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What were the Company's latest operating results?
In 2018, the Group adhered to the overall roadmap of "value-driven, seeking steady yet progressive growth and high-quality development" and persisted in the transformation of growth momentum. Driven by the domestic non-telecom operator market and the OPEX business of the domestic telecommunications operators, the Group successfully overcame the adverse effect of CAPEX decrease of domestic telecommunications operators and the declining industry value while constantly solidifying its development quality, thus achieving favourable operating results. During the year, the Group's total revenues amounted to RMB106,177 million, representing a year-on-year increase of 12.3%; in which revenue from the Core Businesses amounted to RMB101,294 million, representing a year-on-year increase of 15.6%, both of which have crossed the threshold of hundred-billion. The Group's gross profit amounted to RMB12,885 million, representing a year-on-year increase of 5.5%, and gross profit margin was 12.1%, representing a year-on-year decrease of 0.8 percentage point. The Group continued to control its selling, general and administrative expenses, which amounted to RMB10,611 million, with its proportion to the total revenues continued to decline to 10.0%. Profit attributable to equity shareholders of the Company amounted to RMB2,901 million, representing a year-on-year increase of 6.9%, with a net profit margin of 2.7%. Basic earnings per share amounted to RMB0.419. Free cash flow was RMB3,613 million, with the cash conversion ratio remaining at a healthy and relatively high level.
In 2018, total revenues of the Company reached RMB100 billion scale with its growth hit six-year high. Which market was the main growth driver amid the continued reduction of network construction investment by domestic telecommunications operators in the past few years?
In 2018, the Group's revenue from its domestic non-telecom operator market achieved a continuous and rapid increase and recorded RMB33,317 million, representing a year-on-year increase of 25.0%, accounting for 31.4% of the total revenues. In particular, the revenue from the Core Businesses increased by 33.9% year-on-year, accounting for 89.1% of the revenue from that customer market, and representing a year-on-year increase of 5.9 percentage points, making it an important driver for the stable development of the Group. The Group further improved its marketing system and optimized resource allocation for the key industries such as the government, electricity and transportation. The Group strengthened capabilities accumulation in its promotion of synergistic research and development for smart-typed products, with the Smart Society Product Portfolio constantly enriched. Furthermore, we reinforced capabilities enabling through strengthening the role of our product center as the pillar support and promoting business expansion. Through capabilities expansion, we vigorously expanded cooperation scope and promoted cooperation and synergy. The Group has achieved positive results of its innovation and transformation and the number of projects with hundred-million scale kept emerging, such as the Intelligentization Project of Shenzhen World Exhibition & Convention Center, Suzhou Smart Industrial Park, and the Non-stop Electronic Toll Collection System of Hunan Highway and the Smart Park Project of Beijing International Horticultural Exhibition.

In 2018, the Group successfully overcame the impact of the decline in the CAPEX of the domestic telecommunications operators on its development, and the development of such market remained stable. During the year, the revenue from such market increased by 7.1% year-on-year, accounting for 65.7% of the total revenues, slightly decreased as compared with the same period of last year. The Group actively adapted to the ecosystem of the domestic telecommunications operators, and kept abreast of the development trend of 5G and Internet of Things ("IoT") to support the transformation and upgrade of the domestic telecommunications operators. While ensuring the stability of the CAPEX business from the domestic telecommunications operators, the Group vigorously developed the OPEX business, which became an important driver for the stable growth of the domestic telecommunications operator market. At the same time, the Group fully leveraged the differentiated advantages of its integrated services and smart applications, strengthened the cooperation in the emerging areas such as Smart Family, Cloud Computing and Big Data to promote the rapid growth of relevant businesses.
In 2018, domestic non-telecom operator market achieved the fastest growth. What services does the Company provide in this market?
The Group has closely followed the informatization and digitalization development of the industries and endeavored to expand the domestic non-telecom operator market. Through replicating its experiences and technologies in serving domestic telecommunications operators, enhancing research and development of projects and products, as well as strengthening the building of our marketing team, we proactively provide the series of smart-typed comprehensive solutions to our key customers such as government agencies and customers in the industries of transportation, electricity, Internet & IT and construction, etc. Also, we provide our customers with cloud computing data center construction, information security and city pipelines engineering services, etc. Our all-round services include smart-typed comprehensive solutions, communications network planning and design, construction, maintenance outsourcing, system integration, communications network support and development of software and hardware, application software development, voice value-added service and e-Commerce certification, as well as e-Commerce information platform service for SMEs.

In 2018, by focusing on the digitalization and intelligentization demand of the society and the industries, the Group continuously satisfied the needs of its customers such as government and enterprises through leveraging on its edges in informatization sector, and the number of partners in domestic non-telecom operator market steadily increased with the business scope continuing to expand. During the year, the revenue from such market increased by 25.0% year-on-year, representing a much higher growth rate as compared with the same period of last year. The revenue from such market accounted for 31.4% of the total revenues, representing an increase of 3.2 percentage points compared with the same period of last year. The revenue from the Core Businesses in such market increased by 33.9% as compared with the corresponding period of last year, accounting for 89.1% of the revenues from this market. Meanwhile, the Group increased its investment in research and development, released and kept optimizing the Smart Society Product Portfolio, and strove to build a "Smart Service Industrial Ecosystem Alliance", as a result of which the brand image of "Smart Comservice" and industrial influence have been effectively improved, with our image as an industry expert gradually taking shape.
What is the Company's view on the future development of domestic non-telecom operator market? What measures did you implement to capture the opportunities from informatization and digitalization?
We believe informatization and digitalization development brings new business opportunities to us. From the perspective of the industry, the new generation of information technology has been deeply integrated with traditional industries and social governance, and Digital Economy has become the core engine of economic development, creating huge market for the development of government services, electricity, transportation, etc. From the perspective of industrial value, 5G and the IoT will change the business model and operation model of the industry, while smart applications and foundation platforms will become high-value hotspots and business-end market will become the key area for competition with the industrial boundaries broken up.

In 2018, the Group further facilitated its innovation and transformation and optimized the construction of its business ecosystems, with its capabilities continuously improved. By the use of its innovative fund, the Group increased its investment in research and development while continuing on the progression on product-oriented services and platform-oriented products, with the blueprint of smart products continuously enlarged. Fundamental platforms and capabilities such as CCSYUN (our cloud service), Open IoT Platform and the Big Smart City IT Structure gradually came into shape, and new smart products such as Smart Justice, Smart Procuratorial Services, and Smart Government Services continued to emerge. Meanwhile, the Group vigorously forged its new smart image by releasing the Smart Society Product Portfolio, participating in national exhibitions such as the Big Data Expo, Smart China Expo and China (Nanjing) Soft Expo, and establishing the "Smart Service Industrial Ecosystem Alliance" with scientific research institutions, innovative technology enterprises and industrial partners to jointly explore the new market of Digital Economy, thus expanding its influence in the industries continuously.

To cater for the service demand of the domestic non-telecom operator market and overseas market for integrated capabilities, the Group accelerated cross-profession collaboration. While leveraging on our edges of "Consultant + Staff" business model and leading by our consultation and planning businesses, the Group brings up our full businesses together with smart products embedded and provides integrated solutions to the customers. The Group took advantage of its scale and synergy, strengthened cross-province and cross-profession collaboration, and matched its service capabilities with the market demand to satisfy the end-to-end requirements of its customers by building cross-region, cross-industry and cross-customer new capabilities. In 2018, the value of the new contracts from domestic non-telecom operator market secured by the Group exceeded RMB40 billion, maintaining a good development momentum.

Facing the window of opportunities arising from the replacement of old growth drivers with new ones for China's economy, industrial upgrade and the trend of informatization and digitalization development, the Group will further use its concerted efforts to bolster its "Branding and Deployment" and promote high-quality development of domestic non-telecom operator market. The Group will continue to improve its capabilities on fundamental platforms such as Big Data, Cloud Computing and IoT, further intensify synergistic operation and increase investment on research and development, enrich the Smart Society Product Portfolio, thus manifesting the new branding of Smart Comservice. The Group will continue to build up our strengths, give full play to its advantages in informatization infrastructure services, exploit room for external cooperation, accelerate the construction of our ecological platforms, and strengthen our core competitiveness of integrated services. Meanwhile, the Group will strengthen capabilities accumulation and capabilities enabling for key local cities by converging internal and external resources to build up local advantages, and fan out from a point to an area to seek breakthroughs in wider fields such as electricity, transportation, government services, water conservancy and broadcasting.
In 2018, the overall CAPEX by domestic telecommunications operator declined. What strategy did the Company implement to maintain stable growth in domestic telecommunications operator market? What's the business outlook for the domestic telecommunications operator market?
In 2018, for the domestic telecommunications operators market, we further penetrated into CAPEX business by continuously improving our delivery capabilities and quality. We also stepped up efforts to accelerate our expansion into OPEX business, including network maintenance, supply chain and general facilities management, which realized a wide coverage of our standards and capabilities. We strengthened the cooperation with the domestic telecommunications operators in the smart field, taking full advantage of new opportunities arising from their transformation and upgrade, which contributed to the development of businesses such as our software development business. Our market share for this market increased effectively during the year, with a revenue of RMB69,705 million, representing a year-on-year increase of 7.1%, and accounting for 65.7% of the total revenues. Among that, the revenue from the TIS services of China Telecom decreased by 11.9% as compared with the corresponding period of last year, while the revenue from its Core BPO services increased rapidly by 18.4%, and such growth mitigated the impact brought by the reduction of CAPEX of China Telecom, thus making the revenue from China Telecom remained largely stable and amounted to RMB41,279 million, representing a slight year-on-year decrease of 0.7%, and the revenue from China Telecom accounted for 38.9% of the total revenues. Driven by the rapid business growth from the CAPEX business of China Mobile and the OPEX business of China Tower, revenue from the domestic telecommunications operators other than China Telecom grew rapidly by 20.9% year-on-year, accounting for 26.8% of the total revenues, representing a year-on-year increase of 1.9 percentage points.

The Group will deeply penetrate into the ecosystem of domestic telecommunications operator customers, combine traditional services with smart services and integrate with the next-generation information technologies, such as accelerating the establishment of smart maintenance platform, to further promote the "CAPEX and OPEX-driven" businesses as dual growth drivers and support domestic telecommunications operator customers' new deployment in 5G and IoT, and cater for their new demand in the fields of Smart Family and smart industry applications. Meanwhile, the Group targets to create new values through the exploration of applying mature business models in the domestic non-telecom operator market to the domestic telecommunications operators along with their transformation.
How did the Company prepare for the launch of 5G? What opportunities can 5G development bring to the Company?
The Group is currently following the 5G deployment of domestic telecommunications operators closely, accumulating relevant technologies, resources and capabilities, as well as devoting effort to the construction of 5G pre-commercial trial network. The Group will deeply penetrate into the ecosystem of domestic telecommunications operators, explore cooperation mechanism, and combine traditional services with smart services, which effectively support domestic telecommunications operators' new demand in the fields of IoT, Smart Home and smart industry applications. Besides, 5G will stimulate the need for Smart Applications Scenarios from governments and industries, and so the demand for smart applications from business-end market will grow rapidly. The Group possesses rich experience in serving business-end market, and accumulated much know-how in smart products and industry services. We believe that in the 5G era, business-end market will bring a bigger room for development to the Group.
How was the overall development of overseas market in 2018? What's the company future outlook in the development of this market?
In 2018, the Group further optimized the operation, management and resource allocation model of its overseas business and enhanced the unified management of its overseas market. We leveraged on the opportunities arising from the promotion of China's "Belt and Road" Initiative and combined the experience in developing the domestic non-telecom operator market to strengthen its cooperation with domestic telecommunications operators and "Go Abroad" Chinese enterprises in building the overseas ecosystems and expanding sectors including the government, electricity and education. Through synergistic marketing, synergistic financing, and synergistic technical support, the Group actively promoted the expansion of large-scale projects and achieved favourable results. In 2018, the Group's overseas market stabilized and recovered, reporting a revenue of RMB3,155 million, representing a year-on-year increase of 11.2%, accounting for 2.9% of the total revenues.

Leveraging on its core advantages of informatization and digitalization services, the Group will continue to promote the transformation and upgrade of overseas businesses, while capturing opportunities arising from the "Belt and Road" Initiative. We will continuously adapt to the new needs of overseas customers and markets, and forge new growth drivers that integrates "market+technology+capital+talents". We will emphasize on the synergy among the domestic and overseas markets and capabilities, replicate the mature products and capabilities in the domestic market to overseas market, broaden our overseas industrial customers, accelerate the expansion of large-scale projects, thus achieving rapid breakthroughs.
What were the Company's growths in businesses of TIS, BPO and ACO in 2018?
In 2018, the Group's revenue from TIS services amounted to RMB57,359 million, representing an increase of 13.6% as compared to RMB50,511 million in 2017. TIS services was the primary source of revenue and accounted for 54.0% of our total revenues, representing an increase of 0.6 percentage point from 53.4% in 2017. We focused on the construction of supreme networks for domestic telecommunications operators such as wireless mobile network and fiber optic broadband network and kept abreast of the development of 5G and IoT, supporting the transformation and upgrade of the domestic telecommunications operators, thereby effectively reinforced the fundamentals of business from domestic telecommunications operators. Meanwhile, we accelerated the transfer of our production capacity to the domestic non-telecom operator market, taking full advantage of the opportunities arising from the construction of Digital Economy and Smart Society in China to stimulate a more rapid growth of such business. The TIS services revenue from the domestic non-telecom operator market witnessed a rapid year-on-year growth of 50.8%. In recent years, the revenue scale of domestic non-telecom operator market in the TIS business has continued to grow, which has effectively reduced the Group's reliance on the CAPEX business of domestic telecommunications operators.

In 2018, the Group's revenue from BPO services amounted to RMB35,103 million, representing an increase of 7.1% as compared to RMB32,763 million in 2017, accounting for 33.1% of our total revenues, a decrease of 1.5 percentage points as compared to 34.6% in 2017. The Group adhered to the value-driven principle and proactively controlled its products distribution business, and as a result, revenue from products distribution business for the year reported a significant year-on-year decrease of 29.8%. Excluding the products distribution business, revenue from the Core BPO businesses amounted to RMB30,220 million, representing a year-on-year growth of 17.1%. Among Core BPO services, the Group vigorously developed the network maintenance business, which reported a year-on-year increase of 15.3%. The Group expedited the consolidation of supply chain business with its capabilities on network-wide operation effectively improved, resulting in a year-on-year growth of 20.5%. We also further promoted the synergistic operation of general facilities management by unifying the brands and standards, resulting in a growth of 15.9%. The Group persisted in making its Core BPO services as a sustainable and recurrent business, which met with a rapid year-on-year growth of its revenue and it has become one of the important drivers for the Group's development.

In 2018, the Group's revenue from ACO services amounted to RMB13,715 million, representing an increase of 21.4% as compared to RMB11,298 million in 2017, making it the fastest-growing business segment for the year. The revenue from ACO services accounted for 12.9% of the Group's total revenues, representing an increase of 0.9 percentage point from 12.0% in 2017, which has been constantly growing for three consecutive years. We adapted to the trend of Digital Economy, seized the opportunities arising from the informatization and intelligentization of the society and industries, while vigorously promoting our smart-typed products, as a result of which our system integration, software development and system support businesses achieved a rapid year-on-year increase of 27.3% and 22.1% respectively, which both have maintained a rapid growth rate of more than 20% for two consecutive years. In addition, the propelling and complementary effect of our smart products to our other businesses such as TIS services have gradually emerged, which supported the Group to expand into the high-value fields and cultivation of its new branding on smart service. The Group ranked 6th in "China's Top 100 Software Enterprises 2018", demonstrating its further enhanced industry position.
What were the company's gross profit margin and net profit margin in 2018?
The Group's gross profit margin in 2018 was 12.1%, representing a decrease of 0.8 percentage point from 12.9% in 2017. In 2018, there was a decline in gross profit margin of the Group due to various factors, including the decrease in unit prices of certain businesses from domestic telecommunications operator market and the increase in certain costs that were characterized as fixed in nature, such as labour-related costs. In addition, due to the fact that the development in the domestic non-telecom operator market is still in the preliminary introductory phase, the gross profit margin were affected to a certain extent with the rapid increase of revenue scale. In the meantime, the Group continued to optimize its revenue structure in 2018. Revenue from the Core Businesses as a proportion to our total revenues was 95.4%, representing an increase of 2.7 percentage points as compared to the previous year, thereby alleviating the impacts brought by the above factors on gross profit margin to a certain extent. Through continuous transformation and business upgrade, the Group will endeavour to increase the proportion of smart businesses and improve gross profit margin. Profit attributable to equity shareholders of the Company amounted to RMB2,901 million, representing a year-on-year increase of 6.9%, with a net profit margin of 2.7%.
What was the free cash flow in 2018? Could the healthy and favourable free cash flow be continued going forward?
In 2018, free cash flow remained healthy at RMB3,613 million. Cash conversion ratio was 146.9%, remaining at a healthy level continuously.

The Group has always put great emphasis on working capital management and persisted to improve cash flow. The Group adhere to the effective value-driven appraisal principle and carry out working capital management initiative to strengthen management of accounts receivable, accounts payable, prepayment and project delivery. We believe that free cash flow will continue to be maintained at a relatively more reasonable and healthy level in the future.
What are the Company's future strategies?
We will adhere to the overall roadmap of "value-driven, seeking steady yet progressive growth and high-quality development", draw a new development blueprint based on our main development tracks around the three major markets, and accelerate the deployment of our ecological platforms. In the domestic non-telecom operator market, we will seize the rare window of opportunity arising from the development of "Digital China" and "New Smart City", focus on the key industries, integrate internal and external resources while accelerating market penetration. We will continue to invest on research and development and optimize our integrated solutions for smart products and industries, thus realizing a rapid deployment of ecological platforms for markets and industries. In the domestic telecommunications operator market, we will keep abreast of the 5G development, transformation and upgrade of domestic telecommunications operators, fully exploit the traditional CAPEX and OPEX businesses, expand to emerging businesses such as smart applications and smart services, and explore new cooperation mechanisms at the ecological level to promote sustainable business growth. In the overseas market, we will seize the opportunities arising from the "Belt and Road" Initiative, strengthen collaboration between the domestic and overseas markets and cooperation with external partners, focus on the demand for overseas network infrastructure construction and digital service, with a view to accelerating project expansion.

Meanwhile, we will take full advantage of the opportunities arising from the State-owned Enterprise Reform, actively push ahead the "Double-hundred Action" to promote transformation and development and further improve our corporate governance. We will promote efficient allocation of resources, bolster the propelling force of high-technology and high-intelligence innovation, enhance the cultivation of our talent teams, and build an open and synergistic organization to promote the Company's high-quality development. We will enhance the Company's vitality, capabilities and energy, with a view to creating greater value for our shareholders and customers.
What was the latest dividend paid by the Company? What's the dividend policy of the Company?
The Board has proposed to distribute a final dividend of RMB0.1257 per share for the financial year ended 31 December 2018, representing a dividend payout ratio of 30%. Moreover, in view of the Group's outstanding operating results and free cash flow level for the year, the Board has proposed to distribute a special dividend of RMB0.0251 per share for 2018. Taking into consideration of the above factors, the Company's total dividend for 2018 is RMB0.1508 per share, representing a total dividend payout ratio of 36%. (Please refer to "Dividend History" for more details)

The Company has been devoted to maintaining a relatively stable and sustainable dividend, and increase return to our shareholders in consideration of various factors including the results performance and the business development needs.

 

Basic Information

What kind of Company is China Comservice?
China Comservice (China Communications Services Corporation Limited) is a leading service provider in the informatization sector in the PRC, in commitment of "making our society smarter, making our life better", providing integrated comprehensive solutions in the informatization and digitalization sector. It is also the largest telecommunications infrastructure service provider in the PRC. Our services include telecommunications infrastructure services (TIS) covering design, construction, and project supervision and management; business process outsourcing services (BPO) covering management of infrastructure for information technology, general facilities management, supply chain and products distribution; applications, content and other services (ACO) covering system integration, software development and system support, value-added services and other services. (Please refer to "Corporate Profile" and "History" for more details)
When was China Comservice listed?
The Company was listed on the Stock Exchange of Hong Kong on December 8, 2006. The offering price was HK$2.20 per share. (Please refer to "Share Information Overview" for more details)
Who are the major shareholders of China Comservice?
China Telecommunications Corporation is our controlling shareholder which holds 3,559 million domestic shares, representing 51.4% of our total issued shares. In addition, China Mobile Communications Group Co., Ltd., China United Network Communications Group Company Limited and China National Postal and Telecommunications Appliances Co., Ltd. hold 608 million, 236 million and 131 million domestic shares, representing 8.8%, 3.4% and 1.9% of total issued shares respectively. The public holding is 2,391 million H share, representing 34.5% of our total issued shares. (Please refer to "Shareholding Structure" for more details)
Who are the major customers of China Comservice?
All major telecommunications operators in China, namely, China Telecommunications Corporation, China Mobile Communications Group Co., Ltd., China United Network Communications Group Company Limited, and China Tower Corporation Limited are our customers. We also provide services to domestic non-telecom operator customers and overseas customers. In 2018, revenue from domestic telecommunications operator customers accounted for 65.7% of total revenues, revenue from domestic non-telecom operator customers accounted for 31.4% of total revenues and revenue from overseas customers accounted for 2.9% of total revenues.

While further developing domestic telecommunications operator market, the Group has also endeavored to expand the domestic non-telecom operator market. The Group proactively provides services, such as smart cities solutions, municipal infrastructure, intelligence building and cloud computing data center construction, to key customers such as government agencies and customers in the industries of transportation, electricity, internet & IT and construction, etc.

Other than China, the Group's business also covers dozens of countries and regions globally, and its overseas customers are mainly located in the emerging markets including Africa, the Middle East and Southeast Asia. (Please refer to "Our Business" for more details)
What services does the Company provide in domestic non-telecom operator market?
The Group has closely followed the informatization and digitalization development of the industries and endeavored to expand the domestic non-telecom operator market. Through replicating its experiences and technologies in serving domestic telecommunications operators, enhancing research and development of projects and products, as well as strengthening the building of our marketing team, we proactively provide the series of smart-typed comprehensive solutions to our key customers such as government agencies and customers in the industries of transportation, electricity, Internet & IT and construction, etc. Also, we provide our customers with cloud computing data center construction, information security and city pipelines engineering services, etc. Our all-round services include smart-typed comprehensive solutions, communications network planning and design, construction, maintenance outsourcing, system integration, communications network support and development of software and hardware, application software development, voice value-added service and e-Commerce certification, as well as e-Commerce information platform service for SMEs.
What are the businesses under Telecommunications Infrastructure (TIS) Services of the Company?
The Group is the largest telecommunications infrastructure service group in the PRC, providing a full range of telecommunications infrastructure services to telecommunications operators in China and overseas. These services include planning, design, construction and project supervision for fixed line, mobile, broadband and support systems. The Group also provides integrated solutions for ancillary communications networks and integrated informatization solutions for domestic non-telecom operator customers such as government agencies, industrial customers and SME's, as well as overseas customers. (Please refer to "Our Business" for more details)
What are the businesses under Business Process Outsourcing (BPO) Services of the Company?
The Group is the largest integrated provider of business process outsourcing services in the communications industry in China. The Company can provide customers with all-round quality outsourcing services including management of infrastructure for information technology ("network maintenance"), general facilities management, supply chain and products distribution services. The target of our services includes domestic and overseas telecommunications operator customers, government agencies and enterprises customers. The Group focused on OPEX-driven business of domestic telecommunications operators, and strengthened the synergistic operation and brand building of OPEX-driven business. (Please refer to "Our Business" for more details)
What are the businesses under Core Business Process Outsourcing (Core BPO) Services of the Company?
Core BPO services of the Group are BPO services excluding products distribution service, i.e. management of infrastructure for information technology ("network maintenance"), general facilities management and supply chain services. In recent years, the Group has focused on "optimizing structure, sustaining growth, strengthening capabilities and enhancing efficiency" along the way of its business development, and further optimized the business structure by continuing to proactively control products distribution business with low efficiency.
What are the businesses under Applications, Content and Other (ACO) Services of the Company?
ACO means Applications, Content and Other services. The Group provides system integration, software development and system support, value-added services to the domestic telecommunications operators and domestic non-telecom operator customers, including government agencies, industrial customers and small and medium enterprises. (Please refer to "Our Business" for more details)
What are the businesses under Core Businesses of the Company?
Core Businesses of the Group include telecommunications infrastructure services, business process outsourcing services (excluding products distribution), as well as applications, content and other services. In recent years, the Group has focused on "optimizing structure, sustaining growth, strengthening capabilities and enhancing efficiency" along the way of its business development, and further optimized the business structure by continuing to proactively control products distribution business with low efficiency. In 2018, the Group's revenue from the Core Businesses achieved double-digit growth of 15.6% and its contribution to the total revenues recorded a year-on-year increase of 2.8 percentage points to 95.4%, demonstrating a high-quality development.

 

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Last Updated: 31 May 2019