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HOME>PRESS>Report on high-qual...

Report on high-quality growth released

Author:LU HANG     Source: Chinese Social Sciences Today     2019-07-24

The Quality of Economic Growth Index (QEGI) and indices for China’s high-quality development from 2000 to 2017 were released in the Report on China’s Economic Growth Quality 2019 in early July.

At the launch event, jointly sponsored by the School of Economics and Management and the Research Center for Economic Development of Western China at China’s Northwest University, experts exchanged ideas on the significance and characteristics of China’s high-quality economic growth in the new era and on the targets and strategic priorities for designing evaluation systems.

The report evaluates and ranks China’s economic growth quality in 2016 and 2017 according to the QEGI and compares inconsistencies in the quality and quantity of economic growth at the provincial level.

Measured by the QEGI, the top five economies at the provincial level in 2016 were Guangdong, Beijing, Jiangsu, Zhejiang and Shanghai. The least-developed five were Inner Mongolia, Gansu, Jilin, Xinjiang and Shanxi. In 2017, the top five remained the same, but the least-developed five became Shaanxi, Guangxi, Qinghai, Xinjiang and Ningxia.

Overall, the quality of economic growth in the eastern region is significantly better than that in the central and western regions.

China’s high-quality development index is based on five development concepts, measured from the dimensions of innovative development, coordinated development, green development, open development and shared development. The results of the comprehensive evaluation index of China’s high-quality development show a basic trend of sustained and steady growth.

To be more specific, the dimension of innovative development shows a significant growth trend; the dimension of coordinated development presents volatility as a whole; the dimension of green development generally shows a state of continuous growth but with short-term fluctuations; open development demonstrated rapid growth between 2001 and 2006; and shared development displayed a V-shaped growth.

“The quality of economic development is a multi-dimensional concept with rich significance. It does not simply mean an increase in the economic aggregate and material wealth; it also serves as a value judgment. No single indicator is enough to help make a reasonable judgment on the quality of economic development,” said Ren Baoping, director of the Research Center for Economic Development of Western China. The ultimate goal of economic growth is to improve people’s welfare and life quality, Ren added.

Guo Lihong, president of Northwest University, said that China has the largest and fastest growing middle-income group in the world, the most complete industrial system, continuously advancing scientific and technological innovation capabilities, a consumer market with huge potential, rich tools for and experience in macroeconomic regulation and control, and resilient economic development, all of which have provided favorable conditions for achieving high-quality economic growth and maintaining sustained and healthy economic development.

Improving the quality of the supply system is not only essential for achieving high-quality development, but also important to ensuring sustainable economic development, Ren said.

As China’s economy shifts from high-speed to high-quality growth, Ren said that it is necessary to design indices for high-quality wealth in the new era according to three dimensions: human resources, material wealth and natural resources.

In addition, high-quality industrial development is essential for a modern economic system. As such, Ren suggested designing a more scientific index system to evaluate the status of China’s highquality industrial development to inform the optimal approach.

 

(Edited by Jiang Hong)

Editor  :  Yu Hui

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