In Praise of China’s New Normal by Yao Yang - Project Syndicate: ".... China’s capacity for innovation is improving steadily, owing to rapidly increasing human capital and rising investment in research and development. By next year, Chinese R&D expenditure, at 2.2% of GDP, will be closing in on advanced-country levels. Based on these trends – and assuming a constant labor-participation rate – China’s potential growth rate over the next decade is likely to hover around 6.9-7.6%, averaging 7.27%. This may be much lower than the 9.4% average growth rate in 1988-2013, but it is more than adequate by global standards. If this is China’s “new normal,” it would still be the envy of the rest of the world." Read more at http://www.project-syndicate.org
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