fix the structural problems caused by rapid growth, and reduces the chances of a sudden crush. Overall I'd say it leads to a much more healthier economy.

It has side effects of course, but Chinese government have much better control of the macro-economy compared to free markets in most other countries, and that would help a lot in avoiding economical crisis. The debt issue is concerning, but I think Chinese government is much faster in acting on and fixing problems.

Some of the slow down mentioned in the article, such as the fall in housing market, seems to be exactly what the government want, as they've tighten the rules for real estate by a lot earlier this year. There're strict criteria people have to meet to be eligible for purchasing a house. This is a good thing because the current real estate market in China is almost insane.