Stable and High-Quality Growth

　　China’s economic growth has sloweddown in recent years. The global economicgloom in the wake of Sino-U.S. tradetensions and the rise of trade protectionismhave also given rise to concerns aboutits performance.

　　However, data released on January 17by the National Bureau of Statistics showsthat the economy remained stable withsteady improvement in quality and stillcontributes much to the global economicgrowth.

　　The Chinese economy is transitioningfrom high-speed growth to high-qualitydevelopment. In 2019, it grew at 6.1 percent,which was within a reasonable rangeand met the 6-6.5 percent target set bythe government. The rate was signifi cantlyhigher than the global growth rate, whichmeans China continued to be the fastestgrowing major economy in the world.

　　Moreover, all major economic indicatorsincluding employment, consumer inflation,per-capita disposable income andforeign trade stayed within the targetedrange.

　　In the long term, China is expectedto maintain stable and sound economicgrowth, underpinned by well-conceivedpolicies and a solid industrial foundationcreated by years of development. Chinaenjoys a large, untapped market. With apopulation of more than 1.4 billion, it hasthe world’s largest middle-income group,and domestic consumption contributesgreatly to its economic growth.

　　It also has the world’s largest laborforce, with its working-age population in2019 totaling 896 million. More than 8million students graduate from universitiesand colleges across the country everyyear, ensuring economic developmentwith high-caliber talents.

　　Innovation has increasingly become adriving force of the economic growth. In2019, about 20,000 new enterprises wereregistered in China per day. The numberof fast growing startups and large enterprisesranking among the Fortune Global500 also increased steadily. With 13.3 inventionpatents per 10,000 people, Chinaranked 14th in the global innovation indexin 2019, up three places from the previousyear.

　　The salient features of high-qualitydevelopment include economic performancein a reasonable range, lowunemployment rate, stable commodityprices, rising foreign trade, upgraded industrialstructure, increasing contributionof innovation to growth and advancementof reform and opening up.

　　In 2020, the Chinese Governmenthas pledged to continue reforms relatedto streamlining administration, delegatingpowers, improving regulations andupgrading services. It will also optimizethe business environment, explore diversemarkets, expand high-level opening up,promote economic restructuring and accelerateindustrial upgrading to improvethe quality of the economy.

　　Since China is expected to become amoderately prosperous society this year,the purchasing power of its residents willrise, enabling consumption to boost theeconomy. Despite internal and externalchallenges, there are good reasons toremain upbeat about China’s economicprospects.

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