"High-quality" has become a hot word at this year's two sessions, as China's economy is transitioning from a phase of rapid growth to a stage of high-quality development, as emphasized in the Government Work Report.

"High-quality development" will replace "fast growth" as a fundamental economic development target for the country, said Liao Qun, chief economist and head of research at China CITIC Bank.

To better understand the meaning of high-quality development, the following eight concepts are of great importance, according to Liao.

People-centered philosophy of development

Bringing benefits to the people directly and indirectly is the ultimate goal of economic development. Fast economic growth in the past brought a lot of indirect benefits to the people. As China enters into new era, a people-centered approach bringing more direct benefits, such as better education, environment, living conditions and medical services, is needed for high-quality development.