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New normal to be logic of China’s future growth

Updated: Dec 11,2014 6:52 PM     Xinhua

BEIJING — Chinese central authorities said on Dec 11 that the country must get to know well new normal, adjust to the new normal, and further economic development under the new normal.

Coming to terms with the new normal will be the “main logic” for China’s economic growth for the time being as well as future growth, according to the Central Economic Work Conference concluded on Dec 11.

The conference also concluded that China will improve its investment environment in 2015.

The country will expand market access in the service sector, further open up the manufacturing sector, promote the experiences of the China (Shanghai) Pilot Free Trade Zone (FTZ), stabilize inbound overseas investment and improve the quality of such investment, said a statement released after the conference.

Efficiency and quality of outbound investment will be improved, sectors with competitive edges will be encouraged to go overseas, and the internationalization of the yuan will be boosted in a steady way.

A balance will be struck between domestic and overseas demand, between imports and exports, and between inbound and outbound investment. Balanced international payments should be achieved step by step, and a new open economic mechanism will be built, according to the statement.

It also said that China will stick to a proactive fiscal policy and prudent monetary policy for 2015.

The proactive fiscal policy should be featured by dynamism and the prudent monetary policy should be more focused on elasticity, the statement said.

China will also accelerate reforms in nine areas next year including the capital market and the market access for private banks.

The country will also speed up reforms of administrative approval, investment, pricing, monopolies, franchising, government purchased service and outbound investment.

This takes into consideration both the need for the next year and the long-term interests, according to the statement.

More effort will be made to transform the reform into growth, said the statement.

The problems of state-owned enterprises will be addressed and efforts will be made to improve their efficiency and core competitiveness.