1. Government to bolster technology financing

 

Recently, the National Financial Regulatory Administration and the China National Intellectual Property Administration have jointly guided relevant banks to promote the pilot work of internal evaluation of intellectual property pledge financing, which is to be carried out in branches in Beijing, Suzhou, Zhejiang, Shandong, Hubei, Guangdong, Shenzhen, Sichuan and other provinces and cities. This means that intellectual property pledge financing previously applied by only some banks is expected to be promoted in more financial institutions, serving a larger number of science and technology innovation enterprises, especially Micro, Small and Medium Enterprises (MSMEs).

 

2. China's SOEs accelerating layout of strategic newly emerged industries 

 

Strategic newly emerged industries represent the direction of a new round of technological revolution and industrial transformation, and are key areas for the country to foster new growth drivers and competitive edge in the future. In recent years, SOEs (state-owned enterprises) have made every effort to develop strategic newly emerged industries and improve their core competitiveness. In the first half of this year, the investment in strategic newly emerged industries by SOEs increased by over 40 percent year-on-year, accounting for over a quarter of all investments.

 

 

1.The State Administration for Market Regulation has recently revised and introduced the "Measures for Promoting Enterprise Standardization", which will be officially implemented from January 1, 2024. The main content and highlights of the revision include adjusting the enterprise standard management mode, developing the enterprise standard policy system, and improving packaging requirements.

 

2.The All-China Federation of Industry and Commerce released the 2023 list of China's top 500 private enterprises on September 12. According to a research and analysis report released alongside the list, private enterprises from the secondary industry are still the main force of the "Top 500" and their proportion continues to increase, with manufacturing enterprises accounting for over 60 percent of the shortlisted enterprises.

 

 

1.Data from the National Bureau of Statistics on September 9 showed a continual recovery in the consumer market in August, with supply and demand relation continuing to improve. In August, the national consumer price index (CPI) rose 0.1 percent year on year from a year-on-year decline of 0.3 percent in the previous month; it rose 0.3 percent, 0.1 percent point higher, compared with the previous month.

 

2.The quarterly business yield index released by the Census and Statistics Department of the Hong Kong Special Administrative Region government showed that in the second quarter of 2023 the yield of the accommodation service sector grew 45.5 percent year on year, while that of the retail sector rose 17.5 percent year on year.

 

3.According to the People's Bank of China, as of the end of August, overall money supply (M2) increased by 10.6 percent year on year. In August, the aggregate financing to the real economy (flow) reached RMB 3.12 trillion, and new RMB loans rose by RMB 86.8 billion year on year to RMB 1.36 trillion. Outstanding RMB loans stood at RMB 232.28 trillion, registering a year-on-year growth of 11.1 percent. All displayed a continual financial support to the real economy.

 

4.According to China Association of Small and Medium Enterprises, in August, China's Small and Medium Enterprises Development Index stood at 89.4, an increase of 0.1 point over July, the third consecutive month of increase following a 0.2-point rise in June and July respectively.

 

5.According to China South-to-North Water Diversion Group, since the completion of the first phase of the South-to-North Water Diversion Project, a total of 65.4 billion cubic meters of water has been diverted to the north, which has become an important source of water for more than 280 counties in more than 40 large and medium-sized cities, and has directly benefited more than 176 million people.

 

6.According to Ministry of Water Resources, from January to August this year, the investment in China's water conservancy construction amounted to RMB 985.6 billion, with 23,600 new water conservancy projects, and RMB 736.1 billion of water conservancy construction investment has been completed, all to be the highest in the same period in history. 1.971 million people have been employed in water conservancy project construction, demonstrating it as a strong support for economic recovery and improvement.

 

7.On September 13, the People's Bank of China announced that it would issue 6-month central bank bills of RMB 15 billion in Hong Kong, of which RMB 5 billion would be renewed on a rolling basis and RMB 10 billion would be issued as an increase. It is the second time that the People's Bank of China issued offshore central bank bills within a month, conducive to the maintenance of basic stability of the offshore RMB exchange rate.

 

8.The Ministry of Finance and the government of the Macao Special Administrative Region announced on September 13 that RMB 5 billion of treasury bonds would be issued in Macao on 20 September, as a move to continuously support the development of modern finance in Macao.

 

9.The People's Bank of China is scheduled to cut the required reserve ratio (RRR) for financial institutions by 0.25 percentage points (excluding the financial institutions that have already implemented an RRR of 5 percent) on September 15, 2023. The weighted average RRR for financial institutions will be about 7.4 percent after the cut.

 

10.Data from the Ministry of Transport showed that as of August 31, a total of 327 ride hailing companies in China had obtained ride hailing operating permits, an increase of 5 from the previous month. The driver licenses and ride hailing vehicle certificates hit 6.059 million and 2.571 million respectively, rising 1.4 percent and 2.7 percent compared with the previous month.

 

 

(Source: Economic Daily)