Multiple data outline the vitality curve. China’s economy is stable and far-reaching in "riding the wind and breaking the waves"
CCTV News:On February 5th, News Network reported the development of e-commerce logistics and the supply of bulk commodities in China in January 2024. In 2023, the execution amount of service outsourcing contracts in China achieved double growth, and the main economic indicators of the machinery industry grew steadily. Combined with the latest news released in recent days in finance, transportation and optimization of business environment, groups of data outlined a vivid picture of high-quality development, reflecting the strong pulse and surging vitality of China economy.
The People’s Bank of China lowered the RRR by 0.5 percentage point and released liquidity of 1 trillion yuan.
On February 5th, the People’s Bank of China lowered the deposit reserve ratio of financial institutions by 0.5 percentage point, which is what we often call "RRR reduction". The deposit reserve ratio means that banks turn over the absorbed deposits to the central bank in a certain proportion to ensure financial security. After the RRR cut, the deposit paid by the bank is less, and the money in hand is more. According to estimates, if the RRR is lowered by 0.5 percentage points, banks will have 1 trillion yuan of low-cost funds in their hands. A number of banks also stated that they should transmit this benefit to the loan as soon as possible.
The RRR cut policy will be implemented before the Spring Festival, which can also better meet the capital needs of banks during the Spring Festival.
CCTV reporter Wang Lei:After the downward adjustment, the weighted average deposit reserve ratio of financial institutions is about 7%. It is worth noting that the previous RRR cuts were basically adjusted by 0.25 percentage points, but this time the downward adjustment reached 0.5 percentage points, which exceeded the general expectations of the market.
Many experts believe that there will be a big gap in liquidity in the banking system before the Spring Festival due to factors such as centralized cash withdrawal by residents and enterprises and long holidays. The central bank’s RRR cut policy was laid out in advance, which can meet the liquidity demand during the Spring Festival and effectively promote the smooth operation of the financial market.
Dong Ximiao, Principal Investigator of Zhaolian:At the beginning of the year, especially before the Spring Festival, banks were guided to increase credit supply by a large margin, which fully reflected the determination of the People’s Bank of China to increase efforts to support the recovery of the real economy and was conducive to boosting the confidence of various business entities.
This RRR cut has given banks about 1 trillion yuan more long-term funds. Many banks, such as China Agricultural Bank, China Bank and China Construction Bank, indicated that they would use these funds to further increase their support for the real economy and increase credit supply in key areas such as farmers’ loans, rural construction, real estate market, advanced manufacturing industry and private enterprises.
China has achieved remarkable results in optimizing the business environment.
On February 5, the relevant person in charge of the National Development and Reform Commission introduced that China adhered to the problem orientation, accelerated the reform of key areas and key links, and achieved remarkable results in optimizing the business environment.
In improving the level of marketization, the state has issued anti-monopoly supporting regulations and law enforcement guidelines in key areas, and carried out special treatment of outstanding problems in the field of bidding and tendering for engineering construction; Establish mechanisms such as investment and loan linkage pilot cooperation to expand the space for private investment; Introduce preferential tax and fee policies to effectively reduce operating costs such as corporate financing and tax burden.
In improving the level of rule of law, the state has cancelled and adjusted 33 fines and vigorously rectified illegal fees charged by enterprises; Promote the administrative adjudication of major patent infringement disputes and protect the legitimate rights and interests of business entities according to law.
In terms of improving the level of internationalization, China has implemented the strategy of upgrading the free trade pilot zone and piloted the docking of international high-standard economic and trade rules; Hengqin Guangdong-Macao Deep Cooperation Zone will relax market access and further increase efforts to attract foreign investment; Customs optimizes business environment and promotes customs clearance facilitation.
In terms of improving the level of government services, the state has expanded the application scope of electronic business licenses, launched 109 specific measures of "facilitating taxation", and promoted the "transfer with mortgage" of real estate; The nationwide telegraph installation has achieved zero door-to-door, zero approval and zero investment service coverage, saving power users more than 200 billion yuan in investment.
China will accelerate the construction of a unified national market.
According to the relevant person in charge of the National Development and Reform Commission, China will speed up the construction of a unified national market and create a stable, fair, transparent and predictable business environment.
From the standpoint of legislation, China has comprehensively revised the new version of the negative list of market access, and the basic system of the market has become more unified; Nearly 90% of the national expressway service areas have built reserved charging parking spaces, and the online trading service platform of the national land secondary market has been put into operation, making the market facilities more efficient and connected.
From a broken point of view, in view of improper intervention in the construction of a unified national market, China has established a rectification and typical case interview notification system; Organize all localities to clean up the prescribed practices that hinder the construction of a unified market and fair competition, and promote the special rectification of improper market intervention in the fields of engineering construction and bidding.
The total business volume index of e-commerce logistics reached a new high of nearly two years.
China Federation of Logistics and Purchasing announced on February 5th that in January, the logistics index of e-commerce in China was 112.8 points, 0.4 percentage points higher than that of the previous month.
From the sub-index, the strong demand for e-commerce logistics has led to a significant rebound in the total business volume index. In January, the total business volume index of e-commerce logistics reached 125.3 points, a record high of nearly two years. The business volume index of rural e-commerce logistics stopped falling and rebounded, increasing by 1.3 points over the previous month, and rose to above 129 points again, maintaining a high operation. Local specialty foods have become the mainstream of new year goods, and fresh e-commerce has become one of the main channels for consumers to purchase new year goods with the rapid development of instant retail.
In addition, the personnel index stopped falling and rebounded, and the actual load rate index exceeded 117 points for the first time, hitting a record high, that is, the efficiency of matching goods with trucks was higher, and the adaptability of e-commerce logistics supply system to market demand was significantly enhanced.
In January, the growth rate of commodity supply accelerated and sales increased.
China Federation of Logistics and Purchasing also announced that the commodity index of China in January was 101.1%, up 0.4 percentage points from last month. In terms of sub-items, China’s commodity supply index was 101.4% in January, up 1.1 percentage points from the previous month, and the growth rate of commodity supply accelerated. In January, the sales index of bulk commodities was 100.6%. Among the main commodities, the sales of iron ore, raw coal, non-ferrous metals and chemicals continued to increase.
In 2023, the execution amount of service outsourcing contracts in China will double.
According to the data released by the Ministry of Commerce, in 2023, the contract value of service outsourcing undertaken by Chinese enterprises was 2,866.6 billion yuan, and the execution amount was 1,959.1 billion yuan, up by 17.6% and 18.6% respectively. Among them, offshore service outsourcing services such as new energy technology research and development services, inspection and testing services, and vehicle maintenance services have grown rapidly.
The main economic indicators of China’s machinery industry have grown steadily.
According to the latest data released by China Machinery Industry Federation on February 5, the added value of machinery industry increased by 8.7% year-on-year in 2023, which was 4.1 percentage points higher than the national industrial growth rate. By the end of 2023, the number of enterprises above designated size in the machinery industry had reached 121,000, an increase of 10,000 over the previous year.
In January, the freight transported by trains in the western land and sea new passage increased by 39% year-on-year
In January this year, 80,000 TEUs were transported by rail-sea combined transport in the new land-sea corridor in the west, up 39% year-on-year, and the number of transported goods increased from more than 50 in the past to more than 980 now. At present, the new land-sea passage in the west has been expanded from the initial cooperation between Chongqing and Guangxi provinces to the cooperation of 18 provinces (autonomous regions and municipalities) in China, and the transportation network covers 473 ports in 120 countries and regions around the world.
The the State Council Security Committee deployed a three-year campaign to tackle the root cause of production safety.
The the State Council Safety Committee recently deployed various regions, relevant departments and units to carry out a three-year campaign to tackle the root causes of production safety, and to carry out "eight major actions" such as safety education and training for the main persons in charge of production and business units and dynamic clearing of hidden dangers of major accidents, so as to promote the stable situation of production safety throughout the country and effectively curb the frequent occurrence of serious production safety accidents.