The future of the economy looks bright

China's supply-side structural reform met with preliminary success last year. Some favorable factors stabilized the economy, improving the quality of and optimizing the economic structure. Thus the expected GDP growth of about 6.7 percent was realized.

Still, some major issues are yet to be resolved, indicating the Chinese economy is still under some downward pressure.

Last year, China cut some of its overcapacity ahead of schedule. The housing inventory was reduced, weak economic links were strengthened and progress was made in deleveraging and cost reduction, facilitating the stable recovery of industrial production, and improving and optimizing the industrial structure.