China's economy better than expected: Premier Li

Chinese Premier Li Keqiang delivers a keynote speech at the opening ceremony of the 5th Ministerial Conference of the Forum for Economic and Trade Cooperation between China and Portuguese-speaking countries, in Macao, South China, Oct 11, 2016. [Photo/Xinhua]

MACAO — China's economy has fared better than expected so far this year, Premier Li Keqiang said on Oct 11, citing the increase of new jobs and contribution of consumers and the service industry to overall economic growth.

"On the whole, the economy this year, especially in the third quarter (Q3), is better than expected," said Premier Li while addressing the opening of a cooperation conference between China and Portuguese-speaking countries in Macao.

China's economy in Q3 not only continued the growth momentum in the first half of this year, but also featured some positive changes, said Premier Li, adding that China is fully capable of maintaining medium to high speed growth.

Consumption and the service sector contributed more to economic growth and some important indices, which had previously weakened or declined, were stabilizing and becoming positive, said the Premier.

Industrial growth, corporate profits and investment, especially private investment, were also stabilizing and recovering, said Premier Li.

In the first nine months, China created more than 10 million jobs in cities and towns, with the urban surveyed unemployment rate in 31 big cities coming in at less than five percent in September, the first time in recent years, said the Premier.

China created more than 13 million new jobs in cities and towns annually in the past three years despite the economic slowdown.

China's economy grew 6.7 percent in the first half of the year, within the government's target range of 6.5-7 percent for 2016.