December 20th Macro Economic News: NDRC Press Conference and Global Policy Updates
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International Crude Price Trend and Exchange Rate of RMB to USD Trend
Domestic News
1. The National Development and Reform Commission held a press conference in December
2. The 28th regular meeting of the Chinese and Russian prime ministers was held in Beijing
3. The Ministry of Finance issued a notice requiring strict implementation of the accounting standards for enterprises and earnestly doing a good job in the 2023 annual report of enterprises
4. Support qualified employee-based household management enterprises to go public for financing and issue bonds
International News
1. The Bank of Japan announced that it will continue to maintain an ultra-loose monetary policy
2. Overall capital requirements and guidance for eurozone banks raised from 10.7% to 11.1%
3. The United Kingdom has become the second economy in the world to announce the implementation of "carbon tariffs".
4. The European Union announced that it has decided to extend the suspension of rebalancing tariffs on US products until March 31, 2025, in the context of the steel and aluminum dispute
Domestic News
1. The National Development and Reform Commission held a press conference in December
The National Development and Reform Commission held a press conference in December, the main points include: (1) China has the conditions and ability to successfully complete the main expected goals of economic and social development this year (2) The National Development and Reform Commission approved a total of 144 fixed asset investment projects in the first 11 months, with a total investment of 1.28 trillion yuan (3) to ensure that the franchise project is not deformed, and accelerate the introduction of the franchise program to prepare the outline, Concession agreement template and other documents (4) as of the end of November, local government special bonds have been basically issued (5) the national energy supply can be effectively guaranteed during the current round of cold wave (6) China's CPI is expected to rebound moderately next year.
2. The 28th regular meeting of the Chinese and Russian prime ministers was held in Beijing
The 28th regular meeting of the Chinese and Russian premiers was held in Beijing. The two sides agreed that at present, China and Russia are committed to development and revitalization, and the two sides should further enhance the endogenous driving force for the development of China-Russia relations, expand bilateral trade and agricultural cooperation, jointly safeguard the energy security of the two countries, strengthen connectivity, enhance personnel exchanges and local cooperation, and ensure the safety and stability of industrial and supply chains.
3. The Ministry of Finance issued a notice requiring strict implementation of the accounting standards for enterprises and earnestly doing a good job in the 2023 annual report of enterprises
The Ministry of Finance issued a notice requiring strict implementation of the accounting standards for enterprises and earnestly doing a good job in the 2023 annual report of enterprises. Enterprises should strengthen the review of accounting and reports making to ensure that the data in the annual report is true and accurate, and strictly prevent the distortion of accounting information, Listed companies are not allowed to avoid delisting by adjusting accounting information.
4. Support qualified employee-based household management enterprises to go public for financing and issue bonds
The "Guiding Opinions on Supporting and Guiding the Transformation and Development of the Employee System in the Household Service Industry" was issued. Support qualified employee-based household management enterprises to go public for financing and issue bonds; Encourage cross-border cooperation, chain management, listing and go public, etc.; Support local governments to focus on leading enterprises such as women's household management enterprises to promote the large-scale development of the household management industry.
International News
1. The Bank of Japan announced that it will continue to maintain an ultra-loose monetary policy
The Bank of Japan announced that it will continue to maintain its ultra-loose monetary policy, keeping the upper limit of the long-term interest rate control target at 1% and the short-term interest rate at minus 0.1%. The Bank of Japan will still keep long-term interest rates around zero by buying long-term government bonds; Maintain the judgment of the current state of the economy, which is that the Japanese economy is "slowly recovering".
2. Overall capital requirements and guidance for eurozone banks raised from 10.7% to 11.1%
Overall capital requirements and guidance for Eurozone banks were raised to 11.1% from 10.7%, mainly due to an increase in the counter-cyclical buffer zone. Enria, chairman of the ECB's supervisory board, said that the ECB has canceled the capital surcharge on leveraged loans of one bank; Banks' exposure to private credit is being monitored.
3. The United Kingdom has become the second economy in the world to announce the implementation of "carbon tariffs"
The UK became the second economy in the world to declare a "carbon tariff". The UK government has announced that it will implement the UK Carbon Border Adjustment Mechanism from 2027, which will initially cover aluminum, cement, ceramics, fertilizers, glass, hydrogen, and steel.
4. The European Union announced that it has decided to extend the suspension of rebalancing tariffs on US products until March 31, 2025, in the context of the steel and aluminum dispute
The European Union announced its decision to extend the suspension of rebalancing tariffs on US products until March 31, 2025, against the backdrop of the steel and aluminum dispute. The European Union says it is seeking negotiation to make a full and permanent removal of Trump-era’s Section 232 tariffs on EU exported steel and aluminum.
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