Policy is focused on monetary policy
On April 18, 2024, the People's Bank of China Party Committee Theory Study Center Group recently wrote in the People's Daily that it will continue to maintain the soundness of monetary policy, accurately grasp the law and new characteristics of money and credit supply and demand, guide financial institutions to maintain balanced credit delivery, enhance the stability and sustainability of loan growth, extend the time and cross the cycle to maintain the scale of social financing, money supply and economic growth and price level expected targets, and support the steady and healthy development of the real economy with reasonable and moderate growth of financial aggregates. (Source: People's Daily)
fiscal policy
On April 12, 2024, the Ministry of Finance, the Ministry of Industry and Information Technology, and the Ministry of Transport issued the "Notice on Carrying out the Pilot Work of Filling and Swapping Facilities at the County Level" (Cai Jian [2024] No. 57), from 2024 to 2026, in accordance with the principle of "planning first, scene traction, scientific and orderly, and adapting measures to local conditions", the pilot project of "100 counties, 100 stations, 1000 piles" will be carried out, and the planning and construction of new energy vehicle charging and swapping facilities in key villages and towns will be strengthened. The central government will arrange incentive funds to support the pilot counties to carry out the pilot work. (Source: Ministry of Finance website)
Industrial policy
2024/4/17, Jin Xiandong, director of the Research Office of the National Development and Reform Commission, said at the press conference that in the recent period, everyone has paid great attention to the low-altitude economy. In the next step, the National Development and Reform Commission will coordinate and cooperate with relevant departments, adhere to the principle of seeking progress while maintaining stability, better coordinate high-quality development and high-level safety, and promote the formation of a good situation of healthy development of the low-altitude economy with rich and diverse scenarios, intelligent and efficient supply, and standardized supervision and safety, with market demand as the traction, technological innovation as the drive, and airspace opening as the guarantee. (Source: National Development and Reform Commission website)
Housing market policy
2024/4/15, On April 15, Zhengzhou Urban Development Group Co., Ltd. and Zhengzhou Housing and Real Estate Association announced that they will launch a pilot project for the acquisition of second-hand housing, which will be from April 20 to June 30, 2024. According to the announcement, the pilot stage is limited to 500 sets, and if the number of purchased units is full, the registration will end early. The total purchase price of newly built commercial housing by the people who change houses shall not be lower than the total purchase price of second-hand housing. In the pilot phase, the owner of the second-hand housing and the buyer of the newly built commercial housing must be the same entity. (Source: Henan Daily)
Pivot
In terms of domestic demand, automobile consumption declined. In terms of real estate, new home transactions fell slightly, with the year-on-year decline in the transaction area of commercial housing in 30 cities expanding by 0.2 percentage points from the previous week to 38.9%, and the year-on-year decline in the transaction area of land in 100 cities narrowing to 40.8%. In terms of travel, residents' travel demand has risen, with the average daily number of subway trips in 10 cities increasing by 80,000 compared with last week. In terms of consumption, the average retail passenger car sales fell by 5.0 percentage points year-on-year to 13.0% last week. In terms of construction, the average daily turnover of construction steel this week was 162,000 tons, an increase of 19.0% month-on-month and a year-on-year decrease of 6.9%, the cement shipment was 4.634 million tons, a year-on-year decrease of 29.1%, and the weekly shipment of asphalt from 54 sample enterprises was 385,000 tons, an increase of 2.2% month-on-month.
In terms of external demand, the freight index rebounded slightly. This week, U.S. Redbook retail sales fell 0.5 percentage points year-on-year to 4.9%. The CCFI index rebounded 6.2 points from last week to 1185.1 points. In terms of imports, the CRB index recorded 546.2 points this week, basically unchanged from the previous week, and the Baltic index rose 179.5 points from the previous week to 1813.5 points.
In terms of production, the start of construction is differentiated. This week, the operating rates of all-steel tires and semi-steel tires rose by 2.8 and 2.7 percentage points respectively compared with last week. The production of the textile industry is differentiated, the load rate of polyester factories is 1.3 percentage points higher than last week, and the load rate of PTA factories and looms in Jiangsu and Zhejiang provinces is down 2.6 and 0.3 percentage points respectively from last week. The average daily consumption of coal fell by 31,000 tons month-on-month to 1.800 million tons, and the cement shipment rate rebounded slightly to 38.9%.
The prices of industrial products rose more and fell less. In addition to crude oil and glass, the prices of major industrial products have risen to varying degrees this week, among which the prices of black and iron ore have risen significantly. The prices of coking coal and coke in the black series increased by 8.2% and 5.7% month-on-month, respectively. Iron ore and cement prices rose by 2.8% and 2.3% respectively month-on-month. Consumer goods prices were mixed. Pork, fish, eggs, fruit and gasoline prices have risen this week, while beef, lamb, white chicken and vegetables have fallen.
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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