ECONOMY/SOCIETY

Highlights of China’s Foreign Trade in First Five Months

ln the first five months of 2023,China’s foreign trade achieved stable growth,displaying continued resilience.The following shows some details:

Total Imports and Exports

General Trade Import and Export

Import from and Export to Countries along the Belt and Road Routes

Total Trade Value with ASEAN

Import from and Export to Other RCEP Member Countries

World Bank Raises China Growth Forecast to 5.6 Percent

The World Bank has predicted that China’s economy will grow at 5.6 percent this year,up by 1.3 percentage points from its January forecast in its lastest World Economic Outlook report.

The report states that China’s economic growth has been strong this year,with a significant increase in retail sales and a mild rebound in industrial production growth,which has boosted regional economic growth.

Global growth is projected to decelerate from 3.1 percent in 2022 to 2.1 percent in 2023.In advanced economies,growth is expected to contract from 2.6 percent in 2022 to 0.7 percent this year,and remain weak in 2024,the report said.

The report points out that the global economy is still unstable,and the rapid rise of U.S.interest rates poses great challenge to emerging markets and developed economies.

China’s Exports Show Resilience in First Five Months

In the first five months,China’s total export value reached RMB 9.62 trillion,a year-on-year increase of 8.1 percent.

Driven by the rapid growth of exports of electric passenger vehicles,lithium batteries,and solar cells,the country’s exports of mechanical and electrical products expanded by 9.5 percent to account for 57.9 percent of the total exports.

In 2022,the three types of goods mentioned above were exported to over 200 countries and regions worldwide,driving its overall export growth by 1.7 percentage points.

RMB 2.44 TrillionRevenue in Software Business

China’s software and information technology service industry reported sustained growth in the first quarter.Within the sector,the software business achieved a year-on-year growth of 13.5 percent with RMB 2.44 trillion in revenue — a strong support of the digital upgrading of the country’s manufacturing industry — data from the Ministry of lndustry and lnformation Technology showed.

Tax Cuts Relieve Burden on Small Businesses

As part of efforts to support economic growth,China’s tax authorities have continued to implement the tax and fee preferential policies introduced by the CPC Central Committee and the State Council.

From January to April,small businesses with monthly sales of RMB 100,000 or less were exempted from a valueadded tax (VAT) of RMB 103.8 billion in total,benefiting 22.11 million taxpayers.The VAT collected at a reduced rate of one percent for small businesses has benefited 4.83 million taxpayers with RMB 40 billion of tax reduced in total.

China Issues Outline for National Water Network

China will strive to establish a national integrated “water network” for water resource management by 2035,according to a document unveiled by the central authorities recently.

The development plan outline for the proposed national water network construction stated that the network will be based on natural water bodies,and will be a comprehensive system that combines water resource allocation,disaster mitigation,water ecology,and environmental conservation.

Jointly issued by the Central Committee of the Communist Party of China and the State Council,the document stated that the network will make full use of the country’s facilities for diversion,drainage,and storage of water,and will be managed via smart systems.The country will accelerate the construction of the backbone of the network,mainly consisting of a national framework as well as regional elements.In accordance with the needs of the country’s longterm development strategy,the main structure will be gradually expanded and interconnected with regional branches so as to form an integrated national water network,it added.

From Safe Storage to Green Storage

China is employing more advanced technologies and new equipment to reduce storage losses for grains,with notable results.

China has secured ample grain harvest for 19 consecutive years,with an annual output above 650 billion kg over the past eight years.This means that China can meet the entire domestic demand for staple foods and at least 95 percent of needs for grains in general.At present the food consumption per Chinese person is at around 480 kg,well above the international food security line of 400 kg per capita.

Food waste has however long remained an issue for food security.Over the past several years,China has stepped up integrated management over food production,purchase,storage,transport,processing,sales,and consumption,and food waste has been significantly reduced.

At a recent press conference,Cong Liang,chief of the National Food and Strategic Reserves Administration,disclosed that more than 5,500 grain post-production service centers have been built across China,offering farmers grain cleaning,drying,and storage services.The state has also distributed nearly 10 million sets of efficient storage equipment to farmers,which can reduce storage losses from eight percent to two percent by average.Thanks to the adoption of new technologies in the process of storage and transport,state-owned facilities have kept their overall storage loss rate below one percent.

Better Employment and Education for People with Disabilities

The Chinese government,paying close attention to the employment of people with disabilities,has ensured better employment for them,according to the 2023 Report on the Cause for Persons with Disabilities in China.The report was jointly released by the Research Center for the Development of People with Disabilities under the Renmin University of China and the Social Sciences Academic Press.

By the end of 2022,more than 9.05 million people registered with a disability in China were employed,and the proportion working in knowledge-or technologyintensive posts showed growth.A study of the 2017-2021 period shows that most of the people with disabilities were engaged in animal husbandry and flexible employment (down from 79.1 percent to 77.2 percent during this period).Meanwhile,the proportion of people with disabilities employed in public organizations,public interest entities,and businesses mostly staffed by people with disabilities has increased to 13.99 percent.This represents an increase of 2.11 percentage points during the period.

The report also points to marked improvements in China’s special education.The number of full-time special education teachers grew by 57.89 percent from 2012 to 2021 to reach 69,000;the number of special education schools increased from 1,933 in 2013 to 2,288 in 2021,and the number of their students grew from 368,000 to 919,800 during the same period.Over the past decade,about 50 percent of students with disabilities have been able to study at regular schools,and more than 95 percent of children with disabilities received compulsory education.