1.Property market heading for solid recovery

 

A meeting held by the Political Bureau of the CPC Central Committee pointed out that we should adapt to the new situation of China's property market with major changes in supply and demand, and adjust and optimize the property policies timely. Moreover, the policy toolbox should be better applied according to local conditions, so as to satisfy people's rigid housing demand and demand for housing improvement, and promote stable and healthy development of the property market.

 

2.Guide more financial resources into private sector

 

The financial sector is duty-bound to support the development of private economy. Recently, a symposium held by the People's Bank of China on financial support for private enterprises emphasized that we should implement targeted prudent monetary policy, maintain a reasonable abundance of liquidity, strengthen the coordination on the policies of financial, fiscal, industrial and other sectors, so as to guide more resources to the private economy.

 

3.Better use financial resources in a coordinated manner to defuse local debt risks

 

It is important to coordinate all sectors so as to defuse local debt risks. A meeting recently held by the Political Bureau of the CPC Central Committee emphasized the need to effectively prevent and defuse the local debt risks, and to formulate and implement a package of policies to mitigate debt risks. In the meetings of the work plan for the second half of the year, the People's Bank of China and the State Administration of Foreign Exchange pointed out that the financial sector should coordinate to defuse local debt risks. 

 

 

1.On August 6, China's State Taxation Administration released a notice about the continued efforts to optimize measures of the "Spring Breeze Action on Tax Service", so as to boost the private sector and high-quality development, in which 28 measures to facilitate tax payments were launched.

 

2.On August 8, the Standardization Administration, the National Development and Reform Commission, the Ministry of Industry and Information Technology and other departments jointly released the 2023 edition of the guidelines on constructing the hydrogen energy industry standard system. As the first national-level guidelines on constructing the standard system for the entire hydrogen energy industry chain, the guidelines specify the key tasks of domestic and international hydrogen energy standardization over the next three years.

 

 

1. The prosperity index of China's logistics industry in July was 50.9 percent, remained in expansion territory. The business volumes of railway transportation, air transportation, warehouse storage and logistics, postal express and delivery services continue to grow, according to a survey released by the China Federation of Logistics and Purchasing.

 

2.The global manufacturing purchasing managers' index (PMI) came in at 47.9 percent in July, an increase of 0.1 percentage points from the previous month, ending the four consecutive months of declining trajectory, according to the China Federation of Logistics and Purchasing.

 

3.Traffic flow via the Hong Kong-Zhuhai-Macao Bridge has increased significantly since July 1, following the implementation of the northbound travel program and coinciding with the summer travel peak. On August 6 alone, the daily volume of inbound and outbound vehicles traveling across the bridge surpassed 10,000, a new record, according to Gongbei Customs in Zhuhai, Guangdong province.

 

4.According to data from the State Administration of Foreign Exchange, as of the end of July, China's foreign exchange reserves amounted to USD 3,204.3 billion, an increase of USD 11.3 billion or 0.35 percent compared to the end of June.

 

5.According to the China Gold Association, the national gold consumption in the first half of the year was 554.88 tons, an increase of 16.37 percent compared to the same period last year. 

 

6. China's total imports and exports expanded 0.4 percent year on year to RMB 23.55 trillion (about 3.29 trillion U.S. dollars) in the first seven months of the year. Exports reached RMB 13.47 trillion, grew 1.5 percent year on year while imports reached RMB 10.08 trillion, declined 1.1 percent from a year earlier. Trade surplus reached RMB 3.39 trillion, an increase of 10.3 percent, according to the General Administration of Customs.

 

7. China's e-commerce logistics index stood at 110.9 points in July, up 0.3 points from a month earlier, according to the latest data released by the China Federation of Logistics and Purchasing. The e-commerce logistics index is compiled based on data from JD.com, a major online retailer in China. The baseline index was set up at 100 points.

 

8. The SME development index gained 0.2 points to 89.3 in July, continued their recovery momentum for two consecutive months, the China Association of Small and Medium Enterprises said.

 

9.According to the China Association of Automobile Manufacturers, from January to July this year, China's automobile production and sales reached 15.65 million and 15.626 million units, with year-on-year growth of 7.4 percent and 7.9 percent respectively, achieving a steady increase in production and sales compared to the same period last year.

 

10. According to the National Railway Group, from January to July, China's fixed assets investment in railways was RMB 371.3 billion, up 7 percent year on year.

 

(Source: Economic Daily)