Beyond GDP Growth in China
At last year’s 19th National Congress of the Communist Party of China, leaders reminded local officials that, when it comes to economic growth, they should be focused on quality, not quantity. But if local governments are to succeed, China’s leaders will need to update and clarify the incentive system that fueled past success.
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SHANGHAI – China owes its economic-growth miracle largely to local governments. But, as the country attempts to build a more modern and sustainable economy, in a context of lower overall growth, local governments need to adapt. What will happen when they do?