Unlocking Business Opportunities in China: Decoding China’s Macro Policy Insights for the Second Half of 2023

This session is back to a favourite topic among our members. We’ve always emphasised that a solid grasp of China’s policies is critical to thriving in its business environment.

How Does the Politburo Judge China’s Economy in the First Half of 2023?

In a word, it can be described as smooth operations, brimming with significant potential for robust resilience.

According to the main data of China’s economy in the first half of 2023 from the National Bureau of Statistics of China, the GDP in the first half of the year was 59303.4 billion yuan, a year-on-year increase of 5.5%, and the United States was around 2%. The fastest growing industry was the tertiary industry – service sector,  the added value of the sector was growth valued at 33193.7 billion yuan, an increase of 6.4% year-on-year, contributing 66.1% to the economic growth, of which accommodation, catering, IT and business leasing exceeded 10%.

Four Major Challenges Facing the Chinese Economy

1. Insufficient domestic demand – both consumption demand and investment demand
2. Some businesses are struggling – poor operation conditions, poor profitability.
3. There are many risks and hidden dangers in key areas – local debt problems, real estate risks, household debt risks, mortgage risks and production safety.
4. The external environment has become complex and severe – geopolitical conflicts, ideological disputes, exports and foreign trades,  and foreign investment are affected.

State Council Briefing

On July 31, China’s State Council held a briefing to discuss new initiatives to restore and expand consumption, with the aim of actively expanding domestic demand. What are the six areas and twenty specific measures?

Pan Gongsheng Appointed as the New Governor of the People’s Bank of China

On July 25, Pan Gongsheng took over as the new governor of the People’s Bank of China (PBOC), where he was previously the party secretary of the central bank. What are his major initiatives and what are the opportunities for foreign investment and businesses in China?

Here is a brief bio of Mr. Pan. He received his doctorate in economics from the Renmin University of China in 1993. After that he was a visiting scholar at Cambridge University, UK, as well as studying at Harvard University’s Kennedy School of Government in the United States.

He had worked in Industrial and Commercial Bank of China and Agricultural Bank of China for a long time, and was also a key figure in the stock reform and listing of these two banks. Mr Pan had been a deputy governor of PBOC since 2012. He was named in 2016 as Administrator of the State Administration of Foreign Exchange, to manage the country’s foreign reserves of around $3.2tn.

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