Towards a Comprehensive Understanding of New Normal.docVIP

Towards a Comprehensive Understanding of New Normal At the recently-concluded 2014 Central Economic Work Conference， an annual economic meeting attended by top leaders， China made thorough deployments for economic works in 2015， in accordance with the general tone of seeking progress while maintaining stability， which will help get a better understanding of the new normal of the economic development and point out the direction for a sustainable and healthy economic development. Over the course of the year 2014， realizing that the country’s economic development was moving into the new normal， the Chinese central government has launched a slew of major matures in a bid to stabilize the growth， foster new growth engines， and deepen the reform and opening-up. Those efforts have been paying off. In the first three quarters of 2014， the country’s gross domestic product （GDP） grew by 7.4% from the same period a year earlier. Though the growth rate slowed down， the actual GDP increment was still considerable. More importantly， China’s economy is moving into a more advanced phase featured with a more complex division of labor and a more reasonable structure， thanks to positive changes in structural adjustment， strong growth momentum in the service sector， and ever-expanding domestic demand. 2015 is the last year of the “Twelfth Five-year Plan”period and the crucial year for the country to comprehensively deepen the reform， as well as the first year to comprehensively promote the rule of law. Therefore， China needs to stick to the general tone of seeking progress while maintaining stability， maintain the balance between stable growth and structural adjustment， and actively adapt to the new normal of the economic development， in a bid to deepen the reform and opening up， create a stable macroeconomic environment for the economic restructuring and provide new engines for the economic and social development. An accurate， in-depth and comprehensive understanding of new trends， ne