· The economy has registered a slower but stable performance with good momentum for growth.
GDP reached 74.4 trillion yuan, representing 6.7-percent growth, and seeing China outpace most other economies. China contributed more than 30 percent of global growth. The CPI rose by 2 percent. With an 8.5-percent increase in profits, industrial enterprises reversed the previous year’s negative growth of 2.3 percent. Energy consumption per unit of GDP fell by 5 percent. Economic performance improved markedly in quality and returns.
· Employment growth exceeded projections.
A total of 13.14 million new urban jobs were added over the course of the year. The number of college graduates finding employment or starting businesses reached another record high. The registered urban unemployment rate stood at 4.02 percent at year-end 2016, the lowest level in years. For China, a large developing country with a population of over 1.3 billion, attaining this level of employment is no easy task.
· Continued advances were made in reform and opening up.
Breakthroughs were made in reforms in major sectors and key links, and initial success was achieved in supply-side structural reform. New measures were introduced for opening China up, rapid progress was made in pursuing the Belt and Road Initiative, and a number of major projects and industrial-capacity cooperation projects with other countries were launched.
· Economic structural adjustment was stepped up.
Consumption was the main driver of economic growth. The value created by the service sector rose to 51.6 percent of GDP. High-tech industries and equipment manufacturing grew rapidly. In agriculture, production was stable and structural adjustments were made, and we had continued good grain harvests.
· New drivers of growth gained strength.
Further progress was made in pursuing the innovation-driven development strategy, and a number of world-leading achievements were made in science and technology. Emerging industries were thriving, and the transformation and upgrading of traditional industries accelerated. People were busy launching businesses or making innovations, with a 24.5-percent year-on-year increase in the number of new businesses registered-an average of 15,000 new businesses daily. With self-employed traders and other market entities included we had an average of 45,000 new market entities launched per day. New growth drivers are opening new prospects for China’s development.