SwedCham China Insights for the Week of June 3 - June 10 , 2024

Top news of the week:

China's software and IT service industry sees double-digit growth in revenue, profits

3 June 2024

China's software and information technology service industry reported double-digit year-on-year growth in terms of both revenue and profits in the first four months of 2024, official data showed.

Chinese commerce minister says ‘excessive industrial capacity’ narrative reflects "excessive anxiety"

4 June 2024

China's Minister of Commerce Wang Wentao said that Europe's anti-subsidy investigation into China's electric vehicles (EVs) on the grounds of "excessive industrial capacity" is typical trade protectionism. Furthermore, China hopes the two sides will address each other's concerns through dialogue and communication.

China's political advisors meet on high-level market economy

5 June 2024

The seventh meeting of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), China's top political advisory body, opened in Beijing on Tuesday, focusing on building a high-level market economy system.

Senior Chinese lawmaker urges improved atomic energy legislation

6 June 2024

Zhang Qingwei, vice chairman of the Standing Committee of the National People's Congress (NPC), has urged dedicated efforts to elevate the quality of legislation on atomic energy.

China's railways to handle 74 million passenger trips during Dragon Boat Festival

7 June 2024

China will see a boom in railway trips during the Dragon Boat Festival holiday travel rush, China State Railway Group Co., Ltd. (China Railway) said Friday. Some 74 million railway trips will be made from Friday to Tuesday, with average daily railway trips reaching 14.8 million, China Railway confirmed.

China advances marine economy, global maritime governance: official

10 June 2024

China has seen new progress in the development of its marine economy and promoted cooperation and partnership in international maritime governance, an official said here on Saturday. The country has made constant efforts to improve the protection and development of marine resources, said Sun Shuxian, vice minister of natural resources and head of the State Oceanic Administration, at a ceremony in Xiamen, east China's Fujian Province, to mark the World Oceans Day.

Insight of the week:

The Duanwu Festival, also widely known in the West as the Dragon Boat Festival, honoured as the inaugural Chinese holiday on UNESCO's Intangible Cultural Heritage list in 2009, drew to a close amidst traditional revelries that injected life into renowned tourist spots nationwide.

Statistics released by the Ministry of Culture and Tourism unveiled a notable 6.3-percent surge in domestic tourism over the weekend-long holiday, kickstarting on Saturday. A staggering influx of over 110 million tourists was tallied, bolstering tourism revenue to approximately 40.4 billion yuan ($5.57 billion), marking an impressive 8.1-percent uptick compared to the previous year.

Tuniu, a leading travel platform, identified Shanghai, Beijing, Guangzhou, Nanjing, and Chongqing as the go-to domestic destinations during the festivities. Moreover, the brevity of the three-day holiday enticed Chinese travellers to explore nearby countries and regions getaways. Fliggy, an online travel agency of Alibaba Group, highlighted Japan, Thailand, Hong Kong SAR, Malaysia, and South Korea as top picks due to their favourable flight durations. This surge in wanderlust was further reflected in a remarkable 14-fold year-on-year increase in bookings for cross-border cruises.

Despite the festive fervour, travel agencies noted a marginal decline in overall foot traffic, attributed to the concurrent scheduling with China's pivotal college entrance examination, or Gaokao, held from Friday to Monday.

On Friday, a record-breaking 13.42 million young aspirants across China embarked on this year's Gaokao, marking a historic high since the reinstatement of matriculation in 1977. This surge translates to an additional 510,000 candidates compared to last year, as revealed by the Ministry of Education. While China's college admission rate continues to soar, the Gaokao, acclaimed as the world's most extensive and demanding college entrance exam, remains a formidable challenge. Nevertheless, it is revered as a meritocratic endeavour, rewarding diligent students with promising scores and access to esteemed institutions of higher learning.