The U.S. Treasury Secretary called on China to change its economic policy, and the Ministry of Foreign Affairs responded!

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★ Macro dynamics ★

U.S. Treasury Secretary Janet Yellen called on China to change its economic policy, and the Ministry of Foreign Affairs responded

On December 15, Foreign Ministry Spokesperson Mao Ning held a regular press conference. US Treasury Secretary Janet Yellen yesterday called for a change in China's economic policy, saying that state-owned enterprises (SOEs) are too big to limit growth, and security agencies are too big to discourage investment. Do you have any comment?

Mao Ning said that China has always believed that the development of healthy and stable China-US economic and trade relations is beneficial to China and the United States and the world. We are ready to work with the US side to uphold the principles of mutual respect, peaceful coexistence and win-win cooperation, implement the consensus reached at the China-US summit in San Francisco, and jointly promote the sound and steady development of bilateral economic and trade relations. Mao Ning pointed out that we also hope that the US side can match its words with deeds, and not reiterate that it wants to cooperate with China and not seek "decoupling" from China, while constantly waving the "big stick" of sanctions against Chinese companies.

Putin called Russia's cooperation with China to an unprecedented level, the Foreign Ministry responded

Foreign Ministry Spokesperson Mao Ning held a regular press conference on December 15. At the meeting, Russian media reporters asked: Russian President Vladimir Putin said yesterday at a live broadcast and a large-scale press conference that the cooperation between Russia and China has reached an unprecedented height. He stressed that Russia and China cooperate in the military, economic and humanitarian spheres, but will not create any alliances and will not target third parties. How does the Foreign Ministry view President Putin's statement?

Mao Ning said that the Chinese side has taken note of President Putin's positive appraisal of Sino-Russian bilateral relations and appreciates this. Under the strategic guidance of the two heads of state, China-Russia relations have maintained healthy and steady development. The two sides have always adhered to the principles of non-alignment, non-confrontation and non-targeting of any third party, and developed bilateral relations and cooperation in various fields on the basis of mutual respect, equality and mutual benefit, which has brought tangible benefits to the two peoples and played a positive role in promoting common development and progress in the world.

Central Bank: At the end of the third quarter of 2023, the total assets of financial institutions were 452.82 trillion yuan

According to the central bank, preliminary statistics show that at the end of the third quarter of 2023, the total assets of financial institutions in mainland China were 452.82 trillion yuan, a year-on-year increase of 9.5%, of which the total assets of banking institutions were 409.77 trillion yuan, a year-on-year increase of 9.6%, the total assets of securities institutions were 13.46 trillion yuan, a year-on-year increase of 4.6%, and the total assets of insurance institutions were 29.59 trillion yuan, a year-on-year increase of 10.8%. The liabilities of financial institutions were 413.3 trillion yuan, up 9.7 percent year-on-year, of which the liabilities of banking institutions were 376.38 trillion yuan, up 9.8 percent year-on-year, the liabilities of securities institutions were 10.11 trillion yuan, up 4.4 percent year-on-year, and the liabilities of insurance institutions were 26.81 trillion yuan, up 11.8 percent year-on-year.

Ministry of Finance: From January to November, the cumulative national general public budget revenue was 200131 billion yuan, a year-on-year increase of 7.9%

According to data from the Ministry of Finance, from January to November, the national general public budget revenue was 200131 billion yuan, a year-on-year increase of 7.9%. Among them, the tax revenue was 16,842.0 billion yuan, up 10.2 percent year-on-year, and the non-tax revenue was 3,171.1 billion yuan, down 3 percent year-on-year. In terms of central and local revenues, the central general public budget revenue was 9,169.2 billion yuan, up 6.9 percent year-on-year, and the local general public budget revenue at the same level was 108439 billion yuan, up 8.7 percent year-on-year.

National Bureau of Statistics: Power generation in November was 731 billion kWh, a year-on-year increase of 8.4%

According to the National Bureau of Statistics, in November, power generation was 731 billion kilowatt hours, a year-on-year increase of 8.4%, and the growth rate was 3.2 percentage points faster than that in October, with an average daily power generation of 24.37 billion kilowatt hours. From January to November, the power generation capacity was 8,073.2 billion kilowatt hours, a year-on-year increase of 4.8%.

In November, the growth rate of thermal power and solar power generation accelerated, the growth rate of hydropower fell, wind power changed from decline to increase, and the decline of nuclear power expanded. Among them, thermal power increased by 6.3 percent, the growth rate was 2.3 percentage points faster than that in October, hydropower increased by 5.4 percent, the growth rate fell by 16.4 percentage points from October, nuclear power decreased by 2.4 percent, the decline rate was 2.2 percentage points higher than that in October, wind power increased by 26.6 percent, the growth rate was down 13.1 percent in October, and solar power generation increased by 35.4 percent, the growth rate was 20.1 percentage points faster than that in October.

National Bureau of Statistics: With the gradual implementation of the policy of expanding domestic demand, consumption will gradually shift from post-epidemic recovery to continuous expansion, and there will be no deflation

On December 15, the State Council Information Office held a press conference on the operation of the national economy in November 2023. At the meeting, Liu Aihua, spokesman of the National Bureau of Statistics, said that since the beginning of this year, the economic operation has continued to pick up for the better, and the demand for goods and services has continued to recover, from the data of the month in November, the market sales have grown rapidly, and the total retail sales of consumer goods have increased by 10.1% year-on-year, and the growth rate has accelerated by 2.5 percentage points compared with October. From January to November, retail sales of services increased by 19.5% year-on-year, 0.5 percentage points faster than that from January to October. The just-concluded Central Economic Work Conference pointed out that it is necessary to stimulate consumption with potential, expand investment with benefits, and form a virtuous circle in which consumption and investment promote each other. With the gradual implementation of the policy of expanding domestic demand, consumption will gradually shift from post-epidemic recovery to continuous expansion, and the problem of insufficient effective demand in the current economic operation is expected to be gradually alleviated, and the operation of low prices will also be improved, and there will be no deflation.

Seven departments: support artificial intelligence enterprises to develop large models of audio-visual applications

Seven departments, including the Ministry of Industry and Information Technology, issued the "Guiding Opinions on Accelerating the High-quality Development of the Audiovisual Electronics Industry". Among them, it is proposed to support leading color TV enterprises to enrich the product matrix, improve the industrial chain, explore overseas markets, continue to enhance ecological dominance, and lead the development of the industry. Encourage speakers, headphones, and microphone OEMs to develop their own brands and enhance the added value of products and industry influence. Accelerate the cultivation of specialized and new "little giants" and individual champions in the manufacturing industry in the fields of commercial display, vehicle audio-visual, and audio and video. Support backbone enterprises to become bigger and stronger, and support artificial intelligence enterprises to develop large models of audio-visual applications. Promote enterprises to establish an advanced quality management system, carry out quality management ability evaluation, and encourage enterprises to climb to excellent quality.

State Administration of Foreign Exchange: Further facilitate the receipt and payment of foreign exchange funds under the current account

On December 15, it was reported that the State Administration of Foreign Exchange issued the "Notice on Expanding the Pilot Program for High-level Opening of Cross-border Trade and Investment". It is proposed to further facilitate the receipt and payment of foreign exchange funds under the current account. Qualified prudent and compliant banks in the pilot areas (hereinafter referred to as prudent compliance banks) can handle foreign exchange receipts and payments under the current account for the pilot high-quality enterprises in accordance with the principle of "know your customers, understand your business, and conduct due diligence", and for a single foreign exchange expenditure of more than US$50,000 equivalent to service trade and other items, they can verify the Tax Filing Form for External Payment of Service Trade and Other Items after the fact. Support banks to optimize new types of international trade settlements. Encourage prudent and compliant banks in pilot areas to innovate financial services, and independently handle new types of international trade foreign exchange receipts and payments for pilot high-quality enterprises that are true and compliant.

Hebei Equity Exchange moved to Xiong'an New Area and changed its name to Xiong'an Equity Exchange

According to CCTV News on December 15, in order to help Xiong'an New Area undertake Beijing's non-capital functions and improve the function of serving the headquarters of central enterprises and second- and third-level subsidiaries or innovative business sectors, Hebei Equity Exchange recently moved to Xiong'an New Area and changed its name to Xiong'an Equity Exchange.

Since the opening of the Hebei Equity Exchange in October 2013, it has served more than 20,000 enterprises in Hebei Province such as "specialized, special and new", science and technology, and a total of 2,513 companies have been listed in various sectors, of which 3 companies have been issued and listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange and Beijing Stock Exchange, and a total of 7 companies have been transferred to the New Third Board, which has boosted the listing of enterprises to achieve new breakthroughs.

Beijing's housing provident fund has begun to implement the new policy

According to CCTV news, after Beijing introduced a new real estate policy, according to the Beijing Housing Provident Fund Management Center, the new down payment ratio standard and loan term have been implemented. After the policy adjustment, the down payment ratio no longer distinguishes between ordinary housing and non-ordinary housing. The down payment ratio shall not be less than 30% for the purchase of the first house, and the down payment ratio shall not be less than 50% for the purchase of the house located in the six districts of the city (Dongcheng, Xicheng, Chaoyang, Haidian, Fengtai and Shijingshan District) and the second house shall be paid, and the down payment ratio shall not be less than 40% for the purchase of the house located outside the six districts of the city and the second house. The maximum loan tenure has been adjusted from 25 years to 30 years. After the policy adjustment, the monthly deposit required at the time of loan and the monthly repayment amount at the time of repayment have been reduced, provided that other loan conditions remain unchanged.

The parties involved and the responsible persons of Jiangxi's "rat head duck neck" were fined 7.06 million yuan

According to Tianyancha, recently, the administrative punishment of the enterprises involved in the "rat head duck neck" and the relevant responsible persons was announced. Among them, Jiangxi Zhongkuai Logistics Service Co., Ltd. was fined 100,000 yuan and confiscated 1,325.5 yuan of illegal gains, and the responsible person Zhu Moumou was fined 10 times last year's income, that is, more than 2.844 million yuan, Tao Moumou was fined 8 times last year's income, that is, more than 1.852 million yuan, Yi Moumou was fined 9 times last year's income, that is, more than 2.263 million yuan, and the parties involved and the responsible persons were fined a total of 7.06 million yuan.

★ Financial institutions ★

A number of banks in Shanghai cut mortgage rates: the interest rate on the first home fell to 4.1%

According to the Shanghai Securities News, on December 15, the reporter learned that Shanghai has optimized the housing credit policy and adjusted the standard of ordinary housing, and many banks in Shanghai have begun to implement it, and the interest rate on the first home loan has dropped to 4.1%, and the interest rate on the second home loan is as low as 4.4%. "Starting from today, the interest rate for the first home is 4.1%, and the minimum down payment ratio is not less than 30%, the second home loan interest rate in the main urban area is 4.5%, and the minimum down payment ratio is not less than 50%, and the mortgage interest rate in the non-main urban area is 4.4%, and the minimum down payment ratio is not less than 40%. Industrial and Commercial Bank of China Shanghai Hongkou Branch said.

Qi Yan, former deputy secretary of the Party Committee, chairman of the board of supervisors and secretary of the Commission for Discipline Inspection of Guangfa Bank Guangyin Wealth Management, was "double-opened"

According to the Central Discipline Inspection Commission and the State Supervision Commission in Chinese Life and the Liaoning Provincial Commission for Discipline Inspection and Supervision: A few days ago, the Central Discipline Inspection Commission and the State Supervision Commission in Chinese Life and the Qingyuan County Supervision Committee in Fushun City, Liaoning Province, conducted a disciplinary review and supervision investigation into Qi Yan, former deputy secretary of the party committee, chairman of the board of supervisors, and secretary of the Discipline Inspection Commission of Guangfa Bank Guangyin Wealth Management Co., Ltd., for serious violations of discipline and law.

In accordance with the Regulations on Disciplinary Sanctions of the Communist Party of China, the Supervision Law of the People's Republic of China, the Law of the People's Republic of China on Administrative Sanctions against Public Employees, and Several Provisions on the Honest Practice of Leaders of State-Owned Enterprises, and other relevant provisions, after research by the Discipline Inspection and Supervision Group of the Central Discipline Inspection Commission and the State Supervision Commission in Chinese Life, the Party Committee of Guangfa Bank expelled Qi Yan from the party. The Qingyuan County Supervisory Committee of Fushun City, Liaoning Province, is to transfer the issue of his suspected crimes abusing public office to the procuratorial organs for examination and prosecution in accordance with the law, and the property involved is also transferred.

★ Market data ★

Closing comments: The Shanghai Composite Index fell 0.56%, the Internet e-commerce sector rose at the end of the session, the media sector rose, and the innovative drug concept stocks fell

At the close, the Shanghai Composite Index closed down 0.56%, the Shenzhen Component Index closed down 0.35%, and the ChiNext Index closed down 0.65%. The BSE 50 index fell 1.08%. On the same day, the turnover of the two cities was 733.2 billion yuan, a decrease of 3.8 billion yuan from the previous trading day, the net selling of northbound funds exceeded 4.1 billion yuan, compared with the previous net purchase of more than 5 billion yuan, and the net outflow of funds in the broader market exceeded 13.8 billion yuan. Stocks in the two cities showed a trend of falling more and rising less, with 1,628 stocks rising and 3,496 stocks falling. Among them, 48 are up limit stocks and 14 are down limit stocks. In terms of sectors, Internet e-commerce, media, real estate development, household light industry, Kuaishou concept, short drama games, Pinduoduo concept, e-sports and other sectors were among the top gainers, while chemical pharmaceuticals, biological products, traditional Chinese medicine, pharmaceutical business, Alzheimer's disease concept, new crown special drugs, innovative drugs and other sectors were among the top decliners.

The financing balance of the two cities decreased by 2.196 billion yuan

As of December 14, the financing balance of the Shanghai Stock Exchange was 837.216 billion yuan, a decrease of 494 million yuan from the previous trading day, the financing balance of the Shenzhen Stock Exchange was 759.507 billion yuan, a decrease of 1.702 billion yuan from the previous trading day, and the total of the two cities was 1596.723 billion yuan, a decrease of 2.196 billion yuan from the previous trading day.

Hong Kong stocks closed: the Hang Seng Index rose 2.38%, led by auto dealers and paper concepts, and Sunac China rose more than 16%

Hong Kong stocks closed at a high level throughout the day, with the Hang Seng Index up 2.38% to close at 16,792.19 points, and the Hang Seng Tech Index up 2.22% to close at 3,780.69 points. In terms of sectors, auto dealer concept stocks and paper stocks led the gains, while online education concept stocks and automotive electronics concept stocks led the decline. In terms of popular stocks, Sunac China rose more than 16%, Jingdong Group rose more than 6%, and Oriental Selection fell more than 5%.

★ Company dynamics ★

Kuaishou will stop the commercial launch of third-party micro-short drama mini programs on the evening of December 31

According to Jiemian News, on December 15, Kuaishou announced that in order to guide the healthy development of the paid short drama business and consolidate its own short drama content and industrial ecological construction, the platform will officially stop the commercial promotion and launch of third-party micro-short drama mini programs at 20:00 on December 31. Kuaishou official said that from December 22, third-party mini program micro-short drama advertisers can gradually migrate to Kuaishou mini programs and Kuaishou's self-built links for delivery, during which in order to reduce the impact of migration on advertisers and ensure the delivery effect, the Kuaishou platform will give certain policy support.

Luo Yonghao shouted to Dong Yuhui to provide support for his entrepreneurship

On the afternoon of December 15, Luo Yonghao posted an article on his circle of friends to explain his attitude towards Dongfang's selection of Dong Yuhui. Luo Yonghao bluntly said, "There is really no need to waste my life to work", and said, "If Mr. Dong Yuhui himself wants to start a business, I am willing to save a bureau with some friends who do investment and business to support him to start a business smoothly."

Oriental Selection: The recent outbreak of public opinion has exposed the conflict between the two models of Internet celebrity model and product route, and sticking to the product route is the best choice

According to the surging news report, on December 15, the relevant person in charge of Dongfang Selection said that the recent outbreak of public opinion has exposed the conflict between Dongfang Selection in the Internet celebrity model and the product route. Dongfang Selection said that sticking to the product route is undoubtedly the best choice for Dongfang Selection to respond to doubts.

Meituan has closely investigated the Middle East market and is still waiting to see how it goes overseas

According to 36Kr reports, from October last year to the middle of this year, Zhu Wenqian, head of the overseas department of Meituan's war investment, visited the Middle East many times. According to people familiar with the matter, in addition to understanding the local business policies, the core of her research is to investigate the competitive status of the food delivery business. In May, Zhu Wenqian, together with Meituan CEO Wang Xing, Meituan Daojia Business Group President Wang Pu and other core senior executives visited the Middle East again and met with a number of Saudi royal family members and ministers. By the middle of the year, Meituan had tried to recruit HRD to form a Middle East team and considered placing the first pilot city in Riyadh, but the move was then shelved, according to the people familiar with the matter. "There are differences of opinion at the top. An insider explained.

SpaceX has received approval from the FCC to conduct direct call tests through Starlink satellites and mobile phones

According to Jiemian News, on December 14, Musk's Space Exploration Company (SpaceX) was approved by the Federal Communications Commission (FCC) to cooperate with T-Mobile to conduct direct call (DTC) tests through "Starlink" satellites and ordinary mobile phones. The FCC approved SpaceX's six-month test authorization request, which will involve about 2,000 test equipment and 840 satellites, according to regulatory filings.

RGE Group has proposed a HK$26.1 billion acquisition of tissue manufacturer Vinda International

According to Jiemian News, on December 15, the Golden Eagle Group of Indonesian wealthy businessman Tanoto Chen proposed to acquire tissue manufacturer Vinda International for up to 26.13 billion Hong Kong dollars. Golden Eagle Group announced on the 15th that the purchase price was nearly 150% higher than Vinda's net asset value per share of HK$9.41 as of the end of June this year. RGE said its two major shareholders, Swedish personal care products maker Essity and Vinda founder Li Chaowang, who hold about 72.63% of Vinda's shares, have committed to accepting the takeover bid. RGE said it has no plans to make significant changes to Vinda's current business operations, including no redeployment of fixed assets or significant changes to Vinda's management or employees.

Jia Yueting failed to fulfill the 150 million arrears and became a "lai" again

Tianyancha App shows that recently, Jia Yueting and LeTV Holdings (Beijing) Co., Ltd. refused to perform the obligations determined by effective legal documents due to their ability to perform, and were listed as dishonest persons subject to execution (Lao Lai) by the Shanxi Provincial High People's Court, in addition, Jia Yueting's about 920 million shares of LeTV Holdings were frozen again due to the case. According to the process of the case, the case involved disputes over loan contracts between Shanxi Yaoxin Financing Guarantee Co., Ltd., LeTV Holdings (Beijing) Co., Ltd., and Beijing Baiding New Century Commercial Management Co., Ltd. In November this year, LeTV Holdings (Beijing) Co., Ltd. and Jia Yueting were forced to pay more than 150 million yuan for this case.

Editor-in-charge: Wang Yunpeng

Proofreading: Wang Jincheng