Factbox: China's progress on economic resumption

Updated: July 1, 2020 Source: Xinhua News Agency
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As efforts to contain COVID-19 continue, China is steadily reviving its economy. The following facts and figures indicate how the country is forging ahead in the economic sphere:

-- Business activities of the country's manufacturing sector continued to pick up in June amid the country's efforts to mitigate the impact of COVID-19, official data showed Tuesday.

The purchasing managers' index (PMI) for China's manufacturing sector ticked up to 50.9 in June from 50.6 in May, according to the National Bureau of Statistics (NBS). A reading above 50 indicates expansion, while a reading below reflects contraction.

The NBS data also showed that the PMI for China's non-manufacturing sector came in at 54.2 in June, up from 53.6 in May.

-- China has granted export tax rebates worth 632.4 billion yuan (89.3 billion U.S. dollars) in the first five months of the year to relieve the financial pressure on export enterprises amid COVID-19.

Starting March 20, the country raised the export tax rebate rates for 1,464 items from 10 percent to 13 percent or from 6 percent to 9 percent, according to the State Taxation Administration.

-- China's Hainan Province will increase its annual tax-free shopping quota for travelers as the country moves to push the development of the Hainan Free Trade Port.

With effect from Wednesday, the quota will be raised to 100,000 yuan per person each year from the current 30,000 yuan, according to a joint statement issued by the Ministry of Finance and China's customs and taxation authorities.

-- China will initiate a pilot program to facilitate the cross-border purchase of wealth management products (WMP) by residents in the Guangdong-Hong Kong-Macao Greater Bay Area to further open up the Greater Bay Area's financial market to the outside world, the People's Bank of China, the central bank, said Monday.

Chinese mainland residents in the Greater Bay Area will be allowed to open special investment accounts with the banks in Hong Kong and Macao to buy their qualified WMPs, while residents in Hong Kong and Macao can buy WMPs sold by mainland banks operating in the Greater Bay Area, the central bank said in an online statement. 

Editor: Ting Liu