Advertisement

What the Mainland Media Say | Shanghai's shunning of GDP obsession seen as welcome move towards quality growth

Past obsession by governments with GDP figures has fuelled corruption and held back market-driven economic reforms

Reading Time:2 minutes
Why you can trust SCMP
Shanghai Mayor Yang Xiong says the city's economic target is now simply to maintain steady growth while introducing structural optimisation and achieving better quality and higher efficiency.

Government officials have long been obsessed with gross-domestic-product figures, as economic growth is the main yardstick for their performance and, therefore, their prospects for promotion.

But last week, Shanghai took the surprise step of announcing it had ditched its official economic-growth target for 2015, becoming the first provincial-level region to do so after a call from the central leadership to shift focus from the quantity of growth to its quality.

The city's economic target was now simply to "maintain steady growth while introducing structural optimisation and achieving better quality and higher efficiency", Mayor Yang Xiong told the local legislature.

Advertisement

State media generally welcomed the decision. China Central Television trumpeted the development as a "landmark break from the country's obsession with GDP".

The Global Times, a tabloid affiliated to the Communist Party newspaper the People's Daily, said this "is a good sign, as it shows China's coastal region has made significant headway in moving towards a more efficient model that relies less on investment and exports and more on domestic consumption".

Advertisement

China Youth Daily said governments should focus on boosting the quality and effectiveness of economic development and accelerating industrial structural reform.

Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x