[Focus on].
The Second Session of the 14th National People's Congress will be held in Beijing on March 5, 2024.
The implementation of the 14th Five-Year Plan has achieved "more than half of the time and more than half of the tasks".
Premier Li Qiang presided over the executive meeting.
Implementation Plan for Promoting Common Prosperity through Digital Economy" was issued.
Minister of Finance Lan Fo'an: In 2024, China's economy will face more opportunities than challenges, and favorable conditions are stronger than unfavorable conditions.
The People's Bank of China: Intensify the implementation of the monetary policy that has been introduced and deepen the structural reform of the financial supply side.
Ten departments including the Ministry of Commerce: Encourage financial institutions to optimize and improve foreign exchange derivatives and cross-border RMB business.
In the first 11 months of 2023, 3020 new business entities were established across the country40,000 households increased by 10 percent year-on-year5%
Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Stock Exchange: Closed on Chinese New Year's Eve.
[Domestic news].
On 29 December, the NPC Standing Committee voted and adopted the decision on convening the Second Session of the 14 th NPC. According to the decision, the Second Session of the 14th National People's Congress will be held in Beijing on March 5, 2024. The 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) recently held a chairman's meeting and suggested that the Second Session of the 14th CPPCC National Committee be held in Beijing on March 4, 2024.
According to the mid-term assessment report of the Outline of the 14th Five-Year Plan for National Economic and Social Development of the People's Republic of China and the Long-Range Objectives Through the Year 2035, the implementation of the Outline has achieved "more than half of the time and more than half of the tasks" in the past two years, laying a solid foundation for the full completion of the goals and tasks of the 14th Five-Year Plan and the good start of building a modern socialist country in an all-round way.
Premier Li Qiang presided over an executive meeting on December 29 to study and further promote the relevant measures of people-oriented new urbanization, decided to approve the Guangdong Taipingling and Zhejiang Jinqimen nuclear power projects, discussed the "Statistics Law of the People's Republic of China (Draft Amendment)", and deliberated and passed the "Regulations on the Implementation of the Archives Law of the People's Republic of China (Draft)" and the "Provisions on the Declaration Standards for Concentration of Undertakings (Revised Draft)".
The National Development and Reform Commission and the National Data Bureau issued the "Implementation Plan for Promoting Common Prosperity through the Digital Economy", which proposes that by 2025, positive progress will be made in narrowing the gap between regions, urban and rural areas, groups and basic public services through the digital economy, and the positive role of the digital economy in promoting common prosperity will begin to appearBy 2030, remarkable results will be achieved in accelerating the bridging of disparities between regions, urban and rural areas, groups, and basic public services, and a number of typical cases of east-west cooperation and replicable and generalizable innovative achievements will be formed, and substantial progress will be made in promoting common prosperity in the digital economy.
Comprehensively promote the construction of Chinese-style modernization" The third report of the series of reports on the economic situation was held in Beijing on December 28, and Lan Foan, Minister of Finance, said that looking forward to next year, China's economy is facing more opportunities than challenges, and favorable conditions are stronger than unfavorable conditions. The fundamentals of China's economy with strong resilience, great potential and vitality have not changed, and important advantages such as institutional advantages, market advantages, industrial system advantages, and human resource advantages have continued to be consolidated, and high-quality development has solid support. We are fully confident, capable and qualified to accomplish the expected goals and tasks of economic and social development for the whole year, and lay a good foundation for next year's development.
The regular meeting of the Monetary Policy Committee of the People's Bank of China for the fourth quarter of 2023 was held on December 27. The meeting held that it is necessary to intensify the implementation of the monetary policy that has been introduced. Maintain reasonable and abundant liquidity, guide the reasonable growth and balanced allocation of credit, and keep the scale of social financing and the amount of money in line with the expected targets of economic growth and the highest level. According to the city's policies, we will accurately implement differentiated housing credit policies to better support the demand for rigid and improved housing, meet the reasonable financing needs of real estate enterprises under different ownership systems without discrimination, and promote the stable and healthy development of the real estate market. Increase financial support for the construction of affordable housing, the construction of public infrastructure for both ordinary and emergency purposes, and the transformation of urban villages, and promote the acceleration of the construction of a new model of real estate development.
The People's Bank of China (PBoC) released its financial market performance for November 2023 on December 27. In November, the average daily trading volume of the Shanghai Stock Exchange was 3540300 million yuan, an increase of 5 from the previous month4%；*The average daily trading volume is 5244800 million yuan, an increase of 66%。As of the end of November 2023, the custody balance of foreign institutions in China's bond market was 354 trillion yuan, accounting for 23%。
The Ministry of Commerce and other ten departments issued opinions on improving the development level of processing. The opinions put forward that banking institutions are encouraged to increase credit support for the production and operation of processing enterprises, especially small and medium-sized enterprises, as well as import and export. Support insurance institutions to increase export credit insurance support for processing enterprises, especially small and medium-sized enterprises. Encourage financial institutions to optimize and improve foreign exchange derivatives and cross-border RMB business, and better meet the exchange rate hedging and cross-border RMB settlement needs of foreign trade enterprises, including processing enterprises.
The Ministry of Industry and Information Technology, the National Development and Reform Commission and other five departments recently jointly issued the "Shipbuilding Industry Green Development Action Plan (2024-2030)", which mentions that by 2025, the shipbuilding industry green development system will be initially constructed;The international market share of green power ships such as liquefied natural gas (LNG) and methanol exceeds 50%.
According to data from the National Bureau of Statistics, from January to November 2023, the profits of industrial enterprises above designated size in the country fell by 44%, and the profit in November increased by 29% year-on-year5%, the growth rate has accelerated significantly compared with October, and has achieved positive growth for four consecutive months. The profits of different types of enterprises have improved, and the profits of private enterprises have turned from declining to increasing. From January to November, private sector profits increased by 16%, the first time since the beginning of this year from decline to increase. In the same period, the decline in profits of large, medium and small enterprises narrowed respectively8 and 47 percentage points.
According to data from the State Administration for Market Regulation, in the first 11 months of 2023, 3,020 new business entities were established across the country40,000 households increased by 10 percent year-on-year5%。Among them, 916 new enterprises were established90,000 households, an increase of 146%；Newly established individual industrial and commercial households 209270,000 households, an increase of 89%。The structure of business entities was further optimized, and the proportion of business entities in the three industries was 39, and the proportion of enterprises in the four new economies was 394%, the quality of development is stable and improving.
At 14:50 on December 27, China successfully launched the 19-22 satellites of the Tianmu-1 meteorological constellation using the Kuaizhou-1A carrier rocket at the Jiuquan Satellite Launch Center, and the satellite successfully entered the predetermined orbit, and the launch mission was a complete success.
The Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange announced the closure arrangements for some holidays in 2024, and the market will be closed on Chinese New Year's Eve. The market will be closed from February 9 (Friday) to February 17 (Saturday), and will be open as usual from February 19 (Monday). In addition, the market will be closed on Sunday, February 4 and Sunday, February 18.
SGE issued an announcement on the market closure arrangements for some holidays in 2024, which mentioned that the market will be closed from February 10 (Saturday, Spring Festival) to February 17 (Saturday). On February 9 (Friday, Chinese New Year's Eve), the market will open normally, and there will be no night market trading in the evening.
The Shanghai Futures Exchange, Shanghai International Energy Exchange, Zhengshang, DCE, Guangfu Exchange, and China Financial ** Exchange issued a notice on the closure of some holidays in 2024, which pointed out that the market will be closed from February 9 (Friday) to February 17 (Saturday).
The Shanghai International Energy Exchange issued a notice that starting from the trading on December 28, 2023 (Thursday), the maximum number of open positions for non-** corporate members, overseas special non-brokerage participants and customers in the container transportation index (European line)**EC2404 and EC2406 contracts is 50 lots, and the maximum number of open positions in EC2408, EC2410 and EC2412 contracts is 100 lots.
[International News].
According to UN News**, the 78th session of the UN General Assembly has approved a total of about 35The 2024 regular budget of $900 million for the United Nations is slightly higher than the 2023 budget. The regular budget of the United Nations for 2023 is about $3.4 billion. The regular budget of the United Nations is used to cover recurrent expenditures required to keep the Agency functioning. In addition to the regular budget, the United Nations prepares peacekeeping budgets. The fiscal year of the peacekeeping budget begins on 1 July of each year, so the peacekeeping budget is adopted in the summer.
On the evening of December 25, the leaders of the Eurasian Economic Union (EAEU) countries held a meeting of the Supreme Council of the Eurasian Economic Commission in St. Petersburg, Russia, and signed a number of documents such as the Declaration on Economic Development, pointing out the direction for further deepening cooperation.
Surveys by several U.S. regional Fed banks, including New York and Dallas, show that U.S. employers expect to hire less in 2024, a trend that is expected to constrain wage growth and ease inflationary pressures. The data showed that the Fed's measures aimed at slowing economic growth and curbing inflation are affecting the economy, an outcome that implies a slowdown in employment, but not a direct contraction.
Dmitry Peskov, Russia's press secretary, said on December 29 that if the West confiscates frozen Russian assets, Russia will take reciprocal action, for which a list of foreign assets has been drawn up. Earlier, the United States suggested that G7 members** how to confiscate $300 billion of Russia's frozen assets, with a view to coming up with a plan for discussion at a possible G7 summit in late February 2024.
The U.S. Department of Energy's Strategic Petroleum Reserve Project Management Office announced on December 26 that it had agreed to start with 2$3.1 billion for a total purchase of $299 from three businesses370,000 barrels of strategic reserves. The DOE will also purchase 6.03 million barrels of strategic reserves in three tranches in February and January 2024.
The EIA report showed that the U.S. business** inventory, excluding strategic reserves, fell by 71140,000 barrels to 43.7 billion barrels, down 16%。
The Bank of Japan said it would reduce the size of its regular bond purchase operations for the January-March 2024 quarter. The Bank of Japan plans to buy 400 billion to 900 billion yen of 5-year and 10-year government bonds in each operation in the coming quarter, compared with 450 billion to 900 billion yen in the previous quarter. The Bank of Japan has also cut its purchases of bonds of other maturities.
While South Korea's financial system remains relatively stable, a shift in monetary tightening, weak domestic demand, and uncertainty in the property market may pose risks to financial stability, according to the South Korean Financial Stability Report. According to the Bank of Korea, the market's expectation of a change in monetary policy will increase instability in financial markets, while the expectation of a lower interest rate will increase household debt.
Editor: Wang Shurui.
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