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  • Insight
    China Economic Review Oct. 24
    Last Updated: 2023-10-24 16:28 | Economic Daily
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    1. Speed up the construction of major projects 
    In "golden September and silver October", traditionally peak season for construction, the construction of major projects is in full swing. Recently, a new batch of major projects have been launched all over China, involving areas such as infrastructure, industrial upgrading, urban renewal, and livelihood projects. Experts said that to promote major projects to be into construction stage in the fourth quarter will help to form more workload, so as to restore the growth momentum of investment, laying the foundation for next year's investment.
    2. Strengthen and optimize the Internet economy
    As a representative of emerging industries, the Internet economy came into being in the tide of development, offering job opportunities, boosting innovation and entrepreneurship, expanding domestic consumption demand, and upgrading the convenience of public services. With its large volume, wide space for development and many job opportunities, it facilitates smooth flows in the economy, enhances the efficiency of resource allocation and accelerates industrial change. The Internet economy has become an important support for constructing new national competitive advantages and promoting high-quality development. 
    1. According to the Ministry of Finance and other two departments, from October 1, the land used for the construction of government-subsidized housing will be exempted from urban land use tax; the stamp duty of management organizations and purchasers related to government-subsidized housing will also be exempted.
    2. The Beijing Stock Exchange recently revised the guidelines for the continuous supervision of listed companies No. 7-board transfer, with the main revisions including guiding listed companies to start up steadily, strengthening the responsibilities of intermediaries as "gatekeepers", and further streamlining the procedures for transferring the boards.
    3. The State Council recently issued the Opinions on Implementing the Promotion of High-quality Development of Inclusive Finance. The opinions clarify the guiding ideology, basic principles and main objectives in the next five years, and put forward a series of policy initiatives.
    1. China's outbound direct investment (ODI) value in 2022 came in second in the world at USD 163.12 billion, accounting for over 10 percent of the global total for seven years in a row.
    2. According to the China Iron and Steel Association, in the first eight months of this year, China's crude steel, pig iron, and steel production increased by 2.6 percent, 3.7 percent, and 6.3 percent year-on-year, respectively, maintaining stable growth. The export of steel reached 58.785 million tons, an increase of 28.4 percent year-on-year.
    3. Haikou, the capital city of Hainan, recorded total offshore duty-free sales of RMB 1.33 billion over the eight-day holiday, featured by the unique alignment of the Mid-Autumn Festival and the National Day holiday this year, up 117 percent year on year, said the Haikou Customs. The number of duty-free customers reached 170,000, an increase of 143 percent over the same period in 2022.
    4. The cargo throughput through the ship lock of the Three Gorges Dam, part of the world's largest hydropower project, totaled 127 million tonnes with 32,000 cargo ships handled in the first three quarters this year, up 10.02 percent year on year. This is the first time the ship lock broke the 120-million-tonne mark during the first three quarters of its 20 years of operation, data from the Three Gorges Navigation Authority showed.
    5. China's warehouse storage sector remained in the expansion zone for the eighth straight month. In September, the index tracking the sector’s development stood at 53.5 percent, up 1.5 percentage points from August, indicating that the warehouse storage sector has maintained a good development momentum, according to a survey released by the China Federation of Logistics and Purchasing
    6. According to the Changjiang River Administration of Navigational Affairs, in the first three quarters of this year, the Yangtze River trunk ports are expected to complete a cargo throughput of 2.82 billion tons, a year-on-year increase of 7.4 percent. The container throughput was 19.318 million TEUs, a year-on-year increase of 7.0 percent. The container rail-water intermodal transportation volume was 388,000 TEUs, a year-on-year increase of 34.4 percent.
    7. According to the China Southern Power Grid, from January to September, the newly added installed capacity of non-fossil energy in Guangdong, Guangxi, Yunnan, Guizhou, and Hainan provinces reached 23.94 million kilowatts. The clean power supply layout in the five southern provinces is in place.
    8. According to the China Association of Automobile Manufacturers, from January to September, the production and sales of automobiles reached 21.075 million and 21.069 million respectively, with year-on-year growth of 7.3 percent and 8.2 percent, respectively. The overall automotive market in China has maintained stable growth.
    9. According to the Ministry of Industry and Information Technology, in the third quarter, China's shipbuilding industry ranked first in the world in all three major indicators, continuing to lead globally, and China's shipbuilding market share remained top globally.
    10. The cumulative power generation of the Baihetan hydropower station located on the Jinsha River has exceeded 100 billion kilowatt hours, equivalent to reducing carbon dioxide emissions by about 82.4 million tons, ensuring the green development of the economy and the electricity consumption demand for people's livelihoods in the Yangtze River Delta regions such as Jiangsu and Zhejiang provinces, according to the China Three Gorges Corporation.
    (Source: Economic Daily) 

    (Editor:Liao Yifan)

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    China Economic Review Oct. 24
    Source:Economic Daily | 2023-10-24 16:28
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