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China’s ‘New Normal’ will hit oil demand

The world’s second-largest economy is undergoing structural changes to create more sustainable growth that will have long-lasting effects for oil demand

Communist Party officials in China have a new favourite slogan: The New Normal. Anyone who has spent time in Beijing recently will have noticed the phrase peppering the speeches of bureaucrats, academics and executives at China’s state-owned enterprises.  Although easy to dismiss as empty sloganeering, the New Normal theme being pushed by President Xi Jinping is sending an important message to Chinese citizens and the wider world: the era of unrestrained growth in China has come to an end. In its place, Xi is trying to chart a more sustainable economic path, less reliant on the heavy industry that has fuelled growth – not to mention global commodity demand –and more efficient and environmen

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