1. Firmly expanding domestic demand and boosting consumption

 

At present, the overall recovery trend of China's consumer market continues, and it is necessary to unswervingly implement the strategy of expanding domestic demand and restore and expand consumption through various measures. This is not only the natural choice to achieve high-quality development, but also the defining feature in advancing Chinese modernization. We need to unleash consumption potential through multiple measures, promote consumption upgrading, cultivate new types of consumption, innovate consumption scenarios, and actively leverage the role of private enterprises in restoring and expanding consumption.

 

2. Building an intelligent modern industrial system 

 

Promoting industrial intelligence needs the support of infrastructure and basic technological capabilities. We should actively promote innovation in intelligent equipment, promote smooth function of digital infrastructure, encourage enterprises to vigorously strengthen basic and applied research, boost the supply of common technologies, accelerate the building of technology systems, standard systems, and product systems, and strive to promote the advancement of industrial foundation, modernize the industrial and supply chain, and extend the value chain with high value-added potential and toward high-end standard.

 

3. Building a green modern industrial system 

 

Promoting green development of industries is not only an inherent requirement for high-quality economic and social development, but also a key to achieving harmonious coexistence between humanity and nature. Clean industrial energy use is an important prerequisite for building a modern industrial system. We need to further increase the proportion of green energy such as hydrogen and electricity, gradually reduce the reliance on fossil fuels, actively explore the efficient utilization of traditional energy, and create a sustainable industrial supply system.

 

 

1. The State Council recently released a circular on deepening reforms in some eligible free trade zones (FTZs) and the Hainan Free Trade Port to align with high-standard international economic and trade rules amid efforts to boost institutional opening-up. The eligible FTZs are located in Shanghai, Guangdong, Tianjin, Fujian and Beijing, according to the circular.

 

2. The Ministry of Industry and Information Technology has made the 6GHz spectrum available for 5G and 6G systems from July 1, according to a revised regulation made public recently. China is the first country to globally  provide the 6GHz band (6,425-7,125 MHz) for the development of 5G and 6G.

 

3. The Ministry of Commerce and the General Administration of Customs issued a notice on imposing export restrictions on industrial products and materials containing gallium and germanium. The restrictions will take effect from August 1.

 

 

1. China's ports have maintained a good momentum this year. The port cargo throughput reached 6.75 billion tons from January to May, up 7.9 percent year on year. 

 

2. Data from the State-owned Assets Supervision and Administration Commission of the State Council showed that from January to May this year, the investment of China's centrally-administered State-owned enterprises totaled RMB 1.7 trillion up 12.5 percent year on year, among which the investment on fixed assets (real estate excluded) reached RMB  1 trillion, up 20.4 percent.

 

3. The white paper on China's protection of intellectual property rights in 2022 released by China National Intellectual Property Administration showed that by the end of 2022, the number of valid invention patents in China reached 4.212 million, up 17.1 percent year on year.

 

4. According to China Federation of Logistics and Purchasing, China's logistics prosperity index in June was 51.7 percent, up 0.2 percentage point from the previous month. Among them, the new order index was 50.4 percent, back to the prosperous interval again.

 

5. Data from the Ministry of Finance showed that from January to May this year,  gross income of China's State-owned enterprises totaled RMB 32.9 trillion, with an increase of 6.2 percent year on year, and the profit of SOEs totaled around RMB 1.784 trillion, with an increase of 10.9 percent year on year.

 

6. Data from the National Bureau of Statistics showed that the profit of China's industrial enterprise above designated size fell 12.6 percent year on year in May. The decline eased by 5.6 percentage points compared with April, narrowing down for three consecutive months, and the profits of enterprises showed a steady recovery trend.

 

7. According to the Shenzhen Customs, since the return of Hong Kong to the motherland 26 years ago, trade between the Chinese mainland and Hong Kong grew from RMB 420.87 billion in 1997 to RMB 2.04 trillion in 2022, with the scale of trade increasing 3.8 times.

 

8. According to the Ministry of Industry and Information Technology, from January to May this year, the gross income of China's software business totaled RMB 4.324 trillion, up 13.3 percent year on year, the profit totaled RMB 492.2 billion, up 12.2 percent year on year, and software exports reached USD 18.9 billion, down 3.7 percent year on year.

 

9. China's social logistics amounted to RMB 129.9 trillion from January to May this year, up 4.5 percent year on year, with a slight increase of 0.1 percentage point from January to April in terms of year-on-year growth.

 

(Source: Economic Daily)