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Four opportunities of China's economy under the 'new normal'
Source: | Author:Vincent | Published time: 2967 days ago | 1888 Views | Share:
China's economy steps into the "new normal" phase, as it is

China's economy steps into the "new normal" phase, as it is growing in a manageable and relatively balanced manner. Confronted by a weakening overseas market, sliding domestic demand, adjustments in real estate sector and a deeper-level structural shift, the country faces mounting pressure of economic slowdown.

However, the "new normal" does not only mean difficulties, challenges and risks. We still have the assertion that China's economy still has great strategic opportunities and can make great achievements. What has changed is the connotation and condition of this great opportunity.

China's economy is still featured with the fundamentals that it is growing in a healthy manner, with its development mode and economic structure changed. So the "new normal" of China's economy is breeding a great development opportunity with which the country, as a rising power, embraces the new economic system.

First, the opportunity of major reforms and adjustments. The financial crisis in 2008 exposed the serious structural problem in the world's economy, and pronounced the end of China's traditional growth approach. Problems such as great energy consuming and severe pollution along with the high investment, social economic conflict along with the gap in income distribution, and the insufficiency of innovation plagued by excessive control have become hurdles for China to realize a prosperous country, affluent livelihood and the national rejuvenation.

Second, the opportunity in major consumption, major market and constructing the "effect of major economy". Other countries may be amazed to find that China, while stabilizing its position as the world's second largest economy, has its market demand and domestic consumption greatly improved.

Third, the opportunity in great potential and constructing pluralistic growth poles. By the end of 2014, the index in China's every industry has shown that China's economy is shifting to post-industrialization, and the dividend of industrialization is wearing out. But we must see the great dimension and size of China's economy. The Yangtze River Delta region, Pearl River Delta region, and Beijing-Tianjin area have shifted to a growth mode significantly driven by the service industry.

Fourth, the opportunity from "talents" and seeking second round of demographic dividend. The arrival of Lewis Turning Point and drawing close of aged society mean the traditional population dividend of China is wearing off. But it must be pointed out that it is only in the migrant worker sector that the problems of "being difficult to hire qualified workers" and "labor cost being on the rise" are most prominent. The layout of China's employment market features both "the difficulty of college students to land a job" and "the lack of migrant workers".

For sure, to secure the above four opportunities and transfer all strategic chances into real growth and development, we need to tackle effectively all kinds of problems and challenges that the "new normal" faces. We need to roll out a system that adapts to the next-round of economic development on the back of full and deepened reforms.

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