China Economic Review Sept. 22
Last Updated: 2022-09-22 17:33 |
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1. Opening-up injects impetus into global trade in services
In his congratulatory letter to the 2022 China International Fair for Trade in Services(CIFTIS), President Xi Jinping said the CIFTIS is a crucial platform for China to wider open its doors, deepen cooperation and pioneer innovation, contributing to promoting the development of the global service industry and trade. This fully reflects the great importance China attaches to the prosperity and development of global trade in services, as well as China's determination to promote its healthy and sustainable development, thereby adding greater impetus to the recovery of the world economy.
2. Futures market opens further to outside world
From September 2, Qualified Foreign Institutional Investors (QFII) and RMB Qualified Foreign Institutional Investors (RQFII) can participate in the trading of some futures and options contracts on four Chinese futures exchanges. We have further expanded the investment scope for qualified foreign investors and provided legal channels for overseas funds to take part in China's futures and derivatives markets. These are important measures to implement the reform of the onshore market system and further expand the opening-up of the capital market.
3.Improving system for achieving breakthroughs in core technologies in key fields
Recently, China reviewed and approved the opinions on improving a new system for mobilizing the resources nationwide to achieve breakthroughs in core technologies in key fields under the conditions of the socialist market economy. To improve the new system, it is necessary to strengthen strategic planning and system layout, explore a new development path for deep integration of the technological innovation system and high-end industries, create a sound innovation ecology, and consolidate the foundation of the national innovation system.
1. The General Office of the State Council recently issued the "Opinions on Further Optimizing the Business Environment and Reducing the Institutional Transaction Costs for Market Entities", which deploys five key tasks, including further reducing market access barriers and lowering market access costs for market entities. 
2. Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank of China have adjusted the interest rates of personal deposits from September 15. Among them, the interest rates of three-year time deposits and large-denomination certificates of deposit was reduced by 15 basis points.
1.The report released by 2022 Global Trade in Services Summit showed that this year China ranked 9th in service trade development worldwide, jumping from 14th place in 2021. This is the first time China has ranked among the top 10 in service trade development globally.
2.Data from China Association of Automobile Manufacturers showed that for the first eight months this year, China's automobile production and sales reached 16.967 million and 16.86 million respectively, growing 4.8% and 1.7% respectively, an increase both in production and sales for the first time since the second quarter this year.  
3.According to the data from the People's Bank of China, by the end of August, China's broad money supply, or M2, stood at RMB 259.51 trillion, up by 12.2 percent from a year ago.
4.According to the National Bureau of Statistics, the consumer price index, or CPI, rose 2.5% year-on-year, with the growth rate down 0.2 percentage points from the previous month.
5.Data from the National Energy Administration showed that from January to August this year, the total electricity consumption in China reached 5783.9 billion kWh, a year-on-year increase of 4.4%.
6.The Statistics from the People's Bank of China showed that by the end of the second quarter this year, the total assets of China's financial institutions amounted to RMB 407.42 trillion, an increase of 9.7% year-on-year.
7.According to the Ministry of Industry and Information Technology, over the past ten years, the number of enterprises above a designated size(enterprises with an annual business turnover of at least RMB 20 million) in China's consumer goods industries increased 23.7% to 172,000. There are 150 consumer goods enterprises with the scale over ten billion yuan, and the country's exports of light industry and textile products have surpassed 30% of the world's total.
8.The blue paper released by China Nuclear Energy Association showed that as of the end of August this year, there are 53 commercial nuclear power units with a total installed capacity of 55.59 million kilowatts, and 23 nuclear power units are under construction with a total installed capacity of 24.19 million kilowatts, which maintains a leading position in the world.
9.According to the Ministry of Culture and Tourism, China saw 73.41 million domestic tourist visits during the three-day Mid-Autumn Festival holiday, with a domestic tourism revenue of RMB 28.68 billion. 
10.The 22nd China International Investment and Trade Fair recently closed. During the fair, there are more than 480 projects in cooperation agreement, with a total investment amount of RMB 342 billion.
(Information Source: Economic Daily) 

(Editor:Wang Su)

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China Economic Review Sept. 22 | 2022-09-22 17:33
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