April 25th Macroeconomic Index: China's Economic Recovery Remains Steady, SME Bank Mergers Approved

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Domestic News

1. Ministry of Foreign Affairs: The trend of China's economic recovery will not change

2. A number of mergers and acquisitions of small and medium-sized banks were approved during the month

3. China Meteorological Administration: The overall deviation of China's climate conditions in this year's flood season is not well, and flood is heavier than drought

4. In the first quarter, the added value of Guangdong's industrial enterprises above designated size was 0.91 trillion yuan, a year-on-year increase of 6.1%

International News

1. Russia's Smolensk Oblast was attacked and many fuel energy facilities caught fire

2. ECB Governing Council: There may not be a series of interest rate cuts after the ECB cuts interest rates for the first time

3. International Energy Agency: 17 million electric vehicles will be sold worldwide this year

4. The U.S. Senate voted to pass the aid bill to Ukraine and Israel

Domestic News

1. Ministry of Foreign Affairs: The trend of China's economic recovery will not change

A reporter asked at the regular press conference of the Ministry of Foreign Affairs: After the National Bureau of Statistics released economic data for the first quarter of this year, Goldman Sachs, Morgan Stanley, Deutsche Bank, and many other international financial institutions raised their growth forecasts for China's economy this year. Wang Wenbin said that in the first quarter of this year, China's economy got off to a good start, with the "troika" indicators of consumption, investment, and exports running well, and the four major macroeconomic indicators of growth, employment, inflation, and the balance of payments remaining stable on the whole. Looking ahead, China's economic recovery and long-term positive trend will not change. It is believed that with the continuous advancement of high-quality development and high-level opening-up, China's economy will accelerate the pace of transformation and upgrading on the basis of steady progress and make greater contributions to the world economy.

2. A number of mergers and acquisitions of small and medium-sized banks were approved during the month

With the continuous advancement of the reform of small and medium-sized banks, it has become a trend for the main initiating bank to acquire its village and township banks and set up branches. According to incomplete statistics from public data, a number of applications for the acquisition of village and township banks and the establishment of branches by the main sponsoring banks have been approved by the regulatory authorities during the month. Including Longjiang Bank's acquisition of Keshan Runsheng Village Bank and Jixian Runsheng Village Bank and the establishment of branches, Hengfeng Bank's acquisition of Chongqing Jiangbei Hengfeng Village Bank and the establishment of branches, Guangdong Nanyue Bank's acquisition of Zhongshan Guzhen Nanyue Village Bank and the establishment of branches. Lu Ruozheng, a lawyer at Beijing Huicheng Law Firm, said: "Structural restructuring can help reduce the risk exposure of individual banks, improve the stability and efficiency of the entire banking system, and also help to concentrate superior resources and forces in the industry to improve competitiveness and market efficiency."

3. China Meteorological Administration: The overall deviation of China's climate conditions in this year's flood season is not well, and flood is heavier than drought

The China Meteorological Administration announced today that China's climatic conditions during this year's flood season are generally biased, with more extreme weather and climate events, and waterlogging is heavier than drought; precipitation in the eastern monsoon region is generally on the high side, and regional and periodic flood disasters will be more obvious. According to the analysis of experts, after entering the flood season this year, the overall water vapor conditions will still be relatively good, and the precipitation in the middle and lower reaches of the Yangtze River, Huaihe River basin, and Taihu Lake basin in the south will be significantly higher than that in the same period of the year, while the precipitation in the middle and lower reaches of the Songhua River basin and the Yellow River basin in the north will also be more.

4. In the first quarter, the added value of Guangdong's industrial enterprises above designated size was 0.91 trillion yuan, a year-on-year increase of 6.1%

According to Guangdong statistics, in the first quarter, the added value of Guangdong's industrial enterprises above designated size was 0.91 trillion yuan, a year-on-year increase of 6.1%. By category, the added value of the mining industry increased by 4.2 percent, the added value of the manufacturing industry increased by 6.0 percent, and the added value of the production and supply of electricity, heat, gas and water production and supply industry increased by 8.2 percent. By sector, the manufacturing of computers, communications and other electronic equipment increased by 18.2 percent, the oil and gas extraction industry increased by 8.0 percent, the petroleum, coal and other fuel processing industry increased by 26.1 percent, the chemical raw materials and chemical products manufacturing industry increased by 5.4 percent, and the electricity and heat production and supply industry increased by 8.2 percent.

International News

1. Russia's Smolensk Oblast was attacked and many fuel energy facilities caught fire

On April 24, local time, the governor of Russia's Smolensk region reported that a number of fuel energy facilities in the state were attacked by Ukrainian drones and caused fires. Separately, the governor of the Lipetsk region informed that 1 Ukrainian drone crashed into an industrial zone in Lipetsk, the capital of the region, causing no casualties. The Ukrainian side did not respond to this for the time being.

2. ECB Governing Council: There may not be a series of interest rate cuts after the ECB cuts interest rates for the first time

ECB Governing Council Member and Bundesbank President Nagel: The interest rate change in June will not necessarily lead to a series of rate cuts. It is not yet fully believed that inflation is returning to target. If the data shows that inflation is back to 2%, I support a rate cut in June.

3. International Energy Agency: 17 million electric vehicles will be sold worldwide this year

The International Energy Agency released the "2024 Global Electric Vehicle Outlook" report on the 23rd, which predicts that 17 million electric vehicles will be sold worldwide in 2024, a year-on-year increase of more than 20%, accounting for more than one-fifth of the total global car sales. Global electric vehicle sales last year were close to 14 million, accounting for 18% of total sales. In the first quarter of this year, global EV sales maintained strong growth, exceeding about 25% of sales in the same period in 2023, with most of the growth coming from China, according to the data.

4. The U.S. Senate voted to pass the aid bill to Ukraine and Israel

According to the Associated Press and Reuters, on the 23rd local time, the Senate of the United States Congress voted to pass a foreign aid bill worth $95 billion. According to the US "Capitol Hill" newspaper, the US House of Representatives passed the bill on April 20. The bill includes more than $60 billion in aid to Ukraine and $26 billion in aid to Israel.

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