WASHINGTON — China's gross domestic product (GDP) is estimated to expand over 6 percent year-on-year in 2019, and the latest data indicates a better-than-expected economic outlook, Vice-Premier Liu He said on Jan 15.

Liu, who just signed the China-US phase-one economic and trade agreement with US President Donald Trump earlier in the day in the White House, made the remarks during a briefing with some Chinese press.

China's economy has been generally stable and is one of the fastest-growing economies in the world in 2019, said Liu. He also pointed out that China's economic output has reached nearly 100 trillion yuan ($14.49 trillion), and that its annual economic expansion of about $1 trillion is almost equivalent to a medium-sized economy in today's world.

Meanwhile, major macro-indicators including jobs, consumer prices and balance of payments, are all within reasonable ranges, with industry upgrading and structural adjustments advancing firmly, the vice-premier added.

The year 2020 will witness China's accomplishment of building a moderately prosperous society in all respects, as well as its completion of the 13th Five-Year Plan.

Liu noted that China has seen some positive signs in key indexes including the purchasing managers' index (PMI), and indexes for industrial added value and enterprise efficiency in the past two months, and some high frequency data in January also showed that China's economic performance is better than expected.

China's economy is rebalancing itself, adding dependence on domestic demand with consumption, innovation, and higher labor productivity. It is also reducing reliance on debts for growth and steadily improving its inherent dynamism, Liu said.

With a super large market and an enormous middle-income group, China's economy will perform better in the future through deepening supply-side structural reform and industry transformation and upgrading, Liu said.

China's economy is advancing along the path of high-quality development, Liu said. "We are optimistic about the economic outlook this year, and we have more confidence in our economy for the long run," he added.

China will continue to contribute to the growth of the world economy through its own steady development, Liu said.