1. To upgrade traditional industries

 

China has attached much importance to accelerate the construction of a modernized industrial system supported by real economy. In recent years, new industries have been developed in many places, while the upgrading of traditional industries has been neglected. Developing traditional industries not only consolidates the foundation of modernized industrial system, but also provides technology, personnel, brand, and market support for new industries. It helps maintain China’s competitive advantages, and is vital to build China as a country strong in manufacturing.

 

2. To maintain upgrading the manufacturing sector

 

It is important to maintain upgrading the manufacturing sector so as to accelerate the construction of modernized industrial system and promote the high-quality development of the manufacturing industry. To grasp the opportunities of the new round of technological reform and industrial transformation, and forge the new global competitive advantage, it is imperative to upgrade the manufacturing sector to be advanced, smart, and green, and to enhance the competitive advantage of productive efficiency, cost, and green manufacturing. 

 

3. To promote the cooperation in trade and investment

 

The Global Trade and Investment Promotion Summit 2023 was held on May 24 in Beijing. At present, global trade and investment are facing multiple challenges, so it is important to enhance consensus and promote opening-up and cooperation together. Opening-up and cooperation are instrumental for the world economic recovery and the development of human beings. We should abandon unilateralism and cold war attitude, uphold opening-up and cooperation, against closing and conflicts, so as to create more opportunities in opening-up, solve problems in cooperation, and realize mutual development.

 

 

1. People’s Bank of China and the State Administration of Foreign Exchange initiated pilot projects in Beijing, Guangdong, and Shenzhen, to optimize policies for multinational corporations in centralized management of the cross-border capital of local and foreign currencies, and increase the freedom in running  cross-border capital for multinational corporations.

 

2. The Ministry of Industry and Information Technology recently issued the Implementation Plan for Beijing-Tianjin-Hebei region in Coordinated Development of Industries. According to this plan, by 2025, the division of industries in the region will be clearer, so as to cultivate competitive groups of advanced manufacturing industries and industrial chains.

 

 

1. According to the State Administration of Financial Supervision and Administration, at the end of the first quarter of this year, the total assets of Chinese insurance companies were RMB 28.4 trillion, an increase of 4.5% or RMB 1.22 trillion from the beginning of the year.

 

2. According to the Ministry of Finance, in the first four months of this year, China's general public budget revenue reached RMB 83.171 trillion, an increase of 11.9% year on year.

 

3. According to the 2023 White Paper on the Development of China's Satellite Navigation and Positioning Industries, the overall output value of China's satellite-enabled navigation and positioning services reached RMB 500.7 billion in 2022, a year-on-year increase of 6.76%.

 

4. From January to April this year, China's power generation from industrial enterprises above designated size reached 2.73 trillion kWh, a year-on-year increase of 3.4%. In April, 658.4 billion kWh of electricity were generated, an increase of 6.1%.

 

5. According to the data of the People's Bank of China, in April this year, China's bond market issued a total of RMB 62.154 trillion of various bonds.

 

6. According to data from the Ministry of Commerce, from January to April this year, China's non-financial outbound direct investment reached RMB 289.29 billion, a year-on-year increase of 26.6%.

 

7. According to the Asset Management Association of China, as of the end of April this year, the value of managed fund was RMB 20.75 trillion, an increase of RMB 416.73 billion compared to the previous month, and a month-on-month increase of 2.05%.

 

8. According to the latest data from the State Administration of Market Regulation, 5.03 million individually-owned businesses were registered in the first quarter of this year, a year-on-year increase of 14.3%.

 

9. According to data from the State Post Bureau, the postal industry completed a total of 46.8 billion postal services from January to April this year, a year-on-year increase of 13.7%.

 

10. From January to April this year, China-Europe freight train operated a total of 5,611 trips, transporting 609,000 TEUs of cargos, an increase of 17% and 32% respectively year on year.