December 16 Macroeconomic Index:Policies support the development of consumption and private economy, and new progress has been made in global trade and environmental governance.
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Domestic News
1. National Development and Reform Commission: Implement special actions to boost consumption and promote consumption and its quality and efficiency
2. National Development and Reform Commission: Strengthen the development of the private economy and promote the introduction of the "Private Economy Promotion Law" as soon as possible
3. Nine Departments including the Central Bank: we must vigorously develop the first, second and third pillars of pension insurance, and further promote the innovation of commercial insurance annuity products
4. Four Departments issued the "Special Action Plan for Digital Empowerment of Small and Medium-sized Enterprises (2025-2027)"
5. National Bureau of Statistics: In 2024, the country's total grain output increased by 22.18 billion catties, an increase of 1.6%
International News
1. Iran agreed to the IAEA for additional supervision of the Fordow uranium enrichment plant
2. Eurozone industry did not decline in October, but the recovery is still far away
3. ING International: UK economic growth momentum has slowed further, but a budget boost is coming
4. The UK's accession to the Trans-Pacific Agreement came into force, becoming the largest trade deal since Brexit
5. The sixteenth meeting of the Conference of the Parties to the United Nations Convention to Combat Desertification closed with the adoption of 39 resolution documents
Domestic News
1. National Development and Reform Commission: Implement special actions to boost consumption and promote consumption and its quality and efficiency
The National Development and Reform Work Conference was held in Beijing, and the meeting stressed the need to do a good job in the key work of development and reform next year, and solidly promote the stability and upward movement of the economy, the continuous improvement of the structure, and the continuous improvement of the development trend. Increase counter-cyclical adjustment of macroeconomic policies. Implement more active and promising macro policies, enhance the consistency of macro policy orientation, and do a good job in economic publicity and expectation guidance. Expand domestic demand in all directions. Accelerate the promotion of the "two-fold" construction, expand effective investment, make overall plans and make good use of various construction funds such as investment in the central budget, ultra-long-term special treasury bonds, and new local government special bonds, promote the formation of more physical workload as soon as possible, and continue to promote the introduction of private capital into major projects. We will do a good job in the "two new" work, implement special actions to boost consumption, and promote consumption expansion, quality and efficiency.
2. National Development and Reform Commission: Strengthen the development of the private economy and promote the introduction of the "Private Economy Promotion Law" as soon as possible
The National Development and Reform Work Conference was held in Beijing on December 13 to study and deployed key tasks for development and reform in 2025. The meeting emphasized the need to promote the implementation of further comprehensive deepening reform measures. Pay close attention to important areas and key links to carry out key reforms. Highlight the construction of a unified national market, and revise and introduce a new version of the negative list for market access. It will work hard to promote the development of the private economy and promote the introduction of the "Law on the Promotion of the Private Economy" as soon as possible.
3. Nine Departments including the Central Bank: we must vigorously develop the first, second and third pillars of pension insurance, and further promote the innovation of commercial insurance annuity products
Nine Departments including the Central Bank jointly issued the "Guiding Opinions on Financial Support for the Chinese-style Pension Industry and Serving the High-quality Development of the Silver Economy". The "Opinions" emphasize that it is necessary to vigorously develop the first, second and third pillars of pension insurance, further promote the innovation of commercial insurance annuity products, strengthen the design and investment management of pension financial products, improve the level of financial services for the elderly, strengthen the publicity and education of financial knowledge of the elderly and the protection of consumer rights and interests, and increase the prevention and crackdown on illegal financial activities related to the elderly. Improve institutional safeguards, strengthen departmental coordination and information sharing, strengthen policy support in monetary policy, insurance supervision, financing support, tax incentives, etc., and strengthen statistical monitoring and effect evaluation.
4. Four Departments issued the "Special Action Plan for Digital Empowerment of Small and Medium-sized Enterprises (2025-2027)"
The Ministry of Industry and Information Technology, the Ministry of Finance, the People's Bank of China, and the State Administration of Financial Supervision issued the Special Action Plan for Digital Empowerment of Small and Medium-sized Enterprises (2025-2027). The notice proposes that by 2027, the "100 cities" pilot project for the digital transformation of small and medium-sized enterprises will achieve solid results, and the digital transformation of specialized, special and new small and medium-sized enterprises should be reformed as much as possible, and a number of transformation benchmarks with a digital level of three and four levels will be formed; The digital level of the pilot provincial-level specialized, special and new small and medium-sized enterprises has reached level 2 and above, and the numerical control rate of key processes of industrial small and medium-sized enterprises above the national scale has reached 75%; The cloud participation rate of small and medium-sized enterprises exceeds 40%. Initially build a digital transformation ecology for small and medium-sized enterprises with linkage between ministries and provinces, integration of large and medium-sized enterprises, adaptation of supply and demand in key scenarios, and strong public service guarantees, so as to empower the development of small and medium-sized enterprises.
5. National Bureau of Statistics: In 2024, the country's total grain output increased by 22.18 billion catties, an increase of 1.6%
According to the National Bureau of Statistics, in 2024, the national summer grain output was 299.78 billion catties, an increase of 7.48 billion catties over the previous year, and the output of early rice was 56.35 billion catties, a slight decrease of 330 million catties from the previous year. The sown area of autumn grain has increased steadily throughout the country, and the output of autumn grain has increased except for the reduction of autumn grain output in some areas, and the disaster situation in most agricultural areas has been relatively light, and the output of autumn grain has increased. In addition, the adjustment of planting structure has increased the area of high-yield corn crops, which has led to an increase in autumn grain output. The national autumn grain output was 1,056.87 billion catties, an increase of 15.03 billion catties or 1.4% over the previous year. The total annual grain output was 1,413.00 billion catties, an increase of 22.18 billion catties or 1.6% over the previous year. (National Bureau of Statistics)
International News
1. Iran agreed to the IAEA for additional supervision of the Fordow uranium enrichment plant
According to AFP, the International Atomic Energy Agency (IAEA) said in a report that Iran has agreed to additional monitoring measures by the United Nations nuclear watchdog on its Fordor uranium enrichment plant, after Iran said it planned to significantly increase the plant's production of highly enriched uranium. The IAEA said last week that Iran had revamped the Fordo uranium enrichment plant south of Tehran, which would "significantly increase the rate of uranium production at 60 percent" and close to 90 percent needed to build a nuclear weapon. The International Atomic Energy Agency (IAEA) has called on Iran to urgently carry out inspections, while European powers have urged Tehran to "immediately halt nuclear escalation."
2. Eurozone industry did not decline in October, but the recovery is still far away
Eurozone industrial production was flat in October from the previous month, better than expectations of a slight decline, but the data showed that sectors that had been in recession for nearly two years now show no signs of recovery. Previously, Germany, France and the Netherlands all posted negative values, Italy stagnated output, and Spain was the only country in the eurozone's largest country with a positive output. Over the years, industry has been hit hard by rising energy costs, weakening demand from Asian countries, rising investment financing costs, and cautious domestic consumer spending. This weakness is also one of the key reasons why the European Central Bank cut interest rates and lowered its growth forecast on Thursday, with the central bank saying there is a lot of uncertainty. In addition, industrial production in the eurozone fell by 1.2% compared to the same period last year, better than the expected decline of 1.9%. Compared to the previous month, production of energy, durable goods and consumer goods all fell, with only capital goods production rising.
3. ING International: UK economic growth momentum has slowed further, but a budget boost is coming
ING said UK GDP fell again in October, although this may have exaggerated the extent of the recent slowdown in economic momentum. According to the bank's forecast for the UK's annual GDP in 2025, the UK economy will surpass most Western European countries next year. This may say more about the economic health of the rest of the continent, but it is also largely a reflection of the impact of the UK's recent fiscal stimulus. Compared to the budget of the previous Conservative government, public spending has increased by around £60 billion, or more than 2% of GDP. Most of the increased spending will go to the government sector in the form of a daily fund, most of which will eventually come in the form of salaries. As a result, fiscal pass-through to broader economic growth is likely to be quite high.
4. The UK's accession to the Trans-Pacific Agreement came into force, becoming the largest trade deal since Brexit
On Sunday, Britain officially became the 12th Member of the Trans-Pacific Trade Agreement, which includes Japan, Australia and Canada, among others. The UK is seeking to deepen ties in the region and establish global trade links after leaving the European Union. The UK announced last year that it would join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), making it the largest trade deal since Brexit. The UK's accession means that from Sunday, the UK will be able to implement CPTPP trade rules and reduce tariffs with eight of its existing 11 member states, including Brunei, Chile, Japan, Malaysia, New Zealand, Peru, Singapore and Vietnam. The agreement will enter into force for Australia on December 24 and will apply to the last two member states – Canada and Mexico – 60 days after they ratify it.
5. The sixteenth meeting of the Conference of the Parties to the United Nations Convention to Combat Desertification closed with the adoption of 39 resolution documents
The 16th Conference of the Parties to the United Nations Convention to Combat Desertification closed in Riyadh, the capital of Saudi Arabia, on the 14th local time after "extra time". The General Assembly adopted 39 resolutions on the 2025-2026 budget of the United Nations Convention to Combat Desertification, tackling sand and dust storms, tackling drought, and strengthening scientific research and innovation.
Domestic Macro Economy Index
