Opinion

1. To transform state-owned capital into patient capital

China will unveil a series of new measures aimed at promoting the development of the country's venture capital industry, recognizing its vital role in driving technological innovation, industrial upgrading and high-quality economic growth, according to the State Council. A reform package will be rolled out aimed at addressing the pain points across the VC investment life cycle--from fundraising and financing to post-investment management and capital exit.

2. To adhere to the integrated development of primary, secondary and tertiary industries

China is on the way to accelerating the building of a modern industrial system supported by the real economy. Modern industrial system is a complex ecological system with organic connection and functional complementation. It is necessary to adhere to the integrated development of primary, secondary and tertiary industries so as to promote the optimization and upgrading of the industrial structure.

Policy

1. China's first national practice base nurturing excellent engineers was established in Hangzhou, the Ministry of Industry and Information Technology said on September 21.

2. Guidelines on the construction of smart ports were released by the General Administration of Customs and other eight departments. According to these guidelines, China will accelerate the digital transformation and intelligent upgrade of port operations, and promote the construction of smart ports, so as to support high-level opening up and high-quality development.

3. China aims to increase its investment in equipment renewals including upgrading old elevators, sewage treatment, etc., supported by ultra-long special treasury bonds, according to the Ministry of Housing and Urban-Rural Development. More than 40,000 residential elevators that have been in service for more than 15 years will be upgraded in 2024.

Data

1. The scale of China's digital publishing industry reached RMB 1.618 trillion (about USD 228.89 billion) in 2023, up 19.08 percent year-on-year, according to an annual report. The report, issued by the Chinese Academy of Press and Publication (CAPP), was released during the 14th China International Digital Publishing Expo that kicked off on September 21 in the city of Haikou, capital of south China's Hainan Province.

2. China's urbanization rate, which measures the ratio of permanent urban residents relative to the total population, rose by 55.52 percentage points from the end of 1949 to 66.16 percent by the end of 2023, data from the National Bureau of Statistics (NBS) showed on September 23.

3. China had 6.03 million enterprises in the manufacturing sector as of the end of August, surging 5.53 percent from the end of last year, according to statistics from the China Organization Data Service.

4. China's total installed power generation capacity reached approximately 3.13 billion kilowatts by the end of August, expanding 14 percent year-on-year, data from the National Energy Administration showed.

5. The number of registered drones nationwide has reached 1.875 million, with over 14,000 drone operating enterprises and more than 225,000 drone pilot licenses, according to the Civil Aviation Administration of China on September 24.

6. The number of 5G base stations in China exceeded 4.04 million at the end of August, data from the Ministry of Industry and Information Technology showed on September 25. The figure accounted for 32.1 percent of the total number of mobile base stations nationwide. The number of 5G mobile subscribers hit 966 million in China.

7. In recent years, China's potato planting area has remained stable at around 70 million mu, with a yield of nearly 90 million tons, ranking first in the world for many years, according to the Ministry of Agriculture and Rural Affairs.

8. The China Electricity Council released data on September 26, showing that China's installed capacity of new energy generation, including wind, solar and biomass power, topped 1.27 billion kilowatts as of the end of August, accounting for over 40.7 percent of the total power generation capacity. The green transition of energy has achieved significant results.

9. China has achieved significant progress in advancing large-scale equipment upgrades and consumer goods trade-ins, boosting both investment and consumption via ultra-long special treasury bonds. All the treasury bonds have been fully allocated to projects and local governments, with all supportive policies already in place. Among them, half of the ultra-long special treasury bonds to support equipment upgrades have been distributed to over 4,600 projects, according to the National Development and Reform Commission (NDRC).

10. According to the latest data from the National Food and Strategic Reserves Administration, the peak season for summer grain purchases in China is coming to an end, with various grain enterprises in the main production areas purchasing over 70 million tons of summer grain, which is at a relatively high level in recent years.

(Source: Economic Daily)