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Reading China's economic 'new normal'


03-30-2015 04:11 BJT

Full coverage: 2015 Boao Forum

The "new normal" of China's economic growth came under discussion at a sub-forum in Boao; economists and entrepreneurs talked about their understanding of this much touted term.

Bao Yujun, Former Vice-Chairman of The All-China Federation of Industry and Commerce said that the key of the new normal is to turn government investment into market-initiative and innovation as the economic driver in China. And he said it's not necessary to over emphasize the importance of GDP growth rate at this stage when the economy is transforming.

Fan Gang, director of the National Economic Research Institute said a 10% GDP growth was not normal, but too high and caused an economic bubble. He suggested that more better policies to lead the economy under the new normal should be implemented in order to gain a momentum for further growth.

Lin Yifu, Honorary President of the National School of Development at Peking University said that a 7% growth is good, but there would be cause for concern if it drops to 6%, as many problems like unemployment and bad debt could emerge.

The economists also gave their projections of GDP growth rate from 2015 to 2020. Lin said 7%, Fan Gang said 6.9% and Bao Yujun said 7% which will take effort to sustain, with a warning that it couldn't be lower than 5%.

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