Abstract
To achieve the goal of common prosperity for all, first of all, the country should get prosperous, with the capacity of making a “pie” big and good enough. In just a few decades, China has turned into a moderately prosperous society in all respects from a country that used to be poor and weak, making two miracles of rapid economic development and long-term social stability.
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Notes
- 1.
GDP used to serve as the only measure for the selection and promotion of talents and leading cadres, meaning that leading cadres of a region with fast economic growth would get promoted. To some extent, this evaluation method was conducive to high regional economic growth rate. The competition for a higher economic growth rate among regions was regarded as an important drive for the rapid economic growth of China in many theoretical studies. However, simply taking GDP as the only index for assessment also led to the misleading performance of many local governments, resulting in the waste of resources, environmental pollution and harms to people’s livelihood, greatly affecting the quality of economic development.
- 2.
Dual sector economy means that the economy of developing countries is composed of two different economic sectors, one of which is the traditional sector, and the other the modern sector.
- 3.
Although there are still many disputes about the significance, measurement and accuracy of the potential growth rate in the economic circle, under certain conditions, the potential growth rate can imply the trend of a country’s long-term growth and growth potential to a certain extent.
- 4.
This calculation is based on a more accurate population prediction model and capital stock estimation. Based on the decomposing of the historical growth with this growth accounting method, China’s potential GDP growth rate from 2020 to 2050 was predicted as shown in the table. The prediction only reflected the long-term growth potential, without considering the short-term impacts from events such as the COVID-19. For details, please refer to The Changing Global Economic Landscape and China’s Potential Growth Rate and High-quality Development in the Post-epidemic Era, General Group of China Economic Report (2020), Institute of Economics, Chinese Academy of Social Sciences, Economic Research Journal, No. 8, 2020.
- 5.
Outline of the 14th Five-Year Plan (2021–2025) for National Economic and Social Development and Vision 2035 of the People’s Republic of China, People’s Publishing House, 2021, pp. 11–12.
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Huang, Q., Deng, Q. (2023). How to Make the “Pie” Bigger and Better. In: The Road Towards Common Prosperity. China Insights. Springer, Singapore. https://doi.org/10.1007/978-981-19-9665-8_2
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DOI: https://doi.org/10.1007/978-981-19-9665-8_2
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