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Firmly delivering on the principle that livelihood improvement is development

In the first three quarters, China completed renovation of 16,000 old urban communities and started work on 13,000 more; 976 communities underwent comprehensive upgrading, gaining 2,336 public service facilities and 1,867 convenience commercial outlets. The livelihood investments have spurred domestic demand and benefited more people. These practices show that people's livelihood has never been a burden on development; improving livelihood is itself a way of advancing development. We should continue to safeguard and improve people's livelihood through development while expanding development space by meeting livelihood needs.

Development and people's livelihood are intertwined. Development is the master key to solving livelihood problems. Without sustained and sound development, basic public services such as education, healthcare, and social security would lack material support. Meanwhile people's livelihood is closely linked to domestic demand. When people feel secure in their lives and work, consumer potential will be unleashed, injecting steady vitality into the economy.

Livelihood investment is essentially a long-term investment in people, providing lasting momentum for economic growth. China has renovated old residential communities, improved doorstep childcare services, built community cafeterias for the elderly, and assisted disadvantaged groups. With these projects delivering results, access to childcare, education, employment, medical care, elderly care, housing, and social assistance has become a tangible reality. People now feel a stronger sense of recognition and fulfillment in the country’s development.

To strengthen inclusive, basic, and safety-net livelihood programs, shore up foundational weaknesses, and resolve pressing concerns, it is necessary to better integrate economic policies with livelihood needs, so as to create a virtuous cycle. Recent policies all follow the same logic: economic policies incorporate livelihood considerations, and livelihood policies take economic benefits into account. Urban renewal, community elderly care, and public works programs, for instance, ease residents' daily problems while creating jobs and growing the life services sector, setting up a virtuous cycle between development and livelihood.

Policy

1. China recently set ecological flow guarantee targets for 382 cross-provincial rivers and lakes and 558 control sections, according to the Ministry of Water Resources. This provides an important basis for strengthening ecological water guarantees for cross-provincial rivers and lakes and restoring their ecological environment.

2. The State Administration for Market Regulation recently released China's first national standard for smart freight hubs, "Basic Requirements for Smart Freight Hubs." It will take effect on April 1, 2027.

Data

1. The second phase of the 140th China Import and Export Fair, also known as the Canton Fair, concluded its in-person exhibition on October 27. As of 17:00 on October 27, a total of 278,000 overseas buyers from 218 countries and regions had attended, up 13.4 percent from the same period of the previous session; 152 overseas business associations and 384 leading procurement enterprises attended as delegations.

2. The import and export volume of the central region reached RMB 3.43 trillion in the first three quarters, a year-on-year increase of 20.5 percent, with the import and export value hitting a record high for the same period, according to customs statistics. Foreign trade in the central region grew more balanced and stable.

3. Data from the National Energy Administration (NEA) showed that in the first three quarters, power trading institutions across the country completed market-traded electricity of 5.85 trillion kilowatt-hours, a year-on-year increase of 18.9 percent.

4. More than 5.3 billion domestic trips were made during the first nine months of 2026, up 6.2 percent year-on-year, data from a survey of domestic travelers conducted by the Ministry of Culture and Tourism (MCT) revealed.

5. According to the National Bureau of Statistics, in the first three quarters, profits of major industrial firms nationwide reached RMB 6.03 trillion, a year-on-year increase of 15.5 percent. China’s industry pursued steady high-quality development, and profits of major industrial firms grew at a relatively fast pace.

6. The import and export volume of the Qianhai Comprehensive Bonded Zone reached RMB 112.95 billion in September, with the monthly scale exceeding the 100-billion-yuan threshold for the first time in history, a year-on-year increase of 200.4 percent, ranking first among comprehensive bonded zones nationwide, according to Shenzhen Customs statistics.

7. The import and export volume of the Yellow River basin totaled RMB 29.95 trillion from 2021 to 2025. In the first three quarters of this year, the import and export volume of the Yellow River basin exceeded RMB 5 trillion, reaching RMB 5.58 trillion, a year-on-year increase of 17.5 percent, according to Jinan Customs statistics.

8. Data from the Shanghai Stock Exchange show that as of October 27, a total of 186 companies listed on the sci-tech innovation board, commonly known as the STAR Market, had disclosed their third-quarter reports, with total revenue of RMB 426.68 billion, a year-on-year increase of 31.54 percent, and total net profit of RMB 38.95 billion, a year-on-year increase of 57.39 percent.

9. China has completed the issuance of RMB 800 billion (about USD 119 billion) under its 2026 new policy-based financial instruments as of October 28, channeling funds to key projects to expand effective investment, according to three policy banks.

10. The statistical report on the direction of loans by financial institutions in the third quarter of 2026 released by the People's Bank of China showed that at the end of the third quarter of this year, the balance of RMB inclusive small and micro loans was RMB 38.50 trillion, a year-on-year increase of 6.7 percent, 1.9 percentage points higher than the growth rate of all loans, with an increase of RMB 1.93 trillion in the first three quarters.

(Source: Economic Daily)