According to the data released by the Ministry of Culture and Tourism on May 4, the total number of domestic tourist receptions during the holidays was 195 million, which increased by 13.7% according to comparable calibre, and the tourism income was 117.67 billion yuan, which increased by 16.1% according to comparable calibre. The excessive tourism consumption during the May Day holiday proved that the real economy of our country is still running smoothly.

_No coincidence. The purchasing managers index (PMI) of China's manufacturing industry was 50.1% in April, down 0.4 percentage points from March, released by the National Bureau of Statistics recently. It continues to be in the expansion range, especially the production index and the new order index are higher than 51%, indicating that the production and demand of manufacturing industry are still expanding steadily. From the micro level, the reduction of losses in key industries also brought about a revival of industrial profits in March. In March, the total profits of Industrial Enterprises above the scale reached 589.52 billion yuan, up 13.9% year-on-year, and the growth rate rebounded sharply from January to February (down 14.0% year-on-year from January to February).

Not only that, the recent economic data of various provinces show that the downward pressure of the economy slowed down in the first quarter. Guangdong's GDP grew by 6.6%, Zhejiang's by 7.7% and Jiangsu's by 6.7% year-on-year, indicating that the trend of economic slowdown in the eastern developed areas has eased; Tianjin, Chongqing and other provinces with faster growth declines in 2018 have improved, and the growth rate in the first quarter has reached the expected target for the whole year. More and more signals show that the basic principle of stable economic growth and moderate expansion has not changed.

Of course, we should not only see the "happy" side of China's economy, but also pay attention to the "worrying" side. For example, although electricity consumption in the tertiary industry (10.2%) and household electricity consumption (11.0%) maintained relatively rapid growth in the first quarter, the overall social electricity consumption (5.5% year-on-year growth, 4.3 percentage points lower than the same period last year) slowed down, especially the sharp decline in the growth of industrial electricity consumption, reflecting from the side that the current situation of industrial production is still grim, indicating the existence of the real economy. Secret worries. Again, if a new round of excess steel production capacity is on the rise, some insiders said that in the next two to three years, the new steel-making capacity is expected to reach more than 200 million tons, which may lead to a new round of excess capacity.

In other words, structural reforms are still needed in China's economy. The biggest challenge of the current macro economy is that the structural imbalance between supply and demand is difficult to solve. In fact, the central government's judgment on the current economic situation in China has undergone subtle changes. It can be seen that in the past, institutional issues were mainly discussed in the reform of academia. It is the first time that the "structural" and "institutional" issues have been clearly defined at the level of the Political Bureau of the Central Committee of the Communist Party of China as the main cause of the downward pressure on China's economy, and their impact goes beyond the "cyclical" issue.

_. The central government attaches great importance to structural and institutional issues, which means that China will intensify structural and institutional reforms in the future. For example, we should adjust the relationship between the government and the market so as to lead China's economic reform by market orientation. The reform of state-owned enterprises is a difficult point in the reform of the system and a touchstone for judging whether China really promotes market-oriented reform. Recently, the State Council issued the Plan for Reforming the Authorized Management System of State-owned Capital, and put forward the main measures for reforming the authorized management system of State-owned Capital. In addition, under the centralization of power, the central government should appropriately decentralize power and allow local governments to formulate different industrial policies, science and technology policies according to local conditions. We should adjust government functions and manage public services such as health care, education, housing, pension and environmental protection. On May 1, the China Banking and Insurance Regulatory Commission announced 12 specific new measures for opening up the banking and insurance industry. On May 5, the State Council formally promulgated the Regulations on Government Investment, which came into effect on July 1. It is mentioned that government investment funds should be invested in public areas where the market can not effectively allocate resources, mainly in non-operational projects. The promulgation of these heavy policies indicates that the central government has begun to make corresponding reforms and adjustments on structural and institutional issues facing China's economic development.

_To achieve sustainable and high-quality development of China's economy, we must clear up institutional barriers. Only by breaking through the institutional barriers and effectively promoting the institutional reform can China's economy have a strong foundation, a firm foundation and a long way to go.