Opinion

Optimize energy structure and ensure stable supply

Energy is the foundation of economic and social development. In order to ensure stable energy supply, based on China's current economic situation, it is necessary to promote the construction of energy projects that are well-prepared and in line with development needs, and continue to optimize the energy structure. China should stabilize coal supply, advance the development of renewable energy, and leverage the unique role of nuclear power.

Policy

1. The State Council recently issued the "Opinions on Further Unleashing Consumption Potential and Promoting the Sustainable Recovery of Consumption". In accordance with the requirements of combining goal orientation with problem solving, and taking into account both short-term support and medium- and long-term promotion, it proposed twenty key measures in five areas.

2. The People's Bank of China announced that it will cut the reserve requirement ratio for foreign currency deposits by 1 percentage point from the current 9 percent to 8 percent, starting from May 15, 2022.

Data

1. According to the National Bureau of Statistics, in the first quarter of this year, China's industrial enterprises above designated size achieved a total profit of RMB 1,955.57 billion, a year-on-year increase of 8.5%.

2. According to data from the National Bureau of Statistics, in the first quarter of this year, the profits of China's high-tech manufacturing industries were increased by 3.8% year-on-year.

3. Data from China Gold Association showed that China’s gold production increased 12.04 percent year-on-year to 83.401 tons during the first quarter this year, an increase of 8.962 tons over the first quarter last year.

4. In the first quarter of this year, the number of China’s state-owned import and export enterprises was 432,000, a year-on-year increase of 5.7%.

5. In the first quarter of this year, the added value of industries above designated size was increased by 6.5% year-on-year, and the scale of the industrial internet industry surpassed the trillion yuan mark.

6. According to the State Administration for Market Supervision, China registered a steady growth in the number of market entities in the first quarter of this year. In March, the number of newly-added entities reached 2.95 million nationwide, up 19.3% from a year earlier. Of the new entities, 2.103 million are private firms, up 24.2% year-on-year.

7. In 2021, a total of 696,000 invention patents were authorized in China. The number of international patent applications submitted by Chinese applicants through the Patent Cooperation Treaty (PCT) reached 69,500, ranking first in the world for three consecutive years.

8. In the first quarter of this year, the fixed-asset investment in China’s transport sector amounted to RMB 636 billion, up 9.8% year-on-year. The commercial freight volume reached 11.29 billion tons, and the cargo throughput at ports came in at 3.63 billion tons.

9. In the first quarter of this year, main performance indicators of China’s state-owned and state holding enterprises were in steady growth, with a total profit of RMB 1018.74 billion, an increase of 7% year-on-year, data from the Ministry of Finance showed.

10. According to the China central bank, China had 6,232 micro-credit companies at the end of March. Their combined outstanding loans reached RMB 933 billion, a drop of RMB 8.5 billion from the previous quarter.

(Information Source: Economic Daily)