Recently, the National Bureau of Statistics announced the main situation of economic operation in the first three quarters. A series of macroeconomic data show that in the first three quarters of this year, the national economy continued to recover, major macroeconomic indicators were generally within a reasonable range, the employment situation was basically stable, personal income continued to increase, the balance of international payments maintained, the economic structure was adjusted and optimized, the quality and efficiency steadily improved, and the overall social harmony and stability.

In terms of economic growth, GDP grew by 9.8% year-on-year in the first three quarters of this year, higher than the target of over 6% and averaging 5.2% in the past two years, still maintaining fast growth. In terms of employment, 10.45 million new urban jobs were created in the first three quarters of this year, 95 percent of the annual target. The surveyed urban unemployment rate averaged 5.2 percent, lower than the projected annual target of around 5.5 percent. In terms of prices, the rise in consumer prices was moderate. In the first three quarters of this year, the consumer price index rose by 0.6%, lower than the target of around 3%. In terms of the balance of payments, the trade surplus in goods increased by 23.7% year on year in the first three quarters, and the balance of foreign exchange reserves remained above US $3 trillion for five consecutive months. All this shows that the Chinese economy on the whole has maintained a momentum of recovery, the fundamentals of its long-term sound growth have continued to emerge, and its development is characterized by strong resilience, great potential and broad space for maneuver.

To observe China's economic development, we should not only look at its size and scale, but more importantly, its structure and performance. In the first three quarters of this year, the added value of large-scale high-tech manufacturing grew by 20.1 percent year-on-year, faster than that of all large-scale industries. The growth of the service sector contributed 54.2% to economic growth, 1.2 percentage points higher than in the first half of the year. Energy consumption per unit of GDP fell by 2.3% year on year, 0.3 percentage points more than in the first half of the year. The economic structure was improved and development efficiency improved. In the first three quarters of this year, the output of new-energy vehicles and industrial robots increased by 172.5 percent and 57.8 percent, respectively, year on year. Information technology has been widely used, and new forms and models of business such as online live streaming and platform economy are emerging rapidly. New industries are emerging and new drivers are gaining strength. The improved structure, improved quality and enhanced efficiency show that the Chinese economy is committed to high-quality development while recovering steadily. This will lay a solid foundation for the long-term sustainable development of the Chinese economy.

We should note that in the third quarter, risks and challenges at home and abroad increased. Internationally, the global epidemic is spreading, the recovery of the world economy is slowing down, and international commodity prices are high. The International Monetary Fund recently lowered the global economic growth rate for 2021 from the previous forecast of 6% to 5.9%, reflecting concerns about changes in the global economy. As a country deeply integrated into the process of economic globalization, China is bound to be affected by the global economic environment. From the domestic perspective, the economic growth in some regions in the third quarter was impacted by the epidemic and flood situation, as well as the impact of multiple factors such as the rising base, which also increased the downward pressure on the economy objectively. Only when it is difficult, is it more brave and resolute. Against this backdrop, the hard-won and commendable achievements of the Chinese economy in the face of multiple risks and challenges at home and abroad fully demonstrate the strong resilience and vitality of the Chinese economy. We should look at both the time and the trend, both short-term fluctuations and long-term trends. In the long run, the Chinese economy will continue to recover and move toward high-quality development, and we have the ability and conditions to meet the targets and tasks for economic and social development set for this year. On the one hand, we need to strengthen confidence and set stable expectations. On the other hand, we need to remain sober-minded, rational and pragmatic, and continue to make good use of macro policy tools to address structural problems. This will further enhance the sustainability and vitality of economic development.

China's economy is a vast ocean. It is "big" in terms of size, strength and potential. Adhere to jinping new era the ideas of socialism with Chinese characteristics as guidance, in accordance with the party central committee and the State Council decision deployment, always adhere to seek improvement in stability work tone, complete and accurate to fully implement the new concept of development, accelerate the establishment of new development pattern, pays special attention to the normalized epidemic prevention and control, strengthening macro policies across cycle adjustment, strive to promote the sustainable and healthy economic development, deepen reform, opening up innovation, We will be able to invigorate the market, boost growth, unleash the potential of domestic demand, keep the economy operating within a reasonable range, and achieve the main targets and tasks for economic and social development for the year.

Source: State-owned Assets And Administration Commission of The State Council