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With these measures, we hope to make the supply side more adaptable and more innovative. Some initial progress has been made. Since 2016, we have cut over 115 million tons of steel capacity, eliminated an additional 140 million tons of substandard steel capacity, and phased out over 500 million tons of coal capacity. We have adjusted the supply-demand relationship through market clearing, which has led to price rises in some sectors. As we can see, total factor productivity growth stopped its decline and began to increase in 2016. The positive spillover of our supply-side structural reform is being felt across the world. Indeed, this is a reform that we must continue and see through.
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