China Economic Daily Brief - June 14, 2024

CNBF Daily Brief 21.2.2023

In China Business News by China Business ForumLeave a Comment

China is moving to incubate its fifth batch of "little giant" firms to boost innovation and provide stronger support for the real economy. The "little giant" enterprises represent the new elite of small and medium-sized businesses that specialize in a niche market, boast cutting-edge technologies, and show great potential. The list of this new batch of firms will be published by The Ministry of Industry and Information Technology after experts review the recommendations submitted by regional authorities.

China will strive to ensure the number of the "little giant" firms exceeds 10,000 by the end of 2023.

A full recovery of China's domestic tourism market is expected during the summer holidays this year, as the market has been building momentum since the country optimized its COVID-19 response in January, according to a report on the website of China Daily.

It is estimated that about 4.55 billion visits will be made to domestic attractions and destinations this year, a year-on-year rise of 73%, according to China Tourism Academy. The estimated figure is roughly 76 percent of that in 2019. The domestic tourism-related revenue is projected to reach 4 trillion yuan (about 583 billion U.S. dollars) this year, up 89% from the previous year and about 71 percent of 2019's figure.

China Tourism Academy also has a bullish view of this year's outbound tourism, which is expected to see a twofold year-on-year increase of 90 million visits.

The transaction volume of the Guiyang-based Global Big Data Exchange (GBDE) has reached 581 million yuan (about 84.6 million U.S. dollars) as of Tuesday, February 21, 2023. Since it started operations in 2015 in the capital city of southwest China's Guizhou Province, the GBDE, the first of its kind in China, has had 480 trading entities.

The GBDE plans to achieve an annual turnover of 10 billion yuan in 2025. As the country's first national big data comprehensive pilot zone, Guizhou has been promoting the big data industry as a mainstay of its high-quality social and economic development. In 2023, Guizhou's GDP is expected to grow by around 6% to reach 2.2 trillion yuan, with the digital economy accounting for around 40% of its GDP.

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