12/30
2024 Mon.
China's culture and tourism industries saw increased contributions to 2023 GDP, according to the National Bureau of Statistics. Culture-related industries added 5.95 trillion yuan ($827.66 billion), making up 4.59 percent of GDP, a 0.17 percentage point rise. Tourism and related industries contributed 5.48 trillion yuan, 4.24 percent of GDP, up 0.57 percentage points. The fifth national economic census, initiated in 2023, highlights growth across sectors and provides a detailed view of China’s secondary and tertiary industries, continuing from previous surveys conducted since 2004.
The upgraded China-Singapore Free Trade Agreement, effective December 31, will provide significant benefits, the Singapore Ministry of Trade and Industry announced Monday. Singaporean investors and service providers will gain more liberal and transparent rules, enhancing trade and investment access in China. Businesses will also enjoy expanded market access through a "negative list" approach, where all sectors are open except those explicitly restricted. A new Telecommunications Services Chapter will improve regulatory transparency, promote competition, and support collaborative innovation. China, Singapore's top merchandise trading partner since 2013, accounted for 13.9 percentof its global trade in 2023, the ministry noted.
On December 27, 2024, the Ministry of Industry and Information Technology (MIIT) held the inaugural meeting of its Artificial Intelligence Standardization Technical Committee in Beijing. This marks the establishment of MIIT's first standardization committee, ushering in a new phase for setting standards in the AI industry. During the meeting, the committee held its first plenary session, where members reviewed and approved key documents, including the committee’s charter, detailed rules for the secretariat, procedures for drafting and revising standards, and the 2025 work priorities.
12/29
2024 Sun.
China's box office earnings for the New Year movie season have surged, with Saturday's revenue surpassing 228 million yuan (about $31.71 million), according to Beacon data. Leading the daily box office were domestic films Big World and Octopus with Broken Arms, each grossing nearly 90 million yuan. As of Sunday morning, cumulative sales for the year-end season, running from Nov. 22 to Dec. 31, had reached nearly 2.57 billion yuan. The top-grossing films of the season include Her Story, The Prosecutor, and Big World. Cinemas remain a popular destination for New Year's celebrations in China, with last year's moviegoing season generating over 4 billion yuan in revenue.
12/27
2024 Fri.
On December 26, Yinchuan Jinfeng Wanda Plaza Real Estate Co., Ltd. underwent a major shareholder change, with Dalian Wanda Commercial Management Group Co., Ltd. transferring its entire stake. Kunhua (Tianjin) Equity Investment Partnership, a subsidiary of New China Life Insurance, is now the sole shareholder. Data from Tianyancha, aChinese enterprise data platform,shows that Kunhua has acquired seven Wanda Plaza properties previously owned by Wanda Commercial Management. The company’s key personnel have also been restructured following the transition.
Guangyan International Investment Co., Ltd. was established on December 25 with a substantial registered capital of 60 billion yuan. The firm is backed by major state-owned enterprises, including China Minmetals Corporation, China Jinchuan Investment Holding Co., Ltd., and China National Uranium Co., Ltd. According to Tianyancha, a Chinese enterprise data platform, Guangyan’s legal representative is Xing Yan, and its business scope spans investment activities with proprietary funds, corporate management consulting, import and export of goods and technology, agency services, and metal ore sales.
12/26
2024 Thu.
China’s 2023 gross domestic product (GDP) has been revised to 129.4 trillion yuan (approximately 18 trillion U.S. dollars), according to official data released on Thursday. The updated figure marks an increase of 3.4 trillion yuan compared to the preliminary estimate, as reported by the National Bureau of Statistics (NBS). According to the NBS, China’s annual GDP is calculated in two stages: a preliminary estimate and a final verification, which incorporates annual statistics, fiscal accounts, and administrative records. Revising GDP figures is a standard international practice and a routine procedure in Chinese government statistics, said Lin Tao, deputy head of the NBS. The revision process for the 2023 GDP of China’s provincial-level regions is still ongoing, with results expected to be released in 2025.
12/25
2024 Wed.
On December 25, IM Motors, a subsidiary of SAIC Group, announced the completion of its B1-round equity financing, bringing the total Series B funding to 9.4 billion yuan. The funds will be allocated toward the development of key technologies such as digital intelligent chassis systems, steer-by-wire technology, and advanced autonomous driving capabilities. Additionally, the financing aims to accelerate the launch of new products. By 2025, IM Motors plans to introduce four new models, including two pure electric vehicles and two extended-range hybrids. This marks a significant step forward in the company's strategy to strengthen its position in the competitive electric vehicle market.
12/21
2024 Sat.
China’s National Radio and Television Administration has issued new guidelines to address problems with micro-drama titles, including sensationalism and vulgarity, and to improve content standards. Since February's introduction of a "categorized and tiered" review policy, many creators have shifted toward more meaningful themes, producing well-received works with engaging and innovative titles. However, issues persist in self-reviewed micro-dramas, particularly those on mini applets, where titles often focus on traffic and profit. The directive calls for stricter reviews of titles, focusing on clearer guidance, better structure, and higher artistic quality to support healthier industry development.
Chinese tennis star Zheng Qinwen has announced her withdrawal from the 2025 United Cup, citing the need for additional rest and preparation after a long 2024 season. “I had such a fantastic time at the United Cup in January of this year, and therefore will miss the event greatly. StillI am so excited to be back inAustralia soon and I will see you all in Melbourne in a couple of weeks,” Zheng said on social media. The 2025 United Cup will run from December 27, 2024, to January 5, 2025, in Australia. Team China, featuring Zhang Zhizhen, Gao Xingyu, Bai Yan, Zhang Shuai, and Sun Fajing, is in Group E with Brazil and Germany. Matches against Brazil and Germany are scheduled for December 27 and 30, respectively. The Australian Open will closely follow, starting on January 12, 2025. 4o
