Contents

• Introduction 4
• Economic Growth 4
• Economic Growth in China 4
• Phases of China’s Economic Growth 6
• The First Phase 7
• The Second and the Third Phase 7
• China’s GDP and Growth 8
• Labour and Capital as Growth Source 9
• ‘New Normal’ Phase of Chinese Economy 10
• Introducing ‘New Normal’ Phase in China 10
• Features of the New-Normal Phase 11
• Slower Economic Growth 11
• Enhanced Economic Structure 12
• Growing Importance of Innovation 13
• Increasing Financial Risk 14
• Conclusion 14
• Works Cited 15

Description

The term economic growth can be linked with the progress and advancement in the economy (Nitisha 2015). It is considered to be a positive change and is supposed to carry a nation building perspective. There are several variables upon which the economic growth depends- the attitudes to wealth, to work, to invention, to adventure and others that originates from the depth of the human mind (Lewis 2013). Chinese economy is one of the major economies that faced a great change over the years but with the continuous decline in the economic growth, the country decided to adapt the new normal phase in the year 2014 expecting a better economic prospect in the future.