3. China's Economy - 3 China's Economy Recently China's...

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3. China's Economy Recently, China's economy entered into a new-normal period, from high-speed growth to low-speed growth. In the past, the economic growth of China was approximately 8 ~ 10% per year, but changed to 6 ~ 7% per year. Because of this change, China decided to change their economic policy. First, they changed economic structure. They decreased the manufacturing industry, and increased service industry presence. They changed to a consumption-driven economy from investment-driven economy. Also, they upgraded from a labor intensive industry to a capital-intensive industry and technology-intensive industry. Second, China decided to improve their science and technology, so they could revitalize their economy based on Information Technology. However, they are still having problems. One is a decrease in real property value, and the other is the local government debt crisis. China needs to solve these factors that threaten the economic system including financial market risk and oversupply. I think
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