The quality of China’s economic growth further improved last year as the country’s industrial structure continued to upgrade and the economy kept rebalancing toward a service, consumption and innovation-driven one, a senior official said on Friday. The service sector continued to be a major stabilizer of the country’s economic growth, expanding by 6.9 percent last year and accounting for 53.9 percent of China’s GDP, according to the National Bureau of Statistics. The share of the service sector in the economy was higher than the level of 53.3 percent in 2018. Meanwhile, industrial structure continued to upgrade as the equipment manufacturing and high-technology manufacturing sectors grew faster than the average level. The two sectors accounted for 32.5 percent and 14.4 percent of the overall output of the industrial sector respectively, according to the NBS. “High quality has been the main theme of China’s economic development as the country is shifting from high-speed growth to high-quality growth,” Ning Jizhe, head of the National Bureau of Statistics, said at a news conference in Beijing. “The economy has been growing within a reasonable range. Major indicators were within expectations, which shows that the economy is moving toward high-quality development,” said Ning. Ning said that… Read full this story
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