The meeting of the Political Bureau of the CPC Central Committee has just issued the targets for China's economic effort in 2015: promoting sustainable and healthy economic development as well as social harmony and stability. Three necessary new measures include adapting to the economic "new normal", creating new strengths, and making new contributions to the economic growth.

Adapting to the economic "new normal" is key, as this is a crucial strategic period in China's economic development. We will have to explore and grasp new opportunities, and also clearly realize the difficulties and challenges in front of us.

Due to the influence of the long cycle of industrial restructuring, some hidden contradictions of the past time are becoming apparent - employment and social security problems are particularly prominent.

It is necessary to balance economic growth and structural adjustment. Through deeper reform, ensuring consistent and stable macro-economic policies, and innovating macro control strategies and methods, China can achieve continuous and stable economic and social growth, as well as a harmonious society.

The economic "new normal" urges us to build new strengths. It means throwing away the outdated method of relying on cheap labor and massive input of resources. China should give full play to the decisive role of the market, stimulate the vitality of private enterprise and society, speed up the transformation and upgrading of the economic structure, and guarantee the people's standard of living.

As the biggest of the emerging economies, China seeks improvement through stability and actively adapting to the economic "new normal", and promoting sustained and healthy development and a harmonious society in the coming years, which will make biggest contribution to global economic development.

The article is edited and translated from《中国经济需要三个“新”（望海楼）》,source: People's Daily, author: Shi Jianxun

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