1. Speeding up the construction of basic data systems 

 

A guideline for building basic data systems and giving full play to the role of data elements was released by the Central Committee of  CPC and the State Council recently, paving the way for accelerating the building of data infrastructure system. Given that data can be copied infinitely at near-zero cost, it poses new challenges to the traditional systems of property rights, circulation, distribution, and governance. Therefore, a production relationship compatible with the development of digital productivity should be urgently built to constantly liberate and develop digital productivity.

 

2. Improving long-term mechanism to maintain financial stability

 

Financial security lies in the core of the national economic security, and to prevent and resolve financial risks, as the eternal theme of financial work, is the major hurdle in China’s road to realize a high-quality development. To establish long-term mechanism to maintain financial stability requires safeguarding from the rule of law. Recently, the person in charge of the relevant department of the People’s Bank of China expressed their intention to fulfill the follow-up legislative procedures in cooperation with other relevant departments, so as to promote the legislative process of the law for financial stability. 

 

3. Real estate market expected to bottom out

 

There is still some room of China’s urbanization improvement, with great potential of rigid demand or improving demand from home buyers. More importantly, with strong economic resilience, potential, and vitality, various policies began to be effective. As the overall economy in 2023 is expected to rebound, the real estate market is about to bottom out together with the overall recovery.     

 

 

1. According to the notice jointly issued by the General Administration of Customs, the National Development and Reform Commission, and the Ministry of Commerce, starting from January 1, 2023, import tariff quota is fully verified online through paperless clearance.

 

2. To further enhance the representativeness of RMB exchange rate in the currency basket, China Foreign Exchange Trade System (CFETS) adjusted the weighting of CFETS RMB Index and SDR Currency Basket RMB Index in the the currency basket, with the new index taking effect from January 1, 2023. 

 

3. Measures to protect consumer rights of banking and insurance institutions were formulated and issued by China Banking and Insurance Regulatory Commission, and will be implemented from March 1, 2023. According to these measures, banking and insurance institutions bear the main responsibility of protecting consumer rights and interests, and the boards of directors need to assume the ultimate responsibility to protect consumer rights and interests.

 

 

1. According to the statistics of the State Film Administration, the total box office of Chinese films in 2022 stood at RMB 30.067 billion, including RMB 25.511 billion for domestic films, accounting for 84.85% of the total box office.

 

2. According to the data of the State Administration of Foreign Exchange, in the first three quarters of 2022, China's current account surplus came in at USD 310.7 billion, the highest in the same period in history, and 2.4% of GDP in the same period.

 

3. According to the data of the Ministry of Finance, from January to November 2022, the total operating revenue of China's state-owned enterprises was RMB 73,001.05 billion, up 8.5% year on year.

 

4. The People's Bank of China reported that in November 2022, the total bond issuance registered RMB 5,063.79 billion.

 

5. As of December 28, 2022, there were more than 500 listed companies on China's STAR Market. At present, the IPO financing scale is nearly RMB 760 billion, and the refinancing scale is more than RMB 100 billion yuan. The total market value is about RMB 6 trillion.

 

6.China Council for the Promotion of International Trade (CCPIT) reported that in the first 11 months of 2022, it issued 142,100 RCEP certificates with an amount of USD 6.254 billion.

 

7. From January to November 2022, China Export and Credit Insurance Corporation realized an accumulative underwriting amount of USD 817.93 billion, up 8.6% year on year, serving 179,000 enterprises, up 14% year on year.

 

8. National Railway Group reported that in 2022, China's railway fixed-asset  investment came in at RMB 710.9 billion and the new railway lines put into operation in China amounted to 4,100 kilometers, including 2,082 kilometers of high-speed railways.

 

9. In the first 11 months of 2022, China exported 2.78 million vehicles, surpassing Germany and becoming the world's second largest automobile exporter, of which the export of new energy vehicles doubled year on year.

 

 

(Information Source: Economic Daily)