1. The opening of capital market speeds up again

 

The China Securities Regulatory Commission has approved the establishment of four foreign-owned institutions this year, with a pace much faster than the previous three years. Accelerating the integration into the global financial system will not only reduce market fluctuations by bringing in medium and long term foreign capital, facilitating diversified financing for domestic enterprises, but also promote domestic financial institutions to participate in international competition, and enhance core competitiveness, technological innovation and upgrading of real economy. 

 

2. Obtain new competitive advantage through high-quality products 

 

Outlines on building the nation strong in producing high-quality products were issued recently, so as to promote the transformations from Made in China to Created in China, China Speed to China Quality, Chinese products to Chinese brands. According to these outlines, the long term vision and key missions to build the country strong in producing high-quality products are clarified, with requirement in terms of promoting quality and efficiency-oriented development, enhancing competitiveness of industries, and accelerating the upgrading of product quality.

 

3. Balanced and stable foreign exchange market with solid foundation

 

The RMB exchange rate has performed relatively steadily among major global currencies, and cross-border capital flows have become more balanced since last year. China's foreign exchange market has become more resilient, with enhanced capacity to adapt to the changing external environment. China's economy is resilient, with great potential and vitality. The fundamentals of China's economy remain unchanged and they will maintain long-term growth. The foreign exchange market has the foundation and conditions for smooth running, and the cross-border capital flows will be more stable.

 

 

1. Opinions of the CPC Central Committee and the State Council on advancing rural revitalization on all fronts in 2023 were officially released recently, putting forward requirements such as strengthening agricultural science and technology and equipment support, and expanding channels for farmers to increase their income. 

 

2. The State Council recently approved the establishment of China-Philippines Economic and Trade Innovative Development Demonstration Park, and agreed the overall plan in principle, including 16 tasks such as constructing the cross-border e-commerce center and the cold chain logistics center.

 

3. Opinions on further strengthening financial and accounting supervision were released by General Office of the CPC Central Committee and General Office of the State Council recently, putting forward requirements on further improving financial and accounting system, enhancing financial and accounting working mechanism, and increasing financial and accounting supervision and safeguarding measures in key areas.

 

 

1. According to the State Administration for Market Regulation, as of January this year, there were 170 million market entities in China, and 114 million registered self-employed businesses nationwide, accounting for two-thirds of the total number of market entities in China.

 

2. According to the National Bureau of Statistics, in January this year, China's consumer price index (CPI) rose 2.1% year on year, 0.3 percentage points higher than the previous month.

 

3. According to the financial statistics of the People's Bank of China, China's RMB loans increased by RMB 4.9 trillion in January this year, an increase of RMB 922.7 billion year on year.

 

4. According to the Ministry of Commerce, China's industry-wide foreign direct investment in 2022 was RMB 985.37 billion, up 5.2% year on year (equivalent to USD 146.5 billion, up 0.9% year on year).

 

5. According to the State Administration of Foreign Exchange, China's trade in goods maintained growing trend in 2022, with a surplus of USD 685.6 billion, up 22%.

 

6. Up to now, China has hosted 156 comprehensive bonded zones. In 2022, the import and export value of the national comprehensive bonded zones reached RMB 6.56 trillion, accounting for 15.6% of the national total.

 

7. The Ministry of Industry and Information Technology recently released a statistical bulletin on the communications industry in 2022, which showed that China's 5G mobile phone users reached 561 million, accounting for 33.3% of mobile phone users, 2.75 times the global average (12.1%).

 

8. According to the State Administration of Foreign Exchange, in January this year, China had a surplus of RMB 16.9 billion in foreign exchange settlement and sales, and a surplus of RMB 238.8 billion in cross-border receipts and payments by non-banking sectors. The domestic supply and demand of foreign exchange remained basically balanced.

 

9. According to China National Intellectual Property Administration, by the end of 2022, China owned 4.212 million valid invention patents, and the number of high-value invention patents per 10,000 people reached 9.4.

 

10. According to China Machinery Industry Federation, the main economic indicators of China's machinery industry   achieved steady growth in 2022. By 2022, there were 111,000 enterprises above designated size in the machinery industry, an increase of 12,000 over the previous year.

 

(Information Source: Economic Daily)