Beijing accepts 'new normal' of slower growth

Beijing has stated that it will tolerate growth slightly lower than the official target of “about 7.5%,” in what is being referred to as the “new normal” for economic growth, South China Morning Post reported. Following the recent three-day Central Economic Work Conference, leaders vowed to guide growth in a slower but more sustainable manner. Analysts widely expect economic growth to slow to a 24-year-low of 7.4% this year, and ANZ Bank Chief Greater China estimated that “Chinese authorities will likely tolerate a slower growth rate at around 7% under the framework of ‘new normal’ economy.”