Li Chen

the article discusses the current stage of evolution of China’s economic model which is called the «New normality». The author emphasizes that «New normality» is the stage of creating a new economic development model, involving the process of changing the extensive type of economic growth through the use of cheap labor power to the intensive type based on innovations, growing domestic demand. The conditions of transition to a new model, changes in economic policy, and the result that they want to achieve when implementing this model to the Chinese economy are shown.