1.Strong support for a stable RMB exchange rate

 

There has been a strong upward momentum for the RMB exchange rate. Recently, the falling of the US index from high level directly resulted in the RMB appreciation against the US dollar. Moreover, with better expectation of a stable and growing domestic economy, and policies related to epidemic control optimization, real estate etc, the market confidence in China's economic recovery is boosted.

 

2.Promote deep integration of industry and research

 

The award ceremony of XPLORER PRIZE 2021 and 2022 was held recently, where 100 young scientists were on the starting line to venture into the “no man’s land” of science. The science community and the industrial community are both in the innovation ecosystem reinforcing each other. To enhance China’s global competitiveness, it is important to promote more investment in basic research from social factors such as enterprises, and accelerate the pace of innovation. 

 

1. To further expand the two-way opening up of the financial market, People’s Bank of China and State Administration of Foreign Exchange recently issued a joint notice, in which the fund management requirement for the domestic issuance of bond by foreign institutions has been improved, so as to facilitate the financing of foreign institutions in the domestic market.

 

2.The State Council recently issued a notice that the fifth national economic census will be conducted in 2023.

 

3.China Banking and Insurance Regulatory Commission recently issued a notice on the piloting of commercial pension insurance in pension insurance companies. According to the notice, the piloting will be carried out in 10 provinces and cities, including Beijing, Shanghai, Jiangsu Province, etc, starting from January 1, 2023, tentatively fixed at one year. 

 

 

1. According to the Ministry of Finance, from January to October this year, the total operating income of China's state-owned enterprises reached RMB 66,419.96 billion, a year-on-year increase of 8.9%; The total profit was RMB 3,619.69 billion, a year-on-year decrease of 3.3%; the taxes and fees payable were RMB 4,948.74 billion, a year-on-year increase of 11.1%.

 

2. According to the Ministry of Commerce, from January to October this year, China's total imports and exports of services was RMB 4,918.55 billion, a year-on-year increase of 17.2%; of which, service exports were RMB 2,358.15 billion, an increase of 18.1%; imports were RMB 2,560.4 billion, an increase of 16.4%.

 

3. According to data from the China Futures Association, the trading volume of China's futures market in November this year was 700 million lots, with a turnover of RMB 52.79 trillion, a month-on-month increase of 55.68% and 58.09% respectively.

 

4. As of December 2 this year, the China-Laos Railway has transported a total of 8.5 million passengers, including 7.2 million on the domestic section and 1.3 million on the Laos section; 11.2 million tons of goods have been delivered, including over 1.9 million tons of cross-border goods.

 

5.According to the Securities Association of China, in the first three quarters of this year, securities companies served the real economy with direct financing of RMB 4.48 trillion, and assisted 301 companies to achieve domestic IPOs. 

 

6. According to the latest data from the China Banking and Insurance Regulatory Commission, as of the end of October this year, the balance of China's agriculture-related loans totaled RMB 48.54 trillion, a year-on-year increase of 13.66%, exceeding the average growth rate of various loans by 3.16 percentage points.

 

7. According to the Ministry of Industry and Information Technology, the scale of China's new display industry continues to expand. From 2012 to 2021, the compound annual growth rate reached 25.8%, and the annual production capacity of display panels reached 200 million square meters. From a regional perspective, the Pearl River Delta region has the largest production capacity, and the development of production lines in the central and western regions has accelerated in recent years.

 

8. According to the China National Light Industry Council, in the first 10 months of this year, enterprises above designated size in China's light industry achieved operating income of RMB 19.37 trillion, a year-on-year increase of 6.7%.

 

9.According to the China Association of Automobile Manufacturers, in October this year, the production and sales of hydrogen fuel cell vehicles were 277 units and 301 units respectively, a year-on-year increase of 3.7 times and 5.4 times respectively. From January to October, the production and sales of hydrogen fuel cell vehicles were 2,700 units and 2,400 units respectively, a year-on-year increase of 1.8 times and 1.5 times respectively.

 

 

(Information Source Economic Daily)