Opinion

1. Accelerating the formation of new quality productive forces

According to data from the National Bureau of Statistics, the added value of industries above designated size increased by 6.5 percent year-on-year in the first quarter of this year, with a growth rate of 0.8 percentage points faster than the fourth quarter of last year. The contribution rate of industry as a ballast to macroeconomic growth has reached 36.3 percent. While the industrial sector is running steadily and improving, the pace of high-end, intelligent, and green industrial development is accelerating. The vitality of industrial transformation and upgrading is constantly increasing, and new quality productive forces are expanding.

2. The rebound of private investment releasing positive signals

Private investment is one of the indicators of economic vitality. In the long run, the release of private investment vitality ultimately depends on reform. We need to further promote the market-oriented reform of production factors, break down the implicit barriers that hinder private investment, and reduce burdens for the private enterprises.

Policy

1. China has released a guideline for improving the country's pilot free trade zones (FTZs) to further promote high-standard opening up and high-quality development. The guideline, issued by the Communist Party of China Central Committee and the State Council, called for promoting the optimization and upgrading of trade of goods, invigorating the development of services trade, and supporting innovative development in digital trade.

2. China will expand its comprehensive pilot programs to accelerate opening up of the service sector, according to the State Council on April 21. The pilot programs will cover key sectors such as finance and healthcare and include measures like improving social security services for foreign residents and promoting inter-hospital data sharing,

3. China's Ministry of Culture and Tourism on April 21 launched a tourism promotion campaign centering on the 15th China Tourism Day, which falls on May 19. Running until May 31, the campaign will feature over 6,000 beneficial measures for tourists nationwide, with more than RMB 1 billion (about USD 138.78 million) of subsidies to be provided by over 60 cooperative entities including Meituan and Alipay.

Data

1. China's general public budget expenditure expanded 4.2 percent year on year to RMB 7.28 trillion in the first quarter of this year, the Ministry of Finance said on April 18.

2. The added value of China's central state-owned enterprises reached RMB 2.6 trillion, with the total profit of RMB 646.27 billion in the first quarter of this year. Effective investment continued to expand, with investment in major national projects and programs exceeding RMB 1 trillion, including those aligned with major national strategies, building up security capacity in key areas, as well as the large-scale renewal of equipment and the trade-in of consumer goods, and fixed-asset investment (real estate included) reaching RMB 851.3 billion.

3. The Ministry of Industry and Information Technology has certified more than 400 SMEs in AI sector as specialized, high-end and innovation-driven "little giants". For further development of the sector, more support with patient capital will be given to nurture such SMEs and enterprises to become industry leaders.

4. A total of 128 shipping routes on the Silk Road Maritime platform handled 1098 trips, managing a container throughput of 1.2706 million TEUs in the first quarter this year, marking 17.7 percent and 13.7 percent year-on-year growth respectively.

5. The China Copyright Protection Center reported 2.827 million software copyright registrations in 2024, with a 13 percent year-on-year increase, marking a historic peak.

6. China's civil airports recorded 1.46 billion passenger trips and 12.4 million aircraft movements in 2024, up 15.9 percent and 5.9 percent year on year respectively, both setting new highs, according to the China Civil Airports Association.

7. China's bank wealth management market enjoyed steady growth momentum in the first quarter. The balance of wealth management products stood at RMB 29.14 trillion at the end of March, up 9.41 percent year on year, according to the latest data provided by the China Banking Wealth Management Registration and Depository Center.

8. Bilateral trade between China and Kenya reached a record high in the first quarter of the year. According to the General Administration of Customs, goods trade between the two countries in the first three months climbed 11.9 percent year on year to reach RMB 16.13 billion, marking the sixth consecutive quarter of growth.

9. According to data released by the Ministry of Culture and Tourism, 1.79 billion domestic trips were made in the first quarter, with a 26.4 percent rise, or an increase of 375 million trips, compared with the first quarter of 2024.

10. China's total outbound direct investment (ODI) rose 6.2 percent year on year to USD 40.9 billion in the first quarter of 2025, according to data released by the Ministry of Commerce.

(Source: Economic Daily)