Insight
China Economic Review Feb.9
Last Updated: 2023-02-09 21:50 | CE.cn
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Opinion
 
1. Let finance better serve real economy
 
Recently, People's Bank of China and China Banking and Insurance Regulatory Commission both expressed their intention in deepening the supply-side structural reform on finance, guiding the big banks in serving small companies, supporting their capital supplement, and maintaining the stable development of financial market. At present, the major contradiction faced by China’s economy lies in the insufficient overall demand. Therefore, we need to promote the quality and efficiency of the supply system, so as to boost effective demand and overall demand through high-quality supply. We also need to enhance the adaptivity of finance to the real economy and implement a sound monetary policy.   
 
2. Potential, space, and momentum to expand investment
 
To better play the role of investment is vital for China to resume economic growth and high-quality development during the uncertain conditions of consumption and export. Actively expanding effective investment can help fuel domestic demand, keep the major economic indicators within the appropriate range, optimize supply structure, and improve the quality of supply. Overall, there is still potential, space, and momentum to expand investment in China.
 
 
Policy
 
1. Measures to further promote foreign investment in establishing research and development centers were released by Ministry of Commerce and Ministry of Science and Technology. According to these measures, more support will be put to expand foreign investment in establishing research and development centers and conducting innovation activities in China. 
 
2. Guidelines to promote the development of energy electronics industry were released by the Ministry of Industry and Information Technology and other five departments. According to the guidelines, new breakthroughs in industrial technology, advanced industrial base, more modernized industrial chain, and industrial ecosystem will be achieved by 2025.   
 
 
Data
 
1. According to the data released by the Ministry of Finance, in 2022, China's general public budget revenue was RMB 20,370.3 billion, an increase of 0.6% over the previous year, and an increase of 9.1% after deducting the tax rebate factor; The national general public budget expenditure was RMB 26,060.9 billion, an increase of 6.1% over the previous year.
 
2. According to the Ministry of Industry and Information Technology, the scale of China's mobile internet of things users has expanded rapidly. By the end of 2022, the number of connections reached 1.845 billion, a net increase of 447 million over the end of 2021, accounting for 70% of the global total.
 
3. According to the Ministry of Commerce, China's total imports and exports of services reached RMB 5,980.19 billion in 2022, up 12.9% year on year, and the trade in services has maintained rapid growth.
 
4. According to the National Bureau of Statistics, in 2022, China's cultural and related industrial enterprises above designated size achieved an operating revenue of RMB 12,180.5 billion, up 0.9% from the previous year.
 
5. The monitoring of key e-commerce platforms by business big data shows that online retail sales of agricultural products in China reached RMB 531.38 billion in 2022, an increase of 9.2% year on year, and the speed of growth increased 6.4 percentage points over 2021.
 
6. According to the Ministry of Commerce, the total retail sales of consumer goods in China reached RMB 44 trillion in 2022, and the market sales scale remains basically stable.
 
7. According to the data of China Gold Association, China's domestic raw material gold output in 2022 was 372.048 tons, an increase of 43.065 tons compared with the same period in 2021, with a year-on-year increase of 13.09%.
 
8. According to the State Administration of Foreign Exchange, in 2022, the surplus of foreign exchange settlement and sales by banks was US $107.3 billion, and the surplus of cross-border receipts and payments by non-banking sectors was US $76.3 billion. China's cross-border capital flow remains generally stable, and the supply and demand of foreign exchange market remains basically balanced.
 
9. According to the preliminary calculation of the National Bureau of Statistics, the annual gross domestic product (GDP) in 2022 was RMB 121,020.7 billion, an increase of 3% over the previous year at constant prices.
 
10. According to the Ministry of Commerce, China's imports and exports of goods exceeded RMB 40 trillion in 2022, reaching RMB 42.1 trillion, up 7.7%.
 
11. In 2022, the service outsourcing contracts undertaken by Chinese enterprises reached RMB 2,437.1 billion, and the executed amount reached RMB 1,651.4 billion, up 14.2% and 10.3% respectively year on year.
 
(Information Source: Economic Daily)

(Editor:Wang Su)

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China Economic Review Feb.9
Source:CE.cn | 2023-02-09 21:50
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