1. To form a joint force to expand domestic demand 

 

A guideline to expand domestic demand from 2022 to 2035 was released recently. At present, the environment for China to expand domestic demand has profoundly changed, and we are facing opportunities as well as challenges. However, there will be more opportunities than challenges. All local governments and departments should take actions in accordance with local conditions, incorporating the strategy of expanding domestic demand into economic and social development plan. In enhancing macroeconomic management, we need to strengthen macro policy in supporting implementation of the strategy, so as to form a joint force to expand domestic demand.

 

2. Promote stable recovery of industrial economy

 

In the first ten months of 2022, influenced by multiple factors, the growth rate of Chinese enterprises' revenue has slowed down, and the decline of profit of enterprises has exacerbated. To stabilize the economy, we should give full play to the role of industry as ballast. At present, the recovery of market demand still takes time, and there are still sticking points in industrial supply chains. We also need to further promote the implementation of policies to stabilize the economy, so as to stimulate the vitality of market players, and strengthen the foundation of industrial economic recovery.

 

 

 

1. Data infrastructure construction is a matter of national development and security. Opinions on building a data infrastructure system to better play the role of data were released by the Central Committee of the CPC and the State Council, proposing 20 measures. 

 

2. On December 19, 2022, the Shanghai headquarters of the People's Bank of China launched a pilot program of all-in-one domestic and foreign currency bank settlement account system in Shanghai Free Trade Zone. 242 business outlets of five banking institutions in Shanghai Free Trade Zone, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and China Merchants Bank, participate in the pilot program.

 

3. More measures have been proposed in promoting the opening up of China's service industry. The State Council recently approved a comprehensive pilot program to expand the opening up of service industry in cities of Shenyang, Nanjing, Hangzhou, Wuhan, Guangzhou, and Chengdu.

 

 

 

1. According to the preliminary statistics of the People's Bank of China, by the end of the third quarter of 2022, the total assets of Chinese financial institutions were RMB 413.46 trillion, up 10.1% year on year.

 

2. According to the Ministry of Finance, in 2022, China implemented the largest VAT rebate policy in history, with a total scale of about RMB 2.4 trillion.

 

3. According to the National Development and Reform Commission, from January to November 2022, China's crude oil output reached 188 million tons, up 3.0% year on year; The output of natural gas was 197.4 billion cubic meters, up 6.4%.

 

4. According to the State Post Bureau, from January to November 2022, the business income of China's postal industry (excluding the direct business income of Postal Savings Bank of China) totaled RMB 1227.87 billion, up 5.6% year on year. Among them, the express delivery business revenue totaled RMB 956.98 billion, up 1.6% year on year.

 

5. According to the Daqing Oilfield of PetroChina, since 2022, the production of tertiary oil recovery in Daqing Oilfield has exceeded 10 million tons. The oil production in the first 11 months reached 10.26 million tons, accounting for 37.4% of the total oil production in the oil field, a record high.

 

6. According to the National Bureau of Statistics, in November 2022, the added value of industrial enterprises above designated size in China (all industrial enterprises with annual main business income over RMB 20 million) increased by 2.2% year on year and decreased by 0.31% month on month.

 

7. According to the National Energy Administration, from January to November 2022, the total power consumption of the whole country was 7,858.8 billion kWh, up 3.5% year on year.

 

8. According to the State Administration of Foreign Exchange, in November 2022, the bank settled RMB 1,330.4 billion of foreign exchange and sold RMB 1,375.4 billion of foreign exchange. From January to November, the bank settled RMB 15,777.6 billion of foreign exchange and sold RMB 15134.4 billion of foreign exchange.

 

9. According to the data of the Ministry of Finance, in the first 11 months of 2022, the national public budget revenue was RMB 18,551.8 billion, an increase of 6.1% after deducting tax rebate, a decrease of 3% based on the natural caliber.

 

(Information Source: Economic Daily)