China

The Chinese premier Li Keqiang described the 2014 framework as “complicated and challenging†for China, with economy facing increased pressures and “…more difficulties and challenges than had been anticipated†. In its turn, the annual Statistical Communique of the PRC on the 2014 National Economic and Social Development released by the National Commission of Statistics spoke about a “difficult and volatile international environment†which has rendered the task of “maintaining domestic development, reform and stability†very difficult. Such accounts complemented the numerous Western analyses, articles and studies which, all along 2014, have expressed concerns regarding the Chinese economy’s capability to stay stable and maintain a sufficiently high GDP growth rate. Under the general, comparatively more drastic, background of the year 2014, the government refrained from implementing ample stimulus programs, accepting and promoting the idea of a “new normal†of Chinese economy, defined by considerably lower growth rates and by abandoning quantitative targets in favour of a new focus on quality, innovation and higher economic performance. Looking at Chinese economy in 2014 – which is considered the starting year of “the era of multilateral reform deepening†- this article brings forward and explains the main macroeconomic developments, reform steps and signs of economic rebalancing, by commenting both upon the most significant economic indices (such as GDP growth rate, inflation, new jobs and unemployment, personal income, fixed investments, foreign and outbound direct investments, industrial output, domestic and foreign trade data, foreign reserves, yuan exchange rate, etc.), upon recent relevant phenomena having an important bearing on economy (such as population aging, vanishing demographic dividend, or the explosive e-commerce development), as well as on the 2015-2016 economic outlook.