This year, China’s economy has maintained steady progress and delivered a better-than-expected performance. First, macroeconomic indicators are generally sound. In the first three quarters, GDP grew by 6.9%, up by 0.2 percentage point year on year. Surveyed unemployment rate in major cities was the lowest in several years. From January to October, consumer prices were up by a moderate 1.5%. Import and export reversed the downward trajectory of the past two years. Foreign exchange reserves have been increasing. Second, the speed and quality of growth are more balanced. Despite measures adopted this year to cut tax burdens for companies totaling as much as one trillion yuan, fiscal revenue increased by 9.2% in the first ten months. The profits of large industrial enterprises soared by over 20%. Growth of personal incomes continues to outpace GDP growth. Third, growth has become more sustainable. In the first three quarters, final consumption contributed 64.5% of economic growth, more than any other factor. The services sector, which now accounts for 52.9% of GDP, takes up more than half of the economy. The bond market, stock market and housing sector have been generally stable. Corporate leverage ratio and NPL ratio of commercial banks have stabilized and shown signs of moderate decline. The RMB exchange rate has remained basically stable. Fiscal and financial risks are by and large under control. Market confidence is building up. Since the beginning of this year, leading international institutions have repeatedly adjusted upward their growth forecasts of the Chinese economy, which is a vote of confidence for China’s economic prospects.
上个月召开的中国共产党第十九次全国代表大会，制定了中国未来发展的宏伟蓝图和行动纲领。中国经济已由高速增长阶段转向高质量发展阶段。我们将深入贯彻创新、协调、绿色、开放、共享的发展理念，坚持质量第一、效益优先，以供给侧结构性改革为主线，推动经济发展质量变革、效率变革、动力变革，不断增强经济创新力和竞争力，建设现代化经济体系。我们将坚持对外开放的基本国策，以“一带一路”建设为重点，坚持引进来和走出去并重，实行高水平的贸易和投资自由化便利化政策，大幅度放宽市场准入，创新对外投资方式，建设面向全球的贸易、投融资、生产、服务网络，推动形成全面开放新格局。
The 19th National Congress of the Communist Party of China held last month formulated the blueprint and program of action for China’s future development. The Chinese economy has been transitioning from a phase of rapid growth to a stage of high-quality development. We will implement the vision of innovative, coordinated, green, open and shared development, put quality first and give priority to performance, pursue supply-side structural reform as our main task, and work hard to transform the Chinese economy into one of better quality and higher efficiency which is spurred by more robust growth drivers. To this end, we will steadily strengthen our innovation capacity and economic competitiveness and build a modernized economic system. We will remain committed to the basic state policy of opening-up, pursue the Belt and Road Initiative as a priority, and give equal emphasis to bringing in foreign investment and making outbound investment. At the same time, we will adopt policies to promote high-standard liberalization and facilitation of trade and investment, significantly ease market access, develop new ways of investing overseas, and form globally-oriented networks of trade, investment and financing, production, and services. All these will help usher in a new phase of all-round opening up for China.
在中国经济高质量发展阶段，创新引领作用进一步增强，消费结构、产业结构加快升级，城乡、区域协同发展，必将给包括中东欧国家在内的世界各国提供更多市场、增长、投资、合作机遇。未来15年，预计中国将进口24万亿美元商品，吸收2万亿美元境外直接投资，对外投资总额将达到2万亿美元，出境旅游将超过20亿人次。相信有远见、有抱负的各国企业，一定会充分利用“16+1合作”等平台，抢搭中国发展的快车，分享中国发展的红利!
At this stage of high-quality development, China’s economy will be driven more by innovation; the consumption and industrial structures will be upgraded faster; and development will be more coordinated between rural and urban areas and among different regions. This means more open markets and greater growth, investment and cooperation opportunities for countries in the CEE region and other parts of the world. In the next 15 years, China is expected to import US$24 trillion worth of goods, attract US$2 trillion of overseas direct investment, and make US$2 trillion of outbound investment and 2 billion outbound tourist visits. I believe that far-sighted and ambitious companies of all countries will make full use of the China-CEEC cooperation platform to get on board the express train of China’s development and share in the benefits of growth.
（责任编辑:admin）
