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Under the "New Normal", the growth rates of the Chinese economy and government fiscal revenue have been sent spiralling downwards, while government expenditure has expanded exponentially.With a slowing economy, a number of adjustments especially in the role of the state and the direction of its economic policies would be necessary.During the transition from a rapidly growing economy to a "normal" economy, we argue that two fundamental traps or mistakes, which refer to economic policies driven by two very different ideological schools: neoliberalism and populism, are to be avoided.