TITANIUM DIOXIDE

In the first 11 months of 2023, China's RMB loans increased by 21.58 trillion yuan, surpassing last year's total. Data on M2 and social finance also indicate strong financial support for the real economy. The China Center for International Economic Exchanges held the '2023-2024 China Economic Annual Conference,' revealing policy directions for the next stage. China and Vietnam issued a joint statement to deepen their strategic partnership. Internationally, the Fed is aware of the risks of not cutting interest rates fast enough, and the Bank of Japan may exit its negative interest rate policy sooner than expected.

The Central Economic Work Conference emphasized the need to maintain stability while seeking progress, introduce policies to stabilize expectations, growth, and employment, and promote new industrialization and the development of the digital economy. The US CPI hit a new low in November, and Argentina's currency depreciated significantly.

China issued an additional 10 billion yuan of treasury bonds in Hong Kong, while the U.S. saw its inflation expectations for the coming year fall to the lowest since April 2021. The eurozone is expected to enter its first recession since the pandemic, and the Bank of Japan maintains negative interest rates due to lack of evidence of sustainable inflation.

China is accelerating the construction of large-scale wind power and photovoltaic bases in desert and Gobi areas. Banks are issuing special plans to meet real estate financing needs, and policies are being optimized to stabilize the property market. Internationally, the Fed is unlikely to discuss rate cuts soon, and the EU will impose carbon tariffs from 2026.

China's total import and export value in November increased by 1.2% year-on-year, marking two consecutive months of positive growth. The State Council introduced 80 measures to promote high-level institutional opening-up in the Shanghai Pilot Free Trade Zone, aligning with international high-standard economic and trade rules.

China's economy is showing signs of recovery, with foreign investors continuing to be optimistic about the country's bond market. They have been net buyers of Chinese bonds for nine consecutive months, contributing to a cumulative net purchase of nearly 1 trillion yuan in 2023. Additionally, the 'red line' of 1 billion tons for crude oil processing capacity has been set to promote green and high-quality development.

China's economy demonstrates significant resilience and potential for long-term growth, with a stable real estate market transitioning from adjustment to stability. The capital market requires collaborative efforts for sustained stability, while bank wealth management subsidiaries lower product rates.

China emphasizes rational interest rate management to reduce corporate financing costs and improve financial stability. The China Securities Regulatory Commission aims to maintain a stable capital market. The New York Fed reports a decrease in US core inflationary pressures in October.

China maintains its steady growth policy, ensuring the consumption of non-ferrous metals. However, the sales of the top 100 real estate companies in November fell by 0.6% month-on-month, entering the annual performance sprint period. Internationally, the World Bank Group increases its climate change financing support to 45% of total funding.

China's total import and export trade value in October reached 3.54 trillion yuan, with a monthly growth rate of 0.9%, but has decreased year-on-year for four consecutive months since June. The IMF raised its forecast for China's economic growth, predicting a 5.4% and 4.6% increase in real GDP for this year and next year, respectively.

China emphasizes the importance of expanding cooperation with Australia in areas like climate change and green economy. Domestically, China focuses on financial reforms, including strong supervision, risk prevention, and lowering financing costs. Internationally, the US plans to repurchase up to 3 million barrels of crude oil to replenish the Strategic Petroleum Reserve.

China reaffirms its commitment to high-level opening up, actively expanding imports and accelerating the issuance and use of new treasury bonds. Effective investment is expected to drive infrastructure growth. Internationally, Russia continues to reduce oil supply, and Singapore prepares for leadership transition.

The Sino-US Economic Working Group held its first meeting, discussing macroeconomic situations and bilateral relations. Meanwhile, 13 out of 21 provinces in China reported GDP growth rates exceeding the national average, with Hainan leading at 9.5%. Zhejiang's electricity consumption surged by 15% in September, reflecting robust economic activity.

China's State Council plans comprehensive supervision for high-quality development in November, covering 16 provinces. Financial and monetary policies have mitigated local debt risks, with special debt reaching 1 trillion yuan. The second phase of the 134th Canton Fair opened, setting a record for the largest offline exhibition. The Ministry of Agriculture expects a stable autumn grain market.