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Li Keqiang: China's economic structure has been steadily upgraded
From:Xinhua  |  2017-09-12 16:45

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BEIJING, Sept. 12 (Xinhua) -- On September 12, Premier Li Keqiang hosted the "1+6" Roundtable in Beijing with heads of major international economic institutions.

On the Chinese economy, Premier Li said that the value added of the services sector accounted for 54.1% of GDP growth in the first half of 2017, creating 1.5 times as many jobs as the industrial sector. Consumption has become the primary growth driver, contributing 63.4% to economic growth in the first six months of 2017, up from 47% in 2013. The past two years have seen growth in fixed-asset investment coming down to single-digits and export growth consistently in negative territory. Yet thanks to robust support from growing consumption, the economy has maintained a steady performance. From 2013 to 2016, energy consumption and CO2 emission per unit of GDP dropped by 17.9% and 22.5% respectively, while the per capita labor productivity grew by 30.2%. All these are signs that the Chinese economy has made an initial shift from investment- and export-driven growth to one being driven by a combination of consumption, investment and export, from heavy dependence on the secondary industry to better balance between the primary, secondary and tertiary industries, and from quantitative expansion to qualitative growth.