Three important publications on the “new normal” were released at the 2015 Economic Situation Seminar held by the Academic Division of Economics (ADE) under the Chinese Academy of Social Sciences (CASS) on Feb. 27 in Beijing. The publications were a book titled On the New Normal and two think-tank reports: Leading the New Normal: Exploration of Reform on Several Key Areas and Interpreting the New Normal of the Chinese Economy: Growth, Structure and Driver.

From global perspectives and based on the long-circle theory, On the New Normal focuses on the logic of the new normal as a new stage of development for the Chinese economy.

According to the book, the top priority for China’s economic development is to transit from the old normal to the new normal smoothly. During the transition, it is a must to make sure that “macro policies are prudent, micro polices are flexible and both are underpinned by social policies,” says the book.

The relationship between the potential growth rate, employment and prices under the new normal must be properly handled to serve the purpose of maintaining stable macroeconomic development, it adds.
The book also predicts that China’s GDP and income per capita will both double by 2020 at a low inflation rate if the country’s real growth rate stands around the potential rate in the future five years or more.

Leading the New Normal: Exploration of Reform on Several Key Areas includes research findings of eight major projects that are related to some reform problems and heated issues in the new normal phase, such as reform of state-owned business, fiscal and taxation systems, social security system and rural land system, innovation-driven development strategy, and enhancement of property protection, laying a sound foundation for studies of the new normal.

Interpreting the New Normal of the Chinese Economy keeps track of the international symposium under the theme of “The ‘New Normal’ of the Chinese Economy” that was convened by ADE in December 2014. At the event, more than 20 renowned scholars from home and abroad offered comprehensive and systematic analysis of the global and Chinese economies under the new normal from the angles of growth, structure and driver, providing a wealth of materials and important guidance for accurate interpretation and diagnosis of the Chinese economy and deeper research on related fields.

 

Deng Zhimei is a reporter from Chinese Social Sciences Today.