More than GDP growth
Updated: 2007-11-27 07:15
It is necessary to examine the position of our country in the world beyond simply looking at the GDP figure, says an article in Oriental Morning Post. The following is an excerpt:
Zheng Jingping, the National Bureau of Statistics spokesman, predicted at a recent forum in Beijing that the GDP of China is unlikely to exceed that of Germany this year. Zheng's prediction is the opposite to media forecasts early this year, which was regarded as an exciting piece of news by many.
With the current economic growth, it will only be a matter of time when China's GDP will be larger than that of Germany. And it might come even sooner if the Chinese currency appreciates faster.
However, it is a question worth asking. What is GDP's real significance? GDP growth is only a measurement of the speed of economic development.
In the early stages of Western industrialization, it was not rare for a country's GDP to grow by leaps and bounds every year. China has been on the fast track of progress for two to three decades after it seized the opportunity to develop, it is only natural to see robust economic growth during these years.
To some degree, GDP growth reflects an increase in the country's power, but it does not show whether this power is balanced or sustainable.
Compared with Germany, China has much to improve. GDP growth is an important economic indicator, but it is not the only one needing our attention. And it would be shortsighted if we think that a higher GDP figure than other countries means we are stronger than them.
(China Daily 11/27/2007 page10)
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