Policy is focused on monetary policy
On 2024/02/01, the People's Bank of China issued the Announcement on Further Supporting Foreign Institutional Investors to Carry out Bond Repurchase Business in the Interbank Bond Market (Draft for Comments). According to the Announcement, foreign institutional investors entering the inter-bank bond market can basically participate in the bond repurchase business, and various financial institutions such as overseas commercial banks, insurance companies, securities companies, fund management companies, futures companies, trust companies and other asset management institutions, as well as medium and long-term institutional investors such as pension funds and charitable funds, have been added under the existing framework. (Source: Xinhuanet website)
fiscal policy
2024/01/31, in order to standardize the management of funds for local science and technology development guided by the central government and improve the efficiency of the use of funds, the Ministry of Finance revised and issued the "Measures for the Management of Funds for Local Science and Technology Development Guided by the Central Government". According to the measures, the funds in the guidance fund to support major scientific and technological tasks, the construction of regional scientific and technological innovation systems, the construction of scientific and technological innovation bases, and the basic research of free exploration are encouraged to be comprehensively adopted by local governments in a variety of investment methods such as direct subsidies, post-subsidies, and substitution by awards; (Source: Ministry of Finance website of the People's Republic of China)
Industrial policy
2024/01/31, the Ministry of Industry and Information Technology and other 12 departments jointly issued the "Industrial Internet Identification Analysis System "Through" Action Plan (2024-2026), proposing that by 2026, the mainland will build an independent and controllable identification analysis system, and initially achieve large-scale application in key areas of manufacturing and economy and society. (Source: Ministry of Industry and Information Technology website)
Housing market policy
2024/01/30, Suzhou has completely canceled housing purchase restrictions. The staff of the Suzhou Municipal Bureau of Housing and Urban-Rural Development said that the purchase of new houses and second-hand houses in Suzhou is not subject to the qualification review of house purchases, but the policy of restricting the sale of new houses for two years is still retained. (Source: Beijing News)
2024/01/30, the Shanghai Municipal Housing and Urban-Rural Development Management Commission and the Shanghai Municipal Housing Administration jointly issued the Notice on Optimizing the Housing Purchase Restriction Policy in Shanghai, which stipulates that from January 31, non-residents with household registration who have paid social insurance or individual income tax for 5 consecutive years or more in the city can purchase one house in areas outside the outer ring (except Chongming District), so as to better meet the reasonable housing needs of residents and promote regional job-housing balance and industry-city integration. (Source: Shanghai Housing and Urban-Rural Development Commission website)
Pivot
In terms of domestic demand, the performance is differentiated. In real estate, real estate transactions were divided this week. In terms of the real estate market, the transaction area of commercial housing in 30 cities this week increased by 5.0% month-on-month from the previous week, and decreased by 33.2% from the same period before the Spring Festival in 2023. In terms of land market, the transaction area of land in Baicheng decreased by 35.9% month-on-month from the previous week and 25.4% from the same period of the Spring Festival in 2023. In terms of consumption, the average daily sales of passenger cars in the fourth week of January recorded 69,000 units, up 9.2% month-on-month. The box office decreased by 16.8% from the previous week, but increased by 9.5% year-on-year compared with the same period before the holiday. In terms of travel, the average daily number of domestic flights this week increased by 1.3% compared with last week, while the average daily passenger volume of the 10-city subway decreased by 1.4% month-on-month.
In terms of external demand, freight rates rose. In terms of exports, the "Red Sea situation" continued to affect the upward movement of freight rates, and the CCFI index further rose to 1403.0 points this week, up 9.0% from last week. U.S. Redbook retail sales edged down 0.2 percentage points year-on-year to 5.0% from last week. In terms of imports, the BDI index fell 92.3 points from last week to 1410.8 points this week. The CRB index rebounded 5.7 points to 521.7 points.
In terms of production, there was an overall slowdown. The Spring Festival is approaching, and production starts are gradually slowing down. In automobile production this week, the operating rates of all-steel tires and semi-steel tires fell by 15.0 and 5.0 percentage points respectively compared with last week. In the textile industry chain, the load rate of PTA factories, polyester factories and looms in Jiangsu and Zhejiang fell by 0.3, 2.4 and 22.2 percentage points respectively compared with last week. This week, the inventory of major varieties of steel rose to 10.448 million tons. This week, the average daily consumption of coal in the eight coastal provinces increased slightly by 0.3% compared with last week.
The prices of industrial products were mixed. Crude oil, iron ore, copper and aluminum rose 1.2%, 0.7%, 0.9% and 2.2% month-on-month, respectively, for the week. Coking coal, coke, rebar and cement fell by 4.4%, 3.8%, 1.2% and 0.9% month-on-month, respectively. Prices of consumer goods, mostly rising. Most of the pre-holiday food prices rose, among them, the prices of pork, vegetables and fruits increased by 5.5%, 5.4% and 1.3% month-on-month respectively.
Travel by subway
Industrial production
Investment in fixed assets
Prices of industrial goods
Prices of consumer goods
real estate
consume
Imports and exports
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