1.Regulate all kinds of financial activities in accordance with law

 

People's Bank of China recently said it would analyze and assess economic and financial development and trend, so as to support the high-quality development of the real economy. In recent years, with more mixed industrial operations, there have been more concealed and crossover financial risks, with transmission paths being changed significantly. In order to regulate financial operations of platform enterprises, China continues to improve the rule of law in finance, and a series of regulations have been issued relating to third-party payments, internet deposits, insurance, securities, funds, etc.

 

2.Attract more high-quality foreign investment

 

In January this year, foreign investment in China totaled 127.69 billion yuan, up 14.5% year-on-year. To promote foreign investment continuously, it is necessary to create a more favorable environment for foreign enterprises to invest and conduct business in China. We need to continuously enhance cooperation quality and level of trade and investment cooperation, by relying on the advantage of China’s huge market, and attracting global resource elements through large domestic circulation. It is necessary to further expand market access, optimize business environment, and provide targeted service to foreign enterprises.

 

3.Financial support for house leasing targeting at weak points

 

People's Bank of China recently issued the opinions on financial support for rental housing market. Financial support for the house leasing market should be focused and target at weak points. Since the payback period of housing lease is generally long, and there is a comparatively large need of capital during the operation, through financial support easing the liquidity pressure, the house leasing market will develop in a healthy and sustainable way in the long term.

 

 

1.The Overall Plan of the Construction of Digital China was released by the Central Committee of CPC and the State Council recently. According to this plan, by 2025 significant progress will be made in the construction of Digital China through an integrated and coordinated promotion pattern connecting both horizontally and vertically. By 2035, China’s digital development will lead the world, with prominent achievement in the construction of Digital China.

 

2.The Action Plan for the Development of Intelligent Testing Equipment Industry (2023-2025) was issued by Ministry of Industry and Information Technology and other six departments. According to this plan, by 2025, intelligent testing technology will basically meet the manufacturing needs of users’ realms, with better capacity of supplying key components, special software, and overall equipment, and the initial formation of the industrial ecology, etc. 

 

3.Regulations on Strengthening the Confidentiality and Archives Administration Related to Overseas Issuance and Listing of Domestic Enterprises were recently jointly released by China Securities Regulatory Commission, Ministry of Finance, National Administration of State Secrets Protection, and National Archives Administration of China. These regulations will come into effect from March 31, 2023, in tandem with Measures for Trial Implementation for the Administration of Overseas Issuance of Securities and Listing of Domestic Enterprises.

 

 

1. China's GDP reached a record high of RMB 121 trillion in 2022 and scored 3-percent growth year on year in 2022, said the official statistical communique released on the website of the National Bureau of Statistics (NBS).

 

2. According to the Ministry of Science and Technology, in 2022, China's total expenditure on research and development (R&D) amounted to nearly RMB 3.09 trillion (about 456 billion U.S. dollars) in 2022 with the R&D investment intensity exceeded 2.5% for the first time. Investment in basic research accounted for 6 percent of the total R&D spending for four consecutive years.

 

3. According to data from the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing, China's Manufacturing Purchasing Managers' Index (PMI) rose to 52.6% in February.

 

4. According to the State Administration of Foreign Exchange, in January of this year, China's foreign exchange market traded a total of RMB 14.29 trillion. Among them, the bank-to-customer market turnover was RMB 2.62 trillion, and the interbank market turnover was RMB 11.67 trillion.

 

5. According to the Ministry of Finance, in January this year, China issued RMB 625.8 billion of new bonds, including RMB 134.6 billion of general bonds and RMB 491.2 billion of special bonds.

 

6. According to the Ministry of Industry and Information Technology, China's total output of lithium-ion batteries exceeded 750 gigawatt-hours (GWh) in 2022, with a year-on-year growth of more than 130%, and the total industrial output value exceeded RMB 1.2 trillion.

 

7. The China National Intellectual Property Administration reported that in 2022, the value of financing from patent and trademark pledges nationwide exceeded RMB 400 billion (about 59.4 billion U.S. dollars) for the first time, maintaining a growth rate of over 40 percent for three consecutive years.

 

8. According to the Ministry of Science and Technology, the Chinese mainland moved up to 11th place in the 2022 Global Innovation Index (GII) report, successfully entering the ranks of innovative countries.

 

9. According to the China Federation of Logistics and Purchasing, China's highway logistics freight index in February this year was 103.4 points, up 5.2% from the same period last year.

 

 

(Information Source: Economic Daily)