Abstract
Rising production costs, changes in the way of technological progress, the rate of decline in investment income, export-led growth is not sustainable, these factors make the Chinese economy has entered a "new normal." This performance is the new normal economic growth rates, "stagflation" risk appears to reduce the employment pressure, increased proportion of consumption, industrial structure transition from labor-intensive to capital-intensive and knowledge-intensive, as well as increased demand for independent research and development. In the "new normal", China should moderately lower economic growth target, deepening reform, speed up industrial restructuring and independent innovation, the implementation of the policy mix of supply and demand double expansion, demand management, or a small amount of sound monetary tightening, fiscal expansion policy mix. "Destocking" is the main task of the real estate market, due to the effect of crowding out commercial and affordable housing between the stocks is bound to affect the development of affordable housing. Faced with the real estate market structure imbalance, we should supply-side and demand-side two-pronged approach.
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