transfer of technology. We welcome German companies to explore business opportunities in China's new energy vehicle market. Cooperation in third countries is an important area of China-Germany innovation cooperation. Our joint training program for mining professionals in Afghanistan can offer useful experience for our cooperation in Africa and other developing countries.

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Now, let me give an update on the Chinese economy, which may be of interest to you. This year, the Chinese economy has posted stable performance and moved in a positive direction, with major economic indicators surpassing expectations. In the first quarter of this year, China's GDP expanded by 6.9 percent. In the first four months Trent Alexander-Arnold Shirt , fiscal revenue increased by 11.8 percent, the fastest growth in the same period since 2013. Corporate profits in the industrial sector rose by 24.4 percent, reflecting greater efficiency in economic growth. In particular, employment is steadily rising. A total of 4.65 million new jobs were created in the cities, and the surveyed unemployment rate of major cities was around 5 percent in April. Economic indicators such as cargo volume, electricity generation Lazar Markovic Shirt , and port throughput continued to increase in May. For 10 months in a row, PMI has stood above the 50-point mark indicating economic expansion. Most notably, PMI of small manufacturing companies has increased for the third consecutive month, which is a sign of continued improvement in the performance of traditional drivers.


New technologies, industries, businesses and models are thriving. High-tech and service industries continue to outperform general industries in growth. The non-manufacturing business activity index is approaching a three-year high. Online retail sales of goods and services have increased by over 30 percent year-on-year. All these encouraging changes in the Chinese economy have been the result of deepened reform and innovation Joel Matip Shirt , especially major progress in advancing supply-side structural reform.


We have readjusted macro regulation in an innovative way. Despite downward economic pressure, the Chinese government did not resort to massive stimulus measures, but relied on reform and innovation to stabilize growth, restructure the economy and fend off risks. We have maintained the continuity and consistency of our macro-control policies, and continued to pursue a proactive fiscal policy and prudent monetary policy. The fiscal deficit ratio has been kept below 3 percent. The government debt-to-GDP ratio last year was 36.7 percent, lower than the 60 percent alarm level of the EU and among the lowest in the world's major economies. Moreover Dominic Solanke Shirt , it has been kept stable over the last two years. As for local government debts, they are mostly used to support investment in public projects. These are asset-backed debts with sound guarantee for repayment. The risks are by and large under control.


M2 growth has been on a downward trajectory since 2013, and fell to 10.5 percent at the end of April this year. The relatively high leverage ratio in non-financial companies has to do with China's high household savings and credit-dominated financing structure. Non-performing loan ratio of the banking sector is stabilizing and relatively low compared to other countries. Commercial banks have relatively high capital adequacy ratio and provision coverage ratio. Household savings rate is close to 50 percent, which is about twice the average of major economies. Since the beginning of this year, the IMF has twice revised its growth forecast upward for China, and suggested on several occasions that China's financial risks are controllable and that the value of the RMB is broadly in line with China's economic fundamentals. We still have plenty of "tools" in our toolbox for innovation in macro regulation Divock Origi Shirt , and we are fully capable of defending the bottom line of no outbreak of systemic or regional risks.


We have innovated the model of administrative management. We have continued with the reform to streamline administration, delegate powers, enhance regulation where necessary and provide better services. This government has removed 40 percent of the items that previously required administrative approval of State Council departments, and stepped up efforts to cut taxes and fees. These measures have reduced the institutional transaction costs and burdens on companies, and stimulated the dynamism of market players at the micro level.


In the past three years, 12 Andrew Robertson Shirt ,000 new companies got registered each day in China. In the first four months of this year, the number has exceeded 15,000, and about 70 percent of the companies are active in operation. There are now more than 4,000 maker spaces in China. Together with some 3,000 high-tech incubators and over 400 start-up accelerators Simon Mignolet Shirt , they form a complete chain of start-up incubation services. New industries are thriving, and traditional industries are brimming with new vigor through transformation and upgrading. The new drivers are playing an increasingly important role in stabilizing growth and boosting employment. Although they cannot yet compare with traditional drivers in size, given time, they will open up broader space for China's economic development.


We have innovated the open economic system. We have initiated a new round of high-standard opening-up with the goal of promoting development through openness. In 2015, we amended the Catalogue for the Guidance of Foreign Investment Industries for the sixth time, cutting the number of restricted industries by half. In the latest amendment this year Alex Oxlade-Chamberlain Shirt , the number of restricted industries has been reduced by another one third. In 2013, China's first pilot free trade zone was set up in Shanghai, and now the total number has reached 11. The negative list model of foreign investment management is being rolled out nationwide. With the exception of a few sectors, the establishment and major adjustments o

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