The New Normal from the Perspective of Macro History and Grand Logic of China’s Economic Development

Cai Fang (~lljj)

Chinese Academy of Social Sciences (CASS), Beijing, China

Abstract: This paper attempts to explain the “new normal” of China’s economic development put forward by XI Jinping, the General Secretary of the Central Committee of the Communist Party of China, from three perspectives. First, as the new normal is a natural phase of long-term development in the country’s renaissance, recognition of it helps policy-making to hold a historical perspective and maintain a patience in the face of growth slowdown. Second, the new normal as the logic of China’s economic development underlines the necessity and urgency of transforming growth patterns and growth drivers. Third, different from the “new mediocre” of the world economy, the new normal reveals great potentials of sustainable growth of the Chinese economy that must be tapped through structural reforms.

Keywords: new normal of economic development, potential growth rate, reform dividend JEL Classification: P20, E60

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