Page:2018 Report on the Work of the Government.pdf/6

 structural improvement, and performance each reinforcing the other. This is the result of the cumulative effect of a raft of major policies over the past five years and of consistent efforts in all areas of endeavor.

Over the past five years, the ground breaking achievements made on every front and the profound and fundamental changes that have taken place, have attracted global attention and are the pride and inspiration of all of us in China.

Over the past five years, we have worked with dedication to implement the decisions and plans made by the Party Central Committee with Comrade Xi Jinping at its core. The following are the highlights of that work:

First, with a commitment to the general principle of pursuing progress while ensuring stability, we have focused on developing new and better approaches to macro regulation, kept major indicators within an appropriate range, and achieved stable, positive economic performance.

The past few years have witnessed anemic world economic recovery, volatility in global financial markets, and a sharp rise in protectionism. In China, structural issues and underlying problems have become more acute, downward pressure on the economy has continued to mount, and we have met with no small number of dilemmas.

In confronting this new environment, we have maintained strategic focus and refrained from resorting to a deluge of strong stimulus policies. Instead, we have adapted to, addressed, and steered the new normal in economic development, and taken coordinated steps to ensure steady growth, advance reform, make structural adjustments, improve living standards, and guard against risk. We have made fresh innovations in and refined macro regulation, developed the idea of and ways to achieve ranged-based regulation, and enhanced targeted, well-timed, and precision regulation.

We have been clear that as long as the major economic indicators are within an acceptable range, with employment growing, incomes increasing, and the environment improving, then our energies should be focused on advancing reform, making structural adjustments, and adding growth drivers. We have adopted measures that are good for the near term and even better for the long term, made strong moves to advance supply-side structural reform, appropriately expanded aggregate demand, and worked for a dynamic equilibrium of supply and demand at a higher level. With grit and determination, we have overcome downward pressure on