Insight
China Economic Review Aug. 11
Last Updated: 2022-08-11 16:27 | CE.cn
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Opinion
 
1. Making good use of local governments' special-purpose bond
 
China’s economic development is facing the triple pressure of demand contraction, supply shock, and weakening expectations. Under the influence of a series of unexpected factors, the demand problem is particularly prominent. The central government requires that macro policies should be proactively employed in expanding demand, and fiscal and monetary policies should effectively make up for insufficient social demand. Among them, local governments' special-purpose bond have played a vital role in boosting effective investment and expanding demand.
 
2. Relocation of manufacturing industries in line with economic laws
 
The relocation of manufacturing industries and the transfer of industrial chains are normal economic phenomena and the result of globalization and market mechanisms. Affected by some factors, some foreign-funded enterprises, including domestic processing-intensive industries, have moved to neighboring countries to seek investment and development opportunities. However, the current overall scale of manufacturing relocation is not large, which is a normal business behavior of enterprises and conforms to the objective laws of industrial development. 
 
Policy
 
1. The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the Ministry of Ecology and Environment recently jointly issued the "Implementation Plan for Carbon Peaking in the Industrial Sector", proposing that by 2025, the energy consumption per unit added value of industrial enterprises above designated size in China will decrease by 13.5% compared with 2020. The carbon dioxide emission intensity of key industries will drop significantly.
 
2. The Ministry of Agriculture and Rural Affairs issued the "Notice on Supporting the Development of National Seed Industry Enterprises" on August 4th, and urged the list of more than 270 crop, poultry, aquatic germplasm enterprises and professional platform enterprises to accelerate the creation of the core forces for seed industry revitalization.
 
3. As a pilot demonstration area, Shenzhen on August 1st started allowing fully autonomous vehicles to run on certain roads as a local regulation on smart and internet-connected vehicles went into effect.
 
Data
 
1. A white paper on the global digital economy showed that in 2021 China’s digital economy reached USD 7.1 trillion, accounting for more than 18% of the amount of the 47 major countries included in the white paper, ranking second after the United States. 
 
2. According to the Ministry of Commerce, in the first half of this year, the trade volume between China and countries along the Belt and Road reached RMB 6.3 trillion, up 17.8% year-on-year, accounting for 31.9%.
 
3. China’s Purchasing Managers’ Index in July was 49%, down 1.2 percentage points compared with last month, according to the data released by China Federation of Logistics and Purchasing and Service Industry Survey Center of National Bureau of Statistics on July 31. Construction business index was 59.2%, up 2.6 percentage points compared with last month, indicating a recovery in the construction sector.
 
4. The second China International Consumer Products Expo held in Haikou, Hainan Province, closed on July 30, with the value of intended deals exceeding RMB 10 billion.  
 
5. According to the Ministry of Finance, since September 1, 2022, China will offer zero-tariff treatment on 98% of the taxable products from 16 least-developed countries including Togo, Eritrea, and Kiribati. 
 
6. A report on China’s digital development showed that by the end of 2021, 1.425 million 5G base stations have been built, accounting for more than 60% of the world’s total, and the number of 5G users reached 355 million. 
 
7. The Ministry of Finance announced on August 4 that it will issue the ten-year RMB sovereign bonds totaling RMB 1 billion in Hong Kong, together with the additional RMB sovereign bonds due in 2024 with a total value of RMB 4 billion. The sovereign bonds will be issued through the Central Moneymarkets Unit of Hong Kong Monetary Authority. 
 
8. Shanghai is among the major national demonstration city clusters for the use of fuel cell vehicles. It has entered a new phase of development as the first batch of 100 fuel cell vehicles were put into operation on August 4 in Shanghai. 
 
(Information Source: Economic Daily)
 

(Editor:Fu Bo)

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China Economic Review Aug. 11
Source:CE.cn | 2022-08-11 16:27
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