China Economy

  • On April 15, China formally completed the RCEP approval process, becoming the first member of a non-ASEAN country to formally complete the approval process. In the first quarter of this year, my country’s total imports and exports to the remaining 14 RCEP member states was 2.67 trillion yuan, a year-on-year increase of 22.9%, accounting for 31.5% of my country’s total foreign trade import and export value.
  • From 2008 to 2018, the average annual growth rate of migrant workers engaged in manufacturing was negative 2.84%. In 2019, of the 4 million riders that Meituan took out, the proportion of riders under the age of 40 was as high as 83.7%. Manufacturing factories are becoming more intelligent and automated equipment is becoming more and more perfect, and the jobs of ordinary workers are also being reduced. The installation of a new robot will reduce 1.6 jobs, and by 2030, global manufacturing employment will therefore reduce 20 million jobs. Although machines can replace the needs of general workers, it is difficult to shake the positions of senior technicians, and it is often difficult to find a “craftsman” under high salaries.
  • In 2021, the national wind power and photovoltaic power generation accounted for about 11% of the total electricity consumption of the society.
  • Economic Information Daily: The fifth batch of nationally organized drug purchases was officially launched, and multiple 1 billion-level large varieties were included. The centralized procurement may involve 60 varieties and 207 product regulations, including tumor chemotherapy drugs, digestive preparations, antibiotics, inhalation preparations, contrast agents, diabetes drugs, ophthalmology-related drugs, antiviral drugs, etc. Chia Tai Tianqing, a subsidiary of China Biopharmaceuticals , Chia Tai Fenghai, Beijing Tide, and Hengrui Pharmaceutical, Kelun Pharmaceutical, CSPC, Xinlitai, Haisco and many other listed pharmaceutical companies have multiple varieties involved.
  • China has initially built the world’s largest 5G mobile network, with 260 million 5G mobile terminal connections.
  • During the 13th Five-Year Plan period, a total of 26,957 new social football venues were built throughout the country. The number of social football venues across the country increased by four times compared with the end of the “Twelfth Five-Year Plan” period. The number of newly-built stadiums in 12 provinces including Henan, Guangdong, Yunnan, and Shandong reached 1,000. Above, the number of social football venues in 10 provinces, including Hunan, Guizhou, Tibet, and Qinghai, has increased by more than 7 times.


  • Development and Reform Commission: It is necessary to strengthen top-level design and overall coordination, make arrangements in advance and actively cultivate and develop future industries. In terms of fields, the focus is on cutting-edge technologies and industrial transformation fields such as brain-like intelligence, quantum information, genetic technology, future networks, deep-sea aerospace development, hydrogen energy and energy storage.
  • StrategyAnalytics: Released the report on the global car-hailing service market for the first half of 2021. In the next 10 years, the number of active drivers of global online car-hailing services will grow at a compound annual growth rate of 9.8%, and the global market is expected to recover by the end of 2022.
  • Economic Information Network: In the first quarter, China’s economy started steadily, with the most impressive industrial economic growth. The output of industrial robots increased by 1.1 times year-on-year, and the average growth rate exceeded double digits for two consecutive years. Some manufacturers said that since the second half of last year, they have gone from recovering rapid growth to a state of short supply. In the first quarter, 3C, home appliances, new energy vehicles and other industries grew significantly, and the sales of many industrial robots doubled.
  • Securities Times: Affected by panel price increases and chip shortages, the price of Samsung TVs may rise by 10%-15%. Affected by other factors, Samsung’s other home appliances will also rise. Since June of last year, panel prices have risen for nearly 10 consecutive months. In 2020, panel prices have risen by as much as 50%-70%. In 2021, affected by environmental factors, panel prices will also continue to rise.


  • Huawei: Huawei’s high-precision map will be commercially available for high-speed roads across the country and Beijing, Shanghai, Guangzhou and Shenzhen this year. Data is being collected in first-tier cities. This year, the high-precision map will add data from Tianjin, Chongqing, Chengdu, and Hangzhou; the coverage will be expanded to more than 20 cities in 2022. Starting from April 20th, Huawei’s flagship store will start selling cars. The first car is Cyrus Huawei Smart Selection SF5, a high-performance electric drive coupe SUV.
  • With the release of e-platform 3.0, the acceleration from 100 kilometers can reach 2.9 seconds, the cruising range can reach 1000 kilometers, and the charging can reach 150 kilometers in 5 minutes.
  • Weilai: Release of the Power North plan, which refers to infrastructure planning and preferential charging policies for eight northern provinces including Xinjiang, Qinghai, Ningxia, Gansu, Inner Mongolia, Liaoning, Jilin, and Heilongjiang. In the next three years, in the eight northern provinces, it is planned to realize the resource layout of 100 replacement power stations, 120 mobile charging vehicles, 500 overcharging stations, over 2,000 overcharging piles, and over 10,000 destination charging piles.
  • GAC Group: plans to achieve 20% of the group’s sales of new energy vehicles and over 20% of hybrid vehicles in 2025; fully electrified self-owned brands, with new energy vehicles accounting for over 36% and strong hybrid vehicles over 15% . In 2035, we will strive to fully realize the electrification transformation and realize the production and sales of 5 million vehicles, with energy-saving vehicles and new energy vehicles each accounting for 50%. It is planned to launch 10 hydrogen fuel cell vehicles this year, and take the lead in realizing the first “online car-hailing + FCV” demonstration operation in the Guangdong-Hong Kong-Macao Greater Bay Area through Ruqi travel. The strategic cooperation with Tencent will also be upgraded again, and the contract will be completed on April 19.
  • BMW: The person in charge of China’s business said that by 2025, pure electric vehicles will account for a quarter of BMW’s sales in the Chinese market. Last year this proportion was about 4%.