1. China's attraction to multinational corporations is not just its huge market

 

Numerous executives from global multinational corporations have recently embarked on a series of visits to China, which has attracted close attention, reflecting the firm confidence of multinational corporations in China's economic prospects. In addition to the ultra large market, China's manufacturing strength and innovation capabilities also have strong appeal to multinational corporations. The close integration between multinational corporations and the Chinese market largely determines their development speed and quality.

 

2. Creating a market environment for fair competition

 

The recent executive meeting of the State Council of China emphasized the importance of creating a market-oriented, law-based, and internationalized business environment. Considering the actual needs of enterprises, China will accelerate the implementation of targeted and efficient policy measures in batches, in terms of relaxing market access, promoting fair competition, and protecting intellectual property rights. We need to implement these policies as soon as possible, clear the obstacles, and enable business entities to focus on development in a fair, orderly and competitive market environment.

 

3. Unleashing auto consumption potential

 

From June to December this year, the Ministry of Commerce will organize the "Hundred Cities Interaction" Automobile Festival and the "Thousand Counties and Ten Thousand Towns" New- Energy Vehicle Consumption Season. This move is conducive to further boosting automobile consumption. The automobile industry is an important pillar of national economy and a key field to boost domestic demand and expand consumption. It is necessary to further improve the consumption environment, innovate and expand consumption scenarios, enhance residents' willingness to consume, and release more potential of automobile consumption.

 

 

1. The National Development and Reform Commission, the Ministry of Education and six other departments have recently released guidelines on promoting the integration of industry and education in the vocational education sector. By 2025, there will be about 50 national pilot cities focused on the integration of industry and education and the country will build and cultivate more than 10,000 enterprises focused on the integration of industry and education.

        

2. China's key joint-stock banks, including China Merchants Bank, Shanghai Pudong Development Bank, Everbright Bank, China CITIC Bank, and China Minsheng Bank have officially announced a reduction in renminbi deposit rates on June 12, with a 5-15 basis points cut for three-year and five-year deposits following the recent rates adjustment by the country's State-owned banks.

 

3.The Chinese government has signed a memorandum of understanding with the Honduran government on jointly promoting the Belt and Road Initiative on June 12.

 

 

1.Data from the National Bureau of Statistics showed that China's consumer price index (CPI) rose 0.2% year on year in May this year, with an increase of 0.1 percentage point over the previous month. Producer price index (PPI) fell 4.6% year on year, with a decline of 1.0 percentage point over the previous month.

 

2.Data from the People's Bank of China showed that by the end of the first quarter of this year, the assets of China's financial institutions totaled RMB 439.33 trillion, with an increase of 10.8% year on year, of which the assets of banking institutions totaled RMB 397.25 trillion, with an increase of 11% year on year.

 

3.According to the Ministry of Water Resources, in the first five months of this year, the water conservancy construction investment amounted to RMB 410.6 billion, with an increase of 32.1% over the same period last year. There were 17 new major water conservancy projects, with an investment of RMB 654.7 billion in water conservancy construction.

 

4.The People's Bank of China and the Central Bank of Argentina recently renewed the bilateral currency swap agreement, with the size of RMB 130 billion or ARS 4.5 trillion, and the effective period of the agreement will be three years.

 

5.Data from China Association of Automobile Manufacturers (CAAM) showed that in May this year, the numbers of China's automobile production and sales reached 2.333 million and 2.382 million, up 21.1% and 27.9% year on year respectively. In the first five months, the numbers of automobile production and sales reached 10.687 million and 10.617 million respectively, both up 11.1% year on year.

 

6.Data from the People's Bank of China showed that in May this year RMB loans increased by RMB 1.36 trillion, with RMB 541.8 billion less than the same period last year. RMB deposit increased RMB 1.46 trillion, with RMB 1.58 trillion less than the same period last year. By the end of May, total social financing was RMB 361.42 trillion, up 9.5% year on year.

 

7.According to the Ministry of Commerce, economic and trade cooperation between China and Arab countries continues to maintain a steady development momentum this year. From January to April, the bilateral trade reached USD 134.86 billion, an increase of 2.1% year on year.                     

 

8.The Ministry of Finance issued RMB 12 billion worth of treasury bonds in Hong Kong SAR on June 14. Throughout this year, the Ministry of Finance will issue RMB 30 billion worth of treasury bonds in Hong Kong in four terms.

 

 

(Source: Economic Daily)