NATIONAL ECONOMY AND KEY REGULATORY CHANGES

  • Chinese premier stresses steady economic recovery, fulfillment of 2020 goals

Chinese Premier Li Keqiang on Monday called for efforts to consolidate the momentum of steady economic recovery and growth, as well as to ensure the fulfillment of this year's development goals. Li, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, made the remarks while presiding over a symposium on economic situation via video link. [chinadaily.com.cn, 2020/10/12] read more

 

  • Li calls for development of industry

Premier Li Keqiang emphasized this week the importance of relying on the industrial internet to develop services for the manufacturing sector, promoting the upgrading of made-in-China products and stabilizing and strengthening industry and supply chains. In remarks made during an inspection trip to Shanghai on Monday and Tuesday, the premier urged more steps to further open up, cooperate and foster new growth engines. [chinadaily.com.cn, 2020/09/23] read more

 

  • China to boost employment with multi-pronged measures

China will adopt new pro-employment measures and enhance its support for key groups of job-seekers to meet this year's job creation targets, the State Council's executive meeting chaired by Premier Li Keqiang decided on Friday. Premier Li Keqiang has underlined that employment is crucial to keeping economic fundamentals stable. It is important to implement the employment-first strategy and expand channels for employment. [Xinhuanet.com, 2020/10/09] read more

 

  • China deepens reforms to invigorate businesses

The State Council, China's cabinet, has detailed multiple reform measures to improve business environment and invigorate the market. While China's business environment has seen remarkable progress in recent years, operational barriers still exist in the country, according to a circular released by the State Council, which listed reforms in four areas to spur business vitality. China will push for adopting fully online procedures for starting a business in order to further reduce the time required for setting up an enterprise to no more than four working days, said the circular. [chinadaily.com.cn, 2020/09/11] read more

 

  • State Council approves 3 new pilot FTZs

The State Council decided to establish three new pilot free trade zones in Beijing, and Hunan, Anhui provinces, and to expand the China (Zhejiang) Pilot Free Trade Zone, according to a document issued on Sept 20. The China (Beijing) Pilot Free Trade Zone covers three areas of science-tech innovation, international commerce services and high-end industries, adding up to 119.68 square kilometers. [Gov.cn, 2020/09/21] read more

 

  • China adopts law on export control protecting national security

China's top legislature on Saturday passed a law on export control, allowing the government to act against countries that abuse export controls in a way that harms China's interests. With detailed stipulations on export-control lists and measures, the law was passed on Saturday at a bimonthly session of the Standing Committee of the National People's Congress, the country's top legislative body. It will go into effect on December 1. According to the law, China may "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, 2020/10/18] read more

 

  • To update desired foreign investment industries catalog

China is speeding up the revision of the catalog of desired foreign investment industries, the Ministry of Commerce (MOC) said on Thursday. The public consultation on the draft of the 2020 version of the catalog ended on Aug. 30 with remarkable feedback from the public, Gao Feng, spokesman for the MOC, said at a regular news briefing. The MOC and the National Development and Reform Commission will accelerate the procedures and release it as soon as possible, he said. [xinhuanet.com, 2020/09/17] read more

 

  • Chinese lawmakers call for strengthened patent protection to stimulate innovation

Chinese lawmakers on Wednesday held panel discussions to deliberate a draft amendment to the Patent Law during an ongoing session of the country's top legislature. The draft was submitted Tuesday to the National People's Congress (NPC) Standing Committee for a third reading. During the discussions, lawmakers noted that the draft amendment would further strengthen protection of the legitimate rights and interests of patentees, which is essential to stimulate innovation and promote high-quality development. [chinadaily.com.cn, 2020/10/15] read more

 

  • Industrial park featuring space tech to be built in east China

An industrial park focusing on space science and technology will be built in Nanjing, capital city of east China's Jiangsu Province, local authorities announced. With an investment of 18 billion yuan (about 2.7 billion U.S. dollars), the space-themed park will be constructed in Luhe District and is scheduled to open to the public in 2022, according to the authorities. As the first of its kind in Jiangsu, the park will feature a science and technology innovation center for the aerospace industry, a national science education base and an international innovation zone. [China.org.cn, 2020/09/20] read more

 

  • China's tax, fee cuts top 1.8 trillion yuan

China's top tax authority said the country's tax and fee cuts totaled 1.88 trillion yuan (about 276.06 billion U.S. dollars) in the first eight months of the year. Of the total, the preferential tax and fee measures unveiled in 2020 to support economic development and COVID-19 containment saved 1.17 trillion yuan, according to the State Taxation Administration. The remaining 706.2 billion yuan of taxes and fees were reduced as a result of the implementation of large-scale tax and fee cuts rolled out last year. [xinhuanet.com, 2020/10/07] read more

 

  • China's industrial output rises 5.8 pct in Q3

China's value-added industrial output, an important economic indicator, went up 5.8 percent year on year in the third quarter as factories stepped up production amid COVID-19 control, data from the National Bureau of Statistics (NBS) showed Monday. In the first three quarters, industrial output went up 1.2 percent year on year, reversing a decline of 1.3-percent in the first half of this year, NBS data showed. In September alone, output by major industrial firms jumped 6.9 percent year on year, 1.3 percentage points faster than that in August. [xinhuanet.com, 2020/10/19] read more

 

  • China's manufacturing PMI rises in September

The purchasing managers' index (PMI) for China's manufacturing sector came in at 51.5 in September, up from 51 in August, the National Bureau of Statistics (NBS) said Wednesday.  It is the seventh month in a row that the figure has remained in the expansion territory. Commenting on the sustained expansion, NBS senior statistician Zhao Qinghe said the Chinese economy keeps recovering steadily with increasing positive factors as the country continues to advance the policies of balancing epidemic control and economic development. [xinhuanet.com, 2020/09/30] read more

 

  • China issues list of approved measures for Shenzhen reforms

China has unveiled a list of 40 authorized measures to facilitate the pilot reforms in Shenzhen to build the city into a demonstration area of socialism with Chinese characteristics, authorities said. The list followed the release of a plan for the same purpose earlier this month and focused on its implementation, featuring entries regarding the market-oriented allocation of production factors, the business environment, science and technology innovation, opening up, public services, as well as environmental and urban space governance, according to a National Development and Reform Commission (NDRC) document published on its website. [chinadaily.com.cn, 2020/10/18] read more

 

  • Beijing FTZ to motivate city's office market

The newly established free trade zone in Beijing is expected to revive the gloomy office market in the capital, driven by demand from companies related to technology, finance and medicine, which will see new growth potential, experts said. Market absorption of office buildings in the city dropped about 47 percent year-on-year to around 92,000 square meters from January to September due to the COVID-19 pandemic, according to a report released by real estate service provider Savills in October. Vacancy rates continued to rise, reaching 15 percent by the end of the third quarter, up 5.9 percentage points on a yearly basis. The average rental for Grade-A office buildings fell to 354.8 yuan per square meter per month, down 3.5 percent year-on-year, it said. [chinadaily.com.cn, 2020/10/20] read more

 

INDUSTRY SPECIFIC

  • Real-time technology enables better medical services in China

China's medical services have made great strides over the past half decade. That's according to a new report published on Friday by China's public health authorities. It says services have become more accessible and are of a higher-quality. Driving the changes is the real-time data technology. The national center set up in Beijing's Tiantan hospital monitors the quality of treatment provided for neurological diseases. Take strokes for example. It's helped establish 2,700 stroke centers in public hospitals across more than 30 provinces and regions. [CGTN.com, 2020/10/16] read more

 

  • China's civil aviation industry expands recovery

China's civil aviation sector continued to recover in September as flights in airports returned to more than 90 percent of the volume registered in the same period last year, an industry report showed. The Chinese airports handled a total of 375,300 outbound flights last month, down 6.86 percent compared to a year earlier, but up 1.6 percent month on month, according to a report released by VariFlight, a China-based civil aviation data service provider. The report showed the number of domestic flights rose year on year in September while international flights increased slightly compared to that in August.

[xinhuanet.com, 2020/10/10] read more

 

  • To further propel power grid development

China's State Grid vowed to further boost the construction of the country's power grids to empower the formation of a new development pattern. Investments in power grids and related industries are expected to exceed 6 trillion yuan (about 885 billion U.S. dollars) during the 14th Five-year Plan period (2021-2025), said Mao Weiming, board chairman of the State Grid Corporation of China. The investments will focus on areas such as ultra-high-voltage power transmission, electric vehicle chargers and new digital infrastructure, Mao said. [xinhuanet.com, 2020/10/10] read more

 

  • Steel demand stokes optimism

Demand in China's steel market is likely to continue to rise in the coming months, which is expected to bolster sales of steel companies. That in turn will help sustain related market entities' operations that resumed since the epidemic was under better control, besides ensuring job security and stable industrial and supply chains, industry experts said. [chinadaily.com.cn, 2020/09/24] read more

 

  • Industrial robot production surges in August

China's industrial robot production surged 32.5 percent year-on-year in August to 20,663 units, with growth accelerating from 19.4 percent in July, official data showed. In the first eight months of the year, the country produced 136,873 industrial robots, up 13.9 percent from the same period last year, data from the National Bureau of Statistics revealed. In 2019, the country's industrial robot production totaled about 177,000 units, down 3.1 percent from the previous year. [xinhuanet.com, 2020/10/03] read more

 

  • Excavator sales surge in August

China's excavator producers reported surging sales in August, sustaining the growth momentum of previous months, industry data showed. China's 25 leading excavator makers sold a total of 20,939 excavators last month, up 51.3 percent year-on-year, according to the China Construction Machinery Association. In breakdown, 18,076 excavators were sold in the domestic market, soaring 56.3 percent, while exports of the equipment rose 25.7 percent to 2,863. [chinadaily.com.cn, 2020/09/21] read more

 

  • Software industry sees rapid recovery

China's software industry has seen rapid recovery as revenue and profit growth gathers steam, according to the Ministry of Industry and Information Technology. Software companies reaped nearly 5 trillion yuan (about 734.2 billion U.S. dollars) in revenues from January to August, up by 10 percent year on year, compared with an 8.6-percent increase in the first seven months. In the first eight months, the profit of the software industry reached 602 billion yuan, up by 5.9 percent year on year. [xinhuanet.com, 2020/10/06] read more

 

  • Telecom sector posts steady growth in first 8 months

China's telecommunications industry saw steady growth in the first eight months of this year, data showed. The combined industrial revenue reached 915.3 billion yuan (about 134.36 billion U.S. dollars) during the period, up 3.1 percent year on year, according to the Ministry of Industry and Information Technology. Revenue from fixed-line telecommunications of the three telecom giants -- China Telecom, China Mobile and China Unicom -- totaled 310.8 billion yuan during the period, rising 11.6 percent year on year. [xinhuanet.com, 2020/09/26] read more

 

  • Logistics demand continues to improve

Logistics demand in China continued to improve as economic activities normalized amid effective COVID-19 control, official data showed. The total value of social logistics in the Jan.-Aug. period rose 1.2 percent year on year to 174.6 trillion yuan (about 25.7 trillion U.S. dollars), according to the China Federation of Logistics and Purchasing (CFLP). The growth accelerated from a 0.5-percent gain seen in the first seven months. During the Jan.-Aug. period, total logistics revenues stood at 6.5 trillion yuan, down 1.1 percent year on year. [xinhuanet.com, 2020/10/08] read more

 

  • Air cargo sector maintains recovery in August

China's air cargo transport has maintained gradual recovery momentum with cargo volume in August reaching 86.7 percent of that in last August, according to the civil aviation authorities. The country's civil aviation industry handled a total of 546,000 tonnes of air freight in August, statistics from the Civil Aviation Administration of China showed. Both domestic and international air cargo transport sectors maintained gradual recovery, with the transport volumes reaching 86.2 percent and 87.8 percent of those in last August respectively. [xinhuanet.com, 2020/09/26] read more

 

  • China develops AI model that can tell COVID-19 from other respiratory diseases in 3 seconds

Chinese researchers have developed an artificial intelligence (AI) system that can help doctors discriminate COVID-19 from flu and other respiratory diseases in less than three seconds, according to a paper published in the journal Nature Communications earlier this month. As the influenza season approaches and the threat of a second wave of COVID-19 growing in many countries, differentiating between the two respiratory illnesses, which share similar symptoms, becomes critical to contain the pandemic. [CGTN.com, 2020/10/17] read more

 

  • China pushes for high-quality development of VR industry

China will push forward with high-quality development of the VR industry as the country drafts the 14th Five-Year Plan for its social and economic development from 2021 to 2025, Vice Premier Liu He said at the 2020 World Conference on VR (virtual reality) Industry. The two-day event, themed "New Opportunities, New Prospects," kicked off on Monday in Nanchang, capital of east China's Jiangxi Province. In his keynote speech at the opening ceremony, Liu said that China is committed to a dual circulation development pattern, and VR has great potential. [CGTN.com, 2020/10/20] read more

 

  • Smart vehicles lead Beijing auto show

Smart and intelligent sedans have been a focal point at the ongoing Beijing auto show, as the country's auto market recovers from the COVID-19 fallout. A total of 785 automobiles are on display at this year's Beijing International Automotive Exhibition, or Auto China 2020, according to the organizing committee. Some 82 new auto models will make their global debut at the show, where 36 concept vehicles and 160 new-energy cars will also be showcased. Themed "smart vehicle for the future," the exhibition will feature high-tech factors, including an intelligent network and sharing system. [xinhuanet.com, 2020/09/28] read more

 

  • China's auto imports, exports further recover in August

China's automobile imports and exports continued to rebound in August by gaining 9.2 percent month on month, according to data provided by the China Association of Automobile Manufacturers (CAAM). Last month, the import and export volume totaled 13.48 billion U.S. dollars, up 4.1 percent year on year, said the CAAM, citing customs data. Month on month, auto imports climbed 10.6 percent to 7.11 billion dollars in August while exports rose 7.6 percent to 6.37 billion dollars during the period. [xinhuanet.com, 2020/09/26] read more

 

  • China has 365M motor vehicles at end of September

In August, China auto outputs and sales reached 2.119 million units and 2.186 million units, growing 6.3% and 11.6% year on year respectively, according to the China Association of Automobile Manufacturers (CAAM). As of August, the world's largest auto market had posted increase in both outputs and sales for the fifth month in a row. The increase in Aug. auto outputs largely owed to the 42.8% vigorous leap in CV production volume. PV outputs basically remained flat over the year-ago period. [gasgoo.com, 2020/10/21] read more. [China.org.cn, 2020/10/21] read more

 

  • Horizon Robotics, Continental AG to team up on high-level ADAS, driving automation

Chinese artificial intelligence chip designer Horizon Robotics and the German automotive parts manufacturer Continental AG signed a memorandum of understanding (MoU) at the end of September to carry out in-depth cooperation in high-level ADAS (advanced driver assistance system) and driving automation with China as the core market, Horizon Robotics announced on September 30. [gasgoo.com, 2020/9/30] read more

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