Despite an extended global downturn, China’s economy has managed to maintain moderate growth for the past year, with an upgraded structure and innovative drives, senior officials said.
For the first three quarters of this year, China’s GDP rose by 6.9 percent from the same period last year, with per capita disposable income up by 7.7 percent and 10.7 million new jobs.
Sheng Laiyun, spokesperson for the National Bureau of Statistics, said China still contributes 30 percent to global growth, more than other major economies.
Domestically, in the first nine months, consumption helped drive 60 percent of economic growth, 15 percentage points higher than investment. With services taking up 51.4 percent of GDP, the economy is transforming its engines from industry to services.
By the end of November, investment in high-tech industries increased by 16.5 percent. Capital in infrastructure construction accounted for 17.9 percent of the total investment volume, whereas investment in energy-extensive consumption was reduced to 11.8 percent, down 0.6 percentage points.
In the past two years, the State Council has canceled more than 700 administrative approval items, which has further fueled public innovation and entrepreneurship. The number of registered enterprises during the first nine months increased by 15.8 percent from last year, with 11,600 new companies started every day.