Beyond GDP: exploring the right development yardstick

What, if not mere GDP growth, is the right yardstick for development now? In the quest for the right answer, high-quality development has emerged as a viable guiding philosophy in the new development stage.

"High-quality development is the kind of development that can meet the people's ever-growing desire for better lives," he told the Central Economic Work Conference in 2017, highlighting the new development concept of innovation, coordination, green development, openness, and sharing.

China has successfully eradicated absolute poverty and completed building a moderately prosperous society in all respects. This year, China has further made marked progress in science and technology, industrial resilience, reform and opening-up, people's wellbeing and ecological conservation.

Also in 2021, Chinese lawmakers approved a five-year development plan without precise GDP growth targets for the 2021-2025 period. Rather, the plan had clear goals on indicators such as unemployment rate, energy intensity, and basic research spending.

Xi once pointed out that the most important political achievement for officials is bringing benefits to the people. "The ultimate purpose of social and economic developments is to fulfill the desire of the people for a better life," he said.