On 29 december, 13 news outlets and invited economists from around the country jointly selected the top 10 economic news stories and the top 10 international economic news stories for 2022, sponsored by the economic reference news. The objective of the campaign was to bring together the national and international economic news flashes that had taken place in 2022, in an effort to touch the policy pulse and gain insight into economic trends。
The ten major economic news items selected for this review were (in chronological order):1 the beijing winter olympic winter games were successfully organized and led to the rapid development of our ice and ice economy;2 fiscal and monetary policy was stepped up to help stabilize the economy;3 the publication of the document on the acceleration of the construction of a single national market facilitated the transformation of our market from large to strong;4 the 20-year victory of the party convened the new journey to complete the construction of a socialist modern state;5 the introduction of a personal pension system was initiated;6 the official delivery of the first global plane, c919, took place;7 the strategic plan for the expansion of domestic demand was put in place to accelerate the development of an integrated internal needs system;8 the central economic work conference was convened to deploy the 2023 economy to boost confidence in development;9 the central rural work conference emphasized the acceleration of the construction of a strong agricultural state with a steady 1. 3 trillion tons of food production in eight consecutive years;10, efficient and integrated disease control and economic and social development measures were continually optimized。
The 10 selected international economic news stories were (in chronological order): 1, rcep came into force to accelerate the construction of the largest free-trade zone in the world; 2, europe's energy tensions continued to rise in high inflation; 3, the fed's radical increase in interest rates was slowing the global economy; 4, the 12th wto ministerial conference produced important results such as an outbreak response, fisheries subsidies, etc.; 5, the united states 2022 chips and science act, the inflation reduction act, disrupted international trade; 6, the major oil-producing countries launched a reduction plan to address oil price volatility; 7, the world's population reached 8 billion; 8, the seventeenth summit of leaders of the group of twenty (g-20) committed themselves to working together to address global challenges; 9, apec's twenty-ninth informal meeting of leaders promoted “openness, connectivity, balance” development; and 10, the first china-asia summit, the china sea summit opened wide prospects for cooperation。
The above news was the result of a carefully compared and repeated vote by the judges。
In addition to the economic reference paper, the judges participating in the evaluation included the directors of the people's daily newspaper, the central radio and television general, the chinese daily newspaper, the chinese youth newspaper, the reference material, the chinese securities newspaper, the shanghai securities newspaper, the chinese business times, xinhua network, the press and china industry association and the china economic media association。
Experts such as hu yunchun, former deputy director of the development research centre of the state council, and the director of the china institute for reform and development (hiannan) were invited to participate。
The country's top 10 economic news stories in 2022
(in chronological order)
One, the beijing winter olympic winter paralympics will be successfully organized to boost the country's ice economy
In february and march, the beijing winter olympics and the winter paralympic games were successfully held, leading to rapid growth in the number of participants in our ice campaign and rapid economic development. The data show that between the success of the shin winter o in beijing in 2015 and october 2021, the national ice and snow campaign involved 346 million people, with a population participation rate of 24. 56 per cent。
Fiscal and monetary policies are working together to help stabilize the economy okay
In march, a joint communiqué was issued by the ministry of finance and the national tax administration to clarify the policy to further increase the implementation of vat credits at the end of the period. As of 10 november, the national tax system had handled additional tax deductions and deductions and tax rebates exceeding $3. 7 trillion. On 25 april and 5 december, the central bank twice reduced the reserve rate for financial institutions, releasing long-term funds in excess of trillion yuan. On 23 november, the people's bank of china and the bank's superintendence of banking supervision issued a circular on the preparation of current financial support for the smooth and healthy development of the real estate market. On 28 november, the cvm announced five measures to optimize equity financing to support the smooth and healthy development of the real estate market. Policies such as fiscal and monetary policies have worked together to help stabilize the economy。
3. To accelerate the launch of a document on the national unified market to promote the transformation of our market from big to strong
On 10 april, the central committee of the communist republic of china issued the opinion of the state council on speeding up the construction of a unified national market, which clearly accelerates the establishment of rules for a unified national market system, breaks down local protection and the division of markets, opens up key obstacles to the cycle of the economy, facilitates the smooth flow of commodity factor resources to a greater extent, accelerates the construction of an efficient, competitive and fully open national unified and large market, comprehensively promotes the transformation of our market from large to strong, and provides a strong foundation for building a high standard market system and a high level of socialist market economy。
4 and 20 of the party's great victories are taking place. New draw. Cheng
On 16 october, the twentieth national congress of the communist party of china was inaugurated in the people's hall. The congress was a very important one at a critical juncture for all the country's ethnic groups to embark on a new march towards the full construction of a modern socialist state and to advance towards the goal of a second centennial struggle. The 20-year report of the party states that from now on, the central task of the communist party of china (cpc) will be to unite all ethnic groups to lead the country to the full realization of a modern and socialist state, to achieve the goal of a second century of struggle, and to advance the great revival of the chinese nation with chinese modernization。
5. The introduction of the individual pension system
On 4 november, the ministry of human resources and social security, the ministry of finance, the national tax administration authority, the banking supervisory board and the securities commission jointly issued the personal pension scheme. On 25 november, the ministry of human resources and social security, together with the ministry of finance and the general directorate of state revenue, issued a “notice on the publication of individual pension pre-city (district)” and announced that the individual pension system had been launched in 36 pre-city or districts, including beijing, shanghai, guangzhou, xian and chengdu. As an important step towards improving the pension system, the individual pension enables the participant to add an additional amount to the basic pension insurance to make old-age life more secure。
Six, the big domestic plane c919 is officially delivered worldwide
On 9 december, east air officially took over the first c919 aircraft, marking the first “first step” of market operation for a large national-owned aircraft, and also marking the first time that china's civil aviation transport market had a jet trunk aircraft developed by china on its own. At the fourteenth china air fair, held in november, c919 received 300 new orders。
7. A strategic plan framework for expanding domestic demand is being developed to accelerate the development of a complete domestic demand system
On 14 december, an outline of strategic planning for expanding domestic demand (2022-2035), issued by the central and state council of the communist party, was published. The platform states that a firm implementation of a strategy to expand domestic demand and to foster a comprehensive domestic demand system is a necessary option for accelerating the construction of a new development paradigm dominated by a large domestic cycle and mutually reinforcing domestic and international cycles. The platform sets out the main objectives of implementing the strategy for expanding domestic demand during the “1455” period and deploys three main priorities to accelerate the development of a comprehensive domestic demand system, promote the formation of a strong domestic market and sustain the smoothing of the domestic economic cycle。
8. Central economic work conference
The central economic work conference, which was held in beijing from 15 to 16 december, called for sustained and steady progress next year, an active fiscal policy and a sound monetary policy, greater macroeconomic policy regulation, greater coherence and coordination of policies, and joint efforts for high-quality development. It was noted that the economic work of the next year will be of great importance, starting from a strategic perspective, with a view to improving psychosocial expectations and boosting confidence in development. One is to invest in domestic demand. The second is to accelerate the construction of modern industrial systems. Third is the practical implementation of the “two unshakeable”. Fourth is greater efforts to attract and benefit from fdi. Fifth, effective protection against major economic and financial risks。
The central rural work conference highlighted the need to accelerate the construction of agricultural power countries, and food production stood steady at 1. 3 trillion pounds for eight years. Step
The central rural work conference, held in beijing from 23 to 24 december, provided a strategic deployment for the overall advancement of rural revitalization and the acceleration of the building of agricultural power. It was noted that the agricultural power is the foundation of the socialist modern power, that securing the stable and secure supply of food and important agricultural products remains the top priority in building the agricultural power, and that the overall promotion of rural revitalization is an important task for building the agricultural power in the new era, relying on a two-wheel drive of science and technology and reform to accelerate the building of the agricultural power. According to data from the national statistics institute, food production increased throughout 2022, with a total of 13,73. 1 billion pounds of food production throughout the country, stabilizing at more than 1. 3 trillion pounds for eight consecutive years。
10. Efficient integration of disease control and economic and social development
On 26 december, the state council's consolidated unit on joint preventive control mechanism issued the general programme for the implementation of the “b-b-b” to new coronary virus infections, which began on 8 january 2023 with the introduction of the “b-b-b-cyres”. Over the past three years, the country has consistently maintained the primacy of the people and their lives, continuously optimizing its preventive and control measures, issuing nine editions of the preventive and control programme and the diagnostic programme, introducing 20 optimized and “new 10” measures in a timely manner, striving to achieve maximum control at minimal cost and creating conditions for the normal functioning of the economy and society。
International economic news, 2022
(in chronological order)
1. The entry into force of the rcep to accelerate the construction of the largest free trade area worldwide
On 1 january 2022, the regional comprehensive economic partnership agreement (rcep) entered into force and formally launched the largest free trade area worldwide. Upon the entry into force of the rcep, more than 90 per cent of trade in goods between member states has been approved and will eventually result in zero tariffs. In addition, the rcep has developed harmonized rules on rules of origin, customs procedures and quarantine testing, and the degree of trade facilitation within the domain will be further enhanced。
2. Rising energy tensions in europe remain high
Since the escalation of the crisis in ukraine, europe has joined the united states in imposing multiple rounds of sanctions on russia, but the counter-emergence of sanctions has strained the energy supply, energy and food prices of a number of european countries that are highly dependent on russian energy, and inflation rates have repeatedly risen to new levels and prospects for economic growth have worsened. The escalation of the crisis in ukraine has slowed the recovery of the world economy, and international institutions such as the international monetary fund, the world bank and oecd have, on several occasions during the year, lowered global economic growth expectations。
3. The federal reserve's radical interest rate hikes are slowing the global economy
In march, the fed announced a 25 basis point increase, the first since december 2018. The federal reserve raised interest rates seven times throughout the year, with a cumulative increase of 425 basis points. The negative spillovers from the aggressive interest rate hike of the federal reserve, rapid inflation in multinational countries and growing debt, have increased the risk of a severe global economic downturn. The rapid appreciation of the united states dollar against the global basket of major currencies has led to turbulence in global financial markets, delaying the recovery and growth of the world economy。
4. The 12th wto ministerial conference produced important results in response to the epidemic, fisheries subsidies, etc
The twelfth ministerial conference of the world trade organization was held in geneva, switzerland, from 12 to 17 june, local time. The meeting resulted in outcomes on major issues of global concern, such as the response to the new epidemic, immunization-related exemptions on intellectual property rights, food security, humanitarian food procurement, fisheries subsidies, tariff exemption on electronic transmission and wto reform. Among them, fisheries subsidies, the subject of the doha round negotiations, were finally agreed upon over 21 years ago, and the ministerial decision to grant a waiver of intellectual property rights for a new crown vaccine was noted. These outcomes provide a model for wto reform and the development of the multilateral trading system。
5. United states 2022 chips and science act, inflation reduction act, disrupts international trade
In august, the united states introduced the 2022 chips and science act, the inflation reduction act, which contains heavy industrial subsidies and hegemonic provisions to curb competition, causing disruptions to international trade and is being challenged. Under the inflation reduction act, the united states would spend some $43 billion over the next 10 years on combating climate change, developing clean energy and health care. The french-german-led countries of the european union consider this to be discriminatory against european manufacturers and to the detriment of european-related industries. The 2022 chips and science act seeks to distort the global semiconductor supply chain by promoting the production of “backstream” chips on the mainland of the united states and by using it to undermine the development of other countries and maintain american hegemony。
6. Initiation of production reduction plans by major oil-producing countries to address oil price volatility
On 5 september, the organization of petroleum exporting countries (opec) and non-opec oil-producing countries decided to reduce their production by a small cut in october and to reduce their monthly production by an average of 100,000 barrels per day for the first time since august 2021. In october, opec and non-opec oil producers announced that, in view of the uncertainties facing the global economy, the oil market and the need to strengthen long-term guidance to the oil market, there had been a substantial reduction in production from november this year, which would result in an average reduction of 2 million barrels per day on a monthly basis, on the basis of august, equivalent to 2 per cent of the global average daily oil demand。
World population at 8 billion
Statistics from the united nations website show that the world population reached 8 billion on 15 november 2022. The “8 billion people's day” section of the united nations website describes this as a milestone in the history of human development. Analysis shows that global population growth is due to improvements in public health, nutrition, hygiene and medicine, and that high fertility rates in some countries have contributed to rapid population growth。
The seventeenth summit of g-20 leaders commits to work together to address global challenges
The seventeenth summit of g-20 leaders was held in bali, indonesia, from 15 to 16 november. The summit adopted the bali summit declaration of the leaders of the group of twenty. The declaration emphasized that, as a large global economy, g-20 members recognized the need to lay the foundations for strong, sustainable, balanced and inclusive growth through collective responsibility and cooperative initiatives to promote world economic recovery and address global challenges。
The twenty-ninth apec leaders' informal meeting promotes “open, connected and balanced” development
The twenty-ninth apec informal leaders meeting was held in bangkok, thailand, from 18 to 19 november. The meeting produced the apec leaders ' declaration 2022 and the bangkok objectives on a bio-circulative green economy. The theme of this year's meeting was “openness, connectivity, balance”, and work was organized around three priority areas of full openness, full connectivity and comprehensive balance to promote long-term, strong, innovative, inclusive economic growth and sustainable development in the asia-pacific region。
10. The first sino-arab summit and the holding of the sino-african summit open up broad prospects for cooperation
On 9 december, the first china-arab summit and the summit of the china-gulf cooperation council for arab states were held in the saudi capital, riyadh. The sino-arab summit issued the riyadh declaration of the first sino-arab summit, in which it declared that the two sides had agreed to make every effort to build a sino-arab destiny community for a new era. The china-sea summit decided to establish and strengthen the china-sea strategic partnership and adopted the action plan for the strategic dialogue for the china-sea period 2023-2027. The first china-arab summit, known as “a major innovation in china's diplomacy towards the middle east since the establishment of the new china”, was “a milestone in the formation of sino-arab relations”. The first summit of the china-gulf cooperation council for arab states, with which china interacts in depth, is an historic milestone。
