Opinion

1. Accelerating service-oriented manufacturing

According to the 2025 Government Work Report, China will advance trials for integrated development of advanced manufacturing and modern services to accelerate the development of service-oriented manufacturing. This strategic focus aligns with global trends in manufacturing development, charts a path for China's industrial upgrading in the manufacturing sector, and demonstrates China's efforts in advancing high-quality manufacturing and building a modernized industrial system.

2. Coordinating supply-demand stimulation

China endeavors to create effective demand through providing high-quality supply, as emphasized in a special action plan to boost consumption issued recently by the General Office of the CPC Central Committee and the General Office of the State Council. This approach aims to address supply-demand imbalances and insufficient effective demand, serving as a pivotal measure to foster a new development paradigm and drive high-quality development.

3. Unlocking the potential of inbound tourism

The expanded visa-free travel policies have boosted inbound tourism significantly since last year. The streamlined procedures and extended permitted stay durations enable international visitors to experience more of China's rich culture and scenic attractions. With improved consumption environment and optimized service, inbound tourism and related spending have gained significant momentum.

Policy

1. Measures for establishing and improving a long-term supervision mechanism for charges levied on enterprises were released recently by China's State Council. Strengthened supervision of enterprise-related charges would help reduce business operational costs and optimize the business environment. It is necessary to strengthen full-process supervision and focus on building a coordinated and efficient long-term regulatory mechanism for such charges, so as to further stabilize expectations of market entities and enhance confidence in development.

2. The National Financial Regulatory Administration released the implementation plan for high-quality development of pension finance in banking and insurance sectors on March 28. The plan proposes to expand pilot programs for pension wealth management and establish a transfer mechanism for such products.

Data

1. According to the latest data from the State Administration of Foreign Exchange, China remains equilibrium in international payments in 2024. The current account surplus is USD 423.9 billion, which is 2.2 percent of the gross domestic product and remains within a reasonable equilibrium range.

2. The total revenue of China's science fiction industry in 2024 amounted to RMB 108.96 billion (about USD 15 billion), according to a report released by China Science Fiction Research Center on March 28. Notable originality was evident in the literature, derivative products and themed tourism sectors, said the center at the China Science Fiction Convention 2025.

3. The relevant person in charge of the Ministry of Commerce stated at the 2025 China EV100 that since the beginning of this year, there have been over 1.769 million applications for vehicle trade-in subsidies in China, and the cumulative retail sales of new energy vehicle passenger cars in the country have exceeded 2.05 million as of March 28, an increase of about 34 percent compared to the same period last year.

4. According to data from the Ministry of Industry and Information Technology, the added value of China's electronic information manufacturing sector above designated size increased by 10.6 percent year-on-year from January to February. Among the main products, the output of microcomputer equipment was 47 million units, a year-on-year increase of 7.2 percent.

5. According to data from the Ministry of Industry and Information Technology, China's information technology service revenue reached RMB 1,258.5 billion from January to February this year, a year-on-year increase of 10.3 percent. Among them, cloud computing and big data services increased by 8.8 percent year-on-year.

6. According to data released by the China Federation of Logistics and Purchasing and the National Bureau of Statistics on March 31, the purchasing managers' index (PMI) for China's manufacturing sector came in at 50.5 in March, up 0.3 percentage points from February, and has been operating in an expanding range for two consecutive months.

7. According to the National Data Administration, the transaction scale of the national data market exceeded RMB 160 billion in 2024, a year-on-year increase of over 30 percent. At present, 24 data trading institutions have achieved mutual recognition and interoperability, and the construction of a unified national market in the data field is accelerating.

8. The National Development and Reform Commission, the National Energy Administration, and two other departments jointly released on April 2 the first batch of pilot projects for large-scale application of vehicle network interaction, including 9 cities such as Shanghai and Changzhou, as well as 30 projects such as the Tianjin Vehicle Network Interaction Demonstration Center.

9. The Ministry of Industry and Information Technology and the Ministry of Finance recently jointly issued a notice to organize the second batch of pilot projects for the upgrading of new technologies in manufacturing sector in cities.

(Source: Economic Daily)