Economic Review: "New Normal" Needs New Thinking

The new normal needs to have a new understanding of the state of economic operation.

According to the analysis of economists, the characteristics of the "new normal" of the economy can be summed up as follows: speed down the steps and quality steps, from quantity expansion to quality improvement, total factor productivity improvement, etc.

From the "two digit" high-speed growth to 7% to 8% platform, and has continued for more than two years, economic growth "new normal" has emerged.

The pain of economic structural adjustment is inevitable. It shows that economic pformation can not be accomplished overnight, and it is even more impossible to "zero cost".

In the process of pformation, speed reduction is not terrible. The key is that the development momentum of the new economic growth point is healthy and dynamic.

In the face of the "new normal" of the economy, we must have a correct understanding of the growth rate of the economy, especially in order to treat economic fluctuations with a common sense.

China is in a critical stage of pformation, pforming its development mode and improving its development mode.

To solve the deep-seated contradictions in economic development, which are unbalanced, uncoordinated and unsustainable, is the central point of economic work. In this context, we should treat the "new normal" of the economy in particular, and abandon the traditional mentality of "GPD is always worrying."

Not only GDP, but also to the economic development, "reduce edema and puffiness", take more consideration of industry and demand structure, income distribution, regional balance, resources and environment, and improve the evaluation system from the perspective of improving the quality of economic development.

Our government has made clear the judgement of macro-economic operation: as long as employment is relatively full, prices are relatively stable, residents' incomes are growing at the same time, positive results have been achieved in ecological and environmental protection, the economic growth rate is a little higher than 7.5%, which is acceptable.

In terms of regulation and control methods, interval control and directional regulation are introduced to clarify the reasonable interval of economic operation, to determine the lower limit of steady growth and employment and the upper limit of preventing inflation.

In view of the outstanding problems in economic operation, we should pay attention to directional control and directional measures, instead of flood irrigation. Instead, we should focus on key areas and key links to implement "sprinkling irrigation" and "drip irrigation".

In terms of policy orientation, we must maintain the stability and continuity of macroeconomic policies, adhere to the basic ideas of macroeconomic policies, micro policies and social policies, and coordinate growth, promote reform, structure adjustment, benefit people's livelihood and prevent risks.

The new normal needs to stimulate the new momentum of economic development.

The pformation of growth stage is, on the surface, the shift of growth rate, in essence, the pformation and continuation of growth momentum.

At present, China's economic structure is undergoing a series of major and profound changes. Traditional economic growth momentum and new impetus are in a stalemate. We must explore new impetus and create lasting kinetic energy.

To stimulate the new economic kinetic energy, we must first rely on innovation driven.

We should advance planning and layout, focus on tackling a number of key core technologies, strengthen incentives, energetically gather innovative talents, deepen reform, establish and improve institutional mechanisms, expand openness, and comprehensively enhance the level of international cooperation in scientific and technological innovation in China.

Finally, we must rely on reform to stimulate the new economic momentum.

To focus on the "three lists" - negative list, list of powers and list of responsibilities, we should speed up the pformation of functions, decentralization and decentralization, and push forward the reform from policy driven to rule by law, so that the market can play a decisive role in allocating resources and stimulate market vitality.

China is a large population country, and consumption has increasingly become the key force to stimulate demand. We must strive to cultivate new consumption growth points and build a long-term mechanism to expand domestic demand.

In addition, we should make overall efforts to promote the reform of urban and rural integration and promote the urbanization of people as the core so as to bring sustained impetus to growth.