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China has a good start to quality development
Economic restructuring has been optimized, there has been new progress in kinetic energy conversion, and there has been a new increase in quality and efficiency. Reform and opening up have new bright spots... Relevant officials from the National Development and Reform Commission’s National Economic Affairs Division said that since the beginning of this year, China’s high-quality development has made a good start.
Look at economic development. The three industries operated smoothly and the quality and efficiency continued to increase. In the first quarter, GDP grew by 6.8% year-on-year, and remained steady at 6.7%-6.9% for 11 consecutive quarters. The strategy of revitalizing rural areas has been steadily implemented. The reform of the agricultural supply side continued to deepen. The rural one, two or three industries accelerated integration and development, and the summer harvest was in sight, and the status of agriculture was further consolidated. Industrial production rose steadily. The value added of industries above designated size increased by 6.9% in the first five months, 0.3 percentage points higher than that in 2017, and the physical quantity index increased rapidly. The service industry maintained a good momentum of development. In the first five months, the service industry production index maintained a rapid growth rate of 8.1%. Economic efficiency continues to improve. Corporate profits have maintained rapid growth. Profits of industrial enterprises above designated size have increased by 15% in the first four months, and operating profit of service companies has increased by 8.4%. Fiscal revenue grew rapidly. The national fiscal revenue in the first five months increased by 12.2%, of which tax revenue increased by 15.8% and the proportion increased from 85.9% in the same period last year to 88.6%.
Second, look at structural optimization. The structural reforms on the supply side have advanced further and the effectiveness of the policies has continued to show. The key work such as "breaking", "establishing" and "decreasing" was actively promoted. More use of market-based legal means to resolve excess production capacity and eliminate backward production capacity. Technologies such as big data, cloud computing and industrial internet help the transformation and upgrading of traditional industries. In the first five months, the added value of high-tech manufacturing and equipment manufacturing increased by 12% and 9.3% respectively, the output of new energy vehicles increased by 85.8%, and industrial robots increased by 33.7%. The State Council has successively introduced a series of tax reduction and fee reduction policies to reduce the value-added tax rates of the manufacturing, transportation, and other industries, unify the standards of small-scale taxpayers, and continue to clean up and standardize enterprise-related charges. It is expected that the burden on market participants will be reduced by more than 1 trillion yuan throughout the year. In the first four months, the cost of main business income per 100 yuan of industrial enterprises above designated size decreased by 0.21 yuan over the same period of last year. The coordinated development of regional economy. The development of the four major sectors and the implementation of the three major strategies are positive interactions, and new growth poles are accelerating. The "One Belt and One Road" construction has been carried out in a solid and orderly manner. The planning outline for Hebei Xiong'an New District has been issued and implemented, placing the restoration of the ecological environment of the Yangtze River in an overwhelming position for the development of the Yangtze River Economic Belt. The new urbanization is progressing steadily.
Third, look at domestic demand to improve quality. The structure of domestic demand continued to improve, and residents' consumption increased. Consumption pulls are even more pronounced. In the first quarter, final consumption contributed 77.8% to economic growth. The new model of new consumption patterns has developed rapidly. The online retail sales of physical goods have increased by 30%. The consumption of upgraded products such as culture and tourism has grown rapidly. Investment structure continues to be optimized. In the first five months, private investment increased by 8.1%, which was 2.1 percentage points higher than last year. Manufacturing investment stabilized and recovered, with an increase of 5.2% in the first five months. The growth rate rose for two consecutive months. High-end manufacturing investment increased rapidly. High-tech manufacturing and equipment manufacturing investment increased by 9.7% and 8.2% respectively.
Four look at the innovation drive. The innovation-driven development strategy was implemented in depth and the entrepreneurial innovation vitality was significantly enhanced. Basic research made positive progress. Technological innovation mechanisms continue to improve. The technological innovation system for the deep integration of industry, universities, and research institutes has been established. The scientific and technological achievements and rights management reforms have deepened, and the openness and sharing of scientific and technological resources has increased. The establishment of a pioneering and innovative system has been continuously strengthened. The trials of regional comprehensive innovation and reform will be further promoted, and the innovation and entrepreneurship resource sharing platform will be accelerated. According to statistics from research institutions, as of March this year, China had 62 unicorn enterprises, accounting for 26.2% of the world's 237 unicorn enterprises, followed by the United States and ranked second in the world.
Five look open to the outside world. Fully open to the outside world to take the initiative to accelerate, export-oriented economic development to the next level. Foreign trade maintained a rapid growth. In the first five months, the value of imports and exports of goods denominated in RMB increased by 8.8%, of which exports and imports increased by 5.5% and 12.6% respectively. Actively expanding imports to promote trade balance, the preparatory work for the first China International Import Expo was carried out smoothly, and policies to reduce import tariffs on automobiles and consumer goods were introduced. The scope and level of openness have been further expanded. General Secretary Xi Jinping announced the new major opening measures at the 2018 annual meeting of the Boao Forum for Asia. The SCO Qingdao Summit was successfully held and put forward the idea of global governance. Actively and effectively utilized foreign capital and further promoted international capacity cooperation. The actual use of foreign capital in the first five months increased by 3.6% and foreign investment increased by 38.5%.
This person in charge believes that the outlook for China's economic development in the second half of the year is good. From an international perspective, although the uncertainty in the international environment has increased, the world economic recovery is still expected to continue, and there is still room for foreign economic and trade cooperation to expand. From a domestic point of view, the comprehensive deepening of reform and opening up will continue to stimulate the vitality of the market. The structural reforms on the supply side will further promote the quality of the supply system and promote the coordinated development of urban and rural areas to release new development potentials. The three major challenges will be used to make up for weaknesses. Weaknesses. "Our country has the conditions and ability to achieve the goals and tasks set at the beginning of the year and promote economic stability and long-term success," said the person in charge.