After 30 years of fast economic growth, China's GDP incremental speed has been slowing down by various negative factors and internal and external pressures since 2012. In the future five years or even longer time, the "New Normal" will be reflected as economic structural adjustment, balancing GDP growth speed and quality, technology innovation and industrial upgrading. This paper reviewed the Chinese miracle on its economic reform and opening policy during the recent 40 years. It defined the content of the "New Normal" on economic and social development, and raised the opportunities and challenges China faced. Finally, it proposed some important strategies to make the economy go into a sustainable development trajectory in the near future.