China Economic Review Sept. 18
1. Cultivating more outstanding enterprises in agricultural services trade
The confidence to cultivate more outstanding enterprises in agricultural services trade lies in the opportunities China’s agricultural trade in services is facing. Based on agriculture and services, the enterprises need to rely on advantages of digital economy and reshape competitive patterns, so as to promote the agricultural service trade to a new stage.
2. Encouraging and guiding private enterprises to make good use of innovative policy tools
For private enterprises, to make good use of innovative policy tools such as real estate investment trusts (REITs) will not only alleviate difficulties faced by enterprises in accessing affordable financing, but also revitalize stock assets, optimize asset structure, and stimulate the vitality of enterprises.
3. Promoting both digital industrialization and industrial digitization
As the representative of emerging technology and advanced productivity, digital economy has become a key force in reorganizing global factor resources, reshaping global economic structure, and changing global competition pattern. To promote deep integration of digital and real economy is not only the trend of scientific and technological revolution, and industrial change, but also a significant step to advance high-quality development of China’s economy.
1. China’s six largest state-owned banks announced a reduction in deposit rates targeting medium and long-term deposits on September 1. It’s the second-time banks have reduced deposit rates this year, and the reduction is five basis points higher than that at the previous round.
2. Beijing and Shanghai announced on September 1 the policy adjustment for defining first-time homebuyers. According to this adjustment, as long as members of families applying for housing loans do not own any apartment in the city, they should be treated as first-time homebuyers during their home loan application process. Thus Beijing, Shanghai, Guangzhou, and Shenzhen have all implemented this policy adjustment.
3. National Development and Reform Commission announced on September 6 that according to Article VII of the Regulation on Petroleum Prices, the gasoline and diesel fuel prices will not be adjusted this time, the amount of the unadjusted will be accumulated or balanced out in the next price adjustment.
1. China State Railway Group Co., Ltd. said the country's railways handled a record-high total of 830 million passenger trips from July 1 to Aug. 31 summer travel season.
2. China's central bank said that it will cut forex reserve requirement ratio for financial institutions by 2 percentage points from Sept. 15. The reserve requirement ratio will be reduced to 4 percent from the current 6 percent
3. According to China National Nuclear Power, in the first half of the year, its performance continued to maintain a good growth rate, with a year-on-year increase of 4.99 percent in gross revenue, reaching RMB 36.298 billion; The net profit attributable to the parent company increased by 11.09 percent year-on-year, reaching RMB 6.042 billion.
4. The listed companies on the Beijing Stock Exchange saw their total gross revenue go up 4.43 percent year-on-year to RMB 77.03 billion in the first half of this year, 90 percent of the companies managed to turn a profit, said the exchange.
5. According to the China Federation of Logistics and Purchasing, in August, China's warehousing index was 52 percent, a decrease of 0.2 percentage points from the previous month, still above 50 percent, and remained in expansion for seven consecutive months.
6. The 2023 China International Fair for Trade in Services (CIFTIS), held in Beijing from Sept. 2 to 6, has attracted over 2,400 offline exhibitors and over 6,700 online exhibitors, with a total of nearly 280,000 attendees and a total of over 1,100 outcomes.
7. According to the State Administration of Foreign Exchange, as of the end of August, the scale of China's foreign exchange reserves was USD 3,160.1 billion, a decrease of USD 44.2 billion or 1.38 percent compared to the end of July.
8. According to the General Administration of Customs, the total imports and exports of China's trade in goods in the first 8 months was RMB 27.08 trillion. Among them, the imports and exports in August reached RMB 3.59 trillion, a year-on-year decrease of 2.5 percent and a month-on-month increase of 3.9 percent.
9. According to the Asset Management Association of China, as of the end of the second quarter, the total scale of asset management business of fund management companies and their subsidiaries, securities companies, futures companies, and private fund management institutions exceeded RMB 68 trillion.
(Source: Economic Daily)