Monday, October 27, 2014

China’s New Normal

China, Innovation, R&D, growth rate--

In Praise of China’s New Normal by Yao Yang - Project Syndicate: ".... China’s capacity for innovation is improving steadily, owing to rapidly increasing human capital and rising investment in research and development. By next year, Chinese R&D expenditure, at 2.2% of GDP, will be closing in on advanced-country levels. Based on these trends – and assuming a constant labor-participation rate – China’s potential growth rate over the next decade is likely to hover around 6.9-7.6%, averaging 7.27%. This may be much lower than the 9.4% average growth rate in 1988-2013, but it is more than adequate by global standards. If this is China’s “new normal,” it would still be the envy of the rest of the world." Read more at

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New Normal - Google News