China Economic Review May 27
Last Updated: 2024-05-27 14:04 |
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1. Tourism craze boosts vitality of urban innovation 
In addition to being a powerful tool for economic growth and job creation, tourism also serves as a conduit for cross-cultural learning and interchange. Developing tourism sector can contribute to a city's innovative vitality and improve people's global perspective.
2. Following an all-encompassing approach to food according to local conditions
Food is of primary importance to the people. Following an all-encompassing approach to food, and developing a diversified food supply system are important ways to meet people's growing need for a better life. Among them, the primary principle that must be adhered to is engaging in grain production, animal husbandry, fishing, and forestry according to local conditions.
1. The State-owned Assets Supervision and Administration Commission of the State Council has initiated the second round of original technology source layouts for China's central state-owned enterprises (SOEs). This initiative aims to assist 40 SOEs in developing 52 original technology sources that span 36 fields, including quantum information, brain-like intelligence, and biological manufacturing.
2. China on May 15 enforced a policy allowing visa-free entry of foreign tourist groups aboard cruise ships via all cruise ship ports along the country's coastline. Tourist groups each consisting of two foreigners or more, and organized or received by Chinese travel agencies, can enter China visa free on board cruise ships via the cruise ports in 13 Chinese cities, including Shanghai, Tianjin, Guangzhou, Sanya, and others, according to the National Immigration Administration (NIA). The tourists can stay in China for no longer than 15 days. 
3. On May 10, the Ministry of Finance and the Cyberspace Administration of China jointly issued the "Interim Measures for the Management of Data Security of Accounting Firms", which will be implemented from October 1, 2024, to strengthen the management of data security of accounting firms and standardize their data processing activities.
1. The Ministry of Finance issued the third and fourth series of this year's savings bonds from May 10 to 19. Both series are fixed-rate and fixed-term types, with a total maximum issuance of RMB 30 billion. The third series has a term of 3 years, with a maximum issuance of RMB 15 billion and an annual interest rate of 2.38 percent. The fourth series has a term of 5 years, with a maximum issuance of RMB 15 billion and an annual interest rate of 2.5 percent.
2. On May 10, the State Administration of Foreign Exchange released the latest data showing that in the first quarter, China's current account surplus was USD 39.2 billion, with a trade surplus of USD 121.1 billion in goods and a trade deficit of USD 61 billion in services. In the capital and financial accounts, reserve assets increased by USD 43.4 billion.
3. China Public Procurement Development Report (2023) was released by the China Federation of Logistics and Purchasing on May 10. According to the report, the total amount of public procurement in China in 2023 was RMB 46 trillion, ensuring the needs of national economic development.
4. According to customs statistics, in the first quarter of this year, the China-CEEC Economic and Trade Cooperation Demonstration Zone in Ningbo achieved an import and export value of RMB 420 million with Serbia, an increase of 40.5 percent year on year.
5. The latest data from the People's Bank of China showed that from January to April, the quality and efficiency of financial support for the real economy in China continued to improve, and the strength of financial support for the real economy remained solid. At the end of April, the balance of broad money (M2) was RMB 301.19 trillion, an increase of 7.2 percent year on year, maintaining reasonable and sufficient liquidity.
6. According to the Ministry of Water Resources, this year, the Ministry of Finance and the Ministry of Water Resources allocated RMB 4 billion in central government subsidies for rural water supply maintenance and arranged RMB 3 billion to implement 60 small-scale water diversion projects in counties, while also encouraging local governments to use fiscal transfer payment funds, aiming to complete a total investment of RMB 100 billion in rural water supply projects throughout the year.
7. According to the Ministry of Finance on May 13, it plans to issue ultra-long-term special government bonds with terms of 20, 30, and 50 years this year. The first issuance was on May 17, and the issuance will be completed by mid-November.
8. According to Xiamen Customs statistics, in the first four months of this year, imports and exports from Fujian to ASEAN reached RMB 157.1 billion, a year-on-year increase of 14.5 percent, setting a record high for the same period.
9. According to China South-to-North Water Diversion Group, the first phase of the eastern and middle routes of the South-to-North Water Diversion Project has transferred a total of 72 billion cubic meters of water, benefiting over 176 million people in seven provinces along the route.
10. Since its independent customs operation in May 2020, the Shanghai Yangshan Special Comprehensive Bonded Zone now has a total area of 25.94 square kilometers, with 1,591 registered enterprises within the zone, achieving a cumulative import and export volume of over RMB 780 billion, with an average annual compound growth rate of over 40 percent.
(Source: Economic Daily)

(Editor:Wang Su)

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China Economic Review May 27 | 2024-05-27 14:04