January 14 Macroeconomic Index:Strengthen the leadership position of state-owned enterprises and new energy vehicles domestically, and pay attention to trade policies and energy market dynamics internationally.

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

Domestic News

1. State-owned Assets Supervision and Administration Commission: Promote state-owned capital and state-owned enterprises to continue to become stronger, better and bigger

2. Li Qiang held talks with Prime Minister Mitchell of Grenada

3. Chen Wenqing emphasized at the Central Political and Legal Work Conference that efforts should be made to build a higher level of peace and rule of law in China

4. Leading the world for ten consecutive years, and the number of new energy vehicles produced and sold exceeded 12 million

5. General Administration of Customs: China does not pursue a trade surplus

 International News

1. Six EU countries have called for a reduction in the G7 price cap on Russian oil

2. Russia's oil and gas revenues soared 26% in 2024

3. U.S. interest rate future price in the Fed year may not cut rates

4. South Korea's stock index closed down 1% on the back of semiconductor, shipbuilding and steel stocks

5. Artificial intelligence drives a surge in the number of natural gas power plants in the United States

Domestic News

1. State-owned Assets Supervision and Administration Commission: Promote state-owned capital and state-owned enterprises to continue to become stronger, better and bigger

The Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council held a collective study meeting before the 2024 annual democratic life meeting of the theoretical learning center group. It is necessary to deeply study and comprehend the important requirements of taking the lead in adhering to the important requirements of entrepreneurship in compliance with rules and disciplines, strive to create a good atmosphere for promoting the development of state-owned central enterprises, adhere to the use of discipline to standardize behavior, establish a correct view of power, political performance, and career, adhere to the principle of doing things, and promote state-owned capital and state-owned enterprises to continue to become stronger, better and bigger. It is necessary to deeply study and comprehend the important requirements of taking the party's discipline as a powerful weapon to resist corruption and prevent degeneration, resolutely carry out the anti-corruption struggle of state-owned central enterprises to the end, promote the integration of not daring to be corrupt, not being able to be corrupt, and not wanting to be corrupt, take the lead in implementing the spirit of the eight provisions of the central government, vigorously guard against formalism, and always maintain the political nature of honesty and integrity.

2. Li Qiang held talks with Prime Minister Mitchell of Grenada

Premier Li Qiang held talks with Prime Minister Mitchell of Grenada, who was on an official visit to China, at the Great Hall of the People in Beijing on January 13. Li Qiang pointed out that China is willing to strengthen the synergy of development strategies with Georgia, take high-quality Belt and Road cooperation as the guide, deepen cooperation in traditional fields such as agriculture, infrastructure construction, medical and health care, and actively explore ways to create more cooperation highlights in emerging fields such as new energy, digital economy and blue economy, so as to promote the quality and upgrading of mutually beneficial cooperation between the two countries. China encourages qualified Chinese enterprises to invest in Georgia. The two sides should continue to strengthen exchanges and cooperation in the fields of tourism, culture, education, and media. China is ready to help Grenada and other Caribbean countries enhance their capacity to cope with climate change and promote the full and effective implementation of the United Nations Framework Convention on Climate Change and its Paris Agreement. China is ready to work with Georgia to deepen the building of a China-LAC community with a shared future, jointly defend the interests of the Global South, and promote the building of a community with a shared future for mankind.

3. Chen Wenqing emphasized at the Central Political and Legal Work Conference that efforts should be made to build a higher level of peace and rule of law in China

The Central Political and Legal Work Conference was held in Beijing from 12 to 13 July. Chen Wenqing, Member of the Political Bureau of the CPC Central Committee and Secretary of the Central Political and Legal Committee, stressed at the meeting that the national political and legal organs should adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics in the New Era, deeply understand the decisive significance of the "two establishments", resolutely achieve the "two safeguards", fully implement the spirit of the 20th National Congress of the Communist Party of China and the 2nd and 3rd Plenary Sessions of the 20th Central Committee, adhere to the party's absolute leadership, comprehensively deepen political and legal reform, implement and improve the party's political and legal work system, resolutely safeguard national security and social stability, and coordinate the promotion of legislation, law enforcement, and judicial compliance. Strive to build a higher level of peace and rule of law in China, and provide a strong security guarantee for comprehensively advancing the construction of a strong country and the great cause of national rejuvenation.

4. Leading the world for ten consecutive years, and the number of new energy vehicles produced and sold exceeded 12 million

In the latest 2024 automobile industry data released by the China Association of Automobile Manufacturers, the number of new energy vehicles produced and sold exceeded 12 million, ranking first in the world for ten consecutive years. According to the latest data, in 2024, the production and sales of new energy vehicles was 12.888 million and 12.866 million respectively, an increase of 34.4% and 35.5% year-on-year, respectively, and the sales of new energy vehicles reached 40.9% of the total sales of new vehicles, continuing to be an important growth point for China's automobile industry. At the same time, NEV exports in 2024 was 1.284 million units, an increase of 6.7% from the previous year, continuing to lead the world.

5. General Administration of Customs: China does not pursue a trade surplus

Wang Lingjun, Deputy Director of the General Administration of Customs, said in response to reporters' questions at the press conference of the State Council Information Office on the 13th, “First, China does not pursue a trade surplus, and the specific export, import scale and trade balance are the result of comprehensive factors such as international supply and demand relations, industrial division of labor, and market competition, and are not artificial." Second, China's trade surplus as a percentage of GDP is within a reasonable range, significantly lower than its historical highs, and lower than some of the world's other major exporters. Third, some countries abuse export controls to restrict exports to China, and I want to import or even import more, but you don't let me in, but you are overly anxious about the trade surplus, which in itself is a contradiction in itself. ”

International News

1. Six EU countries have called for a reduction in the G7 price cap on Russian oil

According to foreign media reports, six EU countries called on the European Commission to lower the G7 price cap of $60 per barrel for Russian oil, saying that it would reduce Moscow's revenue from military operations against Ukraine and will not cause a market shock. Sweden, Denmark, Finland, Latvia, Lithuania and Estonia said in a letter to the EU's executive body: "Measures targeting oil export revenues are crucial, as they reduce Russia's most important single source of income." "We believe that now is the time to further enhance the impact of our sanctions by lowering the G7 oil price cap," the statement said. ”

2. Russia's oil and gas revenues soared 26% in 2024

According to foreign media reports, the revenue from oil and gas sales in the budget of the Russian Federation in 2024 jumped by more than 26% to 11.13 trillion rubles ($108.22 billion). Oil and gas revenues have been the Kremlin's most important source of cash, accounting for about one-third to one-half of total federal budget revenues over the past decade. In 2023, budget revenues of the Russian Federation decreased by 24% due to weak oil prices and a decline in gas exports.

3. U.S. interest rate future price in the Fed year may not cut rates

U. S. interest rate futures stopped fully pricing in expectations that the Federal Reserve would cut interest rates even once this year, following strong monthly jobs data released on Friday that highlighted the resilience of the U.S. economy. Traders expect the Fed to cut rates by just 24.26 basis points by December, compared with about 43 basis points before the jobs data is released, interest rate futures showed. At the moment, traders are increasingly less betting on how much the Fed will cut rates from the current range of 4.25 - 4.50%, which in turn has boosted the dollar's exchange rate against most other major currencies. Against the backdrop of rising inflation and borrowing cost expectations, the sell-off in Treasuries this month pushed the (10-year) yield higher and reinforces investors' belief that the Fed may not have as much room to cut rates as previously expected.

4. South Korea's stock index closed down 1% on the back of semiconductor, shipbuilding and steel stocks

South Korea's KOSPI fell 1.0% to close at 2,489.56, weighed down by semiconductor, shipbuilding and steel stocks. Foreign investors are net sellers. Strong U.S. job growth in December raised doubts about further rate cuts by the Federal Reserve and weighed on sentiment. Memory chip maker SK hynix fell 4.5%. Samsung Heavy Industries fell 4.5%, snapping a five-session winning streak and leading losses in South Korean shipbuilding stocks. Hyundai Steel fell 4.3%. Index heavyweight Samsung Electronics closed down 2.2%.

5. Artificial intelligence drives a surge in the number of natural gas power plants in the United States

According to the Financial Times, the United States is on the cusp of a gas-fired power plant construction boom as tech giants adopt fossil fuels to meet the huge electricity demand brought about by the AI revolution. By 2030, the U.S. will build up to 80 new gas-fired power plants, adding 46 gigawatts of new capacity — the size of Norway's power system and nearly 20 percent more than in the past five years, according to energy consultancy Enverus. US President-elect Donald Trump has vowed to keep fossil fuels at the centre of the US economy, signaling a reversal of previous predictions of a five-year decline in natural gas capacity.

Domestic Macro Economy Index