CRI听力:Where are we now?

First let’s start with the old normal:

Reforms in the late 1970s quickly made China a rapidly expanding economic powerhouse.

 Up to 2011, economic growth was equivalent to all the G7 countries combined.

 China was making lots of money.

 China’s foreign exchange reserves reached a staggering 2.85 trillion US dollars.

 It soon became the 2nd largest economy in the world with growth rates at around 10%.

 It was an economic miracle. 

As most resources and labor were cheap, China could easily sell its products around the world.

But then the world financial crisis suddenly cut off markets and investments.

The world stopped buying.

China  came to see that what happens in China affects the world.

It had a big responsibility.

A rethink was needed and the economy had to adapt.

Enter the new normal:

Growth had to come from INNOVATION.

Old inefficient industries would be replaced by new efficient innovative and competitive firms.

Demand would be stimulated by creating a moderately prosperous society.

Increased wages,

Healthy domestic demand,

And the lifting of millions out of poverty. 

This is the new normal.

A slower growth rate in the short term and a more sustainable future, not just for China, but also for the whole world.

So where are we at right now? Stay tuned for a peek into how international entrepreneurs and business view the Chinese economy and have been cashing in on the challenges and opportunities offered by the new normal.

Which is fascinating and fun and brilliant and exciting.