1. Fiscal policies to promote economic turnaround

 

Since this year, in the face of the complex international environment and the arduous task of domestic reform, development and stability, China has implemented macro control measures, and rolled out a slew of policies as counter-cyclical adjustments. Implementation of a serious of measures such as proactive fiscal policies, accelerating expenditure, tax and fee deduction, and special bonds have enhanced the overall economic recovery.

 

2. More efforts needed to ease burdens on enterprises 

 

A video conference was held recently by the State Council inter-ministerial mechanism aiming to ease burdens on enterprises. As enterprises are still facing many difficulties, including high costs, lack of confidence, illegal fees and charges, it is necessary to attach great importance to this issue and continue to alleviate burdens on enterprises, so that business entities, especially small and medium-sized enterprises will develop with less burden.

 

 

1. In accordance with the carbon peak pilot program, Zhangjiakou and other 24 cities, as well as 10 zones including Changzhi High-tech Industrial Development Zone are among the first batch of carbon peak pilot cities and zones, the National Development and Reform Commission said.

 

2. China has introduced a variety of measures to facilitate employment and entrepreneurship for the 2024 university graduates, according to a guideline released by the Ministry of Education.

 

3. The guideline on promoting the high-standard institutional opening-up of China (Shanghai) Pilot Free Trade Zone to be in line with high-standard international economic and trade rules was released by the State Council, focusing on seven aspects including speeding up the expansion of opening-up in services trade, and taking the 6lead in implementing high-standard digital trade regulations. The free trade zone is expected to lead to the building of a demonstration zone, with institutional system and regulatory model being formed in compliance with high-standard economic and trade rules.

 

 

1. China's service trade value exceeded RMB 5.34 trillion (about USD 751.65 billion), grew 8.7 percent year on year in the first 10 months of this year, data from the Ministry of Commerce showed.

 

2. The revenue and profits of China's state-owned enterprises (SOEs) and state holding enterprises registered steady expansion in the first 10 months of this year. The combined operating revenue of these enterprises stood at RMB 68.97 trillion (about USD 9.71 trillion) during the period, up 3.9 percent year on year. Their total profits rose 7.1 percent from the same period last year to RMB 3.83 trillion, according to the Ministry of Finance.

   

3. China's Southern island province  Hainan recorded 6.23 million duty-free shoppers in the first 11 months of this year, surging by 59.6 percent year on year. During the period, the shoppers bought offshore duty-free products worth RMB 40.7 billion (about 5.7 billion U.S. dollars), up 26.1 percent year on year. Meanwhile, a total of nearly 48 million duty-free products were sold, up 4.5 percent, said the Haikou Customs.

 

4. The China-Laos Railway has increased its transport capacity and efficiency since it was launched two years ago, boosting regional economic development. The railway has handled 24.2 million passenger trips and transported 29.1 million tonnes of cargo as of December 2, according to the China State Railway Group Co., Ltd.

 

5. China's total foreign trade value logged positive year-on-year growth for two consecutive months. In November, the data showed that China's total goods imports and exports expanded 1.2 percent year on year. The growth pace is 0.3 percentage points faster than that registered in October, according to the data released by the General Administration of Customs on December 7. 

 

6. China's logistics sector registered more rapid expansion in November. The index tracking the country's logistics market performance stood at 53.3 percent in November, up 0.4 percentage points from October, according to the China Federation of Logistics and Purchasing.

 

7. China has handled its 120 billionth express mail on December 4 this year, setting a new record for its annual express delivery volume, according to the State Post Bureau. 

 

8. The China-Europe Railway Express operated a total of 16,145 trains that transported nearly 1.75 million twenty-foot equivalent unit containers of goods in the first 11 months of this year, up 7 percent and 19 percent year on year, respectively, data from the China State Railway Group Co., Ltd. showed. The total volume of goods transported during this period already exceeded the total volume recorded in the whole of 2022.

 

9. China's e-commerce logistics index, an indicator of logistics operations in the e-commerce sector, stood at 113.1 points in November, up 1.2 points from a month earlier. The sub-index tracking total business volume stood at 124.1 points in November, marking an increase of 1.7 points from October, according to the China Federation of Logistics and Purchasing.

   

10. China's foreign exchange reserves came in at USD 3.1718 trillion at the end of November, up from 3.1012 trillion dollars at the end of October, the State Administration of Foreign Exchange said on December 7.

 

(Source: Economic Daily)