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

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.