Conditions exist for sustaining China's growth: expert

China enjoys sound foundation and favorable conditions for sustaining a medium-high rate of economic growth, according to an official with China's top economic planner.

After more than 30 years of rapid growth, China's economy has now entered a period of more moderately paced growth, Wang Yiming, deputy secretary general of the National Development and Reform Commission, said in an article published this month.

The article was carried by this year's fourth English edition of Qiushi Journal, the flagship magazine of the Communist Party of China Central Committee.

Slower growth rate does not mean that China is no longer the fastest growing of the world's major economies, nor that there has been a notable decline in the country's growth impetus, Wang said.

"We may say that China boasts a sound foundation and numerous favorable conditions for sustaining a medium-high rate of economic growth," he said, citing factors including the unleashing of domestic demand, continuous industrial restructuring, increasing role of technological advances and human capital.

China's gross domestic product expanded by 7.3 percent year on year in the third quarter, compared with 7.5 percent in the second quarter and 7.4 percent in the first, data from the National Bureau of Statistics showed.

The growth for the July-September period marked the slowest quarterly growth since the first quarter of 2009.