China Economic Review July 29
Opinion
1. Accelerating the construction of basic systems for data
The construction of basic systems for data that adapts to the data features and conforms to the development of the digital economy is essential in coordinating development and security. Meanwhile, it also plays an important supporting role in activating the potential of production factors and empowering the real economy and high-quality development.
2. Compliant government procurement key to the economic development
As important financial expenditure, government procurement plays a significant role in creating an orderly competitive market environment, and promoting smooth and sustainable development. It is necessary to create a market of fair competition, ensure full transparency throughout government procurement, strengthen the policy functions, and give full play the role of macro control.
Policy
1. The Ministry of Commerce, the People's Bank of China, the National Financial Regulatory Administration and the State Administration of Foreign Exchange have jointly issued Opinions on Strengthening Commercial and Financial Coordination and Supporting the High-Quality Development of Cross-Border Trade and Investment with Greater Efforts. The document proposes 11 policy measures in five aspects with the aim of promoting foreign trade by optimizing the financial services and facilitating foreign investment by strengthening the guarantee of foreign financial services.
2. The National Immigration Administration recently announced that three new ports in Zhengzhou, Henan province, and Lijiang and Mohan, Yunnan province will be implementing a 144-hour transit visa-free policy for citizens from foreign countries. China has expanded its 144-hour visa-free transit policy to 37 entry ports.
3. According to the Shenzhen Institutes of Advanced Technology of the Chinese Academy of Sciences, the National Biological Manufacturing Industry Innovation Centre was launched on July 14 in Shenzhen, and it will become the first national industrial innovation platform in the field of biological manufacturing in China.
Data
1. China has seen another year with a bumper summer grain harvest in 2024, official data showed on July 12. The country's summer grain output totaled 149.78 million tonnes this year, up 2.5 percent or nearly 3.63 million tonnes year on year, according to a survey made by the National Bureau of Statistics.
2. Railway passenger trips in China hit a record high of about 2.1 billion in the first half of 2024, a surge of 18.4% year on year, data from the China State Railway Group Co., Ltd. showed.
3. China's yuan-denominated deposits and loans rose by RMB 11.46 trillion and RMB 13.27 trillion respectively in the first half of the year, central bank data showed on July 12.
4. According to the Ministry of Commerce, in the first half of this year, 26,870 foreign-invested enterprises were newly established nationwide, a year-on-year increase of 14.2 percent.
5. China's gross domestic product (GDP) grew 5 percent year on year, reaching around RMB 61.68 trillion (about USD 8.65 trillion) in the first half of 2024, data from the National Bureau of Statistics showed on July 15.
6. The National Bureau of Statistics released data on July 15 showing that in the first half of the year, China's exports of products such as automobiles, ships, and integrated circuits increased by 22.2 percent, 91.1 percent, and 25.6 percent year-on-year, respectively. The quality and quantity of foreign trade exports remained stable, and the scale of imports steadily expanded.
7. China's postal industry handled 89.42 billion parcels during the first half of the year (H1), which was 20.5 percent higher than a year ago. Express delivery firms nationwide handled 80.16 billion parcels during the period, with that figure soaring 23.1 percent year on year, according to the State Post Bureau.
8. According to the data released by the National Bureau of Statistics on July 15, in the first half of the year, China's total imports and exports with countries jointly participating in the Belt and Road Initiative (BRI) increased by 7.2 percent year on year, and the cumulative volume of goods delivered by China-Europe Railway Express increased by 11 percent.
9. China's shipbuilding industry saw significant growth in the first half of this year, reinforcing its global leading position, according to data released on July 16 by the Ministry of Industry and Information Technology (MIIT). In the first half of this year, the country's shipbuilding completions, new orders, and order book as measured by deadweight tonnes(DWT) accounted for 55 percent, 74.7 percent, and 58.9 percent of the global totals, respectively.
10. According to Hangzhou Customs, in the first half of this year, the total import and export value of the Yangtze River Delta region reached RMB 7.74 trillion, a new historical high for the same period, with a year-on-year increase of 5.9 percent, accounting for 36.6 percent of the total import and export value of the country during the same period.
（Editor:Liao Yifan）
