Top 10 Business News Stories of 2022

1. Mixed economic performance

China’s economic output for 2022 is expected to exceed 120 trillion yuan ($17.2 trillion), Han Wenxiu, Executive Deputy Director of the Office of the Central Committee for Financial and Economic Affairs, said at a think-tank forum in Beijing on December 17. Though the growth rate is likely to undershoot the target set at the beginning of the year, many other development goals can be accomplished, he added.

The country has announced measures to stabilize its economy in response to challenges posed by domestic COVID-19 flareups and a complex global environment. At the end of May, the authorities unveiled a policy package containing 33 measures to better coordinate pandemic control and economic development. The central bank has cut the reserve requirement ratio for financial institutions twice, in April and December to support the development of the real economy and reduce overall financing costs.

In November and December, the Central Government also announced optimized COVID-19 response measures in order to help achieve overall economic recovery.

2. Second largest auto exporter

Data from the China Association of Automobile Manufacturers shows the country’s auto exports, exceeded 2.78 million units in the first 11 months of 2022, up 55.3 percent from the previous year.

Its new-energy vehicle (NEV) exports almost doubled year on year in the January-November period to 593,000 units, the most in the world.

With such robust growth, China’s auto exports are expected to hit a record high of around 3 million units in 2022 and the country is expected to become the world’s second-largest auto exporter, only behind Japan.

According to the Q3 financial report of Chinese automaker BYD, it sold more than 1.18 million NEVs in the first nine months of 2022, overtaking the U.S. electric carmaker Tesla as the world’s biggest NEV maker.

3. Homegrown jetliner delivered

The first C919 large passenger aircraft was delivered to China Eastern Airlines on December 9. It is the first ever homegrown mainline jetliner to be used in China’s civil aviation transport market.

Commercial Aircraft Corp. of China, the C919’s developer, received its production certificate from the Civil Aviation Administration of China East China Regional Administration on November 29, allowing the model to enter mass production.

The plane conducted its successful maiden flight in 2017. It obtained the type certificate in late September, which indicates that the C919’s design meets airworthiness standards and environmental requirements.

4. East-to-west computing resource transfer

On February 18, the National Development and Reform Commission, the Cyberspace Administration of China, the Ministry of Industry and Information Technology and the National Energy Administration jointly unveiled plans to build eight national computing hubs with a total of 10 data center clusters, marking the launch of the east-to-west computing resource transfer project. It marks the completion of the overall layout for the national integrated big data center system.

Following the south-to-north water diversion project, the west-to-east gas pipeline and the west-to-east power transmission program, it is another cross-regional project in China’s pursuit of high-quality development through the optimization of resources and the boosting of sustainable development.

5. Unified domestic market plan

The Communist Party of China Central Committee and the State Council released a guideline on April 10 on accelerating the establishment of a unified domestic market that is highly efficient, rules-based, fair for competition, and open.

The document underscored promoting the interconnectivity of market facilities, including building a modernized circulation network, improving the exchanging channels of market information, and upgrading the transaction platforms.

China will develop a unified domestic market of productivity factors and resources, including land, labor, capital, technology, data, energy, and the environment, it said.

6. New pension option

On November 25, the Ministry of Human Resources and Social Security announced the implementation of a private pension plan to supplement the country’s old-age insurance mechanism—its latest effort to tackle the strains of an aging population.

The government-supported, voluntary and market-oriented plan is open to qualified citizens in 36 pilot cities and regions including Beijing, Shanghai, Guangzhou, Xi’an and Chengdu.

Applicants can open their own individual pension accounts, which can collect up to 12,000 yuan ($1,682.11) annually and enjoy tax incentives. The account is to be used specifically for buying designated old-age financial products.

7. World’s largest clean energy corridor completed

The Baihetan Hydropower Station, the world’s second largest in terms of total installed capacity, became fully operational on December 20, according to China Three Gorges Corp. The station is located in the upper reaches of the Yangtze River in southwest China.

Its operation marks the completion of the world’s largest clean energy corridor, where six mega hydropower stations on the Yangtze transmit electricity from the resource-rich west to energy-consuming regions in the east.

With a total installed capacity of 16 million kW, Baihetan is second only to the Three Gorges Dam project in the central Chinese province of Hubei.

8. Law on futures and derivatives

A law on futures and derivatives took effect on August 1 to better protect investors’ interests and develop the futures market in favor of the real economy.

The new legislation is the first of its kind in the country since futures and derivatives trading commenced about three decades ago and is expected to help build a more regulated and open capital market and serve the sustained development of the real economy.

9. China-U.S. audit oversight cooperation

China Securities Regulatory Commission (CSRC) and the Ministry of Finance signed an audit oversight cooperation agreement with the U.S. Public Company Accounting Oversight Board (PCAOB) on August 26.

On December 15, the PCAOB confirmed that it was able to completely inspect and investigate the accounting firms headquartered in the Chinese mainland and Hong Kong in 2022, thus vacating its relevant determinations made in 2021.

“We welcome the PCAOB’s decision to vacate its previous determinations based on professional and regulatory considerations,” the CSRC said in a statement on December 16.

The CSRC called for establishing long-term and sustainable cooperation arrangements that will enhance the stability and predictability of international regulatory environment and better protect global investors.

10. The fourth telecommunication operator

China Broadnet, China’s fourth telecommunication operator after China Mobile, China Unicom and China Telecom, launched 5G services on June 27.

The launch marked early successes in developing a new “cable plus 5G” integrated development paradigm for China’s radio and TV networks.

China Broadnet has vowed to speed up the development of a new-type radio and TV communication network, a national cultural network, and a national, new-type infrastructure network.