Economy

On August 12, the State Council issued opinions on what to do to further stabilize foreign trade and foreign investment.

On August 9th, Minister of Commerce Zhong Shan mentioned that China’s total retail sales of consumer goods in the first half of the year was 17.2 trillion yuan, down 11.4%, and the rate of decline was 7.6 percentage points narrower than that in the first quarter.

At the very least, China must face up to this latecomer. It is also a giant economy that is currently the world’s top five and will be the world’s top three in the future.

Premier Li Keqiang has clarified in the Government Work Report of 2020 that this year’s main goal and one of the overall deployments of the next phase is to ensure the stability of the supply chain and the industrial chain.

According to data from the National Bureau of Statistics, China’s steel production reached 120.474 million tons in 2019, a cumulative increase of 9.8%.

On June 22, the General Office of the State Council issued the Implementation Opinions on Supporting the Transfer of Exported Products to Domestic Sales,” which was issued earlier than expected.

On June 23, the Ministry of Transport released data that the investment in fixed assets in the first five months of the year achieved positive growth year-on-year.

Recently, provinces announced macroeconomic data for the first five months of this year.
The growth rate of industrial production in most provinces is higher than the national average. Investment in fixed assets in 14 provinces has increased, and consumer markets in various regions have continued to pick up.

In 2020, the National Development and Reform Commission (NDRC) issued two batches of 3.5 billion yuan of central budget investment to solve the infrastructure and public service issues in the construction of Hainan Free Trade Port, the Economic Information Daily reported recently.

On June 23, the Regional Comprehensive Economic Partnership Agreement (RCEP) held a ministerial video conference. Minister of Commerce Zhong Shan attended and delivered a speech, according to Bejing Daily.