Insight
China Economic Review Mar. 28
Last Updated: 2023-03-28 17:20 | CE.cn
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Opinion
 
1.Profound reform to improve governance 
 
The first session of the 14th National People's Congress approved the State institutional reform plan on March 10. The plan displays efforts to fine-tune government functions, step up law-based administration, optimize institutional organization and configuration of functions, improve the working mechanism, and promote efficient operation of government work. As a significant move to strengthen governance abilities, this reform will have important impact on economic and social development.
 
2.Seize the strategic initiative while stay focused 
 
The 20th CPC Congress drew the blueprint of building China into a modern socialist country in all respects, and advancing the rejuvenation of China through modernization. Strategic targets in the opening year were laid down in the recently concluded two sessions, based on scientific assessment of the status quo, and the future social development, promoting the economic development in the long run.
 
Policy
 
1.The newly revised Implementation Measures for Shanghai-Shenzhen-Hong Kong Stock Connect took effect on March 13, further expanding the range of the first batch of Shanghai-Shenzhen-Hong Kong Stock Connect. In this expansion there are 598 new stocks of Shanghai Stock Connect, and 436 new stocks of Shenzhen Stock Connect, making a total of 1192 stocks of Shanghai Stock Connect and 1336 stocks of Shenzhen Stock Connect.
 
2.The notice on optimizing the management policy of foreign commercial performances released by Ministry of Culture and Tourism clarified that according to Joint Prevention and Control Mechanism of State Council, starting from March 20, local cultural and tourism administrations resumed approval procedures of in-bound and out-bound commercial performances.
 
3.Implementation Plan of Constructing the National Forest Reserves during the 14th Five-Year-Plan Period was issued recently. According to this plan, during the 14th Five-Year-Plan period, China will arrange and implement the construction of national forest reserves in a scientific way, constructing more than 36 million mu(one hectare equals 15 mu), with an increase of more than 70 million cubic meters in reserve.
 
Data
 
1.According to the preliminary statistics of the People's Bank of China, by the end of 2022, the total assets of China's financial institutions were RMB 419.64 trillion, a year-on-year increase of 9.9%. Among them, the total assets of banking institutions were RMB 379.39 trillion, a year-on-year increase of 10%; The total assets of securities institutions were RMB 13.11 trillion, a year-on-year increase of 6.6%; The total assets of insurance institutions were RMB 27.15 trillion, up 9.1% year on year.
 
2.According to data from the National Bureau of Statistics, from January to February this year, the added value of industries above designated size in China increased by 2.4% year on year, 1.1 percentage points higher than in December 2022.
 
3.According to the Ministry of Commerce, in the first two months of this year, China's total imports and exports of goods amounted to RMB 6.18 trillion, basically unchanged from the same period last year.
 
4.According to the National Energy Administration, in February this year, the electricity consumption of the whole country was 695 billion kWh, an increase of 11% year on year. The domestic electricity consumption of urban and rural residents was 110.8 billion kWh, down 9.2% year on year.
 
5.The 133rd Canton Fair is scheduled to be held in Guangzhou in three phases from April 15 to May 5. The current Canton Fair will fully resume offline exhibitions, while normalizing the operation of online platforms. The exhibition area will be expanded to 1.5 million square meters, reaching a new high in scale.
 
6. In the first two months of this year, Ningxia's imports and exports with countries along the Belt and Road reached RMB 1.38 billion, a year-on-year increase of 41.8%.
 
7.In the first two months of this year, Manzhouli Customs in Inner Mongolia supervised 765 inbound and outbound China-Europe freight trains, a year-on-year increase of 12.5%; Carrying 61,040 TEUs, a year-on-year increase of 6.9%.
 
8.The February financial statistics report released by the People's Bank of China shows that at the end of February, the balance of China's broad money supply or M2 was RMB 275.52 trillion, up 12.9% year on year.
 
9.According to the China Association of Small and Medium Enterprises, the Small and Medium Enterprises Development Index (SMEDI) in February this year was 89.6, a further 0.7 point month-on-month increase on the basis of a significant recovery last month.
 
10.According to the China Association of Automobile Manufacturers, in February of this year, the production and sales of new energy vehicles in China reached 552,000 units and 525,000 units, with a month-on-month increase of 30% and 28.7%, a year-on-year increase of 48.8% and 55.9% respectively, and a market share of 26.6%.
 
(Source: Economic Daily)

(Editor:Wang Su)

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China Economic Review Mar. 28
Source:CE.cn | 2023-03-28 17:20
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