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Let "Growth Supremacism" Get Back to the Right Track of Economic Development


By Li Zuojun, Research Institute of Resources and Environment Policies of DRC

By "growth supremacism", it means to make everything center around economic growth, which serves as the foremost task overriding everything else. China remains a developing country; thus pursuit of economic growth is a must. However, when China's economic aggregate has surged to the second place in the world ranking, restraints from resources and environment have intensified, and the issue of social equity has become prominent, we should understand, adapt to and guide the new normal, break off as soon as possible from purely focusing the development goal on "growth supremacism", and put more emphasis on scientific, fair and sustainable development. The prevalence of "growth supremacism" is resulted from deep-seated problems against relevant backgrounds First, economic growth can alleviate poverty; second, economic growth can prove political performance; third, economic growth can bring direct benefits to propellers and participants. As a developing country, we cannot wholly negate economic growth; but we must also realize that long pursuing "growth supremacism" is doomed to spell the following consequences. First, resources will be excessively consumed. Second, the environment will be extensively and severely damaged. Third, population growth will be dampened for too long and population aging will arrive earlier. Fourth, labor force will be excessively utilized and spare time of workers will be over-occupied, leading to lower level of happiness. Fifth, currency will be over-issued and inflation will frequently loom up. Sixth, investment will be heavily relied on while consumption will be restricted. And seventh, industrialization and urbanization will be advanced at an inappropriately rapid rate, leading to a "catching-up and surpassing syndrome". In order to let "growth supremacism" get back to the right track, we must follow three approaches simultaneously: shift the concept, reform the system and change the development model.