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E-mail Xinhua, April 8, 2024
BEIJING, April 8 (Xinhua) -- China has leveraged a variety of policies to offset downward economic pressure and address structural challenges, securing a robust start of this year with accelerated growth in retail sales, investment, and industrial output.
China's retail sales of consumer goods rose by 5.5 percent year on year in the first two months of 2024, picking up from an increase of 3.5 percent in the same period of 2023.
Fixed-asset investment also saw a notable uptick, growing by 4.2 percent year on year, quickening from the 3 percent increase in 2023. Furthermore, value-added industrial output rose 7 percent year on year during the January-February period, accelerating from the rise of 6.8 percent registered in December 2023.
China's economy began the year on a positive note, and the country has the confidence, capabilities, and conditions to meet this year's economic and social development targets, said Zheng Shanjie, head of the National Development and Reform Commission.
The country's macroeconomic policy mix bolsters the improving data and increasing confidence in China's economic outlook, which strategically addresses both short-term challenges and long-term structural issues within the economy.
FISCAL AND MONETARY POLICIES
According to the Ministry of Finance, China vowed to continue to implement a proactive fiscal policy this year and appropriately enhance its intensity.
Notably, the issuance of ultra-long special treasury bonds has drawn widespread attention. These bonds will be used to implement major national strategies and build up security capacities in key sectors, with an initial allocation of 1 trillion yuan (about 140.95 billion U.S. dollars) for 2024.
Tax and fee reduction incentives will persist this year and be pivotal for business support. Last year, tax refunds, as well as cuts and deferrals of taxes and fees exceeded 2.2 trillion yuan.
Priorities of this year's tax policy include fostering scientific and technological innovation and bolstering the manufacturing sector. Measures include enhanced pre-tax deductions for enterprise research and development costs and tax relief for technology adoption.
On the monetary front, Pan Gongsheng, governor of the People's Bank of China (PBOC) emphasized that "China has a rich monetary toolbox and there is still ample policy headroom."
In January, the PBOC announced a 0.5-percentage-point cut in the reserve requirement ratio (RRR) for financial institutions, releasing around 1 trillion yuan of long-term liquidity into the market.
Furthermore, China cut the over-five-year loan prime rate by 25 basis points in February to 3.95 percent. The move marked the most significant drop in recent years and reflected the country's efforts to reduce comprehensive financing costs.
Pan said in March that the average RRR of China's entire banking sector is 7 percent, and there is still room for further RRR cuts.
The central bank also underscored the use of structural monetary policy tools, including a special relending facility worth 500 billion yuan to support sci-tech innovation, technical transformation and equipment renewal.
FOSTERING NEW ENGINES
China unveiled a range of policies in the first quarter to boost investment and consumption and foster a better business environment.
According to this year's government work report, China vows to cultivate new growth drivers, such as biomanufacturing, the commercial space industry, and the low-altitude economy.
In the low-altitude economy sector alone, the market size is estimated to surge from over 500 billion yuan in 2023 to 2 trillion yuan by 2030 as the country accelerates the development of unmanned aerial vehicles for tourism and logistics activities, among other uses.
Moreover, China has unveiled plans to facilitate equipment renewal and encourage consumer goods trade-ins. This initiative spans sectors such as industry, agriculture, construction, transportation, education, culture, tourism, and medical care, presenting an expansive market opportunity estimated to exceed 5 trillion yuan annually.
China has introduced guidelines to establish around ten high-level industrial parks to leverage the potential of the silver economy. Additionally, efforts are underway to develop innovative products like nursing and housekeeping robots.
Meanwhile, China is actively promoting the sales of new energy vehicles in rural areas by ramping up efforts to build more charging facilities in the countryside.
China has introduced new rules on consumer finance, raising access thresholds for consumer finance companies in a bid to strengthen regulation and bolster consumption growth.
China proposed 24 measures in an action plan to promote high-level opening up to create a better business environment. The country vowed to further shorten its negative list for foreign investment and launch pilot programs to relax foreign entry thresholds in scientific and technological innovation.
With an economic growth target set at around 5 percent for 2024, China's policy mix aims to synergize efforts in stabilizing the economy and fostering new quality productive forces. More can be expected to enrich the policy toolbox further in the foreseeable future. Enditem
Han Qiao Phone/Wechat:18600730906
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素材: China's retail sales of consumer goods, a major indicator of the country's consumption strength, climbed 5.5 percent year on year in the first two months of 2024, official data showed Monday. The growth was compared with an increase of 3.5 percent registered during the January-February period of 2023.
Fixed-asset investment grew 4.2 percent year on year, quickening from an increase of 3 percent recorded in 2023. The value-added industrial output rose 7 percent year on year during the January-February period, accelerating from a rise of 6.8 percent registered in December 2023.
展望2024年,郑栅洁说,从已有数据和先行指标看,随着宏观政策持续发力显效,中国经济开局良好,实现全年经济社会发展主要预期目标有信心,有能力,有条件,有底气.
小标题1
财政政策:财政部长蓝佛安:财政政策"适度加力" 从2024年开始拟连续几年发行超长期特别国债,专项用于国家重大战略实施和重点领域安全能力建设,2024年先发行1万亿元.
落实好结构性减税降费政策, 2023年新增减税降费及退税缓费超2.2万亿元, Newly implemented tax refunds, as well as cuts and deferrals of taxes and fees, exceeded 2.2 trillion yuan in 2023。2024年重点支持科技创新和制造业发展;落实研发费用税前加计扣除,科技成果转化税收减免等政策 China has also planned to offer extra pre-tax deductions on enterprises' research and development costs and tax relief for the application of sci-tech advances,
货币政策:潘功胜表示,中国的货币政策工具箱依然丰富,货币政策仍有足够空间.China has a rich monetary toolbox and there is still ample policy headroom, Pan Gongsheng, governor of the People's Bank of China (PBOC), said Wednesday.
中国人民银行1月24日宣布,下调金融机构存款准备金率0.5个百分点.将向市场提供长期流动性约1万亿元. 2月份,五年期LPR下调25个基点,近年来最大幅度
潘功胜在两会记者会上说 At present, the average reserve requirement ratio (RRR) of China's entire banking sector is 7 percent and there is still room for further RRR cuts, according to Pan.
结构性货币政策,中国人民银行7日宣布,设立额度5000亿元的科技创新和技术改造再贷款,支持科技创新,技术改造和设备更新.
小标题2
政府工作报告:积极打造生物制造,商业航天,低空经济等新增长引擎. 来自中国民航局的数据显示,2023年我国低空经济规模超5000亿元,2030年有望达到2万亿元.新华社北京3月30日电 题:无人机超126万架!中国低空经济蕴藏万亿级市场.低空旅游,短途运输等业务迅速增长……
国务院印发«推动大规模设备更新和消费品以旧换新行动方案»,.在工业,农业,建筑,交通,教育,文旅,医疗等7大领域推动设备更新,有望形成年规模5万亿元以上的巨大市场;
1月15日,国务院办公厅发布«关于发展银发经济增进老年人福祉的意见»(以下简称«意见»).«意见»提出,规划布局10个左右高水平银发经济产业园区.发掘老龄化社会的机遇,推广应用智能护理机器人,家庭服务机器人
«产业结构调整指导目录(2024年本)»顺应消费结构升级,持续推动新能源汽车下乡,支持农村充电基础设施建设.
国家金融监督管理总局修订发布«消费金融公司管理办法»,4月18日起施行.«办法»提高了准入标准.China's recent new regulations on consumer finance companies will improve market regulation and bolster consumption growth, analysts said. On Monday, the National Financial Regulatory Administration published a series of measures that lifted the access threshold of consumer finance companies.
日前,国务院办公厅印发«扎实推进高水平对外开放更大力度吸引和利用外资行动方案»(以下简称«行动方案») The action plan proposes 24 measures across five aspects. The country will shorten its negative list for foreign investment reasonably, and launch pilot programs to relax foreign entry thresholds in scientific and technological innovation, according to the document.
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