Top 10 Chinese Keywords Of 2016

Supply-side Reform

Since the end of 2015, the Central Economic Work Conference has overseen supply-side structural reforms such as cutting overcapacity, de-stocking, de-leveraging, lowering costs and improving weak links. Under the “new normal” situation, the term has transformed from a buzzword mostly used by economists and officials into a real and clear roadmap for the government and enterprises to implement further reform measures.

Property Surplus

Affected by pressures wrought by excessive property inventory, the yearon- year growth rate of property investments in 2016 slowed considerably and even declined in some areas. The sector’s contribution to China’s economy fell to the lowest level on record. In the Government Work Report delivered by Premier Li Keqiang during the “two sessions” earlier in the year, real estate was one of the most frequently mentioned areas. The premier stressed that government policies on the real estate sector should objectively reflect real market situations, and that both rentals and sales can help alleviate the housing surplus. The report set the tone for China’s property market in 2016.

Targeted Poverty Alleviation

Targeted poverty alleviation focuses on regional environmental conditions and individual poverty levels. Scientific and efficient assessments will be made to identify, track and aid the poor. According to the 13th Five-Year Plan (2016-2020), poverty should become history in China by 2020, and no one will be left behind.

RMB in IMF’s SDR

The Chinese yuan, or RMB, was added to the basket of special drawing rights (SDR) of the International Monetary Fund (IMF) on October 1, 2016. China’s currency accounts for 10.92 percent of the basket, with the U.S. dollar at 41.73 percent and the Euro 30.93 percent. After the inclusion, the RMB became a globally accepted currency, making it easier for Chinese citizens to travel, study and invest overseas.

Intelligent Chinese Manufacturing

Intelligent manufacturing refers to intelligent development of models and technological breakthroughs in the manufacturing industry with independent intellectual property rights. Achieving “intelligent manufacturing” requires optimization of not only the manufacturing process, but also manufacturing facilities and final products.

Chinese “Amber Alert”

On May 15, 2016, the Chinese Children’s Safety Emergency Response (CCSER) system was launched by the Anti-Trafficking Office of the Ministry of Public Security, with technical support from the country’s e-commerce giant Alibaba. The system is dedicated to broadcasting essential information on the front lines as soon as a child is confirmed missing. Due to similarities to the American system, it was dubbed the Chinese “Amber Alert”.

Green Development

Faced with worsening air and water pollution, the Chinese government has stressed the need for green development. The Central Economic Work Conference held near the end of 2015 called for the promotion of green development in both industrial production and daily consumption. At the Central Urban Work Conference held along with the Central Economic Work Conference, top Chinese leaders stressed comprehensive readjustment to optimize production, living and ecology. In the “No. 1 Central Document” of 2016, an annual agriculture policy paper, an entire chapter is devoted to the promotion of green agricultural development. Working for clean water and green mountains has already become the social consensus.

Two-Child Policy

On December 27, 2015, the Standing Committee of the National People’s Congress passed the Law of the People’s Republic of China on Population and Family Planning (2015 Amendment), which allows couples to have two children. The amendment came into effect on January 1, 2016, marking the end of the decades-long “one couple, one child” policy.

Craftsman Spirit

“The spirit of the craftsman” was a phrase introduced in the 2016 Government Work Report to encourage enterprises to develop consumer-tailored and flexible production processes to foster the spirit of craftsmanship while striving for the best. The buzzword quickly spread across China, alluding to striving for the best in every sector.

Huddling for Twilight Years

Now, as China is rapidly becoming an aging society, the massive senior population has created incredible demand for senior care. “Huddling for the twilight years” is a phrase that has emerged among seniors. Those sharing similar hobbies and living habits have begun relocating closer to each other to create support communities for their “twilight years.”