1. Development model transformation of real estate sector

 

China’s real estate sector has shown signs of improvement this year, after a crucial transformation as the old model characterized by high debt, leverage and turnover became unsustainable. To ensure long-term stability and sustainable growth, the industry is shifting toward a new model.

 

2. China adds certainty to the economy of Southeast Asian countries

 

Visa-free policies facilitate the exchange of people between China and Southeast Asian countries, which have become favored destinations for Chinese tourists to travel and Chinese enterprises to invest in, and also promote a closer trade relationship between China and ASEAN countries. As China’s economy continues to improve, it becomes a stabilizer for the Southeast Asian and world economy.

 

 

1. The Ministry of Transport plans to build 3,000 charging piles and 5,000 charging parking spaces at freeway service areas this year, to improve the charging service capacity along the freeways.

 

2. According to the Blue Book of China Aerospace Science and Technology Activities 2023 released on February 26, China is projected to make about 100 space launch missions in 2024, which will set a new record for the country. 

 

3. The National Development and Reform Commission and the National Energy Administration recently issued a document to enhance the regulation capacity of China’s power system. By 2027, the capacity of China’s pumped storage power stations is about to exceed 80 million kilowatts, a smart dispatching system accommodating the new power system will be formed, and the utilization rate of new energy will be maintained at a reasonable level.

 

 

1. The value of China's registered privately offered funds stood at RMB 20.33 trillion (about USD 2.86 trillion) and the number of registered privately offered funds stood at 153,756 at the end of January 2024, according to the Asset Management Association of China. 

 

2. With the rapid recovery of global tourism, the number of foreign tourists coming to China has increased rapidly. The latest data from South Korea shows that the number of Korean tourists coming to China in January this year has increased nine times year-on-year.

 

3. Chinese foreign exchange market recorded transactions worth a total of RMB 24.67 trillion (USD 3.47 trillion) in January, according to data released by the State Administration of Foreign Exchange on Feb. 26.

 

4. China intensified its crackdown on tax-related offenses to mitigate tax revenue losses in 2023. In particular, approximately RMB 16.6 billion (about USD 2.3 billion) was recovered during crackdowns on crimes related to export tax rebates, said a recent statement made by eight departments, including the State Taxation Administration and the Ministry of Public Security.

 

5. The number of valid invention patents in Chinese universities reached 794,000 by the end of 2023, with scientific research institutions holding an additional 229,000 patents. These figures collectively account for a quarter of the total patents in the country, according to the National Intellectual Property Administration.

 

6. China's photovoltaic technology has accelerated upgrades in 2023. It is estimated that the production capacity of polysilicon, silicon wafers, batteries, and components has reached new high, and the total industry output value exceeds RMB 1.7 trillion, according to the Ministry of Industry and Information Technology.

 

7. The Shenhai Yihao ultra-deepwater gas field comprehensive processing platform with a total weight of more than 14,000 tonnes is fully installed in the Yacheng waters in Hainan. After the second phase of the project is put into production during the year, the annual output of the ultra-deepwater gas field can be increased from 3 billion cubic meters to 4.5 billion cubic meters, according to the China National Offshore Oil Corporation

 

8. China recorded more than 57.3 million air passenger trips in January, a surge of 44.1 percent year on year, data from the Civil Aviation Administration of China showed on Feb. 29.

 

9. China has made remarkable progress in the transport sector over the past five years. The total length of the country's comprehensive transport network has exceeded 6 million kilometers, the Ministry of Transport said on Feb. 28.

 

10. The Beijing base of the China Conservation and Research Center for Giant Panda is set to commence operations in 2025, with 50 giant pandas planned to be introduced, according to the local authorities. The base, which is currently under construction, is situated within the Qinglonghu Forest Park in Fangshan District and covers a total area of approximately 2,000 mu (about 133.3 hectares).

 

(Source: Economic Daily)