December 2 Macroeconomic Index:China's economic boom is stable and improving, the transformation of scientific and technological achievements is accelerating, and the world is paying attention to energy policy and economic adjustment.

Latest Global Major Index

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

Domestic News

1. The National Bureau of Statistics said that in November, China's economic prosperity level generally maintained a steady expansion

2. State-owned Assets Supervision and Administration Commission and other Departments jointly issued the list of the first batch of projects for the application and expansion of scientific and technological achievements of central enterprises

3. The confirmation of the information on the special additional deduction of individual tax in 2025 begins

4. The Beijing-Tianjin-Hebei Automotive Supply Chain Industry Alliance was established in Tianjin

5. The steel PMI in November showed that the growth rate of both ends of supply and demand slowed down, and the industry as a whole increased slightly

 International News

1. The Russian government said it had lifted a temporary export ban on gasoline producers

2. The weak Canadian economy requires the central bank to cut interest rates sharply again

3. Eurozone inflation rises above target, but the ECB is still likely to cut interest rates again

4. Indonesia once again reiterated that it will launch the biodiesel B40 program from January 1 next year

5. Russian President Vladimir Putin signs the budget of the Russian Federation for 2025

Domestic News

1. The National Bureau of Statistics said that in November, China's economic prosperity level generally maintained a steady expansion.

The National Bureau of Statistics stated that in November, China's economic prosperity level generally maintained a steady expansion; With the continuous synergy of a series of stock policies and incremental policies, the manufacturing PMI rose in the boom range, rising to 50.3%, and the pace of expansion has accelerated; The non-manufacturing business activity index was 50.0%, down 0.2 percentage points from the previous month, at the critical point, and the composite PMI output index was 50.8 percent, unchanged from the previous month, indicating that the production and business activities of Chinese enterprises continued to expand on the whole. According to the analysis, the activity of the manufacturing market has increased, but the market price has fluctuated, and it is necessary to further strengthen the effect of incremental policies, especially to strengthen the effective driving of government public goods investment on enterprise orders.

2. State-owned Assets Supervision and Administration Commission and other Departments jointly issued the list of the first batch of projects for the application and expansion of scientific and technological achievements of central enterprises.

The State-owned Assets Supervision and Administration Commission and other Departments jointly issued the list of the first batch of projects for the application and expansion of scientific and technological achievements of central enterprises, and selected and determined a total of 50 projects in five categories, including production line drive, product traction, engineering promotion, pilot test platform, and scene creation. These include 10,000-meter deep earth exploration and oil and gas resources exploration projects, new energy passenger vehicles, offshore wind power flexible and direct transmission projects, independent operation and maintenance systems for heavy-duty gas turbines, quantum information infrastructure construction projects, and 6G synaesthesia computing and intelligence integration R&D test devices

3. The confirmation of the information on the special additional deduction of individual tax in 2025 begins.

The confirmation of the 2025 IIT special additional deduction information starts today, and taxpayers can confirm the 2025 IIT special additional deduction information through the IIT APP. Taxpayers shall confirm the content of the special additional deduction for the following year from December 1 to December 31 of each year. The special additional deduction items of individual income tax include children's education, continuing education, serious illness medical treatment, housing loan interest, housing rent, support for the elderly, and infant and child care. Taxpayers can download and log in to the individual income tax app to modify and confirm. (CCTV News)

4. The Beijing-Tianjin-Hebei Automotive Supply Chain Industry Alliance was established in Tianjin.

The Beijing-Tianjin-Hebei Automobile Supply Chain Industry Alliance was established in Tianjin on the 29th to attract Beijing-Tianjin-Hebei vehicle enterprises and upstream and downstream ecology to jointly build a cooperation and exchange platform to continuously improve the overall competitiveness of the Beijing-Tianjin-Hebei automotive supply chain and industrial chain. The alliance has more than 300 member units such as vehicle enterprises, parts enterprises, universities and institutes, industry organizations, etc., and will be committed to building a comprehensive service platform integrating technology research and development, resource integration, standard formulation, brand promotion and other functions based on the principle of "openness, sharing and collaboration".

5. The steel PMI in November showed that the growth rate of both ends of supply and demand slowed down, and the industry as a whole increased slightly.

Judging from the steel industry PMI surveyed and released by the China Federation of Iron and Steel Logistics Professional Committee, it was 50.6% in November 2024, down 4 percentage points month-on-month, ending the month-on-month upward trend for two consecutive months, but the index still remains in the expansion range, showing that after the peak season, the growth rate of the steel industry has slowed down, but it still maintains an overall stable and slightly increased trend on the basis of last month. The changes in the sub-index show that the growth rate of demand in the steel market has declined, the production growth rate of steel mills has slowed down at a high level, the price of raw materials has fallen as a whole, and the price of steel has fluctuated downward. It is expected that in December, market demand tends to contract, steel production has slowed down, raw material prices continue to decline, and steel prices fluctuate at a low level.

International News

1. The Russian government said it had lifted a temporary export ban on gasoline producers.

The Russian government said it had lifted a temporary export ban on gasoline producers but extended restrictions on other fuel exporters until January 31, 2025. The ban on Russian gasoline exports was supposed to expire at the end of the year. This decision was made to keep the domestic fuel market stable, support the refining economy, and offset the gray export of motor gasoline.

2. The weak Canadian economy requires the central bank to cut interest rates sharply again.

Weak Canadian economic growth supported another 0.5 percentage point rate cut in December. The foreign exchange market analyst said that in the latest GDP data, the decline in GDP per capita by 0.4% in the third quarter is worth paying attention to. Living standards are falling, monetary policy is still restrictive, inflation is back to the Bank of Canada's 2% target, and there is no compelling reason why interest rates shouldn't be cut by another half percentage point, Chapman said.

3. Eurozone inflation rises above target, but the ECB is still likely to cut interest rates again.

In a challenging economic environment, the German job market remains a bright spot. Despite the threat of layoffs in manufacturing companies, Germany's unemployment rate this month was unchanged at 6.1% from the previous two months. In the context of Germany's continued sluggish industrial base, industrial companies including thyssenkrupp and Volkswagen, Bosch and Schaeffler have threatened or announced layoffs in recent weeks. However, the data showed a slowdown in the number of unemployed, with seasonally adjusted statistics showing new jobless claims of 7,000, compared to 26,000 in October. Despite this, the unemployment rate has risen from less than 6% in 2023 and is now at its highest level since the coronavirus crisis hit in early 2021.

4. Indonesia once again reiterated that it will launch the biodiesel B40 program from January 1 next year.

According to foreign media reports, Indonesia's Chief Economic Minister said on Friday that Indonesia will continue to work on the implementation of the B40 biodiesel program from January 1 next year, and Indonesia is currently using B35. Chief Economy Minister Airlangga Hartarto said the implementation of the B40 is Indonesia's "concrete contribution" to the world, as it can reduce carbon dioxide emissions by about 40 million tons. Indonesia's palm oil fund will be able to finance the difference between the cost of palm oil-based biofuels and fossil fuels. According to previous estimates by the Indonesian Biofuel Producers Association (APROBI), B40 will boost Indonesia's use of palm oil for biodiesel to 13.9 million tonnes, compared to an estimated 11 million tonnes needed this year.

5. Russian President Vladimir Putin signs the budget of the Russian Federation for 2025.

Russian President Vladimir Putin signed the budget of the Russian Federation for 2025, as well as the federal budget bill for the 2026-2027 planning period, as reported by RIA Novosti on December 1. The budget revenues of the Russian Federation for 2025 will amount to 40.296 trillion rubles, and expenditures will amount to 41.469 trillion rubles. According to the plan, in 2026, the budget revenues of the Russian Federation should increase to 41.841 trillion rubles, in 2027 to 43.154 trillion rubles, and in 2026 and 2027, 44.022 trillion and 45.915 trillion rubles, respectively. In 2025, the budget deficit of the Russian Federation will be 0.5% of GDP, in 2026 it will be 0.9% of GDP, and in 2027 it will be 1.1% of GDP. The main source of funding for the budget deficit will be domestic government borrowing.

Domestic Macro Economy Index