We kept a firm grip on the real estate market and kept housing prices from rising too quickly.
In 2017, when other major economies in the world were experiencing a slowdown in growth and constantly encountered new risks, we maintained a proper intensity in policy implementation, kept budgetary spending unchanged, improved the spending mix, and reversed the decline in economic growth. As a result, we attained all the main targets set at the beginning of the year: GDP grew by 7.8%, 12.66 million urban jobs were created, and the rise in the CPI fell to 2.6%. All this laid a good foundation for China's economic development this year.
Over the past five years:
China's economy as a whole maintained steady and rapid growth.
Prices remained fairly stable.
Employment steadily increased.
The balance of payments moved toward equilibrium.
GDP grew at an average annual rate of 9.3%, considerably higher than the average global rate and the average rate of other emerging economies for the same period.
China's inflation rate was also much lower than that of other emerging economies.
The Chinese economy is stable and full of vitality.
In the last five years, faced with severe challenges posed by a complex and volatile international economic environment and a sluggish global economy, the central leadership, on the basis of a scientific judgment of the situation, made resolute decisions that steered China's modernization drive clear of major pitfalls created by huge external shocks. Experience fully proves these decisions and implementing steps were entirely correct.
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