On 10th March 2017, Chinese Ambassador to the Maldives H.E. Wang Fukang publishes a signed article entitled To Press ahead for a Bright Future: An Outlook for the New Normal of China’s Economy from Premier Li Keqiang’s Report on the Work of the Government in Miadhu Daily. The full text reads as follows:
To Press ahead for a Bright Future: An Outlook for the New Normal of China’s Economy from Premier Li Keqiang’s Report on the Work of the Government
At present, the Fifth Session of the 12th National People’s Congress of the People’s Republic of China is being held in Beijing. On March 5, Premier Li Keqiang reported to the deputies on the work of the government and stressed that the economy of China made positive changes in the context of a downward world economy. And China got its 13th Five-Year Plan off to a good start.
China’s economy has registered a slower but stable performance with good momentum for growth. In 2016, the GDP of China achieved 6.7% growth, outpacing most other economies. And the non-financial ODI of China to 164 countries and regions accumulated to 17 billion US dollars, representing a 44% increase. China contributed more than 30 percent of global economic growth.
China’s economic structural adjustment is being optimized. Consumption has been the main driver of economic growth. The value created by the service sector rose to 51.6 percent of GDP. More balance and coordination can be seen in the regional development.
China’s economic reform is deepening and advancing. Breakthroughs have been made in major sectors and at critical links, and initial success achieved in the supply-side structural reform. New measures have been introduced for opening up, with rapid progress of the Belt and Road Initiative, as well as the launch of many major and international industrial-capacity cooperation projects.
Innovation as a driving force has injected new vigor and energy to China’s economy. China is pacing up in the implementation of Made in China 2025 initiative and the Internet Plus action plan. People are also encouraged to start their own businesses and innovations.
China will not stop with the said achievements. It will take the initiative to adapt to the new normal of the economy,create tools of policy, push forward the supply-side structural reform and make full efforts to carry out the concept of innovative, coordinated, green, open, and shared development. Premier Li Keqiang set in his report on the targets for development this year: around 6.5 percent of GDP growth, around 3 percent rise in consumer price, over 11 million new urban jobs, a registered urban unemployment rate within 4.5 percent, steady import and export with increase, balance in international income and expenditure, simultaneous increases in both personal income and economic growth, a reduction of at least 3.4 percent in energy consumption for per unit of GDP and continued reduction in the emission of major pollutants. China’s economy has entered into the new normal with more stable growth and diversified driving force. And China’s economy will continue to progress for a bright future with a tempered will, contributing more to the sustained development of world economy.
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