1. 5G network should be well built and applied

 

In the recently held 2023 China 5G Development Conference, the Ministry of Industry and Information Technology announced that China has built the world's largest and leading 5G network. At present, it is imperative to not only build high-quality 5G network but also apply it well. We need to develop more applications that can be massively replicated, so as to unleash the power of 5G technology, solidifying the base of digital economy.

 

2. Commodity price in stable recovery

 

Recently, with CPI in a moderate rise and a narrowing year-on-year decline in PPI, the continuous month-on-month rise in both CPI and PPI indicates that the overall price is entering a stable recovery stage. The stabilization of prices is conducive to balancing supply and demand in the market, promoting profit growth of entity enterprises and boosting the confidence of business entities, thus laying the foundation for stable recovery and improvement of economy.

 

 

1. The People's Bank of China and the State Administration of Financial Supervision recently released the Measures for the Assessment of Systemically Important Insurance Companies, which further extend the scope of assessing systemically important financial institutions (SIFIs) from banks to the insurance sector.

 

2. The Sanya Municipal Government  recently announced the Management Measures of Water Tourism in Sanya, which will come into force from December 1, 2023. According to these measures, operators should clearly mark the price of water tourism services in Sanya.

 

3. The Ministry of Commerce will work with relevant departments to revise the Catalogue of Technologies and Products Encouraged for Import, so as to support enterprises to expand the import of advanced technologies, important equipment and key components, and promote industrial restructuring, optimization, and upgrading.

 

 

1. China Innovation Index, a barometer of the country's innovation capability, climbed 5.9 percent compared to the previous year to hit 155.7 in 2022. The index has grown at an average annual rate of 6.5 percent since 2015, the base year, according to the National Bureau of Statistics.

 

2. According to the National Railway Group, in the third quarter, the country's railways delivered 1.15 billion passengers, an increase of 11.6 percent compared to the same period in 2019, and multiple transportation indicators reached historical highs.

 

3. According to the Ministry of Commerce, from January to September this year, 37,814 foreign-invested enterprises were newly established nationwide, a year-on-year increase of 32.4 percent; the actual amount of foreign investment used was RMB 919.97 billion, a year-on-year decrease of 8.4 percent.

 

4. Export deals worth 12.33 billion U.S. dollars were signed offline during the first phase of the 134th China Import and Export Fair (Canton Fair), which concluded on Oct. 19, and more than 100,000 overseas buyers have attended the Canton Fair, an increase of over 50 percent compared to the same phase last year, according to the Ministry of Commerce.

 

5. According to data from the National Bureau of Statistics, in the first three quarters, the national online retail sales reached RMB 10.8 trillion, an increase of 11.6 percent, 4.8 percentage points higher than the growth rate of the total retail sales of consumer goods.

 

6. China National Offshore Oil Corporation on Oct. 23 announced the discovery of a deep coalbed methane (CBM) field in northwest China's Shaanxi Province, with proved reserves exceeding 110 billion cubic meters. The discovery of the Shenfu deep CBM field, located at the eastern edge of Ordos Basin, in Yulin City will contribute to national energy security,

 

7. China's pharmaceutical industry has seen its main business revenues grow at an annual average of 9.3 percent since the beginning of the 14th Five-Year Plan period (2021-2025) and the sector's combined profits have grown at an annual average of 11.3 percent, the Ministry of Industry and Information Technology (MIIT) said on Oct. 24.

   

8. According to the Ministry of Water Resources, China allocated RMB 1.075 trillion and spent RMB 860.1 billion in the construction of water conservancy facilities in the first three quarters of 2023, both hit a record high during the same period in history.

 

9. China produced 271.248 metric tons of gold in the first nine months of 2023, up 1.261 tons or 0.47 percent compared with the same period last year, according to the data released by China Gold Association.

 

10. China's general public budget revenue increased 8.9 percent year on year to RMB 16.67 trillion and general public budget spending expanded 3.9 percent year on year to RMB 19.79 trillion in the first three quarters of 2023, official data from the Ministry of Finance showed. 

 

(Source: Economic Daily)