Insight
China Economic Review Nov. 21
Last Updated: 2022-11-21 14:30 | CE.cn
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Opinion
 
1. High-quality development showed in GDP growth
 
China's GDP amounted to RMB 114.4 trillion in 2021, 1.8 times as much as that in 2012 at constant price. The economy has maintained reasonable growth in quantity, and achieved steady improvement in quality as well. From 2013 to 2021, China's average contribution to global economic growth reached 38.6%, as the primary driving force for world economic development. 
 
2. Manufacturing sector grows in strength
 
Relying on China's super market advantage and world's largest middle-income group, the added value of China's manufacturing sector increased from RMB 16.98 trillion in 2012 to RMB 31.4 trillion in 2021, accounting for nearly 30% of the global total, up from 22.5%, ranking the first in the world for 12 consecutive years.
 
3. R&D spending intensity builds up
 
China's research and development spending increased from RMB 1 trillion in 2012 to RMB 2.8 trillion in 2021, ranking the second in the world. China spent most on research and development among developing countries, from 1.91% in 2012 to 2.44% in 2021, higher than the average level of 2.2% in EU, demonstrating China's reserve and confidence in taking the path of high-quality development.
 
4. Record grain output helps ensure food security
 
China's grain output remained stable of more than 1.3 trillion jin (1 jin=0.5 kilogram) in seven consecutive years, rising 100 billion jin in ten years. When the world food market is in fluctuation and some countries still suffer from hunger, China relies on itself for food supply and security. Good harvest one after another guarantees China's food security and reliability. 
 
Policy
 
1. National Development and Reform Commission issued measures to improve policy environment and facilitate the development of private investment recently. According to the 21 measures, private investment will be supported in 102 major projects in the 14th Five-Year Plan, and science and technology innovation projects, private enterprises will be guided to join major projects such as supply chain construction.   
 
2. Ministry of Science and Technology recently issued a development plan for national high-tech industrial development zones during the 14th Five-Year Plan period. According to this plan, by 2025 a number of high-tech zones with international influence, innovative tech zones, and innovative specialized zones will be built, further leading the role in all-round support for national major strategies.
 
3. Ministry of Commerce, National Development and Reform Commission, Ministry of Finance, People's Bank of China, General Administration of Customs, State Administration for Market Regulation, State Administration of Foreign Exchange, and National Medical Products Administration jointly decided to establish 29 demonstration zones of international trade promotion and innovation.  
 
4. Ministry of Industry and Information Technology approved to establish national graphene innovation center, national virtual reality innovation center, national ultra high definition video innovation center. These three manufacturing innovation centers will be located in the cities of Ningbo, Nanchang, and Chengdu respectively. 
 
Data
 
1. According to the National Bureau of Statistics, in October this year, China's consumer price index (CPI) rose 2.1% year on year, 0.7 percentage points lower than that of last month. The national producer price index (PPI) fell 1.3 percent  from a 0.9 percent rise last month.
 
2. Data from the General Administration of Customs shows that in the first 10 months of this year, China's total imports and exports was RMB 34.62 trillion, up 9.5% year on year. Among them, the exports reached RMB 19.71 trillion, up 13%; the imports totaled RMB 14.91 trillion, up 5.2%.
 
3. According to the State Administration of Foreign Exchange, in the first three quarters of this year, China had a current account surplus of 310.4 billion US dollars, the highest in the same period in history, with a year-on-year growth of 56%.
 
4. According to the Ministry of Commerce, from January to September this year, China's trade in services amounted to RMB 4472.27 billion, up 18.2% year on year.
 
5. According to China Federation of Logistics and Purchasing, in the first three quarters of this year, China's social logistics totaled RMB 247 trillion, up 3.5% year on year; the total revenue of logistics industry was RMB 9.3 trillion, up 5.9% year on year.
 
6. According to the Ministry of Natural Resources, China's gross marine product in the first three quarters of this year was RMB 6.8 trillion, an increase of 2.1% year on year, accounting for 14.8% of coastal region's gross product.
 
7. The latest statistical bulletin shows that in 2021, China's foreign direct investment flow reached 178.82 billion US dollars, an increase of 16.3% over the previous year, ranking among the top three in the world for ten consecutive years.
 
8. According to the State Administration of Foreign Exchange, as of the end of October this year, China's foreign exchange reserves stood at 3,052.4 billion US dollars, up 23.5 billion US dollars from the end of September.
 
9. According to the General Administration of Sport of China, the total scale of outdoor sports industry will exceed RMB 3 trillion by 2025.
 
10. According to China Association of Automobile Manufacturers, in October this year, China's auto production and sales reached 2.599 million and 2.505 million, down 2.7% and 4% month on month, and up 11.1% and 6.9% year on year.
 
(Information Source: Economic Daily)

(Editor:Wang Su)

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China Economic Review Nov. 21
Source:CE.cn | 2022-11-21 14:30
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