January 2nd Macroeconomic Index: China's Manufacturing PMI Declines, South Korea's Ship Orders Rank Second Globally

   Daily Macro Economy News

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Domestic News

1. National Bureau of Statistics: The PMI of high-tech manufacturing and equipment manufacturing in December was 50.3% and 50.2% respectively

2. National Bureau of Statistics: In December, the manufacturing purchasing managers' index (PMI) was 49.0% (Golden Oct. Data APP)

3. China Automobile Dealers Association: China's auto dealer inventory warning index was 53.7% in December, down 6.7 percentage points from the previous month

4. China Coal Industry Association: In 2024, we must make every effort to increase coal production, ensure supply and stabilize prices, and strengthen the clean and efficient use of coal

International News

1. South Korea's new ship orders ranked second in the world for three consecutive years

2. Russian Foreign Ministry: The EU has not yet decided to refuse to transit Russian gas through Ukraine

3. The United States claimed to have intercepted two missiles launched from Houthi-controlled areas in Yemen

4. The EU agreed to the partial accession of Bulgaria and Romania to the Schengen Area

Domestic News

1. National Bureau of Statistics: The PMI of high-tech manufacturing and equipment manufacturing in December was 50.3% and 50.2% respectively

Zhao Qinghe, senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, interprets China's purchasing managers' index for December 2023. New drivers continue to grow. From the perspective of key industries, the PMI of high-tech manufacturing and equipment manufacturing was 50.3 percent and 50.2 percent respectively, higher than the overall level of the manufacturing industry, and continued to maintain expansion; the PMI of the consumer goods industry was 49.4 percent, and the prosperity level declined; the PMI of the high-energy-consuming industry was 47.4 percent, 1.6 percentage points lower than the overall level of the manufacturing industry, and the prosperity level was low.

2. National Bureau of Statistics: In December, the manufacturing purchasing managers' index (PMI) was 49.0% (Golden Oct. Data APP)

In December, the manufacturing purchasing managers' index (PMI) was 49.0%, down 0.4 percentage points from the previous month, and the level of manufacturing prosperity declined. The production index was 50.2 percent, down 0.5 percentage points from the previous month, still above the critical point, indicating that manufacturing production continued to expand. The new orders index was 48.7%, down 0.7 percentage points from the previous month, indicating that the demand in the manufacturing market has declined. (National Bureau of Statistics).

3. China Automobile Dealers Association: China's auto dealer inventory warning index was 53.7% in December, down 6.7 percentage points from the previous month

On December 31, the latest "China Auto Dealer Inventory Alert Index Survey" VIA (Vehicle Inventory Alert Index) released by the China Automobile Dealers Association showed that the inventory warning index of China's auto dealers in December 2023 was 53.7%, down 4.5 percentage points year-on-year and 6.7 percentage points month-on-month. The inventory warning index is above the boom and wither line, and the automobile circulation industry is still in the recession range, but the prosperity has rebounded significantly.

4. China Coal Industry Association: In 2024, we must make every effort to increase coal production, ensure supply and stabilize prices, and strengthen the clean and efficient use of coal

The China Coal Industry Association issued a 2024 New Year's message, saying that 2024 is a key year for the implementation of the "14th Five-Year Plan" and a year for the high-quality development of the coal industry to achieve new breakthroughs. Standing at a new starting point, the whole industry should adhere to the general tone of seeking progress while maintaining stability, coordinate high-quality development and high-level safety, take supply-side structural reform as the main line, make every effort to increase coal production and ensure supply and stable prices, strengthen the clean and efficient use of coal, lead the construction of a modern coal industry system with scientific and technological innovation, cultivate and expand new quality productivity, continue to promote the effective improvement of the quality and reasonable growth of the coal economy, strive to improve the resilience and safety level of the coal industry chain and supply chain, and accelerate the construction of a new coal industry system, and take the coal industry’s "stability, improvement and establishment" to make more contributions to the overall situation of the country.

International News

1. South Korea's new ship orders ranked second in the world for three consecutive years

South Korean shipbuilders witnessed a sharp decline in orders in 2023, ranking second in the world for the third consecutive year. The proportion of high value-added ship types such as liquefied natural gas carriers (LNG carriers) in new orders has increased, and ship types have been diversified. According to the preliminary statistics disclosed by Clarksons Research, an analysis agency of the British shipbuilding and shipping industry, on the 31st, the global newbuilding orders this year were 41.49 million revised gross tons (CGT), a year-on-year decrease of 18.7%. Among them, South Korean shipbuilding enterprises undertook 10.01 million CGT, a year-on-year decrease of 37.6%, accounting for 24%. Chinese shipbuilding enterprises undertook 24.46 million CGT, ranking first with a proportion of 59%.

2. Russian Foreign Ministry: The EU has not yet decided to refuse to transit Russian gas through Ukraine

Russian Deputy Foreign Minister Mikhail Galuzin said that the EU has not yet decided whether it is ready to receive Russian gas transiting through Ukraine. The head of the State Oil and Gas Corporation of Ukraine (Naftohaz), Oleksii Chernyshov, said at the end of October that Ukraine would not extend the agreement on the delivery of Russian gas to Europe, which expires at the end of 2024. Galuzin noted that Russia remains "a reliable supplier of natural gas to countries with an interest in the continued purchase of this most environmentally friendly fossil fuel country."

3. The United States claimed to have intercepted two missiles launched from Houthi-controlled areas in Yemen

The U.S. Central Command issued a statement that on December 30, local time, the U.S. Navy shot down two anti-ship ballistic missiles fired at warships from Houthi-controlled areas in Yemen. U.S. Central Command also said a Singaporean-flagged container ship operated by Denmark reported being hit by a missile. According to the U.S. Central Command, this is the 23rd illegal attack on international shipping by the Houthis since November 19. The Houthis have not responded for the time being.

4. The EU agreed to the partial accession of Bulgaria and Romania to the Schengen Area

The Council of the European Union announced on the 30th that it would cancel the internal border controls at air and sea with Bulgaria and Romania, and agreed to partially join the Schengen area of the two countries. EU member states have reached an agreement with Bulgaria and Romania on the lifting of internal border controls in the air and at sea, the Council said in a press release issued on the same day. From 31 March 2024, there will be no more checks on persons at the intra-EU air and sea borders between the two countries and the rest of the Schengen area.

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