Xi Jinping Stresses Reforming Rural Supply and Marketing Cooperatives

Xi Jinping Stresses Reforming Rural Supply and Marketing Cooperatives

As a major economic organization form under the leadership of the CPC， supply and marketing cooperatives in China have a long history and a glorious tradition， and are an important force to promote the development of agriculture and rural areas in China.

In recent years， the comprehensive reform in the national supply and marketing cooperative system is deepening， and a great deal of work has been done in promoting the development of modern agriculture， increasing farmers incomes， and integrating urban and rural development.

President Xi stressed that Party committees and governments at all levels should further improve the supply and marketing cooperative system centering on speeding up the modernization of agriculture and rural areas and consolidating the Partys governance foundation in rural areas.

Xi urged the countrys supply and marketing cooperatives to stay true to their fundamental purpose of serving agriculture， rural areas， and rural people， to keep advancing reform and innovation， and to contribute to the advancement of rural revitalization.

Chinas Logistics Costs Drop Markedly

During the first half of 2020， logistics costs in China decreased by over RMB 99 billion， more than the total shrunk cost of last year.

Sun Wenjian， spokesman of the Ministry of Transport， said that the ministry would further improve the countrys comprehensive transport system in terms of quality， efficiency， and safety， and thus reduce logistics costs.

First， China will optimize its comprehensive three-dimensional traffic network. It will accelerate the development of comprehensive transport lines， hubs， and network systems with a focus on advancing major projects such as transport systems along Chinas border and coastal areas.

China will also build its modern logistics system. It will improve the layout of terminal facilities for both urban and rural logistics and express delivery services. New industries such as new-energy vehicles and ships will be developed to create new growth drivers for investment.

Deployments to Support New Consumption in the Pipeline

Recently， multiple central departments including the National Development and Reform Commission （NDRC） indicated the plan to further promote the development of new consumption by supporting traditional businesses to speed up digitization and intelligent transformation， and accelerate the development of trade and logistics and modern supply chains.

First， the institutional foundation will be strengthened to improve mechanisms for implementation. Policy support in terms of taxation， finance， social security， and other aspects will be intensified， and relevant laws and regulations will be put in place to encourage enterprises to adopt new business forms.

Second， market regulation will be more prudent and inclusive in a bid to further unleash market vitality， and to adapt to new trends and changes in consumption development， with the aim to encourage technological development， management， and market innovation. Meanwhile， cooperation between government， banks， and enterprises will be enhanced to create a safe and trustworthy consumption environment.

Third， publicity will be carried out to guide the healthy development of new consumption and to respond to concerns of all parties in a timely manner.

Chinas 2019 Outward Direct Investment Ranked 2nd Globally

The newly released 2019 Statistical Bulletin of Chinas Outward Foreign Direct Investment shows that in 2019， Chinas outward direct investment （ODI） was still the second largest in the world and its ODI stock remained the third globally.

To be specific， in terms of total volume， Chinas ODI in 2019 was US $136.91 billion， down 4.3 percent year on year and second only to Japan （US $226.65 billion） in flow volume. By the end of 2019， Chinas ODI stock stood at US $2.2 trillion， next to the U.S.（US $7.7 trillion） and the Netherlands （US $2.6 trillion）.

Chinas influence in global foreign direct investment （FDI） continues to grow. For four consecutive years， it accounted for over 10 percent of the worlds FDI flows.

In terms of investment destinations， by the end of 2019， more than 27，500 domestic investors had set up 44，000 enterprises through ODI in 188 countries （regions） around the world.

Chinas ODI fields are very diversified， which covered 18 sectors in 2019， with over 70 percent going to four major sectors， namely leasing and business services， manufacturing， finance， and wholesale and retail.