1. Fostering a law-based environment for the private sector

 

Since this year, Guangzhou in Guangdong province, Bazhong in Sichuan province, Kunming in Yunnan province and other cities have promulgated regulations to promote the development of private sectors. These measures will further optimize law-based business environment for private enterprises, stabilize market expectations and boost market confidence. There are still many new areas and new tracks to be explored, offering huge opportunities for private enterprises and entrepreneurs.

 

2. Creating high-level sci-tech innovation platforms

 

Since this year, China has laid out major sci-tech innovation platforms in many places, placing sci-tech innovation in a crucial position. Building major sci-tech innovation platforms provides a solid guarantee for building strength in science and technology and achieving a high level of independence and self-reliance in science and technology. Major sci-tech innovation platforms help create a sound innovation ecology and promote the advancement of sci-tech innovation through optimizing innovation environment, building cooperation mechanisms and promoting the commercialization of scientific and technological achievements.

 

3. Promoting property market growth model transformation 

 

Since this year, the real estate market has generally shown stabilization and rebound. At present, it is necessary to accelerate the smooth transition of real estate to a new development model. The real estate industry will transform from expansion in scale to high-quality development. As China is still in the stage of growing urbanization, housing demand is still large, so real estate industry still has huge potential.

 

The National Development and Reform Commission has issued the Catalogue of encouraged industries in Guangdong-Macao In-depth Cooperation Zone in Hengqin, with 185 items in five categories, including scientific and technological R&D and high-end manufacturing industries, Chinese medicine and other Macao brand industries, cultural tourism, exhibition and trading industries, and modern financial industries.

 

 

1. According to the Ministry of Finance, from January to February this year the gross income of China’s state-owned enterprises totaled RMB 12,239.52 billion, up 5.0% year on year, with a total profit of RMB 650.56 billion, up 9.9% year on year.

 

2. Data from the State Administration of Foreign Exchange showed that by the end of 2022, the external financial assets of China’s banking sector reached USD 1518.6 billion, with USD 1352.2 billion of external liabilities, and USD 166.5 billion of net external financial assets.

 

3. The Digital Freight Logistics Development Report released by China Federation of Logistics and Purchasing showed that the market scale of China’s road freight market was around RMB 5 trillion in 2022.

 

4. The White Paper on the Development of China’s Toy and Baby Product Industry in 2023 issued by China Toy and Baby Products Association showed that China’s exports of toys (games excluded) in 2022 reached USD 48.36 billion, rising 5.6% over the previous year. 

 

5. According to Ministry of Commerce, China’s service trade continued to maintain its growth, with the total service imports and exports reaching RMB 969.58 billion, an increase of 1.7% year on year.

 

6. Data from the State Administration of Foreign Exchange showed that China’s current account surplus reached USD 401.9 billion in 2022, of which the surplus of goods trade was USD 668.6 billion, and the deficit of service trade was RMB 92.3 billion. 

 

7. According to China Futures Association, the turnover of China’s futures market in March reached 724 million lots, with a turnover of RMB 49.9 trillion, increasing 33.94% and 21.84% month-on-month respectively.

 

8. According to China Federation of Logistics and Purchasing, China’s logistics industry prosperity index was 55.5%, up 5.4 percentage points from the previous month, with an increase over five percentage points in two consecutive months.  

 

9. Asian Development Outlook in 2023 released by the Asian Development Bank showed that China’s rapid economic recovery will boost the prospects of regional and global growth. The report predicts that China’s economic growth rate is expected to reach 5%, and the growth rate of developing economies in Asia is expected to reach 4.8%.

 

10. According to Shanghai Bureau of Statistics, foreign direct investment in Shanghai in terms of actual use was USD 4.961 billion, up 18% over the same period last year. 

 

11. According to China Federation of Logistics and Purchasing, China’s e-commerce logistics index was 108.3 points in March, up 1.1 points compared with the previous month, and the bulk commodity index was 103.4%, up 0.6 percentage point from the previous month.

 

(Source: Economic Daily)