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This issue provides an overview of the macroeconomic trends in Q3 2021, some policy updates and hot topic analysis.
Here are some macro-economic highlights:
Growth of aggregate financing to the real economy reduced by 4.87 trillion yuan
China’s monetary policy almost recovered to the pre-pandemic level. According to the People’s Bank of China (PBoC), total aggregate financing to the real economy (AFRE) increased by 24.75 trillion yuan in the first three quarters which is 4.87 trillion yuan less than the same period in 2020 but 4.14 trillion yuan more than the same period in 2019.
Fiscal revenue grew by 16.3% while spending increased by 2.3%
In the first three quarters, fiscal revenue restored generally stable growth as economic recovery continues. The national public budget revenue grew by 16.3% year-on-year to 16.40 trillion yuan, an increase of 8.9% compared to the same period in 2019.
China’s global ranking has risen to 12th this year, according to the Global Innovation Index (GII) 2021 released earlier in September by the World Intellectual Property Organisation (WIPO). As the world’s largest developing country and second largest economy, China has made continuous progress towards building an innovative economy. In another word, China is becoming an innovative country and growing from a big country in science and technology to a powerful nation.
Asia Pacific and China Tax Lead Partner, Central China Markets Leader, Shanghai Office Lead Partner, PwC China
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