CBN丨China’s consumption in 2023 contributes 82.5% to GDP growth

优惠车贷 2024-01-19 祥逸老人 11210

Hieveryone.I’mStephanieLI.

Comingupontoday’sprogram

  • RetailsalesinChinabouncebacklastyeartohitanewrecord;
  • ChinesestocksreboundedafterthebenchmarkShanghaicompositedippedbelow2,800points.

Here’swhatyouneedtoknowaboutChinainthepast24hours 

China'sconsumptionin2023playedavitalroleinbolsteringeconomicdevelopment.Finalconsumptioncontributed82.5percentofoverall GDP growth,whileretailsalessetanewrecordof47.15trillionyuan($6.62trillion),datafromtheNationalBureauofStatistics(NBS)showedonWednesday.

TheChineseeconomicgrowthin2023isgoodnewsforChinaandbeyond,themanagingdirectoroftheInternationalMonetaryFundsaidonWednesday.

"TheChineseeconomymetthenationaltarget,whichwassetataround5percent,andactuallyexceededit.ThatisgoodnewsforChinaandalsogoodnewsforAsiaandtheworldbecauseChinadeliversone-thirdofglobalgrowth,"KristalinaGeorgievasaidonthesidelinesoftheWorldEconomicForumannualmeetinginDavos.

GeorgievanotedthattheChinesegovernmentwasconcentratingonmovingtohigh-qualitygrowthandchangingthegrowthmodelfromoneprimarilyorientedbyexporttoamodelwhereconsumptionplaysabiggerrole.

China'sconsumptionin2023demonstratedacontinuousrecovery,asretailsalesgrew7.2percenttoarecordhigh,KangYi,headoftheNBS,saidatapressconference. 

Kangsaidthatthesectorre-emergedasthemajordriverofeconomicdevelopment.Domesticdemandcontributed111percenttoChina’seconomicgrowthlastyear,anincreaseof25percentagepointsontheprevious12months,NBSdatashowed.

Domesticdemandalsodroveimports,withthevalueofimportedagriculturalproducejumping5percentlastyear,consumergoodsrising1.2percent,andenergyproductsup27percent.

TheNBSsaidChina’sconsumptionpotentialisstillhuge,withamarketofmorethan1.4billionpeopleandacontinuouslyupgradingconsumptionpattern.Andtherapiddevelopmentofnewconsumptionpatternsacrossawiderangeofsectorsfromthedigitalindustrytocultureandtourismisinjectingvitalityintotheconsumptionmarket. 


  • ChinalaunchedcargospacecraftTianzhou-7onWednesdaynighttodeliversuppliesforitsorbitingTiangongspacestation,accordingtotheChinaMannedSpaceAgency(CMSA).TheLongMarch-7Y8rocket,carryingTianzhou-7,blastedoffat10:27p.m.(BeijingTime)fromtheWenchangSpacecraftLaunchSiteinthesouthernislandprovinceofHainan,theCMSAsaid.ThespacecraftdockedwiththeorbitingTiangongspacestationonThursday.
  • TheJakarta-BandungHigh-speedRailway,thefirstofitskindinIndonesiaandSoutheastAsia,hassetatargettoserve31,000passengersperdaythroughoutthisyear,saidPTKeretaCepatIndonesia-China(KCIC),ajointventureconsortiumbetweenIndonesianandChinesestate-ownedfirmsthatconstructsandrunstheHSR.KCICtoldlocalmediaonWednesdaythattheHSR,locallyknownasWhoosh,hasdeliveredmorethan1.3millionpassengerssinceitwasofficiallyputintocommercialoperationinOctoberlastyear,addingthatKCICwillcontinuetoworkonincreasingthenumberoftrips.

Movingontoregionalhighlights

  • Hainanprovincehasreceivedmorethan92,000visa-freeinternationaltouristssincetheNationalImmigrationAdministrationreinstatedthevisa-freepolicyforpeoplefrom59countriestotheChineseislandinMarchlastyear.Nearly20,000visa-freeforeignvisitorsenteredHainaninDecemberalone,comparedwith2,000lastApril,accordingtothelocalentryandexitbureau.
  • SAICMotor’sfirstcustom-built,ocean-goingcarcarriership,knownasroll-on/roll-off,setoffonitsmaidenvoyagefromShanghaitoEuropeWednesday,transportingabout5,000carsofindigenousChinesebrandsandsomeconstructionmachinery.TheSAICAnjiSincerity,builtbyChinaStateShipbuildingCorp.andoperatedbySAIC’sAnjiLogisticsunit,istheworld’slargestro-roshipequippedwithadual-fuelsystemthatutilizesliquefiednaturalgasanddiesel,whichenablesittoreducecarbonemissionsby30percentcomparedwithshipsofasimilarsize.

GreaterBayArea,Greaterfuture

  • Shenzhensawitsforeigntradegrow5.9percentyearonyearto3.87trillionyuanin2023,accordingtoShenzhencustomsauthoritiesonWednesday.Lastyear,theforeigntradeofShenzhen'sprivateenterprisesreached2.54trillionyuan,up12.3percentyearonyearandaccountingfor65.7percentofthecity'stotaltradevolume.In2023,Shenzhenexported1.78trillionyuanofmechanicalandelectricalproducts,ayear-on-yearincreaseof6.7percent,accountingfor72.6percentofthecity'stotalexportvalue.
  • HongKongFinancialSecretaryPaulChansaidonWednesdayhehasnoplanstoimposeadeparturetaxonresidents,rejectingaproposalaimedateasingthegovernment’swideningdeficit.Meanwhile,ChanmetfinanceofficialsfromCentralAsiaandtheMiddleEastinDavostoencouragethemtotakeadvantageoftheSAR'sfinancialmarkettofacilitatetheircountries'economicdiversificationandgreentransformation.HongKongcanhelpconnectdifferentfinancialsystemsintheregion,boosttradeandpromoteculturalexchangesbyservingasaplatformtosupportthegrowthoftheBeltandRoadInitiative,Chansaid.

Nextonindustryandcompanynews

  • SinopecyesterdaysignedamemorandumofunderstandingwithUKoilandgasgiantBPtodeepentheircooperationontheexplorationofnewenergytransformationopportunitiestobetterserveChina’sfast-developingNEVmarket,aswellasenhancingsustainedpartnershipinrefinedoilandnaturalgasattheDavosforum. 
  • SenseTimeGroup,aChineseartificialintelligencecompany,showedthenew-generationlargelanguagemodelInternLM2,developedincooperationwithShanghaiAILaboratory,theChineseUniversityofHongKong,andFudanUniversity.TheupdatedversionoftheInternLMcansimultaneouslyacceptandprocessupto300,000Chinesecharacters,SenseTimeunveiledyesterday.
  • ChineseelectricvehiclegiantBYDwillholdaproductlauncheventThursdayinJakarta,mediareportedtoday,asitispoisedtoenterIndonesia’spassengercarmarketinthelateststepofitsglobalexpansion.In2023,BYDdelivered500EVsoftheE6andT3modelstoIndonesia'sBlueBirdTaxi,aswellas22electricbusestothecountry'selectricbusdistributorVKTRGroup. 
  • HuaweiTechnologieshascompletedregistrationofanewcompanydedicatedtodevelopingintelligentcarsystemsandcomponents.ThenewfirmShenzhenYinwangIntelligentTechnologyCo.Ltd,100percentownedbyHuawei,wassetupTuesdaywitharegisteredcapitalof1billionyuan,accordingtocorporatedatabaseTianyancha. 
  • ChinesetechgiantByteDancereportedlyplanstobuildresearchanddevelopmentcentersinCanadaandAustraliatodevelopitsoverseasbusinessandbettermeetusers'demand.SomeoftheR&Dcentershavebeenrunningonatrialbasisforaroundhalfayear,mediareportedtoday,citingasourceclosetoByteDance.Theywillsupportthecompany'soverseasbusinesses,includingTikTok,CapCut,andLemon8,thepersonadded.
  • ChinaslashestheretailpricesofgasolineanddieselonThursday,thefirstpricecutin2024.Gasolineanddieselpriceswillbothdropby50yuanperton,accordingtotheNationalDevelopmentandReformCommissiononWednesday.

Switchinggearstofinancialnews

  • Chinahascutmorethan2.2trillionyuan($305billion)oftaxesandfeeslastyear,withasignificantriseoftaxdeductiononR&Dforenterprises,saidtheStateTaxationAdministrationonThursday. 

Wrappingupwithaquicklookatthestockmarket

  • Chinesestocksstagedamiraculousturnaround onThursday,withthebenchmarkindexbreakingthepsychologicallyimportant2,800pointsinthemorningsession,thelowestsinceApril2020.However,theShanghaiCompositeIndexclosedupby0.43percenttoendat2,845andtheShenzhenComponentIndexroseby1.0percent.HongKong’sHangSengindexalsotookahitandtouchedanover14-monthlow,yetitreboundedslightlyoverthecourseandclosed0.75percenthigher.

BizWordoftheDay

CBN丨China’s consumption in 2023 contributes 82.5% to GDP growth

  • Roll-on/roll-off (RORO) ships are cargoships designedtocarrywheeled cargo,suchas cars, motorcycles, trucks, semi-trailertrucks, buses, trailers,and railroadcars,thataredrivenonandofftheshipontheirownwheelsorusingaplatformvehicle,suchasa self-propelledmodulartransporter. 

ExecutiveEditor:SoniaYU

Editor:LIYanxia

Host:StephanieLI

Writer:StephanieLI 

SoundEditor:StephanieLI

GraphicDesigner:ZHENGWenjing,LIAOYuanni

Producedby21stCenturyBusinessHeraldDept.ofOverseasNews.

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策划、编辑：李艳霞 

播音：李莹亮

撰稿：李莹亮

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