NATIONAL ECONOMY AND KEY REGULATORY CHANGES

  • CPC Central Committee's development proposals set long-range goals through 2035

The Communist Party of China (CPC) Central Committee's development proposals put forward a set of long-range objectives for China to basically achieve socialist modernization by 2035. The CPC Central Committee's proposals for formulating the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 were adopted at the fifth plenary session of the 19th CPC Central Committee which closed on Oct 29. The full text of the proposals was made public on Nov 3. Following are major goals for the next 15 years. [Gov.cn, 2020/11/03] read more

 

  • Xi: China to expand domestic demand, opening up

China will expand domestic demand as a strategic priority and ensure economic activity flows smoothly, President Xi Jinping said on Thursday. "In the seven years since the 2008 global financial crisis, the contribution of China's domestic demand to GDP growth exceeded 100 percent, making domestic consumption the main driver of its growth," Xi said in a keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO Dialogues via video link in Beijing. China's ratio of foreign trade to GDP dropped from 67 percent in 2006 to less than 32 percent in 2019, he said. [CGTN.com, 2020/11/19] read more

 

  • China to promote higher-level opening-up for more win-win outcomes: Premier Li

Chinese Premier Li Keqiang Tuesday said China will promote higher-standard opening-up, attract more foreign investment, and encourage more Chinese companies to go global, so as to achieve more win-win outcomes. Li made the remarks at the fifth "1+6" Roundtable which was held via video link and attended by World Bank Group President David Malpass, International Monetary Fund Managing Director Kristalina Georgieva, World Trade Organization Deputy Director-General Alan Wolff, International Labor Organization Director-General Guy Ryder, Organization for Economic Cooperation and Development Secretary-General Angel Gurria and Financial Stability Board Chairman Randal Quarles. [China.org.cn, 2020/11/25] read more

 

  • China issues plan to streamline administration, improve business environment

China's cabinet on Tuesday unveiled a plan to deepen reforms in order to streamline administration and further improve the business climate. The plan, issued by the General Office of the State Council, lists 25 key tasks for the next phase of reforms. Stressing timely and precise implementation of macroeconomic policies, the plan calls for efforts to facilitate financing for enterprises, especially small, micro and medium-sized enterprises, and to stabilize and increase employment. [China.org.cn, 2020/11/11] read more

 

  • China to establish ministerial joint conference system for anti-unfair competition

The State Council on Nov 19 issued a circular approving the State Administration for Market Regulation to establish a ministerial joint conference system for anti-unfair competition. According to the circular, the system will give intensified general guidance to anti-unfair competition work, study and propel implementing major policies and measures, serve as a coordinator when problems arise, organize addressing front-burner issues and illegal activities, encourage better cooperation and coordination between concerned departments, and improve public awareness of anti-unfair competition laws, rules and policies. [Gov.cn, 2020/11/19] read more

 

  • State Council issues guidelines to promote notification-commitment system nationwide

The Fifth Plenary Session of the 19th CPC Central Committee which concluded on Oct 29 sets course for China's growth in the next five years (2021-25) Have a look at some highlights. 1 China is still in an important period of strategic opportunity for development at present and for the foreseeable future, but there are new developments in both opportunities and challenges facing the country. 2 Placed at the top of the priorities is upholding the central role of innovation in the modernization drive and implementing the innovation-driven development strategy. [Gov.cn, 2020/11/09] read more

 

  • China to accelerate domestic steps for RCEP implementation

China will intensify domestic efforts for the Regional Comprehensive Economic Partnership (RCEP) to take effect and get implemented, so as to uphold free trade and expand win-win cooperation, the State Council executive meeting decided Tuesday. The RCEP, recently inked at the leaders' meetings on East Asian cooperation, is of great significance for participating countries to jointly tackle the uncertainties in the international landscape, increase intra-regional trade, stabilize industrial and supply chains, enhance people's well-being and facilitate China's high-level opening-up, according to the meeting chaired by Premier Li Keqiang. [china.org.cn, 2020/12/03] read more

 

  • New law on export control takes effect, ensuring more room to safeguard national interests

China's latest law on export control took effect on Tuesday, allowing the government to act against countries that abuse export controls in a way that harms China's interests. Planned in 2016 and approved in mid-October, China's Export Control Law (Full text in Chinese) strengthens the country's export supervision through strict monitoring and tariffs. The law enables the second-largest economy to take "reciprocal measures" against any country or region that abuses export-control measures and poses a threat to China's national security and interests. [CGTN.com, 2020/12/01] read more

 

  • China urges cutting use of disposable plastics

China has urged the business sector to reduce the consumption of single-use plastic products, encouraging plastic recycling and the use of recyclable and degradable substitutes, according to a document from the Ministry of Commerce. The ministry has set up a nationwide reporting system to record the use and recycling of disposable plastic products, according to the document. [china.org.cn, 2020/12/02] read more

 

  • Industrial profits up 28.2 percent in October

Profits of China's major industrial firms totaled 642.91 billion yuan (about 97.77 billion U.S. dollars) in October, increasing by 28.2 percent year on year, data from the National Bureau of Statistics (NBS) showed Friday. The pace of growth quickened 18.1 percentage points from September. In the first 10 months of the year, the profits of major industrial firms expanded 0.7 percent year on year to 5.01 trillion yuan, reversing the 2.4-percent decline in the January-September period. [xinhuanet.com, 2020/11/27] read more

  • Manufacturing PMI rises in November

The purchasing managers' index (PMI) for China's manufacturing sector came in at 52.1 in November, up from 51.4 in October, the National Bureau of Statistics said Monday. [xinhuanet.com, 2020/11/30] read more

 

  • NPC passes tougher Copyright Law

China's top legislature adopted on Wednesday an amended Copyright Law which provides stronger protection for copyright, especially for those in cyberspace, and gives tougher punishments to copycats.

The law increases compensation paid by violators when the losses of copyright owners, the benefit gained by the copycats or copyright license fees cannot be determined, as a bigger threat to fight piracy and a stronger tool to protect creativity. [Chinadaily.com, 2020/11/11] read more

 

INDUSTRY SPECIFIC

  • CPC Central Committee's development proposals set long-range goals through 2035

The Communist Party of China (CPC) Central Committee's development proposals put forward a set of long-range objectives for China to basically achieve socialist modernization by 2035. The CPC Central Committee's proposals for formulating the 14th Five-Year Plan (2021-2025) for National Economic and Social Development and the Long-Range Objectives Through the Year 2035 were adopted at the fifth plenary session of the 19th CPC Central Committee which closed on Oct 29. The full text of the proposals was made public on Nov 3. Following are major goals for the next 15 years. [Gov.cn, 2020/11/03] read more

 

  • Xi: China to expand domestic demand, opening up

China will expand domestic demand as a strategic priority and ensure economic activity flows smoothly, President Xi Jinping said on Thursday. "In the seven years since the 2008 global financial crisis, the contribution of China's domestic demand to GDP growth exceeded 100 percent, making domestic consumption the main driver of its growth," Xi said in a keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO Dialogues via video link in Beijing. China's ratio of foreign trade to GDP dropped from 67 percent in 2006 to less than 32 percent in 2019, he said. [CGTN.com, 2020/11/19] read more

 

  • China to promote higher-level opening-up for more win-win outcomes: Premier Li

Chinese Premier Li Keqiang Tuesday said China will promote higher-standard opening-up, attract more foreign investment, and encourage more Chinese companies to go global, so as to achieve more win-win outcomes. Li made the remarks at the fifth "1+6" Roundtable which was held via video link and attended by World Bank Group President David Malpass, International Monetary Fund Managing Director Kristalina Georgieva, World Trade Organization Deputy Director-General Alan Wolff, International Labor Organization Director-General Guy Ryder, Organization for Economic Cooperation and Development Secretary-General Angel Gurria and Financial Stability Board Chairman Randal Quarles. [China.org.cn, 2020/11/25] read more

 

  • China issues plan to streamline administration, improve business environment

China's cabinet on Tuesday unveiled a plan to deepen reforms in order to streamline administration and further improve the business climate. The plan, issued by the General Office of the State Council, lists 25 key tasks for the next phase of reforms. Stressing timely and precise implementation of macroeconomic policies, the plan calls for efforts to facilitate financing for enterprises, especially small, micro and medium-sized enterprises, and to stabilize and increase employment. [China.org.cn, 2020/11/11] read more

  • China to establish ministerial joint conference system for anti-unfair competition

The State Council on Nov 19 issued a circular approving the State Administration for Market Regulation to establish a ministerial joint conference system for anti-unfair competition. According to the circular, the system will give intensified general guidance to anti-unfair competition work, study and propel implementing major policies and measures, serve as a coordinator when problems arise, organize addressing front-burner issues and illegal activities, encourage better cooperation and coordination between concerned departments, and improve public awareness of anti-unfair competition laws, rules and policies. [Gov.cn, 2020/11/19] read more

 

  • State Council issues guidelines to promote notification-commitment system nationwide

The Fifth Plenary Session of the 19th CPC Central Committee which concluded on Oct 29 sets course for China's growth in the next five years (2021-25) Have a look at some highlights. 1 China is still in an important period of strategic opportunity for development at present and for the foreseeable future, but there are new developments in both opportunities and challenges facing the country. 2 Placed at the top of the priorities is upholding the central role of innovation in the modernization drive and implementing the innovation-driven development strategy. [Gov.cn, 2020/11/09] read more

 

  • China to accelerate domestic steps for RCEP implementation

China will intensify domestic efforts for the Regional Comprehensive Economic Partnership (RCEP) to take effect and get implemented, so as to uphold free trade and expand win-win cooperation, the State Council executive meeting decided Tuesday. The RCEP, recently inked at the leaders' meetings on East Asian cooperation, is of great significance for participating countries to jointly tackle the uncertainties in the international landscape, increase intra-regional trade, stabilize industrial and supply chains, enhance people's well-being and facilitate China's high-level opening-up, according to the meeting chaired by Premier Li Keqiang. [china.org.cn, 2020/12/03] read more

 

  • New law on export control takes effect, ensuring more room to safeguard national interests

China's latest law on export control took effect on Tuesday, allowing the government to act against countries that abuse export controls in a way that harms China's interests. Planned in 2016 and approved in mid-October, China's Export Control Law (Full text in Chinese) strengthens the country's export supervision through strict monitoring and tariffs. The law enables the second-largest economy to take "reciprocal measures" against any country or region that abuses export-control measures and poses a threat to China's national security and interests. [CGTN.com, 2020/12/01] read more

 

  • China urges cutting use of disposable plastics

China has urged the business sector to reduce the consumption of single-use plastic products, encouraging plastic recycling and the use of recyclable and degradable substitutes, according to a document from the Ministry of Commerce. The ministry has set up a nationwide reporting system to record the use and recycling of disposable plastic products, according to the document. [china.org.cn, 2020/12/02] read more

 

  • Industrial profits up 28.2 percent in October

Profits of China's major industrial firms totaled 642.91 billion yuan (about 97.77 billion U.S. dollars) in October, increasing by 28.2 percent year on year, data from the National Bureau of Statistics (NBS) showed Friday. The pace of growth quickened 18.1 percentage points from September. In the first 10 months of the year, the profits of major industrial firms expanded 0.7 percent year on year to 5.01 trillion yuan, reversing the 2.4-percent decline in the January-September period. [xinhuanet.com, 2020/11/27] read more

 

  • Manufacturing PMI rises in November

The purchasing managers' index (PMI) for China's manufacturing sector came in at 52.1 in November, up from 51.4 in October, the National Bureau of Statistics said Monday. [xinhuanet.com, 2020/11/30] read more

 

  • NPC passes tougher Copyright Law

China's top legislature adopted on Wednesday an amended Copyright Law which provides stronger protection for copyright, especially for those in cyberspace, and gives tougher punishments to copycats.

The law increases compensation paid by violators when the losses of copyright owners, the benefit gained by the copycats or copyright license fees cannot be determined, as a bigger threat to fight piracy and a stronger tool to protect creativity. [Chinadaily.com, 2020/11/11] read more

 

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