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ures are consistent with the top-line measured GDP growth number. For example, production and
supply of electricity, thermal power, gas and water increased by 7.1 percent in the quarter. Pl
us, value-added index of transport, storage and post increased by 7.3 percent.
A closer look at the highest growth sectors shows that the economy is moving toward the long-term goal of shif
ting away from a development strategy based on heavy investment in industry and
infrastructure to one based on services and domestic consumption. Also, more productive industries that tur
n out higher-value added goods are growing at a much faster rate than traditional heavy industry.
Among large companies, State-owned enterprises grew 4.5 percent yea
r-on-year while shareholding enterprises grew almost twice as fast, at 7.8 percent. So, stro
ng progress is being made toward the goal of promoting private enterprise, which was re
inforced by many policies announced at last month’s meeting of the National People’s Congress.
Xi reviewed 18 vessels from 13 countries invited to participate in a naval parade on Tuesday afternoon.
The foreign vessels in the waters off eastern China’s coastal city of Qingdao saluted
Xi, who was on board the destroyer Xining, in their traditional manners as they passed by.
The vessels whistled and officers and soldiers stood in a ceremonial formation, saluting Xi as they passed by.
“Salute to you, comrades,” Xi called out to the officers and soldiers.
“Hail to you, chairman,” they replied.
Xi alternated the greeting with “Comrades, thanks f
or your hard work,” to which the officers and soldiers replied “Serve the peop
urn the salute, and Xi waved to the naval officers and soldiers aboard the vessels
i onboard the destroyer Xining gave an order to commence the naval parade on the sea off Qingdao at about 2:30 pm Tuesday.
A total of 32 vessels of the People’s Liberation Army Navy sailed in six groups, and 39 warplanes of the navy flew in ten echelons.
ulsory education, basic medical care, housing, drinking water, eldercare and ch
ild care, in addition to addressing other pressing issues for some groups in society.
Social security mechanisms to help those most in need will be furthe
r refined, with subsistence allowance systems set to be optimized, the statement said.
The meeting also called for full implementation of requirements set in the Ce
ntral Economic Work Conference, the annual policymaking meeting held in December.
The meeting urged an even more proactive fiscal policy and full implementation of tax and fee cuts.
Monetary policy will be eased or tightened to the right degree, and
it will be adjusted in accordance with economic growth and real-time inflationary and pricing
scenarios, the statement said, adding that financial support for the real economy will be bolstered.
service consumption accounting for 47.7 percent, up 1.4 percentage points year-on-year
. Meanwhile, sluggish auto consumption dragged the whole consumption growth.
The continuous decline of auto consumption has become
a key for stabilizing this year’s consumption, said Liu Xiaoguang, a resear
cher at the National Academy of Development and Strategy at Renmin University of China.
Mao Shengyong, spokesperson for the National Bureau of Statistics, recently said t
hat based on March data, auto production fell, however, the drop was narrowing.
The National Development and Reform Commission was reportedly considering a sl
ew of new measure to boost spending on automobiles, home appliances and consum
er electronics products. It has sent a draft plan to encourage consumption in the three sectors.
car sales and expand the supply of automobiles as part of its latest efforts to boost auto consum
ption, Gao Feng, the spokesperson for the Ministry of Commerce, said at a press conference early this month.
By the end of 2018, China’s six cities namely Beijing, Shanghai, Shenzhen, Guangzhou, Hangzhou and Tianijin carried
out the purchase restriction of fuel-powered passenger cars, said Shao Jiang, an analyst at Everbright Securities. “If thes
e cities double their rising number of new cars, it could bring a 2.8 percent year-on-year growth for the wh
ole passenger car market.”Editor’s Note: The eight explosions in Sri Lanka on Easter Sunday have claimed more tha
n 300 lives and left over 500 people injured. A ninth explosion was reported on Monday near a church in Colombo, but n
one was reported killed or injured. The Islamic State reportedly claimed responsibility for the bombings on Tue
sday. Two experts share their views on the attacks with China Daily’s Liu Jianna. Excerpts follow