December 13 Macroeconomic Index:From energy to trade, subsidy policies and market dynamics influence global economic trends

Latest Global Major Index

International Crude Price Trend & Exchange Rate of RMB to USD Trend

Domestic News

1. The pumped storage capacity of the State Grid in operation exceeds 40 million kilowatts

2. People's Bank of China: 20 billion yuan of central bank bills will be issued on December 18

3. Nanjing Port received the "longest ship size" and "maximum loading capacity" container ships for the first time

4. Ministry of Commerce: Open to contact and communicate with the new U.S. government economic and trade team

5. Ministry of Commerce: Pay close attention to the introduction of high-quality development policies for national economic development zones

 International News

1. The United States will raise import tariffs on China's solar polysilicon, silicon wafers and some tungsten products from early next year

2. The SNB cut interest rates by 50 basis points to 0.5%, the largest rate cut in nearly 10 years

3. Ukraine plans to legalize cryptocurrencies in early 2025

4. The Bank of Canada cut its policy rate from 3.75% to 3.25%, the second consecutive month of rate cuts of 50 basis points, in line with market expectations, with a cumulative rate cut of 175 basis points this year

5. OPEC's monthly report showed that the global economic growth forecast for 2024 was unchanged at 3.1%.

Domestic News

1. The pumped storage capacity of the State Grid in operation exceeds 40 million kilowatts

On December 12, with the full operation of the Zhen'an Pumped Storage Power Station in Shaanxi Province, the installed capacity of the State Grid Corporation of China exceeded 40 million kilowatts, accounting for about 70% of the country's operating pumped storage power stations. After 15 days of trial operation, the No. 4 unit of Shaanxi Zhen'an Pumped Storage Power Station was successfully put into operation today, marking the full operation of the pumped storage power station. (CCTV)

2. People's Bank of China: 20 billion yuan of central bank bills will be issued on December 18

On 18 December, the People's Bank of China will tender for the issuance of the 12th Central Bank Notes in 2024 through the Hong Kong Monetary Authority's Central Moneymarkets Unit (CMU) bond tender platform. The 12th Central Bank Bills have a maturity of 6 months (182 days) and are fixed-rate interest-bearing bonds, with an issuance volume of RMB 20 billion, a value date of December 20, 2024, and a maturity date of June 20, 2025, which will be postponed in case of a holiday.

3. Nanjing Port received the "longest ship size" and "maximum loading capacity" container ships for the first time

On the morning of December 12, the Panamanian-flagged ship "Medi Hongwei", the largest container ship entering Nanjing Port since the opening of the port, successfully berthed at Longtan Container Terminal, setting a new "double historical record" for the longest scale and maximum loading capacity of container ships entering the port. It is understood that the ship is 208.3 meters long, 29.8 meters wide, and 33,715 tons deadweight tonnage. The voyage will be a direct voyage from Europe to Nanjing, and the maximum loading capacity of incoming ships will be directly increased from the current 1938TEU (standard container) to 2600TEU. The successful berthing marks that the 30,000-ton container ship can enter and leave Nanjing Port on a regular basis. (CCTV News)

4. Ministry of Commerce: Open to contact and communicate with the new U.S. government economic and trade team

On December 12, the Ministry of Commerce held a regular press conference, at which spokesperson He Yadong said that China has been maintaining close communication with the U.S. Ministry of Commerce team through the communication mechanism of the U.S.-China Ministry of Commerce. We are also open to engaging with the new U.S. government's economic and trade team. China's position on opposing unilateral tariff measures is consistent. Based on the principles of mutual respect, peaceful coexistence and win-win cooperation, China is ready to strengthen dialogue and coordination with the US, properly manage differences, and promote the steady and long-term development of bilateral economic and trade relations. (Interface)

5. Ministry of Commerce: Pay close attention to the introduction of high-quality development policies for national economic development zones

On December 12, the Ministry of Commerce held a regular press conference, at which spokesman He Yadong said that the construction of a national-level economic development zone is an important measure for China to promote reform and opening up. The Ministry of Commerce will work with relevant departments and localities to create a test field for institutional reform and innovation. We should pay close attention to the introduction of high-quality development policies for national-level economic and technological development zones, support the deepening of reform of national-level economic and technological development zones, create new advantages in the management system, and comprehensively stimulate endogenous power and innovation vitality. Build a demonstration area for the development of new quality productive forces in accordance with local conditions. Accelerate the cultivation of a number of strategic emerging industrial clusters and world-class advanced manufacturing clusters, promote high-end, green and digital industries, and support the layout of digital industries and future industries. (Interface)

International News

1. The United States will raise import tariffs on China's solar polysilicon, silicon wafers and some tungsten products from early next year

The Office of the U.S. Trade Representative (USTR) issued a statement saying that after a four-year review by the Biden administration, the United States will increase import tariffs on solar wafers, polysilicon and some tungsten products imported from China starting early next year. Wafers and polysilicon will be tariffed to 50%, and some tungsten products will be tariffed to 25%. These tariff increases will take effect on January 1, 2025. (Sina)

2. The SNB cut interest rates by 50 basis points to 0.5%, the largest rate cut in nearly 10 years

The SNB cut interest rates by 50 basis points on Thursday, the largest in nearly 10 years, in an attempt to get ahead of what other central banks are expected to do and curb the Swiss franc's appreciation. The SNB lowered its policy rate to 0.5% from 1.0%, the lowest level since November 2022. According to a Reuters poll, more than 85% of economists surveyed had expected a smaller rate cut of 25 basis points, but the market was expecting a 50 basis point cut.

3. Ukraine plans to legalize cryptocurrencies in early 2025

According to Ukrainska Pravda, cryptocurrencies are expected to be legalized in Ukraine by the first quarter of 2025, but tax breaks are unlikely to be provided. Danylo Hetmantsev, Chairman of the Committee on Finance, Tax and Customs Policy of the Ukrainian Parliament, said: "When it comes to cryptocurrencies, the parliament's working group is completing the first reading of a draft law. I am confident that the text, developed in cooperation with the National Bank and the International Monetary Fund (IMF), will be ready after the New Year. Our goal is to pass this law and legalize cryptocurrencies in the first quarter of 2025. According to Hetmantsev, cryptocurrencies will not be exempt from tax, and the form of taxation will be modeled on securities, taxing profits when assets are converted into money.

4. The Bank of Canada cut its policy rate from 3.75% to 3.25%, the second consecutive month of rate cuts of 50 basis points, in line with market expectations, with a cumulative rate cut of 175 basis points this year

Bank of Canada Governor Macklem said that monetary policy no longer needs to remain tight; The economy is oversupplied and the growth outlook is weakening; Officials will adopt a more "gradual" interest rate policy; Since June last year, interest rates have been cut "substantially"; Previous rate cuts will play a role in the economy; Future decisions will be guided by future data and the inflation outlook; Trump's tariff pledge is a "significant" uncertainty for the economy.

5. OPEC's monthly report showed that the global economic growth forecast for 2024 was unchanged at 3.1%.

According to the OPEC monthly report, the global economic growth forecast for 2024 is unchanged at 3.1%, and the global economic growth forecast for 2025 is unchanged at 3%; Raising the forecast for U.S. economic growth from 2.7% to 2.8% in 2024 and from 2.1% to 2.2% in 2025 could be influenced by potential policies being discussed in the new U.S. administration, such as trade tariffs.

Domestic Macro Economy Index