China Economic Review April 12
Last Updated: 2024-04-12 15:40 |
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1. China to remain fertile ground for foreign investment
In his recent meeting with representatives of US businesses, academic communities of strategic importance, President Xi stressed that China will continue the course of reform and opening up, and American enterprises are welcome to take part in China's Belt and Road construction, China International Import Expo, and other economic and trade activities, to continue investment in China, and quest for win-win cooperation through joint efforts. This remark once again expresses China's steadfast dedication to deepening reform and opening up for win-win cooperation in the new era.
2. New driving forces to support economic development
Data recently released by the National Bureau of Statistics showed that in the first two months, the new driving forces of China's economy have been cultivated, with high-tech, high efficiency and high quality industries in sound development momentum, and smart and green products in rapid growth. This indicates that China's focus on fostering new quality productive forces has generated driving force and support for high quality development.
1. A special five-month campaign aiming at facilitating cross-border trade will be conducted in 20 cities from 13 provinces in China, as coordinated by the General Administration of Customs, the National Development and Reform Commission, the Ministry of Finance, the Ministry of Transport and other ten departments.
2. China has decided to lift anti-dumping duties and countervailing tariffs imposed on imported Australian wine, the Ministry of Commerce said on March 28.
3. The implementation plan for innovative application of general aviation equipment (2024-2030) was released recently by the Ministry of Industry and Information Technology and other three departments. According to the plan, general aviation equipment will be fully integrated into all sectors of life by 2030. As a driving force for low-altitude economy, it is estimated to have a market scale of a trillion yuan.
1. As of December 2023, China had over 1.09 billion internet users, statistics from a report by China Internet Network Information Center (CNNIC) showed. The number marked an increase of 24.8 million from December 2022, according to the 53rd Statistical Report on China's Internet Development released by the institution on March 22. Approximately 77.5 percent of China's citizens are internet users, up by 1.9 percentage points year on year, the report said.
2. The procurement index of small and medium-sized businesses was 51.4 percent in January and February of this year, according to data from the Ministry of Industry and Information Technology. This figure remained within a prosperous range, and businesses' expectations were predicted to stabilize and improve.
3. Data shows that since 2024, the domestic inbound tourism orders have increased by more than three times year-on-year. Asia remains the largest source of inbound tourism, accounting for 55 percent, followed by Europe, North America and Oceania, accounting for 30 percent and 15 percent respectively.
4. China National Offshore Oil Corporation (CNOOC) announced that it has discovered an oilfield in the Bohai Sea with the tested daily output equivalent of nearly 1400 cubic meters, setting a record for the highest daily production of deep offshore oil and gas wells in China.
5. In January and February, China's telecommunication sector saw double-digit growth in business volume while maintaining overall stability. According to data from the Ministry of Industry and Information Technology, the percentage of gigabit users in China reaches a quarter, and the percentage of 5G users is almost half.
6. Since the beginning of this year, 14 ultra-deep wells have been newly put into operation in Tarim Oilfield of China National Petroleum Corp in Xinjiang, with newly-built deep-earth natural gas production capacity of over 1 billion cubic meters, providing a new source of natural gas for the cities along China's West-to-East Gas Pipeline.
7. The Boao Forum for Asia (BFA) annual conference this year took place from March 26 to 29, with the theme "Asia and the World: Common Challenges, Shared Responsibilities." The conference drew about 2,000 delegates from over 60 countries and regions. 
8. China has pledged a fresh round of large-scale equipment upgrades and trade-in of consumer goods in the fields of industry, agriculture, construction, transportation, education, culture, tourism and medical care. Initial estimates show that equipment upgrades could create an enormous market with an annual scale of more than RMB 5 trillion (about 704.19 billion U.S. dollars), said the National Development and Reform Commission (NDRC).
9. A total of 14.465 billion bank accounts were opened nationwide as of the end of the fourth quarter of 2023, a month-on-month increase of 0.64 percent, according to the People's Bank of China on March 28.
10. The Beijing-based China Association of the National Shipbuilding Industry, or CANSI, said China achieved a leading position in the global shipbuilding market by securing new orders accounted for 69.5 percent of the international market share in the first two months of this year.
(Source: Economic Daily)

(Editor:Wang Su)

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China Economic Review April 12 | 2024-04-12 15:40