China needs new growth indicators other than GDP: economist

Updated 2017-11-29 14:01:56 Xinhua

China needs to develop a system of indicators to account for growth quality, a prominent economist has said.

While GDP is still important in terms of the scale of an economy, it does not account for structural change or efficiency, said Jia Kang, chief economist with the China Academy of New Supply-side Economics.

"China has goals of basically realizing socialist modernization by 2035 and building a great modern socialist country by the middle of this century. These targets need to be defined by indicators that do not yet exist," Jia said.

For example, the construction of an urban rail system usually does not generate enough returns to cover the costs, but it brings social benefits that need to be quantified as a reference for government incentives, Jia said during a panel discussion at the Caijing Annual Conference.

Energy consumption per unit of GDP is a good example and more indicators of this kind should measure economic efficiency, said Jia.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58February 21 2018 23:14:44

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16February 21 2018 23:14:44

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18February 21 2018 23:14:44

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords