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The fundamentals of China's economy have not changed

How do you think the stability has changed?


The Chinese economy remains, above all, stable, while the economic operating environment has undergone complex changes


Reporter: the political bureau of the communist party of China (CPC) central committee held a meeting recently and pointed out that the current economic operation is stable with some changes.How to understand "stability" and "change" in "stability in change"?


Ning jizhe: first of all, China's economy is still under the leadership of "stability".Since the beginning of this year, the economy has maintained an overall steady, steady and advancing trend.


-- "overall stability" is mainly reflected in the stability of the four major economic indicators.

Growing steadily.China's economy grew 6.8 percent in the first half of the year, and has been in a medium-high speed range of 6.7 percent to 6.9 percent for 12 consecutive quarters.


Employment stability.In the first seven months of this year, 8.8 million urban jobs were created in China, 250,000 more than in the same period last year, and 80 percent of the annual plan has been achieved.The national urban unemployment rate was 5.1 percent in July, a relatively low level since the data was released.


Prices are stable.The consumer price index rose 2.1 per cent in July from a year earlier, in a modest range.


Balance of payments was stable.We increased our imports and continued to increase our exports. In July, we had a trade surplus of 177 billion yuan, and our foreign exchange reserves continued to increase to over 3 trillion U.S. dollars.


-- "steady progress" can also be observed from four aspects.


Supply-side structural reform was further advanced.In the first half of the year, the industrial capacity utilization rate was 76.7 percent, equivalent to that of developed economies.


The three major offensives were advanced in an orderly manner.Significant progress has been made in preventing and resolving major risks, the growth momentum of potential risks and hidden dangers has been curbed, the macro leverage ratio has become stable, and the micro leverage ratio has continued to decline.Progress was made in lifting people out of poverty, and incomes of rural residents in poor areas increased rapidly.Ecological environmental protection has been strengthened and the quality of the ecological environment has been improved.


We deepened reform in key areas. In particular, we made progress in reform of the reform of administrative controls, made it easier for residents and businesses to handle affairs, and made economic development more dynamic.


Opening-up was further accelerated.In the first half of the year, China's newly established foreign-invested enterprises increased by 96.6 percent year-on-year, while the actual use of foreign investment increased by 4.1 percent year-on-year.China's domestic investors achieved a cumulative increase in non-financial direct investment of 18.7 percent year-on-year.


-- it is important to emphasize that "steady growth leads to good growth".


The structure is optimized.The service sector continued to grow faster than the secondary industry and the industrial structure continued to be optimized.Consumption is growing faster than investment, and the fundamental role of consumption in economic growth is constantly being consolidated.The new supply, which represents technological progress and consumption upgrading, is also growing rapidly.


The benefits are improving.In the first half of this year, the profits of industrial enterprises above the scale increased by 17.2% year-on-year, and the operating profits of service enterprises above the scale increased by 22.6% year-on-year, both of which were rapid growth.In July, the general public budget revenue of the country increased by 10% year-on-year.


The environment is improved and the income of the residents is increased.In the first half of the year, China's energy consumption per 10,000 yuan of GDP fell by 3.2% year on year, more than the expected target of 3.0%.In the first half of the year, the per capita disposable income of urban and rural residents increased by 6.6 percent in real terms, continuing to outpace the growth rate of per capita GDP.


The "change" of "change in stability" means that the economic operating environment has undergone intricate changes.

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