What has happened to China's economic environment in the past two years?

In the past two years, China's resources, population, and land dividends continue to diminish, the traditional engines of growth such as exports, investment, and real estate are clearly underpowered, and the risks accumulated over the years of rapid development continue to be highlighted and released. The conditions and environment of China's economic development have undergone significant changes, the traditional growth model can not be adapted to, and rely on structural optimization, efficiency improvement, innovation-driven development of the new momentum for China's economic growth has opened up a broader space.

The new normal of the new normal means different from the past, China's economy has turned into a new stage of development; the new normal of the new normal means relatively stable, the golden age of China's development is still continuing. The new normal is ostensibly a shift in the growth rate, the essence is the conversion of the growth momentum, to achieve a new balance of scale and quality, speed and efficiency. In this regard, some experts have reminded that if the future emergence of the scale of 6%, China's economy will undoubtedly fall into a huge predicament; if the successful completion of the conversion of the growth momentum, the realization of the quality of 6%, the results of the growth rate to achieve the overall economic content will be far more than to go to the double-digit growth effect.

Since the beginning of this year, one of the highlights of China's economic development is that a new power pattern has begun to emerge. The contribution rate of final consumption to economic growth exceeds that of investment, the value added of the service industry exceeds that of the secondary industry, the high-tech industry and the equipment manufacturing industry are significantly higher than the average growth rate of industry, and the energy consumption per unit of GDP has declined, all reflecting the positive results of economic restructuring. Of course, now many places, industries and enterprises are bearing the pain of economic restructuring, mainly manifested in the industrial growth rate fell back more, investment growth continued to slow down, leading the economic growth of the traditional "engine" is weak, which will inevitably lead to increased downward pressure on the economy, more difficult.

Through these fast and slow, there are good and bad data, we see on the one hand, the transformation of the way, structural adjustment has made important progress, on the other hand, the overall economic operation on the traditional growth momentum is still relatively strong, while its internal momentum is in a sharp decline. A comprehensive analysis shows that we are now in a phase of transition between new growth drivers and traditional growth drivers. Can the economic structure be rebalanced? Whether the economic operation can climb the slope smoothly? All depend on the speed of power conversion and replacement. Now facing the economic downward pressure, just shows that the new power has not yet "outrun" the traditional power.

It is also necessary to see that the development of the power to change the replacement of the race is not only a "domestic race", or "international race". The international financial crisis has forced a new revolution in a wide range of economic, technological, environmental and social fields, and is bound to change the growth trajectory of the world economy and the traditional pattern. In this competition for the new power of the international arena, which country can run in front, seize the high point of science and technology and industrial development, accelerate the realization of economic transformation and upgrading, which country will be able to occupy a favourable position in the change of the world's economic pattern, and firmly grasp the initiative of economic development.