Although China’s GDP rose just 7.4% in 2014, China has hit the targets it set itself for the year: CPI increased 2%; 13.22 million jobs were created; the unemployment rate was controlled at 5.1%. China has made progress in optimizing and upgrading its economy.

China's tertiary industry rose by 8.1% in 2014, 0.8% more than secondary industry. The contribution of added value from the tertiary industry increased 1.3%, to 18.2%, 5.6% higher than that of secondary industry. Final consumption contributed 51.2% to GDP growth this year, 1.3% higher than last year. The amount of energy consumed per unit of GDP fell 4.8%. The income gap between urban and rural areas was further narrowed. High technology industry thrived.

China should continue to follow the laws of economics, and transform its economic development mode from extensive growth to intensive growth. It also needs to find new engines for its economy. Economic growth of 7.4% represented a 15-year low, but China has been focusing on reform and innovation, laying a foundation for new economic development.

Maintaining stable growth, making structural adjustments, and advancing reform remain the guidelines for future economic progress. The ultimate goal of maintaining economic development is to improve standards of living and employment. Yet China has a long way to go to fully restructure its economy. The government should do its best to optimize its markets and encourage innovation. Economic reform will certainly inject impetus to China's economic development.

This article was edited and translated from 《中国经济在速度换挡中提质增效升级》, source: People's Daily Online, Author:Xuan Yu