China's Economic New Normal and Supply-Side Structural Reform

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Table of Contents
New Normal for China’s Economic Growth
A Macro Historical Perspective of the New Normal
Leading the New Normal by Supply·Side Structural Reform
The Chinese New Normal VS.the World “New Mediocre”
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But China was gradually surpassed by Western countries after that.Kenneth Pomeranz and other economic his— torians cite a large number of historical records to show that Eastern countries represented by China used to be the center of the world economy, with the development level eclipsing that of Western countries.However, the "Great Divergence" happened just over 400 years ago, when Western countries got a head—start in technical innovations and the Industrial Revolution, eventually leading to a giant gap between developed and developing countries in the modern world.Angus Maddison, an economic historian, backed the above conclu—sion with exclusive demographic and GDP data for the world as well as major regions and coun—tries.According to Maddison's data, we can depict the historical changes of China's development,namely, the zenith—trough—renaissance pattern.
According to a series of researches by Maddi—son, we obtained GDP and per capita GDP data for the years 1—2003, which was collected based on purchasing power parity (PPP) and with 1990 as the benchmark year.On this basis, we also up—dated Maddison dataset to 2014 according to the World Bank's PPP—based data and the data of in—ternational dollars in 2011
China's Economic New Normal and Supply-Side Structural Reform