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China's economy shows steady and healthy development in 2019, in spite of severe external environment and downward pressures.

(Photo/People's Daily Online)

While implementing a new development concept, China focuses on supply-side structural reform and promotes high-quality economic development. China's economy shows great resilience and vitality, and maintains sustained and sound development.

The International Monetary Fund (IMF) and the World Bank both forecasted China's annual economic growth of more than 6 percent in 2019, which means that China's economic growth is of higher quality.

Such a rate is the highest among the world's major economies with a nominal GDP of more than US$1 trillion per year.

It is an arduous task for China's economy to remain stable amid domestic and international downward pressures. However, China has taken effective measures in order to stabilize the economy.

In the first three quarters of this year, 1.8 trillion yuan (about 0.25 trillion U.S. dollars) was cut in taxes and fees nationwide. It is estimated that the total amount of tax cuts and fee reductions for the year will reach 2.3 trillion yuan.

Non-performing loans were disposed of nationwide by 1.4 trillion yuan, and banks' risky assets were reduced by 2.5 trillion yuan so as to prevent and defuse financial risks.

Meanwhile, China has not only implemented the negative list system for market access, but has also strived to optimize the business environment, ranking among the world's top 10 economies for business improvements.