The new normal means that the economic growth rate has changed from high-speed growth in the past to medium-high-speed growth. After nearly 30 years of high-speed growth of 10%, China has entered the middle-income stage as a whole, which has not only developed.

The international environment has changed, and the original extensive growth model led by investment and capital expansion and driven by low factor cost is unsustainable. The decline of working-age population and capital accumulation rate reduces the potential growth rate.

Low will become the inevitable trend and the normal state. The superposition of long-term accumulated overcapacity, increased financial risks and weakened carrying capacity of resources and environment makes it impossible for the economy to maintain its previous high-speed growth.

Very long. In other words, slowing down or shifting gears is the inevitable result of the internal factors of economic development. More importantly, unlike the previous slowdown in growth, which was mainly due to cyclical factors, the current economic slowdown in China is mainly due to the economy.

Structural factors brought about by changes in basic conditions, and this slowdown can not continue to simply follow the Keynesian aggregate demand policy in the past.

The new normal means that the driving force of economic development will mainly come from scientific and technological innovation and institutional innovation.

The essence of economic development is the process of technological innovation, industrial upgrading and economic structure transformation with the change of factor endowment and the continuous improvement of labor productivity. For a long time, China's economic growth

Growth is mainly driven by low-cost production factors, and with the qualitative change of production factor prices in China, relying on the improvement of total factor productivity, that is, relying on innovation, has become the fundamental way out for China's economic development in the future. this year

In recent years, the positive changes of industrial structure, such as the added value of service industry continues to exceed the growth rate of secondary industry, high-tech industry and equipment manufacturing industry, which is obviously higher than the national average growth rate of industry and the decline of energy consumption per unit GDP, indicate that,

"Structural adjustment brings benefits" also indicates that structural adjustment under the background of technological innovation will be the "new normal" of China's economic development in the future. In addition to promoting structural adjustment through technological innovation, there is a bigger and more basic one at present.

Sex promotes the "structural adjustment" of the driving force of development, that is, it further stimulates the innovative kinetic energy from private capital and entrepreneurs, thus optimizing the national economic structure as a whole, which requires further reform in the system to the maximum extent.

Strengthen and protect the endogenous power of economic development and the creative vitality of market players. Fortunately, this government has always emphasized the reform dividend, that is, it will continue to support economic growth by promoting reform. This has deepened the classics from these two years.

The key tasks of economic system reform can be seen. They are all important measures such as decentralizing power to the market, loosening enterprises and creating a more relaxed and convenient environment, which will undoubtedly promote the development of private capital and private economy and the recovery of entrepreneurship. can

It is conceivable that relying on the internal incentives and guarantees of the system to promote endogenous economic growth will also become the "new normal" of future economic development.