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New normal and new economy: a new growth engine for China

Author

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  • Yusaku Nishimura

    (University of International Business and Economics)

Abstract

As the economy stepped into the “new normal,” the Chinese government has implemented various policies to transform its economic development model to pursue an innovation-driven growth. Against this background, the most innovating field is the Internet-based “new economy.” A major feature of the Chinese new economy is that it is based on a new payment system. Various new businesses have been developed owing to third-party payment platforms (particularly Alibaba's Alipay and Tencent's WeChat Pay) and a vast ecosystem has been created around them. Moreover, the development of the Chinese new economy is helping to expand consumer spending and is becoming a new economic growth engine.

Suggested Citation

  • Yusaku Nishimura, 2020. "New normal and new economy: a new growth engine for China," International Journal of Economic Policy Studies, Springer, vol. 14(2), pages 301-312, August.
    • Handle: RePEc:spr:ijoeps:v:14:y:2020:i:2:d:10.1007_s42495-020-00037-y
    DOI: 10.1007/s42495-020-00037-y
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    Cited by:

    1. Jun Wang & Guixiang Zhang, 2022. "Can Environmental Regulation Improve High-Quality Economic Development in China? The Mediating Effects of Digital Economy," Sustainability, MDPI, vol. 14(19), pages 1-21, September.
    2. Zhang, Hongyan & Chen, Suisui & Wang, Shuhong, 2022. "Impact of economic growth and labor productivity dispersion on energy intensity in China," Energy, Elsevier, vol. 242(C).
    3. Xiuxiu Jiang & Xia Wang & Jia Ren & Zhimin Xie, 2021. "The Nexus between Digital Finance and Economic Development: Evidence from China," Sustainability, MDPI, vol. 13(13), pages 1-17, June.
    4. Kamal Abubker Abrahim Sleiman & Lan Juanli & Hongzhen Lei & Ru Liu & Yuanxin Ouyang & Wenge Rong, 2021. "User Trust levels and Adoption of Mobile Payment Systems in China: An Empirical Analysis," SAGE Open, , vol. 11(4), pages 21582440211, November.
    5. Tomoko Kinugasa, 2020. "Special Issue: Population and economic development in East Asia 2," International Journal of Economic Policy Studies, Springer, vol. 14(2), pages 297-299, August.
    6. Zhiyong Zheng & Jian He & Yingjie Yang & Mengting Zhang & Desheng Wu & Yang Bian & Jianhong Cao, 2023. "Does financial leverage volatility induce systemic financial risk? Empirical insight based on the Chinese fintech sector," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 44(2), pages 1142-1161, March.

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