Beyond GDP: exploring the right development yardstick

BEIJING -- In 2020, China did not set a specific economic growth target for the year -- an exception for the world's second-largest economy, which had announced the figure annually in the government work report for years.

The reason for the rare absence, against the backdrop of great uncertainty resulting from the COVID-19 pandemic and the world economic and trade environment, was elaborated by Chinese President Xi Jinping during that year's "two sessions," a major gathering of the country's national lawmakers and political advisors.

"Had we imposed a target, the focus would have been strong stimulus and a simple grasp on growth rate. That is not in line with our social and economic development purposes," Xi told his fellow lawmakers from Inner Mongolia autonomous region, North China, during deliberation.

"We've emphasized that GDP growth rate could not serve as the sole yardstick of success for development," Xi noted.