1. Accelerated development of China's computing power industry

 

Computing power is a new type of productivity in the era of digital economy, which is presenting itself as a new driver for empowering technological innovation and bolstering industrial upgrading. China is improving the infrastructure  for computing power and accelerating its application and building a national computing power network and data center clusters. These efforts aim to boosting the high-quality development of the computing industry. 

 

2. China continues to be the driver of global development

 

China's economy achieved a good start in the first quarter,  continued its recovery trajectory in the second quarter, and has steadily improved the quality of development in the third quarter. Facing a complex and severe external environment, China's economy has withstood pressure, stabilized its scale, and improved its quality, injecting confidence and momentum into the global economic recovery.

 

 

1. China's Ministry of Finance released a notice on Aug. 25 and called for efforts to fully implement fiscal and tax policies to support small and medium-sized enterprises (SMEs) to boost their high-quality development, including reducing taxes and fees, coordinating fiscal and financial policies, and leveraging the role of fund guidance.

 

2. China will extend the preferential individual income tax policy for overseas talent working in the Guangdong-Hong Kong-Macao Greater Bay Area to Dec. 31, 2027 to support the area's development, according to a circular jointly released by the Ministry of Finance and the State Taxation Administration.

 

3. China halved the 0.1 percent stamp duty on stock transactions effective on Aug. 28, 2023 to invigorate the capital market and boost investor confidence, according to the Ministry of Finance and the State Taxation Administration.

 

 

1. According to the Ministry of Commerce, with the steady progress being made in the construction of China-ASEAN Free Trade Area, the bilateral trade volume totaled RMB 975.3 billion, up 11.2 percent year on year, expanding 1.2 times in a decade. 

 

2. According to the National Development and Reform Commission, in the past ten years, China has signed more than 200 Belt and Road cooperation documents with 152 countries and 32 international communities, covering 83 percent of the countries that have established diplomatic relations with China.

 

3. According to the State Administration of Foreign Exchange, in July the export and import of China's international trade in goods and services totaled RMB 3.771 trillion in 2022. Of this, the export of goods recorded RMB 1.829 trillion, and the import recorded RMB 1.443 trillion, resulting in a surplus of RMB 385.5 billion.

 

4. According to the State Administration of Foreign Exchange, from January to July, a total of RMB 147.33 trillion was traded in the Chinese foreign exchange market. Of this, the Chinese foreign exchange market recorded total transaction of RMB 23.57 trillion in July.

 

5. The 14th China-Northeast Asia Expo ended on August 27. During the five-day expo, 99 international and local projects have been signed, with the investment of RMB 84.475 billion, a new record high of investment scale. 

 

6. Data showed that from January to July the industrial added value of China's home appliance industry grew 8.9 percent year on year, 5.1 percentage points higher than the average industrial growth rate. In the first half of this year, the revenue of home appliance industry reached RMB 914.54 billion, up 7.11 percent year on year. 

 

7. According to Chinese box office tracker Dengta data, as of 21:52 on August 26, the total box office (pre-sale included) of the summer season exceeded RMB 20 billion, and the single-day box office exceeded 100 million for 67 consecutive days, setting a new record.

 

8. Data from the People's Bank of China on August 28 showed that in July, total bond issuance registered RMB 5.745 trillion. Of this, the issuance of treasury bonds and local government bonds reached RMB 931.88 billion and RMB 619.14 billion, respectively. The interbank money market transactions increased by 24.4 percent year on year to RMB 182.2 trillion, with a month-on-month increase of 7.5 percent.

 

9. Performance reports from three telecom companies showed that in the first half of the year the gross income of China Mobile, China Unicom, and China telecom reached RMB 530.7 billion, RMB 191.833 billion, and RMB 260.7 billion, respectively, up 6.8 percent, 8.8 percent, and 7.6 percent year on year, respectively.

 

10. According to China Federation of Logistics & Purchasing, from January to July, China's social logistics amounted  RMB 189.9 trillion, up 4.7 percent year on year. Import logistics amounted to RMB 10.1 trillion, up 13.8 percent year on year. In July, logistics of raw material manufacturing was increased by 8.8 percent year on year, 2 percentage points higher compared with that in June. 

 

(Source: Economic Daily)