China likes to coin new catchphrases.
Lately, Beijing speaks of the ‘new normal.’
It is an economic term referring to the acceptable slowdown of its trade and industry; the coming year’s GDP (gross domestic product) growth is estimated to be between 6.5 percent and 7 percent.
The fact that these figures are ‘normal’ show ‘the government’s higher tolerance for slower growth compared with the breakneck expansion China’s economy has seen over the past three decades,’ writes The South China Morning Post.
One of the consequences of the ‘new normal’ is the unexpected cut in the defence budget.[Source]