Latest data shows China's economic resilience

Release time：2024-05-21 13:12:39 Source：International Identities news portal

China's economic development shows continued resilience, vitality and potential, as reflected in the latest released data, said a CCTV report.

China's central bank will maintain a prudent monetary policy in 2024. Positive news includes central state-owned enterprises achieving an operating income of 39.8 trillion yuan ($5.57 trillion) in 2023 and the overall stable operation of the social security fund.

Meanwhile, several press releases related to the country's economy and people's livelihood were issued.

PBOC: Adhering to prudent monetary policy in 2024

Pan Gongsheng, governor of the People's Bank of China, the central bank, said China will cut the reserve requirement ratio by 0.5 percentage point on Feb 5 to infuse liquidity of about 1 trillion yuan into the market.

The PBOC will also lower the interest rates for relending and rediscounting for loans in the agriculture sector and small enterprises to 1.75 percent from Thursday, down from 2 percent, Pan said at a news conference in Beijing.

In 2024, the PBOC will maintain a prudent monetary policy, effectively implement flexible and moderate measures, and continue to create a favorable monetary and financial environment for stable economic growth.

A view of a shipyard runs by Dalian Shipbuilding Industry Co Ltd, a subsidiary of state-owned China State Shipbuilding Corp Ltd, in Dalian, Liaoning province, in February. [PHOTO/CHINA DAILY]

Central SOEs record high-quality growth

In 2023, the central state-owned enterprises recorded an operating income of 39.8 trillion yuan, realizing steady growth with high quality.

They completed cumulative fixed asset investments of 5.09 trillion yuan, up 11.4 percent year-on-year.

Strategic emerging industries received a total investment totaling 2.18 trillion yuan, a year-on-year growth of 32.1 percent.

Currently, these enterprises are undertaking over 1,000 major projects, including those outlined in the national 14th Five-Year Plan.

An elderly woman tries on new clothes in Daguozhuang village of Zaozhuang, East China's Shandong province, Oct 12, 2021. [Photo/Xinhua]

China's social security funds remain stable

In 2023, 1.07 billion people in China were covered by basic pension insurance and 1.38 billion had social security cards. China's social security fund stably operated throughout the year.

By the end of 2023, the number of participants in unemployment insurance and work-related injury insurance was 244 million and 302 million, respectively, an increase of 5.66 million and 10.54 million year-on-year.

The total annual revenue of the three social insurance funds was 7.92 trillion yuan, and the expenditure was 7.09 trillion yuan.

By the end of the year, the accumulated surplus reached 8.24 trillion yuan, indicating the overall stable operation of the funds.

Policies drive high-quality growth in cold chain logistics

China's total demand for cold chain logistics in 2023 was 350 million tons, with a year-on-year growth of 6.1 percent.

According to incomplete statistics, 23 relevant policy documents related to the development of cold chain were issued at the national level in 2023, said an official in charge of Cold Chain Logistics Committee of China Federation of Logistics and Purchasing.

By the end of 2023, the National Development and Reform Commission had approved the construction of three batches of 66 national cold chain logistics bases.

Benefiting from a continually improving modern logistics system, not only are domestic products experiencing rapid circulation, but imported agricultural products like cherries from Chile, beef from Russia, and durians from Southeast Asia, have also flooded the Chinese market.

International flights to pick up during Spring Festival holiday

As of Jan 24, airlines have proposed over 2,500 extra international flights and charter arrangements for the 2024 Spring Festival, making flight bookings pick up early, according to the Civil Aviation Administration of China.

Data shows that the number of flights to Europe in China has recovered to 70 percent of the amount of flights in 2019, with more flights added to the routes to France, Italy, Germany and other countries. It suggests that traveling in Europe has become a new trend for outbound travel during this year's Spring Festival.

Ensuring ample supply for the Spring Festival

China's food supplies remained sufficient, and the overall market operations were stable in 2023, an official with the Ministry of Agriculture and Rural Affairs said on Tuesday.

In 2023, more vegetables were grown across the country, and the total production of pork, beef, mutton and poultry meat reached 96.41 million tons, marking a 4.5 percent increase compared to the previous year. Moreover, the output of aquatic products also reported an increase.

A job fair for college graduates is held in Shanghai on Oct 16, 2023. [Photo/Xinhua]

Creating 30 million job openings

The Ministry of Human Resources and Social Security is set to launch a state-level campaign late this month through early April, focusing on providing 30 million job opportunities.

The initiative will target rural workers and employers with job needs, facilitating job matching for older rural migrant workers.

It will also support entrepreneurship by providing resources for local businesses, bringing in mentors and encouraging innovation among young individuals settling in rural areas.

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