SwedCham China Insights for the Week of April 28 - May 5 , 2024

Top news of the week:

China issues action plan on promoting digital commerce

April 28, 2024

The Chinese Ministry of Commerce said Sunday it has recently issued a three-year action plan aimed at advancing digital commerce, which comprises 20 detailed measures spanning five key campaigns.

Xi Jinping to pay state visits to France, Serbia, Hungary from May 5 to 10

April 29, 2024

At the invitation of President Emmanuel Macron of the Republic of France, President Aleksandar Vučić of the Republic of Serbia, and President Tamás Sulyok and Prime Minister Viktor Orbán of Hungary, Chinese President Xi Jinping will pay state visits to France, Serbia and Hungary from May 5 to 10.

20th CPC Central Committee to hold 3rd plenary session in July

April 30, 2024

The third plenary session of the 20th Communist Party of China (CPC) Central Committee will be held in Beijing in July, according to a decision made at a CPC Central Committee Political Bureau meeting on Tuesday.

Shenzhou 17 spacecraft returns earth

May 1, 2024

China's Shenzhou 17 spacecraft descends through Earth’s atmosphere on April 30, 2024, bringing three Taikonauts safely home after a six-month space mission after Shenzhou 18 Taikonauts arrived at Tiangong space station.

China's manufacturing PMI down in April

May 2, 2023

The purchasing managers' index (PMI) for China's manufacturing sector came in at 50.4 in April, down from 50.8 from last month, official data showed.

State Council urges local governments amid disaster prevention

May 3, 223

Amid the latest highway collapse due to heavy rains in Guangdong province which killed 48 passengers, the State Council released an urgent announcement to local governments during the May holiday, warning authorities to investigate at a full scale to prevent similar incidents as many provinces are entering flood season.

China's services trade reports rapid growth, travel services boom in Q1

May 5, 2023

China’s services trade sustained sound growth momentum in the first quarter of this year, totaling nearly 1.82 trillion yuan (US$256 billion), up 14.7 percent year-on-year, with travel-related services registering a rapid increase.

Canton Fair concludes with a record number of international buyers

May 5, 2023

The 135th China Import and Export Fair, also known as the Canton Fair, concluded in Guangzhou, with a record number of international buyers in attendance – a total of 246,000 overseas buyers from 215 countries and regions participated in the fair, up 24.5 percent from the previous session.

Insight of the week:

The CPC Central Committee Political Bureau held a meeting in prior to the five-day International Workers Day holiday, with an agenda outlines a focus on deepening reform and advancing modernization, responding to the need to stabilize economic performance with particular emphasis on the integrated development of the Yangtze River Delta. General Secretary Xi Jinping chaired the meeting, underscoring the significance of reform and opening up in navigating contemporary challenges and propelling national rejuvenation.

The meeting highlighted the imperative of adapting to evolving domestic and international landscapes, including technological advancements and shifts in industrial paradigms. The meeting further emphasized the pivotal role of deepening reform, as well as fostering equality, and ensuring broad-based benefits from modernization efforts. Additionally, it stressed the importance of bolstering economic confidence and implementing prudent fiscal and monetary policies to sustain growth.

Addressing economic challenges such as insufficient demand and external uncertainties, the meeting called for proactive measures to strengthen the economy. The meetings called for strategic investments in infrastructure, support for emerging industries, and the facilitation of trade and investment to stimulate growth. Furthermore, the meeting underscored the need for sustainable development, particularly in promoting green initiatives and poverty alleviation. It urged concerted efforts to capitalize on the Yangtze River Delta’s potential as a driver of regional development, emphasizing integration, innovation, and collaboration among key stakeholders.

The meeting also decided the long-waited third plenary session of the 20th Communist Party of China (CPC) Central Committee to convene in Beijing in July. The third plenary session is conventionally the most important event of the ruling party that depicts the landscape and highlights of economic development in the next five to ten years. Many analysts believe that key concepts proposed by the General Secretary, including “new quality productive forces”, and “Chinese-style modernization” will be lifted further up in the Party’s economic strategy during the third plenary session.