Steady growth prevailed throughout China’s economy in 2017 as the country now contributes more than 30 percent to the world economy.

China’s Gross Domestic Product (GDP) expanded 6.8 percent in the third quarter of 2017, a ninth consecutive quarter of growth between 6.7 and 6.9 percent, the National Bureau of Statistics announced in early December.

China’s average annual GDP growth rose to 7.2 percent, outperforming the global economy’s 2.5 percent and developing economies at 4 percent.

“High speed, small fluctuation: That’s a remarkable achievement under pressure to transform and upgrade [the economy],” said Pan Jiancheng, deputy director at the bureau’s analysis center. “It’s a rarity in the history of Chinese economic development.”

China contributed one-third to the global economy in 2017 and 30.2 percent of world economic growth on average over the last five years, according to a 2018 UN global economic outlook report released last week. Its annual economic aggregate represents 15 percent of the global gross, rising 3.5 percentage points compared with five years ago.

The International Monetary Fund hiked up its expectations for China’s economy four times in 2017. A total 12.8 million new jobs were created in the last 11 months, 310,000 more than year before. Urban unemployment held low at 4.9 percent. Per-capita disposable income rose by 7.5 percent on average in the first three quarters of 2017, overtaking the GDP growth rate.

Robots help sort and distribute parcels in a storehouse during the November 11 “Double Eleven” shopping festival. (Photo: Chinanews)

China has changed its development mode and improved the quality and efficiency of its economic development since the 18th National Congress of the Communist Party of China (CPC) five years ago, said economic analyst Chen Dongqi.

China is evolving from the world’s workshop into a more creative country, he noted. Smartphones made in China occupied a quarter of world shipments market where

“made in China” no longer means low quality. The high-speed railway, nuclear power and smart product industries have all seized slots on the global high-end market, Chen said.

The economy’s structure improved in 2017. Value added growth was 7.8 percent in the tertiary industry, 1.5 percent higher than secondary industry and contributing to 58.8 percent of national economic growth.

The “Double Eleven” and “Double Twelve” (December 12) shopping carnivals drove growth in national purchasing power, making consumption the main engine. Surveys suggest growing corporate confidence, experts noted.

Made-in-China electric cars are being recharged. (Photo: Xinhua)

China has entered a new era of economic development with a new dynamism, says China’s economic experts. New technologies, industries and companies are booming. China’s economy is transitioning from rapid growth to high-quality development.

This is a pivotal stage for transforming the growth model, improving the nation’s economic structure and fostering new drivers of growth, said the 19th CPC National Congress report. As the world’s second-largest economy, China is harvesting the rewards of transforming and upgrading its economic development.

(Compiled by Fang Tian)