China: GDP not the only benchmark, but still important
                 English.news.cn | 2013-12-10 15:48:37 | Editor: chengyang

BEIJING, Dec. 10 (Xinhua) -- China has promised to cut the weight of GDP when assessing the work of local governments, but the country has not scrapped economic development, central authorities said Tuesday.

The Organization Department of the Communist Party of China (CPC) Central Committee issued a document on Monday promising to shift away from GDP-obsessed assessments of local governments as the nation attempts to bring its economy onto a more sustainable track.

The document orders local governments to abandon the development mode of "high investment and heavy pollution for fast growth rate" and set more evaluation criteria related to resources, the environment, scientific innovation, employment, income, health and social insurance.

"Not judging by GDP alone does not mean we no longer want GDP or economic growth, nor does it mean we will not assess development based on GDP criteria. We emphasize assessment based on scientific and comprehensive development," the Organization Department explained in a statement given to Xinhua on Tuesday.

The move will not affect local economic development, instead it will solve prominent problems in the development process and will ultimately benefit China's future development, according to the statement.

Local officials will shoulder a heavier burden and task of development because they must focus not only on the economic aggregate and growth rate, but also on the quality of development, growth mode and potential, the statement said.

Officials can now devote themselves to promoting economic restructuring, improving the well-being of the people, and laying a sound foundation for long-term local development, it said.

The statement warned against heavy government debts. It reiterated that local governments are prohibited from taking on huge loans to develop impractical "image" or "vanity" projects, and they will not be allowed to drive the economy through blind investment.

Related:

China shifts away from economy-obsessed assessments

BEIJING, Dec. 9 (Xinhua) -- Chinese officials should downplay their obsession with economic growth and focus more on people's livelihoods and the environment, as the country trumpets a more balanced work evaluation system.

A circular on improving the work evaluation of local Party and government leaderships and officials stressed that "gross regional product (GRP) and its growth rates should not be the only main indices for the evaluation of local officials' work achievements, and charts with these data must be banned." Full story

China to improve evaluation system to cut GDP obsession

BEIJING, Nov. 20 (Xinhua) -- China will improve its evaluation system for measuring economic performance, putting greater emphasis on growth quality to cut local obsession with GDP data, according to the head of the country's top economic planner.

China will increase the weight of factors such as resource consumption, environmental cost, work safety and local debt in assessing local economic growth, and put more emphasis on employment, resident income, social security and people's health, Xu Shaoshi, head of the National Development and Reform Commission, said during an interview Tuesday. Full story

CASS urges correction of economic imbalances

BEIJING, Dec. 9 (Xinhua) -- China must work harder to correct increased economic imbalances as it enters a new stage of development featuring lower yet more sustainable growth, according to a report released on Monday by the Chinese Academy of Social Sciences (CASS).

In 2014, China will face uncertain demand and much structural adjustment brought by its systemic reform, but the economy will be generally stable despite fluctuations, said the CASS's National Academy of Economic Strategy in its latest report. Full story

Xinhua Insight: China's inflation moderates in Nov., positive to markets

BEIJING, Dec. 9 (Xinhua) -- Monday's figures showed inflation in China easing in November.

Analysts believe slower rising prices coupled with slightly improving growth prospects should positively influence markets and policymakers.

The consumer price index (CPI), a main gauge of inflation, grew 3 percent year-on-year in November, down from 3.2 percent in October, the National Bureau of Statistics (NBS) said on Monday. Full story

 

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