A Leisurely Holiday

正Tourism industry shows new trends during National Day holiday China's tourism industry showed strong momentum during the National Day holiday, which lasted from October 1 to 7. According to the Ministry of Culture and Tourism(MCT), the country's tourism revenue reached 389 billion yuan($60 billion) during the period, 59.9 percent of that over the same period in 2019,     

Cash Injection Boosts The Real Economy

正The cash amount that should be reserved for Chinese financial institutions,or the reserve requirement ratio(RRR),was lowered by 50 basis points starting July 15,excluding those that have already held the ratio at a low level of 5 percent. The measure,part of the financial sector's efforts to support the real economy,would release about 1 trillion yuan($154.24 billion) in long-term liquidity,the People's Bank of China(PBC),the central bank,said.     

From Passive Actor to Active Leader

The closing ceremony of the Fourth China International Import Expo (CIIE) took place in Shanghai on November 10. As the world's first dedicated import exhibition at the national level, the CIIE serves as an important platform for international purchasing, investment promotion, cultural exchanges and cooperation. The Fourth CIIE coincided with the 20th anniversary of China's accession to the World Trade Organization (WTO). The past two decades have seen China's economic aggregate jump from about 10 trillion yuan ($1.54 trillion) in 2001, to more than 100 trillion yuan ($15.4 trillion) in 2020, while its total foreign trade leapt to $4.6 trillion from $500 billion during the same period.     

Back to Expansion

China’s economy rebounds despite headwinds triggered by COVID-19 Recovering from the contraction caused by the novel coronavirus disease(COVID-19)epidemic,China’s economy saw a better-than-expected performance in 2020.The GDP expanded 2.3 percent year on year to101.59 trillion yuan($15.6 trillion),exceeding the100-trillion-yuan($15.42 trillion)mark for the first time.The per-capita GDP exceeded$10,000for two consecutive years,narrowing the gap with high-income countries,data from the National Bureau of Statistics(NBS)showed.     

MARKET WATCH

Funding Retirement State shareholders had transferred nearly 65 billion yuan($9.5 billion)worth of stocks in listed companies to the Social Security Fund(SSF)by March 29,according to a statement from the SSF.     

Economic Rebound Attracts More FDI

正The Western mainstream media has often lashed out against the Chinese Government and the country,but that has not resulted in a negative impact on China when it comes to attracting substantial flows of inbound foreign direct investments(FDI).     

PREMIER WEN MEETS THE PRESS

On March 14, Premier Wen Jiabao gave a press conference to journalists covering the annual sessions of the National People’s Congress, China’s top legislature, and the National Committee of the Chinese People’s Political Consultative Conference, the top advisory body, in Beijing. Wen elaborated on the Chinese Government’s stance on a number of hot social and economic issues. Excerpts follow     

GETTING READY TO INVEST ABROAD

China’s engagement in outward foreign direct investment(OFDI) startedlater than in many other countries. In 2002, when the National Bureau ofStatistics began measuring the OFDI, the net amount was $2.7 billion.However, in 2016 it soared to $196.15 billion, occupying 13.6 percent ofthe global total. In recent years, China’s OFDI has stayed between $140 billion and $160 billion. He Zhenwei, Secretary General of the ChinaOverseas Development Association, spoke to Beijing Review reporter TaoXing, sharing his observations on the development of China’s OFDI. Thisis an edited excerpt of the interview.     

MARKET WATCH

While the stock markets regain their momentum this year,China's securities regulators have issued new rules for public list-ings of start-up enterprises.Chinese fund management firms had their most difficult year on record in 2008,losing a total of 1.5 trillion yuan($219 billion) because of the meltdowns in the domestic stock markets.The country's central bank is sticking to its appropriately accommoda-tive monetary policy by refraining from withdrawing cash from the open market and issuing fewer central ba...     

Foreign Policy Focus

Chinese Foreign Minister Yang Jiechi discussed China's foreign policy and relations with other countries at a press conference in Beijing on March 7 on the sidelines of the Second Session of the 11th National People's Congress. Excerpts follow:     

Stable Exports,Greater Imports

During a press conference at the Fourth Session of the 11th National People’s Congress on March 7, Minister of Commerce Chen Deming answered questions on issues related to China’s foreign trade, overseas investment and its future opening up. Edited excerpts of Chen’s answers follow:     

A Strong Start

正China's economic performance in Q1 recovered pre-pandemic levels Recovering from the lows caused by COVID-19 last year, China's economy grew 18.3 percent year on year to 24.93 trillion yuan($3.82 trillion) in the first quarter(Q1) of 2021. According to data released by the National Bureau of Statistics(NBS) on April 16,     

BRICS Go for Gold

正With contracts for 28 projects worth some 13.4 billion yuan($2.1 billion) signed, an innovation base for BRICS partners on the new industrial revolution was unveiled to the public in Xiamen, Fujian Province, on September 7. The announcement took place at a forum on the sidelines of the 21 st China International Fair for Investment and Trade, running from September 8 to 11.     

Not-So-Desperate Housewives

After equally dividing community property with her husband, a housewife in Fujian Province received an additional 550,000 yuan ($85,000) in "household labor compensation." The verdict was made by a local court in July. It is one of several cases nationwide that saw housewives receive divorce compensation for additional domestic duties this year, thanks to an article in China's Civil Code, the civil law promulgated last year that went into force on January 1. The woman in this particular case, who had married to her husband for more than 20 years, obtained higher compensation than other such cases earlier this year, in which the housewives got between 15,000 yuan ($2,320) and 120,000 yuan ($18,550).     

ROAD TO CARBON NEUTRALIZATION

China needs to overcome greater challenges than developed countries to meetits carbon-heutral target The annual plenary session of the National People's Congress(NPC),the top legislature of the country,held in March unveiled new targets for achieving carbon neutralization.     

MARKET WATCH

Property Market Home prices in 70 large and mediumsized Chinese cities rose by 12.4 percent year on year in May,said the National Bureau of Statistics.It was only 0.4 percentage points lower than the record high growth rate in April.     

MARKET WATCH

As a supplement to this issue's cover story, Market Watch takes a quick look at the rest of the industries that the Central Government seeks to revitalize. They include the light, petrochemical, nonferrous metal and logistics industries. The budget deficit this year is expected to hit an all-time high of 950 billion yuan ($140 billion) in the wake of massive tax cuts and increased government spending. In the first month of this year, the amount of loans issued by banks reached a record high in accordance wi...     

Planning for Disaster

正Increased adoption of catastrophe insurance brings greater protection to communities The unprecedented July rainstorm that swamped Zhengzhou, capital city of Henan Province, has highlighted the role of catastrophe insurance in compensating losses caused by serious natural disasters.     

MARKET WATCH

A greener China means additional business opportunities for Siemens Green is in.And green technology is set to become the next cash cow for major appliance,automobile and     

My Focus on Rural Revitalization

From the Report on the Work of the Government to the draft Outline of the 14th Five-Year Plan(2021-2025)for National Economic and Social Development and the Long-Range Objectives Through the Year 2035,"rural revi-talization"has virtually become a hot topic for this year's sessions of China's top legislature and top political advi-sory body.Deputies to the 13th National People's Congress(NPC)and members of the 13th National Committee of the Chinese People's Political Consultative Conference(CPPCC)handed in their pieces of advice and proposal that aim to comprehensively promote the country's rural revitalization.