1. Effective policies and measures vital

 

Since the beginning of this year, under the intertwined impact of the international geopolitical conflicts and the resurging pandemic, the complexity, severity and uncertainty of the domestic economic development keep rising. Faced with the complex situation, China has effectively coordinated epidemic response with economic and social development, and resolutely introduced a package of policies and measures to stabilize the economy in a timely manner. Continuous recovery is expected for China's economy with the accelerated effectiveness of those measures.

 

2. Stable foreign trade key to growth 

 

The Ministry of Commerce of China recently issued several policies to support the stable development of foreign trade, proposing six targeted measures. Against the background of increasing pressure on China's foreign trade, this move aims to create sound conditions and momentum for foreign trade to achieve stable and high-quality development.

 

 

1. The General Office of the State Council recently issued the opinions on deepening the reform of the management system of the electronic and electrical industry, pointing out that measures will be taken to further remove the institutional barriers that restrict the high-quality development of the industry, better stimulate the vitality of market players, promote industrial transformation and upgrading and technological innovation, and cultivate new drivers for economic development.

 

2. National Government Offices Administration, the National Development and Reform Commission and the Ministry of Finance recently jointly issued the opinions on encouraging and supporting public institutions to employ energy cost trusteeship services, further mobilizing social capital to participate in the energy and resource conservation, and promoting the green and low-carbon transformation of public institutions.

 

3. The opinions on cultivating high skilled talents in the new era recently issued by the General Office of the CPC Central Committee and the General Office of the State Council put forward that by 2035, the scale of skilled talents will continue to grow and their quality will be greatly improved, and the number and structure of high skilled talents will meet the requirements of basically realizing socialist modernization.

 

 

1. According to the Ministry of Commerce, from January to August this year, China’s non-financial outbound direct investment reached RMB 492.76 billion, up 7.2% year on year.

 

2. According to the Ministry of Industry and Information Technology, from January to August this year, the revenue of China’s telecommunications sector totaled RMB 1072.1 billion, up 8.2% year on year. The total business volume of the telecommunication sector grew 21.7% year on year.

 

3. The Export-Import Bank of China announced that from January to August this year, the foreign trade loans totaled RMB 1.25 trillion, rising 26.03% year on year. By the end of August, the foreign trade loan balance of the Export-Import Bank of China reached RMB 2.73 trillion, an increase of 18.23% year on year.

 

4. According to the China Association of Automobile Manufacturers, during the first eight months of this year, China’s automobile production and sales reached 16.967 million units and 16.86 million units respectively, rising 4.8% and 1.7% respectively, an increase on both production and sales for the first time since the second quarter.  

 

5. Data from the State Administration of Foreign Exchange showed that by the end of September this year, China’s foreign exchange reserves stood at USD 3029 billion, down 0.85%, or USD 25.9 billion from the end of August. 

 

6. Data from the National Bureau of Statistics showed that from 2013 to 2021, China’s total investment in fixed-assets amounted to RMB 409 trillion, with an average annual growth of 9.4%; the total investment in fixed-assets rose from RMB 28.2 trillion in 2012 to RMB 55.3 trillion in 2021.

 

7. According to the Ministry of Industry and Information Technology, from January to July this year, the revenue from China’s industrial software products reached RMB 121.9 billion, up 8.7% year on year, with a sustained trend of growth. 

 

8. In the first eight months of this year, China’s imports and exports reached RMB 27.3 trillion, rising 10.1% year on year, according to the Ministry of Commerce.

 

9. According to the Ministry of Industry and Information Technology, in the first eight months of this year, the revenue of China’s software business reached RMB 6436.8 billion, up 9.8% year on year. 

 

10. Data from the National Bureau of Statistics showed that in the first eight months of this year, industrial firms with an annual business turnover of at least 20 million yuan saw their revenues grow 8.4% year on year, keeping fast growth.

 

(Information Source: Economic Daily)