On December 9 - 11, the Central Economic Working Conference was held in Beijing. President Xi Jinping delivered an important speech that analyzed the economic situations home and abroad, summarized economic work in 2014 and proposed general requirements and major tasks for 2015 economic work.

The conference analyzed that, in order to have a better understanding of the current situation in a scientific way and grasp the future development trend accurately, we must be fully aware of the stage characteristics of our economic development, and grasp the concept of New Normal Economy. The conference analyzed the trend changes in consumption demand, investment demand, export, balance of payments, production capacity and industrial organization mode, characteristics of market competition, limitations of resources and environment, economic risks, resource allocation mode and macro control mode and found out that the Chinese economy is evolving to a more advanced, complicated and reasonable phase, the economic development has entered into New Normal phase, where the speed has changed to medium and fast from fast in growth rate; to intensive growth of quality and efficiency from extensive growth of speed and scale in development mode; to deep adjustment of stock and increment from scale and energy expanding in economic structure; to new growth point from traditional one. It is a major development logic in the future economic development – understand, adapt to and lead the New Normal Economy.

The conference requested that we need to adopt an appropriate way to understand new normal and a strong approach to address the New Normal. We need to deepen and integrate our understanding towards the new normal, which is proposed and outlined by the central government, enhance the initiative and consciousness to accelerate the economic transformation and stick to taking active action in order to enter into the New Normal stage. The conference has pointed out that 2015 is a crucial year to achieve deepened reformation, an open year to push forward the policy of rule of law and a closing year to fully realize the Twelves Five Year Plan. Therefore, it is important focus to carry out economic work and stick to seeking progress while maintaining stability and focused on improving the quality and efficiency of economy so as to taking the initiative to adapt to the New Normal. 

The economic development has entered into a new normal phase, we are still in an opportunity bound era and changes happen in the content and condition of the important strategic phase. No changes take place in the good development momentum of our economy; instead, changes happen in economic development pattern and structure. Therefore, we need to attach our focuses to the following aspects: satisfy people’s needs; analyze market and consumption demand; guide social expectation; protect knowledge and IPR; display entrepreneurs talents; enhance education and human resources quality and construct ecological environment and scientific progress and innovation.    

The conference pointed out major tasks for 2015 economic works: 1. Strive to maintain the steady economic growth; 2. Actively find and foster new economic growth point; 3. Accelerate the transformation of agricultural development mode; 4. Optimize space pattern of economic development; 5. Strengthen to secure and improve people’s lives.