China's central and local governments have allocated nearly 12 billion yuan in trade-in subsidies, with independent new energy vehicle manufacturers expected to benefit the most. Additionally, international news highlights increased U.S. manufacturing orders, rising crude palm oil prices, and a new Russian oil transshipment site in the Mediterranean.

China's Customs Tariff Commission announced the suspension of ECFA tariff concessions for 134 tariff items from Taiwan, effective June 15. Meanwhile, the Eurozone's preliminary CPI for May accelerated to 2.6% year-on-year, exceeding market expectations of 2.5%. This may prompt the ECB to reconsider the pace of future rate cuts.

China has canceled the lower limit of mortgage interest rates in over 20 provinces, reaching historical lows. The State Council is promoting the revision of the Energy Conservation Law and accelerating the formulation of mandatory energy-saving standards. Additionally, the petrochemical industry faces strict policy requirements, and restrictions on new energy vehicle purchases are gradually being lifted.

India is expected to receive above-average monsoon rainfall, crucial for agricultural production and economic growth. The monsoon provides nearly 70% of the rainwater needed for irrigation, and abundant rainfall will help reduce food price inflation. Meanwhile, European stocks maintained stability, and the market is preparing for the European Central Bank's interest rate cut in June. The Bank of Israel kept interest rates unchanged, and OPEC forecasts strong global oil demand growth in the next two years.

China's auto imports dropped by 8% to 210,000 units from January to April 2024, reflecting changes in market demand. Meanwhile, China's longest cross-city subway, spanning 5 cities in Guangdong, debuted today, enhancing regional connectivity.

China's foreign non-financial direct investment increased by 18.7% year-on-year to 343.47 billion yuan from January to April. Meanwhile, the price of memory chips has risen by 50% compared to the same period last year, with further increases expected.

Key domestic news includes Heilongjiang exceeding 10 billion kWh of new energy power transmission, Shanghai Port maintaining global top rank in container throughput, and COSCO SHIPPING signing a strategic agreement with Xiamen. Internationally, the US announced new tariffs on Chinese goods, including electric vehicles, and oil prices fell due to weak market conditions and declining interest rate cut hopes.

In the first quarter of 2024, China's shipbuilding industry saw significant growth in completions, new orders, and hand-held orders. The Shanghai Futures Exchange held a symposium to discuss the high-quality development of steel futures, focusing on improving risk management, delivery mechanisms, and hedging systems.

The International Energy Agency (IEA) warns of potential shortages of critical minerals crucial for green energy, while Beijing implements a reduction in provident fund loan interest rates. Other domestic news includes stable coal prices and the launch of advanced hydrogen production equipment.

On May 17, multiple ministries and commissions in China set up a joint working group to prepare for major measures in the real estate industry, aiming to stabilize the market. The People's Bank of China also accelerated the planning and construction of digital central banks, enhancing cybersecurity and data security.

China's 2023 autumn grain purchases have reached a new high, with over 200 million tons purchased. Domestic oil prices are set to drop, saving drivers 9 yuan per tank. The CSRC strengthens high-frequency trading supervision, and green supply continues to grow, reducing industrial energy consumption by over 36% since 2012.

Domestic oil prices are expected to see their largest decline of the year on May 15, reducing fuel costs for consumers. Meanwhile, the probability of the Fed keeping interest rates unchanged in June is 96.5%, and new regulations aim to boost the U.S. power grid to meet rising AI energy demands.

China's coking coal prices have surged by over 34% this year, reflecting strong demand and increased profitability in the steel industry. Meanwhile, the national railway transported 75.301 million tons of goods last week, marking a 0.54% month-on-month increase. The central bank also announced support for optimizing the 'Swap Connect' mechanism to enhance financial market openness.

Chinese companies have secured exploration licenses for five oil and gas fields in Iraq, while positive factors are accumulating for the comprehensive recovery of China's assets. The rail-sea intermodal trains of the western land-sea corridor have transported over 300,000 TEUs, and policies to support the low-altitude space economy are expected to be introduced in 2024.

China's coal remains a key energy source despite global shifts, the postal industry saw a 13.2% revenue increase in 2023, and Biden plans to announce new tariffs on Chinese electric vehicles as soon as next week. These developments highlight ongoing economic and trade tensions and domestic industrial growth.