1. Traditional, emerging and future industries should advance neck and neck

 

In the recent inspection in Hubei, General Secretary Xi Jinping emphasized that it was necessary to adhere to the transformation and upgrading of traditional industries and cultivating and strengthening the emerging industries and future industries. The new quality productive forces should develop according to local conditions to create more shining brands.

 

2. Central state-owned enterprises accelerate development of new quality productive forces 

 

Central state-owned enterprises have taken the development of new quality productive forces as an important focus and breakthrough to promote high-quality development, and have holistically promoted scientific and technological, industrial and institutional innovations, achieving positive results. Central enterprises invested more than RMB 1 trln in research and development for two consecutive years. As a result, major scientific and technological achievements continued to emerge, the transformation of traditional industries accelerated, and strategic emerging industries flourished. Central enterprises have played an important leading role in developing new quality productive forces.

 

 

 

1. The third quarter monetary policy implementation report released by the People's Bank of China recently shows that since the beginning of this year, the prudent monetary policy has been flexible, appropriate, targeted and effective, creating a suitable monetary and financial environment for economic recovery. The report clarifies the main ideas of monetary policy in the next stage. The People's Bank of China will continue to promote high-quality financial development and the building of a strong financial country, deepen the reform of the financial system, accelerate the improvement of the central bank system, and further improve the monetary policy framework.

 

2. The Ministry of Civil Affairs and 23 other departments jointly issued Several Measures to Further Promote the Consumption of Elderly Care Services and Improve the Quality of Life of the Elderly. The plan is to promote the adaptation of supply and demand of elderly care services, expand new scenarios and new formats of elderly care consumption, and fully stimulate the vitality of elderly care service consumption and effectively improve the quality of life of the elderly through the implementation of 19 policies and measures.

 

3. The Ministry of Finance, the State Taxation　Administration and the Ministry of Housing and Urban-Rural Development issued the Announcement on Tax Policies to Promote the Steady and Healthy Development of the Real Estate Market on Nov. 13. The State Taxation Administration issued the Announcement on Reducing the Lower Limit of the pre-collection rate for land value increment tax. Policies include increasing deed tax incentives in housing transactions and reducing the lower limit of the land value increment tax pre-collection rate, which will be implemented from December 1, 2024.

 

 

 

1. China's express delivery services reached a new milestone on November 11, processing a total of 701 million packages, according to the State Post Bureau of China. This record-breaking figure represents a 9.7 percent year-on-year increase and is 151 percent of the daily average volume, reflecting the sustained growth of the logistics industry, particularly during the peak shopping period.

 

2. China's Small and Medium Enterprises Development Index increased 0.3 point month on month to 89 in October, witnessing the highest jump since the beginning of this year, the China Association of Small and Medium Enterprises said.

 

3. When the six-day exhibition closed on November 10, the value of tentative deals reached at the seventh China International Import Expo had risen 2 percent year on year to exceed USD 80 billion.

 

4. Assets under the management of China's public offering funds exceeded RMB 32 trillion by the end of September, reaching a record high, data from the Asset Management Association of China showed.

 

5. China has become the world's third largest organic food market, and in 2023 the sales of organic products exceeded RMB 100 billion. Nutritious light food such as avocado, quinoa, chickpeas, kale, deep-sea fish are favoured by consumers, and the size of the light food market is expected to exceed RMB 200 billion in 2025.

 

6. A recent survey on China's business environment for foreign investment in the third quarter of 2024 indicates that nearly 20 percent of the surveyed foreign-funded enterprises plan to increase their investment in China, up 2.07 percentage points from the previous quarter, and among them, the surveyed European enterprises have a stronger willingness to increase their investment, up 2.5 percentage points from the previous quarter, said China Council for the Promotion of International Trade.

 

7. In October, the total transaction volume of China's new and second-hand homes experienced their first increase after an eight-month decline, said the Ministry of Housing and Urban-Rural Development. In first-tier cities, new home sales volumes rose by 14.1 percent year on year, while second-hand home transactions surged by 47.3 percent year on year in October.

 

8. Revenue from commercial performances in 2023 in China reached RMB 73.994 billion, marking a 29 percent increase compared with 2019, a record high. 42.4 percent of performance venues are small theaters and other new spaces for performing arts.

 

9. China's logistics sector maintained steady growth in the first three quarters of the year, according to the China Federation of Logistics and Purchasing. During the period, commercial logistics rose 5.6 percent year on year to RMB 258.2 trillion, and in 2023, commercial logistics rose 5.2 percent year on year to RMB 352.4 trillion, said the federation.

 

10. China’s GDP in the first three quarters of 2024 reached RMB 94,974.6 billion, up by 4.8 percent year on year at constant price. The total value added of industrial enterprises above the designated size grew by 5.8 percent year on year in the first three quarters. The value added of equipment manufacturing grew by 7.5 percent year on year, and that of high-tech manufacturing up by 9.1 percent. 

 

 

(Source: Economic Daily)