Let me talk briefly about the Chinese economy as this may be of interest to many of the business leaders here. In the past five years, China’s economy kept a medium-high growth rate of 7.1 percent annually on average. In 2017, China’s GDP reached 82 trillion RMB yuan. More than 66 million urban jobs were created in the past five years. The share of the services sector in total GDP rose to 51.6 percent, indicating an improved economic structure. The Chinese economy has contributed over 30 percent to global growth on an average annual basis. In the first quarter of this year, GDP grew by 6.8 percent year-on-year, and an average of 15,000 new businesses were registered every day. The Purchasing Managers’ Index, at 51.4 percent in April, pointed to continued expansion of the overall economy. In the first four months this year, freight volume and electricity consumption increased by 6.3 percent and 10.1 percent respectively; tax revenue registered an over 16 percent growth.All these figures show that the Chinese economy has continued its good momentum of steady growth. Major international economic organizations recently made another upward revision of China’s growth forecasts in 2018. As the economy continues to grow, living standards have improved significantly. In the past five years, an average of 13.2 million jobs were created in urban areas annually, and 13.7 million people were lifted out of poverty every year thanks to the policies of spurring local industrial growth and relocating impoverished people from inhospitable areas.
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