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


China's economy appears to be heading downwards but has not yet bottomed out. China's economy will not show the "U" shape trend or "V" shape trend, but "L" shape trend for a while. The less than 7 percent growth will continue for some time. The success of China's economic transformation will be beneficial to the world.

To ensure the doubling of the GDP and the per capita income of urban and rural residents in 2020 by 2010's goal, Han said it must maintain a necessary growth rate. The bottom line of China's average annual economic growth rate should be more than 6.5 percent.

Liu Peilin, deputy director-general and research fellow of the Department of Development Strategy and Regional Economy, Development Research Center of the State Council, attended the briefing.

He said, in the upcoming five years, China's potential economic growth rate is between 6-and-7 percent, according to a number of reports. During this time, China would achieve a higher growth than 6.5 percent, but many factors were uncertain.

In the future, China will value high-quality economic development more than the economic growth rate as an indicator, Liu said.

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