The four macro indicators are better than expected, and the trend is stable, positive and sustainable.

　　Since the beginning of this year, in the face of complicated domestic and international situations, under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, all localities and departments have thoroughly implemented the new development concept, adhered to the general tone of striving for progress while maintaining stability, closely focused on the main line of supply-side structural reform, focused on key areas of reform and innovation, and effectively stimulated the potential driving force of economic growth. The four macro indicators are better than the same period last year, better than expected at the beginning of the year, and the economic operation has shown a steady growth in production demand, the employment situation has continued to improve, and prices have risen moderately.

　　1. Sustained and steady economic growth and growing resilience.

　　Under the action of a series of reform and innovation measures, China’s economy has successfully overcome the risk challenge and the stable operation pattern has continued to be consolidated. In the first three quarters, the gross domestic product was 59.3 trillion yuan, up 6.9% year-on-year, and the growth rate was 0.2 percentage points higher than the same period of last year, about 0.4 percentage points higher than the expected target for the whole year, and it continued to be among the best in the world. Among them, the GDP in the third quarter increased by 6.8% year-on-year, and the economy operated at 6.7%-mdash for nine consecutive quarters; In the range of 6.9%, the stability of growth is constantly improving. From the production point of view, the development situation of the three major industries is good. Agricultural production is stable and optimized. The national output of summer grain and early rice increased by 500 million Jin over the previous year. The sown area of autumn grain is basically stable, and grain production is expected to be bumper. In the first three quarters, the meat of pigs, cattle, sheep and poultry increased by 0.8% year on year. The supply-side reform of agriculture was carried out in depth, and the planting structure was continuously optimized. Industrial production accelerated. In the first three quarters, the added value of industrial enterprises above designated size increased by 6.7% year-on-year, and the growth rate was 0.7 percentage points faster than that of the same period of last year. Supply-side structural reforms have promoted the effective development of the real economy, manufacturing has become the main force supporting industrial growth, and capacity utilization has been rising. In the first three quarters, the proportion of manufacturing industry in industry exceeded 80%, and the added value of manufacturing industry increased by 7.3% year-on-year, which was 0.6 percentage points faster than that of all industries above designated size; The utilization rate of industrial capacity in China rose by 3.5 percentage points over the same period of last year, the highest level in the past five years. The service industry maintained rapid development. In the first three quarters,The growth rate of added value of tertiary industry is 1.5 percentage points faster than that of secondary industry, accounting for 52.9% of GDP and 12.8 percentage points higher than that of secondary industry. The contribution rate to economic growth reached 58.8%, 21.6 percentage points higher than that of the secondary industry, and the leading role of the service industry continued to play. The modern service industry grew rapidly. In the first three quarters, the added value of information transmission software, information technology service industry, leasing and business service industry increased by 23.5% and 10.5% respectively. Sharing economy, platform economy and digital economy are widely infiltrated, and new services are constantly emerging, with a good development momentum.

　　In terms of demand, the three major demands are generally stable. The basic role of consumption has been continuously enhanced. In the first three quarters, the total retail sales of social consumer goods increased by 10.4% year-on-year, which was significantly faster than the growth rate of investment; The contribution rate of final consumption to economic growth reached 64.5%, which was 31.7 percentage points higher than the total capital formation. The improvement of residents’ income level and the change of consumption concept have led to the rapid growth and increase of the proportion of enjoying consumption. In the first three quarters, education, culture, entertainment and medical care accounted for 0.2 and 0.5 percentage points higher than the same period of last year, respectively. The investment structure has been continuously optimized. In the first three quarters, investment in fixed assets increased by 7.5% year-on-year. Although the growth rate slowed down compared with the first half of the year and the same period of last year, the investment structure was continuously optimized, which effectively enhanced the stamina of economic development. In the first three quarters, the investment in high-tech manufacturing, equipment manufacturing and technological transformation of manufacturing increased by 18.4%, 8.3% and 12.1% respectively, which was 14.2, 4.1 and 7.9 percentage points faster than the investment in manufacturing. Investment in energy-intensive manufacturing industry decreased by 1.9%, with a decrease of 0.9 percentage points higher than that in the first half of the year. Imports and exports grew rapidly. In the first three quarters, the total import and export volume of goods was 20.3 trillion yuan, up 16.6% year-on-year, and down 2.6% year-on-year. Among them, exports increased by 12.4% and imports increased by 22.3%.

　　Second, the role of reform and innovation is constantly emerging, and the employment situation continues to improve.

　　With the deepening of streamline administration, delegate power, strengthen regulation and improve services’s reform, mass entrepreneurship is developing vigorously, and the effect of entrepreneurship driving employment is obvious.

　　In the first three quarters, the number of newly registered enterprises nationwide increased by 12.5% year-on-year, and the average number of newly registered enterprises reached 16,500. A large number of new enterprises have emerged, effectively driving employment growth. There are 130,000 small and micro science and technology enterprises in incubation, and more than 2.1 million people are employed. At the same time, the emerging service industry has developed rapidly, and the employment absorption has increased greatly. In the third quarter, the number of employees in enterprises above designated size in culture, sports and entertainment, leasing and business services, information transmission software and information technology services increased by 12.4%, 10.8% and 10.5% year-on-year, respectively, and the growth rate was 11, 9.4 and 9.1 percentage points faster than that of all enterprises above designated size. With the active employment policy and entrepreneurial innovation, the employment situation has been continuously improved.

　　In the first three quarters, 10.97 million people were newly employed in cities and towns nationwide, an increase of 300,000 over the same period of last year, reaching 99.7% of the expected target for the whole year, which has been basically completed. The national urban survey unemployment rate is stable at around 5%, lower than the same period of last year; In September, the survey unemployment rate in 31 big cities and towns was 4.83%, the lowest since 2012. In the third quarter, the national urban registered unemployment rate was 3.95%, down 0.09 percentage point from the same period of last year, and has remained below 4% since this year. The continuous improvement of employment has obvious driving effect on residents’ income. In the first three quarters, the per capita disposable income of the national residents actually increased by 7.5% year-on-year, the growth rate was 0.2 percentage points faster than that of the first half of the year, 1.2 percentage points faster than that of the same period of last year, and it continued to be faster than GDP and per capita GDP.

　　Third, the relationship between market supply and demand improved, and consumer prices rose moderately.

　　The economy maintained steady growth, the market supply was generally sufficient, and consumer prices rose slightly. In the first three quarters, consumer prices rose by 1.5% year-on-year, with an increase of 0.1 percentage point over the first half of the year, a decrease of 0.5 percentage point over the same period of last year, and about 1.5 percentage points lower than the expected target at the beginning of the year. Among them, the first, second and third quarters increased by 1.4%, 1.4% and 1.6% respectively. The core CPI remained stable. In the first three quarters, the core CPI excluding food and energy prices increased by 2.1% year-on-year, of which the first, second and third quarters increased by 2.0%, 2.1% and 2.2% respectively. From the main areas, food prices have declined. Affected by the comparison base and weather factors, food prices in the first three quarters decreased by 1.7% year-on-year. Service prices rose steadily. With the gradual expansion of residents’ service consumption demand and the gradual rationalization of pricing mechanisms in some service areas, the service prices in the first three quarters increased by 2.9% year-on-year, with an increase of 0.8 percentage points over the same period of last year. The price increase of industrial products has stabilized. The supply-side structural reform has been further promoted, the relationship between supply and demand in the industrial sector has continued to improve, and the prices of industrial products have maintained an upward trend. In the first three quarters, the ex-factory price of industrial producers rose by 6.5% year-on-year, which was 0.1 percentage point lower than that in the first half of the year. Among them, the first, second and third quarters increased by 7.4%, 5.8% and 6.2% respectively.

　　Fourth, the vitality of the open economy has increased, and the balance of payments has stabilized and improved.

　　The proactive opening-up strategy was implemented in depth, the RMB exchange rate fluctuated in both directions, rose steadily, the cross-border capital flow was stable and orderly, and the international balance of payments situation continued to improve. Trade in goods maintained a surplus. The trade surplus of goods in the first three quarters was 2.03 trillion yuan, narrowing by 17.7% year-on-year. A new round of high-level opening-up has been actively promoted, and the construction of the "Belt and Road" has achieved substantial results. In the first three quarters, the import and export volume of China and the participating countries in the "Belt and Road" construction increased by 20.1% year-on-year, which was 3.5 percentage points higher than the growth rate of China’s import and export in the same period. Trade in services grew rapidly. 1— In August, the total import and export of services increased by 9.8% year-on-year, with a deficit of 1.2 trillion yuan. Emerging service areas such as telecommunications, computer and information services import and export, and offshore service outsourcing maintained rapid growth. 1— In August, the import and export of emerging services increased by 10.6% year-on-year; Offshore service outsourcing increased by 7.5%, accounting for 71.2% of emerging service exports. Attracting foreign investment is greater than foreign investment. In the first three quarters, the actual amount of foreign capital used nationwide was 618.6 billion yuan, up 1.6% year-on-year; Non-financial foreign direct investment was $78 billion, down by 41.9%, and irrational investment was obviously curbed. Foreign exchange reserves continued to rise. At the end of September, the balance of foreign exchange reserves was $3,108.5 billion, an increase of $17 billion over the end of last month, rising for eight consecutive months, changing the situation that it once fell last year.

　　To sum up, in the first three quarters, the national economy continued to develop steadily and steadily, and the favorable conditions for supporting the economy to maintain medium and high-speed growth and move towards the middle and high-end level continued to accumulate and increase, and the inclusiveness and sense of gain of development were significantly enhanced, laying a solid foundation for better realizing the expected goals of economic development throughout the year. However, we should also see that China is in a period of structural adjustment, new kinetic energy and new industries are still gestating, structural and institutional contradictions still exist, and the foundation for sustained improvement needs to be further consolidated. In the next stage, under the guidance of the spirit of the 19th National Congress of the Communist Party of China, we should faithfully implement the decisions and arrangements of the CPC Central Committee and the State Council, adhere to the general tone of striving for progress while maintaining stability, better grasp the relationship between stability and progress, stability and prevention, and consolidate the foundation of economic stability; At the same time, from the perspective of long-term economic cycle and structural optimization and upgrading, we should further promote reform and innovation, deepen reform and increase vitality, drive innovation and increase kinetic energy, continuously improve the quality and efficiency of economic development, and strive to promote the sustained improvement of the national economy and realize long-term stable and healthy economic development.