The general trend of high-quality development of China’s economy has not changed | live score piala dunia amputasi 2022, liga dunia 365, bekasi swag

Since the beginning of this year, some economic indicators have fluctuated, consumer prices have been running at low levels, and the external environment has become more complex and severe. This has caused some public opinion to worry about China's economic recovery and development prospects, and various foreign opinions that pessimize China have emerged. When looking at China's economic situation, we should look at it comprehensively and dialectically based on changes in development stages. We should look at both "form" and "potential", both "quantity" and "quality", and we should look at both "vertical" and "horizontal". Comprehensive analysis and judgment from different dimensions shows that although China is currently facing new difficult challenges from both domestic and international sources, China's economy continues to recover and the overall upward trend has not changed. The fundamentals of strong resilience, large potential and wide space have not changed, and the long-term positive trend of high-quality development is irreversible.

The economy is still improving despite fluctuations, and stable growth is supported

Since the beginning of this year, the world economic recovery has been weak, unstable and uncertain factors have increased significantly, domestic demand has been insufficient, some companies have operating difficulties, and the downward pressure on the economy has increased. Against this background, the growth rates of some major economic indicators have fluctuated to some extent, but this does not mean that economic growth has stalled. In fact, after a major and decisive victory in epidemic prevention and control, economic recovery is a process of wave-like development and tortuous progress, and short-term fluctuations are inevitable. From multiple perspectives such as potential growth rate, production and demand momentum support, the national economy maintains a recovery trend, and there is support for the overall recovery.

First, from the perspective of potential growth rate, China’s stable economic growth has internal support. The potential growth rate is the optimal output growth level that can be achieved under the effective allocation of various production factors. Under normal circumstances, the actual economic growth rate fluctuates around the potential growth rate. Judging from China's situation, in the initial expansion period of economic development, the potential growth rate remains at a high level; as the development stage changes, resource factor constraints increase, and the potential growth rate decreases. However, compared with developed countries, China's per capita GDP is still low, with large room for growth. Industrialization and urbanization have not yet been completed. Currently, scientific and technological innovation and industrial upgrading are advancing steadily. The high savings rate supports the continued accumulation of capital. The transformation from demographic dividend to talent dividend is accelerating. These all determine that the potential growth rate can still be maintained at a high level. Research from many domestic institutions shows that China’s potential growth rate is around 5% to 6% at this stage. Judging from actual operation conditions, the actual economic growth rate not only depends on the potential growth rate, but is also subject to multiple constraints such as supply and demand. From 2020 to 2022, China's economy will grow at an average annual rate of 4.5%, which is significantly lower than the potential growth level. This is mainly due to the decline in market demand under the epidemic conditions and the poor circulation of the industrial chain, which inhibits the growth of economic output. Since the beginning of this year, as the impact of the epidemic has gradually subsided, demand has continued to recover, and constraints on supply have been reduced, economic growth will naturally return to potential levels. In the first half of this year, China's economic recovery was relatively obvious, with GDP growth of 5.5% year-on-year, higher than the average during the epidemic.

Second, from the perspective of production and supply, the recovery of the service industry has made a significant contribution to economic growth. Since the 18th National Congress of the Communist Party of China, China's industrial transformation and upgrading has been steadily advancing, and economic growth has shifted from being mainly driven by industry to driven by the coordination of three industries, among which the leading role of the service industry has increased. In 2019, the added value of the service industry accounted for 54.3% of GDP, 8.8 percentage points higher than in 2012, and its contribution to economic growth reached 3.8 percentage points, which was 1.9 percentage points higher than the secondary industry. In recent years, the service industry has been hardest hit by the epidemic, and its growth has slowed down significantly, which is an important reason for slowing down economic growth. From 2020 to 2022, the added value of the service industry will grow at an average annual rate of 4.2%, driving economic growth by an average of 2.3 percentage points, which is 1% lower than in 2019 before the epidemic..5 percentage points. After the epidemic prevention and control phase was transferred this year, the service industry has recovered the fastest and its contribution to economic growth has increased significantly. In the first half of the year, the growth of the service industry drove economic growth by 3.6 percentage points, 2.6 percentage points higher than the same period last year, and contributed 66.1% to economic growth. From the perspective of the service industry, although the real estate market is still adjusting and its contribution to economic growth has weakened, contact-type agglomeration service industries such as tourism, catering, and transportation have recovered relatively quickly, and modern service industries such as information transmission have shown good growth momentum, which has offset the impact of the real estate downturn to a certain extent. In the next stage, the service industry's recovery trend will not change, and its contribution to economic growth is expected to remain at a high level.

Third, from the perspective of market demand, consumption is the "ballast stone" for stable economic growth. As China's economy shifts to a stage of high-quality development, the construction of a new development pattern with the domestic cycle as the main body and the domestic and international dual cycles reinforcing each other is accelerating. Economic growth has shifted from relying mainly on investment and exports to relying on consumption, investment, and exports. The driving role of consumption in economic growth has significantly increased. In 2019, the final consumption rate reached 55.8%, 4.7 percentage points higher than in 2012; final consumption expenditure contributed 3.5 percentage points to economic growth, 1.8 percentage points higher than total capital formation. However, affected by the epidemic, the role of consumption in driving economic growth has been significantly reduced in recent years. From 2020 to 2022, the average contribution of final consumer spending to economic growth dropped to 1.9 percentage points. Since the beginning of this year, due to the contraction of external demand and the decline of real estate, the contribution of exports and investment to economic growth has weakened. However, the economy and society have fully returned to normal operations, consumption has continued to recover, and their role in promoting economic growth has increased, effectively making up for the reduced impact of exports and investment. In the first half of the year, final consumption expenditure drove economic growth by 4.2 percentage points, 3.4 percentage points higher than the same period last year, while the combined contribution of net exports of goods and services and gross capital formation to economic growth fell by 0.5 percentage points. In particular, service consumption plays a significant role in driving economic growth and is the main support for the rebound in consumption. In the next stage, as the construction of a new development pattern accelerates, residents' consumption power and willingness to consume increase, the role of consumption in driving economic growth is expected to increase, and the role of domestic consumption as "ballast" will be further highlighted.

Fourth, judging from international experience, China’s economy is still in the stage of continuously releasing its growth potential. To analyze China's economic growth prospects, we need to look both vertically and horizontally. Observing the economic development process of other countries, especially catch-up economies, is also a useful reference for judging economic development. Judging from the development history of catch-up economies such as the "Four Asian Tigers" and high-income countries, when the per capita GDP is between US$12,000 and US$20,000 (constant price in 2015), the economic development potential continues to be released, and the overall growth is relatively rapid. For example, the GDP of South Korea (1994-2003) and high-income countries (1962-1976) has average annual GDP growth of 6.3% and 4.6% respectively. At present, China's per capita GDP is US$12,000 (constant prices in 2015), and it is in a stage of continuous release of growth potential. As long as it firmly grasps the period of important strategic opportunities, concentrates on running its own affairs, and effectively responds to risks and challenges, China's economy is expected to maintain stable growth and continue to become the main force driving global economic growth. From 2013 to 2019, China's economic growth contributed more than 30% to global economic growth on average every year; from 2020 to 2022, the average annual contribution rate reached about 40%, injecting strong impetus into global economic recovery.

The current low price growth is structural and phased, and will not fall into deflation

Market prices have fallen this year, triggering concerns about deflation. In fact, the current decline in price growth is mainly structural and phased. China's economy is recovering and the money supply is reasonable and abundant, which is obviously different from deflation in the economic sense. As the economy stabilizes and recovers, demand is driven stronger, and the short-term factors that lower prices subside, prices are expected to gradually rise in the next stage.

First, the fall in prices has obvious structural characteristics, and the core CPI is basically stable. Since the beginning of this year, the year-on-year increase in CPI (Consumer Price Index) has generally shown a downward trend, with an increase of 0.5% from January to August, 1.4 percentage points lower than the same period last year. Looking at each month, the CPI has fluctuated downwards since February, turning to a year-on-year decrease of 0.3% in July, mainly due to a large drop in food and energy prices, and turning to an increase of 0.1% in August. Looking at food prices, food prices rose by 1.4% year-on-year from January to August, affecting the CPI increase by about 0.26 percentage points, which was lower than the average contribution of about 0.4 percentage points during the same period in the past decade; among which the prices of pork and fresh vegetables fell by 4.4% and 2.6% respectively. Looking at energy prices, energy prices fell by 3.8% year-on-year from January to August, affecting the CPI to fall by about 0.3 percentage points. In addition, factors such as price cuts and promotions by some car companies and a high comparison base for the same period last year also lowered the CPI increase. Food and energy prices fluctuate greatly due to seasonal, weather, geopolitical and other influences. The core CPI excluding food and energy is generally stable. From January to August, core CPI increased by 0.7% year-on-year, including an increase of 0.8% in August, maintaining a moderate upward trend.

Second, based on the comprehensive market supply and demand, monetary conditions and inflation expectations, prices will not continue to decline. Market price changes are mainly determined by supply and demand, and are also affected by monetary conditions and inflation expectations. At present, China's supply and demand relationship is basically balanced, money and credit are growing rapidly, inflation expectations are basically stable, and comprehensive analysis predicts that prices will not continue to decline. From the perspective of supply and demand, the economy continues to recover, demand is steadily expanding, and consumption demand for services such as tourism, culture and entertainment is accelerating, and the supply and demand relationship is expected to continue to improve. From January to August, total retail sales of consumer goods increased by 7.0% year-on-year, and retail sales of services increased by 19.4%. From the perspective of monetary conditions, prudent monetary policy is more precise and powerful, with greater support for the real economy and rapid growth of money and credit. At the end of August, the balance of broad money supply (M_2) increased by 10.6% year-on-year, and the balance of RMB loans increased by 11.1%. From the perspective of expectations, corporate production and operation expectations and residents' inflation expectations are basically stable, and there is no support for prices to continue to decline. In August, the manufacturing production and operation activity expectation index was 55.6%, and the service industry business activity expectation index was 57.8%, both of which were in the relatively high prosperity range. The People's Bank of China's second-quarter urban depositor survey showed that 77.9% of residents expected prices to remain "basically unchanged" or "increase" in the third quarter.

Third, judging from economic fundamentals and macro policies, China will not experience Japan-style long-term deflation. With the recent decline in prices and real estate, many people are worried that China may repeat Japan's long-term deflation. After an in-depth comparison, we found that China was significantly different from Japan during its deflation, both in terms of development stage and policy response. From the perspective of economic fundamentals, in the 1990s, Japan's per capita GDP had reached 30,000 US dollars (constant prices in 2015), firmly ranking among developed countries. Compared with the period of rapid development, the economic growth rate slowed down significantly, and the bursting of the bubble further intensified the economic downturn. From 1992 to 1995, the Japanese economy only grew by an average of 1.0% per year. Sluggish economic growth and insufficient market demand have caused Japan to fall intoThe root cause of deflation. China is still the largest developing country in the world, with a per capita GDP of approximately US$12,000 (constant in 2015). It has huge economic growth potential and its economic growth rate is significantly faster than that of major developed economies. From the perspective of the real estate market, in the late 1980s, Japan's urbanization rate was close to 80%, and the inherent development momentum of the real estate market weakened. In response to the appreciation of the yen, the Japanese government implemented loose fiscal and monetary policies, which led to a serious bubble in the real estate market. As the bubble burst, real estate prices dropped sharply, bank non-performing debt increased sharply, and market demand shrank significantly. In 1995, new loans in the Japanese banking industry dropped by more than 80% compared with 1990. Judging from the situation in China, although the real estate market is currently in an adjustment period, urbanization has not yet been completed, and residents' rigid and improved housing needs are still being released. In addition, real estate control policies are continuously optimized and adjusted, and the development of the real estate market is still well supported. From a macro policy perspective, the Japanese government is faced with shrinking market demand and severe deflation. Monetary policy has been slow to respond, fiscal policy stimulus has been insufficient, market liquidity is tight, the effect of expanding demand is limited, and the expectations of businesses and residents are sluggish. From 1992 to 2000, Japan's broad money supply grew at an average annual rate of only 3.6%. In the face of low prices, the Chinese government insists on implementing proactive fiscal policies and prudent monetary policies. Since this year, it has continuously lowered policy interest rates, lowered the deposit reserve ratio, maintained reasonable and sufficient liquidity, and focused on expanding total social demand. Consumer investment has continued to grow, and the economic cycle has gradually improved.

Fourth, prices are expected to gradually stabilize and rise in the later period. Looking forward to the next stage, as market demand expands and the phased factors that affected the price decline in the early stage are eliminated, prices are expected to gradually rise. Looking at food prices, pork prices rose by 11.4% month-on-month in August, the first increase in nearly 10 months. As the weather turns cooler, schools reopen, and the Mid-Autumn Festival and National Day holidays approach, food consumption demand increases, and food prices show a seasonal rebound trend. Looking at energy prices, energy prices increased by 2.5% month-on-month in August, rising for two consecutive months. International crude oil prices have fluctuated upward recently, and the impact of energy prices on price decline will be significantly weakened. From the perspective of service prices, service consumption is relatively active. In August, service prices increased by 0.1% month-on-month, rising for three consecutive months. Added to the holiday effect, service prices are expected to continue their upward momentum. Judging from the recent situation, the CPI in August turned from a year-on-year decrease to an increase, and the month-on-month increase expanded. The year-on-year decline in PPI continued to narrow, and the month-on-month increase turned to an increase, showing signs of stabilizing or stopping the decline.

The current employment pressure is mainly structural, and the overall employment situation is expected to remain stable

Employment is the greatest livelihood, the "barometer" of economic development and the "ballast" of social stability. At present, China's employment structural contradictions are relatively prominent. It is difficult for young people such as college graduates to find jobs and it is difficult for companies to recruit. On the one hand, the number of college graduates has reached a record high; on the other hand, the shortage of skilled workers is prominent, and the job opening ratio for highly skilled talents remains above 2. But at the same time, we must note that the economy has continued to recover since this year, which has led to the expansion of enterprise labor demand, the labor market has become more active, the rural migrant labor force has increased significantly, the employment situation has generally improved, and the urban surveyed unemployment rate has declined. In August, the national urban surveyed unemployment rate was 5.2%, 0.1 percentage points lower than both the previous month and the same period last year. From January to August, 9.24 million new jobs were created in cities and towns across the country, a year-on-year increase of 260,000. At the end of July, 32.74 million people were working out of poverty, exceeding the target of 30 million. In the next stage, despite the pressure, there are still many favorable conditions for the employment situation to remain stable.

First, the expansion of economic scale bringsEmployment increases. Economic growth is the basis for stabilizing and expanding employment. As China enters the stage of high-quality development, the economic growth rate has slowed down, but the economic aggregate continues to expand, the economic increment is very considerable, and the number of jobs will continue to increase. In the past five years, China's GDP has grown at an average annual rate of 5.2%, corresponding to an average annual economic increment (at constant prices in 2020) of about 5.1 trillion yuan, which is roughly equivalent to the annual economic aggregate of a medium-sized country. In the first half of this year, GDP increased by 5.5% year-on-year, and economic growth at constant prices reached 2.9 trillion yuan. Looking at the whole year, economic growth is expected to expand compared with the previous year. If labor productivity remains basically stable, the corresponding increase in employment will be compared with the previous year.

The second is to upgrade the industrial structure to expand employment capacity. With the improvement of China's economic development level, the proportion of the service industry in GDP has steadily increased, becoming the largest industry in the national economy. Compared with industry, the service industry has the characteristics of high labor intensity and large employment capacity. In particular, accommodation and catering, commerce and retail, transportation, culture, education and health, resident services and other industries have large employment demand and strong employment capacity. From 2018 to 2022, the added value of the service industry accounted for an average of 53.6% of GDP, and the proportion of employees in the service industry accounted for an average of 47.2% of all employees, which is 18.6 percentage points higher than the secondary industry. Calculated at constant prices in 2015, the average number of jobs per million yuan of added value in the service industry from 2018 to 2022 is 24% higher than that in the secondary industry. International experience also shows that the employment-driven efficiency of the tertiary industry is about 20% higher than that of the secondary industry. Since the beginning of this year, the service industry, especially the contact-based agglomeration service industry, has recovered rapidly and has significantly enhanced employment. In the first half of the year, the added value of the service industry accounted for 56.0% of GDP, an increase of 1.6 percentage points from the same period last year. The number of people employed in the service industry increased by more than 5 million year-on-year. At the same time, as the industry extends to the mid-to-high end, new industries, new business formats, and new business models are booming, giving rise to new occupational needs such as Internet of Things engineering technicians and big data engineering technicians, which also effectively expands employment space. This year, more than 12 million people are employed in the information transmission, software and information technology services industry.

Third, the release of policy dividends helps expand employment space. The Party Central Committee and the State Council attach great importance to stabilizing employment, promptly optimize and adjust policies and measures to stabilize employment, and form a systematic and full-chain employment policy system of tax exemptions, fiscal incentives, and financial support. All regions and departments have stepped up efforts to implement various measures to stabilize employment, implement job stabilization support and job expansion incentive measures, make every effort to promote the employment of key groups and disadvantaged groups such as college graduates and migrant workers, expand employment space through multiple channels, strengthen vocational skills training, and improve employment service levels, creating favorable conditions for employment stability. From January to July this year, a total of 60.6 billion yuan in employment subsidy funds was distributed. The phased reduction of unemployment and work-related injury insurance premiums reduced costs for enterprises by more than 100.6 billion yuan. Unemployment insurance funds spent 20.6 billion yuan to stabilize employment. From January to August, 3.52 million urban unemployed people were re-employed.

Effectively responding to external risks and challenges, the status of a major trading nation remains stable

In recent years, the United States and other Western countries have accelerated the localization, near-shoring, alliance and de-risking of industrial and supply chains, which has impacted China’s industrial chain and foreign trade and intensified all parties’ concerns about China’s economic and trade situation. Is China’s status as the world’s factory weakening? To answer this question, we need to observe China's economy and trade in the context of the evolution of global industrial and value chains. Generally speaking, despite facing certain challenges and pressures, China's status as the world's factory is difficult to shake, and its foreign trade development still has strong resilience and bright prospects.

First, China’s global export positionThe share is relatively stable. From January to August, against the background of sluggish global demand, although China's exports of goods denominated in US dollars declined, the horizontal comparison was better than that of neighboring countries. In 2022, China's share of global goods exports will be 14.4%, an increase of 1.3 percentage points from 2019, while the proportions of major developed economies have declined to varying degrees. In the first half of this year, China's share of goods exports increased by 0.2 percentage points year-on-year to 14%, maintaining its status as the world's largest exporter of goods.

Second, China’s important position in the global industrial chain has not changed. From the perspective of the industrial chain, World Bank data shows that the added value of China's manufacturing industry will be US$4.98 trillion in 2022, accounting for 30.5% of the global manufacturing industry, ranking first in the world. From the value chain perspective, China's share of the total global value chain output in 2021 is 27.7%, which is higher than before the epidemic. The increase in the share of the value chain is mainly due to the fact that in recent years, while China has maintained its share of the back-end of the value chain (referring to relying on resource endowments and labor force to participate in processing, assembly and other links with low technical content and low added value), the share of the front-end (referring to relying on technological advantages to participate in product development, design and other links with high technical content and high added value) has also been rapidly increasing.

Third, the connection between China and key regional industrial chains continues to strengthen. Data from the General Administration of Customs show that in 2022, China's total import and export of intermediate goods to ASEAN was 4.4 trillion yuan, an increase of 16.2% over the previous year; its total import and export of intermediate goods to other RCEP member states was 8.7 trillion yuan, an increase of 8.5%. As the regional connectivity of China's industrial chain continues to strengthen, trade exchanges between China and countries and regions co-building the "Belt and Road", especially ASEAN and RCEP, have become more active. From January to August this year, China's total import and export to ASEAN was 4.1 trillion yuan, a year-on-year increase of 1.6%, accounting for 15.2% of China's foreign trade during the same period; the import and export volume to the "Belt and Road" co-building countries increased by 3.6%, faster than the overall growth rate of foreign trade.

High-quality development is advancing steadily, strongly supporting sustained and healthy economic development

China's economy has shifted from a stage of rapid growth to a stage of high-quality development. To analyze and judge the economic situation, we must not only look at the expansion of "quantity", but also the improvement of "quality". In recent years, all aspects have maintained strategic focus, fully, accurately and comprehensively implemented the new development concept, adhered to the direction of high-quality development, and persisted in adjusting the structure and promoting transformation. China's economic development has not only achieved new results in promoting reasonable growth in quantity, but also achieved new progress in effective improvement in quality, providing strong support for economic stability and long-term development.

First, the driving force for innovation continues to increase. The innovation-driven development strategy has been implemented in depth, the national strategic scientific and technological strength has accelerated, and innovation capabilities have leapt to a new level. In 2022, the whole society's R&D investment will exceed 3 trillion yuan for the first time, and the R&D investment intensity will reach 2.54%, an increase of 0.63 percentage points from 2012. China's ranking rose to 11th in the Global Innovation Index, successfully entering the ranks of innovative countries. Technological innovation continues to empower the real economy, new driving forces continue to grow, and its role in driving economic growth increases. From 2020 to 2022, the "three new" economic added value will have an average annual nominal growth of 9.1%, and the proportion equivalent to GDP will increase from 16.34% in 2019 to 17.36% in 2022, which will significantly promote economic growth. With the solid advancement of high-level scientific and technological self-reliance and self-reliance, the accelerated transformation of scientific and technological achievements, the deep integration of the digital economy and the real economy, new momentum for economic development will continue to increase.

Second, there is huge potential for coordinated development between urban and rural areas. China has solidly promoted new urbanization and rural revitalization, and implemented major regional strategies in depth.It adopts the strategic and regional coordinated development strategy, coordinates the coordinated development of urban and rural areas, enhances the balance and coordination of development, and also effectively promotes economic development. From the perspective of urban and rural development, the level of urbanization has been steadily improved, poverty alleviation and rural revitalization have been continuously promoted, the gap between urban and rural areas has been continuously narrowed, and huge investment and consumption demand has been released. At the end of 2022, the urbanization rate of China's permanent population was 65.22%, which is still far behind the urbanization level of more than 80% in developed countries. At present, the quality of urbanization is not high. The urbanization rate of the registered population is only 47.7%. There are still a large number of agricultural migrant workers who have not yet become citizens. In the next stage, there is broad space for new urbanization and urban-rural integration development, which will effectively drive the expansion of domestic demand. From the perspective of regional development, the central and western regions have obvious late-mover advantages, developing faster than the eastern region, and their contribution to economic growth has steadily increased. From 2013 to 2022, the average annual GDP growth rate of the central and western regions was 6.8%, 0.5 percentage points faster than the eastern region; the economic growth of the central and western regions contributed more than 40% to the national economic growth. From a future perspective, fully tapping the advantageous potential of the central and western regions and promoting the gradient transfer of industries will further activate the momentum of economic development.

The third is to accumulate energy for green transformation and new development. Green transformation is accelerating, and green industries are showing great vitality and becoming a new force in promoting economic growth. From 2020 to 2022, the output of new energy vehicles and solar cells will increase by an average annual rate of 78.0% and 39.6% respectively. In 2022, the output value of the new energy automobile industry and the new energy industry among the strategic emerging industries will increase by 57.5% and 24.0% respectively over the previous year, which has effectively stimulated industrial growth. High-quality green supply has effectively stimulated new demand. Domestic sales and exports of green products have shown good growth momentum, adding new impetus to the conversion of old and new driving forces. From January to August this year, the sales of new energy vehicles increased by 39.2% year-on-year; in the first half of the year, the export of the "three new" products represented by lithium batteries, solar cells, and electric passenger vehicles increased by 61.6% year-on-year, becoming a new highlight of export growth. It should also be noted that China's active and steady promotion of carbon peak and carbon neutrality will promote the rapid development of relevant technology research and development and green and low-carbon industries.

The fourth is to open up new space at a high level. Faced with the new situation of accelerating changes in a century, intensifying anti-globalization trends, and a complex and severe international environment, China has unswervingly expanded its opening to the outside world, implemented a more proactive opening strategy, steadily expanded institutional opening, continuously expanded all-round economic and trade cooperation, and accelerated the formation of a high-level open economy. The joint construction of the "Belt and Road" has yielded fruitful results and broad space for economic and trade cooperation. From 2013 to 2022, China’s import and export volume to “Belt and Road” partners will grow at an average annual rate of about 8%. The joint construction of the Belt and Road Initiative has become a popular international public product and international cooperation platform. A large number of cooperation projects have taken root in the jointly building countries and regions, promoting local economic development and improving people's livelihood. As of the end of 2022, Chinese companies had invested a total of 397.9 billion yuan in cooperation zones under the Belt and Road Initiative, creating 421,000 local jobs. China shares development opportunities with other countries around the world. It is the largest exporter of goods in the world and the second largest import market in the world. It has become a major trading partner of more than 140 countries and regions and has made outstanding contributions to safeguarding the multilateral trading system and promoting fair development of trade.

Fifth, improvement of people’s livelihood and economic development promote each other. People's livelihood and economic development influence and promote each other. Economic development lays a material foundation for the improvement of people's livelihood, and the process of improving people's livelihood also expands investment and promotes consumption, which is conducive to economic development. China insists on ensuring and improving people's livelihood during development, and always takes improving people's lives and enhancing people's livelihood and well-being as the starting point and purpose of its work.The starting point is that residents' income continues to increase, social undertakings develop in an all-round way, and people's sense of gain, happiness, and security continues to increase. From 2020 to 2022, the per capita disposable income of national residents will increase in real terms at an average annual rate of 4.4%, with a year-on-year growth of 5.8% in the first half of this year, basically in line with economic growth. The world's largest social security network is getting denser and denser. By the end of 2022, basic pension insurance and basic medical insurance will cover 1.05 billion people and 1.35 billion people respectively. The level of equalization of basic public services continues to improve. The nine-year compulsory education consolidation rate will reach 95.5% in 2022, and higher education has entered the stage of universalization. In the process of improving people's livelihood, the potential of investment and consumption demand is stimulated, giving birth to new economic growth points. Taking the urban renewal action as an example, from 2019 to 2022, a total of 167,000 old urban residential areas have been newly renovated, benefiting more than 29 million residents; a total of more than 200,000 kilometers of aging pipelines such as water, electricity and heating have been renovated, 70,000 elevators have been installed, and 63,000 electric vehicle charging piles have been added, effectively driving an increase in investment and releasing residents' consumption potential.

To sum up, although the international environment has become more complex, severe and uncertain, and domestic economic development is facing new challenges, China's economic growth, employment, prices, and balance of payments are generally stable, high-quality development has been solidly advanced, and there is solid support for good economic development. China is currently in a critical period of economic recovery and industrial upgrading. We must objectively understand and comprehensively analyze the problems encountered in economic recovery. We must see that these are problems in progress and development, and they can be gradually overcome and solved in promoting sustained and stable economic recovery. China's economic development has never been smooth sailing, and the international community has been constantly criticizing China. However, instead of collapsing, China's economy has created two miracles: rapid economic development and long-term social stability. We have the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, the significant advantages of the socialist system with Chinese characteristics, the solid material and technological foundation accumulated through sustained and rapid development, the advantages of a super-large market and the potential for domestic demand, and the huge human capital and talent resources. By making good use of these advantages and conditions, we are fully capable of promoting sustained and positive economic development.

In the next stage, we must unite more closely around the Party Central Committee with Comrade Xi Jinping as the core, strengthen development confidence, maintain strategic focus, and firmly grasp high-quality development This primary task and the strategic task of building a new development pattern are to comprehensively deepen reform and opening up, focus on expanding domestic demand, boost confidence, and prevent risks, continue to promote the continued improvement of economic operations, the continuous improvement of endogenous power, the continuous improvement of social expectations, and the continuous resolution of hidden risks, and strive to achieve effective qualitative improvement and reasonable quantitative growth of the economy.