Insight
China Economic Review Jan. 15
Last Updated: 2025-01-15 14:59 | Economic Daily
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Opinion
 
1. China's economy rises to the challenges and moves forward
 
In the process of delivering the goals and tasks of the 14th Five-Year Plan, China has proactively responded to the impacts of the changing environment at home and abroad, and adopted a full range of policies to make solid gains in pursuing high-quality development. China's economy has rebounded and is on an upward trajectory.
 
2. Proactive fiscal policies to spur stable growth and confidence
 
China has taken a proactive approach to macroeconomic policies in 2024, promoting the growth momentum of the economy. A batch of policies have been implemented, such as one trillion yuan of ultra-long-term special treasury bonds, the fiscal interest subsidy policy for bank loans related to equipment upgrades, special-purpose treasury bond funds, and fiscal incremental policies. 
 
Policy
 
1. The General Administration of Customs released 16 measures as a new round of support for the integrated development of Yangtze River Delta region. The measures aim to foster the development of new quality productive forces, reduce logistics costs for improving efficiency across all modes of transport, optimize the port business environment, safeguard the borders, and update the technology-based governance.
 
2. If new energy vehicles can meet actual usage needs, their proportion in the total annual procurement of official vehicles should not be less than 30 percent in principle, the Ministry of Finance said in a notice unveiled recently. 
 
3. China announced interim measures for the implementation of a flexible retirement system to enforce the previously adopted policy of incrementally raising the statutory retirement age. The measures stipulated the procedures for applying for flexible retirement and the requirements for receiving basic pensions, among other details.

Data
 
1. Northwest China's Xinjiang Uygur Autonomous Region has seen a record 300 million visits this year, a 14 percent increase compared to last year. The region's tourism revenue reached around RMB 355.2 billion (about USD 49.4 billion), marking a 21 percent year-on-year rise.
 
2. A prototype of the CR450 bullet train that will run at 400 kilometers per hour debuted in Beijing on December 29, 2024. The CR450 is capable of running at 450 kilometers per hour in tests, highlighting China's cutting-edge advancements in rail technology, the China State Railway Group Co., Ltd. (China Railway) said.
 
3. According to the National Energy Administration, China's energy self-sufficiency rate remained above 80 percent in 2024, and the country's newly installed renewable energy capacity exceeded 300 million kilowatts, accounting for over 85 percent of all newly installed capacity.
 
4. China's first domestically built large cruise ship, Adora Magic City, has completed 84 journeys and welcomed 600,000 tourists in the first year of its commercial operation, according to Shanghai Customs. The ship embarked on its maiden voyage on Jan. 1, 2024 and gained popularity among tourists, accounting for 40 percent of China's international cruise market in 2024.
 
5. China created a total of 11.98 million new urban jobs in the first 11 months of the year, official data showed on Dec. 27, 2024. Since the beginning of this year, the employment situation has been generally stable among young people, including college graduates, while the scale of rural migrant workers continued to grow, according to the Ministry of Human Resources and Social Security.
 
6. China invested a record RMB 1.35 trillion (about USD 187.8 billion) in the construction of water conservancy facilities in 2024, according to the Ministry of Water Resources,
 
7. According to the Air Logistics Branch of the China Federation of Logistics and Purchasing, a total of 168 new international cargo routes were opened nationwide in 2024, achieving a more tightening international air cargo network.
 
8. In 2024, China's fixed-asset investment in the railway sector grew by 11.3 percent year on year, reaching RMB 850.6 billion, according to China Railway. The length of new rail tracks put into operation was 3113 kilometers throughout the year, including 2457 kilometers of high-speed rail tracks.
 
9. According to statistics from Haikou Customs, in 2024, Haikou Customs supervised a total of RMB 30.94 billion in duty-free shopping on Hainan islands, with 5.683 million shoppers.
 
10. The throughput of the Three Gorges Hub reached 159 million tons in 2024, exceeding the expected target, data from the administration of navigational affairs on the Yangtze River under the Ministry of Transport showed.
 
(Source: Economic Daily) 

(Editor:Liao Yifan)

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China Economic Review Jan. 15
Source:Economic Daily | 2025-01-15 14:59
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