China should not be judged by GDP alone: Xi Jinping

China should be judged by its transition in economic development and restructuring, said the Chinese President

Chinese President Xi Jinping today said that China should not be judged by GDP alone, days after the country recorded last year's economic growth at 7.4%, missing the official target and slumping to a 24-year low.

"China should not be judged by GDP alone," Xi said while addressing the members of Politburo of the ruling Communist Party of China (CPC).

"China should be judged by its transition in economic development, restructuring, dissolution of overcapacity and by the strength of the nation's commitment to an ecological society," he added.

CPC, which has over 82 million members deviated from the hard-line Marxist ideology followed by its founder, Mao Zedong after his death in 1976 and implemented widespread market reforms under the leadership of his successor, Deng Xiaoping which resulted in the fastest economic development, making it the world's second largest economy.

While initiating economic reforms, however, CPC remained a sole power centre in the country under one-party rule.

The Chinese government recently announced more reforms to open up the economy including private banking as economy slowed to 7.4% last year with forecast that it may touch 6.8 this year followed by 6.3% next year.

Xi also stressed on use of Marxist principles to to deepen reforms.

"Studying dialectical materialism and historical materialism will help CPC members get better understanding of Marxist philosophy," said Xi, who headed the party ideological school before leading the CPC in 2013.

Xi reiterated that China will remain at the primary stage of socialism for a long time to come, state-run Xinhua news agency reported.

In a complicated situation with many heavy tasks, the CPC should take a holistic view, completing construction of a moderately prosperous society in all respects, ruling the country by law and running the Party strictly.

Dialectical methods can deal with complex problems, and make strategic decisions by avoiding disadvantages.

Through 30 years of reform and opening up, China has made historic breakthroughs in productivity, comprehensive national strength and people's living standards, the report said, adding that the situation and challenges are changing.

"We should grasp new traits in new phases of development, and stipulate guidelines in accordance with reality," Xi said.