Impact of the "New normal" concept on China's economic development

Abstract

Understanding the current «New Normal» of China’s economy in the context of market economy does not only refers to the state of economic development, but also to the transformation of China’s economic development state. China’s economy could not return to the «old normal of a planned economy» before reform and opening up, instead, China’s economy should turn to a new development state in which the operation mechanism depends more on the laws of the market itself, the economic growth rate and economic structure adapt to the objective requirements of industrialization entering the middle and later development stage. Its core lies in the formation of new market economic rules, operation, mechanism and new market structure and models.