1. Accelerating innovation and upgrading of national-level economic and technological development zones

 

Recently, 10 departments including the Ministry of Commerce have issued a notice, proposing 12 supporting measures to attract investment and accelerate the innovation and upgrading of national-level economic and technological development zones. This move will further play a leading role in bolstering the scale of investment in manufacturing sector and stabilizing the industrial and supply chains. Giving full play to the advantages of open platforms and industrial clusters, we will continue to promote high-level opening-up, build a modern industrial system, and advance high-quality development.

 

2. Solid foundation for keeping prices stable

 

The Central Economic Work Conference stressed that we should focus on stabilizing growth, employment and prices, effectively preventing and diffusing major risks, and promoting the overall improvement of economic performance. This year, we have laid a solid foundation for keeping commodity prices stable. The fundamentals of China's economy have not changed in the long term. China has the advantages of complete industrial system, large market and rich policy toolbox. At the same time, the Chinese government adheres to a prudent monetary policy to create a sound monetary and financial environment for maintaining stable price levels.

 

3. Enhancing the power and vitality of the domestic and international circulation

 

We are still facing complex and severe situations and challenges in enhancing the power and vitality of the domestic and international circulation. On the one hand, the problem of insufficient aggregate demand is prominent, and on the other hand, the global economy faces multiple downward risks. To accelerate the construction of a new pattern of economic development, it is necessary to smoothen and expand the domestic circulation, form a complete domestic demand system, attract global resources and factors of production with the domestic circulation, and make better use of both domestic and international markets and resources.

 

 

1. The CPC Central Committee and the State Council recently issued the "Outline of the construction of a high-quality economy". The main goals proposed are: by 2035, the foundation of the construction of a high-quality economy will be more solid; the culture of high quality will prevail; comprehensive strength on quality and brand will reach a higher level.

 

2. According to the relevant notice of the Ministry of Culture and Tourism, China's travel agencies and online tourism enterprises resumed the pilot operation of outbound group travel and "air ticket+hotel" business for Chinese citizens to relevant countries from February 6. The 20 pilot countries include Thailand, Indonesia, Cambodia and so on.

 

3. 13 departments, including the State-owned Assets Supervision and Administration Commission of the State Council, have recently formulated a work plan to support the high-quality development of medical institutions run by state-owned enterprises. The plan specifies that state-owned enterprises shall implement the responsibility of funding for medical and health institutions in accordance with the current system and the reform requirements in relevant fields.

 

 

1. Data from the State Administration of Foreign Exchange showed that as of the end of January this year, China’s foreign exchange reserves stood at around USD 3.185 trillion, up 1.82% of USD 56.8 billion from the end of 2022.

 

2. According to China National Light Industry Council, in 2022 the operating revenue of China’s light industry enterprises above designated size reached RMB 24 trillion, up 5.4% year on year, with profits of RMB 1.53 trillion, up 8.2% year on year. 

 

3. Data from People’s Bank of China showed that the RMB loan balance of inclusive finance was RMB 32.14 trillion, up 21.2% year on year. 

 

4. Data from China Banking and Insurance Regulatory Commission showed that as of the end of 2022, the total assets of financial institutions in banking industry reached RMB 379.4 trillion, with a year-on-year increase of 10%.

 

5. According to China Federation of Logistics and Purchasing, in 2022 China’s total logistics is expected to exceed RMB 340 trillion, up about 3.6% year on year, with the revenue of logistics industry expected to reach RMB 12 trillion, an increase of about 5% year on year. 

 

6. According to China Gold Association, during this year’s Spring Festival and Lantern Festival, China’s gold consumption increased 18.2% year on year, showing a momentum of rapid rebound.

 

7. Data from Beijing Stock Exchange showed that in 2022 it issued government bonds of RMB 950.238 billion, including RMB 831.91 billion of national bonds and RMB 118.328 billion of local government bonds.  

 

8. According to the 2022 statistical bulletin of China’s communication technology issued by the Ministry of Industry and Information Technology, the number of China’s 5G cell phone users reached 561 million, accounting for 33.3% of the whole cell phone users, 2.75 times of the global average of 12.1%.

 

9. According to Haikou Customs, since the implementation of zero tariff policy of Hainan Free Trade Port, the cumulative value of imports out of the zero tariff policy by the end of January this year reached RMB 15.456 billion, with a tax relief of RMB 2.726 billion. 

 

10. In 2022, the GDP of Haidian District exceeded one trillion yuan, making it the first municipal district in Beijing and the second in China in terms of GDP over RMB 1 trillion. 

 

(Information Source: Economic Daily)