Opinion

 

1. Optimizing structure of service sector to enhance its competitiveness

 

The service sector functions as an important support for high-quality economic development and plays a significant role in promoting the optimization and upgrading of industrial structure, boosting economic growth, and improving economic development quality and effectiveness. The resolution of the third plenary session of the 20th Central Committee of the CPC has redefined the institutions and mechanisms for developing the service sector. With the deepening development of globalization and profound changes in the economic landscape, it is necessary to continuously improve its system and mechanism so as to achieve a sustained and healthy development of the service sector. Efforts should be made to provide strong support for high-quality economic development through measures such as improving the system and mechanism, optimizing the policy environment, and strengthening innovation-driven development.

 

2. Activating the potential of health technology market

 

Science and technology play a guiding and supporting role in improving the health of more than 1.4 billion people and achieving the goal of "Healthy China". Health technology is thus related to national health and social welfare.

 

 

Policy 

 

1. The Ministry of Finance recently announced to launch a package of incremental policies. It will increase support for local governments to resolve government debt risks, and issue special government bonds to support large state-owned commercial banks to supplement core tier-one capital. It will also promote the real estate market to reverse the downturn and stabilize, and increase support and protection for key groups.

 

2. China unveils a pilot program of opening credit supervision data to platform companies, so as to facilitate mobile payments for overseas people coming to China. The program aims to strengthen main responsibilities of platform companies, and promote the standardized and healthy development of the platform economy. Cities of Suzhou, Hangzhou, Jinan, Wuhan, Changsha, Shenzhen, Chengdu and Xi'an are pilot cities, according to a circular jointly issued by the State Administration for Market Regulation and the National Data Bureau.

 

3. Guidelines to better play the role of green finance in supporting the construction of beautiful China were issued by the People's Bank of China, the Ministry of Ecology and Environment, the National Financial Regulatory Administration and the China Securities Regulatory Commission. The guidelines propose 19 key measures aiming at increasing support for key areas, enhancing the professional service capabilities of green finance, enriching green financial products and services, and strengthening implementation guarantees.

 

 

Data

 

1. On January 12, the world's largest 26-megawatt floating offshore wind turbine with fully independent intellectual property rights in China has rolled off the production line in Fujian. At an annual average wind speed of 10 meters per second, a turbine can generate 100 million kWh of electricity annually, enough to power about 55,000 households.

 

2. The latest data released by the China Association of Automobile Manufacturers on October 12 show that from January to September, China's automobile production and sales both exceeded 20 million, and the production and sales of new energy vehicles both exceeded 8.3 million, an increase of more than 30% year-on-year. New energy vehicle sales have accounted for nearly 40% of all car sales.

 

3. In the first three quarters of this year, China's railway investment in fixed assets reached RMB 561.2 billion, up 10.3% year on year. 1,820 km of new railway lines have been put into operation, including 1,210 km of high-speed rail, according to China State Railway Group Co., LTD.

 

4. On October 12, China's Top 500 Private Enterprises in 2024 was announced. JD, Alibaba and Hengli Group ranked top three. Data shows that in 2023, the gross revenue of the top 500 private enterprises is RMB 41.91 trillion, and the average revenue is RMB 83.822 billion, an increase of 5.22% over the last year.

 

5. The Ministry of Industry and Information Technology recently said that as of now, China's generative artificial intelligence service model has registered more than 600 million users.

 

6. According to data released by the People's Bank of China on October 14, China's social financing stock reached RMB 402.19 trillion at the end of September. Among them, the RMB loans issued to the real economy reached RMB 250.87 trillion, an increase of 7.8% year on year. In the first three quarters, China's financial aggregate and credit supply were generally stable, which effectively supported the real economy to stabilize and improve.

 

7. According to customs, in the first three quarters, China's import and export of goods trade RMB reached 32.33 trillion, an increase of 5.3% year-on-year, and exceeded RMB 32 trillion for the first time in the same period in history. Imports and exports exceeded RMB 10 trillion in each quarter, which was also the first time in the same period in history.

 

8. General Administration of Customs: In the first three quarters, China's cross-border e-commerce imports and exports reached RMB 1.88 trillion, an increase of 11.5% year-on-year, 6.2 percentage points higher than the overall growth rate of China's foreign trade in the same period.

 

9. The Ministry of Commerce's national home appliance replacement data platform shows that as of October 15, 20.667 million consumers applied, 10.134 million consumers purchased 14.624 million household appliances products, enjoying RMB 13.17 billion of central subsidies, driving sales of RMB 69.09 billion.

 

10. On October 16, Xiong'an New Area held the groundbreaking mobilization of key projects in the fourth quarter of 2024 in the start-up area. There are 58 projects with a total investment of RMB 37.6 billion.

 

 

(Source: Economic Daily)