Xinhua Financial Evening News: January 27

2022-08-06 0 By

Premier Li: In the face of new downward pressure on economic development, we will step up cross-cyclical adjustment of macro policies.The State Council issued the 14th Five-year Plan for market supervision modernization.The ministry: for urban resident population of 1 million to organize the implementation of small and medium-sized cities under the cloud network strong base action.State Administration for Market Regulation: Strengthen anti-monopoly and anti-unfair competition supervision and law enforcement in key areas such as platform economy and information security.Profits of industrial enterprises above designated size will increase by 34.3 percent in 2021.The number of registered individual businesses in China reached 100 million, a historic breakthrough.A number of fund companies announced from the purchase of its funds.• In the face of new downward pressure on the economy, We will step up cross-cycle adjustment of macro policies to keep the economy operating within a proper range, Premier Li Keqiang said.We strengthened targeted regulation and promptly took strong and effective measures to address difficulties and challenges, thus stabilizing market expectations and boosting market confidence.We will step up assistance to enterprises, implement a large-scale combination of tax and fee cuts, continue to reduce the financing costs of enterprises, especially micro, small and medium-sized enterprises, adopt a combination of measures to expand effective demand, and help market entities facing severe difficulties and creating more jobs to tide over difficulties.We will further deepen reform, improve the business environment, and promote the common development of economic entities under all forms of ownership.• The 14th Five-year Plan for market regulation modernization issued by The State Council proposes to explore and innovate regulatory models that meet the characteristics of the new economy, such as platform economy, industrial digitization, new individuals, micro-economy and sharing economy, to promote the healthy and orderly development of the new economy.We will improve the regulations and standards governing new forms of transport, including online car-hailing, bike-sharing, time-sharing leasing of vehicles, and online freight transport.Guide the orderly competition of platform economy.Platform enterprises will be obliged to declare their mergers and acquisitions in accordance with the law to prevent “pint-tip mergers and acquisitions”.• The discipline inspection team of the CPC Central Commission for Discipline Inspection and the National Commission for Discipline Inspection at the People’s Bank of China notified 12 typical cases of violations of the CPC Central Committee’s Eight-point Rules recently.Among them, the people’s Bank of Wuyishan branch of the former Party secretary, president jiang Hai and other four violations of official reception problems.• According to the Risk Notice on Non-standard Use of the word “bank” issued by the CBRC, no unit or individual is allowed to engage in commercial banking business such as absorbing public deposits, and no unit is allowed to use the word “bank” in its name.At the same time, it is easy to mislead the public and disrupt the order of the financial market to name the relevant ecological resources operation and development platform as “bank”.• The General Office of the Ministry of Industry and Information Technology and the General Office of the National Development and Reform Commission issued the Notice on Promoting The Integration of cloud and Internet and Speeding up the Construction of Information Infrastructure in Small and Medium-sized Cities, organizing and implementing the cloud network strengthening action for small and medium-sized cities (including prefecture-level cities, counties and large towns) with a permanent urban population of less than 1 million.By 2025, a cloud network infrastructure covering small and medium-sized cities will be basically completed in the eastern region, the central and western regions, and parts of Northeast and North China, to achieve the goal of “1000 cities with 1000 gigabytes” and “1000 cities with 1000 pools”.• China’s online retail sales reached 13.1 trillion yuan in 2021, up 14.1% year on year, or 3.2 percentage points faster than the previous year, according to Gao Feng, spokesperson of the Ministry of Commerce.Among them, online retail sales of physical goods reached 10.8 trillion yuan, exceeding 10 trillion yuan for the first time, up 12.0 percent year on year.• The World Trade Organization (WTO) issued a ruling on China’s countervailing measures against the United States, finding that China could impose $645 million a year in trade retaliation against the United States for its failure to comply with a valid WTO ruling, the Ministry of Commerce (MOC) reported Tuesday.• Data from the National Bureau of Statistics shows that in 2021, the total profits of industrial enterprises above designated size reached 8.709.21 trillion yuan, up 34.3 percent from the previous year and 39.8 percent from 2019, with a two-year average growth of 18.2 percent.In December 2021, industrial enterprises above designated size earned a total profit of 734.20 billion yuan, up 4.2 percent year on year.• Statistics from the State Administration for Market Regulation show that by the end of 2021, the number of registered individual businesses in China had reached 103 million, accounting for two-thirds of the total market players.Ninety percent of them are concentrated in the service industry, mainly in wholesale and retail, accommodation, catering and residential services.In 2021, 19.701 million individual businesses were newly established across the country, up 17.2 percent year on year, exceeding the average annual growth rate of 11.8 percent from 2012 to 2021.• Yuan Xilu, director of the Price Supervision, Inspection and Anti-unfair Competition Bureau of the State Administration for Market Regulation, said that the next step will be to accelerate the improvement of anti-unfair competition laws and rules, constantly improve the multi-level competition regulation system, clarify the bottom line of the rules, and provide a clear expectation for market players.We will strengthen anti-monopoly and anti-unfair competition supervision and law enforcement in key areas such as platform economy, scientific and technological innovation, information security, and people’s livelihood, and effectively safeguard the order of fair market competition.• The State Administration of Mine Safety recently issued a Notice on Deepening the Three-year Campaign of Special Rectification of Coal Mine Safety to Promote root causes and Tackle Key Problems.The notice noted that positive progress has been made in coal mine safety work since the launch of a three-year campaign to clean up coal mine safety and a large-scale investigation.But the situation of coal mine safety production is still grim and complex.• Huitianfu, EFunda, GUANGfa Fund, Wells Fargo Fund, Harvest Fund, Southern Fund and other funds announced on the 27th to purchase their own funds.Prior to this, the Central European fund, Hua an fund and other fund companies have also announced the purchase of their funds.• China’s gold production in 2021 will be 328.98 tons, down 9.95% year on year, according to data released by the China Gold Association on March 27.Gold consumption was 1,120.90 tons, up 36.53 percent year on year.Mysteel’s latest data show that the week ending January 27, domestic thread production decreased by 29,100 tons, the second consecutive week of reduction;Social banks increased by 1.047 million tons, the fourth consecutive week of increase;The factory inventory increased by 125,900 tons on a month-on-month basis.• Inflation rose to 5.9% in the fourth quarter of 2021 from 4.9% in the third quarter, the highest since the second quarter of 1990, according to Statistics New Zealand, reinforcing expectations that the Reserve Bank of New Zealand will continue to raise interest rates.• Eurozone money markets have renewed bets that the ECB will raise interest rates by more than 20 basis points by December 2022.• Turkey’s central bank governor said the median inflation forecast for the end of 2022 was 23.2 percent, compared with 11.8 percent previously reported.• Philippine GDP growth of 5.6% yoy in 2021 vs. 5.1% forecast;The Philippines’ GDP grew 7.7% yoy in the fourth quarter of 2021, versus an estimate of 6.3%.– Stocks • A-shares: The Shanghai Composite index opened slightly higher Monday morning, while shenzhen Component index and growth Enterprise Index opened slightly lower.The main stock index at the beginning of the weak collation, intraday decline expanded, during the early session that continued to hit a new low stage, afternoon continued to shock the downward trend, and finally fell sharply.On the disk, only the coal plate floating red, other plates all fell, tourism, software services, Internet and other plates fell in front.As of the close, Shanghai index reported 3394.25 points, down 1.78%, clinched a deal of 346.5 billion yuan;Shenzhen Component index reported 13398.84 points, down 2.77%, transaction 476.4 billion yuan;Gem index at 2906.76 points, down 3.25%, transaction 190.6 billion yuan.– Bonds • Chinese bonds: Most government bond futures fell, with the 10-year main contract T2203 down 0.11%, the five-year main contract down 0.05% and the two-year main contract up 0.02%.Cash yields were also generally higher, with the 10-year Treasury note 200006 last traded at 2.82%, up 1.75bp.– Currency • The People’s Bank of China launched a 14-day reverse repurchase operation of 200 billion yuan on April 27, with the winning interest rate of 2.25%, the same as last time;As 100 billion yuan of reverse repos matured on that day, a net 100 billion yuan was put into the open market.• Shibor fell 12.60bp to 1.6140% overnight;The 7-day Shibor rose 3.20bp to 2.1200%;The 14-day Shibor fell 4.00BP to 2.4620%.– FOREX • The yuan traded 136 points lower against the DOLLAR at 6.3382 on Jan 27.At 16:30 Beijing time, the onshore YUAN closed at 6.3645 against the DOLLAR, down 426 points from the previous trading day;The onshore renminbi fell as much as 0.59% against the dollar in early European trading, its biggest one-day fall since June 2021.– Commodities • The main contract in the domestic commodity futures market ended mixed on Jan 27.Glass, ethylene glycol and soda soda all closed up more than 4 per cent, leading commodity gains;Six varieties of rapeseed meal, thermal coal and soybean closed up between 3.01% and 3.85%;Palm oil, fuel oil and other varieties closed up more than 2%.Decline ranking, Shanghai Silver sharply down 3.08%, leading the commodity market;20 rubber, Shanghai gold closed down 2.54% and 1.89%, respectively;Pigs, pulp and other 4 varieties closed down in more than 1%.•19:00 UK January CBI Retail Sales Differential •21:30 US Initial Jobless claims for the week ending January 22nd •21:30 US preliminary REAL GDP Q4 ANNUalized Q/Q •21:30 US Preliminary Real Personal Consumption Expenditures Q4 annualized Q/Q •21:30Us Q4 Core PCE Price Index Preliminary Annualized Q/Q •21:30 US December Durable Goods Orders m/m •23:00 US December Existing Home Sales Index M/m •23:30 EIA Natural Gas Inventories statement for the week ended January 21Under no circumstances does the information published on this platform constitute investment advice.