Wang Zihong, senior researcher of the Institute of American Studies, Chinese Academy of Social Sciences. [File photo]

Wang Zihong, senior researcher of the Institute of American Studies, Chinese Academy of Social Sciences.

Recently, some economists expressed concerns over China's economic growth. They were concerned with the country's slow investment and excess capacity, but I don't think growth rate should still be seen as the biggest priority. Many countries have experienced economic slowdowns, or even depressions. That's also a normal economic phenomenon.

All countries survive, but it's crucial to put a complete social security system in place. More adjustments are needed for a healthier growth, even in the form of decline or recession. Its just like treating a fevered child; feeding him too much medicine is not the best choice as the fever within an appropriate range is good for one's health. There are many so-called "ghost cities" in some regions of the country. These projects should either be sold at a reduced price or be auctioned but instead, nothing is happening, mainly because they continue gaining support from banks. The Chinese economy should put more emphasis on structural adjustments and sustainable growth, not the indicators. This is the meaning of "new normal".