China’s Search for Quality Growth
China’s leaders have demonstrated a willingness to accept lower rates of GDP growth as they shift toward a more balanced growth model that emphasizes human wellbeing. It will not be easy to realize the vision of "people-centered" development that President Xi Jinping announced in October 2017, but the country is on the right track.
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HONG KONG – As Chinese President Xi Jinping begins his second five-year term, shifting toward “quality growth” is at the top of the country’s policy agenda. Across China’s government, a quiet but resolute commitment to fostering a new growth model that corrects the distortions created by decades of double-digit growth – including corruption, pollution, rising inequality, and other structural imbalances – is taking root.