The Trend and Characteristic of Our Economic Development Under the “New Normal”

Abstract

The “new normal” is the periodical characteristics of China’s current economic development. In 2014, China’s economy continued its former stable condition, and its growth rate kept within a reasonable interval under the “new normal”. The growth rate of China’s economy was expected to stabilize at 7% in 2015. The development of infrastructure construction, the upgrading of consumption and the implementation of the “One Belt and One Road” opening-up policy should become the basic driving force of China’s economic growth in 2015. Under the developmental mode of the “new normal”, in view of the slow economic growth, China should grasp the three developmental requirements: stability, coordination and reserved space for adjustment, and it should grasp the three developmental connotations: adjusting structure, changing development mode and innovation-driven development. Moreover, China should grasp the new basic ideas of macroeconomic regulation and control under the “new normal”: First, we should transform our ideas from speed-driven to quality-and-benefits-driven; Second, we should transform our growth objective from GDP-oriented to employment-oriented; Third, the focus of regulation should shift from the demand side to the supply side; Fourth, we should change the economic regulation from policy-dominated to market-dominated.