Li Keqiang: China's economic structure has been steadily upgraded

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. 

Chinese Premier Li Keqiang holds the '1+6' round table dialogue with heads of major international economic institutions in Beijing on Tuesday, September 12, 2017.[Photo: gov.cn]

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. 

Chinese Premier Li Keqiang poses for photos with World Bank Group President Jim Yong Kim, IMF (International Monetary Fund) Managing Director Christine Lagarde, WTO (World Trade Organization) Director-General Roberto Azevedo, ILO (International Labor Organization) Director-General Guy Ryder, OECD (Organization for Economic Cooperation and Development) Secretary-General Angel Gurria and FSB (Financial Stability Board) Chairman Mark Carney at the '1+6' round table dialogue with heads of major international economic and financial institutions held in Beijing on Tuesday, September 12, 2017. [Photo: gov.cn]

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.

Chinese Premier Li Keqiang holds the '1+6' round table dialogue with World Bank Group President Jim Yong Kim, IMF (International Monetary Fund) Managing Director Christine Lagarde, WTO (World Trade Organization) Director-General Roberto Azevedo, ILO (International Labor Organization) Director-General Guy Ryder, OECD (Organization for Economic Cooperation and Development) Secretary-General Angel Gurria and FSB (Financial Stability Board) Chairman Mark Carney in Beijing on Tuesday, September 12, 2017. The dialogue is conducted with the theme 'promoting an open, invigorated and inclusive world economy'. [Photo: gov.cn]