What Is the Difference Between Economic Development and Economic Growth?

Economic development Compared with economic growth, economic development is the core concept of development economics. Economic development refers to high-quality economic development including quality and quantity, not just quantity growth. With the socialization of production, functionalization of knowledge, and socioeconomicization, the economic structure has become complicated, and economic growth and economic development, economic development and social development have gradually converged in both connotation and extension. GDP growth can no longer truly reflect economic growth. Economic growth is also inseparable from economic development. Economic growth in today's era has only an abstract meaning; using GDP to calculate economic growth and measuring economic development has lagged behind the requirements of the times. Economic development is the development of value, not the growth of money, the development of benefits, not the growth of efficiency, the comprehensive development, not the one-sided growth, and the dialectical development, not the linear growth. The concept of "economic development" distinguishes development economics from growth economics, unifies economic growth with economic development, economic development and social development, positions economics as development economics, and makes development economics a science. ^[1]

economic development

Economic development

With the socialization of production, functionalization of knowledge, and socioeconomicization, the economic structure has become complicated, and economic growth and economic development, economic development and social development have gradually converged in both connotation and extension. GDP growth can no longer truly reflect economic growth. Economic growth is also inseparable from economic development. Economic growth in today's era has only an abstract meaning; using GDP to calculate economic growth and measuring economic development has lagged behind the requirements of the times. Economic development is the development of value, not the growth of money, the development of benefits, not the growth of efficiency, the comprehensive development, not the one-sided growth, and the dialectical development, not the linear growth. The concept of "economic development" distinguishes development economics from growth economics, unifies economic growth with economic development, economic development and social development, positions economics as development economics, and makes development economics a science. ^[1]

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March 5, 2019, Premier of the State Council

Economic development means not only the expansion of the national economy, but also the economic and

Economists generally use gross domestic product (GDP) as an important indicator of economic development. Because measuring economic development is an extremely complicated problem, in order to solve this problem, more and more people now advocate using a comprehensive index system composed of several specific indicators to measure and evaluate the level and quality of economic development. Such as: Quality of Life Index (PQLT), Human Development Index (HDI), and Purchasing Power Parity (PPP).

The wealth growth of economic development is reflected in the gross national product. The distribution and efficiency of costs and time in the circulation, management, and service links directly affect the quality and efficiency of production; therefore, the more streamlined, clean, and clean the links in management, service, and circulation. The more efficient it is, the more it can promote economic development.

Transforming economic development requires changing from extensive growth to

On March 5, 2019, Premier Li Keqiang of the State Council elaborated the overall requirements for economic and social development in 2019 when he gave a report on the work of the government.

2019 is the 70th anniversary of the founding of the People's Republic of China. It is a crucial year for building a well-off society in an all-round way and achieving the first century-long goal. To do a good job in government work, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as the core and under the guidance of Xi Jinping's new era of socialist characteristics with Chinese characteristics, we must fully implement the spirit of the Party s 19th National Congress and the 2nd and 3rd Plenary Sessions of the 19th Central Committee of the CPC. Promote the overall layout of the "Five in One", coordinate the advancement of the "Four Comprehensives" strategic layout, adhere to the general tone of steady progress, adhere to the new development concept, adhere to the promotion of high-quality development, adhere to the main line of supply-side structural reform, adhere to Deepen market-oriented reforms, expand high-level opening up, speed up the construction of a modern economic system, continue to fight the three major challenges, vigorously stimulate the vitality of micro-subjects, innovate and improve macro-control, and coordinate and promote stable growth, reform, structural adjustment, and the benefit of the people, Prevent risks, keep the economic operation within a reasonable range, further stabilize employment, finance, foreign trade, foreign investment, investment, and expectations, boost market confidence, increase people's sense of gain, happiness, and security, and maintain economic sustainability Healthy development and social stability, laying a decisive foundation for the completion of a well-off society With outstanding achievements to celebrate the 70th anniversary of the establishment of People's Republic of China. ^[2]