HONG KONG — China’s economy is slowing. How bad can it get?

China reported on Wednesday that its economy grew 6.7 percent in the third quarter compared with a year ago. That matched economists’ expectations exactly, and was identical to the pace China set in the first and second quarters of this year. In economics, stability like that is remarkable — and usually not to be believed.

Economists often look beyond the official numbers to find alternative ways to gauge the Chinese economy. Other figures and facts on the ground suggest that a lending binge that China has unleashed in recent months is helping to sustain growth.

But by historical standards, China’s growth is slowing down. This year’s growth is set to come in at a pace slower than last year’s, which was already the weakest pace in 25 years.

“China’s growth has already slowed down dramatically from the heady rates before the financial crisis,” said Diana Choyleva, chief economist at Enodo Economics. “The economy has reached the end of the road when it comes to its export- and investment-led growth model.”