We overhauled the charges and fees levied on businesses, and encouraged cuts in the cost of energy, broadband services, and logistics.
We advanced the Internet Plus Government Services initiative, the local authorities explored and extended a number of distinctive reform measures, and both businesses and the public now enjoy increasingly better access to government services.
We continued to implement the innovation-driven development strategy and further increased innovation capacity and performance.
We greatly improved the innovation ecosystem to keep innovators of all kinds fully motivated.
The reform of the management system for science and technology was deepened, steps were taken to achieve breakthroughs in core technologies for key fields, and the building of major science and technology infrastructure and innovation centers was stepped up.
We strengthened the principal position of enterprises in technological innovation, and extended the policy on raising the proportion of additional tax-deductible R&D costs to cover all enterprises.
We developed policies and measures to support innovation and business startups. The volume of contracted technology transactions grew by over 30 percent. The contribution of technological advances to economic growth has risen to 58.5 percent.
The main economic indicators were kept within an appropriate range. Gross domestic product (GDP) grew by 6.6 percent, exceeding 90 trillion yuan.
Economic growth matched electricity consumption, freight transport, and other indicators.
Consumer prices rose by 2.1 percent. In the balance of payments a basic equilibrium was maintained.
A further 13.61 million new urban jobs were added, and the surveyed unemployment rate remained stable at a comparatively low level of around 5 percent.
As a big developing country with a population close to 1.4 billion, we have attained relatively full employment.
Economic structure was further improved. Consumption continued to play an increasing role in driving economic growth.
The service sector’s contribution to growth approached 60 percent. Growth in high-tech industries and equipment manufacturing outstripped that of other industries. Harvests were again good.
Energy consumption per unit of GDP fell by 3.1 percent. The quality and returns of growth continued to improve.
New growth drivers grew rapidly. A number of major scientific and technological innovations were made, like the Chang’e-4 lunar probe.
Emerging industries thrived and traditional industries saw faster transformation and upgrading.
Business startups and innovation continued to surge nationwide, with an average of over 18,000 new businesses opening daily and the total number of market entities passing the 100 million mark.
New growth drivers are now profoundly changing our mode of production and way of life, creating new strengths for China’s development.
New breakthroughs were made in reform and opening up. Institutional reforms of both the State Council and local governments were implemented smoothly.
New progress was made in reform in key fields. The negative list system for market access was put fully into effect. Reforms to streamline administration and delegate power, improve regulation, and upgrade services were intensified, and our business environment rose significantly in international rankings.
Opening up was expanded on all fronts, and joint efforts to pursue the Belt and Road Initiative (BRI) made significant headway.
The first China International Import Expo was a success. Work began on building the China (Hainan) Pilot Free Trade Zone.
China’s total volume of trade in goods exceeded 30 trillion yuan, and its utilized foreign investment totaled US$138.3 billion, ranking China first among developing countries.
The three critical battles got off to a good start.
We forestalled and defused major risks. The macro leverage ratio trended toward a stable level; the financial sector was generally stable.