Opinion

 

1. Enhancing the intensity and effectiveness of special-purpose bonds

 

Special-purpose bonds are an important means for local governments to expand effective social investment, and promote stable and rapid economic development. They also help stabilize investment, address inadequacies, and boost domestic demand. As pointed out in the the third plenary session of the 20th Central Committee of the Communist Party of China, we will appropriately expand the scope of use for funds raised from the  local government special-purpose bonds, permitting a greater share of such funds to be used as capital in more sectors and on a larger scale. As a significant tool to implement proactive fiscal policies, we need to enhance the intensity and effectiveness of the use of special-purpose bonds, so as to improve the performance of fiscal policies, contribute to the economic rebound and inject momentum into the high-quality economic development.

 

2. Focusing on service to expand consumption

 

At present, service consumption has become the fastest-growing area of residents' consumption with the largest number of hot spots and the greatest potential, and the market continues to expand. To promote the high-quality development of service consumption, which is essentially an experience-based consumption, we should focus on service, and endeavor to meet people's aspirations for a better life.

 

Policy

 

1. Guidelines on the implementation of coordinated development of digital and green transition were released by the Central Cyberspace Affairs Commission and other nine departments. According to the guidelines, development directions such as the green and low-carbon development of the digital industry, and the industrial green transitions  empowered by digital technologies are clarified.

 

2. Chinese authorities are offering financial incentives to encourage consumers to replace their old home appliances with new ones, according to a recent circular released by the Ministry of Commerce and three other government departments. Eight categories of home appliances can enjoy trade-in subsidies. Each individual consumer can receive subsidies for one item in one category and the subsidies for each item cannot exceed RMB 2,000, the circular stated.

 

3. A circular on the 2024 national basic medical insurance for urban and rural residents was issued by the National Healthcare Security Administration on August 26. According to the circular, the financial subsidy and individual contribution standard for basic medical insurance for urban and rural residents in 2024 will increase by RMB 30 and RMB 20 respectively compared with the previous year, reaching not less than RMB 670 and RMB 400 per person per year.

 

Data

 

1. The per capita floor space of Chinese urban residents had exceeded 40 square meters and the urban built-up area had reached 64,000 square kilometers by the end of 2023, the Ministry of Housing and Urban-Rural Development said on August 23.

 

2. China's civil aviation transport  hit a monthly record high in July as air passenger and cargo traffic volumes continued to increase, the Civil Aviation Administration of China (CAAC) said on August 23. Total transport turnover of China's civil aviation sector topped 13.63 billion tonne-kilometers in July, up 19.9 percent from a year earlier.

 

3. According to data from the Ministry of Industry and Information Technology, from January to July this year, the overall operation of China's telecommunications industry remained stable, with a year-on-year increase of 11.2 percent in the total volume of telecommunications services and a revenue of RMB 1.0354 trillion, a year-on-year increase of 3 percent.

 

4. According to data from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, China's global home appliance exports reached USD 64.81 billion in the first half of the year, a year-on-year increase of 13.4 percent; the export value for June was USD 11.69 billion, a year-on-year increase of 21 percent.

 

5. The import and export value of goods passing through the Hong Kong-Zhuhai-Macao Bridge of Zhuhai port during October 2018 to July 2024 reached RMB 902.19 billion, according to local customs.

  

6. This year marks the 40th anniversary of the establishment of the first batch of national-level economic and technological development zones. According to the Ministry of Commerce, there are currently 229 national-level economic and technological development zones in China.

 

7. To date, Chinese public security authorities have issued a total of 16,000 test licenses for autonomous vehicles, the Ministry of Public Security announced on August 27. The ministry also revealed that 32,000 kilometers of roads nationwide are  open to autonomous vehicle testing. These initiatives have provided strong support for the advancement of autonomous driving technology in China.

 

8. The China International Big Data Industry Expo 2024 opened on August 28 in Guiyang, southwest China's Guizhou Province. This year's expo, themed "Smart Digital Technology Shapes Thriving Digital Economy," attracting over 21,000 guests and 414 domestic and international companies to participate.

  

9. China's State Council Information Office on August 29 released a white paper titled "China's Energy Transition" to document the country's successful actions and historic achievements in this field over the past decade. As of the end of July, the total number of charging facilities in China exceeded 10 million, and more than one-third of provinces have deployed charging facilities to all towns and villages under their administration.

 

10. According to a press conference by the State Council Information Office, in 2023, China's wind and solar power generation has exceeded the daily electricity consumption of urban and rural residents, and for every 3 kWh of electricity consumed by the whole society, 1 kWh was green electricity.

 

(Source: Economic Daily)