China Quickens Pace in Building Modern Airport System

China Quickens Pace in Building Modern Airport System

China invested RMB 43.5 billion （US $6.72 billion） in fixed assets in the civil aviation industry during the first half of 2021， an increase of 8.5 percent year on year. At the end of June， 23 airports were under construction nationwide.

China is accelerating the building of a modern airport system that features an optimal layout and full assortment of functionality by transforming and expanding hub airports and building small and mediumsized airports in remote areas.

Although China ranks second in the world in terms of the number of passengers traveling by air， its civil aviation industry still faces imbalance and inadequacy in development. Considering the fact that China has a large middle-income class made up by over 400 million people and an even larger low and middle-income class， the demands for air transport will continue to grow significantly.

The civil aviation industry is a strategic， foundational， and leading industry that supports economic and social development. Airports are expected to help upgrade regional infrastructure and modernize the industrial chain.

Besides， for less developed areas in China， a feeder airport will bring multiple improvements to local peoples livelihoods， logistics， emergency response， and tourism.

China to Better Regulate Credit Rating in Bond Market

A circular was jointly released by the Peoples Bank of China， the National Development and Reform Commission， the Ministry of Finance， the China Banking and Insurance Regulatory Commission， and the China Securities Regulatory Commission， aiming to promote the development of credit rating in Chinas bond market.

The circular puts forward clear requirements for credit rating agencies in terms of rating methods， corporate governance， in-house control， and information disclosure. Meanwhile， emphasis is placed on optimizing the rating ecology， and on strict supervision and management of credit rating agencies.

Credit rating agencies are asked to adopt well-established rating methods by the end of 2022 to ensure their ratings are trustworthy， according to the circular.

To promote fair competition in the credit rating industry， the circular encourages bond issuers to select two or more credit rating agencies to conduct ratings. The application scope of paid rating by investors will be further expanded， said the circular.

Digital Technologies Boost Foreign Trade Development

In the first half of the year， Chinas foreign trade rose 27.1 percent year on year， a record high. During this period， the countrys cross-border e-commerce trade increased by 28.6 percent， and market procurement exports were up 49.1 percent. In addition， Chinese companies had established more than 1，900 overseas fulfillment centers.

While gaining sound development in its foreign trade， China witnessed flourishing of new technologies in the sector. The AI technology has enabled real-time translation of livestreaming contents. Mechanical equipment can be diagnosed and fixed in a remote manner. Products like milk can be traced throughout their production life cycle from the manufacturing to the packaging， transportation， and sales. More and more export-oriented businesses are embracing digital transformation to better serve customers at home and abroad.

New digital technologies and tools are optimizing all aspects of the foreign trade process. Digital exhibitions， e-commerce on social media platforms， crowdfunding for new products， and big data marketing， among others， are becoming important means of digital marketing.

Some places have set up online platforms to integrate custom clearance， transportation， and trans-shipment among other services， bringing the logistics costs down by 30 percent. Other enterprises have grown more competitive as they harness big data to process global products and orders in a more efficient manner.