National Bureau of Statistics: In 2019, the GDP was 99,086.5 billion yuan, an increase of 6.1% over the previous year.

  CCTV News:According to the website of the National Bureau of Statistics, the National Bureau of Statistics released a statistical bulletin on national economic and social development in 2019 on the 28th.

  According to preliminary accounting, the gross domestic product in 2019 was 99,086.5 billion yuan, an increase of 6.1% over the previous year. Among them, the added value of the primary industry was 7,046.7 billion yuan, an increase of 3.1%; The added value of the secondary industry was 38,616.5 billion yuan, an increase of 5.7%; The added value of the tertiary industry was 534.233 billion yuan, an increase of 6.9%. The added value of the primary industry accounts for 7.1% of GDP, the added value of the secondary industry accounts for 39.0%, and the added value of the tertiary industry accounts for 53.9%. The contribution rate of final consumption expenditure to GDP growth was 57.8%, the contribution rate of total capital formation was 31.2%, and the contribution rate of net exports of goods and services was 11.0%. The per capita GDP was 70,892 yuan, an increase of 5.7% over the previous year. The gross national income was 98,845.8 billion yuan, an increase of 6.2% over the previous year. The national energy consumption per 10,000 yuan of GDP decreased by 2.6% compared with the previous year. The overall labor productivity was 115,009 yuan/person, an increase of 6.2% over the previous year.

List of dimensions of domestic pickup trucks: the dimensions of off-road pickup trucks are particularly outstanding.

A few days ago, we took stock of the body size of the newly listed pickup truck in the first half of this year. In order to let everyone see it more comprehensively, today, the body size and container size of domestic pickup trucks are all arranged in a table, so as to feel the size trend of pickup truck market more intuitively.

First of all, from the length of the car body, there are as many as four models with a size exceeding 5.7 meters. Ranked first, it has even exceeded 5.8 meters, which is the long box version of Interstellar R off-road version, which has been listed soon, with a body length of 5.845 meters. The length of the Mars 7 trunk version is 5.797 meters, that of SAIC Chase Star H trunk version is 5.71 meters, and that of Jiangling Baodian trunk version is ranked fourth with 5.7 meters. The body length of Futian Mars is very strong, and the SAIC Chase pickup truck that came from behind is also a malicious role.

All of the above are long box pickups, so if you only look at the standard box pickups, there are 4 models with a car length of more than 5.5 meters. Mars 7 TEU version and Mars 9 body reached 5.617 meters and ranked first. The length of the explorer on Jiangling Avenue is 5.565 meters, ranking third. SAIC Chase Interstellar R Off-road Edition TEU Edition ranked fourth with a vehicle length of 5.53 meters. In addition to the two full-size pickups, Mars 7 and Mars 9, the other two pickups that squeeze into the camp over 5.5 meters are off-road models. This shows that the size of off-road pickup trucks is generally large.

In terms of vehicle width, the width of various pickup trucks has exceeded 2 meters, making it a real wide-body pickup truck. Among them, the width of some models of Mars 7 and Mars 9 reached 2.09 meters, ranking first, and the width of the Great Wall Dragon Bullet reached 2.084 meters, ranking second. Dare to explore Jiangling Avenue ranked third with 2.055 meters. ZTE 1949 is 2.045 meters, Changan Explorer version is 2.006 meters, and the width of another part of Mars 7 and Mars 9 is 2 meters.

In terms of wheelbase, ZTE’s 1949 and 1986 exploration editions reached 3.513 meters, ranking first. The long box version of Mars 7 reached 3.505 meters and ranked third. The wheelbase of Star R and Star R cross-country version is 3.48 meters, and the wheelbase of Great Wall commercial gun is 3.47 meters, both of which belong to the best.

Analyze the container size again. The longest container is the Great Wall locomotive gun. The pickup truck belongs to a single-row pickup truck, so the container length reaches 2.475 meters. The container length of ZTE Tiger is 2.035m, that of Chang ‘an Kaicheng F30 is 2.02m, and that of Wuling Journey is 2m.

The container width exceeded 1.6 meters in ZTE 1949, 1.7 meters in Mars 7 and 9, and 1.62 meters in Yellow Sea N7.

In terms of container height, the container height of light chaser, almighty and explorer on Jiangling Avenue is 0.546 m, that of Ford Ranger Ranger is 0.545 m, and that of BAIC is 0.545 m. The container height of Great Wall passenger gun, commercial gun, cross-country gun, artillery, motorcycle gun, dragon bomb, Chang ‘an Explorer, radar RD6 and horizon all reach 0.54 m.. Pickup boxes have generally become deeper and more loadable.

Written at the end: consumers generally like taller models, so pickup trucks are inevitably developing in a larger and larger direction within the prescribed scope. The length of the pickup truck body is up to 5.845 meters, the width is 2.09 meters, and the wheelbase is up to 3.513 meters. The pickup truck container is 2.475 meters long, 1.7 meters wide and 0.546 meters high. In particular, with more and more off-road pickups coming on the market, we find that off-road pickups are particularly outstanding in terms of body size and container size.

Introduction of working principle of FSD system

BYD has independently developed the FSD variable damping suspension system, which is used for the configuration of vehicles equipped with Han models. FSD shock absorber is based on the design scheme of shock absorber and integrates additional frequency response valve system. According to the dynamic situation of the vehicle, different damping characteristics can be realized in suspension control and body control, providing the best comfort and stability scheme.

The FSD valve is used to control the oil flow in the damping cylinder, so as to automatically adjust its own hardness. When a vehicle passes through a bumpy road with high vibration frequency, the FSD valve opens two channels for oil flow to pass through, so that oil can pass through more easily, the damping force of the shock absorber is reduced, and the shock absorber becomes "soft", and the shock absorber plays the role of absorbing road impact, so that people in the vehicle have a comfortable driving experience. When the road conditions are good, the vibration frequency of the shock absorber is low, and the FSD valve in the shock absorber cylinder only opens one channel for the oil liquid to pass through. At this time, the damping force of the shock absorber is large, which makes the car more stable and more maneuverable when driving.

The FSD shock absorber equipped on the Han model can perfectly adapt to various road conditions such as low-lying, high-low and gravel roads by automatically adjusting the damping force and rebound speed, effectively filtering the bumpy feeling caused by different roads, and keeping the car body stable and comfortable for drivers and passengers, at the same time, it can also retain appropriate road feedback and improve the driving pleasure of the vehicle.

The Han family sold 31,786 vehicles in November, exceeding 30,000 vehicles for three consecutive months, and the cumulative sales exceeded 400,000 vehicles. As a mid-to-high-end self-owned brand, Han has been continuously sought after by consumers since its listing. Since the launch of a brand-new upgraded model in March, with the support of DM-i super hybrid and DM-p hybrid technology, the sales volume of Han family has continued to grow, with the cumulative sales exceeding 400,000.

Hybrid car, that is, hybrid car.

Hybrid cars, that is, cars, are "smart guys" between traditional fuel vehicles and cars. They use (such as gasoline engines) and cooperate with each other, which is both fuel-efficient and environmentally friendly. Let’s tell you some main types of hybrid cars in vernacular. Although you can’t provide a picture description, you can help understand them by imagining keywords or searching for corresponding pictures on the Internet.

1. ():

This is the most common type of hybrid, which can be used without plugging in. It has a small battery, which is charged by the energy recovered when braking, or helps to charge when it is "idle". When driving at low speed or starting at ordinary times, the quiet motor works; When running at high speed or needing great power, the engine will intervene again. In this way, we can not only enjoy the smoothness and quietness of electric vehicles, but also avoid endurance anxiety.

2. Plug-in hybrid (PHEV):

Plug-in hybrid is like an "enhanced version" of ordinary hybrid, with a large battery that can be recharged. After being fully charged, it can be driven by pure electricity in a short distance, just like driving an electric car. Zero emission also saves money. After the battery is exhausted, it becomes a common hybrid mode, and the internal combustion engine and the motor work together. Suitable for friends who have the conditions to charge at home and commute not too long every day.

3. 48V light mixing:

Light mixing is an example of "small changes, big effects". It adds a small motor and a 48-volt battery to the conventional fuel car. This small motor can help the engine when starting and accelerating, reducing fuel consumption; It can also recover energy when braking. The driving experience does not change much, but the fuel consumption is obviously reduced, which is suitable for car owners who want to save fuel and do not want to change their driving habits.

4. REEV:

Extended-range hybrid is a bit special. Its engine does not directly drive the wheels, but is like a "charging treasure", which supplies power to batteries and motors. The car is always driven by the motor, which only starts when the battery is low to charge the battery. In this way, you can enjoy the driving experience of electric vehicles, and you are not afraid of not finding a charging pile during long-distance travel.

5. Structural differentiation: series, parallel,;

Series: the engine only generates electricity, and the electricity is supplied to the motor to drive the wheels, similar.

Parallel connection: both the engine and the motor can drive the wheels individually or together, and the power switching is flexible.

Series-parallel type (such as THS): The engine and motor can be driven independently and work together, which is complex but efficient.

To sum up, hybrid cars are varied and have their own characteristics. Which one to choose depends mainly on your daily use needs, charging conditions and personal preferences. If you want to save fuel and environmental protection, drive smoothly, and don’t want to be troubled by charging, ordinary may be the most suitable; If it is convenient to charge at home, there are many short distances and few long distances, plug-in hybrid is a good choice; If you just want to make small changes to save energy, you may wish to consider 48V light mixing; If you like pure electric driving and are not afraid of long distance, then look at the hybrid. Remember, the key is to choose the hybrid car that suits your life!

Hangzhou Municipal People’s Government Portal Website Municipal Development and Reform Commission

Hangzhou Development and Reform Commission (Hangzhou Counterpart Support and Regional Cooperation Bureau)

Article 1 These Provisions are formulated in accordance with the Central Committee of the Communist Party of China’s Decision on Deepening the Reform of Party and State Institutions and the Hangzhou Institutional Reform Plan approved by the provincial party committee and government.

Article 2 The Municipal Development and Reform Commission is the working department of the municipal government, and it is the bureau level.

Article 3 The Municipal Development and Reform Commission implements the principles, policies and decision-making arrangements of the CPC Central Committee, the Provincial Party Committee and the Municipal Party Committee on development and reform, and upholds and strengthens the Party’s centralized and unified leadership over development and reform in the course of performing its duties. The main responsibilities are:

(a) to formulate and organize the implementation of the city’s national economic and social development strategy, long-term planning and annual plan. Take the lead in organizing the construction of the city’s unified planning system, and be responsible for the overall connection between municipal special planning, regional planning, spatial planning and the city’s development planning. Responsible for the coordination of the important total balance and major proportional relationship of the city’s total social demand and total supply, and put forward the goals, tasks and related policies of economic and social development, major structural optimization, modern economic system and high-quality development. Draft relevant local laws and regulations in the field of development and reform. Responsible for the evaluation and supervision of major strategic planning and major policies.

(two) to organize the formulation of regional coordinated development strategies, plans and related policies to guide and promote the coordinated development of regional economy. Coordinate and promote the city’s implementation of major national regional development strategies such as the Yangtze River Delta regional integration development and the Yangtze River Economic Belt. Organize the preparation and implementation of the city’s new urbanization plan. Coordinate and promote the development of marine economy. Take the lead in implementing the integration and upgrading of major platforms in the city.

(three) to promote the sustainable development strategy as a whole, and to formulate and organize the implementation of green development related strategies, plans and policies. Formulate and implement circular economy development plans and policies. Promote the construction and reform of ecological civilization, participate in the preparation of ecological construction plans, coordinate the protection and restoration of ecological environment, the conservation and comprehensive utilization of energy resources, put forward policies and measures to improve the compensation mechanism for ecological protection, and comprehensively coordinate environmental protection industries and cleaner production promotion.

(four) responsible for the comprehensive management of major infrastructure. Plan the layout of major infrastructure and coordinate and promote the construction and development of major infrastructure. Coordinate major issues related to comprehensive transportation development, comprehensively coordinate the railway and general aviation industries, and link up and balance transportation development plans.

(five) review the energy development strategy, major planning, major industrial policies, major reform programs and major investment projects, and promote the adjustment of energy structure. Responsible for energy operation regulation and power industry management. Responsible for coal, oil, natural gas and other energy security operation management. Responsible for the comprehensive coordination of energy saving and consumption reduction, energy "double control" and coal consumption reduction and substitution. Guide the application and promotion of new energy and renewable energy in the city.

(six) responsible for macroeconomic forecasting, early warning and expected management. Study and analyze the important issues such as national economic operation, total balance, economic security and industrial security in the city and put forward relevant suggestions. Major issues in coordinating macroeconomic operation. Responsible for the mobilization of the national economy in the city, organize the preparation of the national economy mobilization plan, coordinate and organize the implementation of the national economy mobilization related work. Promote the implementation of integration of defense and civilian technologies’s development strategy.

(seven) responsible for the city’s social development and national economic development policy convergence, coordination of major issues. Organize the formulation of the city’s social development strategy and overall planning. Make overall plans to promote the construction of the basic public service system and the reform of the income distribution system. Put forward policy suggestions to promote employment, increase the income of urban and rural residents, improve social security and other coordinated development with the economy.

(eight) to formulate and organize the implementation of relevant price policies. According to the pricing catalogue, formulate and organize the implementation of important commodity and service price policies and programs managed by the government in conjunction with relevant departments. Responsible for major price reform and policy coordination in the city.

(nine) responsible for the comprehensive management of investment in the city. To formulate the total scale, structural control objectives and policies of the city’s fixed assets investment, and plan major construction projects and productivity layout. Put forward suggestions on the scale and investment of municipal financial construction funds. Examination and approval, approval, review and filing of major projects according to the authority. We will promote the reform of the investment and financing system, and formulate and promote the implementation of policies and measures to encourage private investment.

(ten) responsible for the comprehensive management of the city’s basic construction and key construction projects. Responsible for the preparation and implementation of key construction projects in the city, responsible for the preliminary design of relevant government-invested construction projects and the examination and approval of project budget estimates, and responsible for the evaluation and supervision of key construction projects in the city. Responsible for the implementation of ecological environment protection requirements in the process of examination and approval, approval and filing of construction projects. Do a good job in the supervision and management of production safety of key construction projects in the city according to the division of labor, and guide and urge the temporary institutions of key construction projects at all levels to implement the duties of production safety.

(eleven) to study and analyze the balance of funds and the financial and financial operation of the whole society, and put forward suggestions for coordinating and solving major problems in financial and financial operation. Participate in the formulation of fiscal and financial policies, and promote the construction of policy coordination and work coordination mechanisms in planning, finance and finance. Put forward the development goals and policies of the city’s direct financing, and guide the investment of social funds. Responsible for the comprehensive management of corporate bond issuance in the city. Responsible for the management and policy formulation of venture capital.

(twelve) to guide the promotion and comprehensive coordination of economic system reform, and put forward relevant reform suggestions. Take the lead in promoting the structural reform of the supply side of the city. Coordinate and promote the reform of property rights system and market-oriented allocation of factors. Promote the improvement of the market economic system and the construction of a modern economic system, and organize the implementation of the negative list system for market access in conjunction with relevant departments. Take the lead in promoting the city’s work to optimize the business environment.

(thirteen) to co-ordinate the city’s opening up work. Formulate opening-up strategies, plans and related policies, and take the lead in promoting the construction of the "Belt and Road" in the city. To undertake the overall coordination of the city’s "going global" work, and be responsible for the balanced development and layout optimization of the city’s utilization of foreign capital and overseas investment. Responsible for the total amount control, structural optimization and monitoring of full-caliber foreign debt. Responsible for the overall planning of various development zones (parks). Guide the construction of major opening-up platforms in the city.

(fourteen) to guide and coordinate the construction of the city’s social credit system, and organize the formulation of relevant comprehensive policies. Responsible for the comprehensive coordination of the city’s public credit information management.

(fifteen) to organize the formulation of comprehensive industrial policies. Coordinate major issues in the development of the first, second and third industries and make overall plans to link up relevant development plans and major policies. Coordinate the implementation of major industrial projects. Coordinate major issues in industrial upgrading, promotion and application of major technical equipment, etc. Organize to formulate and promote the implementation of the strategic planning and major policies of the city’s service industry and modern logistics industry, and be responsible for promoting the integrated development of service industry and other industries, and cultivating new formats and models of service industry. Track and analyze the changing trend of consumption, and formulate and implement comprehensive policies and measures to promote consumption.

(sixteen) to promote the implementation of innovation-driven development strategy, in conjunction with relevant departments to formulate plans and policies to promote entrepreneurial innovation, and put forward policies and measures to innovate and cultivate new kinetic energy for economic development. Planning and layout of major scientific and technological infrastructure in the city in conjunction with relevant departments. Organize the formulation and implementation of development plans and policies for high-tech industries and strategic emerging industries.

(seventeen) put forward agricultural and rural economic development strategy, system reform and relevant policy suggestions. Coordinate the major issues of agricultural and rural economic and social development, and put forward the objectives and policy suggestions of agricultural and rural economic and social development speed, total balance and structural adjustment in conjunction with relevant departments. Organize the preparation of the city’s rural revitalization strategic plan, plan the layout of major agricultural and rural construction projects and coordinate their implementation.

(eighteen) to organize the formulation of the city’s annual emergency material security plan, the city’s important emergency material reserve directory. Take the lead in the comprehensive supervision of the implementation of the annual plan for emergency material support.

(nineteen) to complete other tasks assigned by the municipal government.

17th Floor, Block B, Citizen Center, No.18 Jiefang East Road, Shangcheng District, Hangzhou 310026 The public telephone number is 0571-85251907, and the supervision telephone number is 0571-85252345. Winter time: 9:00-12:30, 14:00-17:30 (legal working day), summer time: 9:00-12:30, 14:30-18:00 (legal working day).

From 2020, import tariffs on these goods will be lowered.

Frozen avocado, non-frozen orange juice, medicine for treating asthma.
From next year, the import tariffs on these goods will be lowered.

With the approval of the State Council, the State Council Customs Tariff Commission recently issued a notice to adjust the import tariffs of some commodities from January 1, 2020. Which goods’ tariffs have dropped significantly this time? What benefits will this adjustment bring to the people and enterprises? In this regard, the reporter interviewed relevant experts.

Adjusting tariffs in various ways to promote high-quality economic development

The tariff adjustment plan has made great efforts to adjust the tax rate, including MFN tax rate, agreed tax rate, preferential tax rate, provisional tax rate and other adjustments, and many commodity tariffs have been reduced to varying degrees. Experts believe that the balance of import and export structure is an important part of high-quality economic development. Under the situation that China’s export scale has already led the world, improving the scale and quality of imports has become the next step. This tariff adjustment plan will help to improve the domestic consumption structure, reduce the cost of enterprises, and also help to improve China’s opening up level and continuously expand new space for trade development.

According to the plan, first, in terms of MFN tariff rate, China will implement the fifth step of reducing the MFN tariff rate of some information technology products from July 1, 2020 according to the negotiation results of expanding the product range of information technology agreements under the WTO framework.

Second, in terms of provisional tax rate, from January 1, 2020, the provisional import tax rate of 859 commodities will be lower than the most-favored-nation tax rate, an increase of more than 20% compared with the same period last year.

Third, China will continue to implement the agreed tax rate on some commodities originating in 23 countries or regions in 2020. At the same time, we will continue to implement preferential tax rates for the least developed countries that have established diplomatic relations with China and completed the exchange of letters, and adjust the preferential tax rates to apply to countries according to the United Nations list of least developed countries and China’s transitional arrangements.

The provisional tax rate for 859 commodities will better meet people’s living needs.

In this tentative import tax rate adjustment scheme, many commodities are closely related to people’s daily life. Among the 859 commodities that will be subject to the provisional import tax rate, a number of domestic consumer goods with relative shortage or foreign characteristics have been imported, including frozen pork, frozen avocados and non-frozen orange juice, so as to better meet people’s living needs.

If the import tariff rate of frozen pork, which has attracted much attention, is reduced from 12% to 8%, it is mainly considered that appropriately increasing pork imports can effectively alleviate the domestic supply and demand pressure; At the same time, we will continue to implement zero tariffs on miscellaneous meals used for pig feed for 10 tax purposes to help domestic pigs resume production.

The plan has reduced the import tariffs on some fruits and juices, increased the import of many foreign specialty products, and made people’s "vegetable baskets" and "fruit baskets" more diverse. For example, pecan fruit decreased from 24% to 7%, fresh or dried avocado decreased from 25% to 7%, frozen avocado decreased from 30% to 7%, and non-frozen orange juice decreased from 30% to 15%, all of which were greatly reduced.

In order to reduce the drug cost and promote the production of new drugs, the plan implements zero tariff on alkaloid drugs used to treat asthma and raw materials for producing new diabetes drugs to better meet people’s medical and health needs.

Fan Yong, a professor at the School of Finance and Taxation of the Central University of Finance and Economics, pointed out that these adjustment projects have fully targeted the gap between supply and demand in the domestic market and are of great significance for improving people’s livelihood. If the domestic pork price increase is due to the shortage of supply due to the epidemic situation, tariff measures can supplement the supply and stabilize the market price; Due to the improvement of people’s living standards, the demand for some fruits with less domestic output has increased, and increasing imports appropriately can better meet the demand; Asthma, diabetes and other diseases are also quite common in China, and tariff adjustment can further reduce the cost of medication and bring benefits to patients.

Tax reduction of 176 information technology products to help enterprises transform and upgrade.

In order to better promote the development of manufacturing enterprises, the import tariffs of advanced technologies, equipment and parts have been adjusted, including adding or reducing the provisional import tariffs for semiconductor testing sorting and braiding machines, high-pressure turbine clearance control valves, hydraulic torque converters and aluminum valve cores for automatic transmissions, ferroniobium, multi-element integrated circuit memories, culture media and other commodities.

Fan Yong said that we can see that most of these raw materials and spare parts are distributed in high-tech industries such as automobiles, communications, integrated circuits, biology, etc. Reducing tariffs through a tentative tax rate can promote enterprise innovation, transformation and upgrading, and further support the development of China’s manufacturing industry and high-tech industries.

According to the plan, starting from July 1, 2020, the provisional tax rates for the import of seven information technology products will be cancelled; At the same time, according to the agreement reached by 24 WTO members, including China, the United States, Europe, Japan and South Korea, on expanding the product range of the Information Technology Agreement in December 2015, China has implemented four-step tax reduction for the products expanded by the Information Technology Agreement. This time, China will implement the fifth-step tax reduction on the MFN rate of 176 information technology products on this basis.

Gao Lingyun, a researcher at the Institute of World Economics and Politics of China Academy of Social Sciences, pointed out that China’s import and export scale of information technology products accounts for a quarter of the world’s total, and it is the world’s largest import and export country of information technology products. Reducing tariffs on information technology products can greatly reduce production costs and improve competitiveness for these enterprises that need to import information technology products. Globally, jointly reducing tariffs on information technology products can not only promote the faster development of information technology, but also be more conducive to world trade and investment and global economic growth.

Reduce the agreed tax rate of some countries and speed up the construction of free trade zone network

According to the free trade agreement or preferential trade arrangement signed between China and relevant countries or regions, China will continue to implement the agreed tax rate on some commodities originating in 23 countries or regions in 2020. Among them, the free trade agreements between China and New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, South Korea, Georgia, Chile and Pakistan and the Asia-Pacific Trade Agreement have been further reduced. In addition, except Equatorial Guinea, the preferential tax rate will continue to be applied to other least developed countries that have established diplomatic relations with China and completed the exchange of letters.

It can be seen that a considerable number of these 23 countries or regions are along the Belt and Road, and reducing tariffs in the form of agreed tax rates will help China and countries and regions along the Belt and Road to strengthen economic and trade cooperation, which is of great significance for promoting the high-quality development of the Belt and Road, building a high-standard free trade zone network facing the world, and implementing a mutually beneficial and win-win opening strategy.

Qiao Baoyun, Dean of China Institute of Public Finance and Policy of Central University of Finance and Economics, pointed out that these measures reflect China’s efforts in promoting global economic integration and multilateral economic and trade cooperation, which are conducive to reducing import costs, promoting the orderly and free flow of international and domestic factors, and promoting the construction of a new open economic system with a higher level, which can not only promote the improvement of China’s foreign trade structure, but also help China to win-win cooperation with other countries and regions and share development achievements.(Reporter Lu Yuanzhen)

Director of the National Bureau of Statistics answered a reporter’s question on the national economic operation in 2023.

(January 17, 2024)

 

 

  On January 17th, the State Council Press Office held a press conference. Kang Yi, director of the National Bureau of Statistics, and Wang Guanhua, spokesman of the National Bureau of Statistics, introduced the national economic operation in 2023 and answered questions from reporters. The transcript of the press conference is as follows:

 

  Shou Xiaoli, deputy director and spokesperson of the State Council Information Office.

 

  Good morning, ladies and gentlemen! Welcome to the press conference of the State Council Information Office. Today, we released economic data routinely. We invited Mr. Kang Yi, director of the National Bureau of Statistics, and Ms. Wang Guanhua, spokesperson of the National Bureau of Statistics, to introduce the national economy in 2023 and answer your concerns.

 

  Next, let’s first invite Mr. Kang Yi to make an introduction.

 

  Kang Yi, Director of National Bureau of Statistics.

 

  Thank you, host. Good morning, media friends. First of all, let me introduce the national economy in 2023.

 

  In 2023, the national economy rebounded and high-quality development was solidly promoted. In 2023, in the face of the complicated and severe international environment and arduous and arduous tasks of domestic reform, development and stability, under the strong leadership of the CPC Central Committee with the Supreme Leader as the core, all localities and departments conscientiously implemented the decision-making arrangements of the CPC Central Committee and the State Council, adhered to the general tone of striving for progress while maintaining stability, comprehensively implemented the new development concept, accelerated the construction of a new development pattern, comprehensively deepened reform and opening up, and intensified macro-control. Efforts were made to expand domestic demand, optimize the structure, boost confidence and prevent risks. China’s economy rebounded, supply demand improved steadily, transformation and upgrading were actively promoted, employment prices were generally stable, people’s livelihood security was strong and effective, and high-quality development was solidly promoted. The main expected goals were successfully achieved. (For details of the national economy in 2023, please refer to the link https.://www.stats.gov.cn/sj/zxfb/202401/t20240117_1946624.html)

 

  Next, I will give you a briefing on the improvement of the unemployment rate survey by age groups in cities and towns.

 

  The National Bureau of Statistics attaches great importance to the improvement of the labor force survey system, organizes relevant departments and experts to conduct in-depth discussions, study international standards and experiences and practices of various countries, and conducts on-the-spot investigations to carefully sort out the statistical methods and caliber of studying the unemployment rate. In order to reflect the employment and unemployment situation of youth more accurately and completely, from the point of view of fully considering the national conditions, the unemployment rate statistics of age groups have been adjusted in two aspects. One is to publish the unemployment rate of the labor force aged 16-24, which does not include students at school; The second is to increase the unemployment rate of the 25-29-year-old labor force excluding students at school. There are two main considerations:

 

  On the one hand, it is to monitor youth employment and unemployment more accurately. In 2023, on average, among the urban population aged 16-24 in China, students accounted for more than 60%, nearly 62 million; Non-school students account for more than 30%, about 34 million people. According to China’s national conditions, the main task of school students is to study, not to work part-time. If school students are included in the age group, young people who are looking for part-time jobs at school and those who are looking for jobs after graduation will be mixed together, which cannot accurately reflect the employment and unemployment situation of young people who really need to work in society. Calculating the unemployment rate of different age groups excluding students in school is conducive to more accurately reflecting the employment and unemployment situation of young people entering the society, giving them more accurate employment services and formulating more effective and targeted employment policies.

 

  On the other hand, it is to reflect the whole picture of employment and unemployment of young people in the process of graduation from school to stable work. The number of years of education of young people in China has been increasing. At present, the gross enrollment rate of higher education in China is nearly 60%. Most young people just graduated at the age of 24 and are still in the period of choosing jobs. Some of them are unemployed or unstable. By the age of 29, most of them have passed the period of choosing jobs, and the employment situation tends to be stable. All walks of life are very concerned about the employment situation of young people when they just leave school, and they are also very concerned about their employment situation for a period of time after graduation. Therefore, our bureau increased the calculation and released the unemployment rate of the 25-29-year-old labor force.

 

  Regarding the release method, in the future, our bureau will release the unemployment rate of the labor force aged 16-24, 25-29 and 30-59 excluding students in the data release database of the National Bureau of Statistics on a monthly basis. You can query the data in the data release database.

 

  I’ll stop here and answer your questions.

 

  Beijing Youth Daily reporter

 

  I want to ask about the general situation. In 2023, faced with multiple challenges such as weak world economic recovery, frequent domestic natural disasters and arduous tasks of reform, development and stability, what is the overall performance of China’s economic operation? From last year’s point of view, have our main objectives and tasks been better achieved throughout the year? Thank you.

 

 

  Kang Yi

 

  Thank you for your question. In the previous introduction, the annual performance of China’s economy was introduced in detail. On the whole, our main expected goals have been successfully achieved. It can be said that a transcript with good color and sufficient weight was handed over. For the economic performance of the past year, it can be summarized as a rebound, full of color, bright performance, and it is not easy.

 

  First, the recovery is good. From the perspective of economic growth, China’s GDP exceeded 126 trillion yuan in 2023, and the growth rate was 2.2 percentage points faster than that in 2022. Quarterly, it shows a trend of low, high and stable, and the positive trend is further consolidated. According to the comparable price calculation, the economic growth in 2023 will exceed 6 trillion yuan, which is equivalent to the total economic output of a medium-sized country in one year. The per capita GDP increased steadily, reaching 89,358 yuan in 2023, an increase of 5.4% over the previous year. From the perspective of employment, the employment situation has generally improved. The average unemployment rate in urban surveys has dropped by 0.4 percentage points over the previous year, especially for migrant workers. From the perspective of prices, prices generally maintained a moderate increase, with the annual CPI rising by 0.2% and the core CPI rising by 0.7%. From the perspective of international payments, the export of goods increased by 0.6% in the whole year, and the foreign exchange reserves at the end of the year exceeded 3.2 trillion US dollars.

 

  Second, the color is full. Last year, we coordinated the effective improvement of quality and the reasonable growth of quantity. The whole country closely focused on the primary task of high-quality development, and promoted the economy to continuously win advantages in structural adjustment and transformation and upgrading, so that high-quality development was more complete. The innovation-driven development strategy was implemented in depth, and the investment in innovation increased steadily. According to preliminary calculation, in 2023, the investment in research and experimental development of the whole society reached 3,327.82 billion yuan, and the intensity of R&D investment reached 2.64%, up by 0.08 percentage point over the previous year. In this year, some major scientific and technological innovations were reported frequently, especially the high-end, intelligent and green development of manufacturing industry was solidly promoted. With the optimization and upgrading of economic structure, the role of service industry and consumption as the main engines of economic growth has become more prominent. In 2023, the added value of service industry accounted for 54.6% of GDP, an increase of 1.2 percentage points over the previous year; The contribution rate of final consumption expenditure to economic growth reached 82.5%, an increase of 43.1 percentage points over the previous year. The foundation for safe development was further consolidated, and the annual grain output increased by 1.3% over the previous year; The output of raw coal, crude oil and natural gas in industrial enterprises above designated size increased by 2.9%, 2% and 5.8% respectively. We have kept the bottom line of no systemic risks, ensured economic and financial security, and ensured more effective people’s livelihood. The per capita disposable income of the national residents actually increased by 6.1% over the previous year.

 

  Third, the performance is bright. To observe the economic performance of China, we should not only compare it vertically with ourselves, but also compare it horizontally with other countries. In 2023, China’s economic growth rate of 5.2% is not only higher than the estimated global growth rate of about 3%, but also among the best in the world’s major economies. The contribution rate of China’s economy to world economic growth in 2023 is expected to exceed 30%, which is the biggest engine of world economic growth. At the same time, China’s exports have also achieved a small increase, and its share in the global market has remained stable. Another point is that the overall price increase is moderate, which is in sharp contrast with the high global inflation and the difficult balance between anti-inflation and steady growth in some countries.

 

  Fourth, it is not easy. It’s hard to know what’s going on until it’s gone through. In 2023, the world economy is in a downturn, the international pattern is complicated and evolving, geopolitical conflicts are frequent, and the complexity, severity and uncertainty of the external environment are rising. There are many periodic and structural contradictions in China, and natural disasters occur frequently. In this complicated situation, it is even more commendable to achieve such development achievements. These achievements are the result of the strong leadership of the CPC Central Committee with the Supreme Leader as the core, the scientific guidance of Socialism with Chinese characteristics Thought in the new era of the Supreme Leader, and the unremitting efforts of the people of the whole country. The achievements deserve full recognition and need to be cherished.

 

  Looking forward to 2024, we should also see that the current external environment is still complicated and severe, with insufficient domestic effective demand, overcapacity in some industries, weak social expectations and many hidden risks. To promote China’s economic recovery, we must overcome some difficulties and challenges. We should effectively deal with these difficulties and solve these problems in accordance with the decision-making arrangements of the Central Economic Work Conference, and constantly promote China’s economic stability and prosperity. Thank you.

 

  Global Times reporter

 

  I would like to ask the publisher to introduce the contribution rate and pulling point of the three major demands to economic growth in the fourth quarter of 2023 and the whole year. Are there any new changes? In addition, I would like to know what the development trend of domestic and international double circulation pattern was in the past year. Thank you.

 

 

  Kang Yi

 

  Thank you for your question. You are concerned about two aspects, one is the three major demand situations, and the other is the two-cycle situation. First of all, answer your first question, the contribution and pull of the three major needs. In 2023, final consumption expenditure, total capital formation and net exports of goods and services will drive economic growth by 4.3, 1.5 and -0.6 percentage points respectively, and their contribution rates to economic growth will be 82.5%, 28.9% and -11.4% respectively. In the fourth quarter, final consumption expenditure, total capital formation and net exports of goods and services boosted economic growth by 4.2, 1.2 and -0.2 percentage points respectively, and their contribution rates to economic growth were 80%, 23.1% and -3.1% respectively.

 

  The second question is the progress of domestic and international double circulation. It should be said that new progress has been made in building a new development pattern in 2023, which has three characteristics:

 

  First, the main role of the domestic macro-cycle is increasing. Based on the strategic basis of expanding domestic demand and releasing the market potential of strong domestic demand, the driving role of domestic circulation in economic development is obviously enhanced. In 2023, China’s total retail sales of consumer goods reached 47.1 trillion yuan, the scale of fixed assets investment reached 50.3 trillion yuan, and the contribution rate of domestic demand to economic growth reached 111.4%, an increase of 25.3 percentage points over the previous year. We are making great efforts to build a unified national market, get through the blocking points of the domestic big cycle, and smooth all links of production, distribution, circulation and consumption. The flow of factors tends to be active, and the connection between production and sales is gradually improving. In the fourth quarter, the utilization rate of industrial capacity was 75.9%, up 0.2 percentage points year-on-year; The product sales rate of industrial enterprises above designated size has remained stable at the level of over 97%. The annual commercial freight volume increased by 8.2% year-on-year, and the commercial passenger traffic increased by 66.5%.

 

  Second, the quality and level of international circulation have been further improved. Faced with the adverse effects of shrinking external demand, China has made efforts to promote the stable scale and excellent structure of foreign trade, and its exports have achieved positive growth. The horizontal ratio is better than that of major export-oriented economies, and the share of the international market remains generally stable. In 2023, the export volume of goods increased by 0.6% over the previous year, and the proportion of general trade and private enterprises’ import and export increased. At the same time, China is also actively expanding international economic and trade cooperation and building the "Belt and Road" with high quality. It has become a major trading partner of more than 140 countries and regions, and the scope of international circulation is broader and deeper. In 2023, China’s total import and export volume to countries building the "Belt and Road" increased by 2.8% over the previous year.

 

  Third, domestic and international circulation promote each other. The advantages of our super-large-scale market have emerged, and the expansion of domestic demand has boosted imports. In 2023, the import of agricultural products increased by 5%, consumer goods increased by 1.2% and energy products increased by 27.2%. The advantages of a sound industrial system and stable production capacity have also been brought into play. The promotion of stability and quality by exports has brought about the development of related domestic industries and helped the overall improvement of the economy. In 2023, China’s exports of goods reached a record high. Among them, the export of mechanical and electrical products increased by 2.9% over the previous year. The export value of the "new three products" represented by electric manned vehicles, solar cells and lithium-ion batteries also exceeded the trillion-dollar mark for the first time, with an increase of 29.9%.

 

  While we see the positive progress of domestic and international double circulation, we also see that there are still some blocking points in the domestic big circulation, the world economy continues to be in a downturn, the global industrial chain supply chain is deeply adjusted, and the international circulation is also facing some difficulties and challenges. In the next step, we should make overall plans to expand domestic demand and deepen supply-side structural reform, make overall plans for high-quality development and high-level security, make overall plans to promote deep-level reform and high-level opening-up, open up key blocking points that restrict the economic cycle, and promote the mutual promotion of domestic and international double cycles. Thank you.

 

  American international market news agency reporter

 

  According to recent data, the CPI in China showed negative growth for the third consecutive month in December. What is the prospect of CPI? Will the government take measures to deal with the low prices?

 

 

  Kang Yi

 

  Thank you for your question. The price issue is highly concerned by all sectors of society. From the overall situation in 2023, China’s prices generally maintained a moderate upward trend, and the annual CPI rose by 0.2%. The reporter mentioned that CPI has been negative for three consecutive months, and we should look at both the overall data and the structural data. The year-on-year decline of CPI in recent months is mainly structural and phased.

 

  First, the decline in CPI is structural. The recent decline in prices is mainly due to the fall in food and energy prices. If the influence of food and energy prices is deducted, the core CPI remains stable, which shows that the price decline is not universal and comprehensive, but local and structural. The decline in food and energy prices is not entirely a change in the relationship between supply and demand in the market. From the perspective of 2022 and 2023, it is mainly affected by some non-economic and unconventional factors. From the perspective of energy prices, the price of fuel now has a large weight in the basket of China’s CPI. In December 2023, the energy price decreased by 0.5% year-on-year, while it increased by 5.2% year-on-year. As we all know, energy prices were mainly affected by the Russian-Ukrainian war. In 2022, energy prices rose sharply, and in 2023, they fell back, with one positive and one negative, and the year-on-year downward pull was relatively large. From the perspective of food prices, it decreased by 3.7% year-on-year in December 2023 and increased by 4.8% in the same period of last year, that is, in December 2022. In December 2022, mainly affected by the epidemic situation, the logistics was not smooth, and the prices of various foods were rising. After the normal operation was resumed, the supply was sufficient, and the food prices naturally fell on the basis of the high base of the previous year.

 

  Second, the decline of CPI is phased. In particular, China’s economic recovery is improving, residents’ income is growing steadily, domestic total demand is expected to expand, and the price recovery of goods and services is based and conditional. The recent Spring Festival holiday is approaching, and the demand for food consumption is also increasing. People are more active in eating out, visiting relatives and friends, traveling and other services, which will boost the seasonal rebound of CPI. From the ring comparison, the CPI rose by 0.1% in December 2023; In the first ten days of January, 2024, according to the monitoring situation, some food prices maintained a steady and slightly rising trend. In addition, in addition to supply and demand, prices are also affected by expectations. Judging from the recent situation, the expected confidence of both enterprises and residents has recovered marginally. In December, the expected index of manufacturing production and business activities reached 55.9%, and the expected index of non-manufacturing business activities reached 60.3%, both of which were in a high boom zone. In the fourth quarter, the prosperity index of enterprises above designated size was 109 points, an increase of 0.4 points over the previous quarter. In December, the consumer confidence index rose by 0.6 points from the previous month.

 

  Third, the low price operation also reflects the problem of insufficient effective demand to some extent. Insufficient effective demand is a phased phenomenon in which our country’s economy is gradually moving towards normal state after three years of epidemic impact. In the short term, insufficient demand will lead to a downward trend in prices. The central government attaches great importance to the problem of insufficient demand. When planning economic work in 2024, the Central Economic Work Conference clearly emphasized that efforts should be made to expand domestic demand and promote consumption to shift from post-epidemic recovery to sustained expansion, and clearly pointed out a series of specific work directions. With the promulgation and implementation of these policies at the Central Economic Work Conference, the problem of insufficient effective demand will be gradually alleviated, and consumer prices are expected to stabilize and rebound. We expect that prices will rise moderately in 2024. Thank you.

 

  CCTV reporter from Central Radio and Television General Station

 

  High-quality development is the primary task of building a socialist modern country in an all-round way. What is the progress of high-quality economic development in China at present? What measures will be taken in the future to continuously promote high-quality economic development? Thank you.

 

 

  Kang Yi

 

  Thank you for your question. High-quality development is the last word in the new era and the primary task of building a socialist modern country in an all-round way. In 2023, all regions and departments have made great efforts to stabilize economic operation, and they have not slackened their efforts in promoting high-quality development. China’s economy has achieved effective improvement in quality and reasonable growth in quantity, and the road to high-quality development has become more firm and powerful. To sum up, it can be summarized by five "further".

 

  First, important progress has been made in the construction of a modern industrial system, and the transformation of development kinetic energy has been further accelerated. Modern industrial system is an important foundation for high-quality development. All localities and departments insist on scientific and technological innovation to lead the construction of modern industrial system, and solidly promote the high-end, intelligent and green transformation of manufacturing industry. The new kinetic energy and advantages of China’s economic development have been growing, and new progress has been made in the construction of modern industrial system.

 

  Second, the reform and opening up have been deepened and the vitality of development has been further released. In 2023, China made every effort to promote the construction of a unified national market, optimize the development environment of the private economy, and continue to create a market-oriented, rule-of-law and international first-class business environment, effectively enhancing the dynamic vitality of economic development. By the end of September 2023, there were 181 million registered business entities in China, including 122 million individual industrial and commercial households. Accelerate high-level opening-up, actively carry out international economic and trade exchanges and cooperation, build the Belt and Road with high quality, and successfully host China International Import Expo(CIIE), Service Trade Fair and Canton Fair. China’s import and export volume to countries that jointly built the Belt and Road increased by 2.8%. China International Import Expo(CIIE)’s annual intentional turnover increased by 6.7% compared with the previous session.

 

  Third, the green and low-carbon transformation has continued to deepen and the development mode has further changed. China insists on promoting economic development in the process of green and low-carbon transformation, and the green production mode and lifestyle have been accelerated. Actively build a clean, low-carbon, safe and efficient energy system and continuously optimize the energy consumption structure. According to preliminary accounting, the proportion of non-fossil energy consumption in total energy consumption in 2023 will increase by 0.2 percentage points over the previous year. By the end of 2023, the installed capacity of renewable energy in China will account for more than half of the total installed capacity, historically exceeding that of thermal power. The output of green and low-carbon products is also growing rapidly. In 2023, new energy vehicles increased by 30.3% over the previous year, and the production and sales volume were the first in the world; The export volume of electric manned vehicles increased by 67.1%.

 

  Fourth, people’s livelihood security is strong and effective, and people’s lives are further improved. Improving people’s livelihood and well-being is the fundamental purpose of development. In 2023, the income of urban and rural residents grew steadily, the level of public services and social security continued to improve, and the short-board field of people’s livelihood was gradually strengthened, further polishing the background of people’s livelihood with high-quality development. The per capita disposable income of residents increased by 6.1%, among which, the transfer income from government social relief and subsidies, policy life subsidies and cash policy subsidies for benefiting farmers increased by 10.3%. The investment in people’s livelihood has been increasing. The investment in the production and supply of electricity, heat, gas and water has increased by 23%, and the investment in agriculture has increased by 9.3%, all of which are obviously faster than the total investment.

 

  Fifth, the ability to ensure food and energy security has been improved, and the foundation for safe development has been further consolidated. In 2023, China ensured security in its development and achieved good development on the basis of security.

 

  Of course, at the same time, we must also see that China is still in the key period of transforming the development mode, optimizing the economic structure and transforming the growth momentum. To further promote high-quality development, we still need to overcome many difficulties and challenges. It is necessary to thoroughly implement the spirit of the Central Economic Work Conference, take high-quality development as the last word in the new era, make overall plans for high-quality development and high-level security, continuously improve the economic quality and reasonably increase the quantity, and turn the grand blueprint of Chinese modernization into a beautiful reality step by step. Thank you.

 

  Reuters reporter

 

  I am also concerned about the structural problems. I would like to ask, how can we realize the transformation of old and new kinetic energy in China’s economic development? It is also seen in the report that new energy vehicles and solar cells are growing rapidly, but in the process of vigorously developing advanced manufacturing industries, how can we prevent possible overcapacity problems? In addition, in the case of relatively insufficient domestic demand, will the rapid expansion of these industries bring downward pressure on prices and possible international trade frictions? Thank you.

 

 

  Wang Guanhua

 

  Thank you for your question. I want to answer your question mainly from two aspects:

 

  First of all, the first point is about the conversion of old and new kinetic energy. High-quality development is the development of implementing the new development concept, and "innovation" ranks first among the five development concepts. Adhering to the drive of innovation and promoting the transformation of development kinetic energy has always been an important task for high-quality development. Just now, Director Kang Yi gave a detailed introduction to the achievements of China’s high-quality development last year, especially the innovation-driven development. Here I would like to add a few more data. In 2023, the added value of China’s equipment manufacturing industry above designated size increased by 6.8% over the previous year, which played a key role in promoting the stable recovery of industry; In 2023, the report released by the World Intellectual Property Organization showed that China ranked 12th in the global innovation index, and the number of the top 100 scientific and technological innovation clusters in the world jumped to the first place in the world for the first time. It can be said that new kinetic energy has become an important engine to lead high-quality development.

 

  Secondly, last year, China’s economy rebounded, especially the market demand and domestic demand recovered well. Everyone should have personal feelings about this, especially with the increasing demand-driven role, China’s supply and demand convergence and economic cycle are also improving. Give you a few data for reference. In the fourth quarter, the product sales rate of industrial enterprises above designated size in China remained above 97%, which rose to 98.4% in December; Judging from the capacity utilization rate that reflects the capacity utilization situation, in the four quarters of 2023, the industrial capacity utilization rate was 74.3%, 74.5%, 75.6% and 75.9% respectively, showing a trend of quarterly recovery. This reflects that with the improvement of market demand, China’s capacity utilization is gradually recovering. At the beginning of this year, we also noticed that ice and snow tourism and ice and snow sports can be said to be "out of the circle", which not only conforms to the general trend of upgrading the consumption structure of residents, but also shows the potential of domestic demand in China. We are full of expectations and confidence in the recovery of the consumer market this year.

 

  Generally speaking, China is still in a critical period of economic recovery and transformation and upgrading. In the next step, in accordance with the decision-making arrangements of the Central Economic Work Conference, we should persist in striving for progress through stability, promoting stability through progress, establishing first and then breaking, continuously consolidate and strengthen the economic recovery to a good trend, and promote the effective improvement of quality and reasonable growth of quantity of the economy. Thank you.

 

  Singapore Straits Times reporter

 

  What I want to ask is, last year we saw the impact of real estate on the whole macro-economy. Can it remain stable this year? Thank you.

 

 

  Kang Yi

 

  Thank you for your question. Real estate has always attracted much attention. At the press conference last year, some reporters also mentioned this issue. What is the trend and what is the next step? Everyone is very concerned. According to our monitoring, after more than 20 years of development, the real estate market is in the process of adjustment and transformation. Under such a big background, all regions and departments are adapting to the new situation that the relationship between supply and demand in the real estate market has undergone major changes and adjusting and optimizing real estate policies in a timely manner. Judging from the current situation, there have been some positive changes in the real estate market, mainly in two aspects:

 

  First, the decline in real estate investment, sales and other indicators narrowed. In 2023, the investment in real estate development decreased by 9.6% compared with the previous year, and the decline rate narrowed by 0.4 percentage points compared with the previous year. The funds in place of real estate development enterprises decreased by 13.6%, which was 12.3 percentage points narrower than the previous year. The decline in commercial housing sales has narrowed significantly. In 2023, the sales area of commercial housing in China decreased by 8.5% compared with the previous year, and the sales volume decreased by 6.5%, both of which were declining, but the declines were significantly narrowed by 15.8 and 20.2 percentage points respectively. Since August, the online signing and filing volume of newly-built commercial housing has rebounded as a whole, rising by 20.2 percentage points in December compared with August. From the monitoring of 70 large and medium-sized cities, the transaction volume of new and second-hand houses is rising moderately. Second, the completed area of real estate increased rapidly. The work of "guaranteeing the delivery of the building" is progressing steadily, and the effect continues to appear. In 2023, the completed housing area of real estate development enterprises increased by 17% over the previous year.

 

  What do you think of the future trend of the real estate market? The long-term healthy development of China’s real estate market has a good foundation for several reasons:

 

  First, there is still a lot of room to improve the quantity and quality of urbanization. Just now, it was reported that the urbanization rate in 2023 is 66.16%, which is still room for improvement compared with the level of more than 80% in developed economies. The urbanization of China is still in the process of sustainable development. In the past five years, the urbanization rate has increased by 0.93 percentage points annually. Every year, more than 10 million rural residents enter cities and towns, and the scale of new citizens is relatively large, which will also bring a large number of new housing needs. Although the per capita housing area in our country is not small, the functions and structures of many houses are not reasonable, and many people need improved housing urgently, which will also form an important driving force of the real estate market, including the 70 large and medium-sized cities currently monitored. The demand for improved housing is very obvious, which is manifested in the fact that the transaction volume of second-hand houses in 70 large and medium-sized cities has exceeded the transaction volume of new houses.

 

  Second, there is great potential for building a new model of real estate development. The new model of real estate development is being actively constructed, which is the fundamental solution to solve the real estate development problems and promote the healthy development of real estate. Among them, the construction of affordable housing, the construction of public infrastructure for both ordinary and emergency use, and the reconstruction of villages in cities are all advancing rapidly. With the vigorous and orderly progress of these projects, it will help solve the urgent problems of people in housing and housing, and at the same time, it will also drive real estate-related investment and consumption and promote the healthy development of the real estate market. Thank you.

 

  China Daily reporter

 

  Recently, many international organizations and commercial organizations have raised their expectations for China’s economic growth, believing that China is still the biggest engine of global economic growth. What do you think of this? What is the economic trend of China in 2024? Thank you.

 

 

  Kang Yi

 

  Thank you for your question. How to look at the economic trend of China in 2024 is also a matter of great concern to everyone. 2024 is the 75th anniversary of the founding of People’s Republic of China (PRC), and it is a crucial year for us to implement the 14th Five-Year Plan. To predict the economic trend of this year, we should first see that we will face some challenges and difficulties, but more are favorable conditions and advantages. Taken together, the opportunities we face are greater than the challenges, and the favorable conditions are stronger than the unfavorable factors. The basic trend of China’s long-term economic improvement has not changed, and the factors supporting the high-quality development of China’s economy are accumulating and increasing. Therefore, we predict that China’s economy will continue to pick up in 2024. Specifically, there are five advantages.

 

  First, the economic growth is "good". In the four quarters of 2023, the gross domestic product (GDP) is growing positively year-on-year and quarter-on-quarter, and the economic scale is also expanding quarter by quarter, which is also a good momentum of recovery. In addition to the statistical accounting of economic aggregates, the National Bureau of Statistics has also done a job of monitoring and comparing some physical quantity indicators. Judging from the physical quantity indicators, the absolute quantities of most physical quantity indicators, such as electricity consumption, output of major industrial products, investment, import and export, have greatly exceeded the level in 2019. Some physical indicators are lower than the pre-epidemic level in 2019, mainly related to the problems mentioned by reporters just now, and are the output indicators of products related to real estate. This also reflects that our economic operation is improving as a whole. International organizations have raised their forecasts for China’s economic growth by 0.4 percentage points, the International Monetary Fund by 0.1 percentage points and the OECD by 0.1 percentage points, which shows that the international community is optimistic about China’s economic development prospects in 2024.

 

  Second, economic development is "resilient". Our country has a solid industrial base, and is the only country with all industrial categories in the United Nations industrial classification. Its supporting capacity and integration advantages are outstanding. The added value of our manufacturing industry accounts for nearly one-third of the world’s total, and our goods exports account for one-seventh of the world’s total. At the same time, China’s transportation, communication and other infrastructure networks are improving day by day, short-board areas such as education and medical care are constantly strengthening, and the supply quality of talents, funds and other factors is improving significantly. Food and energy security, industrial chain supply chain and other key areas of support capacity building have also achieved practical results, which have enhanced the resilience and room for manoeuvre of our country’s economic development, and are also the basis for the economy to be stable and far-reaching

 

  Third, high-quality development is "full of vitality". New industries are growing rapidly, new formats are improving continuously, new models are being cultivated rapidly, the economic structure is being continuously optimized, and the potential of economic development is expected to be further stimulated. In 2023, the added value of service industry accounted for 54.6% of GDP, and contributed more than 60% to economic growth. The investment in technological transformation of manufacturing industry increased by 3.8%, and the investment in high-tech industries increased by 10.3%, which was faster than the growth rate of all fixed assets investment. More importantly, China continues to promote the formation of a new situation of innovation-driven development, and China’s economy is constantly developing and growing while accelerating the cultivation of new quality productivity.

 

  Fourth, the reform and opening up has "many dividends". China adheres to and improves the basic socialist economic system, adheres to the "two unswerving", speeds up the construction of a unified national market, promotes the construction of a high-standard market system, optimizes the business environment, and creates a fairer competitive environment for all kinds of enterprises, which will continuously stimulate the enthusiasm and creativity of business entities. Including foreign-invested enterprises, continue to be optimistic about China. From January to November 2023, the number of newly established foreign-funded enterprises increased by 36.2% year-on-year, and China’s open dividend continued to be released.

 

  Fifth, the macro policy is "wide in space". The policy effects of issuing additional government bonds, reducing taxes and fees, and lowering the RRR and interest rates introduced in 2023 will continue to be released this year. This year, some new measures will be taken to optimize the reserves, and these new incremental measures and stock policies will be superimposed to protect the stable operation of the economy. At present, China’s government debt level and inflation rate are low, the policy toolbox is constantly enriched, and there is a lot of room for manoeuvre in fiscal, monetary and other policies. There are conditions and space for strengthening the implementation of macro policies.

 

  Although there will be some difficulties and challenges in promoting the sustained economic recovery in 2024, the Central Economic Work Conference held some time ago made a careful analysis of the difficulties and challenges and put forward specific countermeasures. It is necessary to fully implement the arrangements of the Central Economic Work Conference and constantly turn development advantages into development potential. This year, China’s economy will certainly be able to face difficulties and forge ahead, and achieve effective improvement in quality and reasonable growth in quantity. Thank you.

 

  The Paper reporter

 

  In 2023, the total retail sales of social consumer goods showed a trend of gradual recovery, but at present, China still faces the problem of insufficient demand. Excuse me, how do you view the performance of the consumer market in 2023? What is the prediction for 2024? Can the recovery of consumption continue? Thank you.

 

 

  Kang Yi

 

  Thank you for your question. The first question is the performance of the consumer market in 2023, and the second question is the prediction of the consumer market in 2024.

 

  Let me introduce the performance of the consumer market in 2023. Generally speaking, the consumer market will recover in 2023. In the three years since the epidemic, the consumer market has been hit hard, and many contact and aggregate consumption have been restrained. With the smooth transition of epidemic prevention and control, the economy and society have fully resumed normal operation, and consumption has shown a good recovery trend with frequent hot spots. Consumption has become an important force driving economic recovery in 2023. There are several characteristics: First, the consumption scale has reached a new high. In 2023, the total retail sales of social consumer goods exceeded 47 trillion yuan, reaching a record high. Second, consumption has become the main driving force of economic growth again. In 2023, the final consumption expenditure will drive economic growth by 4.3 percentage points, up by 3.1 percentage points over the previous year; The contribution rate to economic growth was 82.5%, an increase of 43.1 percentage points, and the basic role of consumption was more significant. Third, service consumption recovered quickly. The rapid recovery of service consumption is also a highlight of consumption recovery in 2023. The retail sales of services increased by 20% over the previous year, which was 14.2 percentage points faster than the retail sales of goods. The per capita service consumption expenditure of residents increased by 14.4%, accounting for 45.2% of the per capita consumption expenditure of residents, up by 2 percentage points over the previous year. Fourth, the structural upgrading of household consumption continues. Especially the improvement of people’s living standards and the steady growth of income, our country is currently in a period of rapid upgrading of residents’ consumption structure.

 

  We judge that there are many favorable conditions to support the sustained recovery of consumption in the next stage, and consumption will still maintain a good growth. Supporting factors: First, the consumption potential is still huge. With a population of more than 1.4 billion, the advantages of super-large-scale market are still obvious, coupled with the integrated development of urban and rural areas, the advancement of urbanization and the continuous upgrading of consumption structure, which provide a broad space for consumption growth. In particular, the consumption potential of medical care and health is expected to be further released. Second, the consumption base has been continuously consolidated. Income is the premise and foundation of consumption. With the sustained economic recovery and the overall improvement of employment situation, residents’ income is expected to maintain steady growth, which will strongly support the improvement of residents’ consumption power. Third, consumption highlights are constantly emerging. Digital consumption, green consumption, healthy consumption, cultural tourism consumption, etc. are all developing rapidly, and some consumption hotspots such as smart home, entertainment tourism, sports events, and domestic products are also heating up, which constantly adds momentum to the upgrading and expansion of the consumer market. The fourth is to promote the continuous development of consumption policies. All localities and departments insist on giving priority to restoring and expanding consumption, and have successively issued a series of policies to promote consumption, focusing on stabilizing and expanding traditional consumption, cultivating and expanding new consumption, and continuously optimizing the consumption environment, which will continue to play a positive role in stabilizing the consumer market and promoting consumption recovery. Therefore, we are optimistic about the consumption trend in 2024. Thank you.

 

  21st century business herald reporter

 

  I want to pay attention to the fifth national economic census. The fifth national economic census was officially launched on January 1 this year. What is the current progress? What are the innovations of this census compared with the previous four? How to ensure the quality of census data? Thank you.

 

 

  Kang Yi

 

  Thank you for your question. The fifth national economic census is an important survey of national conditions and national strength in the new era and new journey, which carries the important task of finding out the economic background of our country and reflecting the progress of high-quality development. At present, the unit inventory work has been successfully completed, and it has entered the stage of census registration since January 1, 2024. Now the census registration work is being carried out in an orderly manner. Especially since the beginning of the new year, on January 3rd, Vice Premier Ding Xuexiang made a survey to guide the on-site registration of the census, visited the grassroots enumerators and staff, and put forward clear requirements for doing a good job in census registration. At present, the census work is progressing in an orderly manner. January-April this year is the official registration stage of the census, which is also the most important stage of the census work and the most important stage for obtaining high-quality census data.

 

  The innovation of the fifth national economic census this year is mainly to focus on the development of high-quality services, enrich the survey content and innovate the survey methods. The fifth national economic census will comprehensively investigate the development scale, layout and benefits of China’s secondary and tertiary industries. On this basis, we should expand the field of statistical investigation, enrich the content of statistical investigation, improve the statistical investigation system and promote the construction of a high-quality statistical monitoring system. There are three main aspects of innovation:

 

  First, the input-output survey was carried out as a whole for the first time. Originally, the input-output survey and the economic census were conducted separately, and the fifth national economic census integrated these two separate surveys, which helped to promote the better connection between economic aggregate data and structural data.

 

  The second is to further improve the "three new" economic statistics. Add the content of digital economy survey, better reflect the digitalization process of China’s economic development, systematically promote the platform economy survey, and lay the foundation for finding out the development of brand-new industries, new formats and new development models.

 

  Third, there is innovation in the means and methods of investigation. Continue to deepen the application of departmental administrative records, add self-reporting methods to collect census data, develop mobile applet to collect data for the first time, and establish an input-output statistical electronic ledger for the first time to improve the efficiency of census work.

 

  The quality of census data is the most fundamental criterion to measure the success or failure of census. In the census work, we attach great importance to the quality of census data and take a series of measures to ensure the quality of census data.

 

  The first is to standardize data collection. In this economic census, census takers collect data from households, census subjects fill in their own reports and departments submit data, so as to strictly control human interference in data collection and ensure the quality of census source data.

 

  The second is to carry out data audit and inspection in various ways. We carried out the census data with the report and review, comprehensively used big data means and various analysis methods to carry out audit and verification, and organized on-site verification and inspection in time. After the census registration, the general office will also organize a spot check on the quality afterwards to comprehensively test the quality of the census registration data.

 

  The third is to resolutely investigate and deal with census fraud. Conduct a census in accordance with the law, resolutely resist all kinds of interference with census data, strengthen statistical law enforcement inspection, incorporate the fifth national economic census into statistical inspectors, and "strike out" violations of laws and regulations in the census, and seriously pursue accountability according to the law and regulations.

 

  At present, there are about 2.1 million census "two members" (census investigators and census counselors) visiting the streets, going deep into enterprises and merchants to collect data, and the census data are being reported in an orderly manner.

 

  Here, I would also like to thank all the respondents for their support and the hard work of the census workers. I also hope that the media friends will continue to support the census, publicize the census and supervise the census. Let us work together to hand over a satisfactory answer sheet for the fifth national economic census with high quality. Thank you.

 

  Cover journalist

 

  Recently, some media reported that there was a difference of 294.6 billion kWh between electricity consumption and power generation in the first 11 months of 2023. Why is there such a data difference? Thank you.

 

 

  Kang Yi

 

  Thank you for your question. We are concerned that some media discuss the difference between electricity consumption and electricity generation. Electricity generation and electricity consumption are two important indicators reflecting power operation. Just now, this reporter friend mentioned the difference between the data of these two statistical indicators from January to November, mainly because the caliber of the two indicators is different. One of these two indicators is the electricity consumption of the whole society, and the other is the power generation of industrial enterprises above designated size. In addition to industrial enterprises above designated size, with the rapid development of solar power generation and wind power generation, some industrial enterprises below designated size, various houses and merchants also generate electricity, but this part of the power generation is not within the industrial power generation above designated size from January to November.

 

  For your better understanding, I would like to explain these two indicators. Their survey objects, statistical caliber and coverage are different. First, the statistical caliber is different. The electricity consumption of the whole society is counted from the users of electricity, and the industrial power generation above designated size is counted from the suppliers. The scope of these two statistics is different. Specifically, the electricity consumption of the whole society is the full-scale electricity consumption, that is, the total electricity consumption, including the electricity consumption of enterprises and residents, as well as the self-produced and self-used electricity and line loss of power plants. The statistical caliber of industrial power generation above designated size refers to the power generation of industrial enterprises above designated size. The current standard of industrial enterprises above designated size is industrial enterprises with annual main business income of 20 million yuan or more, so it does not include the power generation of small industrial power generation enterprises below designated size, and it is not a full caliber power generation.

 

  Second, it is affected by some distributed power generation. In recent years, distributed solar energy and wind power generation, which are widely dispersed and small in size, have developed rapidly, and they are mostly distributed in various types of residential buildings, merchants and some industrial enterprises below the scale. Because the power generation enterprises are small in scale, this part of the power generation does not meet the industrial statistical standards above the scale, and some of them are merchants and residential buildings, so it is not counted in the monthly industrial power generation above the scale, but will be counted in the whole society’s power generation. As we all know, our data are usually released in the middle of the next month. So many small-scale power generation scattered around the country will be counted annually, and the power generation of the whole society will also be released in the annual statistical bulletin. Generally speaking, the industrial power generation above designated size accounts for about 95% of the total social power generation, which has fluctuated a little recently. The power generation below designated size is increasing, while the power generation above designated size is decreasing, but the decrease is not big, which is probably the ratio. Look, everybodymonthlyThe expression "industries above designated size" cannot be ignored in power generation. Statistical indicators are relatively rigorous, and everyone should also pay attention to the meaning and scope of statistical indicators when using them, so as to facilitate the more accurate use of data. Thank you.

 

  Southern Metropolis Daily reporter

 

  What is the employment situation in 2023? Did you complete the target task? The number of college graduates in 2024 is expected to reach a new high. What will be the employment trend? Thank you.

 

 

  Kang Yi

 

  Thank you for your question. Employment is also a matter of great concern to everyone, because it is the biggest livelihood. The CPC Central Committee and the State Council have always attached great importance to the employment issue, emphasizing the promotion of stable employment to a strategic level. All localities and departments insist on giving priority to employment and optimizing and adjusting policies and measures to stabilize employment. In the past year, we made every effort to stabilize the overall employment situation and the overall employment situation improved. There are several characteristics.

 

  First, investigate the decline of unemployment rate and the continuous increase of new jobs. On a quarterly basis, the national urban survey unemployment rate is 5.4%, 5.2%, 5.2% and 5.0% respectively, and the trend of gradual improvement in employment is obvious. From January to November, the number of new jobs in cities and towns was 11.8 million, an increase of 350,000 over the same period of last year.

 

  Second, key groups and difficult groups have strong employment security. A series of job stability support and job expansion incentives came into effect, and the classified assistance for groups with employment difficulties was effective, and the employment of migrant workers, young people, people with employment difficulties and other groups was effectively guaranteed. In 2023, the total number of migrant workers reached 297.53 million, an increase of 1.91 million over the previous year. The average unemployment rate of migrant agricultural registered population in cities and towns was 4.9%, a decrease of 0.7 percentage points over the previous year. From January to November, the number of unemployed people in cities and towns was 4.75 million, and the number of people with employment difficulties was 1.56 million.

 

  Third, the employment scale of people out of poverty has increased steadily. All localities and departments give full play to the mechanisms of labor cooperation, counterpart support and fixed-point assistance between the east and the west, and carry out in-depth special assistance for poverty alleviation and relocation in key counties and ex situ, so that the employment of poverty-stricken people will grow steadily. By the end of November 2023, the number of migrant workers will be 32.94 million, exceeding the target of 30 million.

 

  In this year’s employment situation, the overall judgment is that the pressure still exists, and the structural contradictions in employment of some groups and some industries will still be more prominent. However, with the recovery of economy, the acceleration of industrial transformation and upgrading, and the accumulation of positive factors to stabilize employment, China’s employment situation is expected to remain stable. There are several reasons:

 

  First, the expansion of economic scale has brought about an increase in employment. Economic growth is the basis for stabilizing and expanding employment. In recent years, the continuous expansion of China’s economic growth is the key to stimulating employment growth. In 2024, the increment of China’s economic creation is expected to be greater than last year, which will provide strong support for expanding employment. Second, the number of people leaving the labor market in 2024 will be larger than the number of people newly entering the labor market, which also provides more employment space for people looking for jobs. The third is to upgrade the industrial structure and expand the employment capacity. Compared with other industries, the service industry with higher labor intensity has obvious advantages in absorbing employment. Since last year, the service industry has recovered well, and its proportion in GDP is also increasing. The proportion of service industry in GDP has exceeded the level before the epidemic, and the employment-driven role of catering, transportation, wholesale and retail industries is more obvious. Looking forward to this year, service consumption will be more active, and the growth of service industry will continue to be one of the main forces driving employment absorption. At the same time, new industries, new formats and new business models are developing vigorously, generating many brand-new job demands, which is also conducive to expanding employment space and improving employment quality. Fourth, the effect of stabilizing employment policy continues to exert significant effects. The Central Economic Work Conference has also made arrangements for this, especially pointing out that more policies are needed to stabilize expectations, growth and employment. All localities and departments will give more prominence to employment priority orientation, increase employment assistance for key groups, and the release of policy dividends is expected to continue to provide a strong guarantee for employment stability. Thank you.

 

China’s current economic situation: interconnection, smooth logistics and active trade

       CCTV News:Since the beginning of this year, China has improved infrastructure construction, reduced logistics costs, and made great efforts to build an open, inclusive and interconnected three-dimensional international logistics network, which has injected a steady stream of impetus into trade and economic development.

       This train, full of 1377 tons of wheat from Kazakhstan, will arrive in Vietnam in just 20 days after being reloaded at Lianyungang Sino-Kazakhstan Logistics Base. The return train will send goods from China, Japan, South Korea and Southeast Asia to Central Asia and Europe. Through transportation by sea, land, air and rail, the active Asian economic circle and the mature European economic circle are closely connected.

one

       Kong Xiangwei, Director of Production and Business Department of China-Kazakhstan Logistics Base:Normal operation has been formed, which is conducive to improving the convection of east and west goods and reducing the logistics cost of customers.

one

       In order to improve transportation efficiency and reduce logistics costs, the state has improved the port price mechanism, streamlined port charges, liberalized competitive service charges, and vigorously promoted the combined transport of hot metal with ports as the hub, and actively promoted direct transportation between the Yangtze River and the Yangtze River Delta. From January to May this year, the national ports completed 1.746 million TEUs of container hot metal combined transport, up 34.8% year-on-year. It is estimated that the burden on enterprises will be reduced by 13 billion yuan in 2018.

one

       Owner Gu Danfeng:It can save a container with a logistics cost of about 3,000 RMB at a time, which also greatly enhances our competitiveness in the Southeast Asian market.

       The smooth flow of logistics has promoted active trade. In the first half of this year, the transportation production of major ports in China was running smoothly, the port cargo throughput and foreign trade cargo throughput maintained growth, and the container throughput increased rapidly. The cargo throughput of ports above designated size was 6.54 billion tons, a year-on-year increase of 2.4%; The throughput of foreign trade goods was 2.08 billion tons, up 2.9% year-on-year. Port container throughput is expected to reach 120 million TEUs, up 5.4% year-on-year.

one

       Yi Jiyong, Deputy Director of the Water Transport Bureau of the Ministry of Transport:In the first half of the year, China’s national economy continued to maintain a steady and positive development trend, and foreign trade maintained a steady and positive trend, and its quality and efficiency were further improved.

       As an important support of cross-border e-commerce trade, through joint ventures and strategic cooperation, many express delivery companies have invested in building a world-class aviation logistics hub overseas. In the first half of the year, the international, Hong Kong, Macao and Taiwan express delivery business reached 520 million pieces, and the daily average of cross-border express delivery reached 5.5 million pieces.

       International Post Office Development Research Center Hu Kai:Our service network has been able to reach more than 50 major countries, and there are hundreds of thousands of square meters of overseas warehouses in North America, Europe and other major export areas in Australia, which have laid a very good foundation for the export of cross-border e-commerce trade and have the prerequisites.

       In the first half of this year, 2,490 trains were operated in China and Europe, up 69% year-on-year, and the international cargo and mail transportation volume of civil aviation was 1.161 million tons, up 11.6% year-on-year. The open, inclusive and increasingly perfect modern logistics network made economic and trade exchanges more active and the national economy developed steadily.

CCTV Interview with Zhu Guangyao: G20 will play a key role in stabilizing monetary policy.

  CCTV News:Innovation is a very important topic in this G20 Summit. The international community expects the Hangzhou Summit to contribute to the sustainable and inclusive growth of the world economy. So how should the G20 join hands to meet the challenges of the global economy? CCTV interviewed Zhu Guangyao, Vice Minister of Finance.

  The uncertainty of the current international economic situation has increased.

three

  CCTV reporter Zhang Yu:One of the main purposes of the G20 Hangzhou Summit is to lead the healthy development of the international economy and strengthen the governance of international finance. What is the current international financial form? What’s the next step?

  Vice Minister of Finance Zhu Guangyao:In the current international economic situation, we analyze it this way. Since the outbreak of the global financial crisis in September 2008, the whole world, especially the G20, has been committed to restoring global economic growth. Eight years have passed, and the G20 has held ten summits, all of which are expected to make the world economy embark on a strong, sustainable and balanced growth channel. We objectively evaluate that the world economy is in the process of recovery for eight years, but this recovery is very slow and unbalanced. And some new uncertainties are increasing.

  G20 has achieved results in global economic governance.

  The result of the Brexit referendum on June 23rd led to new uncertainties in the European economy and the global economy. Zhu Guangyao believes that in the past few years, the G20 has made achievements in strengthening global economic governance and financial supervision.

  Zhu Guangyao, Vice Minister of FinanceBecause of such a big vibration, the financial market showed its resilience, so after a short-term oscillation, the world financial market returned to a basic stable state. Of course, the medium-and long-term impact of Brexit will continue to emerge, which is why the International Monetary Fund has lowered the growth rate of the global economy several times this year, from 3.6% predicted at the beginning of the year to 3.1% now.

  The world expects China to provide growth momentum.

  Zhu Guangyao believes that with the increasing global economic uncertainty and downward pressure on the global economy, the world has great expectations for the G20 Hangzhou Summit — — It is expected that the Hangzhou Summit will achieve the grand goal of building an innovative, dynamic, coordinated and inclusive world economy. This goal was put forward by China as the presidency in 2016, which shows China’s wisdom and meets the objective requirement that G20 countries and the world need new growth-driven power. Therefore, it is supported by all G20 member countries and welcomed by the world.

  What is the biggest difficulty facing G20? Uncertainty of international economy

  However, what are the biggest difficulties and challenges in the international economic situation facing the G20 Hangzhou Summit?

  Zhu Guangyao believes that the answer is uncertainty.

  Zhu Guangyao, Vice Minister of FinanceThis uncertainty is not only reflected in the differentiation of monetary policies in developed countries; On the other hand, some important emerging market economies are currently facing difficulties, such as Russia and Brazil; Global trade growth is lower than global economic growth … … These factors, coupled with geopolitical risks, constitute the uncertainty of the global economy.

  The G20 plays a key role in stabilizing monetary policy.

  CCTV reporter Zhang YuNot long ago, the Federal Reserve mentioned that the possibility of raising interest rates is increasing, so is it possible for the RMB to depreciate further as it raises interest rates?

  Zhu Guangyao, Vice Minister of FinanceIn terms of exchange rate policy, it is true that G20 finance ministers and central bank governors had in-depth discussions. At the G20 finance ministers and central bank governors meeting held in Shanghai in February this year, two most important policy consensuses were reached, which will also be submitted to the G20 Summit in Hangzhou for approval. The first is to comprehensively use monetary policy, fiscal policy and structural reform policy to promote economic growth; The second policy consensus is about the exchange rate. On the basis of the original policy of G20 Summit, that is, opposing competitive currency devaluation and using exchange rate to gain trade advantages.

three

  Zhu Guangyao said that this summit will propose for the first time that G20 member countries should strengthen policy communication on the foreign exchange market, so G20 plays an extremely important role in stabilizing the global financial market and keeping the global exchange rate market basically stable.

  Will the Fed’s interest rate hike further devalue the RMB?

  CCTV reporter Zhang YuG20 Summit Hangzhou Summit is likely to reach such a consensus — — The exchange rate remains relatively stable, that is to say, even if the United States raises interest rates, it is impossible for the RMB to depreciate significantly, right?

  Zhu Guangyao, Vice Minister of FinanceThe exchange rate of RMB first depends on the economic fundamentals of China. When we judge the trend of China’s economy, the most basic understanding is that China’s economic fundamentals are good, China’s economy is resilient, and China’s economy has great room for development. Under this good economic growth prospect, the RMB does not have the basis for continuous depreciation in the long run, so we say so, and in the market, the overall judgment is the same.

  IMF: Optimistic about China’s economic development prospects

  Zhu Guangyao believes that the judgment of the International Monetary Fund and the World Bank on economic growth is particularly important, among which the core policy recommendations come from the International Monetary Fund, which is responsible for monitoring the stability of the global economy and financial markets. Ms Lagarde, the managing director of the International Monetary Fund, and the financial president of the World Bank are highly concerned about the economic growth of China, and at the same time they have made an objective evaluation of the economic development prospects of China.

  CCTV reporter Zhang YuThere is also a very sensitive issue, that is, the issue of economic growth. Now the expectation of future international GDP growth rate has been lowered. Then, at the previous meeting of central banks and finance ministers, what kind of prediction did you have about the economic growth rate of the whole international economy, especially the new economies, and especially China?

  Zhu Guangyao, Vice Minister of FinanceOn the whole, the International Monetary Fund believes that although the global economic growth rate is decreasing in 2016, the prospect of China’s economic development is promising. Therefore, he has lowered the global economic growth rate twice in a row and raised the growth rate of China’s economy. Now the IMF’s judgment on China’s global economic growth in 2016 is 6.6%. This is in line with the economic growth range of 6.5% to 7% in 2016 determined by the China Municipal Government. China’s economic growth rate in the first half of the year was 6.7%.

  China’s economy is still in the three-phase superposition stage.

2

  CCTV reporter Zhang YuIn fact, some people in China are worried or feel that the growth rate of 6.7% may be too high, and they feel that this speed is overestimated.

  Zhu Guangyao, Vice Minister of FinanceWhether the actual growth rate of China’s economy is high or low may be different, but the statistical data must be realistic and truly, accurately and completely reflect the actual situation of China’s economic growth. From the figures published by the Bureau of Statistics, the primary industry, the secondary industry and the tertiary industry all have detailed figures to show that they constitute all aspects of economic growth. Only in this way can we make a complete, scientific and accurate judgment. So we think this figure is true and credible.

  At the same time, Zhu Guangyao said that China’s economy is still under the challenge of three-phase superposition, facing the challenges of the adjustment period of economic growth, the analgesia period of economic structural reform and the digestion period of the previous large-scale economic stimulus plan.

  Supply-side reform helps to achieve economic development goals.

  As far as the adjustment period of economic growth is concerned, China has changed from a high growth rate of over 10% to a medium-high growth rate. During the 13th Five-Year Plan period, the average annual growth rate reached 6.5%.

  Zhu Guangyao, Vice Minister of FinanceWe can certainly achieve this goal, because we have both good economic fundamentals and major measures to deepen reform, especially the deepening of supply-side structural reform, which will help us achieve this important development goal.

  China adheres to the market principle in economic development.

 

four

  CCTV reporter Zhang YuYou just talked about a very critical issue. The only way out for us to face the challenge is reform. So are there any major reform measures and specific planning schedules in the future?

  Zhu Guangyao, Vice Minister of FinancePromoting reform and opening up is the unshakable policy goal of the central government. At the end of last year, the Central Economic Work Conference set a general tone for the economic development in 2016 — — It means persisting in reform and opening up and striving for progress while maintaining stability. General Secretary of the Supreme Leader repeatedly stressed that there should be major reform measures to enhance people’s confidence in the expectation of economic development in the future. Promote the structural reform of the supply side, de-capacity, de-inventory, de-leverage, reduce costs, and make up for shortcomings … … We are the first to advance in the world. Especially in dealing with excess capacity and high debt ratio, we take the lead in taking action among the major economies in the world; As far as de-capacity is concerned, we unswervingly adopt market principles and adhere to the rule of law. It has been made clear that in the process of de-capacity, mergers and acquisitions should be adopted, which is the principle of the market.

  At the same time, it is necessary to use legal means, including bankruptcy reorganization, reconciliation and liquidation, and gradually promote the rule of law to remove production capacity by law. Therefore, the promotion of supply-side structural reform not only plays an extremely important role in the long-term economic development of China, but also plays an important role in the short-term economic growth. From the perspective of expectation, the market can feel that China is unswervingly pushing forward the reform, especially the structural reform on the supply side.

  G20 central banks and finance ministers will put forward nine suggestions for the summit.

  CCTV reporter Zhang YuSome time ago, six related ministerial meetings, including finance ministers, central bank governors and so on, were held, which basically covered the topics that might be involved in the G20 Hangzhou Summit. So, which of these phased results may eventually be reflected in the outcome of the G20 summit?

  Zhu Guangyao, Vice Minister of FinanceThe report submitted to the summit by the G20 meeting of finance ministers and central bank governors is expected to be approved by the leaders in nine key areas and 48 major guiding principles of structural reform. These nine major areas first include building an open world investment and trade system. The second is to build a dynamic labor market; The third is to promote the implementation of innovation policies; The fourth is the competition policy, which includes improving the business environment; The fifth is to promote the linkage of global infrastructure; The sixth is to establish a perfect global financial system and domestic financial system; The seventh is to promote the reform of the financial system; The eighth is to promote sustainable growth, especially in the environmental field; The ninth major area is an inclusive growth, which can take special care of amblyopia groups and the development of small and medium-sized enterprises. These are the nine major areas.

  It is expected that under the auspices of the Chairman of the Supreme Leader, the Hangzhou G20 Summit will leave a great contribution of China in the history of G20, leaving the mark of China. And promote strong, sustainable and balanced growth of the global economy.

Announcement of the Ministry of Commerce on Imposing Tariffs on Some Goods Originated in the United States

Xinhua News Agency, Beijing, August 3 rd, the Ministry of Commerce announced on August 3 rd the imposition of tariffs on some goods originating in the United States. The full text is as follows:

On July 10th, 2018, US time, despite China’s solemn representations and strong opposition, the US government announced that it would impose a 10% tariff on imported goods originating in China, involving about 200 billion US dollars of China’s exports to the United States. On August 1st, US Trade Representative Wright Heze issued a statement, proposing to raise the tax rate on $200 billion of China products from 10% to 25%. The measures taken by the United States wantonly violate the relevant rules and international obligations of the World Trade Organization, further infringe on China’s legitimate rights and interests under the rules of the World Trade Organization, and seriously threaten China’s economic interests and security.

In order to defend China’s own legitimate rights and interests, the China administration imposed tariffs ranging from 25% to 5% on 5,207 items of goods of about 60 billion US dollars originating in the United States in accordance with the People’s Republic of China (PRC) Foreign Trade Law and other laws and regulations and the basic principles of international law.

The final measures and effective time will be announced separately.

Attachment:

1. List of goods subject to 25% tariff on the United States and Canada

2. List of goods subject to 20% tariff on the United States and Canada

3. List of goods subject to 10% tariff on the United States and Canada

4. List of goods subject to 5% tariff on the United States and Canada