December 19 Macroeconomic Index:From industrial upgrading of raw materials to changes in global energy demand
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International Crude Price Trend & Exchange Rate of RMB to USD Trend
Domestic News
1. Four departments including the Ministry of Industry and Information Technology issued the "Action Plan for Standard Improvement to Lead the Optimization and Upgrading of the Raw Material Industry (2025-2027)"
2. China's transit visa-free policy has been fully relaxed and optimized
3. Central Rural Work Conference: Orderly promote the extension of the second round of land contracts for another 30 years after the expiration of the pilot
4. National Development and Reform Commission: On December 18, domestic refined oil prices were not adjusted
5. The Ministry of Industry and Information Technology optimizes and adjusts the configuration of the communication channel for direct connection to the Internet of Vehicles
International News
1. IEA: Global coal consumption is expected to hit a new high in 2024 due to strong demand from Asia
2. Indonesia's implementation of the B40 directive in 2025 is likely to be gradual
3. The U.S. Department of Defense has removed AMEC and IDG Capital from the CMC list
4. UK inflation jumped to an eight-month high ahead of the Bank of England's interest rate decision
5. Russian Foreign Ministry: we will take measures in response to the 15th round of illegal EU sanctions against Russia
Domestic News
1. Four departments including the Ministry of Industry and Information Technology issued the "Action Plan for Standard Improvement to Lead the Optimization and Upgrading of the Raw Material Industry (2025-2027)"
Focusing on key areas such as digital transformation, green and low-carbon development, and new materials, the plan clearly implements the "Digital Standard Improvement Project", "New Material Standard Innovation Project" and "Green Standard Upgrade Project", and releases and implements more than 200 digital transformation, more than 100 new material fields, and more than 100 green and low-carbon standards by 2027.
2. China's transit visa-free policy has been fully relaxed and optimized
The National Immigration Administration announced that from December 17, the stay time of transit visa-free foreigners in China will be extended from the original 72 hours and 144 hours to 240 hours (10 days), and 21 new ports will be added as entry and exit ports for transit visa-free personnel, and the stay area of activities will be further expanded. According to data from the National Immigration Administration, from January to November this year, 29.218 million foreigners entered the country's ports, a year-on-year increase of 86.2%.
3. Central Rural Work Conference: Orderly promote the extension of the second round of land contracts for another 30 years after the expiration of the pilot
The Central Rural Work Conference was held in Beijing from 17 to 18, and the meeting emphasized that it is necessary to fully implement the task of further deepening rural reform, orderly promote the second round of land contracts to be extended for another 30 years after the expiration of the pilot, explore the effective form of revitalization and utilization of idle farmhouses through leasing, shareholding, cooperation, etc., innovate the investment and financing mechanism for rural revitalization, and stimulate the vitality of rural revitalization.
4. National Development and Reform Commission: On December 18, domestic refined oil prices were not adjusted
Since the adjustment of domestic refined oil prices on November 20, 2024, oil prices in the international market have fluctuated, according to the current domestic refined oil price mechanism, as for the average price of the first 10 working days on December 4 is compared with the average price of the first 10 working days on November 20, the cumulative price adjustment amount is less than 50 yuan per ton. According to Article 7 of the "Measures for the Administration of Petroleum Prices", the prices of gasoline and diesel will not be adjusted, and the unadjusted amount will be included in the accumulation or offset of the next price adjustment.
5. The Ministry of Industry and Information Technology optimizes and adjusts the configuration of the communication channel for direct connection to the Internet of Vehicles
The Radio Administration of the Ministry of Industry and Information Technology (State Radio Office) issued the Notice of the State Radio Office on Further Clarifying the Relevant Technical Requirements for Radio Transmission Equipment for Direct Communication of the Internet of Vehicles. On the basis of the "Management Regulations", the "Notice" adjusts the original 20MHz single-channel bandwidth configuration of the direct connection communication of the Internet of Vehicles to 10MHz or 20MHz (that is, the vehicle-mounted (portable) equipment of the direct connection communication of the Internet of Vehicles can use 5905-5915MHz or 5905-5925MHz, and the roadside equipment can make 5915-5925MHz or 5905-5925MHz) two channel bandwidth configurations, further improving the flexibility of channel configuration. It is of positive significance to improve the efficiency of spectrum use and anti-interference ability, provide more choices for product development, large-scale deployment, and application promotion, and better meet the needs of the industry, which is of positive significance for promoting the high-quality development of the Internet of Vehicles industry.
International News
1. IEA: Global coal consumption is expected to hit a new high in 2024 due to strong demand from Asia
Global coal consumption is expected to hit a record high this year and remain near that level until 2027 as strong demand in Asia outweighs falling demand in the United States and Europe, the International Energy Agency said on Wednesday. Global coal demand is expected to reach 8.77 billion tonnes in 2024, with China expected to demand nearly one-third more than the rest of the world, the IEA said in the report. Coal demand is expected to jump at a time when its share of the global electricity mix has fallen to its lowest level of 35%, the report said, as strong growth in renewable energy supply helps countries meet rising energy demand. India's coal consumption is expected to increase by more than 5% to 1.3 billion tonnes in 2024, more than the EU and the US together.
2. Indonesia's implementation of the B40 directive in 2025 is likely to be gradual
According to foreign media sources, analysts said that Indonesia's plan to expand its biodiesel blending ratio authorization from January 1, 2025 seems increasingly likely to be implemented gradually as industry players seek to implement it in stages. Indonesia is planning to increase the mandatory blending of palm oil in biodiesel from 35% to 40%, known as the B40 directive, which has triggered a rally in palm futures and could further push palm oil prices up in 2025. While the Prabowo Subianto government has repeatedly said the plan is expected to be fully launched by 2025, industry observers say cost and technical challenges could lead to it being implemented only in parts of the country before it is fully implemented in the country's large number of archipelagos.
3. The U.S. Department of Defense has removed AMEC and IDG Capital from the CMC list
On December 17, local time, the U.S. Department of Defense announced that it had removed China Micro Semiconductor Equipment (Shanghai) Co., Ltd. and IDG Capital from the list of Chinese military companies (CMC list or 1260H list) on December 13. In accordance with Section 1260H of the National Defense Authorization Act for Fiscal Year 2021, the U.S. Department of Defense updates and publishes the 1260H list annually. AMEC and IDG Capital were previously included in the list for their alleged ties to the Chinese military, resulting in reputational damage and potential commercial restrictions for both companies in international markets. The reversal of this decision means that the U.S. Department of Defense no longer formally identifies the two companies as having direct ties to the Chinese military, reducing the negative impact of the policy restrictions on the company's international operations. (Interface)
4. UK inflation jumped to an eight-month high ahead of the Bank of England's interest rate decision
UK inflation rose to an eight-month high in November, further above the Bank of England's 2% target, supporting expectations that the central bank will keep interest rates unchanged at its final meeting of the year. The Office for National Statistics said on Wednesday that the CPI rose 2.6% year-on-year, up from 2.3% in October, driven by higher gasoline prices. Services inflation, which is closely watched by BoE ratemakers, remains stubbornly high at 5%, compared to the BoE's previous forecast of 4.9%. The data will exacerbate fears of so-called "stagflation" – high inflation, low growth – that could be a headache for Prime Minister Starmer, whose Labour government has promised to raise living standards. The Bank of England is expected to leave borrowing costs unchanged at 4.75% on Thursday and ease policy at a cautious pace next year as the UK faces inflation risks at home and abroad.
5. Russian Foreign Ministry: we will take measures in response to the 15th round of illegal EU sanctions against Russia
On the 18th local time, Russian Foreign Ministry spokesperson Zakharova said that the 15th round of EU sanctions against Russia is illegal in nature, which endangers global energy security, and Russia will take countermeasures. The Council of the European Union issued a communiqué on the 16th local time, saying that the EU passed the 15th round of sanctions against Russia. An important component of the new sanctions is targeting the so-called Russian "shadow fleet", which the EU claims is using to circumvent the oil price cap and other trade sanctions. The new sanctions also add 54 individuals and 30 entities to the sanctions list.
Domestic Macro Economy Index
