Sincetheendof2015,theCentralEconomicWorkConferencehasoverseensupply-sidestructuralreformssuchascuttingovercapacity,de-stocking,de-leveraging,loweringcostsandimprovingweaklinks.Underthe“newnormal”situation,thetermhastransformedfromabuzzwordmostlyusedbyeconomistsandofficialsintoarealandclearroadmapforthegovernmentandenterprisestoimplementfurtherreformmeasures.
PropertySurplus
Affectedbypressureswroughtbyexcessivepropertyinventory,theyearon-yeargrowthrateofpropertyinvestmentsin2016slowedconsiderablyandevendeclinedinsomeareas.Thesector’scontributiontoChina’seconomyfelltothelowestlevelonrecord.IntheGovernmentWorkReportdeliveredbyPremierLiKeqiangduringthe“twosessions”earlierintheyear,realestatewasoneofthemostfrequentlymentionedareas.Thepremierstressedthatgovernmentpoliciesontherealestatesectorshouldobjectivelyreflectrealmarketsituations,andthatbothrentalsandsalescanhelpalleviatethehousingsurplus.ThereportsetthetoneforChina’spropertymarketin2016.
TargetedPovertyAlleviation
Targetedpovertyalleviationfocusesonregionalenvironmentalconditionsandindividualpovertylevels.Scientificandefficientassessmentswillbemadetoidentify,trackandaidthepoor.Accordingtothe13thFive-YearPlan(2016-2020),povertyshouldbecomehistoryinChinaby2020,andnoonewillbeleftbehind.
RMBinIMF’sSDR
TheChineseyuan,orRMB,wasaddedtothebasketofspecialdrawingrights(SDR)oftheInternationalMonetaryFund(IMF)onOctober1,2016.China’scurrencyaccountsfor10.92percentofthebasket,withtheU.S.dollarat41.73percentandtheEuro30.93percent.Aftertheinclusion,theRMBbecameagloballyacceptedcurrency,makingiteasierforChinesecitizenstotravel,studyandinvestoverseas.
IntelligentChineseManufacturing
Intelligentmanufacturingreferstointelligentdevelopmentofmodelsandtechnologicalbreakthroughsinthemanufacturingindustrywithindependentintellectualpropertyrights.Achieving“intelligentmanufacturing”requiresoptimizationofnotonlythemanufacturingprocess,butalsomanufacturingfacilitiesandfinalproducts.
Chinese“AmberAlert”
OnMay15,2016,theChineseChildren’sSafetyEmergencyResponse(CCSER)systemwaslaunchedbytheAnti-TraffickingOfficeoftheMinistryofPublicSecurity,withtechnicalsupportfromthecountry’se-commercegiantAlibaba.Thesystemisdedicatedtobroadcastingessentialinformationonthefrontlinesassoonasachildisconfirmedmissing.DuetosimilaritiestotheAmericansystem,itwasdubbedtheChinese“AmberAlert”.
GreenDevelopment
Facedwithworseningairandwaterpollution,theChinesegovernmenthasstressedtheneedforgreendevelopment.TheCentralEconomicWorkConferenceheldneartheendof2015calledforthepromotionofgreendevelopmentinbothindustrialproductionanddailyconsumption.AttheCentralUrbanWorkConferenceheldalongwiththeCentralEconomicWorkConference,topChineseleadersstressedcomprehensivereadjustmenttooptimizeproduction,livingandecology.Inthe“No.1CentralDocument”of2016,anannualagriculturepolicypaper,anentirechapterisdevotedtothepromotionofgreenagriculturaldevelopment.Workingforcleanwaterandgreenmountainshasalreadybecomethesocialconsensus.
Two-ChildPolicy
OnDecember27,2015,theStandingCommitteeoftheNationalPeople’sCongresspassedtheLawofthePeople’sRepublicofChinaonPopulationandFamilyPlanning(2015Amendment),whichallowscouplestohavetwochildren.TheamendmentcameintoeffectonJanuary1,2016,markingtheendofthedecades-long“onecouple,onechild”policy.
CraftsmanSpirit
“Thespiritofthecraftsman”wasaphraseintroducedinthe2016GovernmentWorkReporttoencourageenterprisestodevelopconsumer-tailoredandflexibleproductionprocessestofosterthespiritofcraftsmanshipwhilestrivingforthebest.ThebuzzwordquicklyspreadacrossChina,alludingtostrivingforthebestineverysector.
HuddlingforTwilightYears
Now,asChinaisrapidlybecominganagingsociety,themassiveseniorpopulationhascreatedincredibledemandforseniorcare.“Huddlingforthetwilightyears”isaphrasethathasemergedamongseniors.Thosesharingsimilarhobbiesandlivinghabitshavebegunrelocatingclosertoeachothertocreatesupportcommunitiesfortheir“twilightyears.”