China's first-quarter economic growth probably slowed further from last year, and that deceleration will persist into the second quarter, according to many observers.

But it's a bit of a surprise that few of them are surprised. And none argues that it's time for the government to launch a massive stimulus program. This can be interpreted as support for the stance adopted by Premier Li Keqiang, who told a high-level forum in Bo'ao, Hainan province last week that China won't print money to support higher growth.

Some sectors may be more affected than others by the ongoing slowdown. Some industries may go through more painful readjustments than the rest of the economy. There are also other industries that may experience less difficulty or even faster growth.