China s Economic Formula 20, China s Economic Formula

Judging from the combination of various macroeconomic indicators, the fundamentals of China's economic development are good at present, and the economic growth rate tends to be stable and continues to show positive changes. The main manifestations are: First, the economic growth rate tends to be stable, and the growth rate of the main indicators has accelerated in September.

GDP growth in the first three quarters remained within the target set at the beginning of the year. Second, positive results have been achieved in changing the mode of economic development and readjusting the economic structure, and the role of domestic demand, especially consumer demand, in stimulating economic growth has been markedly enhanced, and the balance of payments has tended to be balanced. Third, employment has been stable and residents' incomes have increased.

Fourth, prices and housing prices remain stable.

China's economic growth rate has stabilized and continues to show positive changes, which is good.

"China's economy is showing a new normal. He believes that there are several main characteristics: speed - "from high-speed growth to medium-high speed growth", structure - "economic structure is constantly optimized and upgraded", and power - "from factor-driven, investment-driven to innovation-driven".

He further pointed out that the new normal will bring new development opportunities to China. This includes:

Although the economic growth rate has slowed, the real increase is still considerable. Even if it is a growth rate of about 7%, whether it is speed or volume, it is among the best in the world.

Economic growth has become more stable, and the growth drivers have become more diversified. With the defined strategy and the policy reserves we have, we have the confidence and ability to deal with various possible risks. We are working together to promote new industrialization, informatization, urbanization, and agricultural modernization, which is conducive to resolving various "growing pains".

The economic structure has been optimized and upgraded, and the development prospects have become more stable. In the past three quarters, the contribution rate of consumption to economic growth exceeded that of investment, the proportion of added value of the service industry exceeded that of the secondary industry, the growth rate of high-tech industries and equipment manufacturing industry was higher than the average growth rate of industry, and the energy consumption per unit of GDP declined, pointing out that China's economic structure is "of better quality and better structure".

**Vigorously streamline administration and delegate power, and further release market vitality. For example, the number of new enterprises in the first three quarters increased by more than 60% compared to 2013 due to the reform of the enterprise registration system.

"Although the growth rate of GDP has slowed down, the employment and price situation is generally stable, and the national economy continues to operate within a reasonable range. Sheng Laiyun, spokesman of the National Bureau of Statistics and director of the Department of Comprehensive Statistics of the National Economy, pointed out at a press conference held by the State Council Information Office on the 21st. If we look at some of the changes that have taken place in the current economy from the perspective of the new normal, China's economy is actually undergoing a series of major and profound changes.

Sheng Laiyun believes that these changes are mainly reflected in the following five aspects: - The industrial structure is giving birth to new breakthroughs, the proportion of the tertiary industry continues to increase, and the added value of the service industry is faster than that of industry. The internal restructuring of the industry has been accelerated, new industries, new forms of business, and new products have continued to maintain a relatively rapid growth rate, and the trend of the entire economy moving towards the middle and high-end is obvious.

r – There is a positive change in the demand structure. Since the beginning of this year, the growth rate of investment has continued to slow down at a high level, the growth rate of exports has begun to change gears, the role of consumption in driving economic growth has continued to increase, and the trend of rebalancing the entire economy is relatively obvious. - The structure of income distribution has improved.

In the first three quarters, the per capita disposable income of residents outperformed the GDP growth rate, and the nominal growth rate of residents' income outperformed the growth rate of fiscal revenue, which was higher than the growth rate of corporate profits. This means that the share of household income in the primary distribution of the national economy has increased. At the same time, the income gap between urban and rural residents continues to decrease, and the median income of residents is growing faster than the average growth rate, which means that the internal income gap has also improved.