New normal (Chinese:新常态;pinyin:Xīn chángtài) is a political slogan promoted by theChinese Communist Party (CCP). It was coined byCCP General SecretaryXi Jinping during a visit toHenan Province in May 2014.
Since 2012, China's economy has shown a marked slowdown, with growth rates declining from double digit levels (before the2008 financial crisis) to around 7% in 2014. A statement by CCP General SecretaryXi Jinping during a visit to Henan in May 2014 indicated that China was entering a 'new normal'.[1] Xi systematically expounded the term at theAsia-Pacific Economic Cooperation (APEC) Business Leaders Summit in November of that year.[2]
This term was subsequently popularised by the press and came to refer to expectations of 7% growth rates in China for the foreseeable future. It was indicative of the Chinese government's anticipation of moderate but perhaps more stableeconomic growth in the medium-to-long term.[3]
The official definition of the new normal is the model of China’s economic development under the new situation, which has three characteristics:[4]
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