Opinion

 

1. Cultivate an integrated innovation ecosystem for smart manufacturing

 

The Ministry of Industry and Information Technology announced at the recent press conference on the development of industry and information technology in the first quarter of 2024 that it has been working to promote the development of smart manufacturing in recent years by stepping up technological research, improving the supply of solutions, initiating a number of smart manufacturing pilot initiatives, and enhancing standard setting.The key to turning China's manufacturing sector from one of mass production to one of strength is smart manufacturing, which is the fundamental technology. It is crucial work for fostering new industries as well as the primary path toward developing a robust manufacturing nation.

 

2. Modify storage to guarantee a plentiful summer harvest and grain production

 

Reserve grain collection and storage should play a role in  the purchase of summer grain; nevertheless, state-owned grain depots cannot be the only source of this regulation. The vitality of market purchasing and sales must be continually improved, and efforts must be made to create a stable environment with a variety of businesses, active purchasing and sales, and efficient distribution.

 

 

Policy

 

1. The Ministry of Transport, the National Development and Reform Commission, the Ministry of Finance and other 10 departments recently jointly issued the Action Plan for Large-scale Equipment Renewals in Transportation. The plan stated that by 2028, operational diesel trucks with national emission standards of Class III and below will be phased out at an accelerated pace; continuously promoting new energy public transportation vehicles; eliminating old locomotives in key areas and applying new energy locomotives in large scale.

 

2. Chinese authorities have set specific carbon emission reduction targets for the cement industry as the country moves toward a low-carbon economy. From 2024 to 2025, China plans to cut carbon dioxide emissions by around 13 million tonnes through industrial renovation and equipment renewal in cement production, according to an action plan released by government departments including the National Development and Reform Commission, the country's top economic planner. During this period, China also aims to save energy equivalent to 5 million tonnes of standard coal in cement production, according to the action plan.

 

Data

 

1. On June 6, CNOOC Limited announced that it has achieved a major exploration breakthrough in ultra-shallow gas play in ultra-deep water South China Sea. Lingshui 36-1 gas field, located in western South China Sea, has been tested to produce over 10 million cubic meters per day of open flow natural gas.

 

2. June 8 is China's eighth Cultural and Natural Heritage Day. At present, the number of world heritage sites in China has totaled 57, ranking second in the world. Among them, there are 14 World Heritage Natural Sites and four World Heritage Cultural and Natural Sites, all ranking first in the world.

 

3. The State Administration for Market Regulation recently released the data on China's inspection, testing and certification industry in 2023. The operating income of China's certification institutions was RMB 50.3 billion, up about 22 percent year on year.

 

4. The official reserve assets released by the State Administration of Foreign Exchange showed that by the end of May, China's gold reserve was 72.8 million ounces, the same as the end of April, ending 18 months of consecutive increases.

 

5. The Ministry of Finance issued RMB 6.44 billion as financial discount and subsidies in 2024. This amount is used as pre-allocated central government subsidies for trading in old automobiles for the purchase of new ones in 2024.

 

6. In April, China's inflow of gold ETFs amounted to 17 tons, reaching a monthly high. The total position increased to 84 tons as of the end of April, setting a record high.

 

7. According to China Iron and Steel Association, from 2014 to 2023, the comprehensive energy consumption per ton of steel of key steel enterprises decreased by 5.87 percent, the emissions of sulfur dioxide per ton steel decreased 81 percent, and the particulate emissions per ton of steel decreased 70.8 percent. Remarkable progress has been made in the steel industry with regard to energy conservation and carbon reduction.

 

8. The total value of foreign trade in Beijing-Tianjin-Hebei region reached RMB 2.14 trillion from January to May, setting a record high, with a year-on-year increase of 5 percent.

 

9. According to China Electricity Council, from January to May, green power transaction increased rapidly to 187.1 billion kilowatt-hours, up 327 percent year on year.

 

10. According to China Passenger Car Association, in May the sales number of SUVs reached 845,000, increasing 6.3 percent year on year and 14 percent over the previous month. SUV becomes the leading car type both in sales scale and growth rate.