1. Expanding consumption

 

China's per capita disposable income increased from RMB 16,500 in 2012 to RMB 35,100 in 2021, with an average annual nominal growth rate of 8.8%. In recent years, China's consumer demand has continued to expand, its consumption structure has been continuously optimized, the trend of consumption upgrading is obvious, and the position of consumption as the primary driver of economic growth has been further consolidated.

 

2. Dynamism of foreign trade 

 

China's imports and exports of goods increased from RMB 24.4 trillion in 2012 to RMB 39.1 trillion in 2021, an increment of RMB 14.7 trillion. Since 2017, China has maintained the world's top country in trade in goods for five consecutive years, not only providing the global market with a wide range of goods of high quality at reasonable prices, but also providing countries with broader opportunities of the Chinese market.

 

3. Growing market entities

 

By the end of September this year, there were 164 million registered market entities in China, compared to 55 million at the end of 2012, a net increase of more than 100 million in 10 years. China has created a miracle in the growth and development of market entities, demonstrating to the world its firm determination to promote reform and opening up, and laying a solid foundation for building a new pattern of development with the domestic economy as the mainstay and the domestic economy and international engagement providing mutual reinforcement.

 

4. Moderate prosperity achieved

 

China has won the largest battle against poverty in human history by carrying out targeted poverty alleviation. A total of  832 impoverished counties and close to 100 million rural poor residents have been lifted out of poverty, and among them, more than 9.6 million poverty-stricken people have been relocated from inhospitable areas. We have, once and for all, resolved the problem of absolute poverty in China, making significant contributions to the cause of global poverty reduction.

 

5. A greener China

 

In 2021, China's average PM 2.5 concentration dropped to 30 micrograms per cubic metre, historically reaching the WHO Phase I transition mark; the ratio of good air quality days in cities nationwide reached 87.5%, and the number of heavily polluted days was reduced by 51% compared to 2015. China has become the world's fastest improving country in terms of air quality. Blue skies and white clouds are becoming the norm, lucid waters and lush mountains can be seen everywhere, and the ecological environment continues to improve.

 

 

1. On October 28, 2022, the National Development and Reform Commission and the Ministry of Commerce issued the "Catalogue of Industries Encouraging Foreign Investment (2022 Edition)", which will come into effect on 1 January 2023. The new version of the Catalogue includes the "National Catalogue of Industries Encouraging Foreign Investment" and the "Catalogue of Industries with Advantages for Foreign Investment in Central and Western Regions". The National Catalogue focuses on the high-quality development of manufacturing industries and technological upgrades; the Central and Western Catalogue adds or expands relevant entries to further optimize the regional layout of foreign investment.

 

2. "Regulations on Promoting the Development of Hongqiao International Central Business District of Shanghai" was recently voted on and passed, and came into effect on November 1, 2022. The regulations clarify and regulate the planning, construction, management and services of the development of the business district.

 

 

1. Data from National Bureau of Statistics showed that in 2021 China's innovation environment index was 296.2, up 11.3% over the previous year, with an increase of 5 percentage points in growth rates compared with last year.

 

2. According to State Administration of Foreign Exchange, in September the export and import of China's international trade in goods and services totaled RMB 4.283 trillion, up 10% year on year. 

 

3. Data from National Bureau of Statistics showed that in the first three quarters of this year, the operating revenue of China's cultural and related industrial enterprises above designated size reached RMB 8.645 trillion, up 1.4% year on year, with 1.1 percentage points faster in growth rate compared with the first half of the year. 

 

4. According to China Banking and Insurance Regulatory Commission, by the end of the third quarter, the total assets of banking industry reached RMB 373.9 trillion, with a year-on-year increase of 10.2%.

 

5. According to People's Bank of China, as of the end of the third quarter, outstanding RMB loans issued by financial institutions increased 11.2% year on year to RMB 210.76 trillion. In the first three quarters the loans increased RMB 18.08 trillion, with an increase of RMB 1.36 trillion year on year.   

 

6. Data from State Administration of Foreign Exchange showed that in the first three quarters of this year, the accumulative surplus of foreign exchange settlement and sales by banks was USD 118.5 billion, and the accumulative surplus of foreign-related receipts and payments was USD 71.4 billion.

 

7. According to Ministry of Transport, from January to September this year, investment in fixed assets of China's highway and waterway transportation amounted to RMB 2.169 trillion, with a year-on-year increase of 9.8%.

 

8. According to National Bureau of Statistics, in the first three quarters this year, the operating income of industrial enterprises above designated size increased 8.2% year on year, their total profits decreased 2.3% over the previous year. The profit of equipment manufacturing industry was up 0.6% year on year, an increase for the first time from decline this year. 

 

9. According to Department of Service Statistics of National Bureau of Statistics and China Federation of Logistics and Purchasing, in October, the Purchasing Manager Index (PMI) of China's manufacturing industry was 49.2%. With 11 out of 21 industries surveyed being in the boom range, the overall manufacturing industry maintained stable.

 

10. According to Shanghai Stock Exchange, in the first three quarters of this year, companies listed on STAR market (the Science and Technology Innovation Board) realized operating revenue of RMB 782.214 billion, an increase of 33% year on year, with net profit attributable to the parent company of RMB 89.124 billion, an increase of 25% year on year.