1. Effective fiscal policies to stabilize economy

 

China's economy resumed its recovery in 2023, bolstered by proactive fiscal policies and macro controls. Annual fiscal revenue remained on a recovery trajectory, fiscal expenditures kept rising, and the full potential of programs like tax and fee reductions and special bonds was realized.

 

2. Increasing the scope and depth of digital commerce

 

Digital trade, a new type of trade in the age of digital economy, is an in-depth integration of modern trade and Internet technology. Its innovative business concepts, increased trade efficiency, lower trade costs, and removal of trade obstacles provide it a major competitive advantage. It has developed into a new trade development trend that is gaining momentum and creating new opportunities for global economic growth.

 

 

1. The Ministry of Industry and Information Technology and eight other departments recently jointly unveiled a work plan for digital transformation of raw materials industry (2024-2026), proposing that by 2026, China's raw materials industry will make significant progress in digital transformation, key enterprises will complete diagnostic assessment of digital transformation, and digital technology will be deeply applied in R&D, design, production, business management, market services, among others.

 

2. The Ministry of Industry and Information Technology, along with six other authorities and departments, unveiled a guideline recently, urging the country to grasp global opportunities in technology innovation and industrial development, especially in six future directions: future manufacturing, future information, future materials, future energy, future space and future health. The guideline also said China aims to achieve breakthroughs in future industries like 6G, humanoid robots, quantum computers, high-speed trains, next-generation aircraft, green intelligent ships and unmanned watercraft.

 

3. On January 29th, the State-owned Assets Supervision and Administration Commission of the State Council held a meeting, proposing that in 2024, it will promote the comprehensive implementation of the "one enterprise, one policy" assessment and carry out the market value management assessment of listed companies on a full scale.

 

 

1. According to the State Administration of Foreign Exchange, in December 2023, the export and import of China’s international trade in goods and services totalled RMB 4339.1 billion, up 2 percent over the same time last year. Of this, the export of goods recorded RMB 2056.8 billion and the import recorded RMB 1646.8 billion, resulting in a surplus of RMB 409.9 billion. The export of services recorded RMB 228.0 billion and the import recorded RMB 407.6 billion, resulting in a deficit of RMB 179.6 billion. 

 

2. The newly-added installed capacity of renewable energy hit 510 million kilowatts worldwide in 2023, of which China's contribution accounted for more than 50 percent, the National Energy Administration said.

 

3. Data from the Ministry of Finance showed that in 2023, the main benefit indicators of state-owned and state-controlled enterprises continued to grow steadily, with a stable upturn momentum. The total corporate profits amount to RMB 4633.28 billion, an increase of 7.4 percent year on year.

 

4. According to the People's Bank of China, in 2023, the bond market saw a total issuance of RMB 71.0 trillion, up 14.8 percent year on year. Specifically, RMB 61.4 trillion of bonds were issued in the interbank bond market, while issuances in the exchange-traded bond market totaled RMB 9.6 trillion.

 

5. As one of China’s 172 major water conservation and water supply projects and a major water infrastructure in Guangdong-Hong Kong-Macao Greater Bay Area, the Pearl River Delta Water Resources Allocation Project began operating on January 30, with the slow rise of the Xijiang River water intake gate on the Liyuzhou Island in Foshan’s Shunde District, Guangdong Province.

 

6. Data from the National Bureau of Statistics showed that the business revenue of China’s 73,000 major cultural and related enterprises reached RMB 12.95 trillion in 2023, an increase of 8.2 percent over the previous year.

 

7. According to the government work reports of Shanghai, Jiangsu, Zhejiang and Anhui, the GDP of these provinces and municipality exceeded RMB 30 trillion mark in 2023, further playing a supporting role in China’s high-quality development.

 

8. As of the end of 2023, China’s registered individually owned business reached 124 million, accounting for 67.4 percent of the total business entities and employing nearly 300 million people, according to a press conference held by the State Council Information Office on January 31.

 

9. The Green Book of China's Tourism was released on January 31. It said China's per capita travel spending in 2023 was RMB 4,984, an increase of RMB 1,189 from 2020, and more than 45 percent of the respondents expected more travel spending in the coming year.

 

10. According to the Ministry of Finance, China’s general public budget revenue exceeded RMB 21 trillion in 2023, up 6.4 percent year on year. Revenues in eastern, central, western, and northeastern regions grew by 6.7 percent, 6.9 percent, 10.7 percent, and 12 percent, respectively, with 31 provinces all obtaining positive growth in fiscal revenues.

 

 

(Source: Economic Daily)