December 17 Macroeconomic Index:The economy is moving forward steadily, and domestic and foreign policies are supporting energy transformation and market innovation.

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Domestic News

1. National Bureau of Statistics: The main goals of economic and social development for the whole year are expected to be successfully achieved

2. The personal pension system was fully implemented nationwide from December 15

3. In November, the output of industrial natural gas above the designated size was 20.7 billion cubic meters, a year-on-year increase of 3.1%

4. National Energy Administration: In 2025, China will approve the start of a number of mature coastal nuclear power projects

5. 7 Departments including the Ministry of Commerce jointly issued the "Implementation Plan for the Innovation and Upgrading Project of the Retail Industry"

 International News

1. The UK formally joins the Comprehensive and Progressive Agreement for Trans-Pacific Partnership

2. The PMI shows that the service sector in the euro area is picking up, and the manufacturing industry is still facing challenges

3. The ECB will continue to cut interest rates in response to the threat of US tariffs

4. The PMI showed that German business activity was in contraction at the end of the year

5. Wind power generation in the UK has fluctuated, and energy transition challenges have emerged

Domestic News

1. National Bureau of Statistics: The main goals of economic and social development for the whole year are expected to be successfully achieved

Fu Linghui, spokesman for the National Bureau of Statistics, said at a press conference on the 16th that on the whole, although it has faced many difficulties and challenges since the beginning of this year, China's economic foundation is stable, with many advantages, strong resilience and great potential, and the long-term supporting conditions and basic trends have not changed. From next year's point of view, the international environment is becoming more complex, severe and uncertain, the prevalence of trade protectionism will drag down global trade and world economic recovery, the negative impact of geopolitical conflicts on the supply of global energy and other commodities is still unpredictable, the spillover impact of macro policy adjustment in major economies is still uncertain, domestic economic adjustment and transformation is still advancing, expanding domestic demand, promoting employment and income of residents, and resolving risks and hidden dangers still need to continue to work hard, in the face of complex and severe domestic and foreign situations, The recent Central Economic Work Conference has made comprehensive arrangements for next year's work, providing a fundamental basis for promoting the steady and long-term development of China's economy.

2. The personal pension system was fully implemented nationwide from December 15

The personal pension system will be fully implemented nationwide from December 15. The difference between personal pension and commercial pension products is that there is policy support and can enjoy more tax incentives. At present, the annual contribution limit of personal pension is 12,000 yuan. After this part of the money is transferred to the personal pension account, it can be deducted in the second year when calculating the personal income tax.

3. In November, the output of industrial natural gas above the designated size was 20.7 billion cubic meters, a year-on-year increase of 3.1%

The National Bureau of Statistics announced energy production in November 2024. Natural gas production was growing steadily. In November, the output of industrial natural gas above designated size was 20.7 billion cubic meters, a year-on-year increase of 3.1%; The average daily output was 690 million cubic meters. Imported natural gas was 10.8 million tons, down 0.8% year-on-year. From January to November, the output of industrial natural gas above designated size was 224.6 billion cubic meters, a year-on-year increase of 6.4%. imported natural gas was 120.24 million tons, a year-on-year increase of 12.0%.

4. National Energy Administration: In 2025, China will approve the start of a number of mature coastal nuclear power projects

Wang Hongzhi, Director of the National Energy Administration: Actively promote the construction of the second and third batches of "Shagehuang" large-scale wind power and photovoltaic base projects. Accelerate the development of offshore wind power. Actively develop distributed photovoltaic and distributed wind power. In 2025, about 200 million kilowatts of wind power and photovoltaic capacity will be added, and the consumption of renewable energy will exceed 1.1 billion tons of standard coal. In 2025, China will approve the start of a number of coastal nuclear power projects with mature conditions. Steadily promote the construction of nuclear power projects under construction, and by the end of 2025, the installed capacity of nuclear power in operation will reach about 65 million kilowatts, so as to ensure the safe and stable operation of nuclear power units in operation. In addition, it is necessary to promote the construction of a new power system as a whole. (CCTV News)

5. 7 Departments including the Ministry of Commerce jointly issued the "Implementation Plan for the Innovation and Upgrading Project of the Retail Industry"

7 Departments including the Ministry of Commerce jointly issued the "Implementation Plan for the Innovation and Upgrading Project of the Retail Industry". The programme deploys tasks in five areas. Promote scenario-based transformation, encourage integrated commerce, innovate fashion-based commerce, advocate curatorial commerce, cultivate theme-based commerce, and improve community-based commerce. Promote quality supply, consumer-centered, honest management, quality first, service first, and optimize the experience of goods and services. Promote digital empowerment and the deep integration of physical retail and digital economy, forming new quality productivity, improving efficiency and making consumption more convenient. Promote diversified innovation, encourage the integration of business formats, and the models of "big and strong", "small and beautiful", "special and specialized" and "one store with multiple functions" are blooming. Promote the improvement of the supply chain, encourage the strengthening of coordination, optimize circulation channels, efficiently connect supply and marketing, and promote cost reduction and efficiency increase.

International News

1. The UK formally joins the Comprehensive and Progressive Agreement for Trans-Pacific Partnership

The UK has officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), becoming the first European country to join this trade agreement. According to the UK government announcement, the agreement is expected to bring £2 billion a year to the UK's economy.

2. The PMI shows that the service sector in the euro area is picking up, and the manufacturing industry is still facing challenges

The preliminary composite PMI for the eurozone rose to 49.5 in December from 48.3 in November, but remained below the boom-bust line of 50. Cyrus de la Rubia, chief economist at Commerzbank Hamburg, said: "Service sector activity (preliminary data was at 51.4) is back in growth and is showing a clear pace of expansion, similar if not strong, to September and October. "But the services employment index slipped to 50.1 from 51.0, suggesting that businesses do not expect an immediate improvement in economic activity." The situation in the manufacturing sector remains quite severe. Output fell faster in December than at any time this year, and new orders fell. "Eurozone manufacturing demand contracted further, with the new orders index slipping to 43.0 from 43.4, suggesting no recovery in the near term. However, overall optimism has improved. The Composite Future Outlook Index climbed to a four-month high of 57.8 from 56.1.

3. The ECB will continue to cut interest rates in response to the threat of US tariffs

ECB President Christine Lagarde said on Monday that the ECB is likely to continue to lower its key interest rate as the threat of U.S. tariffs casts over an already weak growth outlook. The European Central Bank cut interest rates for the third time in a row last Thursday. In a speech in Lithuania, Lagarde said that the way forward is clear and we expect further reductions in interest rates. ECB policymakers have been concerned about the rapid rise in service prices, which they believe are linked to rising wages, which are rising faster than in recent decades. But Lagarde said there have been recent signs that indicators that strip out base effects show that services inflation has fallen sharply recently.

4. The PMI showed that German business activity was in contraction at the end of the year

Germany's flash composite PMI rose to 47.8 in December from 47.2 in November, but remained in contractionary territory. The preliminary services PMI rose to 51.0 in December from 49.3 in November, beating expectations of 49.4. Cyrus de la Rubia, chief economist at Commerzbank Hamburg, said the improvement in the services sector had well offset the accelerating decline in manufacturing output, giving some hope that GDP might not have contracted in the final quarter.

5. Wind power generation in the UK has fluctuated, and energy transition challenges have emerged

Wind power generation in the UK reached record levels last Sunday, bringing wind exports to France to their highest level in more than a year. And just a few days ago, the European electricity market was facing serious challenges, as wind turbines more or less stopped operating in calm weather. This large fluctuation in power generation demonstrates the challenges that utilities and governments must address more frequently as intermittent energy accounts for an increasing proportion of the electricity mix. Wind farms in the UK still account for more than 60% of the country's electricity generation on Monday morning, NESO data shows. The UK government is relying on large-scale wind power construction to meet its goal of building a zero-carbon grid by 2030. But with turbines stopped spinning last week, the country's natural gas power plants produced record amounts of electricity. This means that in the absence of wind or sun, backup power is still very much needed.

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