The transformation of China’s economy from the old normal to the targeted new normal will be an arduous process and the core of this task is achieving sustainable development of the Chinese economy,i.e.,the targeted new normal, and realizing the modization of the state’s govance system and capacity through reform.In this transformation period,such aspects as economic growth rate,economic security,the quality and efficiency of economic growth,and faess and justice are evolving.The development of the new normal in this transformation period is jointly determined by China’s long-term economic growth and all the reform measures intended for advancing the modization of the national govance system and capacity.Multiple risks confront the new normal, and comprehensive macro-economic policies are needed for the smooth running and further development of the economy.