Opinion

 

1. The report on foreign trade performance highlights economic vitality

 

One indicator of economic development is foreign trade. China's foreign trade development has sufficient momentum and the trend is continuously improving due to the improvement of the business environment, the ongoing promotion of trade liberalization and facilitation, and the successful implementation of the policy tools to encourage foreign trade development.

 

2. More powerful linkage between fiscal and financial policies

 

The linkage between loan interest subsidy policies and refinancing policies forms an amplifier effect, which can more effectively leverage the large market for equipment updates. We need to achieve fast and accurate funding allocation by optimizing the process and ensure the compliant and effective use of funds through stricter supervision. 

 

Policy

 

1. The Ministry of Ecology and Environment recently released the technical guidelines for environmental impact assessment on highway construction projects for the first time, putting forward corresponding environmental assessment specifications and requirements for the construction of highways, first-class roads, second-class roads and other projects.

 

2. The China Tourism Academy released the China inbound tourism development report (2023-24) on June 25 in Sanya City, Hainan Province. The number of overseas tourists searching for flights to and accommodation in China has increased markedly, suggesting the growing potential demand for traveling in China, according to the report.

 

3. China's Foreign Ministry said on June 25 that it will extend its visa-free policy to New Zealand, Australia, and Poland. On the same day, Foreign Ministry Spokesperson Mao Ning told a press briefing that from July 1, 2024, to Dec. 31, 2025, citizens of these countries with ordinary passports will be allowed to enter and stay in China visa-free for up to 15 days for business, tourism, visiting relatives and friends, and transit.

Data

 

1. According to customs data, in the first five months, the total import and export value of foreign trade in Northeast China reached RMB 516.06 billion, breaking through RMB 500 billion for the first time and reaching a new historical high.

 

2. The report claims that China is home to 375 unicorn businesses in 2023, up from 131 in 2016 and valued at a total of USD 1.2 trillion -- a growth pace more than double during the period.

 

3. The China Federation of Logistics and Purchasing recently released the China food supply chain development report (2024), which shows that the scale of China's food consumption market reached RMB 9.37 trillion in 2023, a year-on-year increase of 10.31 percent.

 

4. According to data from the Ministry of Finance, from January to May, the total operating revenue of state-owned and state-controlled enterprises in China increased by 3.1 percent, and the total profit increased by 2.3 percent.

 

5. According to data from the Ministry of Industry and Information Technology, from January to May, China's total telecommunications business maintained double-digit growth, with three major telecommunications enterprises completing business revenue of RMB 738.7 billion, a year-on-year increase of 3.7 percent, and the total business volume increased by 11.9 percent.

 

6. According to the National Development and Reform Commission, from 2012 to 2023, the annual average import and export volume of private enterprises increased by 11.1 percent, accounting for over 50 percent of the country's total imports and exports, up from around 30 percent.

 

7. According to the Ministry of Commerce, the online retail sales from January to May reached RMB 5.77 trillion, an increase of 12.4 percent. Among them, the proportion of physical goods online retail sales to the total retail sales of consumer goods in society was 24.7 percent, an increase of 0.8 percentage point from January to April period.

 

8. On June 27th, the National Bureau of Statistics released data showing that from January to May, industrial enterprises above designated size in China achieved a total profit of RMB 2.754 trillion, a year-on-year increase of 3.4 percent.

 

9. According to Shenzhen Customs, the trade value between the mainland and Hong Kong has increased from RMB 420.87 billion in 1997 to RMB 2.03 trillion in 2023, with a trade scale growth of 3.8 times.

 

10. According to the latest data released by the Ministry of Industry and Information Technology on June 28, the added value of China's electronic information manufacturing industry above designated size increased by 13.8 percent year-on-year from January to May.

 

(Source: Economic Daily)