Opinion

1. Strengthening deep integration of technological innovation and industrial innovation

Xi Jinping, general secretary of the Communist Party of China Central Committee, visited grassroots officials and people in Liaoning on the eve of the Spring Festival, pointing out that cultivating and expanding strategic emerging industries should focus on strengthening the deep integration of scientific and technological innovation and industrial innovation, and developing new quality productive forces in light of local conditions.

2. Consolidating and enhancing energy security

In 2024, China's energy security and green development have been further improved. The total amount of primary energy production has continued to increase, and energy self-sufficiency rate has remained above 80 percent. The production of raw coal, crude oil, and natural gas has been steadily increased. The development of new energy industry has achieved outstanding results, and the proportion of power generated by clean energy has continued to increase. The proportion of major industrial hydropower, nuclear power, wind power, and solar power generation has been increased to 32.6 percent.

Policy

1. China unveiled its first-ever guidelines for the insurance of new-energy vehicles (NEVs), introducing measures aimed at addressing key challenges currently facing the sector on January 24. The guidelines, jointly issued by the National Financial Regulatory Administration and three other government organs, aim to reduce maintenance costs for NEVs. They also emphasize the need for exploring the establishment of a risk-classification system for insurance models.

2. China's new tax policies aimed at stabilizing real estate market have resulted in RMB 11.69 billion (USD about 1.6 billion) in tax reductions and exemptions in their first month of implementation, according to data released on January 25 by the State Taxation Administration. The tax measures, which took effect on Dec. 1, 2024, encompass three key areas - expanded deed tax benefit, second home purchase incentives and value-added tax exemption.

Data

1. According to China Electricity Council, by the end of 2024, China’s total installed renewable energy capacity, including wind, solar, and biomass power, reached 1.45 billion kW, surpassing the total installed capacity of thermal power plants for the first time.

2. Data from GS1 China showed that in 2024, China added 21.639 million new varieties of consumer products, a year-on-year increase of 14.1 percent. Among these, 385,000 new varieties were of traditional festival cultural products, marking a 25.3 percent growth.

3. China has become the world's largest online retail market for 12 consecutive years, with online retail sales reaching RMB 15.5 trillion in 2024, the Ministry of Commerce said. China's wholesale and retail industries have made steady progress driven by various policies, providing strong support for expanding domestic demand.

4. China's general public budget revenue, which is the sum-up of tax revenue and non-tax revenue, reached more than RMB 21.97 trillion last year, increasing 1.3 percent year-on-year, the latest data from the Ministry of Finance showed.

5. The General Administration of Sport of China announced that from November 1, 2024, to January 19, 2025, skiing participation increased by 27.5 percent in Liaoning, Jilin, Heilongjiang, Beijing, Hebei, Inner Mongolia, and Xinjiang.

6. China's first independently developed and built ultra-deepwater gas field, Shenhai Yihao, also known as Deep Sea No 1, has recorded an accumulated natural gas output of over 10 billion cubic meters to date, with an oil output exceeding one million cubic meters, maintaining annual natural gas output above 3 billion cubic meters for three consecutive years.

7. The import and export value of China's northeastern region totaled RMB 1.25 trillion in 2024, up 1.6 percent year-on-year, setting a new record. Among them, exports grew by 8.1 percent, outpacing the national export growth rate by 1 percentage point, indicating enhanced openness in the region, according to customs statistics.

8. Data recently released by the Ministry of Water Resources showed advancement in the smart water management in China, and China has established 154,000 flood reporting stations, 35,000 groundwater monitoring stations, and 1.53 million water intake metering and monitoring facilities.

9. According to China Nuclear Energy Association, China's nuclear power generation continued to grow in 2024, reaching 445.2 billion kilowatt-hours, representing a 2.72 percent year-on-year increase.

10. China's mangrove restoration efforts have been noteworthy. Data from National Forestry and Grassland Administration showed that China's mangrove area has now reached 30,300 hectares, an increase of approximately 8,300 hectares since the beginning of the 21st century, making it one of the few countries globally to achieve a net increase in mangrove coverage.

(Source: Economic Daily)