1. Continuously optimizing the business environment for foreign investment 

 

The Ministry of Commerce of China has recently upgraded the establishment of a round table conference system for foreign-funded enterprises under the coordination service mechanism for foreign trade and investment. This institutional arrangement demonstrates China's determination and efforts to continuously optimize its business environment. Since the beginning of this year, China’s economy has stabilized and rebounded, but the endogenous driving force is still not strong, and demand is still insufficient. Therefore, we need to continue to take effective measures to improve the business environment, and highlight the priority on keeping  foreign investment stable, expanding its scale and improving its quality. 

 

2. Extending the applicability period of financial policies to boost confidence in the real estate market

 

The People's Bank of China and the National Administration of Financial Regulation recently issued a notice, deciding to extend the applicable period of relevant policies in the "Article 16 of Finance" of real estate issued last November to December 31, 2024. This move helps  further alleviate the financial pressure on real estate enterprises, boost market confidence, and promote the stable and sound development of the real estate market.

 

3. Attract global resources and production factors through domestic circulation

 

The Central Commission for Comprehensively Deepening Reform recently held its second meeting, which pointed out that China should give full play to its comprehensive advantages, attract global resources and production factors through domestic circulation, and upgrade  trade and investment cooperation. We need to fully understand the importance and prominent role of attracting global resources and production factors in boosting domestic circulation, take multiple measures to reduce the operating costs of foreign-funded enterprises in the Chinese market, and stabilize development expectations.

 

 

1. The Communist Party of China Central Committee and the State Council, the country's Cabinet, released a document recently detailing seven requirements to drive the development of private enterprises. 

 

2. The Ministry of Industry and Information Technology and the National Administration of Financial Regulation jointly issued the Opinions on Promoting the Normative and Healthy Development of Cyber Security Insurance, proposing 10 specific opinions in five aspects, including establishing and improving the policy standard system for cyber security insurance and boosting innovation of its products and services.

 

 

1. According to the preliminary accounting of the National Bureau of Statistics, China’s gross domestic product (GDP) in the first half of this year amounted to RMB 59.3 trillion, with an increase 5.5 percent year on year at constant prices.

 

2. Data from the National Bureau of Statistics showed that China’s total retail sales of consumer goods reached RMB 22.76 trillion in the first half of this year, with a year-on-year increase of 8.2 percent.

 

3. According to the Ministry of Commerce, there has been a rapid growth in the number of new foreign-invested enterprises in China since this year, with 24,000 new foreign-invested enterprises in the first half of this year, up 35.7 percent. FDI amounted to RMB 703.65 billion, down 2.7 percent.

 

4. According to the statistics from the customs, the value of China’s trade in goods totaled RMB 20.1 trillion, up 2.1 percent year on year. Among them, exports reached RMB 11.46 trillion, up 3.7 percent year on year, while imports reached RMB 8.64 trillion, down 0.1 percent year on year.

 

5. According to customs data, in the first half of this year, China’s import and export to ASEAN, China’s largest trading partner, amounted to RMB 3.08 trillion, up 5.4 percent year on year; China’s import and export to the EU totaled RMB 2.75 trillion, up 1.9 percent; China’s import and export to the United States reached RMB 2.25 trillion, down 8.4 percent; China’s import and export to the Belt and Road countries increased 9.8 percent, and the import and export to other RCEP member countries grew 1.5 percent.

 

6. Data from the Ministry of Industry and Information Technology showed that China’s shipbuilding output hit 21.13 million deadweight tons from January to June this year, up 14.2 percent year on year, with new orders of 37.67 million deadweight tons, up 67.7 percent year on year. By the end of June, the holding orders reached 123.77 million deadweight tons, up 20.5 percent year on year.

 

7. According to the Ministry of Water Resources, there were 17,600 new water conservancy projects in the first half of this year, with the investment scale of RMB 720.8 billion, 3,707 more projects than last year, and RMB 111.3 billion more in terms of investment scale. 

 

8. Data from the State Administration for Market Regulation showed that in the first half of this year the number of the individually-owned business increased 11.3 percent year on year of 11.365 million, showing a rapid growth rate. By the end of June, the number of registered individually-owned business was 119 million, accounting for 67.4 percent of the total number of business entities.

 

9. According to China State Railway Group, from January to June this year,  investment on fixed assets of China’s railways amounted to RMB 304.9 billion, up 6.9 percent year on year.

 

10. According to China Association of Automobile Manufacturers, China’s automobile enterprises exported 2.14 million vehicles in the first half of this year, up 75.7 percent year on year. With automobile export maintaining a rapid growth, China is expected to become the world’s No.1 automobile export country.

 

(Source: Economic Daily)