China is officially entering a new phase in economic
development, with growth slowing. Our local expert explains why
it's actually good for the world's second largest economy
to take a breather and focus on structural reform.
At the opening the annual National People's Congress on 5
March, Chinese Premier Li Keqiang announced the country forecasts a
7% rise in gross domestic product (GDP) this year.
China's economy expanded 7.4% in 2014, which - although
just 0.1% below its growth target - is the lowest since 1990.
According to Mr. Li, China has entered the next stage of
economic development, being termed the "New Normal".
Slower growth will become the norm, as opposed to the 10% average
GDP growth that the country sustained for more than two
decades.
