February 27 Macroeconomic Index:Domestic promotion of air port customs clearance facilitation and high-quality development of listed companies, international attention to the US budget and global debt growth

Latest Global Major Index

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

Domestic News

1. Three Departments: further promote the facilitation of customs clearance at air ports

2. The securities regulatory bureaus have launched a new round of normalized visits to promote the high-quality development of listed companies

3. China Securities News: The Central Bank has precise regulation and control, and abundant liquidity is expected to be safe

4. Give a raise to "low-wage workers"! The 2025 collective negotiating "Centralized Offer Action" was launched

5. China Association of Automobile Manufacturers: A total of 1.459 million Chinese brand passenger cars were sold in January, a year-on-year increase of 14.1%

 International News

1. The U.S. House of Representatives passed a budget that aims to slash Social Security spending, paving the way for tax cuts

2. IIF: Last year, the global debt-to-GDP ratio rose for the first time since 2020

3. Morgan Stanley: OPEC+ is expected to maintain production quotas unchanged

4. Worldsteel: global crude steel production in January 2025 fell 4.4% year-on-year

5. The Bank of Thailand unexpectedly cut interest rates by 25 basis points to boost economic growth

Domestic News

1. Three Departments: further promote the facilitation of customs clearance at air ports

The General Administration of Customs, the National Immigration Administration and the Civil Aviation Administration of China jointly issued a notice on several measures to further promote the facilitation of customs clearance at air ports. The notice pointed out that the 7×24 customs clearance guarantee system for major air ports with conditions such as Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area, and Chengdu-Chongqing region will be optimized and improved. We will continue to improve the international aviation logistics network, strengthen the support of resources such as air traffic rights and schedules, cultivate internationally competitive business entities, improve the accessibility and agglomeration radiation level of international aviation hubs and regional aviation hubs, enhance the ability of international passenger and cargo transport services at air ports, and expand and strengthen the "Air Silk Road".

2. The securities regulatory bureaus have launched a new round of normalized visits to promote the high-quality development of listed companies

Since the beginning of the year, the securities regulatory bureaus in many places across the country have actively implemented the spirit of the Central Economic Work Conference and the deployment of the China Securities Regulatory Commission, and comprehensively launched a new round of normalized visits to listed companies. Each securities regulatory bureau goes deep into the front line of enterprises, coordinates and solves business problems, and helps listed companies develop with high quality. It is found that the interviewed listed companies generally believe that the normalized visit mechanism has significantly improved the efficiency of problem solving and effectively opened up the "last mile" of government-enterprise communication.

3. China Securities News: The Central Bank has precise regulation and control, and abundant liquidity is expected to be safe

On February 25, the People's Bank of China launched a medium-term lending facility (MLF) operation of 300 billion yuan, and the amount of MLF due in the current month was renewed. Experts said that this month's MLF shrinkage continued to meet market expectations, and the People's Bank of China will continue to use a variety of monetary policy tools to maintain abundant liquidity according to the supply and demand of liquidity. Recently, the capital situation is tight. Chen Jianheng, head of fixed income research at the research department of CICC, said that the reason for this is that the RMB exchange rate is still under certain pressure against the background of the high volatility of the US dollar index and US bond interest rates, and the priority of the People's Bank of China to stabilize the exchange rate has been raised. The relatively rapid issuance of government bonds, coupled with the impact of seasonal factors such as the payment of permitted taxes, has reduced the amount of capital and financial output of the banking system and increased the short-term volatility of the capital market.

4. Give a raise to "low-wage workers"! The 2025 collective negotiating "Centralized Offer Action" was launched

On February 26, the All-China Federation of Trade Unions, the Ministry of Human Resources and Social Security, the China Enterprise Confederation, and the All-China Federation of Industry and Commerce jointly launched the 2025 "Centralized Offer Action" for collective negotiation, guiding trade unions and enterprises to carry out collective negotiation, sign collective contracts, build a communication and negotiation platform for enterprises and employees, and promote the construction of harmonious labor relations. According to the action plan, trade unions at all levels should take the wage adjustment range, overtime wage base, labor quota standards, wage payment methods, etc. as the core topics of consultation, and focus on promoting negotiations in industries that are hard and tiring and have low wage levels, so as to raise the wage level of low-wage workers.

5. China Association of Automobile Manufacturers: A total of 1.459 million Chinese brand passenger cars were sold in January, a year-on-year increase of 14.1%

According to the statistical analysis of the China Association of Automobile Manufacturers, in January 2025, a total of 1.459 million Chinese brand passenger cars were sold, a decrease of 29.3% month-on-month and a year-on-year increase of 14.1%, accounting for 68.4% of the total passenger car sales, and the sales share increased by 8 percentage points over the same period last year.

International News

1. The U.S. House of Representatives passed a budget that aims to slash Social Security spending, paving the way for tax cuts

On Tuesday, Republicans in the U.S. House of Representatives passed a budget that proposed deep cuts to Social Security programs such as Medicaid, which paved the way for a $4.5 trillion tax cut plan. The vote was 217 to 215, with all Democratic lawmakers voting against it. The budget is expected to increase the budget deficit (although it calls for a $2 trillion cut in total spending over the next 10 years) and raise the U.S. debt ceiling by $4 trillion. The passage of the budget does not guarantee an extension of Trump's tax cuts, which are due in 2017, because the Senate plans to make changes to the House of Representatives before it is passed.

2. IIF: Last year, the global debt-to-GDP ratio rose for the first time since 2020

The global debt-to-GDP ratio rose last year for the first time since 2020, as the global debt stock hit a new year-end record of $318 trillion and economic growth slowed, according to a report by the Institute of International Finance (IIF).

3. Morgan Stanley: OPEC+ is expected to maintain production quotas unchanged

Morgan Stanley said that the upcoming OPEC+ meeting is expected to keep production quotas unchanged, which will keep the market balanced in the second half of the year. The weaker economic outlook due to tariffs and countermeasures will weigh on the outlook and create uncertainty for oil demand. The bank expects global oil demand to grow by about 1 million b/d this year, close to the lower end of the consensus range.

4. Worldsteel: global crude steel production in January 2025 fell 4.4% year-on-year

According to data released by the World Steel Association, crude steel production in the world's 69 countries/regions included in the worldsteel statistics in January 2025 was 151.4 million tonnes, down 4.4% year-on-year. In January 2025, China's crude steel output was estimated at 81.91 million tons, down 5.6% year-on-year.

5. The Bank of Thailand unexpectedly cut interest rates by 25 basis points to boost economic growth

The Bank of Thailand cut its policy rate by 25 basis points to 2%, as the market expects it to remain unchanged. This is the first time in four months that the Bank of Thailand has cut interest rates to support economic growth. Previously, the country's Prime Minister and the International Monetary Fund (IMF) had publicly called for interest rate cuts.

Domestic Macro Economy Index