1. Innovation drives development

Innovation is the driving force and the key to the overall economic and social development. Adhering to innovative development is the fundamental strategy for China to respond to changes in business environment, enhance momentum, and better lead the new normal development.

 

2. Promote healthy development of cross-border e-commerce 

China's Ministry of Finance and other departments recently issued an announcement to optimize and adjust the list of cross-border e-commerce retail imports from March this year. This move is conducive to promoting the healthy development of new business forms of cross-border e-commerce, enriching supply in the domestic market, better meeting people's needs for a better life, and promoting the sharing of development opportunities in the Chinese market with countries around the world.

 

 

1. The 24th meeting of the Central Committee for Deepening Overall Reform recently reviewed and approved a series of guidelines including those on accelerating the building of world-class enterprises, advancing high-quality development of inclusive finance, strengthening basic research talents training, and enhancing state-owned enterprises' (SOE) capabilities of developing original technology.

 

2. The State Council issued the “Guidance on Accelerating the Facilitation of Standardization of Government Services” to design and deploy systems to further optimize government services.

 

3. China’s Ministry of Commerce and Chongqing Municipal People’s Government recently signed an agreement to build cooperation mechanisms, which involved 12 aspects, including opening-up, and international consumption center city.

 

 

1. “Statistical Communiqué of the People's Republic of China on the 2021 National Economic and Social Development” issued by the National Bureau of Statistics (NBS) showed that China's GDP in 2021 reached RMB 114.4 trillion, USD 17.7 trillion at the yearly average exchange rate, accounting for more than 18% of the world economy.  

 

2. Data from the National Bureau of Statistics (NBS) showed that the purchasing managers' index (PMI) for China's manufacturing sector came in at 50.2 in February, up from 50.1 in January, staying above 50% for four months.

 

3. The Chinese foreign exchange (forex) market recorded total transactions of USD 3.06 trillion in January, as announced by the State Administration of Foreign Exchange.

 

4. In January 2022, the import and export volume of China's international service trade was RMB 501.4 billion, posting a year-on-year increase of 37%. 

 

5. According to China Federation of Logistics and Purchasing, the logistics performance index stood at 51.2% in February. Driven by fiscal and monetary policies and holiday consumption, the index rebounded slightly from the previous month. 

 

6. China's social Research and Experimental Development (R&D) investment in 2021 reached RMB 2.79 trillion, an increase of 14.2 percent on 2020. The basic research fund grew 15.6% over the previous year, and the turnover of technology contracts is expected to exceed RMB 3.7 trillion.

 

7. The 49th statistical report on the development of China's Internet released by China Internet Network Information Center showed that the number of Internet users in China reached 1.032 billion in December 2021, up 42.96 million from December 2020, and the Internet penetration rate reached 73%.

 

8. China's leading automaker First Automotive Works (FAW) and new-energy vehicle (NEV) manufacturer BYD kicked off construction of a battery production facility in Changchun, Jilin Province. The project is expected to meet the needs of one million electric cars and achieve an output value of more than RMB 20 billion.

 

9. Construction of the No.8 unit of Tianwan Nuclear Power Plant has begun in Lianyungang, Jiangsu Province. It is scheduled to be put into operation in 2027. Tianwan nuclear power plant is designed to have a total capacity of 9 million kilowatts, which is able to generate 70 billion kilowatt-hours of clean electricity annually. Once the No.8 unit is put into operation, the plant will become the world's largest nuclear power base.

 

(Information Source: Economic Daily)