Opinion

1. Sustainably amplify the effectiveness of macro policies

Since the beginning of this year, with the implementation of a series of proactive and robust macro policies aimed at stabilizing employment, enterprise operations, and market expectations, business sentiment in both manufacturing and non-manufacturing sectors have continued to improve. New growth drivers have shown sustained positive trends, and business confidence in market development has remained stable.

2. Refining credit restoration to stimulate corporate vitality

Credit is a comprehensive assessment of an entity's ability to fulfill contractual obligations and its trustworthiness. In market economy, credit is as valuable as gold and has become an intangible asset for businesses. As of Q1 this year, market regulatory authorities nationwide have restored a total of 8.7779 million records of corporate illegal and dishonest information, a year-on-year increase of 34.52 percent. This will further invigorate enterprises and support their development.

Policy

1. The Public Computing Power Service Platform of the Guangdong-Hong Kong-Macao Greater Bay Area started development on June 13. The platform, set to go online in August this year, integrates monitoring, scheduling, and operation of computing power resources. It will incorporate computing resources from the Greater Bay Area with the national platform, and enable market-oriented operation of computing power.

2. The State Administration for Market Regulation released the regulation on the registration and management of individual businesses on June 14. The regulation, which will take effect on July 15, aims to further standardize the registration and management of individual businesses, protect their legitimate rights and interests, and promote high-quality development.

3. China has reaffirmed its support for the national consumer goods trade-in program, ensuring continued funding to sustain the government subsidy payment throughout 2025. The central government has earmarked RMB 300 billion (USD 41.84 billion) in treasury bonds to support local authorities in implementing the program in 2025, doubling that of last year. Two tranches of the central funding, totaling RMB 162 billion, were issued in January and April to support first-half implementation, with further allocations planned for July and October to cover the third and fourth quarters of the year.

Data

1. China's broad money supply, or M2, reached RMB 325.78 trillion at the end of May, up 7.9 percent year-on-year, the People's Bank of China said. Meanwhile, the country's M1 money supply, which represents how much money is actively being used in the economy, grew by 2.3 percent year-on-year to RMB 108.91 trillion.

2. China-Europe freight train service, a flagship project of the Belt and Road Initiative, has opened a new land transport corridor between Asia and Europe. Up till now, the total number of China-Europe freight train trips hit around 110,000, reaching 229 cities across 26 European countries from 128 Chinese cities.

3. Value-added tax (VAT) invoice data released by the State Taxation Administration showed that manufacturing sales represented 30.1 percent of total corporate revenue in China, and equipment manufacturing sales grew 7.5 percent year-on-year.

4. The fourth China-Africa Economic and Trade Expo concluded on June 15, with bumper deals signed as China and Africa seek to deepen economic cooperation. A total of 176 projects worth USD 11.39 billion were signed at the expo. The two figures were up 45.8 percent and 10.6 percent from the last session in 2023. Project matchmaking reached unprecedented levels, with 293 opportunities valued at USD 43.16 billion announced, a 208 percent increase in quantity and a 410 percent surge in value from the previous expo.

5. In the first five months of 2025, exports through the Zhuhai port of the Hong Kong-Zhuhai-Macao Bridge's customs cross-border e-commerce management platform reached RMB 35.5 billion, marking an 82.6 percent year-on-year growth. Since the bridge port opened in October 2018, the cumulative export value through the customs cross-border e-commerce management platform at the port has exceeded RMB 200 billion, covering more than 130 countries and regions.

6. China and Central Asia have seen their economic and trade ties continue to strengthen with trade among them growing rapidly for more than a decade. Data released by the General Administration of Customs showed China's trade with the five Central Asian countries had expanded from RMB 312.04 billion in 2013 to RMB 674.15 billion in 2024, representing an increase of 116 percent. During this period, the average annual growth rate of China's trade with these countries was 7.3 percent, 2.3 percentage points higher than the average annual growth rate of China's overall trade during the same period.

7. Over 210,000 agricultural entities received credit guarantees from January to May, channeling RMB 120 billion in low-cost loans to stabilize the yield and guarantee the supply of important agricultural products.

8. Since the Three Gorges locks opened to trial navigation on June 18, 2003, the volume of freight passing through them has increased rapidly. Over the past 22 years of operation, the Three Gorges ship locks operated 215,000 times, facilitating the passage of 1.074 million vessels, handling 12.29 million passenger visits, and the throughput reached 2.24 billion tons.

9. As Xinjiang has become the core area of the Belt and Road cooperation, its foreign trade value with five Central Asian countries surpassed RMB 100 billion in the first five months of this year, accounting for 39.4 percent of the country's total trade with these countries, according to Urumqi Customs.

10. The 9th China-South Asia Expo took place from June 16-24 in Kunming, Yunnan province. This year’s expo featured 16 exhibition halls and has attracted representatives from 73 countries, regions, and international organizations, as well as more than 2,500 enterprises, bringing together all South and Southeast Asian nations.

(Source: Economic Daily)