A wide range of accomplishments, guided by the Report on the Government Work, were attained in 2017, with stress on economic development, Economic Daily reported on Feb 28.
Better-than expected micro economy
According to data released by the National Bureau of Statistics (NBS), China’s GDP was 82.71 trillion yuan (about $12.8 trillion), up 6.9 percent year-on-year at comparable prices, higher than the target of around 6.5 percent.
Meanwhile, China’s economy also witnessed continuous structural optimization and quality improvements, propelled by thriving new drivers.
The final consumption expenditure served as the major engine of economic growth, with a 58.8 percent contribution rate.
In addition, emerging industries have been persistently picking up momentum, highlighting strategic industries and high-tech industries.
Moderate consumer price hike
As the NBS data showed, the National Consumer Price Index saw a 1.6-percent rise in 2017, edging back by 0.4 percentage points compared to 2016. This mainly resulted from falling food prices.
Nevertheless, prices for other types of merchandise saw a 2.3-percent increase, 0.9 percentage points higher than in 2016. Service prices alone grew by 3 percent, correlating with upgrades in consumption structure and regulated price mechanism through strengthened price reforms.
Growing employment
A total of 13.51 million jobs were created in 2017, which means 370,000 more people got employed. The employment rate of college graduates remained commendable, and more laid-off workers and vulnerable groups got recruited.
Continuing expansion of the gross volume of the economy, optimization of the economic structure, and the booming tertiary industry all led to the growth in employment.
Strengthened poverty alleviation
According to the State Council Leading Group Office of Poverty Alleviation and Development, the poverty-stricken population decreased by over 10 million, surpassing the yearly target.
