If the growth figure comes in at 7.3 percent, as expected, Beijing is likely to lower the target for 2015 to 7 percent. That is a far cry from the double-digit growth experienced for more than three decades following the 1978 opening to the outside world.

President Xi Jinping and Premier Li Keqiang have called for rebalancing the economy and structural reforms, with the recognition that slower, more sustainable high-quality growth is consistent with the "China Dream" of all-round development. But that dream could turn into a nightmare if political factors prevent fundamental reform, especially a just rule of law that protects and expands private property rights, including freedom of expression.

Economic life is predicated on voluntary exchange, which in turn depends on well-defined private property rights. Trust is based on reputation and promises kept, which means the power of government and the law must be used to safeguard people and property. A government with limited power enhances personal and economic freedom, and provides individuals with a wider range of choices than under top-down planning and control.