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New normal breeds new opportunities

(People's Daily Online)    10:34, May 22, 2015
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China’s economy is currently under great downward pressure - the result of an inadequate world economic recovery and a cyclical phase in China’s economic growth. All the major economies have gone through this phase at a certain stage of their development. China’s economic performance accords with the general rule and the international experience of development.

It is already a miracle that China has maintained more than 30 years of high-speed development. The 7.4 percent of GDP growth rate achieved in 2014 is not only considerably higher than the developed countries, but also greater than the major developing countries.

Although China’s growth rate has slowed down, our judgement remains unchanged that China is still in a period of important strategic opportunities. China’s economy demonstrates an overall positive trend. New industrialization, informatization, urbanization, agriculture modernization and greenification generate massive economic demand. Unbalanced development, the urban-rural gap, and regional disparity all represent great potential for further development.

China's traditional sectors such as steel, coal, nonferrous metals, chemical engineering and construction materials are now tending to suffer from severe overcapacity. With a revolution in information technology, traditional business modes and industries are in decline in China. Meanwhile, thanks to the four development paths, a group of new industries and business modes keep emerging to replace them. The four development paths are as follows:

China should promote information technology and smart technology in its industries. With the internet, cloud computing, big data and the Internet of Things, China's key sectors such as manufacturing, energy, finance, and transportation will be intellectualized and upgraded. The application of information technology such as artificial technology and 3D printing gives impetus to the digitalization and intellectualization of automobile manufacturing, rail transportation, shipbuilding and other Chinese industries.

The development of strategic emerging industries featuring high-grade, precision and advanced technologies: after more than 30 years of development, China has become a major manufacturing country with strategic emerging industries approaching or reaching the international advanced level; the dissemination of new technologies and new products is supported by a broad market.

The transforming and upgrading of traditional high energy consumption, high emission, and low efficiency industries has been steadily promoted, and industrial restructuring will be further accelerated in the future.

Servitization of the manufacturing industry will be further promoted, so that the value chain can be extended.

To sum up, China’s economy is facing many new situations, new problems, and new challenges. However, it is also facing many new changes, new dynamics, and new opportunities. As long as we observe the economic rules and manage new economic development steadily, there will be bright future prospects for China’s economy.

The author is the Executive Vice-President of China National School of Administration. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yao Chun,Gao Yinan)

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