Changing growth paradigms in a world of rapid change

As China's growth, as measured in traditional ways, has slowed down, many traditional experts, especially in the West, have seen this as a problem for the world. But a slowdown of traditional GDP should not be viewed with 19th century theories. Instead it should be seen from a 21st century perspective.

While scientists and experts all around the world are in agreement that the world needs to move beyond the simple ways that are used to measure GDP, and that GDP can no longer be used to measure the progress of a country in any meaningful way, almost no senior politicians outside China have publicly declared that they support this scientific knowledge.

It is obvious that China is looking for new tools to guide its development. President Xi Jinping's recent statement that officials should not be obsessed with economic growth but also need to be factored in to understand the situation.