Page:2018 Report on the Work of the Government.pdf/9

 development of advanced manufacturing.

We unveiled reform and development measures to foster modern services; and this has led to a marked rise in new forms of business in the services sector and new service models as well as the integration and upgrading of multiple sectors.

Deepened supply-side structural reform in agriculture has brought the emergence of a large number of new types of agribusiness. The share of appropriately scaled-up farming has increased from 30 to over 40 percent.

We have taken measures to increase the incomes of those in low- and middle-income brackets, and helped to see an upgrading of traditional forms of consumption, and a boom in new forms of consumption. Online retail sales have been growing at an average annual rate of over 30 percent, and total retail sales of consumer goods have enjoyed an average annual increase of 11.3 percent.

We have improved the composition of investment, encouraged private investment, used government investment to play a catalytic role, and guided more funding toward areas that strengthen the economic foundation, enhance sustainability, and improve people's lives.

China's in-operation high-speed railways have grown from over 9,000 to 25,000 kilometers, accounting for two thirds of the world's total. Our expressways have grown from 96,000 to 136,000 kilometers. We have built or upgraded 1.27 million kilometers of rural roads, built 46 new civilian airports, and begun work on 122 major water conservancy projects. We have completed the latest round of rural power grid upgrading, and put in place the largest mobile broadband network in the world.

Over the past five years, new growth drivers have rapidly grown in strength. Economic growth, in the past mainly driven by investment and exports, is now being fueled by consumption, investment, and exports. In the past dependent mainly on secondary industry, growth is now powered by a combination of the primary, secondary, and tertiary industries. This is a major structural transformation that for years our sights have been set on but we were always unable to achieve.

Advancing supply-side structural reform demands removing barriers to market based allocation of the factors of production and reducing government-imposed transaction costs.

To address the longstanding issues of excessive emphasis on approval procedures, insufficient attention to regulatory processes, and a failure to provide strong services, we have been consistently deepening reforms to