Over the years, China used GDP growth as its main measure of success. But it caused serious problems – such as environmental damage, inequality, excessive debts, overcapacity, and corruption – to flourish. During this year's two sessions, shifting toward “quality growth” is at the top of the country’s policy agenda. Premier Li Keqiang has announced a target for economic growth this year at around 6.5 percent. Is China on the way to high quality growth? What is critical to China’s reaching its goal of high-quality growth?
China’s leaders have demonstrated a willingness and ability to sacrifice economic growth for the good of the environment and improvements in quality of life. It will not be easy to realize the high-quality growth, but China is on the right track.
High quality growth is about a mindset and lifestyle change. It is not just about technological progress or being the first or the best. It is about being civil and caring, and not about trying to get rich quickly at the expense of others. The mindset of the people must learn to accept it before it can take root. Areas to look into are:
2) technological, scientific inventions and innovations
3) caring of the aged and lonely such as a good, fair and sustainable welfare system; and better homes for the aged.
4) clean air
5) good clean water
China just need to focus on domestic consumption. Everything will work out if the economy is based on domestic consumption. Alleviating poverty gives low socioeconomic citizens disposable income which helps with domestic consumption. The more money Chinese citizens across the board are spending on goods and services the better for China. Chinese consumers being Consumers of Last Resort gives China more power than being the worlds factory. With welfare China needs to continue public-private partnership and keep encouraging Chinese citizens to work for their own security rather than the English empire idea of dead money welfare being a necessary evil. The American idea of insurance over dead welfare is better but it must be fair and public private partnerships must be good for both the private sector as well as bringing in revenue for the states public treasure.