During the Boao Forum 2015 Roundtable 6: “BFA Cross-Straits Business Roundtable Innovate and Benefit All: A New Future of Cross-Straits Economic Cooperation” on 29 March, Wang Zhi-gang (Chairman, CTCB Capital International Corporation) indicated that the way of economic de-velopment in the past differed from that under the “new normal”, which raised by President Xi last year, in the following aspects:

 

1) Under the new normal, Chinese economic growth would be supported less by enormous in-vestment activities but much more by consumption.

 

2) In the past economic environment, whoever possessed the resources, being cheap labor, land and environmental measures, would have the upper hand. While under the new normal, who-ever had the innovation would win in the market.

 

3) Under new normal, not only did we need innovation, but we also need to borrow foreign tech-nology to advance the growth of our local businesses.

 

4) Under new normal, there would be reforms in many aspects. For instance, opening up state-owned enterprises, seeking for politics with corruption, develop free trade zones and consumer fi-nance, narrowing the divergence between urban and rural areas, and most importantly, expand local businesses  so as to give our citizens more opportunities.