China is expected to achieve an economic growth rate of 6.7 percent, which accounts for 31.8 percent of the world's economic growth. That performance is attributed to a series of favorable policies put forward by the Chinese government in 2016, said Cai Fang, deputy director of the Chinese Academy of Social Sciences.

China's economic growth has maintained a middle to high speed, entering a "new normal" of declining potential growth. The economic growth rate was 6.7 percent in the first three quarters of 2016, achieving L-shaped short-term stability since the consecutive downward trend that started in 2012.

A trend of industrial upgrades and optimization is emerging, injecting new momentum into the current growth rate. The added value of China's service sector continued to rise in 2016, after it surpassed 50 percent for the first time in 2015, the economist at China's top think-tank said in an article published on the People's Daily.

China's economic growth guarantees full employment and the continuous improvement of people's livelihoods. China's current registered and surveyed urban unemployment rates respectively stand at less than 4.1 percent and 5 percent. Though some laborers lost their jobs amid the de-capacity transition and clean-up of "zombie" enterprises, they were soon re-employed with the help of social insurance, public employment services and other policies. As a result, the Gini coefficient, an important indicator of income inequality and the urban-rural income gap, has been declining since 2009.

China's economy is providing an engine for global economic growth and setting a path for the world economy, despite a complicated international situation and the risk of de-globalization. The country is speaking up more frequently when it comes to global governance, and its Belt and Road Initiative has earned praise from a number of countries. The establishment of the Asian Infrastructure Investment Bank, the successful 2016 G20 summit and the RMB's inclusion in the International Monetary Fund's SDR basket are also major Chinese achievements.