'New normal' needs an innovative push

Although six years have passed since the global financial crisis broke out, many countries have not yet overcome its impact with the global economy is still facing uncertainties. And given the economic slowdown, albeit slight, in China, it can be said that the Chinese and global economies have entered stages - which can be called "new normals" - which are far different from those in pre-crisis times.

In the past three and half decades China has passed two historic milestones. In 1998, it graduated from a low-income to a lower-middle economy, according to World Bank criteria. And in 2001, it became an upper-middle-income economy. China now faces new challenges to cross the next economic threshold because of the "new normal", which is marked by six factors.

First, economic growth will slow down. After more than 30 years of fast-paced growth, China's economic engine is losing some steam due to internal and external conditions. The most important thing for it to do now is to free itself of the "speed complex" and "gear-shift anxiety" to achieve qualitative, as opposed to quantitative, GDP growth at a sustainable and more reasonable pace.