Positive factors for the operation of the Chinese economy continue to accumulate (Rui Finance)
2024-06-19
The National Bureau of Statistics released China's economic performance data for May on June 17th. On June 18th, the National Development and Reform Commission held a press conference to respond to the current hot issues in economic operation. The relevant person in charge of the National Development and Reform Commission stated that in May, the Chinese economy continued to rebound and positive factors in economic operation continued to accumulate. Most indicators have improved compared to last month. China's economic performance data for May has recently been released. Li Chao, spokesperson for the National Development and Reform Commission, analyzed that with the continuous implementation of various macroeconomic policies, the Chinese economy continues to rebound and accumulate positive factors in economic operation. Some indicators in the economic data for May have fluctuated, but overall, most indicators have improved compared to the previous month. For example, in May, the production index of the service industry increased by 4.8%, which was 1.3 percentage points faster than the previous month; The total retail sales of consumer goods increased by 3.7% year-on-year, an increase of 1.4 percentage points compared to the previous month; The import and export denominated in RMB increased by 8.6% and 11.2% respectively, which were 0.6 and 6.1 percentage points faster than the previous month; The urban survey unemployment rate was 5%, unchanged from last month and 0.2 percentage points lower than the same period last year; The CPI increased by 0.3% year-on-year, which is the same as the previous month. "At the same time, we have also noticed that the complexity, severity, and uncertainty of the external environment are increasing, and China's economy is still facing some difficulties and challenges in its sustained recovery and improvement." Li Chao said that we will speed up the implementation of policies such as "dual" (issuance of ultra long term special treasury bond to support the implementation of major strategies and security capacity building in key areas), "dual new" (large-scale equipment renewal and consumer goods trade in for new), and effectively consolidate and enhance the economic recovery trend. In March of this year, China introduced an action plan to promote large-scale equipment upgrades and consumer goods trade in. Li Chao introduced that the inter ministerial joint meeting system, led by the National Development and Reform Commission and involving 21 departments and units, has been officially established to promote large-scale equipment updates and the exchange of old for new consumer goods. Together, efforts have been made to promote the detailed implementation of action plans. As of now, the policy system has been completed, and all four action plans have been issued, including equipment updates, trade in of consumer goods, recycling, and standard improvement. 31 provinces (districts, cities) have issued local implementation plans. Financial support is gradually being implemented. Li Chao introduced that the National Development and Reform Commission has arranged investment and other funds within the central budget to support key projects such as equipment updates, energy conservation, carbon reduction, and recycling; The Ministry of Finance has pre allocated 6.44 billion yuan from the central government to support the trade in of old cars and allocated 500 million yuan to support the scrapping of old agricultural machinery; The People's Bank of China, together with relevant departments, is implementing the policy of re lending for scientific and technological innovation and technological transformation, and is currently conducting project review and promotion. "In addition, the formulation of standards is accelerating, and all 129 national standards planned to be formulated and revised this year have been approved. Standards in areas such as energy conservation and carbon reduction, environmental protection, safety, and recycling are further improving," said Li Chao. "We have achieved a good start in promoting large-scale equipment updates and the trade in of consumer goods." Li Chao introduced that from January to May this year, the investment in purchasing equipment and tools increased by 17.5% year-on-year, contributing more than 50% to the overall investment growth; The sales revenue of major e-commerce platforms for exchanging old appliances for new ones has increased by over 80%, and exchanging old appliances for new has become an important factor driving the growth of household appliance consumption. At the same time, a large number of intelligent community recycling facilities have been added in various regions, making the recycling and reuse system more sound. Next, the National Development and Reform Commission will fully leverage the role of the inter ministerial joint meeting system, further strengthen overall coordination, work with relevant departments to increase policy support, and accelerate the landing of various types of funds. At the same time, strengthen the guarantee of factors, timely coordinate and solve problems, and promote the widespread participation of enterprises and all sectors of society. In recent years, China's new energy vehicle industry has developed rapidly, promoting the development of the new energy vehicle industry. As of the end of 2023, the total number of new energy vehicles in China reached 20.41 million; By 2030, it is expected to reach 80 million vehicles. From January to May this year, the production and sales of new energy vehicles were 3.926 million and 3.895 million respectively, with year-on-year growth of 30.7% and 32.5%, indicating a continued good trend in industrial development. "Taking into account all aspects of the situation, Chinese consumers' demand for new energy vehicles will continue to rise, and new energy vehicles, especially electric vehicles, will continue to grow at a relatively fast pace, which will greatly stimulate the demand for charging infrastructure construction." Li Chao said, "As of the end of May this year, the total number of charging infrastructure in China reached 9.92 million units, a year-on-year increase of 56%. Among them, public and private charging facilities reached 3.05 million units and 6.87 million units, respectively, an increase of 46% and 61%. China has built the world's largest number, widest service range, and most complete variety of charging infrastructure system." "Practice has proven that the key to the rapid development of China's new energy vehicle industry is to comply with objective laws, fully respect market competition, and adhere to seeking development in openness." Li Chao said that the new development concept provides guidance for the development of China's new energy vehicle industry, and the super large scale market in China provides broad development space for the new energy vehicle industry, with sufficient market competition. "Forged the competitiveness of the new energy vehicle industry. Li Chao stated that the National Development and Reform Commission, together with relevant parties, will continue to create a fair competitive market environment through policy guidance, standardized supervision, and other means, fully stimulate the vitality of various business entities, promote the transformation and upgrading of the automotive industry and enterprise optimization and restructuring, enhance technological innovation and industrial chain supporting capabilities, strengthen international cooperation, and continue to promote the high-quality development of the new energy vehicle industry. (Lai Xin She)
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