Opinions

 

1. Huge potential for high-tech manufacturing sector to increase quality and efficiency

 

According to the National Bureau of Statistics, the added value of high-tech manufacturing above designated size grew by 10.0 percent year on year in July, 1.2 percentage points faster than in June and 4.9 percentage points higher than the total added value of all industries above designated size. Since the start of this year, the growth rate has remained higher than all industries above designated size. The high-tech manufacturing sector maintains a good development momentum and further enhances its leading and driving role. The sector has excellent foundation, significant development potential, and is improving quality and efficiency. It is promising now and has a bright future.

 

2. Digitization opens up new space in tourism market

 

The summer tourism market has seen a huge surge in both supply and demand, with projects such as parent-child travel, study tours, and summer vacations becoming popular and demand increasing significantly. According to Meituan, as of now, the year-on-year increase in summer tourism orders this year has exceeded 11 percent (including pre orders and instant orders). At the same time, the smart tourism model marked by the widespread application of 5G technology, big data, and social media has greatly changed the consumption patterns of tourists and raised the bar for conventional tourism public services.

 

 

Policies

 

1. Recently, the Ministry of Commerce and four other departments issued a notice on the implementation plan for promoting the trade-ins of E-Bikes, which proposes to promote the upgrading of old E-Bikes under consumers' personal names to qualified ones to reduce safety hazards. This is the first time that the country has introduced a policy of exchanging old E-Bikes for new ones.

 

2. The State Administration for Market Regulation recently issued the key measures for market supervision departments to optimize the business environment (2024 edition), proposing to comprehensively promote category-cased management of credit risk, and effectively reduce unnecessary interference in the normal production and operation of business firms. 

 

 

Data

 

1. In July 2024, the volume of China's international trade in goods and services totaled RMB 4235.2 billion, up 12 percent over the same time last year, with a surplus of RMB 293.3 billion, a new monthly high since 2023, according to the State Administration of Foreign Exchange. 

 

2. The credit index of Chinese enterprises in July remained stable of 156.65 points, as data from the State Administration for Market regulation showed. 

 

3. Data from the National Bureau of Statistics showed that China's new economic growth drivers index in 2023 (taking 2022 as 100) was 119.5, an increase of 19.5 percent over the previous year. In 2023, all sub-indexes increased compared with the previous year, among which the innovation driven index and network economy index contributed the most to the growth of the total index.

 

4. China's organic product sales exceeded RMB 100 billion for the first time in 2023, 1.61 times the sales in 2018, and China rose to the world's third largest organic consumer market from the fourth position.

 

5. China's C919 fleet has accumulated more than 10,000 hours of safe flight operation as of September 1 and served more than 500,000 passengers via over 3,700 commercial flights.

 

6. There are 251 listed companies on the Beijing Stock Exchange by September 2, with the total capitalization of the exchange about RMB 300 billion, public offering of more than RMB 53 billion, and refinancing of about RMB 1.35 billion. 

 

7. The research and development investment into China's science-technology innovation board has reached a new high in the first half of the year, with accumulative investment of more than RMB 78 billion, up about 10 percent year on year. 

 

8. China's export and import with Africa totaled RMB 1.19 trillion, up 5.5 percent to a record high, according to the General Administration of Customs.

 

9. During July and August this year, a total of 110 million exit-entry travelers were inspected in China, with a daily average of 1.779 million, marking a 30-percent increase year on year, the National Immigration Administration said.

 

10. From January to July 2024, a total of RMB 163.40 trillion (equivalent to USD 22.98 trillion) was traded in the Chinese foreign exchange market, up 8.7 percent year on year. China's foreign exchange reserves have remained stable above USD 3 trillion in recent years, ranking top of the world for 19 consecutive years.

 

 

(Source: Economic Daily)