What is the significance of China's economic development turning to the new normal?

Judging from the consumption demand, the consumption in China in the past has obvious imitative characteristics. Now the imitation consumption stage has basically ended, and personalized and diversified consumption has gradually become the mainstream. The importance of ensuring product quality and safety and activating demand through innovative supply has increased significantly. We must adopt the correct consumption policy, release the consumption potential, and make consumption continue to play a fundamental role in promoting economic development.

From the perspective of investment demand, after more than 30 years of high-intensity and large-scale development and construction, traditional industries are relatively saturated, but the interconnection of infrastructure and the emergence of investment opportunities for some new technologies, new products, new formats and new business models have put forward new requirements for innovative investment and financing methods. We must be good at grasping the direction of investment, remove investment obstacles, and make investment continue to play a key role in economic development.

From the perspective of export and balance of payments, before the international financial crisis, the international market expanded rapidly, and export became an important kinetic energy to promote the rapid economic development of China. Now the global aggregate demand is sluggish, and China's low-cost comparative advantage has also changed. At the same time, China's export competitive advantage still exists, and high-level introduction and large-scale going out are carried out simultaneously. We must speed up the cultivation of new comparative advantages so that exports can continue to play a supporting role in economic development.

From the perspective of production capacity and industrial organization, the shortage of supply in the past is a major contradiction that has plagued us for a long time. Now the supply capacity of traditional industries greatly exceeds the demand, and the industrial structure must be optimized and upgraded. The merger and reorganization of enterprises and the relative concentration of production are inevitable. The role of emerging industries, service industries and small and micro enterprises is more prominent, and the miniaturization, intelligence and specialization of production will become the new characteristics of industrial organizations.

Judging from the relative advantages of production factors, low labor cost was the biggest advantage in the past, and the introduction of technology and management can be quickly transformed into productivity. Now, the aging population is increasing, the surplus agricultural labor force is decreasing, and the scale driving force of factors is weakening. Economic growth will rely more on the quality of human capital and technological progress, and innovation must be made a new engine to drive development.

From the characteristics of market competition, in the past, it was mainly quantity expansion and price competition, but now it is gradually turning to quality-oriented and differentiated competition. Unifying the national market and improving the efficiency of resource allocation are the endogenous requirements of economic development. It is necessary to deepen reform and opening up and accelerate the formation of a unified, transparent, orderly and standardized market environment.

From the perspective of resource and environment constraints, the space of energy resources and ecological environment was relatively large in the past, and now the environmental carrying capacity has reached or approached the upper limit. It is necessary to conform to the people's expectations for a good ecological environment and promote the formation of a new path of green and low-carbon circular development.

Judging from the accumulation and resolution of economic risks, with the slowdown of economic growth, various hidden risks are gradually emerging and the risks are generally controllable. However, the resolution of various risks characterized by high leverage and bubbles will continue for some time, and it is necessary to treat both the symptoms and the root causes, prescribe the right medicine, and establish and improve the institutional mechanism to resolve various risks.

Judging from the way of resource allocation and macro-control, the marginal effect of comprehensive stimulus policy is obviously decreasing. It is necessary to give full play to the role of the market mechanism, comprehensively resolve overcapacity, and explore the future direction of industrial development. It is necessary to comprehensively grasp the new changes in the total supply and demand relationship and scientifically carry out macro-control.

Summary:

China's economy is evolving to a more advanced stage with more complicated division of labor and more reasonable structure. Economic development has entered a new normal and is shifting from high-speed growth to medium-high-speed growth. The mode of economic development is changing from extensive growth of scale and speed to intensive growth of quality and efficiency. The economic structure is shifting from incremental expansion to deep adjustment with equal emphasis on optimization and incremental adjustment, and the driving force of economic development is shifting from traditional growth point to new growth point.

Understanding the new normal, adapting to the new normal and leading the new normal are the great logic of China's economic development at present and in the future.