Getting to know the New Normal

Updated: 2016-01-16 01:30

By HONG XIAO in New York(China Daily USA)

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Getting to know the New Normal

Zhang Qiyue (fourth from left), Chinese consul general in New York, poses for a group photo with Han Jun (fourth from right), deputy director of the offi ce of the Central Leading Group on Financial and Economic Aff airs, and other delegation members. PROVIDED TO CHINA DAILY

During the global financial crisis in 2008, China's economic growth had slowed down, but it was still one of the fastest growing economies. From 2009 to 2014, China maintained an average annual economic growth of 8.7 percent. Han said China's economy made an important contribution to the recovery of the world economy: during those five years, China's contribution world economic growth accounted for more than 30 percent.

There is no so-called "hard landing" of China's economy, nor a "derailing", Han insisted.

With the increase in China's economic aggregate, the slowing economic growth is consistent with economic rules and trends.

In the future, China's economic development mode will be definitely be undergoing a transformation, which will transform from export-driven to domestic demand-driven, from investment-driven to consumption-driven, from rough development to innovative development.