Global Economic Insights and Key Developments on March 26th
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Domestic News
1. Continuously cultivate and expand the data industry ecosystem, and increase the cultivation of all kinds of data vendors and third-party professional service institutions
2. The Ministry of Commerce talks about the opportunities in the Chinese market: green and low-carbon transformation will release huge demand
3. National Energy Administration: From January to February, the power supply projects of major power generation enterprises in the country completed an investment of 76.1 billion yuan
4. The National Market Supervision System Consumer Rights and Interests Protection Work Symposium was held in Beijing
International News
1. Ukraine claims that the Russian army's attack has caused large energy groups to lose about half of their power generation capacity
2. The ceasefire talks in Gaza have taken a turn for the worse? Israel has been revealed to have agreed to the US side's "replacement" conditions
3. South Korea and the EU launched the third round of negotiations on a digital trade agreement
4. The United States issued a severe geomagnetic storm warning, and the power grid and satellites may be affected
Domestic News
1. Continuously cultivate and expand the data industry ecosystem, and increase the cultivation of all kinds of data vendors and third-party professional service institutions
Liu Liehong, member of the Party Leadership Group of the National Development and Reform Commission and director of the National Data Bureau, attended the 2024 Annual Conference of the China Development High Level Forum and delivered a speech on the topic of "Unleashing the Value of Data Elements for Sustainable Development". Liu Liehong pointed out that in the next step, the National Data Bureau will focus on optimizing the market-oriented allocation of data elements, giving birth to new industries, new models and new kinetic energy, cultivating and developing new quality productive factors, and focusing on the following five aspects. This includes accelerating the construction of digital infrastructure. Promote the construction of a national integrated computing system, explore the layout of data circulation facilities, create a safe and credible circulation environment, and provide support for promoting the cross-industry and cross-regional data elements circulation. Continuously cultivate and expand the data industry ecosystem. Increase the cultivation of all kinds of data vendors and third-party professional service institutions, and prosper the data development and utilization industry ecology. Better promote the benign interaction between high-quality development and high-level security. Coordinate with relevant departments to continuously iterate and improve policies related to cross-border data flows, continue to strengthen multilateral and bilateral cooperation in the field of data, work with major economic and trade partner countries and regions to establish cooperation mechanisms for cross-border data flows, and actively participate in the formulation of global rules in the field of data.
2. The Ministry of Commerce talks about the opportunities in the Chinese market: green and low-carbon transformation will release huge demand
The 2024 Annual Meeting of the China Development Forum (CDF) was held yesterday and will last for two days under the theme of "Sustainable Development of China". At the symposium on "Opportunities for China's Sustainable Development and International Cooperation" held this morning, Vice Minister of Commerce Guo Tingting said that China will further expand high-level opening-up and create more market opportunities through opening up to promote development.
3. National Energy Administration: From January to February, the power supply projects of major power generation enterprises in the country completed an investment of 76.1 billion yuan
National Energy Administration: As of the end of February, the country's cumulative installed power generation capacity was about 2.97 billion kilowatts, a year-on-year increase of 14.7%. Among them, the installed capacity of solar power generation was about 650 million kilowatts, a year-on-year increase of 56.9%, and the installed capacity of wind power was about 450 million kilowatts, a year-on-year increase of 21.3%. From January to February, the country's major power generation enterprises completed an investment of 76.1 billion yuan in power projects, a year-on-year increase of 8.3%. The power grid project completed an investment of 32.7 billion yuan, a year-on-year increase of 2.3%.
4. The National Market Supervision System Consumer Rights and Interests Protection Work Symposium was held in Beijing
On March 22, a symposium on the protection of consumer rights and interests in the national market supervision system was held in Beijing. The meeting required that the consumer rights and interests protection work in 2024 should implement the deployment of the Central Economic Work Conference and focus on the "three actions and three systems": to carry out the national assured consumption action as the main line, and to build a co-governance pattern of the consumer environment, to carry out the national consumer complaint publicity action as the traction, to promote the source management of the consumer environment, to carry out the national 12315 efficiency improvement action as the starting point, to improve the convenience and satisfaction of consumer rights protection; And take the introduction of the "Regulations for the Implementation of the Consumer Rights Protection Law" as an opportunity, we’ll improve the legal system of consumer rights and interests protection, build a comprehensive support system for consumer protection by improving the working mechanism of consumer protection; And consolidate the consumer rights and interests protection capacity building system with the goal of building a high-quality professional consumer rights protection team. It is necessary to seize the policy opportunity period, take advantage of the trend, and strive to create a new situation in consumer protection work.
International News
1. Ukraine claims that the Russian army's attack has caused large energy groups to lose about half of their power generation capacity
The Ukrainian National News Agency reported on the 25th that the Russian army's large-scale missile attack on the Ukrainian energy system on the 22nd caused DTEK Energy Group, one of Ukraine's largest energy groups, to lose about 50% of its power generation capacity. On the same day, Kovalenko, a top executive of the group, said that the Russian attack mainly targeted two parts of Ukraine's energy system - power generation and distribution. As a result of the attack, many types of power generation capacity in Ukraine have been affected, and the attack has also damaged the transmission capacity of the Ukrainian energy system. He said it would likely take months to restore the attacked energy system. The Russian side has not responded to this for the time being.
2. The ceasefire talks in Gaza have taken a turn for the worse? Israel has been revealed to have agreed to the US side's "replacement" conditions
CNN reported on the 24th that Israel has agreed to the US proposal to consider releasing about 700 Palestinian detainees in exchange for the release of about 40 Israeli detainees detained in the Gaza Strip by the Palestinian Islamic Resistance Movement (Hamas). Israel is waiting for a response from Hamas's top leadership.
3. South Korea and the EU launched the third round of negotiations on a digital trade agreement
South Korea's Ministry of Trade, Industry and Energy launched the third round of negotiations with the European Union on a digital trade agreement in Brussels, Belgium, on March 25. South Korea and the European Union announced the start of negotiations on a digital trade agreement in October last year, followed by talks in Brussels in December and Seoul in February. The Digital Trade Agreement aims to activate digital commerce and build a trustworthy digital environment, and create a framework for new trade rules in the era of digital transformation. In this negotiation, the two sides will discuss the details of the terms, confirm each other's position and narrow the differences of opinion, and strive to make progress in the negotiations.
4. The United States issued a severe geomagnetic storm warning, and the power grid and satellites may be affected
The National Oceanic and Atmospheric Administration's Space Weather Prediction Center said on the 24th that due to the recent solar coronal mass ejection eruption disturbing the Earth's magnetic field, the previously issued geomagnetic storm warning level was upgraded to "severe". According to the Los Angeles Times, the Space Weather Prediction Center has reminded U.S. infrastructure operations such as power grids, satellites and communications to prepare in advance.
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