1. Targeted measures to boost consumption

 

With the express delivery volume exceeding 150 billion pieces, the production of new energy passenger vehicles surpassing 10 million units for the first time, and newly registered consumer goods reaching 15100 in the first three quarters, China's consumer market is in gradual recovery this year, signaling a growing momentum. Retail sales of consumer goods expanded 4.8 percent year on year in October, quickening from the 3.2 percent increase in September. Thanks to the effective implementation of incremental policies to boost consumer confidence and unleash policy effects, China's economic operation continues to sustain the growth momentum.

 

2. Innovative development to strengthen port economy

 

Ports play an important role in connecting China to the world, bridging foreign exchanges and economic and trade cooperation, and safeguarding national security. To promote the port economy, a circular on expanding the tax rebate policy at ports of departure was released by the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation recently. After the implementation of the policy, a total of 37 ports of departure such as Zhengzhou Railway Port in Henan Province will be included in the scope of policy implementation. 

 

1. To promote high-quality development of China's agricultural insurance, a circular on a precision-targeted approach of agriculture insurance and claims was issued by the National Administration of Financial Regulation and other three departments recently, which puts forward requirements on agricultural insurance and claims, premiums, terms and conditions, data sharing, etc.

 

2. The Khunjerab Pass, a critical land port on the China-Pakistan border, has commenced year-round operations starting December 1, which will significantly boost bilateral trade and advance the China-Pakistan Economic Corridor, or CPEC, to a new phase.

 

3. China has expanded its visa-free policy to nine more countries, including eight in Europe, allowing citizens in these countries to enter for up to 30 days without a visa for business, tourism and other visits from November 30, 2024 to December 31, 2025. The policy now includes Bulgaria, Romania, Croatia, Montenegro, North Macedonia, Malta, Estonia, Latvia and Japan, alongside other nations benefiting from China's open-door approach. Officials and tourism professionals from the newly included countries have welcomed the move as a step toward stronger bilateral ties.

 

 

 

1. The National Food and Strategic Reserves Administration released data on November 29 showing that a total of 120 million tons of autumn grain have been purchased nationwide, which is faster than the previous year, and procurement is well underway.

 

2. China has already put in place a rural transport infrastructure network, where county roads connect rural and urban areas, township roads crisscross, and village roads facilitate travel between households and farmland, according to a white paper released by China's State Council Information Office on November 29. The white paper, titled "China's Rural Roads in the New Era," stated that the total length of rural roads in China had reached 4.6 million km by the end of 2023, an increase of 21.7 percent over 2013.

 

3. The second China International Supply Chain Expo wrapped up on November 30, having witnessed the signature of over 210 trade deals and tentative agreements totaling more than RMB 152 billion (about 21.17 billion U.S. dollars), according to the event's organizer, the China Council for the Promotion of International Trade (CCPIT).

 

4. According to the Ministry of Industry and Information Technology, from January to October, the added value of electronic information manufacturing industry above designated size increased by 12.6 percent year-on-year, with growth rates 6.8 and 3.5 percentage points higher than those of industrial and high-tech manufacturing industries during the same period, respectively.

 

5. According to the Medical Device Supply Chain Branch of the China Federation of Logistics and Purchasing, the market size of China's medical device industry will exceed RMB 1.2 trillion this year, a year-on-year increase of about 2.2 percent, and the scale of China's medical device industry will continue to steadily grow.

 

6. According to the Ministry of Commerce, the total import and export volume of services in China in the first ten months was RMB 6125.58 billion. Knowledge intensive service trade continues to grow, and travel services are growing rapidly.

 

7. According to data from the Ministry of Commerce, in the first three quarters of 2024, China's digitally deliverable services trade reached RMB 2.13 trillion, a year-on-year increase of 5.3 percent, setting a new historical high.

 

8. From January to November this year, the total number of passengers transported by railways in China reached 4.008 billion, and the annual passenger volume exceeded the 4 billion mark for the first time, setting a new historical high.

 

9. According to the China Federation of Logistics and Purchasing, in November, the prosperity index of China's logistics industry was 52.8 percent, up 0.2 percentage point from the previous month, and the overall business volume index in the eastern, central, and western regions rebounded evenly.

 

 

(Source: Economic Daily)