Let’s talk about the connotation of the “new normal” of my country’s economic development.

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Recently, some Western politicians told the media that China's economic transition from rapid growth to the "new normal" is not only beneficial to its own development, but also beneficial to the world. In this regard, expert analysis pointed out that the connotation of China's new economic normal is to proactively adjust and promote the transformation and upgrading of the economic structure, which will not only benefit my country itself, but will also provide valuable opportunities for balanced, high-quality, and sustainable development around the world.

1 The connotation of "new normal" is better than that of the West

Since this year, "new normal" has undoubtedly become a keyword in the global economic field. The “new normal” stems from the U.S. investment community’s description of below-average economic growth following the financial crisis. Experts pointed out that the new normal in Western countries can be summarized as "one low and two high", that is, low growth, high unemployment, and high debt; while my country's "new normal" is unique and can be summarized as "medium-high speed, excellent structure, and new economy". The four major characteristics are “motivation and multiple challenges”.

“From a connotation point of view, the ‘new normal’ is generally described by the West in the macroeconomic field as a slow and painful process of economic recovery after the crisis. Accepting this ‘new normal’ is a passive process. Although China's "new normal" also reflects the change of economic potential from high speed to medium speed, we tolerate the decline in economic growth in order to reserve enough time and space for economic structural reform. It is a proactive adaptation and Adjustment is obviously better than being passive," Xu Qiyuan, associate researcher at the Institute of World Economics and Politics, Chinese Academy of Social Sciences, told this reporter.

Some analysts say that in terms of debt, because China’s economy is large, has good trends, has a high savings rate and is basically dominated by domestic debt, the debt risk is not great; in terms of employment, the traditional demographic dividend is gradually declining. The disappearance of the economy has alleviated employment pressure, economic transformation has added employment momentum, and the employment situation will steadily improve. Data show that in the first half of this year, 7.37 million new jobs were created in cities and towns across the country, the highest number in the same period in the past 10 years.

2 The "new normal" is an upgraded version of the economy

Stable growth is the intuitive feature that distinguishes China's "new normal" from other countries. Fan Jianping, chief economist of the State Information Center, pointed out that the economic growth rate of many countries has switched directly from the "high speed" of more than 8 to the "medium speed" of about 4, while China's economy is expected to grow in the "medium speed" of 7-8. "High speed gear" runs for a while.

"Recently, the central government has repeatedly emphasized 'maintaining strength' in economic work. Its purpose is to fully seize the historical opportunities of economic structural transformation and upgrading. Nowadays, resource-consuming and environmentally polluting extensive development The model has reached its end. We must take advantage of this opportunity to make targeted efforts through guiding funds, streamlining administration and delegating power, encouraging innovation and other means to transform the development mode, reduce development costs, improve the quality of development, and make China smile in the international division of labor. The curve is moving towards the high value-added areas at both ends," said Dong Dengxin, director of the Institute of Finance at Wuhan University of Science and Technology.

Experts believe that due to limitations in resource and environmental carrying capacity, high growth under the traditional model is neither sustainable nor acceptable to society. Emerging industries such as biomedicine, e-commerce, and aerospace will gradually become the protagonists on the stage and become an important part of the upgraded version of China's economy. The upgrade from "Made in China" to "Created in China", "Chinese Services", "Chinese Technology" and even "Chinese Brand" is destined to be the only way for the Chinese economy under the "new normal".

3 The "new normal" is beneficial to the whole world

"China's economy will not collapse, but will shift from 'rapid' growth to 'significant' growth. This shift is not only beneficial to China , and is also beneficial to the world," a Western politician recently told the media. He believes that the changes in China's economic growth model are logical, and that China has an in-depth and comprehensive analysis of the problems, challenges and countermeasures it faces. He also suggested that China, as an emerging power, should be more involved in the formulation of rules in the fields of global public affairs such as trade, investment, and security.

According to WTO (World Trade Organization) data, as of last year, among the 159 WTO members, China was the top three source of imports for 107 members and the top three exporters for 42 members. market, China is also the largest export market for the 48 least developed countries. "China Demand" has created many jobs and brought tangible benefits to local people.

“There is no doubt that the improvement of China’s economic structure will have a very positive impact on the overall world economy. In the future, with the improvement of the social security system and the further opening of the service industry, China will recreate the world A huge and active consumer market for final products will be created, and the imbalance in the international balance of payments will also be improved. China will also export more high-quality products, capital, and technology to other countries, which will help the global economy become more balanced. , high-quality and sustainable development,” Xu Qiyuan said.

Experts generally believe that China’s economic “new normal” will also be conducive to the development of global economic integration and reshape the world pattern. "The success of China's economic 'new normal' will not only mark the escape of 1.3 billion people from poverty, but also set a successful example for the vast number of developing countries in Asia, Africa and Latin America. This will not only provide useful experience for them to explore their own development models , and will also enhance the voice of developing countries in the world as a whole," Dong Dengxin said.

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