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.
经济发展新常态
2014年5月10日，习近平在河南考察时明确提出“新常态”。我国经济发展进入新常态，是党的十八大以来党中央综合分析世界经济长周期和我国发展阶段性特征及其相互作用作出的重大战略判断。从时间上看，新常态是我国不同发展阶段更替变化的结果。从空间上看，我国出口优势和参与国际产业分工模式面临新挑战，经济发展新常态是这种变化的体现。从时空两方面综合来看，我国发展的环境、条件、任务、要求等都发生了新的变化，经济发展进入新常态。新常态下，我国经济发展的主要特点是：增长速度要从高速增长转向中高速，发展方式要从规模速度型转向质量效率型，经济结构调整要从增量扩能为主转向调整存量、做优增量并举，发展动力要从主要依靠资源和低成本劳动力等要素投入转向创新驱动。这些变化，是中国经济向形态更高级、分工更优化、结构更合理的阶段演进的必经过程。实现这样广泛而深刻的变化，是一个新的巨大挑战。经济发展新常态下，尽管经济面临较大下行压力，但中国仍处于发展的重要战略机遇期。经济发展长期向好的基本面没有变，经济韧性好、潜力足、回旋余地大的基本特质没有变，经济持续增长的良好支撑基础和条件没有变，经济结构调整优化的前进态势没有变。中国党和政府把适应新常态、把握新常态、引领新常态作为贯穿发展全局和全过程的大逻辑。