The New Normal of China's Economy

The new normal of China's economy is characterized by: (a) a shift from high growth rates to medium-high growth rates; (b) an on-going process of optimizing and upgrading the economic structure, and narrowing the urban-rural gap, with higher personal income as a share of GDP, and an increasing number of people benefiting from economic development; and (c) a transition from growth driven by input and investment to one driven by innovation. This new normal would likely lead to, among others, a sizable increase in real output despite slower growth; more stable growth with a more diversified array of growth drivers; an increasingly optimized and upgraded economic structure, and more predictable development prospects; and a further revitalized market as result of the on-going move to streamline government and delegate authorities.

中國經濟新常態

中國經濟新常態的三個主要特點：一是從高速增長轉為中高速增長。二是經濟結構不斷優化升級，城鄉區域差距逐步縮小，居民收入占比上升，發展成果惠及更廣大民眾。三是從要素驅動、投資驅動轉向創新驅動。新常態給中國帶來的影響主要包括：經濟增速雖然放緩，實際增量依然可觀；經濟增長更趨平穩，增長動力更為多元；經濟結構優化升級，發展前景更加穩定；中國政府大力簡政放權，市場活力進一步釋放。