China Voice: Quality, efficient growth echoes call for well-off society

As data for the first quarter (Q1) 2015 signaled a rocky start to 2015 and downward pressure looks set to continue,China's leadership called for more focus on quality and efficient growth.

Growth and the development of society are interdependent: Without a healthy economy, the dream of a stable and healthy job market, better incomes, more comfortable living conditions and a more beautiful environment will not come true.

The building of a moderately prosperous society is one of the Four Comprehensives -- an ideological framework that identifies the main pillars needed to support the rejuvenation of China.

The government acknowledges that it must mobilize its ample fiscal tools to invigorate the world's second largest economy amid the economic new normal.

It will be no easy task.

Growth for Q1 was a lackluster 7 percent year on year, the lowest quarterly growth rate since 2009.

Going forward, attention will be given to targeted adjustment measures and the fine tuning of existing policies to ensure growth stays within a proper range, according to a statement released after a meeting of the Political Bureau of the Communist Party of China Central Committee at the end of April.

The top leadership said it would continue with its proactive fiscal policy, which features increased public spending, and its prudent monetary policy, which focuses on guiding money flow to the real economy.

However, economic development is not only about impressive growth data.

The new normal growth state calls for more structural changes and balanced growth.

While emphasizing efficient investment, the central authorities decide to further tap consumption potential to foster new growth drivers, such as the service sector, as well as supporting technological upgrading.

These new engines have already shown healthy activity. Registration of new firms grew 38.4 percent year on year in Q1. Online retail sales, high-tech industrial output and emergent sectors such as new energy cars all saw double-digit growth.

The job market remained steady in Q1, and residential income also continued to rise.

Meanwhile, more emphasis will be given to addressing the unsustainable old investment-driven model with new development programs that will address environmental degradation.

One such development program that focuses on the Beijing-Tianjin-Hebei region will give priority to traffic management, environmental protection, energy security and industrial upgrading.

New challenges emerge along with the new normal situation. Growth may be slowing but quality and efficiency are now preferred over speed -- and that's the way to achieve an all-round well-off society. Endi