December 30 Macroeconomic Index:Financial stability and tariff adjustment guide economic policy, and China-Iran cooperation and Russia-Ukraine negotiations focus on

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International Crude Price Trend & Exchange Rate of RMB to USD Trend

Domestic News

1. The People's Bank of China released the "China Financial Stability Report (2024)"

2. General Administration of Customs: Promote the interconnection and interoperability of customs business data, and further promote the construction of Yunqing station in the Yangtze River Delta

3. The Customs Tariff Commission of the State Council promulgated the 2025 Tariff Adjustment Plan, which will come into effect on January 1, 2025

4. China's official PMI for December was announced; A number of important new regulations come into effect, and the Energy Law will be officially implemented

5. To stabilize the property market, the number of policies introduced this year has reached more than 780

 International News

1. China and Iran both agreed to further advance the implementation of the China-Iran comprehensive cooperation plan

2. Lavrov: Russia is ready to negotiate on Ukraine issue

3. Russia will stop gas supplies to Moldova. The country's Prime Minister said he was considering initiating an international arbitration

4. Putin signed a presidential decree approving a new strategy to combat extremism

5. Italy's 2025 budget was passed by parliament, and the cryptocurrency tax rate has been adjusted

Domestic News

1. The People's Bank of China released the "China Financial Stability Report (2024)"

The report pointed out that the supporting conditions and basic trend of China's long-term economic improvement have not changed. The financial system will adhere to the general tone of seeking progress while maintaining stability, and implement more proactive macroeconomic policies. We should properly implement a moderately loose monetary policy, comprehensively use a variety of monetary policy tools, maintain abundant liquidity, and match the growth of social financing and money supply with the expected targets of economic growth and overall price levels. Enhance the resilience of the foreign exchange market, stabilize market expectations, and maintain the basic stability of the RMB exchange rate at a reasonable level.

2. General Administration of Customs: Promote the interconnection and interoperability of customs business data, and further promote the construction of Yunqing station in the Yangtze River Delta

The General Administration of Customs today announced the introduction of a new round of 16 measures to support the integrated development of the Yangtze River Delta region. In promoting the cooperation and co-construction of smart customs and improving the overall level of intelligent governance, there are three measures, namely: promoting the interconnection and interoperability of customs business data, further promoting the construction of Yunqing station in the Yangtze River Delta, and promoting the innovation and optimization of Yunqing functions and landing in the Yangtze River Delta Yunqing station; Promote cross-customs cooperation on "smart travel inspection" at air ports, support the construction of projects such as "Shanghai-Hangzhou Smart Travel" and "Suzhou City Terminal", and build a "Smart Travel Yangtze River Delta"; Strengthen the cooperation, co-construction, replication and promotion of smart customs projects, promote high-quality in-depth cooperation in the construction of big data pools, parameter libraries and other projects, and strive for more scenario projects to be piloted in the five customs of the Yangtze River Delta, so as to test problems, explore paths and promote upgrades for the national customs.

3. The Customs Tariff Commission of the State Council promulgated the 2025 Tariff Adjustment Plan, which will come into effect on January 1, 2025

The Plan, which will be implemented from January 1, 2025, will help increase imports of high-quality products, expand domestic demand, promote high-level opening-up, and solidly promote high-quality development. In order to enhance the linkage effect of two resources in the domestic and international markets, a provisional import tax rate lower than the most-favored-nation tax rate will be implemented for 935 commodities in 2025. The first is to support scientific and technological innovation to lead the development of new quality productivity, and reduce import tariffs on automatic transmissions of special-purpose vehicles such as cyclic olefin polymers, ethylene-vinyl alcohol copolymers, fire trucks and emergency repair vehicles. The second is to protect and improve people's livelihood in the process of development, and reduce import tariffs on sodium zirconium cyclosilicate, viral vectors for CAR-T tumor therapy, and nitinol wire for surgical implantation. The third is to promote green and low-carbon development, and reduce import tariffs on ethane and some recycled copper and aluminum raw materials. In order to expand the network of high-standard free trade zones for the world, in 2025, the agreed tariffs will be implemented on certain imported goods originating in 34 countries or regions under 24 free trade agreements and preferential trade arrangements.

4. China's official PMI for December was announced; A number of important new regulations come into effect, and the Energy Law will be officially implemented

The coming week will be full of events in the global market. China's official PMI for December was released; A number of important new regulations will come into effect, the Energy Law will be officially implemented, the restriction on the proportion of retail sales of Hong Kong Recognised Funds will be relaxed to 80%, and the calculation standards of risk control indicators for securities firms will be adjusted. U.S. releases ISM manufacturing index for December; The domestic and foreign markets are closed on New Year's Eve; Domestic refined oil products will witness the price adjustment window.

5. To stabilize the property market, the number of policies introduced this year has reached more than 780

In 2024, the strength and frequency of real estate policies are unprecedented. Focusing on "stabilizing the property market", a series of policy combinations continue to exert force. According to the monitoring of the China Index Research Institute, as of the end of December, the number of policies issued throughout the year reached more than 780. This year, the policy should be exhausted, the down payment ratio fell to the lowest level in history, the mortgage interest rate was adjusted to a historical low, and the tax incentives in the housing transaction link continued to increase. At the same time, the amount of loans approved for "white list" projects has reached nearly 4 trillion yuan, and innovative policies such as "purchase instead of construction" and recovering stock of land have taken an important step. The developer are able to work hard to ensure delivery, accelerate debt restructuring, and get back on track.

International News

1. China and Iran both agreed to further advance the implementation of the China-Iran comprehensive cooperation plan

On December 28, 2024, Wang Yi, Member of the Political Bureau of the CPC Central Committee and Foreign Minister of Foreign Affairs, held talks with Iranian Foreign Minister Aragazi in Beijing. The two sides agreed to further advance the implementation of the China-Iran comprehensive cooperation plan, strengthen the exchange of experience in governance in the fields of politics and diplomacy, legislature, law enforcement and justice, economy and trade, enhance exchanges and cooperation in youth, education, sports, science and technology, culture, tourism, ecological and environmental protection, health care, radio and television, deepen exchanges between non-governmental, local and sister cities, and make unremitting efforts to promote the development of China-Iran relations. (Ministry of Foreign Affairs)

2. Lavrov: Russia is ready to negotiate on Ukraine issue

Russian Foreign Minister Sergei Lavrov said in an interview with the outlet that Russia is ready to negotiate on Ukraine issue. Lavrov said that the negotiations should be aimed at eliminating the root causes of the Ukrainian crisis, taking into account the realities of the "territory". "Ukraine has to demilitarize and denazify and ensure non-aligned, neutral and non-nuclear status," he stressed. Long-term threats to Russia's security from the West need to be eliminated, including NATO's eastward expansion. Ukraine has specific obligations to ensure the rights, freedoms and interests of Russian-speaking citizens". Lavrov said that the Russian side will not hold any negotiations with the US side on the issue of arms control.

3. Russia will stop gas supplies to Moldova. The country's Prime Minister said he was considering initiating an international arbitration

Moldovan Prime Minister Rechean condemned Gazprom's decision to stop gas supplies to the country from January 1, 2025. Calling it a ploy by the Kremlin to leave residents of Transnistria without heating and electricity in the heavy winter. He assured that Moldova will overcome any difficulties caused by Moscow's actions. "Moldova has diversified its sources of gas supply...... We will continue to ensure that gas supplies come from other sources and protect vulnerable consumers. In addition, the government will carefully study legal options, including turning to international arbitration, in order to defend national interests and demand compensation for the Kremlin's decisions that harm the economy of our country and endanger the security of citizens. ”

4. Putin signed a presidential decree approving a new strategy to combat extremism

On December 28, local time, Russian President Vladimir Putin signed a Presidential decree approving a new strategy to combat extremism. The strategy lists participation in unconsulted protests as one of the ways to destabilize Russia and spread extremism, launching color revolutions, falsifying history, and committing terrorism as extremist threats. According to the strategy, extremists are increasingly exacerbating the national issue and promoting the issue of "decolonization" of Russia. Extremist organizations are increasingly exploiting the fact that minors are not always held accountable. External forces are increasingly trying to destabilize Russia's internal situation. A number of non-governmental organizations carry out destructive activities in Russia under the guise of cultural and educational activities. The strategy states that the illegal activities of migrants are one of the factors contributing to the spread of extremism in Russia. One of the main tasks in the fight against extremism is the elimination of threats emanating from the territory of Ukraine. Unfriendly countries are using the Ukrainian crisis to launch a hybrid war against Russia and incite Russophobia. To combat extremism, Russia will develop automated programs to identify illegal content on the Internet, the strategy said. (CCTV)

5. Italy's 2025 budget was passed by parliament, and the cryptocurrency tax rate has been adjusted

The Italian parliament finally approved the 2025 budget just days before the year-end deadline, an important victory for Prime Minister Meloni. Meloni and her Finance Minister, Giorgetti, have worked together to develop a package of tax cuts designed to win voter support while complying with the EU's fiscal rules. The government plans to reduce the national deficit to 3.3% of GDP next year and below the 3% ceiling set by the European Union in 2026. Among the last-minute adjustments made to the budget was the decision to maintain the cryptocurrency tax rate at 26% in 2025 and increase it to 33% in 2026 instead of the 42% originally proposed. Italy's Prime Minister's pledge to cut taxes for low- and middle-income groups has helped cement his position in power, but it also means that a return to fiscal prudence will be slower by EU standards.

Domestic Macro Economy Index