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China’s economy grows despite global headwinds

Updated: Oct 23,2015 5:34 PM     english.gov.cn

The economy continues to grow despite downward pressure as the CPC Central Committee and the State Council have come up with various policies and measures, People’s Daily reported.

Gross domestic production in the first three quarters of 2015 reached more than 48 trillion yuan ($7.5 trillion), 6.9 percent more than that for the same period last year.

The growth, gained through hard work, as the global economy continues to stagnate and the growth of emerging economies has slowed, is within the reasonable range, the newspaper said.

The consumer price index in the first three quarters of 2015 grew by 1.4 percent from the same period last year. In the eight kinds of goods or services whose prices make up the CPI, food and energy saw large fluctuations, while prices for the other six were relatively stable.

Employment is also steady. The country created more than 10.66 million jobs in the first three quarters, and has met the target set for the whole year.

By the end of the third quarter, the number of migrant workers was basically the same as that for the same period last year.

The unemployment rate in 31 major cities was around 5.2 percent in September.

Also, jobs continued to outnumber job seekers, due not only to a decrease in the labor force but also the restructuring of the economy that brought more jobs.

Incomes continued to rise. National disposable income per capita reached 16,367 yuan in the first three quarters, increasing by 7.7 percent from the same period last year, adjusted for inflation.

National disposable income per capita has kept increasing for seven consecutive quarters. In the first nine months of 2015, disposable income per capita in rural areas witnessed an 8.1 percent year-on-year inflation-adjusted growth, which is greater than the 6.8 percent of growth of disposable income per capita for urban residents.

As the economy continues to restructure, the service industry grew by 8.4 percent in the first three quarters, which was 1.5 percentage points more than the growth of GDP and 2.4 percentage points more than the growth of secondary industries.

Foreign investment reached $94.9 billion, recording an 8.6 percent year-on-year increase as foreign investment continued to grow in the service sector.

From January to September, sales of online shopping exceeded 10 trillion yuan, increasing by more than 20 percent.

Secondary industries are also upgrading, as they take on more smart technology.

China has become the largest market for industrial robots in the world. In 2014, about 56,000 industrial robots were sold in China, which accounted for one fourth of global sales.

The authorities have been carrying on the campaign of mass entrepreneurship and mass innovation, as well as other reforms to make it easier for people to start their own businesses to spur the economy.

The country has started more infrastructure projects, such as the renovation of shantytowns and the construction of railways in western regions.

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