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People's Daily Online>>Opinion

China's GDP: Quality vs. quantity?

By Zheng Jin (People's Daily)

16:03, October 21, 2011

Edited and Translated by People's Daily Online

China's year-on-year gross domestic product reached 9.1 percent in the third quarter, down from a 9.5 percent in the second quarter and 9.7 percent in the first quarter, according to data from the National Bureau of Statistics. Chinese economic growth has slowed for three consecutive quarters.

"We should not be obsessed with GDP figures, because GDP growth would be totally meaningless without the accumulation of national wealth"said Wu Xiaoling, a former deputy central bank governor. Wu believes that more attention should be paid to income distribution reform as the reform is a precondition for a greater role of exports, investments and domestic consumption in promoting China's economic development.

Obsession with GDP growth has made many officials to fail to see the forest for the trees. China is actively transforming its economic development model and shifting attention from merely GDP to the quality and efficiency of economic growth in hopes of maintaining the balance between quality and quantity.

Regarding the economic transition, the director of the China Economic Evaluation Center under the Institute of Finance and Banking under the Chinese Academy of Social Sciences Liu Yuhui believes that the transition is a complicated frame and China should shift the power controlling the impetuses of the economic growth from the hands of the government to the hands of enterprisers and the private economy. Liu said that, in order to successfully complete the shift, China should greatly develop manufacture and service enterprises on the one hand and overcome the various obstacles of the current systems and mechanisms, including the monopoly, interventions from the government and transformation of governmental functions.

However, Liu is still quite confident about China's future economic development. He said that as long as China adheres to the economic structural reform and supplements the reform with other monetary policies, industrial policies and structural adjustment policies, China's economy will avoid a hard landing

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Canada at 2011-10-2270.36.49.*
For the love of God, keep writing these artclies.
  

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