氵台-国-王里-正攵_卷二_38篇.pdfVIP

The Governance of China Economic Work Should Be Adapted to the New Normal* December 9, 2014 To improve our economic work, first of all, we should have a rational understanding of the current situation and a sound assessment of future trends. Recently, there have been comments both in and outside China: As Chinas economic growth slows down, is there anything wrong? The growth rate has dropped to below 7.5 percent -why not take stimulus measures? I think that to look at and analyze this question, we must understand Chinas various economic development stages from historical and dialectical viewpoint. Last year, the central government decided that Chinas economic development is at a stage of shifting the growth rate, restructuring the economy, and addressing the impact of previous stimulus policies. In the middle of this year, at a meeting of the Political Bureau of the CPC Central Committee, I further analyzed this complex economic stage, emphasizing that our economic work should be adapted to the new normal. Not long ago, at the 2014 APEC CEO Summit in Beijing, I briefly analyzed the characteristics of the new normal in 5 China s economic development — a slowdown in the rate of growth, optimization of economic structure, and shift of growth engines. Here, through comparison, I would like to talk about several trends brought by the new normal. First, consumption. Consumption in China used to flow in waves, as large numbers of consumers would follow the latest fad in an attempt to “keep up with the Joneses”. Now this sheep-flock effect has disappeared, and the stage of consumption in waves has ended. *Part of the speech at the Central Conference on Economic Work. Economic Work Should Be Adapted t