Two Sessions, Green Policies, Data Security
Government Work Report 2024
In the Government Work Report delivered on March 5, the main tone of the policy approach in 2024 will be stability and a long-term innovation development approach. The report sets the growth target at “around 5%” and plans a more proactive fiscal policy.
Our take:
Many German companies didn’t feel much of last year’s 5.2% growth. With a similar target for 2024, the potential economic development in China is not very promising. The “high-quality development” pursuit provides both opportunities and challenges. More in yesterday’s WeChat post.
State Council Government Work Report
German Chamber’s Analysis of the Government Work Report
Statistical Communiqué of 2023
The National Bureau of Statistics (NBS) released the Statistical Communiqué, which shows the overall economic and social performance of China in 2023. NBS highlighted that 2023 is the year of economic recovery and development after the turnaround of the three-year COVID period.
Our take:
A real turnaround remains to be seen.
Statistical Communiqué 2023
Guidance Catalogue for Green and Low Carbon Transformation Industries
(2024 Edition)
NDRC has issued the Guidance Catalogue for Green and Low-Carbon Transition Industries (2024 Edition), aiming to generate and build up new drivers of growth for green development. The document puts forward the industries that need to be supported and cultivated in green and low-carbon transformation. Local government and departments are encouraged to introduce more measures that provide incentives and support for production, distribution, and consumption in listed industries.
Our take:
During this revision, the NDRC changed the title of the document from the Green Industry Guidance Catalogue to the Green and Low Carbon Transformation Industries Catalogue, emphasizing the need to integrate green industries in implementing China's dual-carbon goals.
Guidance Catalogue for Green and Low Carbon Transformation Industries (2024 Edition)
Guidance for the Construction of Dual Carbon Standard System in the Industrial Sector
The Ministry of Industry and Information Technology (MIIT) released Guidance on Dual Carbon Standard System Construction in the Industrial Sector, aimed at accelerating the development of standards urgently needed in the industrial sector, and actively participating in international standardization activities. These standards will include basic general standards, greenhouse gas accounting standards, standards for technologies and equipment related to the reduction of greenhouse gas emissions, monitoring standards, etc. The document set a goal of establishing more than 200 carbon peak standards of urgent need in the industrial sector by 2025.
Our take:
Participating in standard setting is not easy for foreign companies. However, German companies with advanced green technologies should give it another try, especially in this game-changing topic.
Guidanceon Dual Carbon Standard System Construction in the Industrial Sector
Implementation Plan for the Enhancement of Data Security Capabilities in the Industrial Sector
The MIIT issued the Implementation Plan for the Enhancement of Data Security Capabilities in the Industrial Sector (2024-2026), aiming at the gradual establishment of a data security guarantee system in the industrial field by the end of 2026. The Implementation Plan focuses on enhancing the capabilities of industrial enterprises in data protection, data security supervision, as well as supportive capacity, including data security technology, products, services, and talents.
Our take:
While data should also be used as an economic resource, China emphasizes data security in this document, in this case, to avoid risks such as data breaches and ransom attacks.
Implementation Plan for the Enhancement of Data Security Capabilities in the Industrial Sector(2024-2026)
Opinions on Further Optimizing Payment Servicesand Enhancing Payment Convenience
The People's Bank of China (PBoC) drafted the Opinions on Further Optimizing Payment Services and Enhancing Payment Convenience, which was considered and adopted by the State Council executive meeting on February 23. Focusing on the pain points in access to payment services for the elderly and foreigners, the document puts forward initiatives such as promoting the acceptance of foreign bank cards, improving the bank card acceptance environment, improving the environment for cash usage, optimizing foreign currency exchange and cash services, and promoting the internationalization of mobile payment.
Our take:
We have recently seen many policies targeting the facilitation of foreigners’ lives in China. These can also be considered the low-hanging fruits of the 24Points.
Press Conference Introducing the Opinions on Further Optimizing Payment Services and Enhancing Payment Convenience
The Launch of the People's Court Case Database
The Supreme People's Court opened a People's Court Case to the public, which contains authoritative cases as reference and demonstrative value for similar cases. The Database aims to review authoritative cases with reference and demonstrative value for deciding similar cases, summarizing various difficult and complex issues of legal application, and providing judges with guidelines for case deciding.
Our take:
We appreciate that the database is open again and hope it will remain so, for the sake of judicial transparency.
People's Court Case Database