China's shift to high-quality development better for future, says expert

CHINA's annual Two sessions reflect deep economic change in the country as it transitions to high-quality development, said a Cuban expert.

The Two sessions refer to the annual gatherings of the National People's Congress (NPC) and the National Committee of the Chinese People's Political Consultative Conference, CHINA's top legislature and political advisory body, respectively.

Eduardo Regalado, head of the Asia section at Cuba's Center for International Policy, told Xinhua that signals from the Two sessions have shown that "for CHINA, quality is now more important than quantity."

CHINA is seeking to boost growth through innovation, science and technology, without compromising the environment and its sustainable development efforts, noted the academic.

After the start of its reform and opening up policy in 1978, CHINA first pursued a model of "extensive quantitative development" marked by rapid growth through exports and domestic investments, said Regalado.

"That strategy is now (left) behind, since the Chinese market has a purchasing power that demands not only local production, but other products from abroad," added the expert. "Domestic consumption has grown exponentially, which is why imports and the service sector are a priority."

The Asian country has "evolved" in its economic model and adjusted to "complex international" realities marked by protectionism and trade tensions, Regalado said.

In this year's government work report, CHINA sets its gross domestic product (GDP) growth target for 2019 at 6 to 6.5 percent, and vows to promote high-quality and sustainable growth.

"Setting its GDP growth target at 6-6.5 percent for 2019 means increasing high-quality development in line with the current realities of CHINA's development," said the Cuban expert.

"And (it is) aligned with the goal of completing the building of a moderately prosperous society in all respects" by 2020, he added.