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China Getting Used to the ‘New Normal’ of Slower Growth
The years of double-digit economic growth are over in China, say government officials who are starting to use a phrase familiar to Americans and Europeans: “the new normal.” For China, the change means the economy may grow at less than the annual GDP growth target – 7.5% for 2014-for the first time since the Asian financial crisis of 1997-98. The International Monetary Fund is lobbying Beijing to lower the growth target for next year to between 6.5% and 7%, a recognition that the deceleration will continue. The overriding question is whether growth slows at a steady trajectory or falls sharply. News that ... (full story)