No GDP target could be good news globally: LSE Economics professor

China has not set a GDP target, which could be good news for the world, said a signed article by Jin Keyu, a professor of economics at the London School of Economics and Political Science, which was posted on the Guardian website on June 1.

The article said getting rid of targets would signal a shift from a quantity-based economic development model to a quality-based one.

Not setting a specific GDP growth target, which Chinese Premier Li Keqiang announced at the opening of the National People's Congress, makes it all the more remarkable to the country's economy growth model.

The economic development model shift would free up resources for the entire economy to produce better products, not just more things.

The article said China's development model shift will change some of the country's actions in the international market.

The article pointed out a China of slower but higher-quality growth may not just be good news for Chinese people, but also for the rest of the world.

With greater uncertainties around the world, Chinese leadership may find managing the economy without these targets even harder. But, ultimately, putting more emphasis on the "means" rather than the "ends" of modern development would be a smart move, the article said.