December 13th Macroeconomic Index: China Adheres to Stability While Seeking Progress, Promotes New Industrialization and Digital Economy

   Daily Macro Economy News

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Domestic News

1. Next year, we must adhere to the principle of seeking progress while maintaining stability, promoting stability through progress, establishing first and then breaking down, and introducing more policies that are conducive to stabilizing expectations, growth and employment, and actively forging ahead in changing the mode, adjusting the structure, improving quality and increasing efficiency, and constantly consolidating the foundation for stability and improvement

2. The Central Economic Work Conference pointed out that it is necessary to vigorously promote new industrialization, develop the digital economy, and accelerate the development of artificial intelligence

3. Further promote the innovation of bond products, increase the development of industrial bonds, encourage issuers to issue green bonds and science and technology innovation bonds, deepen the reform of the bond secondary market transaction and settlement system, and enhance market activity

4. In particular, disruptive technologies and cutting-edge technologies are used to give birth to new industries, new models and new driving force, and develop new quality productivity

International News

International News

1. The non-seasonally adjusted CPI in the United States rose by 3.1% year-on-year in November, hitting a new low since June

2. The Argentine bank's exchange rate to customers on Tuesday was 700 pesos per dollar, a 45% depreciation from last week's close

3. The 10th special emergency session of the UN General Assembly adopted a new resolution calling for an immediate ceasefire between the two sides of the Palestinian-Israeli conflict

4. Israeli Prime Minister: Israel and the United States have differences in post-war planning in Gaza

Domestic News

1. Next year, we must adhere to the principle of seeking progress while maintaining stability, promoting stability through progress, establishing first and then breaking down, and introducing more policies that are conducive to stabilizing expectations, growth and employment, and actively forging ahead in changing the mode, adjusting the structure, improving quality and increasing efficiency, and constantly consolidating the foundation for stability and improvement

The Central Economic Work Conference was held in Beijing from December 11 to 12 to systematically deploy the economic work in 2024. The meeting demanded that next year, we should persist in seeking progress while maintaining stability, promoting stability through progress, establishing first and then breaking down, and come up with more policies that are conducive to stabilizing expectations, growth and employment, and actively forging ahead in changing the mode, adjusting the structure, improving quality and increasing efficiency, so as to continuously consolidate the foundation for stability and improvement. It is necessary to strengthen the counter-cyclical and cross-cyclical adjustment of macroeconomic policies, continue to implement proactive fiscal policies and a prudent monetary policies, and strengthen the innovation and coordination of policy tools. It is necessary to enhance the consistency of macroeconomic policy orientation. Strengthen the coordination and cooperation of fiscal, monetary, employment, industrial, regional, science and technology, environmental protection and other policies, incorporate non-economic policies into the assessment of the consistency of macro policy orientation, strengthen policy coordination, and ensure that the same direction is exerted and a joint force is formed.

2. The Central Economic Work Conference pointed out that it is necessary to vigorously promote new industrialization, develop the digital economy, and accelerate the development of artificial intelligence

The Central Economic Work Conference pointed out that it is necessary to vigorously promote new industrialization, develop the digital economy, and accelerate the development of artificial intelligence. We will build a number of strategic emerging industries such as biomanufacturing and commercial aerospace, open up new tracks for future industries such as quantum and life sciences, widely apply digital intelligence technology and green technology, and accelerate the transformation and upgrading of traditional industries. Stabilize and expand traditional consumption, and boost bulk consumption such as new energy vehicles and electronic products.

3. Further promote the innovation of bond products, increase the development of industrial bonds, encourage issuers to issue green bonds and science and technology innovation bonds, deepen the reform of the bond secondary market transaction and settlement system, and enhance market activity

The China Securities Association held a special meeting of the Fixed Income Professional Committee. The meeting proposed to further promote the innovation of bond products, improve the development of industrial bonds, encourage issuers to issue green bonds, science and technology innovation bonds, etc., deepen the reform of the bond secondary market transaction and settlement system, and enhance market activity.

4. In particular, disruptive technologies and cutting-edge technologies are used to give birth to new industries, new models and new driving force, and develop new quality productivity

It is necessary to promote industrial innovation with scientific and technological innovation, especially to promote new industries, new models and new driving force with disruptive technologies and cutting-edge technologies, and develop new quality productive forces. We will improve the new national system, implement high-quality development actions for key industrial chains in the manufacturing industry, strengthen quality support and standard guidance, and improve the resilience and safety of industrial and supply chains. It is necessary to vigorously promote new industrialization, develop digital economy, and accelerate the development of artificial intelligence. Encourage the development of venture capital and equity investment.

International News

1. The non-seasonally adjusted CPI in the United States rose by 3.1% year-on-year in November, hitting a new low since June

The latest price rise in the United States is in line with market expectations, and the possibility of the Fed raising interest rates this year is further reduced. According to data released by the U.S. Bureau of Labor Statistics, the non-seasonally adjusted CPI in the United States rose 3.1% year-on-year in November, the lowest since June, with an expected 3.1% and a previous value of 3.2%; the seasonally adjusted CPI rose 0.1% month-on-month, and both the expected value and previous values were flat; the non-seasonally adjusted core CPI rose 4% year-on-year, in line with the expected and previous values; the core CPI rose 0.3% month-on-month, with an expected value of 0.3% and a previous value of 0.2%. U.S. real income rose 0.5% month-on-month in November, down 0.1% compared to the previous value.

2. The Argentine bank's exchange rate to customers on Tuesday was 700 pesos per dollar, a 45% depreciation from last week's close

According to data published on the website of the Central Bank of Argentina, the exchange rate offered by some private commercial banks in Argentina to retail customers on December 12 was $1 to 700 pesos. The retail exchange rate of some private commercial banks on the day has depreciated by about 45% from last week's closing level. If Argentina's public banks are included, the retail exchange rate closed at an average of 588 pesos per dollar on Tuesday, according to data from the Central Bank of Argentina.

3. The 10th special emergency session of the UN General Assembly adopted a new resolution calling for an immediate ceasefire between the two sides of the Palestinian-Israeli conflict

On December 12, 3 local time, the 10th special emergency session of the United Nations General Assembly was held, and a resolution was adopted by an overwhelming vote, demanding an immediate ceasefire between the two sides of the Palestinian-Israeli conflict. The draft resolution on the situation in new Gaza, co-initiated by Arab countries, was co-sponsored by more than 100 countries, including China. Among them, 153 countries were in favor, 23 countries abstained, and 10 countries, including Israel and the United States, were against. The draft resolution was adopted by a two-thirds majority.

4. Israeli Prime Minister: Israel and the United States have differences in post-war planning in Gaza

Israeli Prime Minister Benjamin Netanyahu said on the 12th local time that Israel has received support from the United States on the issues of "destroying Hamas" and "rescuing people detained by Palestinian militants", but there are obvious differences between the two sides on the planning of the Gaza Strip after the end of the current round of Palestinian-Israeli conflict. In his statement, Netanyahu reiterated that Israel will never support the takeover of the Gaza Strip by the Palestinian National Authority led by the Palestinian National Liberation Movement (Fatah) after the end of the conflict, stressing that Gaza "belongs neither to Hamas nor to Fatah". Previously, the United States had proposed that the Palestinian National Authority be able to return to the Gaza Strip after the end of the conflict, but Netanyahu rejected it, saying that Israel would retain an "open security presence" in the Gaza Strip, suggesting that Israel might expand its occupation of Palestinian territory.

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