ABSTRACT

China’s economic growth rate has declined from the previous average of about 10 percent to about 7 percent since the second half of 2011, indicating that China’s socioeconomic development has entered the ‘new normal’. The year 2012 also coincided with the turning point of China entering the late stage of industrialisation from the mid stage. The economic principles underlying the transition of industrialisation and the ‘new normal’ of economic development are consistent. The new development stage will bring about the adjustments of the economic structure in various aspects and the transformation of the overall growth drivers. The economic management system needs to adapt to this transition, so as to foster the new driving forces for growth and to accelerate the smooth economic restructuring.