China’s economy developing with quality and efficiency

2017-02-15
People’s Daily Online

China’s economic growth ranked first among major economies in the world in 2016, and the country’s economy is running in a reasonable range, with constant improvement of development quality and efficiency, said an official on Feb 15, Chinanews.com reported.

Zhao Chenxin, spokesperson for the National Development and Reform Commission (NDRC), made the remarks at a news briefing in response to doubts raised by some media outlets that China’s fast-paced economic growth has come at the expense of quality.

According to Zhao, China’s economy developed slowly but steadily in 2016. In addition, China’s economic structure was optimized, and supply-side structural reform advanced in an orderly fashion.

Consumption contributed 64.6 percent of the total economic growth. Strategic emerging industries and high-tech manufacturing enjoyed good development momentum; the service industry played a leading role, while the tertiary industry added value accounting for 51.6 percent of the GDP, an increase of 1.4 percent from the previous year.

Relevant measures have been taken to further stimulate the market’s vitality and encourage entrepreneurs to start their own innovative businesses. In addition, a number of international cooperative projects have been agreed upon, and the Belt and Road Initiative made prominent achievements, along with other development strategies.

What’s more, people’s livelihoods and quality of life measured progress. More than 10 million people in rural areas emerged from poverty, and social security coverage was further expanded.