The year 2018 was the first year for putting the guiding principles of the 19th National Congress of the Communist Party of China fully into effect.
It was also this government’s first to perform, in accordance with law, the functions of office.
In pursuing development this year, China faced a complicated and challenging domestic and international environment of a kind rarely seen in many years, and its economy came under new downward pressure.
Under the firm leadership of the Party Central Committee with Comrade Xi Jinping at its core, we, the Chinese people of all ethnic groups, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, forged ahead and overcame difficulties.
In building a moderately prosperous society in all respects, we made major progress toward a decisive victory.
The main economic indicators were kept within an appropriate range.
Economic growth matched electricity consumption, freight transport, and other indicators.
In the balance of payments, a basic equilibrium was maintained.
As a big developing country with a population close to 1.4 billion, we have attained relatively full employment.
Economic structure was further improved.
Growth in high-tech industries and equipment manufacturing outstripped that of other industries.
The quality and returns of growth continued to improve.
Emerging industries thrived and traditional industries saw faster transformation and upgrading. Business startups and innovation continued to surge nationwide.
The total number of market entities passing the 100 million mark
New growth drivers are now profoundly changing our mode of production and way of life, creating new strengths for China’s development.
The negative list system for market access was put fully into effect.
Opening up was expanded on all fronts.
The three critical battles [i.e. the battles against potential risks, poverty, and pollution] got off to a good start.
We forestalled and defused major risks. The macro leverage ratio trended toward a stable level; the financial sector was generally stable.
2.8 million people assisted through relocation from inhospitable areas
Market achievements were made in ecological conservation.
The threshold for individual income tax was raised and six special additional deductions were created.
Close to 100 million payments were made to assist students from families in financial difficulty, covering all school types.
More than 6.2 million housing units were rebuilt in rundown urban areas and 1.9 million dilapidated rural houses were renovated.
We solemnly commemorated the 40th anniversary of reform and opening up, thoroughly reviewed its great achievements and the valuable experience gained in its pursuit, and pledged our resolve to see reform and opening up through in the new era, thus galvanizing the Chinese people of all ethnic groups to continue their hard work to make new historic achievements.
Looking back at the past year, we can see that our achievements did not come easily.
Setbacks in economic globalization, challenges to multilateralism, shocks in the international financial market, and especially the China-US economic and trade frictions, had an adverse effect on the production and business operations of some companies and on market expectations.