China’s New Normal and Deceleration Governance
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It is now common knowledge that the Central Economic Working Conference has concluded that China’s new normal is characterized by nine specific features. As such, I would like to talk about the substantive meanings of the new normal from four different perspectives: the various definitions of China’s new normal, the impacts and superimposed effects of deceleration, the decline in total factor productivity and resource allocation efficiency, and the institutional reasons for lower efficiency and the governance of growth deceleration.
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