Opinion

1. Boosting consumption in key areas

Consumption is an important engine of economic growth and a key part in smoothing domestic circulation. The Central Economic Work Conference emphasized the need to vigorously boost consumption and expand domestic demand in all aspects. Currently, insufficient effective domestic demand is the main factor restricting economic development. We need to strengthen policy support on key areas especially against the backdrop of continuously increasing external uncertainties.

2. Accelerating the cultivation of the cultural and tourism industries as pillar industries

The cultural and tourism industries are key areas for inheriting traditional culture, developing modern civilization, and demonstrating the mission of the times. To cultivate cultural and tourism industries as pillar industries, it is necessary to improve infrastructure and develop cultural and tourism trades.

Policy

1. The comprehensive service platform for the development of the private sector (myjj. ndrc. gov.cn) has been officially launched recently, according to the National Development and Reform Commission.

2. The National Food and Strategic Reserves Administration and six other departments recently issued the National Whole Grain Action Plan (2024-2035), encouraging enterprises and social capital to establish a whole grain industry development fund in a market-oriented manner, and promoting the deep integration of capital chain, talent chain, and innovation chain in the whole grain industry.

Data

1. Data from China Federation of Logistics & Purchasing on December 19 showed that a total of 3,286 enterprises obtained the qualification licenses for e-commerce logistics. With more enterprises running the business and intensified market concentration, the transaction-focused form of e-commerce logistics has entered into a new development stage.

2. In November, the total retail sales of consumer goods reached RMB 4,376.3 billion, up by 3.0 percent year-on-year. From January to November, the total retail sales of consumer goods reached RMB 44,272.3 billion, up by 3.5 percent year-on-year, data from the Ministry of Commerce showed.

3. China's non-financial outbound direct investment increased 11.2 percent year-on-year in the first 11 months of the year, according to the Ministry of Commerce on December 19.

4. Since September, China’s trade-in program has boosted the sales of consumer goods. More than one million electric bicycles have been sold so far under the trade-in program, according to the Ministry of Commerce.

5. Xinjiang Uygur Autonomous Region's foreign trade in the first 11 months of the year reached RMB 403.11billion, up 26 percent year-on-year, registering the fastest growth rate among all provincial-level regions around the country. It’s the first time for the region’s trade value to exceed the mark of RMB 400 billion.

6. China has built more than 1,200 smart factories and more than 230 advanced smart factories. Development of new modes such as personalized and flexible manufacturing, virtual production and intelligent services is accelerating, said the Ministry of Industry and Information Technology.

7. After handling the 50 millionth twenty-foot equivalent unit this year on Dec 22, Shanghai Port officially became the world's first port to cross the 50 million mark for annual container throughput, solidifying its competitiveness as the world's busiest container port for 15 consecutive years, said the port's operator Shanghai International Port (Group) Co., Ltd.

8. China has seen a significant shift in farmland distribution, with both northern and southern regions reporting growth after years of divergent trends. China's total farmland now spans 1.929 billion mu, with an increase of 11.2 million mu, according to the 2023 national land use survey.

9. China’s railway cargo volume totaled 350 million tonnes in November, up 5.5 percent year-on-year, with a daily loaded cargo trains of more than 194,000, hitting a record high, according to China State Railway Group.

10. China’s domestically developed games generated overseas sales of USD 18.557 billion in 2024, with a year-on-year increase of 13.39 percent, according to a report on the overseas launch of China’s domestically developed games in 2024.

(Source: Economic Daily)