April 2 Macroeconomic index:From domestic tax enforcement to record high international gold prices

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Domestic News

1. State Administration of Taxation: The implementation plan for the special action on tax enterprise-related law enforcement will be formulated

2. Ge Haijiao, Chairman of the Bank of China, talked about the capital increase of large banks: it is an incremental policy measure to stabilize growth, expand domestic demand, and reduce risks

3. Beijing's second-hand housing transactions exceeded 19,000 units in March, an increase of 61.96% month-on-month

4. The passenger traffic of Fuma's "Xiaosantong" passenger routes in the first quarter of 2025 increased by nearly 50% year-on-year

5. The first batch of allotment-type affordable housing in Guangzhou began to be purchased, and the price was about half of the second-hand houses in the same area with same quality

 International News

1. Gold prices hit record highs, driving South African mining stocks to record their best monthly performance in history

2. It is reported that SpaceX will build multiple Starlink satellite ground stations in Vietnam

3. The growth rate of house prices in the United Kingdom slowed in March and remained generally at a high level

4. Moody's: It is prudent for the RBA to keep interest rates unchanged, and the next rate cut may be until July

5. South Korea's short selling ban lifted, and foreign investors sold Korean stocks sharply

Domestic News

1. State Administration of Taxation: The implementation plan for the special action on tax enterprise-related law enforcement will be formulated

Guo Shunmin, Director of the Inspection Bureau of the State Administration of Taxation, said at a press conference on April 1 that in the next step, the State Administration of Taxation will formulate an implementation plan for the special action of tax enforcement related to enterprises, carry out self-inspection and self-correction, strengthen the management of enterprise-related tax inspections, optimize inspection procedures and standards, and not only severely crack down on tax-related violations, but also reduce the interference to the normal operation of enterprises as much as possible. Guo Shunmin said that at the same time, we will carry out in-depth special rectification in seven areas, including invoice management, export tax rebates, land value-added tax liquidation, inspection, information construction, violation risk response, and collusion with bad tax-related intermediaries. (SSE News)

2. Ge Haijiao, Chairman of the Bank of China, talked about the capital increase of large banks: it is an incremental policy measure to stabilize growth, expand domestic demand, and reduce risks

Bank of China announced the first batch on March 30 to supplement 165 billion yuan of core Tier 1 capital through private placement to the Ministry of Finance. Ge Haijiao, Chairman of Bank of China, said, "This private placement has explored a new path for state-owned listed commercial banks to replenish their capital. Ge Haijiao believes that increasing core tier 1 capital for large state-owned banks is not only one of the package of incremental policy measures to stabilize growth, expand domestic demand and reduce risks, but also to accelerate the strategic and forward-looking deployment of the construction of a financial power, and send a strong signal to implement more active and promising macro policies to stabilize the economy and promote development.

3. Beijing's second-hand housing transactions exceeded 19,000 units in March, an increase of 61.96% month-on-month

After experiencing a technical pullback due to holiday factors in the first two months of the year, the reporter found on April 1 that Beijing's second-hand housing transactions exceeded 19,000 units in March, reaching 19,234 units, an increase of 61.96% month-on-month. According to industry analysis, this performance indicates that Beijing's second-hand housing market has gradually gotten rid of policy dependence and entered a virtuous cycle stage of self-regulation, and the stabilization trend has been further clarified. (Beijing Business Daily)

4. The passenger traffic of Fuma's "Xiaosantong" passenger routes in the first quarter of 2025 increased by nearly 50% year-on-year

According to the data of the Fuzhou Border Inspection Station, in the first quarter of this year, the station inspected more than 500 ships on the "Xiaosantong" passenger route from Mawei to Matsu in Fuzhou, with about 20,000 passengers, a year-on-year increase of nearly 50%. The growth rate of personnel exchanges between Fujian and Taiwan is obvious. The reporter learned that with the approach of the Qingming Festival, the number of passengers returning to their hometowns to worship their ancestors on the Fuma "Xiaosantong" route is increasing, and it is expected that there will be a peak of passenger flow on April 3. (Chinanews.com)

5. The first batch of allotment-type affordable housing in Guangzhou began to be purchased, and the price was about half of the second-hand houses in the same area with same quality

On April 1, the first batch of allocated affordable housing in Guangzhou began to be purchased online, becoming the first first-tier city in the country to list and sell allocating affordable housing. Since the beginning of this year, affordable housing in many cities has begun to be purchased, and experts expect that affordable housing will fully enter the placement stage this year. Li Yujia, chief researcher of the Guangdong Provincial Housing Policy Research Center, mentioned that the two affordable housing projects, one in Huangpu District and the other in Baiyun District, are the areas where Guangzhou's emerging industries are concentrated, and the areas where young people and new citizens gather, and are relatively close to the central area. In addition, as a property located in the sub-central area of Guangzhou, the price of that with the first word 1 is only about half of the price of second-hand commercial housing in the same area and of the same quality, and one-third to one-half of the price of new houses, which is in line with the purchasing power of the target group.

International News

1. Gold prices hit record highs, driving South African mining stocks to record their best monthly performance in history

The surging gold price propelled South African mining stocks to their best monthly performance on record, insulating the country's benchmark index from global market turmoil. The South African Mining Companies Index rose 33% in March, the biggest monthly increase on record for institutions. Driven by this, the benchmark FTSE/JSE all-share index rose 3.1% for the month, outperforming emerging market peers and U.S. equities. Led by gold producers, the region's largest gold miners Harmony Gold Mining Co. and Sibanye Stillwater Ltd. both surged 48% to become the best performers among the constituents.

2. It is reported that SpaceX will build multiple Starlink satellite ground stations in Vietnam

SpaceX is building a ground station in Vietnam to launch Starlink satellites and plans to build more, a move that heralds SpaceX launching satellites in Vietnam and better regulating internet traffic. Previously, Vietnam decided to allow Starlink to operate under a five-year pilot program under which Musk could retain full control of SpaceX's local subsidiary, bypassing Vietnam's strict restrictions on foreign ownership, amid the risk of U.S. tariffs.

3. The growth rate of house prices in the United Kingdom slowed in March and remained generally at a high level

Data released on Tuesday by mortgage lender Nationwide showed that UK house prices were flat in March from the previous month, with expectations for a 0.2% month-on-month increase. Compared to a year ago, house prices rose by 3.9% versus an expectation of 4.1%. Analyst Justin Low said growth momentum had cooled, with UK house prices flat in March after the last six months of growth. Despite this, house prices still grew at an annual rate of 3.9%, similar to February.

4. Moody's: It is prudent for the RBA to keep interest rates unchanged, and the next rate cut may be until July

Nicol, associate economist at Moody's Analytics, said the RBA's prudent approach against the backdrop of uncertainty was a cautious strategy. Nicol noted that the RBA's monetary policy is still well positioned to deal with emerging issues. "In fact, if demand is flat, or if heightened international uncertainty weighs heavily on Australia, it may be convenient to maintain some room for the cash rate to fall," Mr Nicol said. "The RBA has some important data to digest ahead of its next meeting, and by keeping interest rates steady, the central bank has a head start on inflation risks. Nicol noted that the Q1 CPI data will be released before the May meeting, but expects the next rate cut to wait until July.

5. South Korea's short selling ban lifted, and foreign investors sold Korean stocks sharply

Overseas investors on Monday fueled a surge in short selling of South Korean stocks as South Korea ended its 17-month short-selling ban. Foreign funds accounted for 90 percent of the 1.2 trillion won ($814 million) worth of short selling transactions in South Korea's Seoul Composite Index constituents on the day, up from 71 percent of the 230 billion won daily average in the month before the ban was imposed in November 2023, according to data from the Korea Exchange, which was calculated by the agency.

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