Commentary: Time to discard growth rate fetish for China's economy

Photo taken on May 29, 2018 shows a highway outside Wangbao Village of Henandian Township in Shexian County, north China's Hebei Province. For many years, growth figure has been the most buzzed-about subject regarding the Chinese economy. Probably because of the "miracle" the Asian giant made with an average gross domestic product (GDP) growth of 9.5 percent in the past 40 years, far exceeding the 2.9-percent global economic growth in the same period. However, one should not make a fetish of the growth rate. Also, economic slowdown is not necessarily a siren, not to mention a drag on the global growth. China sets the 2019 GDP growth target at 6-6.5 percent, Chinese Premier Li Keqiang said in his government work report on Tuesday at the opening of the second session of the 13th National People's Congress (NPC), China's top legislative body. Though slowing down, China's economy still grew at a medium-high rate, expanding to over 90 trillion yuan (13.3 trillion U.S. dollars) in 2018, an impressive accomplishment amid a subdued global economic outlook.(Xinhua/Wang Xiao)