since 2012, china's economy has shown a marked slowdown, with growth rates declining from double digit levels (before the 2007-2009 financial crisis) to around 7% in 2014. in 2014, a statement by xi jinping - general secretary of the communist party of china - indicated that china was entering a 'new normal' (). this term was subsequently popularised by the press and came to refer to expectations of 7% growth rates in china for the foreseeable future. it was indicative of the chinese government's anticipation of moderate but perhaps more stable economic growth in the medium-to-long term.