The Ministry of Finance announced on the 25th that from January to September of this year, China’s general public budget revenue exceeded 16.3 trillion yuan. On the expenditure side, general public budget spending reached 20.18 trillion yuan during the same period, marking a 2% year-on-year increase.
As of October 20, local governments have issued a total of 3.63 trillion yuan in special bonds this year, accounting for 93% of the annual quota and supporting over 30,000 projects. With the remaining issuance capacity and the funds that have been issued but not yet utilized, there are approximately 2 trillion yuan in special bond funds available for use by the end of the year.
Furthermore, the Ministry of Commerce reported that from January to September, the number of newly established foreign-invested enterprises in China grew by 11.4%, with 42,108 new companies registered and foreign direct investment totaling 640.6 billion yuan. In terms of industry, actual foreign investment in the manufacturing sector reached 179.24 billion yuan, while the services sector attracted 446.13 billion yuan. Notably, high-tech manufacturing accounted for 12% of foreign investment, a 1.5 percentage point increase compared to the previous year.
In the wholesale and retail sector, the value added grew by 5.4% year-on-year, reaching 9.4 trillion yuan and accounting for 9.87% of GDP. The sector demonstrated stable growth, with key wholesale markets reporting a 6.8% increase in transaction value. In retail, convenience stores, specialty shops, and supermarkets saw sales rise by 4.7%, 4.0%, and 2.4%, respectively.
The Ministry of Commerce also highlighted that foot traffic in 50 monitored pedestrian streets and commercial areas experienced a year-on-year increase of 14.5%, indicating stable growth in urban shopping districts. Additionally, the construction of convenient living circles continues to advance, with the release of a fourth batch of pilot areas expanding the initiative to 210 regions across the country.
In terms of domestic appliance upgrades, over 20 million applications for appliance replacement have been made, with more than 10 million purchases recorded. The “Old Names Carnival 2024” has held 301 special events, generating 16.73 billion yuan in online and offline sales. By September, the number of Chinese time-honored brand stores on major e-commerce platforms exceeded 57,000, with sales reaching 63.05 billion yuan, surpassing total sales for 2023.
Lastly, the China Iron and Steel Association announced that despite global market fluctuations and changes in the international trade environment, the steel industry has experienced steady growth in exports during the first three quarters of the year. Exports reached 80.71 million tons, a 21.2% year-on-year increase, with an average export price of $770 per ton, nearly 40% higher than domestic prices. Experts emphasized that the industry is responding to challenges by improving product quality, optimizing export structures, and enhancing international cooperation, all while working to maintain market stability through self-regulation. Jiang Wei, Deputy Secretary, Vice President, and Secretary-General of the China Iron and Steel Association, noted that as the national industrial structure continues to adjust, the consumption of steel, particularly in sectors such as new energy, high-end equipment manufacturing, and electric vehicles, is rapidly increasing.
