Can China Survive the “New Normal”?

The Straits Times

05 November 2014

CHINA has a new catchphrase – “new normal” – that its officials and state media often use now to stress that Chinese Communist Party (CCP) chief Xi Jinping’s signature policies are here to stay.

The “new normal” China, according to Mr Xi, abstains from taking broad stimulus measures despite slowing growth. It also deepens the rule of law to bolster the fight against graft and excesses.

While this is slated to bring about more balanced economic growth and a cleaner bureaucracy, there are potential risks if the “new normal” is not managed well.

But first, evidence of the “new normal” propaganda campaign. It was Mr Xi who first used the phrase in May this year as he called for adjustment to a “new normal” in China’s economic development, by which he meant a slower, more sustainable pace of growth.

…The “new normal” campaign is thus also a warning to officials not to expect any reversal of these policies or initiatives any time soon, said Singapore-based analyst Li Mingjiang. “The new leadership is using the phrase ‘new normal’ to convey its new style of governance,” he added.

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