Opinion

1. Increased output and revenue are guaranteed by modern protected agriculture.

Modern protected agriculture is currently being actively developed in a number of areas in an effort to meet the market's broad and high-quality consumption needs while also achieving the goal of stable agricultural product production and supply. This is an expected outcome of fast advancement of agricultural technology and integration of cutting-edge machinery and technology, given the limited basic farmland. This is also an unavoidable prerequisite for promoting agricultural modernization, adopting an all-encompassing approach to agriculture and food, and producing food from a larger geographic area and a greater variety of natural resources.

2. Encourage the integration of industrial innovation and medical technologies

Health is an important welfare for people's livelihoods, and maintaining people's health is a major obligation of contemporary nations. Since the new era, China has been at the forefront of medical technology innovation, with many inventive accomplishments toward enhancing people's lives and health being widely applied. We need to keep up with technological advancement, put more effort into researching and developing medical technology, and do a better job of promoting people's health and well-being as we embark on a new journey.

Policy

1. A TIR assembly center, the first in China certified by the International Road Transport Union (IRU), was established on May 26. Located in the Kashgar Area of the China (Xinjiang) Pilot Free Trade Zone (FTZ), the center is expected to raise customs clearance efficiency for goods from Kashgar to countries in Central Asia and Europe by at least 30 percent, and in the meantime, lower transportation costs by approximately 15 percent, according to the local customs authority. TIR stands for International Road Transports.

2. A slew of measures recently rolled out across China have begun boosting the property market, with different cities adopting specific measures to address the diverse demands of home buyers. In the latest move, authorities in Shanghai on May 27 announced nine specific measures, including easing home-purchase restrictions for non-Shanghai residents and divorced couples, allowing families with two or more children to purchase an additional home, and lowering the minimum down payment ratio for individual commercial housing mortgages.

3. The newly unveiled blueprint for establishing an IP protection system was formulated by the China National Intellectual Property Administration (CNIPA), the country's top IP regulator, and eight other authorities. The new plan aims to further expedite the examination process for invention patents, cutting it to 15 months by 2025. The trademark registration period will generally be stable at 7 months.

Data

1. The 20-year ultra-long-term special government bonds were firstly issued on the Beijing Stock Exchange on May 24, with an interest rate of 2.49 percent.

2. According to China Development Bank, it issued RMB 40.6 billion of science and technology loans from January to April, including RMB 16.5 billion of special loans for science and technology innovation and basic research.

3. Macao's GDP grew by 25.7 percent in real terms on a year-on-year basis in the first quarter of 2024, and the overall economy has recovered to 87.2 percent of its size in the same period of 2019.

4. According to Shenzhen Customs, in the first four months of this year, the total foreign trade value of the nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area reached RMB 2.69 trillion, a record high for the same period in history, with a year-on-year growth of 12.2 percent, accounting for 19.5 percent of the China's total import and export value in the same period.

5. A total of 16,805 new foreign-invested enterprises were set up in China from January to April, up 19.2 percent year on year, the data from he Ministry of Commerce recently showed.

6. Data released by the National Bureau of Statistics on May 27 showed that from January to April, the profits of major industrial enterprises totaled RMB 2094.69 billion, an increase of 4.3 percent year on year, and the gross income reached RMB 41.92 trillion, an increase of 2.6 percent year on year. Profit and revenue growths both continued in stable momentum.

7. Approved by the State Council, the Ministry of Finance will issue yuan-denominated treasury bonds worth a total of RMB 55 billion in Hong Kong Special Administrative Region in six batches in 2024. The first batch of treasury bonds worth RMB 12 billion was issued in March, and the second batch of treasury bonds worth RMB 11 billion was issued via tendering on June 5.

8. According to the Ministry of Finance, from January to April, the total business income of China's State-owned enterprises amounted to RMB 26,192.36 billion, an increase of 3.2 percent year on year. The total profit amounted to RMB 1,381.32 billion, an increase of 3.8 percent year on year.

9. Data from the China Federation of Logistics and Purchasing on May 29 showed that China’s total social logistics rose 6.1 percent year on year from January to April to RMB 111.9 trillion, and the growth rate accelerated by 0.2 percentage point compared with the first quarter. In April, China’s social logistics grew 6.6 percent year on year, an increase of 2.2 percentage points over that in March.

10. The International Monetary Fund announced on May 29 in Beijing that it lifted its prospect on China's economic growth this year to 5.0 percent. The IMF said that China's economic growth would remain resilient, and that a more comprehensive policy package would facilitate high quality economic growth.

(Source: Economic Daily)