BOAO, Hainan — China’s sound economic fundamentals remain unchanged despite the economy entering a new normal period, Vice-Premier Zhang Gaoli said on March 25.

The country’s economy is steady despite major shifts in the economic pattern, structure and momentum, Zhang said when delivering a keynote speech at the 2017 conference of the Boao Forum for Asia in South China’s Hainan province.

Vice-Premier Zhang Gaoli delivers a keynote speech at the 2017 conference of the Boao Forum for Asia in South China’s Hainan province on March 25.[Xinhua]

Bucking a sluggish world economy, China’s GDP expanded 6.7 percent in 2016, contributing to more than 30 percent of global economic growth, with employment better than expected.

The growth was within a reasonable range, Zhang said, noting improving quality and efficiency and progress in improving people’s livelihoods.

Supply-side structural reform has seen its first results, Zhang said, citing capacity cuts in steel and coal sectors and a more important role for consumption and services in driving the economy.

Reform has generated new, strong momentum for China’s economic and social development, Zhang said.

The vice premier said China will continue to stabilize growth, promote reform, adjust the economic structure, improve people’s well-being and control risks to ensure stable and healthy development this year.