China's foreign exchange market has demonstrated strong resilience since the beginning of this year, said the State Administration of Foreign Exchange (SAFE) on Tuesday.
Speaking at a press conference in Beijing, Li Hongyan, deputy head of the SAFE, said the country's foreign exchange market has already stabilized so far this year.
The Chinese yuan exchange rate has remained generally stable, transactions of foreign exchange market have been rational and orderly, and a basic equilibrium has been maintained in the balance of payments. In the future, China's foreign exchange market will have a better foundation and conditions to maintain stability, according to Li.
"Data of international receipts and payments via banks shows that in the first three quarters of 2024, in terms of U.S. dollars, receipts totaled 5.2594 trillion U.S. dollars, and payments reached 5.2566 trillion U.S. dollars, with a surplus totaling 2.8 billion U.S. dollars," she said.
China's forex market shows strong resilience: official
China's forex market shows strong resilience: official
China has established 16,000 incubators for various types of science and technology enterprises, covering 95 percent of counties and above across the country, ranking first in the world, according to the Ministry of Industry and Information Technology.
At present, these incubators have expanded to more than 50 countries and regions worldwide, forming a nationwide incubation network with global connectivity. To date, over 300,000 science and technology enterprises have been nurtured, and more than 5,000 of them have gone public. Notably, one-third of the companies listed on the Science and Technology Innovation Board are products of incubator cultivation.
"After years of rapid development, China's science and technology service industry has entered a phase of rapid growth in quantity and significant enhancement in quality," said Wei Wei, director of the Department of Science and Technology at the Ministry of Industry and Information Technology.
In addition, China's scientific and technological service capabilities have seen significant enhancement, with 33 national manufacturing innovation centers established. By the end of 2024, these centers had helped enterprises make breakthroughs in 672 key generic technologies, file 7,077 invention patent applications, and achieve the commercialization of 690 technological advancements.
China ranks first in number of science and technology business incubators
