> China has the world's second largest economy and is growing at an astronomical rate.

Far from astronomical. 6/7%. It's very good compared to developed countries but the key for percentages is always understanding what is the original value you are growing from. China was a huge country both in size and population that began a transformation into a modern economy. They'll, sooner or later, become the largest economy in the world. But these growth ratios won't be sustainable. They'll stabilize around 2/3% once they fully develop their economic potential.