Fourth, we should actively pursue shared development. We should improve the philosophy and modality of development, work hard to address uneven development and make economic globalization more inclusive and universal. Countries should strive to balance the relations between capital and labor, growth and distribution, and efficiency and equality, so as to ensure equal access to development opportunities, share the fruits of development and uphold social equity and justice. We should step up North-South dialogue and South-South cooperation, help underdeveloped countries integrate into the global industrial chain, encourage developing countries to increase capacity for self-development and intensify efforts of poverty reduction and implementation of the UN 2030 Agenda for Sustainable Development. We should aim at realizing balanced development at a global level so that the light of economic globalization will shine upon every corner of the world.
Fifth, we should strive to promote equitable development. We should adapt to the new changes in world economic landscape and push for the reform of the global economic governance system to provide strong guarantee for global growth. In international economic cooperation, we should ensure equality for countries in decision making, rights and obligations. We should stick to multilateralism, uphold the authority and effectiveness of multilateral system, push the G20 to transform from a crisis-response mechanism to a long-term governance mechanism and solidify its position as the premier platform of global economic governance. We should continue to push forward quota and governance reform of the IMF to give emerging market economies and developing countries more representation and say. We should work together to ensure good implementation of the Paris Agreement on climate change and promote balanced economic, social and environmental progress.
Ladies and Gentlemen,
The Chinese economy is now on a steady course. It has entered a new normal, with major changes in its growth speed, model, structure and driving forces. Yet the fundamentals supporting long-term and positive growth have remained unchanged.
In 2016, despite a sluggish world economy, China recorded a 6.7% growth in GDP, which was among the fastest in the world, and contributed to more than 30% of global growth. Growth in jobs, totaling 13.14 million in urban sectors, also exceeded projections. Initial progress was achieved in supply-side structural reform. Over the year, steel production capacity was cut by more than 65 million metric tons and coal by over 290 million metric tons. With accelerated pace of economic restructuring, consumption played a major role in economic growth, and the value added created by the service sector rose to 51.6% of GDP. Stronger measures were taken against pollution in air, water and soil, and the process of ecological conservation was accelerated. The general framework for carrying out reform in various sectors, like the beams and pillars of a house, has been put into place, injecting new and strong impetus to economic and social progress. The people are living better lives. The rural population in poverty was reduced by 12.4 million. The economy has registered a slower but stable performance with good momentum for growth. It has stayed within the proper range, with marked improvement in quality and efficiency. New progress has been made in social security and social programs. All this has put the implementation of the 13th Five-Year Plan off to a good start.
This year, the Communist Party of China (CPC) will hold its 19th National Congress. It is also a crucial year for the implementation of the 13th Five-Year Plan and for deepening supply-side structural reform. The just-concluded "NPC & CPPCC Sessions" have made specific plans for the government's work this year. In the report on the work of the government delivered by Premier Li Keqiang, the following targets have been set for this year: GDP growth of around 6.5%, or higher if possible in practice; CPI increase at around 3%; over 11 million new urban jobs and a steady rise in import and export volumes. Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at its core, we will strive for balanced economic, political, cultural, social, and ecological progress and coordinated implementation of the Four-Pronged Comprehensive Strategy, seek progress while keeping performance stable, follow the new vision of development, adapt to, understand and steer the new normal in economic development. With the focus on improving the quality and efficiency of development, we will strive to deliver a good performance in maintaining stable growth, advancing reform, promoting structural adjustment, improving people's well-being, and guarding against risks so as to keep the economy on the track of sound and steady development and uphold social harmony and stability.
China remains committed to the strategy of opening-up. China will not shut its door to the outside world, but only open even wider. We will vigorously improve the environment for foreign investment, give greater access to foreign investment in the service, manufacturing and mining industries, support foreign-invested companies in seeking listing opportunities and issuing bonds in China and ensure that foreign companies will be treated the same as domestic companies in license application, regulatory standards, government procurement and access to policy incentives under the Made in China 2025 initiative. We will put in place a nation-wide list-based management system, deepen reform to streamline administration, delegate powers and improve regulation and services, and further reduce taxes and fees to lower the burden on enterprises and protect the legitimate rights and interests of investors. We will build the 11 pilot free trade zones, including the one in Shanghai, with high standards, and promote the good practices across the country. We will enhance IPR protection and encourage fair competition to make the Chinese market more transparent, standardized and attractive. In the coming five years, China is expected to import US$8 trillion of goods, attract US$600 billion of foreign investment and make a total of US$750 billion of outbound investment, and Chinese tourists will make 700 million overseas trips. During this year's Spring Festival alone, 6.15 million Chinese tourists travelled overseas, leaving their footprints in 1,254 cities in 85 countries and regions and spending RMB100 billion yuan during these trips. The steady and sound development of the Chinese economy will provide an even stronger driving force for the stability and growth of the world economy. The interconnected development of China and a large group of countries will bring about greater balance in global economic growth.
Ladies and Gentlemen,
In the face of the profound changes in international political and economic landscapes, China will remain a force for peace, stability, justice and equity. We will continue to make our contribution to world peace and global development and uphold the international order. We will stay committed to an independent foreign policy of peace, unswervingly follow the path of peaceful development, and work for the building of a new type of international relations featuring win-win cooperation and a community of shared future for mankind. We are ready to develop friendship and cooperation with all other countries on the basis of the Five Principles of Peaceful Coexistence. Following the principles of amity, sincerity, mutual benefit and inclusiveness, we will strengthen connectivity and friendly ties with neighboring countries and promote good-neighborliness, mutual trust and common development in our neighborhood. China is ready to work with its Asian neighbors and all countries in the world to make new contribution to peace and development of mankind.
With the vision for common development of the world, President Xi Jinping proposed the Belt and Road Initiative in the autumn of 2013. Characterized by extensive consultation, joint contribution and shared benefits, the Belt and Road builds on the complementarities of various parties to promote mutually beneficial cooperation and common development for the benefit of the people. Three years on, the Initiative has been endorsed and supported by more than 100 countries and international organizations. More than 40 of them have signed cooperation agreements with China in areas such as connectivity, industrial capacity cooperation and financial support. A number of major projects have been launched and delivered early harvests in boosting local economy, generating jobs and improving people's lives. In May this year, China will host the Belt and Road Forum for International Cooperation in Beijing, during which participants will have an opportunity to explore cooperation plans, build cooperation platforms and share the outcomes of cooperation. They will look for solutions to the economic challenges of the region and beyond and unleash new drivers for interconnected development so that greater benefits will be delivered to the people through the building of the Belt and Road.
Ladies and Gentlemen,
As a Chinese poem reads, "While the mighty river winds through the mountains, it never changes course and always flows east." Economic globalization and free trade, like a big river, will never be blocked by mountains or stopped by undercurrents and shallow shoals, but always surge ahead toward the vast ocean of world economy. Let us work together to push forward economic globalization and free trade and create a better future for Asia and the world.
Finally, I wish the Boao Forum for Asia Annual Conference 2017 a full success.