Global Macro Overview on February 29, 2024
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International Crude Price Trend and Exchange Rate of RMB to USD Trend
Domestic News
1. The eighth meeting of the Standing Committee of the 14th National People's Congress was held in Beijing from February 26 to 27
2. The third round of the first batch of central ecological and environmental protection inspectors: from now on, provide feedback to the five provinces of Hainan, Qinghai, Fujian, Henan and Gansu
3. China Index Research Institute: Last week, the overall property market rose month-on-month, and the transaction volume of residential land increased by nearly sixty percent
4. Ministry of Foreign Affairs: China has no choice but to take necessary measures to firmly safeguard its territorial sovereignty and maritime rights and interests
International News
1. Belarus holds elections to the lower house of parliament
2. South Korea will promote corporate value enhancement policies to eliminate the undervaluation of Korean stocks
3. IFO: Germany's export confidence improved in February
4. Iraqi official: Iraq plans to stop gasoline imports this year
Domestic News
1. The eighth meeting of the Standing Committee of the 14th National People's Congress was held in Beijing from February 26 to 27
The eighth meeting of the Standing Committee of the 14th National People's Congress was held in Beijing from February 26 to 27. An important task of the Eighth Session of the Standing Committee of the 14th NPC is to prepare for the upcoming the Second Session of the 14th NPC. The meeting will deliberate the "Work Report of the Standing Committee of the National People's Congress (Draft)", the motion of the NPC Chairmanship Meeting on submitting for the deliberation of the "Agenda of the Second Session of the 14th National People's Congress (Draft)", the "List of Presidium and Secretary-General of the Second Session of the 14th National People's Congress (Draft)", and the "List of Non-voting Attendees of the Second Session of the 14th National People's Congress (Draft)". The meeting will also deliberate on the "Law on Guarding State Secrets of the People's Republic of China (Revised Draft)" and hear the report by the NPC Standing Committee's Credentials Committee on the qualifications of individual representatives.
2. The third round of the first batch of central ecological and environmental protection inspectors: from now on, provide feedback to the five provinces of Hainan, Qinghai, Fujian, Henan and Gansu
The third round of the first batch of central ecological and environmental protection inspectors: from today (February 26), they will provide feedback successively to Hainan, Qinghai, Fujian, Henan and Gansu five provinces, requiring all provinces to formulate corresponding rectification plans according to the inspector report, and submitted to the Party Central Committee and the State Council within 45 working days, but also require the provinces to disclose the inspection rectification situation to the public. It is understood that the third round of the first batch of inspectors plans were launched in late November last year and completed the stationing. At present, the Central Ecological and Environmental Protection Supervision Group will give feedback to Hainan Province and Qinghai Province respectively.
3. China Index Research Institute: Last week, the overall property market rose month-on-month, and the transaction volume of residential land increased by nearly sixty percent
According to the report of the China Index Research Institute, the overall housing market rose month-on-month and fell year-on-year last week, with a rise and fall of 215.98% and 54.66% respectively. The overall month-on-month increase was achieved in all tiers of cities, with the largest increase in first-tier cities. Overall inventories decreased slightly month-on-month. The overall supply and demand of land increased month-on-month, the supply of residential land increased by nearly 60%, the overall average price increased compared with last week, and the average price of residential land doubled. The financing type of real estate enterprises is mainly medium-term notes, and the cities where real estate enterprises acquire land are concentrated in Beijing, Guangzhou, Xi'an, Taizhou, Huzhou and other cities.
4. Ministry of Foreign Affairs: China has no choice but to take necessary measures to firmly safeguard its territorial sovereignty and maritime rights and interests
Foreign Ministry Spokesperson Mao Ning held a regular press conference. A reporter asked a question about the issue of Scarborough Shoal. Mao Ning said that Scarborough Shoal is China's inherent territory, and the Philippines has recently taken a series of acts that infringe on China's sovereignty in the waters off Scarborough Shoal, and China has no choice but to take necessary measures to firmly safeguard its territorial sovereignty and maritime rights and interests.
International News
1. Belarus holds elections to the lower house of parliament
Elections to the House of Representatives of the National Assembly of Belarus (lower house of parliament) were held on February 25 local time. Earlier, early voting had been held throughout the country. According to the Belarusian news agency, 110 members of the lower house of parliament will be elected in this election. Belarusian President Alexander Lukashenko went to the polling station to cast his vote on the same day. There are 5,411 polling stations in Belarus, and voting starts at 8 a.m. local time and ends at 8 p.m. local time. There are nearly 7 million voters in Belarus, of which 41.7% have cast early ballots from the 20th to the 24th.
2. South Korea will promote corporate value enhancement policies to eliminate the undervaluation of Korean stocks
South Korea's financial sector decided on the 26th to introduce and implement a corporate value enhancement policy to eliminate the undervaluation of Korean stocks. The main contents of the policy include arranging listed companies to formulate and publish their own enterprise value enhancement plans from July this year, and to construct relevant indices and fund portfolios with excellent enterprises as samples during the year. The Financial Services Commission held a seminar with relevant institutions on the same day to discuss plans to help companies increase value and promote the development of the Korean stock market. According to the results of the meeting, about 1,600 listed companies will develop their own plan to enhance corporate value and announce it once a year. For its part, the Committee will make and finalize the guidelines by the end of June. The Committee also decided to provide support to the market in evaluating the value of the enterprise and judging whether to invest or not.
3. IFO: Germany's export confidence improved in February
Confidence among German exporters improved in February, according to a survey released on Monday, although only a few sectors expect exports to grow. The indicator of export expectations rose to -7.0 in February from -8.5 in January. Klaus Wohlrabe, head of the Ifo survey, said that it is currently difficult for the German export industry to benefit from the global economic development. While the food industry and glass and ceramics manufacturers continue to forecast export growth, expectations for the mechanical engineering sector have slipped to their lowest level since June 2020. Weak exports also continue to hit automakers and the metals industry, according to the report.
4. Iraqi official: Iraq plans to stop gasoline imports this year
Iraq plans to halt gasoline imports by the end of the year after upgrading existing projects and repairing a major refinery, a senior Iraqi government official said. Iraq's deputy oil minister for refining, Hamid Younis, said in an interview that the country's fuel imports had fallen by 50 percent after the Al-Shamal plant in northern Iraq went on production last week. He said the country plans to modernize other plants this year, which will help reduce the purchase of gasoline from overseas market, but he did not give details.
Domestic Macro Economy Index
