1. Exercising the responsibility of "gatekeepers" in the capital market

 

The China Securities Regulatory Commission (CSRC) has recently issued rules and regulations related to the comprehensive implementation of the registration-based system for stock issuance, and relevant supporting rules have been simultaneously issued and implemented. The registration-based administrative reform has optimized the conditions for stock issuance and listing, transforming the issuance conditions under the previous approval system into information disclosure requirements as much as possible. This kind of fair pre-performance access and gradually improved information disclosure system have put forward higher requirements for securities intermediaries to fulfill their "gatekeepers" responsibility.

 

2. Timely lowering RRR conducive to economic stability

 

The Central Bank of China has decided to cut the required reserve ratio(RRR) for financial institutions by 0.25 percentage points on March 27, 2023 (excluding those that have already implemented a RRR for 5%). This reduction will help maintain a reasonable and sufficient liquidity in the banking system, better serve the real economy, make good use of the combination of macro policies, so as to effectively upgrade and appropriately expand the economic output.

 

3. Policy combinations for ensuring stable growth 

 

China will keep to the general principles of prioritizing stability and seeking progress while maintaining stability, and push for a turnaround in the overall economic performance. We will introduce a number of policy combinations as follows: a combination of macro policies, a combination of policies for expanding demand, a combination of policies for advancing reform and innovation, and a combination of policies for preventing and defusing risks. China's economic development has a good foundation and many favorable conditions. As long as we maintain strategic determination, firm confidence in victory, and adhere to real efforts, we are fully equipped and capable of promoting the overall improvement of economic performance.

 

 

1. The "Opinions on Accelerating High-Quality Development of Primary Processing Mechanization of Agricultural Products" recently issued by the Ministry of Agriculture and Rural Affairs proposes that the mechanization rate of primary processing of agricultural products will reach over 50% by 2025 and over 70% by 2035, basically achieving mechanization.

 

2. The People's Bank of China (PBOC) issued 5 billion RMB-denominated central bank bills in Hong Kong on March 21, 2023, with a maturity of six months and an interest rate of 2.2%. The issuance was well received by overseas investors, with total bidding amount reaching about RMB 30.2 billion, over 6 times the value issued.

 

 

1. The revenue in general public budgets in China totaled RMB 4.564 trillion, down 1.2% year on year, according to the Ministry of Finance. 

 

2. Data from the Ministry of Commerce showed that from January to February this year, Chinese firms signed RMB 259.9 billion of service outsourcing contracts, with an executed contract value of RMB 161.5 billion, increasing 10.3% and 10.6% respectively year on year. 

 

3. According to the State Post Bureau, from January to February this year, the business volume of the express delivery service in China’s postal industry totaled 21 billion, with an increase of 3.0% year on year. 

 

4. Data from the Ministry of Commerce showed that foreign direct investment into China, in actual use, expanded 6.1% year on year to RMB 268.44 billion from January to February this year.

 

5. According to the Ministry of Industry and Information Technology, China’s industrial added value totaled over RMB 40 trillion, accounting for 33.2% of GDP. Among them, manufacturing industrial added value accounted for 27.7% of GDP, with the scale of manufacturing industry ranking top of the world for 13 consecutive years.

 

6. In 2023 the number of China’s domestic tourist trips is expected to be about 4.55 billion, with a year-on-year increase of 80%, as estimated by the Data Center of the Ministry of Culture and Tourism.

 

7. Data from the People’s Bank of China showed that in 2022 the total number of transactions of non-cash payments handled by Chinese banks rose 5.27% year on year to 462.649 billion, with the amount of RMB 4,805.77 trillion, up 8.84% year on year.

 

8. China’s customs revenue totaled RMB 2.28 trillion in 2022, up 13.6%, according to the General Administration of Customs. The number of import and export enterprises registered in customs reached 1.85 million, tripled from ten years ago.

 

9. According to the National Energy Administration, from January to February this year, the investment of China’s major power companies in power supply projects reached RMB 67.6 billion, with a year-on-year increase of 43.6%.

 

10. The GDP of the Guangdong-Hong Kong-Macao Greater Bay Area exceeded RMB 13 trillion in 2022, as the economic data from statistic departments of the area showed.

 

11. According to Shanghai Customs, the import and export value totaled RMB 681.56 billion in Shanghai in the first two months this year, up 0.7% over the same period last year.