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National Development and Reform Commission: From January to February, more than 1.07 million vehicles were traded in for new ones, driving up new car sales to 116.5 billion yuan.

On April 1st, the National Development and Reform Commission issued a document stating that the scale of special ultra-long-term national bonds to support the replacement of old products with new ones has been increased to 300 billion yuan. The first batch of 81 billion yuan was allocated on January 6th, continuing the foundation of work until 2024, and expanding to support the purchase of new digital products such as mobile phones, tablets, smartwatches, and smart wristbands. In January and February, over 1.07 million vehicles were replaced with new ones, leading to a total sales volume of 116.5 billion yuan. The retail sales of domestic passenger cars increased by 1.2% year-on-year, with a significant increase of 26% in February. The number of applications for replacing old home appliances exceeded 20 million units, and the retail sales of home appliances for units above the quota reached 153.7 billion yuan, a year-on-year increase of 10.9%. The sales of level 1 energy-efficient home appliances accounted for 80% of all home appliance sales. The full text is as follows: The Effectiveness of the "Two New" Policy Expansion was Significant in January-February 2025 To earnestly implement the decisions and arrangements of the Party Central Committee and the State Council, on January 5, 2025, the National Development and Reform Commission and the Ministry of Finance issued the "Notice on Implementing Large-scale Equipment Renewal and Replacement of Old Consumer Goods Policy in 2025," together with relevant departments, promptly formulated detailed implementation rules for various fields, and timely allocated funds from special ultra-long-term national bonds to accelerate the implementation of the expansion of the "Two New" policy. In January and February, the "Two New" policy further strengthened and showed results, driving equipment purchasing investment to increase by 18% year-on-year, total retail sales of social consumer goods to increase by 4% year-on-year, and continuing to play an important role in expanding consumption, stabilizing investment, promoting transformation, and benefiting people's livelihood. 1. Effectively stimulate consumption vitality. The scale of special ultra-long-term national bonds for supporting the replacement of old consumer goods with new ones is increased to 300 billion yuan. The first batch of 81 billion yuan was allocated on January 6th, building on the foundation of work in 2024, and expanding to support the purchase of new digital products such as mobile phones, tablets, smartwatches, and smart wristbands. In January and February, over 1.07 million vehicles were replaced with new ones, driving the sales volume of new cars to reach 116.5 billion yuan. The retail sales volume of domestic passenger cars increased by 1.2% year-on-year, with a significant increase of 26% in February. The number of applications for replacing old home appliances exceeded 20 million units, and the retail sales of home appliances for units above the quota reached 153.7 billion yuan, a year-on-year increase of 10.9%. The effect of subsidies for purchasing new phones was particularly impressive, with a significant increase of 26.2% in the retail sales of communication equipment for units above the quota. The sales volume and sales amount of phones below 6,000 yuan reached 44.22 million units and 11.26 billion yuan, respectively, with average daily sales reaching approximately 750,000 units and 1.9 billion yuan, a year-on-year increase of 8.8% and 19.3% respectively. The replacement of electric bicycles with new ones reached 1.17 million vehicles, leading to an increase in sales volume of new vehicles to 3.5 billion yuan. 2. Continuously drive investment growth. This year, the 200 billion yuan of special ultra-long-term national bond funds supporting equipment renewal will be further expanded to cover electronic information, safety production, facility agriculture, grain and oil processing, and other fields. Efforts will be made to organize project application reviews and accelerate research to promote subsidized loans. Under the impetus of the "Two New" policy, equipment purchasing investment nationwide increased by 18% year-on-year in January and February, with a growth rate 2.3 percentage points higher than that of the whole of 2024, and 13.9 percentage points higher than all investments, contributing 62.3% to the growth of all investments, and driving an increase of 2.6 percentage points in all investments. Among them, investment in technological transformation in the manufacturing industry closely related to the "Two New" policies increased by 10%, with a growth rate 2 percentage points higher than that of 2024; investment in consumer goods manufacturing increased by 12.8%, 3.8 percentage points higher than that of all manufacturing industries. 3. Accelerate the smooth circulation of the economy. In terms of driving the production of important products, in January and February, the value added of the automobile manufacturing industry above a certain scale increased by 12.0% year-on-year, with the production of automobiles, new energy vehicles, and charging piles increasing by 13.9%, 47.7%, and 32.2% respectively; the value added of the home appliance manufacturing industry above a certain scale increased by 10.1% year-on-year, with double-digit growth in the production of refrigerators, washing machines, and other products. In addition, the value added of industries such as railway transportation equipment manufacturing, urban rail transit equipment manufacturing, and agricultural, forestry, animal husbandry, and fishery specialized machinery manufacturing above a certain scale increased by 28.1%, 23.7%, and 9.9% respectively; the production of soil tillage machinery, medical instruments and equipment, and processing equipment for Shenzhen Agricultural Power Group increased by 46.3%, 19.4%, and 16.4% respectively. In terms of accelerating the recycling and utilization of important resources, in January and February, nearly 1,400 new intelligent community recycling facilities were added nationwide, accumulating more than 12,000 since the implementation of the "Two New" policy last year; the amount of scrapped automobile recycling increased by 50.1% year-on-year, with a significant increase of 188.2% in February, reaching a historic high; the amount of recycled and utilized scrap steel was about 37 million tons, with a total production of recycled copper, aluminum, lead, and zinc of about 3 million tons, showing a stable increase compared to previous periods. 4. Steadily improve the standard level. In January and February, 13 new national standards in the "Two New" areas were issued; as of now, a total of 185 national standards out of the planned 294 in the "Two New" areas in 2024 and 2025 have been released. In terms of equipment renewal, 85 national standards were introduced, including those related to energy consumption limits, equipment efficiency, pollutants, and carbon emissions, supporting industrial transformation and upgrading. In terms of replacing old consumer goods with new ones, 57 national standards for home appliances, household goods, automobiles, kitchenware, and other products were issued to ensure the quality and safety of consumer goods. In the area of recycling and utilization, 43 national standards for the recycling of used car power batteries, discarded electrical and electronic products, retired photovoltaic modules, and other products were released to support high-level recycling of waste products and equipment. This article was selected from the National Development and Reform Commission, and edited by GMTEight: Chen Wenfang.
01/04/2025

PBoC: Intend to promote nationwide the pilot policy of integrating high version local and foreign currency fund pools that have been relatively mature in the pilot phase.

On April 1st, the People's Bank of China issued a notice on the draft of the "Regulations on the Management of Cross-Border Corporate Local and Foreign Currency Integrated Cash Pooling Business." The notice aims to expand the pilot policy of high-version local and foreign currency integrated cash pools to the whole country, with the main content including establishing a policy framework for local and foreign currency integrated cash pools, implementing macro-prudential management of cross-border fund flows, and enhancing management and supervision. Specifically, the notice aims to bring the local and foreign currency cash pool business under a unified policy framework to facilitate fund transfers and usage, as well as encourage the use of local currency for cash pool operations. In terms of operations, local branches of the foreign exchange bureaus will serve as a "one-stop window" for enterprises, streamlining the process of registration and changes to reduce operational costs for businesses. The drafting of the notice is aimed at promoting the pilot of local and foreign currency integrated cash pools to better facilitate the coordinated use of cross-border funds by enterprises and was done by the People's Bank of China, together with the State Administration of Foreign Exchange. The pilot policy will be implemented nationwide, with the main points including establishing a policy framework for local and foreign currency integrated cash pools, implementing macro-prudential management of cross-border fund flows, and strengthening real-time and post-event supervision. The notice also takes into account the various versions of existing cash pools and the issue of separate local and foreign currency management, aiming to streamline operations and encourage the use of local currency for cash pool activities. The notice was drafted after extensive consultation with enterprises, bank representatives, and branch offices, and feedback from stakeholders was incorporated into the final version. The People's Bank of China and the State Administration of Foreign Exchange have issued the draft notice on the regulations for cross-border corporate local and foreign currency integrated cash pool operations, with instructions for implementation.Integrated fund pool business, in accordance with the "People's Republic of China People's Bank of China Law" and "People's Republic of China Foreign Exchange Management Regulations" and relevant laws and regulations, formulate these provisions.Article 2: The multinational company referred to in these regulations refers to a consortium formed by the parent company, subsidiaries, and other member companies or institutions, with capital as the link. The sponsoring company refers to a domestic member company with independent legal personality that is authorized by the multinational company to carry out main business filing, implementation, data reporting, feedback, and other responsibilities. If the sponsoring company is a financial company, it should comply with the regulations of the industry management department regarding cross-border fund transactions. Member companies refer to various domestic and foreign companies with direct or indirect shareholding within the multinational company that have independent legal personality. Branches and brother companies under the same parent company control as the sponsoring company, even if they do not have direct or indirect shareholding, can be considered as member companies. Financial institutions (excluding financial companies acting as sponsoring companies), local government financing platform companies, and real estate companies are not allowed to participate in the multinational company's domestic and foreign currency integrated fund pool business as sponsoring companies or member companies. Article 3: The domestic and foreign currency integrated fund pool business of multinational companies referred to in these regulations (hereinafter referred to as the fund pool business) refers to the multinational company's centralized operation and management of domestic and foreign currency funds for fund aggregation and redistribution, central collection and payment of current project funds, and net settlement of offset amounts. Article 4: Multinational companies can choose one or more banks within the jurisdiction of the provincial foreign exchange bureau where the sponsoring company is located as cooperative banks (hereinafter referred to as cooperative banks) to conduct fund pool business. Chapter 2 Business Filing and Changes Article 5: Multinational companies that meet the following conditions can choose a domestic member company as the sponsoring company to centrally operate and manage the funds of domestic and foreign member companies and conduct fund pool business based on operational needs: (1) Have genuine business needs; (2) Have a sound cross-border fund management framework and internal control system; (3) Establish corresponding internal management electronic systems; (4) The total amount of international revenue and expenditure in domestic and foreign member companies in the previous year is not less than RMB 7 billion, the total operating income of all domestic member companies in the previous year is not less than RMB 10 billion, and the total operating income of all foreign member companies in the previous year is not less than RMB 2 billion; (5) No significant violations of cross-border settlement transactions in the past two years (for companies less than two years old, no significant violations of cross-border settlement transactions since their establishment); (6) If the sponsoring company and other member companies are listed in the trade foreign exchange income and expenditure directory, the classification of goods trade for the sponsoring company should be Class A. If the goods trade classification for the sponsoring company falls to Class B or C, the foreign exchange bureau of the location will notify the multinational company to change the sponsoring company and resubmit the application materials; if the goods trade classification for other member companies falls to Class B or C, the sponsoring company should terminate its business and follow the procedures in Article 9 and Article 10 for member company changes; (7) The total number of domestic and foreign member companies should not be less than 3. If foreign member companies are set up by domestic companies, they should comply with relevant domestic regulations on overseas investments; (8) Other prudent regulatory conditions stipulated by the People's Bank of China and the State Administration of Foreign Exchange. Article 6: Banks with international settlement capabilities and qualifications for foreign exchange transactions can serve as cooperative banks for multinational companies to conduct fund pool business and must meet the following conditions: (1) The bank has been assessed as category B or above for compliance and prudent operation in foreign exchange business in the past two years; (2) There have been no significant violations of cross-border settlement transactions and foreign exchange transactions in the past two years; (3) The bank has sound anti-money laundering internal control systems and measures, and has no significant deficiencies in fulfilling anti-money laundering obligations that have not been rectified; (4) Other prudent regulatory conditions stipulated by the People's Bank of China and the State Administration of Foreign Exchange. If a cooperative bank fails to meet the above conditions in its ongoing operations, it can only carry out various types of business that have been filed for existing fund pool clients and cannot add new business categories or new fund pool clients for the original fund pool client. Article 7: Multinational companies conducting fund pool business should apply for registration and filing through the provincial foreign exchange bureau under the jurisdiction of the sponsoring company's location to the foreign exchange bureaus under the jurisdiction of the provincial foreign exchange bureau. The application materials can be submitted by the sponsoring company as the applicant, or can be submitted by the sponsoring company as the applicant entrusting a cooperative bank to submit on its behalf, including: (1) Basic materials: 1. Application form (including basic information of the multinational company and the sponsoring company, types of business to be conducted, total amount of international revenue and expenditure in the previous year, total operating income of all domestic and foreign member companies in the previous year, recent two-year violations of cross-border settlement transactions, list of member companies, shareholding structure of the sponsoring company and member companies, classification of goods trade enterprises, compliance of overseas investment by foreign member companies set up by domestic companies, information on cooperative banks chosen, cross-border fund management framework, internal control management, and system construction, etc.); 2. Authorization letter from the multinational company to the sponsoring company to conduct fund pool business, fund pool business agreements signed by the sponsoring company and member companies, or clear proof of rights and obligations issued by the multinational company with the consent of all parties involved; 3. "Confirmation of Conducting Multinational Company Domestic and Foreign Currency Integrated Fund Pool Business" jointly signed by the sponsoring company and the cooperative bank (see Annex 1); 4. Copies of business licenses of the sponsoring company and domestic member companies; 5. Registration documents of foreign member companies provided in non-Chinese languages should also include Chinese translations; 6. Financial business license and approved business scope documents (only required for sponsoring companies that are financial companies); 7. Authorization letter from the sponsoring company to the cooperative bank (if applicable). The materials under item 2 above should be stamped with the official seal of the multinational company, and all other materials should be stamped with the official seal of the sponsoring company. (2) Special materials: 1. Centralized management of foreign debt quotas. In addition to basic materials, when the sponsoring company applies for registration of centralized foreign debt quotas, it should provide the following special materials: the application form should list the names of domestic member companies participating in the centralization of foreign debt quotas, unified social credit codes, registered locations, the latest audited equity status of each domestic member company, the proposed centralized foreign debt quotas, and provide the contributed foreign debt quotas.A copy of the latest audited balance sheet of the member company.2. Centralized management of overseas lending limits. The sponsoring company applies for centralized registration of overseas lending limits, and in addition to providing basic materials, should also provide the following special materials: the application should list the names, unified social credit codes, registered locations of domestic member companies participating in the centralized overseas lending limits, the latest audited owner's equity status of each domestic member company, the proposed centralized overseas lending limits, and provide a copy of the most recent audited balance sheet of the member company contributing to the overseas lending limit. 3. Centralized collection and payment of current account funds and net settlement. The sponsoring company applies for registration of centralized collection and payment of current account funds and net settlement, and in addition to providing basic materials, should also provide the following special materials: the application should list the names, unified social credit codes, and registered locations of domestic member companies participating in centralized collection and payment of current account funds and net settlement. The above special materials should be stamped with the official seal of the sponsoring company. If there are unclear or inaccurate information in the aforementioned basic materials and special materials that require verification of their substantive content, the local foreign exchange bureau may request to improve the application materials or provide a written explanation. Article 8 Provincial foreign exchange bureaus should, in accordance with relevant regulations, complete the filing procedures upon receipt of complete application materials related to the fund pool business, together with the local branches of the People's Bank of China, and issue a filing notice (see Annex 2) through the local foreign exchange bureau where the sponsoring company is located. Article 9 For changes in capital projects that do not involve external debts and overseas lending limits, or changes in the names of sponsoring companies or member companies, the sponsoring company should report to the cooperating bank within 30 days from the date of occurrence of the matter. At the same time, the relevant information of the companies involved in the changes should be submitted, along with proof of the changes (such as updated business licenses). The cooperating bank will process the changes in the "SAFE System for Foreign Exchange" banking module based on the application submitted by the sponsoring company. Article 10 During the operation of the multinational company's fund pool business, if adjustments are planned for matters other than those mentioned in Article 9, the sponsoring company should apply for registration of changes to the local foreign exchange bureau 30 days before making the adjustment. Upon receipt of complete application materials for changes, the provincial foreign exchange bureaus, in accordance with relevant regulations, together with the local branches of the People's Bank of China, will complete the registration procedures for changes and issue a notification of registration through the local foreign exchange bureau where the sponsoring company is located. (1) For changes in cooperating banks, the following materials should be submitted: 1. Application for changing cooperating banks (including information on the selected cooperating bank, handling of the original account balance, etc.); 2. Original account balance statement stamped with the business seal of the bank; 3. "Confirmation Letter for Handling Multinational Company's Local and Foreign Currency Integrated Fund Pool Business" signed between the sponsoring company and the new cooperating bank. (2) For changes in the sponsoring company, types of businesses, member companies under the current account funds centralized collection and payment and net settlement business, external debt and overseas lending limits, etc., the relevant materials related to the changes should be submitted in accordance with Article 7. The application materials can be submitted by the sponsoring company as the applicant, or the sponsoring company can entrust a cooperating bank to submit on their behalf. Article 11 The sponsoring company must open a domestic capital main account within one year of receiving the filing notice and actually carry out the fund pool business, otherwise the filing notice will expire one year from the date of issuance. Article 12 If a multinational company intends to stop conducting fund pool business, the sponsoring company should apply for deregistration through the local foreign exchange bureau to the provincial foreign exchange bureaus after handling relevant debts, closing the domestic capital main account, and submitting the application and original filing notice within 30 days from the date of completion. The application should specify the foreign debt and overseas lending limits, foreign exchange receipts and payments, and the closure of the domestic capital main account related to the fund pool business. Upon receipt of the application materials, the provincial foreign exchange bureaus, in accordance with relevant regulations, will complete the deregistration procedures together with the local branches of the People's Bank of China and retrieve the original filing notice. Chapter 3 centralized management of external debt limits Article 13 Multinational companies may centralize the external debt limits of domestic member enterprises based on macro-prudential principles and conduct external debt business within the centralized limits in accordance with commercial practices. Article 14 Multinational companies' sponsoring enterprises may centralize the external debt limits of domestic member companies according to the following formula. Centralized external debt limit for multinational companies = (latest audited owner's equity of the sponsoring enterprise + latest audited owner's equity of domestic member enterprises * concentration ratio) * cross-border financing leverage * macro-prudential adjustment parameter. Weighted balance of external debt risk for multinational companies = balance of foreign currency debts + balance of foreign currency debts * exchange rate risk conversion factor. The weighted balance of external debt risk for multinational companies should not exceed the centralized external debt limit for multinational companies. During the initial period, the cross-border financing leverage is 2, the macro-prudential adjustment parameter is 1.75, and the exchange rate risk conversion factor is 0.5. The People's Bank of China and the State Administration of Foreign Exchange may adjust the cross-border financing leverage and macro-prudential adjustment parameters, as well as the exchange rate risk conversion factor based on the overall external debt situation, maturity structure, currency structure, etc. Financial companies acting as sponsoring enterprises are not allowed to participate in centralized external debt limits. Each member company can decide on partially centralized external debt limits, with adjustments made at most once a year. For external debt limits not centralized, each member company should handle external debt business according to existing regulations. Article 15 If the sponsoring enterprise of a multinational company centralizes borrowing external debts or acts as an agent for its member enterprises to borrow external debts, they should do so through the sponsoring enterprise's domestic capital main account. Member enterprises that borrow external debts on their own should do so through their own external debt accounts within the uncentralized limits. Article 16 The local foreign exchange bureau where the sponsoring enterprise is located should, when issuing a filing notice to the sponsoring enterprise, complete a one-time registration of external debts for the sponsoring enterprise in the relevant information system of the State Administration of Foreign Exchange based on the centralized external debt limit that has been filed. Chapter 4 centralized management of overseas lending limits Article 17 Multinational companies may centralize the overseas lending limits of domestic member enterprises based on macro-prudential principles and conduct overseas lending business within the centralized limits in accordance with commercial practices. The scale of overseas loans under the multinational company's fund pool business should be adapted to the operating scale of the overseas borrowers.It is not allowed to indirectly evade the management requirements for overseas direct investment, securities investment, etc., and it is not allowed to be used directly or indirectly for expenditures outside the borrower's business scope.Article 18 The sponsoring enterprise of a multinational corporation may concentrate the amount of overseas loans by domestic member enterprises according to the following formula. The concentration amount of overseas loans for multinational corporations = (the audited owner's equity of the sponsoring enterprise in the most recent period + the audited owner's equity of domestic member enterprises in the most recent period * concentration ratio) * overseas loan leverage ratio * overseas loan macro-prudential adjustment coefficient. The risk-weighted balance of overseas loans for multinational corporations = foreign currency overseas loan balances + foreign currency overseas loan balances * currency conversion factor. The risk-weighted balance of overseas loans for multinational corporations should not exceed the concentration amount of overseas loans for multinational corporations. At the initial stage, the overseas loan leverage ratio is 0.8, macro-prudential adjustment coefficient is 1, and the currency conversion factor is 0.5. The People's Bank of China and the State Administration of Foreign Exchange may adjust the overseas loan leverage ratio, the overseas loan macro-prudential adjustment coefficient, and the currency conversion factor based on the overall situation of overseas loans, maturity structure, currency structure, and so on. Financial companies acting as sponsoring enterprises are not allowed to participate in the concentration of overseas loan amounts. Each member enterprise can independently decide on a portion of the concentrated overseas loan amount, with a maximum adjustment frequency of once a year. The uncollected overseas loan amount should be handled by each member enterprise for overseas loan business in accordance with existing regulations. Article 19 If the sponsoring enterprise acts as the actual lender to concentrate overseas loans or if a member enterprise acts as the actual lender on behalf of the sponsoring enterprise for overseas loans, it should be handled through the sponsoring enterprise's domestic fund main account. If a member enterprise conducts overseas loans independently, it should be handled through the member enterprise's own overseas loan account within the uncollected amount. Article 20 When the local foreign exchange bureau of the sponsoring enterprise issues a filing notice, it should register a one-time overseas loan amount for the sponsoring enterprise in the relevant information system of the State Administration of Foreign Exchange according to the centralized overseas loan amount filed. Chapter V Management of Centralized Collection and Payment of Current Account Funds and Netting Settlement of Offset Amounts for Multinational Companies Article 21 Multinational corporations may, according to operational needs, conduct centralized collection and payment of current account funds or netting settlement of offset amounts through the sponsoring enterprise. The centralized collection and payment of current account funds refer to the sponsoring enterprise handling current account receipts and payments on behalf of domestic member enterprises through the domestic fund main account. Offset netting settlement of current account funds refers to the sponsoring enterprise aggregating its receivables and payables of domestic and foreign member enterprises under current accounts through the domestic fund main account, consolidating transactions received and paid within a certain period into a single transaction. In principle, netting settlement should be conducted no less than once per natural month. Domestic member enterprises are required to handle transactions based on the "Foreign Exchange Business Registration Form for Goods Trade" and should not participate in the centralized collection and payment of current account funds and netting settlement of offset amounts, in accordance with relevant regulations. Article 22 When issuing a filing notice for the sponsoring enterprise, the local foreign exchange bureau should register the goods trade foreign exchange business for the sponsoring enterprise in the relevant information system of the State Administration of Foreign Exchange. Article 23 If a multinational corporation stops conducting the centralized collection and payment of current account funds and netting settlement of offset amounts, the sponsoring enterprise should inform the cooperating bank within 30 days of cessation and report to the local foreign exchange bureau on its own or through the cooperating bank. This article is from the "Central Bank's Official Website", edited by: Xu Wenqiang.
01/04/2025

Ministry of Commerce: The total volume of services imports and exports in January-February reached 1.30956 trillion yuan, an increase of 9.9% year-on-year.

On April 1, the person in charge of the Department of Trade in Services of the Ministry of Commerce introduced the development of service trade in January-February 2025. In January-February 2025, China's service trade grew rapidly, with the total volume of service imports and exports reaching 1.30956 trillion yuan, an increase of 9.9% year-on-year. Among them, exports were 549.58 billion yuan, an increase of 13%; imports were 759.98 billion yuan, an increase of 7.8%. The service trade deficit was 210.4 billion yuan, a decrease of 8.333 billion yuan compared to the same period last year. The original text is as follows: The person in charge of the Department of Trade in Services of the Ministry of Commerce introduced the development of service trade in January-February 2025 In January-February 2025, China's service trade grew rapidly, with the total volume of service imports and exports reaching 1.30956 trillion yuan. Among them, exports were 549.58 billion yuan, an increase of 13%; imports were 759.98 billion yuan, an increase of 7.8%. The service trade deficit was 210.4 billion yuan, a decrease of 8.33 billion yuan compared to the same period last year. It presents the following characteristics: Knowledge-intensive service trade maintains growth. In January-February, the import and export of knowledge-intensive services amounted to 476.65 billion yuan, an increase of 2.5%. Among them, exports of knowledge-intensive services were 285.73 billion yuan, an increase of 3.3%. Other business services, telecommunications, computer and information services had large export scales, with amounts of 145.52 billion yuan and 111.9 billion yuan, and growth rates of 4.5% and 6% respectively. Imports of knowledge-intensive services were 190.92 billion yuan, an increase of 1.4%. The surplus of knowledge-intensive service trade was 948.1 billion yuan, an increase of 63.8 billion yuan compared to the same period last year. Travel services grew the fastest. In January-February, travel services continued to grow at a high speed, with imports and exports reaching 409.8 billion yuan, an increase of 28.9%, making it the largest sector in service trade. Among them, exports increased by 142.6% and imports increased by 21.1%. This article was selected from the official website of the Ministry of Commerce. Editor: Liu Jiayin.
01/04/2025

Three ministries: support insurance companies in setting up private equity funds to invest in the stock market and hold for the long term.

April 1st, the office of the China Banking and Insurance Regulatory Commission, along with two other departments, issued a notice on the implementation plan for the high-quality development of science and technology in the banking and insurance industry. The plan mentions deepening the reform pilot of long-term investment of insurance funds, supporting insurance companies to set up private equity funds, invest in the stock market and hold for the long term. It also includes launching pilot projects for technology companies' mergers and acquisitions loans, expanding the scope of pilot banks, regions, and companies, supporting technology companies, especially "lead" companies, in industry integration, and facilitating the circulation of capital. Furthermore, it involves carrying out integrated pilot projects on knowledge intellectual property finance, developing knowledge intellectual property financial services, and exploring the expansion of internal assessment pilot projects for intellectual property. Additionally, it emphasizes strengthening cooperation with venture capital institutions. It encourages banks to collaborate with asset management institutions, venture capital funds, government-guided funds, and industry investment funds to enhance information sharing and project promotion, explore full-process cooperation with various technology innovation funds, and engage in business such as "loans + direct investment" to provide credit support to selected investee companies. It also encourages insurance institutions to increase their support for venture capital investment institutions through diversified investment tools in accordance with market-oriented principles and to develop long-term and patient capital. Original text: Notice from the General Office of the China Banking and Insurance Regulatory Commission, the General Office of the Ministry of Science and Technology, and the General Office of the National Development and Reform Commission on Issuing the Implementation Plan for the High-Quality Development of Science and Technology in the Banking and Insurance Industry Jin Office Issuance [2025] No. 31 All financial regulatory authorities; science and technology departments in provinces, autonomous regions, municipalities directly under the Central Government, and separate state-planning cities; the Xinjiang Production and Construction Corps Science and Technology Bureau; the development and reform commissions in provinces, autonomous regions, municipalities directly under the Central Government, separate state-planning cities, and the Xinjiang Production and Construction Corps; policy banks, large banks, joint-stock banks, foreign banks, direct banks, financial asset investment companies, wealth management companies, insurance groups (holding) companies, insurance companies, insurance asset management companies, financial holding companies: In order to fully implement the spirit of the 20th National Congress of the Communist Party of China, and the second and third plenary sessions of the 20th Central Committee of the Communist Party of China, effectively implement the decisions and arrangements of the Central Economic Work Conference, the Central Financial Work Conference, and the National Science and Technology Conference, and follow the guiding opinions on "doing well in the five major areas of finance" issued by the General Office of the State Council (State Office Issuance [2025] No. 8), and explore the establishment of a science and technology financing system that is compatible with technological innovation, promote the virtuous cycle of "technology-industry-finance", accelerate the deep integration of technological innovation and industrial innovation, and jointly formulate the implementation plan for the high-quality development of science and technology in the banking and insurance industry. It is now issued to you for implementation. Please strengthen organization and implementation, seriously carry out in accordance with the tasks and objectives. General Office of the China Banking and Insurance Regulatory Commission; General Office of the Ministry of Science and Technology General Office of the National Development and Reform Commission March 13, 2025 (This document is forwarded to financial regulatory sub-bureaus and legal person financial institutions at the local level) Implementation Plan for the High-Quality Development of Science and Technology in the Banking and Insurance Industry In order to thoroughly implement the strategy of innovation-driven development, carry out major initiatives in science and technology finance, strengthen the financial services throughout the lifecycle of technology-based enterprises, increase the allocation of financial resources for technological innovation, promote deep integration of technological innovation and industrial innovation, boost the development of new productive forces, support the establishment of a modern industrial system, and accelerate the realization of the goal of building a strong science and technology country, this implementation plan is formulated. I. Basic Principles - Adhere to problem orientation. Targeting the "four orientations," starting from the demand for financial services in technological innovation, focusing on the bottlenecks, difficulties, and pain points in the support of technological innovation by the banking and insurance industries, aggregating high-quality financial resources, establishing a sound mechanism for science and technology finance, optimizing the institutional arrangements and service systems for science and technology finance, and providing strong financial service guarantees for technological innovation. - Adhere to market leadership. Conform to the laws of economic development, give full play to the decisive role of the market in resource allocation, and strengthen the position of enterprises in technological innovation. Financial institutions make independent decisions and manage their operations autonomously, providing science and technology financial services in accordance with market-oriented and rule-of-law principles. Financial regulators, science and technology, and development and reform departments collaborate to create a conducive environment for serving technological innovation. - Advance in a systematic manner. Coordinate and promote the various factors of science and technology finance development as an organic whole, develop a multi-level science and technology financial service system, accelerate the establishment of a diversified science and technology financial service supply system, promote the improvement of the mechanism for technological input, and effectively enhance the adaptability, targeting, and effectiveness of science and technology financial services. - Uphold safe development. Coordinate development with safety, emphasizing both commercial sustainable development and financial risk prevention. Clearly define the primary responsibilities of financial institutions for risk prevention and compliance management in science and technology finance, improve comprehensive risk management mechanisms, and ensure safety and controllability throughout the entire process of science and technology finance development. II. Main Goals Over the next five years, the banking and insurance industries will accelerate the establishment of a financial service system and mechanism compatible with technological innovation, gradually improve the science and technology financial system, continuously enhance specialized service mechanisms, product systems, professional capabilities, and risk management capabilities, continue the development of an external ecosystem, expand and improve the coverage, quality, and effectiveness of science and technology credit and insurance, provide more precise, high-quality, and efficient financial support for key areas and weak links of technological innovation, and accelerate the realization of high-quality development in science and technology finance. III. Strengthen the Construction of Science and Technology Financial Service Mechanisms (I) Improve organizational systems. Encourage financial institutions to explore and establish internal management forms suitable for science and technology financial services based on their businesses and local conditions, strengthen resource coordination, and leverage their respective service advantages. With the premise of safety and controllability, support appropriate authorization to specialized branches or subsections for science and technology finance. Encourage the accelerated introduction of composite talents with backgrounds in technology and industry, and improve the mechanism for cultivating talents in science and technology finance. (II) Optimize internal assessment and incentive control mechanisms. Support financial institutions in establishing a multi-dimensional evaluation system for the quality and effectiveness of science and technology financial services, increase the proportion of science and technology financial-related indicators in internal performance evaluations appropriately. Scientifically formulate standards and processes for due diligence exemption internally, apply the relevant requirements of the Notice of the China Banking and Insurance Regulatory Commission on Due Diligence Exemption of Inclusive Credit (Jin Rule [2024] No. 11) to technology-driven companies meeting inclusive credit conditions, and effectively enhance the proactiveness of business staff in supporting technological innovation. Increase the tolerance for non-performing loans from technology-driven enterprises appropriately, and dynamically adjust based on regional, industrial, and market factors. (III) Provide support for key areas of technological innovation and [End of text]Weak links in financial services. Encourage financial institutions to strengthen financial support for major national scientific and technological tasks and technology-based small and medium-sized enterprises. Provide financial services for national major science and technology projects, national strategic science and technology forces, and national level science and technology innovation platform bases. Coordinate support for traditional industry technological transformation and transformation, nurturing and developing emerging industries, and future industry layout. Provide high-quality financial services for strategic emerging industries, advanced manufacturing industries, high-tech manufacturing industries, high-tech service industries, knowledge-intensive industries, and other industries such as high-tech, specialized and innovative enterprises, unicorns, "hidden" champions, key enterprises in manufacturing industry chains for high-quality development, and implementing entities, etc. In the fields of "two new and one heavy", artificial intelligence, quantum technology, biotechnology, agricultural technology, green low-carbon, etc., provide equal services to private and foreign-invested technology-based enterprises and R&D centers.Improve the ecosystem of technology financial services. Support governments at all levels, technology-based enterprises, financial institutions, venture capital funds, third-party intermediary service organizations, etc. to jointly build a multi-level ecosystem of technology financial services. Encourage financial institutions to promote the development of international and regional technology innovation centers, comprehensive national scientific centers, science and technology innovation financial reform pilot zones, Ningbo national insurance innovation comprehensive pilot zone, Donghu science and technology insurance innovation demonstration zone, and the technology insurance innovation leading zone of the Lin-gang New Area in the China (Shanghai) Pilot Free Trade Zone for high-quality development. In response to the needs of regional coordinated development strategies, provide high-quality financial services for the transfer and transformation of cross-regional technology innovation achievements. With the support of national independent innovation demonstration zones, national high-tech industrial development zones, and other technology industrial parks, strengthen cooperation with R&D institutions, pilot verification platforms, technology innovation incubators and accelerators, to facilitate the transfer and transformation of intellectual property and industrial applications. Four. Strengthen the construction of technology financial product system. Increase the intensity of technology credit. Encourage banks to increase credit loans and medium- to long-term loans to technology-based enterprises, and flexibly set loan interest rate pricing and interest payment methods. Make full use of information such as intellectual property, innovation points system, technology contracts, and industry chain transactions to improve technology financial characteristic products. The specific method for calculating the working capital needs of technology-based enterprises can be determined based on actual management needs. For working capital loans with a long cash flow recovery cycle, the loan term can be appropriately extended, with a maximum of up to 5 years. For loans secured by intangible assets such as intellectual property, the purpose and use of the loan can be determined according to the loan contract, and the loan can be used for research and development and patent industrialization. SixOptimize technology insurance services. Guide insurance companies to provide insurance products tailored to technology-based enterprises, covering key areas such as research and development losses, equipment losses, and patent protection throughout the lifecycle of technology innovation activities. Based on the insurance needs of national major technology projects, develop new types of technology insurance products and improve mechanisms for risk dispersion in major technology research projects. Increase insurance supply for technology innovation talents and related practitioners to enhance the quality and effectiveness of insurance coverage in health management, pension services, professional liability, and other areas. SevenPromote technology financial policy experimentation. Expand the equity investment pilot of financial asset management companies in an orderly manner to regions with strong economic strength, a large number of technology enterprises, significant R&D investment, and active equity investment, and support eligible commercial banks to establish financial asset management companies. Deepen the pilot reform of long-term investment of insurance funds and support insurance companies in initiating the establishment of private equity funds, investing in the stock market and holding long-term positions. Conduct pilot programs for technology enterprises' mergers and acquisitions loans, study and expand the scope of pilot banks, regions, and enterprises, and support technology enterprises, especially "leading" enterprises, in industrial integration and smoothing of capital circulation. Launch a comprehensive pilot program for intellectual property finance ecosystem, develop intellectual property financial services, study the expansion of internal intellectual property evaluation pilots. EightStrengthen cooperation with venture capital and other institutions. Encourage banking institutions to enhance information sharing and project promotion with asset management institutions, venture capital funds, government-guided funds, and industrial investment funds, explore full-process cooperation with various types of technology innovation funds, conduct "loan + direct investment" business, and select invested enterprises for credit support. Encourage insurance institutions to support venture capital and other investment institutions with diversified investment tools according to market-oriented principles, and develop long-term and patient capital. NineSupport technology-based enterprise bond financing. Encourage banking institutions to provide underwriting services for technology-based enterprises that meet the conditions for issuing innovative bills, asset-backed bills, and asset-backed bonds. Support banks, insurance companies, asset management institutions, and others to increase investment in innovative bonds, promote insurance companies to invest in asset-backed securities, and other securitized products. Five. Strengthen the construction of professional capabilities in technology finance. TenStrengthen digital empowerment. Encourage financial institutions to increase investment in digital transformation, utilize technologies such as cloud computing, big data, artificial intelligence, machine learning, privacy computing, etc., develop digital business tools, integrate and display evaluation results of technology-based enterprises, enhance the ability to identify and select enterprises, improve operational management effectiveness and risk prevention and control. Support the application of GB 18030 "Information Technology Chinese Character Encoding Standard" to ensure smooth conduct of financial transactions. Strengthen the protection of financial consumer data privacy, promote effective protection and legal use of data. ElevenImprove technology financial risk-sharing mechanism. Implement the special guarantee plan to support technology innovation, develop financing guarantee services for technology-based enterprises, improve differentiated assessment and evaluation systems, and optimize credibility services for technology innovation guarantees. For technology insurance with lack of historical data and potential large losses, risks can be distributed through co-insurance bodies, reinsurance, and other means to reduce the financial burden of enterprises insuring. TwelvePromote enterprise information sharing. Promote the construction of information infrastructure in the field of technology innovation, accelerate the development of a system integrated, dynamically updated, and efficient and convenient mechanism for collecting, organizing, and sharing data elements of technology-based enterprises, and provide comprehensive, timely, and convenient information support for technology credit review and insurance pricing. ThirteenImprove third-party intermediary services. Promote the improvement of policies and regulations in the field of intermediary services, guide intermediary service agencies to establish a fair and reasonable fee mechanism, provide credible technology consultation, technology value evaluation, technical risk assessment, and other services, to provide reference for the development of technology financial business. Six. Strengthen the capacity building of technology financial risk control. FourteenEnhance risk identification. Encourage financial institutions to strengthen industry research on technology innovation, study in depth the differentiated characteristics and risk features of technology-based enterprises in the startup, growth, and mature stages. Encourage eligible financial institutions to comprehensively evaluate key factors such as industry norms guidance, enterprise innovation capabilities, R&D investment, technology team building, technology achievements and intellectual property value, R&D achievement transformation and market prospects, direct financing availability, etc., to achieve a panoramic evaluation of technology-based enterprises and improve the ability to identify technology risk characteristics. FifteenImprove credit approval. Encourage eligible bank institutions to establish a scientific and reasonable credit approval system that combines industry norms guidance, enterprise innovation capabilities, R&D investment, technology team building, technology achievements and intellectual property value, R&D achievement transformation and market prospects, and direct financing availability to achieve a comprehensive evaluation of technology-based enterprises and improve the ability to identify technology risk characteristics.Establish a specialized technology credit approval mechanism to promote risk management forward. Organize the training of dedicated approval and review personnel to enhance the professionalism and scientific nature of the review and approval process. Tailored to the characteristics of technology companies, comprehensively utilize a combination of online and offline credit approval models, gradually establish a hierarchical classification of enterprise-specific evaluation models or evaluation methods, develop differentiated declaration material templates, review points, and approval guidelines, and continuously improve the comprehensiveness of the evaluation index system for technology companies. Credit approval should not excessively rely on third-party guarantees and external evaluations.(16) Implement post-loan management. Financial institutions should strengthen the management of loan funds to prevent fund diversion and misuse. By comprehensively considering internal and external information, closely monitor the bank account behaviors of credit-receiving enterprises, market share changes, follow-up financing progress, changes in key personnel such as actual controllers and major technology research and development personnel, performance integrity, administrative and judicial situations, and overall consider the continuous operating ability of enterprises. Strengthen monitoring and early warning for technology-based enterprises, promptly identify potential risks, implement differentiated post-loan management requirements, develop targeted risk warning plans, and track and deal with them in a timely manner. (17) Establish an intelligent risk control system. Encourage eligible financial institutions to integrate digital risk control tools into the process of technology finance business. Develop artificial intelligence models for technology finance credit approval, strengthen deep learning model training, and apply the output of models to business approval scenarios under the premise of safety and controllability, improving customer selection and approval service capabilities. Continuously optimize intelligent monitoring and early warning rules for technology finance, empowering risk reduction management. VII. Organizational Guarantee (18) Strengthen organizational leadership. All financial regulatory authorities should clarify the leading departments and division of responsibilities for technology finance, and coordinate the development and security work of technology finance within their jurisdiction. Urge financial institutions to effectively improve the quality of technology finance statistics, comprehensively and accurately reflect the development of technology finance, and strictly guard against data falsification. Explore the establishment of a monitoring and evaluation system for technology finance, and study enhancing the positive incentive role of financial regulation. (19) Deepen collaboration from multiple parties. Financial regulatory authorities should strengthen collaborative efforts with technology and development reform departments within their jurisdiction, forming a synergy in policy guidance, coordinated measures, and joint research to promote information sharing among enterprises and promptly address practical issues faced by technology finance services. Encourage local technology and development reform departments to guide financial services in key areas of technology innovation through measures such as interest subsidies, premium compensation, and risk mitigation. (20) Timely summarize and communicate. Financial regulatory, technology, and development reform departments should timely summarize typical cases and best practices of technology finance. Organize various forms of publicity activities, exchange and share good practice experiences, and collaboratively promote the high-quality development of technology finance. This article is compiled from the official website of the "China Banking and Insurance Regulatory Commission." Editor: Liu Jiayin.
01/04/2025

Ministry of Industry and Information Technology: The value added of the electronic information manufacturing industry above designated size in January-February increased by 10.6% year-on-year.

On April 1st, the Ministry of Industry and Information Technology issued a document stating the operation of the electronic information manufacturing industry in January and February 2025. In January and February, the production of China's electronic information manufacturing industry grew rapidly, exports continued to rise, profitability declined slightly, investment growth rate fell slightly, and the overall development trend of the industry was good. In January and February, the value added of China's electronic information manufacturing industry above a certain scale increased by 10.6% year-on-year, with growth rates higher than the industrial and high-tech manufacturing sectors by 4.7 and 1.5 percentage points respectively. See the original text for details.
01/04/2025

Multiple Departments: To compile a list of integrated circuit enterprises or projects and software enterprises that will enjoy tax incentives by 2025.

On April 1st, the National Development and Reform Commission and other departments issued a notice regarding the formulation of a list of integrated circuit companies or projects and software companies that will enjoy tax incentives in 2025. The notice will be implemented from the date of issuance and will apply to companies that qualify for the preferential tax policies for corporate income tax in 2024, the import tax policies specified in document [2021] No. 4 of the State Administration of Taxation, and the R&D expense deduction policy mentioned in the announcement. The original text is as follows: Notice from the National Development and Reform Commission and other departments regarding the formulation of a list of integrated circuit companies or projects and software companies that will enjoy tax incentives in 2025 Development and Reform High-Tech [2025] No. 385 To development and reform commissions of provinces, autonomous regions, municipalities directly under the Central Government, planned municipalities, Xinjiang Production and Construction Corps, industrial and information technology authorities, and finance departments (bureaus), Guangdong Branch of the General Administration of Customs, all subordinate customs, tax bureaus of provinces, autonomous regions, municipalities directly under the Central Government, planned municipalities: In order to promote the continuous and healthy development of China's integrated circuit and software industries, in accordance with the Notice of the State Council on Printing and Distributing Several Policies to Promote the High-Quality Development of the Integrated Circuit and Software Industries in the New Period (referred to as "Several Policies") and related supporting policies, as well as the Announcement by the Ministry of Finance, State Administration of Taxation, National Development and Reform Commission, and Ministry of Industry and Information Technology on Increasing the Deduction Ratio of R&D Expenses for Integrated Circuit and Industrial Mother Machine Enterprises (referred to as "Announcement"), after research, we hereby notify relevant matters regarding the formulation of a list of integrated circuit companies or projects and software companies that will enjoy tax incentives in 2025 (referred to as "list"). 1. The "list" mentioned in this notice refers to the list of national encouraged integrated circuit production companies or projects with line widths less than 28 nanometers (inclusive), less than 65 nanometers (inclusive), and less than 130 nanometers (inclusive) mentioned in Article (1) of the "Several Policies"; the key integrated circuit design companies and software companies encouraged by the country mentioned in Articles (3), (6), (7), and (8) of the "Several Policies" and the "Notice of the Ministry of Finance, General Administration of Customs, State Administration of Taxation on Supporting the Import Tax Policies for the Development of the Integrated Circuit and Software Industries" (No. 4 of [2021]), and the "Notice of the Ministry of Finance, National Development and Reform Commission, Ministry of Industry and Information Technology, General Administration of Customs, State Administration of Taxation on the Management Measures for Supporting Import Tax Policies for the Development of the Integrated Circuit and Software Industries" (No. 5 of [2021]). The list includes key materials and components (target materials, photoresists, masks, packaging substrates, polishing pads, polishing liquids, silicon wafers of 8 inches and above) production companies of the integrated circuit industry, major projects and construction companies in the integrated circuit industry; and the list of companies or projects affiliated with the national encouraged integrated circuit production companies or projects, and the list of national encouraged integrated circuit design companies mentioned in the "Announcement". 2. Companies that were on the list in 2024 and wish to enjoy the new year's tax incentives (excluding the phased payment policy for value-added tax in the import stage) in 2025 must reapply. Companies applying to be included in the list should submit their applications on the Information Reporting System (https://yyglxxbs.ndrc.gov.cn/xxbs-front/) from March 31st to April 18th, 2025, and generate paper documents stamped with the company seal, along with necessary supporting materials (electronic and paper versions) to their provincial, autonomous region, municipality directly under the Central Government, planned municipality, Xinjiang Production and Construction Corps Development and Reform Commission or industrial and information authorities (receiving units designated by the local development and reform commissions). Audited company financial reports must be submitted with the application. 3. Based on the company's conditions and project standards (attached), local development and reform commissions and industrial and information technology departments will preliminarily review and submit the information provided by the companies to the National Development and Reform Commission and Ministry of Industry and Information Technology. The list of key materials and components production companies in the integrated circuit industry mentioned in Articles (1), (3), (6), (7) of the "Several Policies" and in document No. 4 of [2021] on import tax policies will be jointly reviewed and confirmed by the National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Finance, General Administration of Customs, and State Administration of Taxation. The list of major projects in the integrated circuit industry mentioned in Article (8) of the "Several Policies" will be formed by the National Development and Reform Commission and the Ministry of Industry and Information Technology and then reported to the Ministry of Finance for final confirmation in collaboration with the General Administration of Customs and the State Administration of Taxation. The list of companies or projects affiliated with the national encouraged integrated circuit production companies or projects and the list of national encouraged integrated circuit design companies mentioned in the "Announcement" will be jointly reviewed and confirmed by the National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Finance, and State Administration of Taxation before being jointly issued. 4. Companies included in the list can determine if they meet the conditions when making their advance corporate income tax declaration for the next year. If they meet the conditions, they can enjoy the benefits at the time of the advance declaration, and if they are not included in the next year's list at the annual settlement and payment, they must make the required tax payments without any late fees. Companies applying to enjoy the tax incentives mentioned in Articles (1), (3), (6), (7) of the "Several Policies", the customs duty incentives mentioned in document No. 4 of [2021], and the R&D expense deduction policy mentioned in the "Announcement" can check if they are included in the list through the Information Reporting System before the annual settlement and payment is completed. Companies benefiting from the incentives mentioned in Article (8) of the "Several Policies" will be informed by the local customs at the location of the enterprise. 5. Companies or projects that have already enjoyed the tax incentives mentioned in Articles (1), (3), (6), (7) of the "Several Policies", the customs duty incentives mentioned in document No. 4 of [2021], and the R&D expense deduction policy mentioned in the "Announcement", and that undergo name changes, separations, mergers, reorganizations, or significant changes in their main business, should promptly report to the local development and reform commissions and industrial and information technology departments and submit the significant changes in the enterprise form and relevant materials to the National Development and Reform Commission within 60 days of completing the registration of changes.National Development and Reform Commission, Ministry of Industry and Information Technology (the date of the document submitted by provincial departments shall prevail). The National Development and Reform Commission, Ministry of Industry and Information Technology, together with relevant departments, will determine whether enterprises or projects that have undergone changes continue to meet the conditions or standards for enjoying preferential policies.Six, the local development and industrial information departments, together with the financial, customs, and tax departments, will strengthen daily supervision of enterprises listed in the inventory. During the supervision process, if it is found that an enterprise has obtained eligibility for tax reduction or exemption by falsely reporting information, a joint verification should be conducted in a timely manner, and a joint report should be submitted to the National Development and Reform Commission and the Ministry of Industry and Information Technology for reexamination. After the reexamination by the National Development and Reform Commission and the Ministry of Industry and Information Technology, for enterprises or projects that do not meet the conditions and standards for enjoying preferential policies, the Ministry of Finance, the General Administration of Customs, and the State Administration of Taxation should be notified to handle them in accordance with relevant regulations. Seven, enterprises are responsible for the authenticity of the materials and data provided. Applying enterprises should sign a commitment letter, promising that in case of dishonest behavior in the declaration, they will accept the relevant departments' handling in accordance with laws, regulations, and relevant national provisions. Information on illegal activities will be recorded in the credit records of enterprises, included in the national credit information sharing platform, and published on the "Credit China" website. Eight, this notice shall be implemented from the date of issuance and apply to enterprises enjoying the preferential corporate income tax policies for the year 2024 and the import tax policies stipulated in the document "Caifinshui [2021] No. 4", as well as the research and development expenditure additional deduction policy mentioned in the "Announcement". The National Development and Reform Commission, together with relevant departments, will adjust the conditions or standards for enterprises or projects eligible for preferential policies in a timely manner according to industrial development, technological progress, and other circumstances. National Development and Reform Commission Ministry of Industry and Information Technology Ministry of Finance General Administration of Customs State Administration of Taxation March 27, 2025 This article is excerpted from the National Development and Reform Commission, GMTEight Editor: Chen Wenfang. (Note: Some terms may not have an exact equivalent in English)
01/04/2025

Ministry of Commerce: Promote the widespread use of smart terminals in consumer goods and stimulate consumer enthusiasm.

On March 28th, the national television and telephone conference on advancing the work of trading in old for new consumer goods was held in Beijing. The meeting emphasized the need to strengthen overall coordination, accelerate work progress, ensure the completion of all tasks; enhance digital empowerment, promote the widespread use of intelligent terminal consumer goods, and bring about new quality productivity; deepen reform and innovation, truly implement practical actions, break through various policy obstacles that hinder effectiveness; intensively promote and publicize, create a strong atmosphere, stimulate consumer enthusiasm; strengthen risk prevention, build a solid regulatory line, ensure dedicated and effective use of funds, promote the trading in old for new consumer goods to achieve greater effectiveness, and continuously enhance the foundational role of consumption in economic growth. The original text is as follows: The national television and telephone conference on advancing the work of trading in old for new consumer goods was held in Beijing In order to implement the spirit of the Central Economic Work Conference and the National "Two Sessions", summarize the phased progress of the trading in old for new consumer goods in the first quarter of 2025, and deploy key tasks for the next steps, the national television and telephone conference on advancing the work of trading in old for new consumer goods was held in Beijing on March 28th. Deputy Minister of Commerce Sheng Qiuping attended the meeting and delivered a speech. The meeting pointed out that since 2025, the Ministry of Commerce, together with local governments and relevant departments, has conscientiously implemented the decisions and deployments of the Central Committee and the State Council, vigorously implemented the trading in old for new consumer goods, achieved positive results, effectively driven the continuous recovery and improvement of consumption, promoted industrial transformation and upgrading, and improved the quality of people's lives. The meeting emphasized that the implementation of trading in old for new consumer goods is an inherent requirement for implementing the spirit of the Central Economic Work Conference and the deployment of the Government Work Report. It plays an important role in boosting consumption and expanding domestic demand. It is necessary to strengthen overall coordination, accelerate work progress, ensure the completion of all tasks; enhance digital empowerment, promote the widespread use of intelligent terminal consumer goods, and bring about new quality productivity; deepen reform and innovation, implement practical actions, and comprehensively address all policy obstacles that hinder effectiveness; intensively promote and publicize, create a strong atmosphere, stimulate consumer enthusiasm; strengthen risk prevention, build a solid regulatory line, ensure dedicated and effective use of funds, promote the trading in old for new consumer goods to achieve greater effectiveness, and continuously enhance the foundational role of consumption in economic growth. Representatives from the Central Finance Office, the National Development and Reform Commission, the Ministry of Finance, and other units attended the main conference venue. Officials in charge of commerce from provinces, autonomous regions, municipalities directly under the central government, and the Xinjiang Production and Construction Corps, as well as officials from the Commerce Department's resident offices in various locations attended the branch venues. This article is selected from the official website of the Ministry of Commerce; GMTEight editor: Li Fo.
01/04/2025

National Standard "Residential Project Specification" implemented: the minimum floor height of new residential buildings shall not be less than 3 meters, and elevators shall be installed in residential buildings with 4 floors or more.

The Ministry of Housing and Urban-Rural Development issued the national standard "Residential Project Code" on March 31. The code will be implemented from May 1 this year, requiring residential projects to be constructed with safety, comfort, greenness, and intelligence as goals, following the principles of "economically reasonable, durable and safe; people-oriented, healthy and comfortable; tailored to local conditions, green and low-carbon; technology-enabled, smart and convenient". According to the code, newly constructed residential buildings must have a minimum floor height of 3 meters, and residential buildings with 4 floors or more must have elevators installed. It also includes requirements for improving the sound insulation performance of walls and floors, increasing the clear width of doors and bathroom doors, raising the height of railings in balconies and other open spaces, ensuring public mobile communication signals cover public spaces and elevator cabins, and installing outdoor air conditioning units on dedicated platforms. Additionally, it stipulates requirements for heating and air conditioning facilities in different climate zones. This article was originally published by Xinhua News Agency. Editor: Liu Xuan.
31/03/2025

The Ministry of Finance announced the arrangements for the issuance of national bonds in the second quarter of 2025.

The General Office of the Ministry of Finance announced today the arrangements for the issuance of key government bonds, short-term government bonds, ultra-long-term general government bonds, savings bonds, and special bonds for capital injection by central financial institutions in the second quarter of 2025. Among them, on April 11, a 30-year ultra-long-term general government bond will be reissued; on April 24, the first issuance of the 2025 special bonds for capital injection by central financial institutions will be conducted. Original text: Notice on the Relevant Arrangements for the Issuance of Government Bonds in the Second Quarter of 2025 Cai Ban Ku [2025] No. 64 Members of the book-entry government bonds underwriting syndicate, members of the savings bond underwriting syndicate, Central Government Bonds Registration and Clearing Limited Liability Company, China Securities Registration and Clearing Limited Liability Company, China Foreign Exchange Trading Center, Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Stock Exchange: We now announce the arrangements for the issuance of key government bonds, short-term government bonds, ultra-long-term general government bonds, savings bonds, and special bonds for capital injection by central financial institutions in the second quarter of 2025. The arrangements for the issuance of ultra-long-term special bonds will be announced separately. In case of any changes during the implementation, the relevant government bond issuance documents at that time shall prevail. This article is selected from "Ministry of Finance of the People's Republic of China". GMTEight Editor: Liu Xuan.
31/03/2025

People's Bank of China: To carry out 800 billion yuan of reverse repurchase agreements in March.

On March 31, according to the People's Bank of China, in order to maintain the liquidity of the banking system, the People's Bank of China conducted 800 billion yuan of fixed-quantity, fixed-rate tender, and multi-price bid-out reverse repurchase operations in March 2025. Specific details are as follows: This article is compiled from the People's Bank of China. Editor: Chen Wenfang.
31/03/2025
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