A New Normal for Economic Development

During his visit to Henan Province on May 10, 2014, Xi Jinping referred to a “new normal” for China’s economic development. This recognition was an important conclusion drawn by the CPC after the 18th CPC National Congress, on the basis of an assessment of world economic cycles and the features of the Chinese economy at the present stage of development, and especially China’s economic development in the larger context of the world economy.

As China moves into a new phase of development, the environment, national conditions, and the relevant tasks and requirements are changing. These changes include challenges to China’s strength in exports and its position in the international division of labor. With these changes, China’s economic development is now in a period of “new normal”.

In this context, China’s economic development will go through the following transformations:

– from high speed growth to one that is at medium-high speed;

– from an emphasis on growth rate and speed to a focus on growth quality and efficiency;

–from quantitative increase and capacity expansion to an emphasis on both stock adjustment and optimized increment in a transformed economic structure; and

– from a growth supported by resource consumption and low-cost labor to one that is driven by innovation.

This is an inevitable process that China must go through before its economy can reach a more advanced level with a more favorable position in the division of labor and a better economic structure. To complete such extensive and profound transformations is indeed a new and enormous challenge to the nation. In spite of the downward pressure of the new normal of economic development, China still enjoys important strategic opportunities.

There are a number of things that have never changed. Our economy is still growing on strong fundamentals, with high resilience and great potential. We still have room for maneuver, and a solid foundation and favorable conditions for continued economic growth, and we are still moving forward with economic structural adjustment and optimization.

The CPC and the government have called for action to adapt to the new normal, to come to grips with it, and to lead it as the most sensible and logical course of action to take throughout the process of development.

經濟發展新常態

2014年5月10日，習近平在河南考察時明確提出“新常態”。我國經濟發展進入新常態，是黨的十八大以來黨中央綜合分析世界經濟長周期和我國發展階段性特征及其相互作用作出的重大戰略判斷。從時間上看，新常態是我國不同發展階段更替變化的結果。從空間上看，我國出口優勢和參與國際產業分工模式面臨新挑戰，經濟發展新常態是這種變化的體現。從時空兩方面綜合來看，我國發展的環境、條件、任務、要求等都發生了新的變化，經濟發展進入新常態。新常態下，我國經濟發展的主要特點是：增長速度要從高速增長轉向中高速，發展方式要從規模速度型轉向質量效率型，經濟結構調整要從增量擴能為主轉向調整存量、做優增量并舉，發展動力要從主要依靠資源和低成本勞動力等要素投入轉向創新驅動。這些變化，是中國經濟向形態更高級、分工更優化、結構更合理的階段演進的必經過程。實現這樣廣泛而深刻的變化，是一個新的巨大挑戰。經濟發展新常態下，盡管經濟面臨較大下行壓力，但中國仍處于發展的重要戰略機遇期。經濟發展長期向好的基本面沒有變，經濟韌性好、潛力足、回旋余地大的基本特質沒有變，經濟持續增長的良好支撐基礎和條件沒有變，經濟結構調整優化的前進態勢沒有變。中國黨和政府把適應新常態、把握新常態、引領新常態作為貫穿發展全局和全過程的大邏輯。