European experts believe that China's economic slowdown is showing the country's new approach to restructuring its economy, and that the focus should not be just on the rate of growth.

"China is moving from a traditional development pattern, with intensive resource use and old industries, to a 21st Century development pattern that focuses on the welfare of people and a new industrial development that is sustainable," said Dennis Pamlin, founder of 21st Century Frontiers, a Sweden-based consultancy.

China today released first-quarter data showing a growth rate of 7.4 percent, the slowest pace in 18 months, and said the slowdown is in line with requirements at this stage.

Pamlin said it is wise to shift the focus from old development and old ways of measuring development by GDP data to a sustainable economic development.

"The fact that we still use only old measures for economic development is a problem as it hides the rapid positive development in China, both economic and human," said Pamlin.

To grow confidence it would be good if China by 2015 developed a new GDP measure in collaboration with international experts that can help communicate actual development, Pamlin suggested.

By linking China's economic transformation closely to the broader reform program, Pamlin said China could take an international lead in how old industrial structures can help support future economic activities.

"The new digital economy, the aging population, the need for smart solutions that link urban and rural development are all areas where China is at the forefront and that can drive growth in the areas," he said.

David Laurier, president and CEO of environmental analyzer and integrated solutions provider AppliTek in Belgium, also said attention should not focus only on the growth rate.

"I believe that it is really a challenging task for China to speed up reform, to fight pollution, to manage debts and to keep high growth numbers at the same time," he said.

Many have argued that China needs to phase in a stimulus package, similar to that of 2008, to inject new dynamics to its economic growth. ``It should not primarily be a monetary but an organizational and legal stimulus package", said Pamlin.

Laurier believes a "mini-stimulus package" which is targeted and less ambitious than the previous plan could head in the right direction. "Tax cuts for small companies are very effective and should be applied more often," said Laurier.

China and the European Union pledged to build a partnership of mutual growth after President Xi Jinping's recent visit to Europe. In this context, Pamlin said China and the EU should accelerate growth in areas relevant for a future economy rather than trying to grow old industries.

"They could help each other as well as the global development in areas like sustainable urban development, nanotechnology for atomic precise manufacturing, poverty reduction and sustainable solutions for an aging population", he said.

Laurier believes the environmental field presents huge possibilities for cooperation between European and Chinese companies, where he said European expertise and Chinese craftsmanship and market opportunities could go hand in hand. "And China needs to become even more competitive in order to become a trading economy instead of a strong trading partner", said Laurier.

Li Xiaofei contributed to the story in Brussels