Chinese Economy in the“New Normal”: Realities and Prospects
Institute of Quantitative and Technical Economics, Chinese Academy of Social Sciences (CASS), Beijing, China
Abstract: Great achievements were made in the 12th Five-Year Plan period (2011-2015) in such areas as economic growth, living standards, industrial restructuring, innovation-driven growth, new-type urbanization and ecological civilization, trade and investment, and reform. These achievements have paved the way for China to enhance the quality and efficiency of growth in the new normal. China’s future growth prospects are highly correlated with the 13th Five-Year Plan (2016-2020). For the 13th Five-Year Plan period, China is committed to maintaining an annual growth rate of no less than 6.5%, which is both necessary for China to build an all-round, well-off society before 2020 and consistent with the characteristics of China’s current economic development stage. Meanwhile, efforts must be made to give prominence to consumption, investment, and export as drivers of growth while continuing to improve labor and capital input and efficiency which is vital to mid- and long- term economic development.
Keywords: the 13th Five-Year Plan, “new normal ”, medium-high growth