Remanufacturing Industry to Hit RMB 200 Billion by 2020

The market value of Chinas remanufacturing industry is expected to reach RMB 200 billion （about US $30 billion） by 2020， according to an action plan to boost high-end and smart remanufacturing industries， released by the Ministry of Industry and Information Technology in mid-November.

In the coming three years， key fields， including medical imaging facilities， heavy equipment， and equipment for oil and gas exploration， will be prioritized for development， said the action plan.

The plan also stated that the country will promote the use of green technologies in remanufacturing， such as additive manufacturing， smart manufacturing， and nondestructive testing.

By 2020， a series of breakthroughs will be made in key generic technologies so that China will meet the international advanced level for both testing and molding technologies， while 50 standards on management， technology， equipment， and assessment will be published.

The country aims to establish 100 enterprises covering different links in the high-end and smart remanufacturing industry， such as science and technology development， and information services.

Family Inns Booming

The number of family inns has seen explosive growth in China， according to a report on the development of the family inn industry in 2017 released at the end of November by China Tourism Association.

It estimated that the number of family inns in Chinas mainland has reached around 200，000， a year-on-year increase of 300 percent， with over 20，000 such businesses established in Guangdong Province alone.

Family inns are run by individual households based on their empty rooms， flats or houses for short-term lodgers， usually tourists.

According to the report， chain stores and a concentration of family inns boost the development of the regional tourism market， which in turn increases the value of the inns themselves.

Statistics showed that domestic tourists made 4.44 billion trips in 2016， bringing in revenue of RMB 3.9 trillion.

China is working to develop tourism into a major driver of economic transformation. By 2020， tourism revenue is expected to reach RMB 7 trillion； and the sector will contribute more than 12 percent to the countrys economic growth.

China to Open up Its Payment Industry

China will open up its payment industry in a balanced and orderly way， said Fan Yifei， deputy governor of the Peoples Bank of China， at the sixth China Payment and Clearing Forum in November 2017.endprint

China will give equal treatment to overseas and domestic companies， coupled with the negative list approach， according to Fan.

“The Chinese government will improve the policies and regulations to significantly ease market access， and we plan to continue opening up in the e-payment sector，” Fan pointed out.

The payment market will be opened up in links of trading， settlement， and clearing operations.

As an important part of the financial service， all payment businesses from public， private， and foreign-funded institutions should ask for permission and be subject to supervision in the country.

Statistics showed that the number of non-cash payments in China reached 125.1 billion in 2016， with the transaction volume surpassing RMB 3，600 trillion. China has moved to the forefront in the world for mobile payments.

Chinas central bank governor Zhou Xiaochuan said in June that opening-up has helped build a strong and competitive financial sector. He pointed out that protectionist acts limiting the participation of foreign players would lead to poor competitiveness and hurt the industrys development.

Meet Chinese Consumers

McKinsey & Company released a report at the end of 2017 on Chinese consumers based on a survey of 10，000 people aged 18 to 65 across 44 cities and seven rural villages and towns in the country. They found that Chinese consumer confidence has reached a 10-year high， and the “post-90s” generation has emerged as the new engine of consumption.endprint