The official People's Daily reported on June 1 that China's National Bureau of Statistics (NBS) had reported on May 31 that China contributed more than 30 percent to world economic growth during 2017. NBS data revealed that China's economy totaled 82.7 trillion yuan (about $12 trillion according to the year’s average exchange rate) in 2017, expanding 6.9 percent. It said last year, the country saw solid work in the five priority tasks of cutting overcapacity, reducing excess inventory, deleveraging, lowering costs and strengthening areas of weakness. In 2017, the usage efficiency of industrial production capacity reached 77 percent, a record high in five years. The area of unsold housing by the end of 2017 was reduced by 111 million square meters from the same period a year before. Last year, investment in high-tech industries was up 15.9 percent from 2016, and the value of strategic emerging industries increased by 11 percent. In the same period, about 51.2 percent more new-energy vehicles were manufactured; 81 percent more industrial robots were produced and 67 percent more unmanned aerial vehicles for civilian purposes were made. In 2017, China's foreign trade volume returned to first in the world, at 27.8 trillion yuan ($4.3 trillion), 11.5 percent of the global total. In the same period, outbound investment by domestic companies in the sector totaled $120.1 billion and foreign direct investment in the Chinese mainland hit $131 billion.
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