Opinion

 

1. To consolidate the core competitiveness of the manufacturing industry

 

The Resolution of the Central Committee of the CPC on Further Deepening Reform Comprehensively to Advance Chinese Modernization was adopted at the third plenary session of the 20th Central Committee of the CPC. According to the resolution, we will move faster to advance new industrialization, promote the growth and expansion of advanced manufacturing clusters, and make the manufacturing sector higher-end, smarter, and more eco-friendly, so as to foster new quality productive forces and high-quality development of the manufacturing sector.

 

2. Trade-in program for the benefit of consumers

 

More efforts will be made to promote a large-scale equipment renewals and trade-in of durable bulk commodities, as emphasized by the political meeting of the Political Bureau of the CPC Central Committee. As a strategic move benefiting both enterprises and consumers, the trade-in program will release consumption potential, boost domestic demand, and improve the lives of urban and rural residents. 

 

Policy

 

1. The CPC Central Committee and the State Council unveiled a set of guidelines to ramp up green transition in all areas of economic and social development on August 11. It is the first time that a systematic deployment has been made at the central level to accelerate the comprehensive green transformation of economic and social development. 

 

2. Zhengzhou airport and railroad port are approved as the starting point for the pilot "smart port" construction of Henan Province, as a way to advance the "smart port" construction of Henan province, announced the National Port Management Office. 

 

3. The natural resources sector will continue to implement comprehensive land remediation and optimize the spatial layout in rural areas. While maintaining the overall spatial layout, local governments are allowed to fine-tune and optimize land development in rural areas, according to the Ministry of Natural Resources.

 

Data

 

1. According to the latest data from the State Taxation Administration, in the first half of the year, the main policies supporting technological innovation and the manufacturing sector, including tax and fees reductions, as well as tax refunds reaching RMB 1.653 trillion, have effectively facilitated the development of business entities.

 

2. China's automobile industry has revealed a growth trend, with its production and sales of vehicles increasing steadily in the first seven months of 2024, data from the China Association of Automobile Manufacturers showed on August 9. From January to July, China's auto production totaled nearly 16.18 million units, up 3.4 percent year-on-year. Auto sales stood at 16.31 million units, an increase of 4.4 percent from the same period last year.

 

3. According to the Ministry of Agriculture and Rural Affairs, we have consolidated and built upon our achievements in poverty alleviation since the beginning of this year. In the first half of this year, the total scale of employment for people lifted out of poverty in China reached 32.74 million, and the per capita disposable income of rural residents in counties lifted out of poverty reached RMB 7,947, a year-on-year increase of 7.1 percent.

 

4. As of the end of 2024 Q2, the total RMB and foreign currency assets of China's banking institutions reached RMB 433.1 trillion, up by 6.6 percent year-on-year. Total assets of the insurance companies amounted to RMB 33.8 trillion, up by RMB 2.3 trillion or 7.4 percent from the beginning of the year, according to data recently released by the National Financial Regulatory Administration.

 

5. According to the Ministry of Commerce, in the first half of 2024, China's service trade continued to grow rapidly, with a total import and export volume of RMB 3.598 trillion, a year-on-year increase of 14 percent.

 

6. Data shows that in the first seven months, the total foreign trade value of the nine mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area reached RMB 4.96 trillion, setting a new historical high for the same period.

 

7. According to the Ministry of Agriculture and Rural Affairs, a historic breakthrough was made in the protection of germplasm resources in the first half of the year. 139,000 new crop germplasm resources and 1.19 million genetic materials for livestock, poultry, and aquatic products were collected. In addition to existing preserved resources, the total amount of agricultural germplasm resources preserved in China ranks first in the world.

 

8. According to data from the Ministry of Industry and Information Technology, in the first half of this year, the operation of small and medium-sized enterprises in China remained stable, and the added value of industrial small and medium-sized enterprises above the designated size increased by 7.4 percent year-on-year.

 

9. According to the China Development Bank, from January to July, the bank issued over RMB 290 billion in green loans, with a loan growth rate higher than that of all loans in the bank.

 

10. According to the State Administration for Market Regulation, the number of registered business entities in China will reach 184 million in 2023, with a year-on-year increase of 0.69 percent in enterprise activity and an average extension of 0.64 years in the lifespan of exiting enterprises.