GDP alone can't measure quality growth

High-quality economic growth is an important element of "Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era". As socialism with Chinese characteristics has stepped into a new era, so has China's economic development, transitioning from high-speed growth to high-quality growth, which in turn will lead to a series of drastic changes including those in the development model and evaluation index.

It is important to remember that there is a difference between economic development and economic growth. The latter refers simply to GDP growth, while the former means all-round economic growth, development and improvement. High-quality economic development thus includes higher product quality and industrial level, and better industrial distribution and product structure.

Scientific, effective and reasonable resource distribution is necessary to build a modern industrial structure and harmonious society, and to make economic development balanced enough to meet "people's ever-growing needs for a better life". In this sense, high-quality development refers to comprehensive improvement in economic, social and natural parameters. High-quality development based on total factor productivity and innovation is what sustainability all about.