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New Drivers for Economic Growth Phased in in 2016

( drc.gov.cn ) 2017-03-16

New Drivers for Economic Growth Phased in in 2016

Li Zuojun, DRC

2017-1-24

The major factors governing the future performance of China’s economy depend on the development of new growth drivers and the resolution of existing contradictions. The former may create conditions for the latter. According to the statistics published in 2016, new drivers for China’s economic growth are growing quietly.

First, high value-added industries have developed at a high speed, with industrial added value of high-tech industry increased by 10.8% and that of strategic emerging industry increased by 10.5% year on year. The increased added value of tertiary industry accounted for 51.6% of GDP, and corporate enterprises grew by 6.9%.

Second, investment structure transformed to the direction beneficial for fostering new growth drivers. The growth of investment in high-tech industries was 7.7 percentage points higher than that of the total investment. The growth of investment of the tertiary industry was 7.4 percentage points higher than that of the secondary industry. The growth of private investment was 0.7 percentage points faster than that of the first three quarters, accounting for 61.2% of total investment. The all-year investment in ecological protection, environmental management, water management, and in agriculture, forestry, animal husbandry and fishery sectors increased by 31.8, 12.3 and 11.4 than the total investment respectively.

Third, with the upgrading of consumption structure, demand structure was fleshed out. The contribution of the annual consumption expenditure to GDP growth was 64.6%, much higher than the contribution made respectively by investment and export.

Fourth, the natural population growth rate was 5.86‰, with certain increase in the total number of population. The rate of urbanization was 57.35%, showing a swift development.

Fifth, the innovation-driven strategy kept pushing forward, and its effect started to show up with newly registered enterprises nationwide growing by 24.5% compared to that of the previous year and small and the performance of micro businesses in the industrial sector booming up.