Local Governments Working Hard in Bid to Attract Businesses and Increase Investment
The economic data released by China in July, including retail sales, industrial output and investment, all posted weaker than expected. That fueled fears of further slowdown in growth. Therefore, under the urgent goal of “stabilizing growth”, local governments are urged to use investment promotion as an important means to stimulate economic recovery.
In 2023, the work of attracting investment across the country will reach a new level. At present, many provinces and cities in China have adopted new policies and measures in order to attract more investment from enterprises. The central region seized the opportunity and focused on introducing investment projects; the Yangtze River Delta and other places worked hard to solve practical problems, like introducing policies such as reforming management mechanisms and expanding industrial financing platforms. The goals of investment promotion policies have become increasingly clear and definite. All localities regard attracting investment as their top priority of cultivating and growing emerging industries.
Pork Prices Surging Slightly, Fueling Concerns Amid Uncertainties
According to the latest survey, on August 4, the average price of pork in the national agricultural product wholesale market was 22.17 yuan/kg, an increase of 11.6% compared with the price on July 28. Before August, the prices of pork continued to fall.
An industry expert told Caijing that the reason for the sluggish pork price in the first half of the year needs to be looked at from two levels: supply and demand. From the perspective of supply, the production capacity of pork has been generally high in the past two years. In addition, in the second half of last year, some people bet on the market at the end of last year, but the market did not give them a window for slaughter. A lot of pork was backlogged until after the Spring Festival, resulting in heavy pressure to destock. From the perspective of demand, the overall situation of consumption this year is not good, and the recovery of consumption is slower than expected.
The Central Bank Unexpectedly Cut Rates to Boost Economy
Yields on China’s 10-year government bonds quickly fell below 2.6% after the central bank cut rates for the second time. As of August 17, the closing price was 2.585%. Meanwhile, the interest rate gap between China and the United States further widened to more than 170 basis points
On the evening of August 14, CCTV reported that the People’s Bank of China intends to vigorously support consumer finance companies, auto finance companies, etc. in issuing financial bonds and credit asset-backed securities, in order to raise funds for the development of characteristic consumer credit products. On August 15, the central bank announced the reduction of three policy interest rates. The domestic economic operation is facing challenges such as insufficient demand, operating difficulties of some enterprises, and many risks and hidden dangers in key areas. The central bank has cut interest rates twice in the past three months.
China’s Anti-Corruption Storm Sweeps Medical Sector
Since entering August 2023, there have been reports of well-known hospital directors being investigated for corruptions charges almost every day. With the inspection teams stationed in hospitals around the country, the one-year centralized rectification of corruption in the medical field across the country kicked off. Under the storm of medical anti-corruption, the real controllers of medical companies have been investigated one after another, causing stock prices to fall.
According to the incomplete statistics of Caijing, at least 10 provinces have announced reporting telephone numbers and email addresses to the whole society. In the eyes of an employee of a foreign-funded pharmaceutical company, the impact of this anti-corruption campaign will last for one or two years.
In China, medical corruption is not only a problem in the medical field, but also a social problem. It is also a tricky issue formed by the intertwining of power, money and morality.
