Next year must be one of deepening reforms

China's economy gathered strength in 2017, with one of the drivers of growth being exports which took advantage of surging global trade. The other driver was domestic consumption boosted by buoyant job creation and rising incomes.

Xiao ayi, or aunt surnamed Xiao, works for my family - two overworked parents and a toddler - in Beijing. She is 46, married and has a daughter who is a university student. Asked what went well for her in 2017, she cheerfully replied: "I recently took up a new job. My 3-year old charge and I get along just great. Oh, and my salary went up by 10 percent!"

Almost 11 million new urban jobs were created between January and September this year, compared with 10.7 million during the same period last year. Growth in household incomes, both in urban and rural areas, picked up and it is once again faster than the growth rate of the overall economy. This means more income was in the hands of consumers than investors, and the transition toward more consumption-led growth has regained momentum.