China’s Not-So-New Not-So-Normal
During a recent speech, Chinese President Xi Jinping described what he calls the Chinese economy's “new normal" of slower growth, following three decades of double-digit expansion. But, though China is unlikely to continue on a path of double-digit growth, there is little about its economy that can be considered normal.
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HONG KONG – I just spent a week in China, where I participated in the Boao Asia Forum, a conference similar to the annual gathering of the World Economic Forum in Davos. The topic of my panel was what President Xi Jinping has called the Chinese economy’s “new normal”: an era of relatively slower growth, following three decades of double-digit economic expansion.