New normal to be logic of China's future growth

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 improving current production practices instead of expansion, and economic momentum increasingly driven by new factors rather than conventional sectors.

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

Specifically, the evolution can be seen through multiple changes: consumption is more personal and diverse; people are becoming more aware of product safety; investment is flowing into new sectors; and exports are losing their comparative advantages in cost control and are in dire need of new advantages.

An aging society and decreasing rural work force mean growth must come through innovation and technology; more rigid energy and environmental constraints are forcing low-carbon growth, the statement said.

The new normal has not changed the strategic importance of a period that will see great achievements, nor has it changed the fundamentals of the Chinese economy, only the development mode and economic structure.

The new normal demands more importance be attached to people's needs, market analyses and consumption psychology.

More significance is to be attached to property ownership and intellectual property rights, boosting entrepreneurship, education, building a green society, scientific and technological progress, and innovation, according to the statement.

 

China could deliver 2014 growth targets 'relatively well'

BEIJING - China could deliver its social and economic goals for 2014 "relatively well", with the economy staying within a reasonable range, a statement issued after the Central Economic Work Conference on Thursday stated.

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.

China's reform efforts to focus on 9 areas in 2015

BEIJING - China will accelerate reform in nine areas next year including the capital market and market access for private banks, according to the Central Economic Work Conference concluded on Thursday.

Reform will be speeded up in administrative approval, investment, pricing, monopolies, franchising, government purchased services, and outbound investment. This takes into consideration both the need for the next year and the long-term interests, according to a statement released after the conference.

China expects world economic growth to pick up slightly in 2015

BEIJING - World economic growth will probably pick up slightly in 2015, but the recovery will remain weak, according to the Central Economic Work Conference concluded on Thursday.

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 released after the conference.

Steady as she goes, for China in 2015

BEIJING - China will strive to keep economic growth steady in 2015, sticking to a proactive fiscal policy and prudent monetary policy, said a statement released after a crucial economic policy meeting on Thursday.

Continuity and stability are key to macroeconomic policies. "The proactive fiscal policy should be stronger and the prudent monetary policy should be more pragmatic," said the statement.

New normal to be logic of China's future growth

BEIJING - China will stick to a proactive fiscal policy and prudent monetary policy for 2015, according to the Central Economic Work Conference concluded on Thursday.

The proactive fiscal policy should be featured by dynamism and the prudent monetary policy should be more focused on elasticity, said a statement released after the conference.