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Thursday, December 11, 2014, 21:04

New normal to be logic of China's future growth

By Xinhua

BEIJING - Chinese central authorities said on Thursday that the country must understand the new normal, adjust to the new normal, and develop under the new normal.

Coming to terms with the new normal will be the "main logic" for economic growth for some time, according to a statement released after the Central Economic Work Conference that concluded on Thursday.

The Chinese economy has entered a period of medium-to-high growth from high growth, and a shift to quality and efficiency from quantity and speed in terms of development; as well as of a restructuring that stresses better current production practices instead of expansion, and economic momentum increasingly driven by new factors rather than conventional sectors.

"The Chinese economy is evolving into a more advanced growth mode, a complex division of labor, and a more reasonable structure," the statement said.

The statement also said China could deliver its social and economic goals for 2014 "relatively well", with the economy staying within a reasonable range.

The official statement came as a string of weak economic data has stoked speculations that China may miss its 7.5 percent annual growth target.

The statement also expects world economic growth to pick up slightly in 2015, but the recovery will remain weak.

After the global financial crisis, the world sees drastic fluctuations in financial markets and the price of bulk commodities, as well as more influence of non-economic factors like geopolitics, said the statement.

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