1. LINE

      Text:AAAPrint
      Economy

      China's economy steps into 'new normal,' no turning back

      1
      2015-04-17 08:33Xinhua Editor: Gu Liping

      While the growth rate for the first quarter of 2015 was the slowest since 2009, a closer look at the data shows that China is on track for a "new normal" in economic development, featuring slower but higher quality growth.

      First quarter's growth declined to 7 percent from the previous quarter's 7.3 percent, the weakest performance since the global financial crisis, when growth fell to 6.1 percent in the first quarter of 2009.

      Some doomsayers forget that much of the decline has been self-imposed as the country tries to steer the economy to more sustainable growth driven by domestic consumption, the service sector and, most importantly, innovation.

      There used to be an "old normal" during the 35 years between 1978 and 2013, when annual growth of the Chinese economy averaged close to 10 percent. Between 2003 and 2007, it was over 11.5 percent.

      However, the good old days cannot last forever. Growth decelerated to 7.7 percent in 2012 and 2013 and to 7.3 in 2014.

      Even if the old normal could continue, it is not desirable, as three decades of almost uninterrupted double-digit growth came at the high price of air pollution and exploitation of natural resources.

      The Chinese economy has embarked on a new track featuring a shift from high-speed growth to medium-high growth, a shift from quantity and speed to quality and efficiency, and a shift to an innovation-driven growth model.

      The first-quarter data is filled with signs that this transition is taking place and a new growth mode is coming into form.

      Energy consumption per unit of GDP continued to fall, marking a drop of 5.6 percent in the first quarter after last year's 4.8-percent decline.

      The service sector, which grew much faster than the industrial sector and the economy as a whole, accounted for 51.6 percent of GDP in Q1, up from 48.2 percent in 2014 and 46.9 percent in 2013.

      Thanks to efforts to cut red tape, simplify administrative procedures and cultivate new growth engines, newly registered companies mushroomed and high-tech industries blossomed.

      The number of newly registered companies surged 38.4 percent from January to March, while new energy automobiles and robotics saw industrial output gain more than 50 percent during the same period.

      Fan Jianping, chief economist at the State Information Center, pointed to the changes in the industrial sector as evidence for the transformation in the Chinese economy.

      Related news

      MorePhoto

      Most popular in 24h

      MoreTop news

      MoreVideo

      News
      Politics
      Business
      Society
      Culture
      Military
      Sci-tech
      Entertainment
      Sports
      Odd
      Features
      Biz
      Economy
      Travel
      Travel News
      Travel Types
      Events
      Food
      Hotel
      Bar & Club
      Architecture
      Gallery
      Photo
      CNS Photo
      Video
      Video
      Learning Chinese
      Learn About China
      Social Chinese
      Business Chinese
      Buzz Words
      Bilingual
      Resources
      ECNS Wire
      Special Coverage
      Infographics
      Voices
      LINE
      Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.
      主站蜘蛛池模板: 亚洲处破女AV日韩精品| 日本人的色道www免费一区| 永久亚洲成a人片777777| 国产成人高清亚洲一区久久| 成人免费视频观看无遮挡| 精品亚洲成A人无码成A在线观看 | 免费下载成人电影| 亚洲美女视频免费| 成人福利免费视频| 中文字幕亚洲精品资源网| 99精品视频免费在线观看| 亚洲短视频男人的影院| 免费精品无码AV片在线观看| 亚洲AV成人片色在线观看| 8x8×在线永久免费视频| 亚洲网址在线观看你懂的| 亚洲精品免费在线视频| 亚洲av产在线精品亚洲第一站| 免费无码AV片在线观看软件| 中文字幕乱码亚洲无线三区 | 久久久久国产精品免费免费搜索| 国产精品亚洲自在线播放页码| 日韩精品无码区免费专区| 亚洲国产成人精品无码区二本| 在线永久免费观看黄网站| 一级毛片免费在线播放| 亚洲动漫精品无码av天堂| 无人在线直播免费观看| 亚洲AV无码资源在线观看| 久久精品国产亚洲7777| 国产一区二区免费| 亚洲看片无码在线视频| 亚洲M码 欧洲S码SSS222| 在线成人精品国产区免费| 亚洲18在线天美| 亚洲国产成人久久综合区| 中文字幕日本人妻久久久免费| 亚洲成人激情小说| 亚洲精品中文字幕乱码三区| 最近最新的免费中文字幕| 国产精品免费一区二区三区|