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 its 18th 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 reaches 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 transformation 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.

經(jīng)濟發(fā)展新常態(tài)

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