China's economy better than expected: Premier Li

MACAO -- China's economy has fared better than expected so far this year, Premier Li Keqiang said Tuesday, citing the increase of new jobs and contribution of domestic consumption and the service industry to overall economic growth.

"On the whole, the economy this year, especially in the third quarter (Q3), is better than expected," said Li while addressing the opening of a cooperation conference between China and Portuguese-speaking countries in Macao.

China's economy in Q3 not only continued the growth momentum in the first half of this year, but also featured some positive changes, said Li, adding that China is fully capable of maintaining medium to high speed growth.

Consumption and the service sector contributed more to economic growth and some important indices, which had previously weakened or declined, were stabilizing and becoming positive, said the premier.

Industrial growth, corporate profits and investment, especially private investment, were also stabilizing and recovering, said Li.

In the first nine months, China created more than 10 million jobs in cities and towns, with the urban surveyed unemployment rate in 31 big cities coming in at less than five percent in September, the first time in recent years, said the premier.

China created more than 13 million new jobs in cities and towns annually in the past three years despite the economic slowdown.

China's economy grew 6.7 percent in the first half of the year, within the government's target range of 6.5-7 percent for 2016.