China’s Economy in H1 2023 demonstrated strength and resilience, showcasing a 2.1% YoY growth in foreign trade and an impressive 3.7% YoY increase in exports. The ASEAN bloc retained its position as China’s primary trading partner, underlying the strategic importance of this regional bloc in China’s foreign trade landscape. Remarkably, the nation witnessed a 21.6% YoY surge in automobile exports, primarily driven by the booming new energy vehicles (NEVs) market. Meanwhile, the country experienced mild inflation, with the Consumer Price Index (CPI) remaining flat in June 2023. The Producer Price Index (PPI), however, saw a notable decline of 5.4% YoY in June, the sharpest drop in over seven years. Despite this, China emerged as the world’s leader in IPO activity, and Shanghai saw a significant boost in consumer confidence, pointing towards an optimistic economic future.
Foreign Invested enterprises in China have been steadily increasing. In Q1 January-March, 11,000 new foreign-invested companies were established, a 7.6 percent YoY increase according to the State Administration of Market Regulation. A notable uptick in the services sectors, where 91.9 percent of the new enterprises were established. In March alone, China saw 4,818 new foreign-invested enterprises established, surging 44 percent…
New Capital Rules in China
China’s official Manufacturing PMI (Purchasing Managers’ Index) rose to 50.1 in January 2023 from 47.0 in December 2022, the first expansion in four months. This was due to the Lunar New Year holiday and the re-opening of businesses amid Covid-19 restrictions, which generated increased travel and spending. The NBS (National Bureau of Statistics) reported that the PMI had previously fallen…
New Shanghai Action Plan, China’s commercial hub, is taking measures to enhance its business climate with the latest iteration of the Shanghai Action Plan for Strengthening Integrated Innovation and Continuously Optimizing the Business Environment. The plan’s primary goal is to create an international-first-class economic climate with the most convenient trade and investment, outstanding administrative efficiency, standardized government services, and a…
Happy Chinese New Year! As the Lunar New Year approaches, the Sapience Pro team would like to extend our best wishes to our clients and partners. This major cultural event symbolizes the start of a new year, and we are excited about the chances and possibilities it presents. The Chinese New Year is a special occasion representing new beginnings and the…
China’s Foreign Trade Reaches New Heights in 2022 Despite Complex Global Environment