GDP gives way to growth quality

( China Daily ) Updated: 2015-01-26 08:03:51

Instead of giving a specific GDP target for Shanghai this year, the mayor said in his report to the city's People's Congress on Sunday that steady growth will be maintained, the economic structure further optimized and the quality of growth improved.

Not mentioning the GDP target for the first time in more three decades is a sign that the country's biggest metropolis has shifted its attention from the quantity to the quality of economic growth, and how economic growth can bring real benefits to the well-being of residents.

However, this does not mean the municipal government is no longer paying attention to the extent of economic growth, rather how institutional innovation in the free trade zone, innovation in science, the drafting of the plan for economic development in the 13th Five-Year Plan period (2016-20) and specific plans for promoting public services, as well as social security, can contribute positively to residents' well-being.

GDP gives way to growth quality

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