Bloomberg New Economy: China Stops Worshiping Its GDP
Pro-democracy demonstrators at the West Kowloon Magistrates’ Courts in Hong Kong on May 18.
Photographer: Roy Liu/BloombergThere are starkly different ways of looking at China’s momentous decision to scrap its economic growth target for the year, a move that was revealed at the opening of the National People’s Congress on Friday.
The most optimistic interpretation is that Beijing has belatedly concluded that this relic of Soviet central planning threatens the development of a truly market-led economy.