Insight
China Economic Review Jul. 28
Last Updated: 2022-07-28 14:29 | CE.cn
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Opinion
 
1. 'Ample' policy space to boost economy amid headwinds
 
China is capable of boosting its economy amid headwinds, as it has 'ample' policy space in terms of monetary policy.
 
2.High-quality urbanization
 
Urbanization is the only way to modernization. New urbanization is where the greatest potential for domestic demand lies. Recently, China released the New Urbanization Implementation Plan during the 14th Five-Year Plan period (2021-25), which comprehensively deployed the goals, tasks, policies and measures to promote new urbanization during the 14th Five-Year Plan period, and further promoted a people-centered new urbanization strategy.
 
3.Improving capacity for better use of financial funds
 
According to data from the Ministry of Finance, China's general public budget revenue stabilized and rebounded in June, with the growth rate shifting from negative to positive. It is necessary to ensure efficient use of financial funds and effective implementation of proactive fiscal policies, and consolidate the foundation for economic recovery.
 
 
Policy
 
1.The Ministry of Housing and Urban-Rural Development and the National Development and Reform Commission jointly issued a plan, specifying that by 2025, newly built urban buildings will fully implement green building standards, and star-rated green buildings will account for more than 30%.
 
2.The Ministry of Commerce has coordinated with 26 other government departments to issue a guideline to promote the high-quality development of foreign cultural trade. Efforts would be made to detail and ensure the implementation of relevant policies and promote the development of foreign cultural trade to a new level.
 
 
Data
 
1.Data from the National Bureau of Statistics showed that in the first half of this year, China’s GDP reached RMB 56.2642 trillion, with a year-on-year increase of 2.5%, calculated at constant prices.  GDP in the second quarter of this year was RMB 29.2464 trillion, with a year-on-year increase of 0.4%.
 
2.According to China Banking and Insurance Regulatory Commission, by the end of June this year, the total assets of China’s banking financial institutions reached RMB 360.4 trillion, up 9.6% year-on-year; the total assets of insurance industry amounted to RMB 26.6 trillion, an increase of 11.1% year-on-year.
 
3.In the first half of this year, the three major indicators of China’s shipbuilding, including the volumes of output, transaction, and order, continued to rank first in the world, according to Ministry of Industry and Information Technology.
 
4.According to State-owned Assets Supervision and Administration Commission, from January to June, gross income of central SOEs reached RMB 19.2 trillion, with total profit of RMB 1409.36 billion and net profit of RMB 1085.75 billion, increasing 12%, 7.1% and 6.1% year-on-year respectively. 
 
5.In the first half of this year, the customs tax amounted to RMB 1.1653 trillion, with a year-on-year increase of 12.2%, as data from the General Administration of Customs showed.
 
6."White Paper on the Development of China's Digital Economy (2022)" released by China Information and Communication Research Institute showed that China’s industrial digitalization accounted for more than 80% of the digital economy, and the structure of digital economy is more optimized.
 
7.According to the Ministry of Industry and Information Technology, as of the end of May this year, China has built 1.7 million 5G base stations, and the number of 5G mobile phone users has reached 428 million, with 5G traffic accounting for 27.2% of mobile traffic. 
 
8.According to the State Post Office, in the first half of this year, the volume of China express service enterprises totaled 51.22 billion pieces, growing 3.7% year-on-year; the business income reached RMB 498.22 billion, increasing 2.9% year-on-year.
 
9.According to the General Administration of Customs, since the implementation of Regional Comprehensive Economic Partnership(RCEP), which entered into force half a year ago, the number of RCEP origin certificates and announcements applied by China’s export enterprises reached 266,000, with a value of RMB 97.9 billion in goods and tariff reduction of RMB 710 million from import countries. 
 
10.In the first half of this year, service outsourcing contracts undertaken by Chinese enterprises amounted to RMB 987.5 billion, with the implementation amount of RMB 645.4 billion, up 12.3% and 14.3% year-on-year respectively.
 
(Information Source: Economic Daily)
 

(Editor:Wang Su)

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China Economic Review Jul. 28
Source:CE.cn | 2022-07-28 14:29
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