January 2 Macroeconomic Index:The flexible retirement system is launched, the price of refined oil may be increased, China, India and Pakistan exchange lists of nuclear facilities, and the EU responds to the Russian gas supply cutoff

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Domestic News

1. The "Interim Measures for the Implementation of the Flexible Retirement System" was promulgated and came into force today

2. The price of refined oil may welcome the "first rise" in the new year, and the price adjustment window is about to open

3. Longping High-Tech: new varieties of rice, corn and cotton have passed the national examination

4. The State Administration for Market Regulation promoted the recall of 2,797 defective drones

5. Han Wenxiu, Central Finance Office: It is necessary to cut the RRR and interest rates in a timely manner, and make good use of tools such as open market operations

 International News

1. Germany's fireworks imports continued to grow in 2024, and China’s supply dominates.

2. Lagarde: The ECB wants to reach its 2% inflation target by 2025

3. List of nuclear facilities exchanged between India and Pakistan

4. In 2024, a total of 168 new international freight routes were opened across the country

5. The expiration of the agreement on the transit of Russian natural gas through Ukraine to Europe, and EU member states actively responded.

Domestic News

1. The "Interim Measures for the Implementation of the Flexible Retirement System" was promulgated and came into force today

On January 1, the Ministry of Human Resources and Social Security, the Organization Department of the Central Committee, and the Ministry of Finance issued the "Interim Measures for the Implementation of the Flexible Retirement System" on January 1, clarifying the procedures for flexible retirement and basic pension collection. The "Interim Measures for the Implementation of the Flexible Retirement System" proposes that from January 1, 2025, employees who have reached the minimum monthly payment period for basic pension stipulated by the state can voluntarily choose flexible early retirement, and the advance time shall not exceed 3 years from the statutory retirement age, and the retirement age shall not be lower than the original statutory retirement age of 50 and 55 years old for female employees and 60 years old for male employees. If an employee voluntarily chooses to retire early flexibly, he/she shall notify his/her employer in writing at least 3 months before the retirement time he or she chooses. During the period of flexible postponement of retirement, the unit to which the employee belongs may terminate the flexible postponement of retirement and go through the retirement formalities in accordance with the provisions if the employer and the employee reach a consensus through consultation.

2. The price of refined oil may welcome the "first rise" in the new year, and the price adjustment window is about to open

At 24 o'clock on January 2, 2025, a new round of domestic refined oil price adjustment window was opened again. The reporter learned from a number of commodity information platforms that the retail price limit of refined oil may be raised online. Domestic gasoline and diesel prices are adjusted every 10 working days according to the changes in crude oil prices in the international market. According to Jinlianchuang's calculation, as of the ninth working day of December 31, 2024, the average price of reference crude oil varieties was 71.75 US dollars / barrel, with a change rate of 0.77%, and the corresponding domestic gasoline and diesel retail prices increased by 45 yuan / ton. Affected by the continuous rise in crude oil, the rate of change will continue to widen positively, according to the current average price of crude oil estimates, the final corresponding increase in the retail price of this round is about 55 yuan/ton. According to the current price adjustment mechanism, the price adjustment range is less than 50 yuan/ton, so the price of gasoline and diesel will not be adjusted. This means that there is a high probability that the current round of oil prices will be raised close to the red line of price adjustment.

3. Longping High-Tech: new varieties of rice, corn and cotton have passed the national examination

Longping High-Tech announced on the evening of January 1 that according to the Announcement No. 867 of the Ministry of Agriculture and Rural Affairs of the People's Republic of China, the fifth meeting of the Fifth National Crop Variety Examination and Approval Committee was approved and issued a variety approval announcement. Among them, 31 new rice varieties, 46 new corn varieties and 1 new cotton variety independently cultivated by the company and its subsidiaries or jointly cultivated with others have passed the national examination.

4. The State Administration for Market Regulation promoted the recall of 2,797 defective drones

The State Administration for Market Regulation issued a document saying that since 2024, the State Administration for Market Regulation has strengthened the supervision of drone recalls to promote the healthy and orderly development of the industry. Up to now, 579 cases of civil drone defect information have been collected, technical institutions have been organized to carry out risk research and judgment, and 2,797 defective drones have been recalled. As an emerging consumer format, the scale and ownership of civil UAVs are getting bigger and bigger, and they have become an important engine for the development of low-altitude economy. In the next step, the State Administration for Market Regulation will continue to make good use of policy tools such as standard development, supervision and spot checks, sandbox testing, and recall supervision, strictly supervise product quality and safety, strive to create a good market consumption environment, and continue to promote the development of UAV innovative technology and the linkage of industrial chain and supply chain quality.

5. Han Wenxiu, Central Finance Office: It is necessary to cut the RRR and interest rates in a timely manner, and make good use of tools such as open market operations

Han Wenxiu, Deputy Director of the Central Finance Office in charge of daily work, pointed out in an article in the People's Daily that a mod erately loose monetary policy should be implemented. We should further give full play to the dual functions of monetary policy tools, both in aggregate and in structure, so that the scale of social financing and the growth of money supply will match the expected targets of economic growth and overall price levels. It is necessary to cut the reserve requirement ratio and interest rates in a timely manner, make good use of tools such as open market operations, maintain abundant liquidity, and continue to increase support for the real economy. We will further dredge the monetary policy transmission mechanism, maintain the rapid growth of money and credit, promote the reduction of comprehensive financing costs in society, and effectively solve the problem of difficult and expensive financing for enterprises. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Explore and expand the central bank's macro-prudential and financial stability functions, innovate financial instruments, and maintain the stability of the financial market.

International News

1. Germany's fireworks imports continued to grow in 2024, and China’s supply dominates.

According to data released by the German Federal Statistical Office at the end of 2024, German fireworks imports increased again in 2024. Specifically, in the first three quarters of 2024, 99% of Germany's imported fireworks came from China. China has a long history of dominance in the German fireworks market, and in the past 20 years, Chinese fireworks products have always accounted for more than 90% of Germany's total fireworks imports. (CCTV News)

2. Lagarde: The ECB wants to reach its 2% inflation target by 2025

ECB President Christine Lagarde said that the 2% inflation target is imminent. "We have made significant progress in reducing inflation in 2024 and hope that in 2025 we will achieve our goals as expected and as strategically planned," she said in a video posted Wednesday on X. Of course, we will continue to work to ensure that inflation stabilizes at the medium-term target of 2%. "CPI growth in the eurozone slowed last year and fell below the ECB's target in September, but has picked up in recent months, with Lagarde warning that CPI will fluctuate around current levels in the near term. Still, the slowdown in inflation has allowed policymakers to cut rates by 25 basis points four times, and economists expect four more by June.

3. List of nuclear facilities exchanged between India and Pakistan

On January 1, India and Pakistan exchanged lists of their nuclear facilities in accordance with an agreement between Pakistan and India to prohibit attacks on each other's nuclear facilities. According to the agreement, the list of nuclear facilities in Pakistan has been officially handed over to the Indian representative in the High Commission of Pakistan through the Pakistani Ministry of Foreign Affairs. At the same time, the Indian Ministry of External Affairs also handed over its list of nuclear facilities to the representative of Pakistan to the Indian High Commission.

4. In 2024, a total of 168 new international freight routes were opened across the country

On January 1, the reporter learned today from the Air Logistics Branch of the China Federation of Logistics and Purchasing that in December 2024, a total of 12 new international cargo routes were opened across the country, adding more than 37 round-trip flights per week. The cargo structure was dominated by cross-border e-commerce goods. In 2024, a total of 168 new international cargo routes were opened across the country, and China's international air cargo network will continue to be dense.

5. The expiration of the agreement on the transit of Russian natural gas through Ukraine to Europe, and EU member states actively responded.

On January 1, local time, Russian energy giant Gazprom reported that due to the expiration of the agreement signed with Ukraine on the transit of Russian natural gas to Ukraine, Gazprom had interrupted gas transmission at 8 o'clock Moscow time on the 1st. German media reported on December 31, 2024, citing a spokesperson for the European Commission, that the European gas infrastructure was flexible enough to supply gas from outside Russia to Central and Eastern European countries through alternative routes. The European Commission has been coordinating with Member States for more than a year to prepare alternative supply options. The Slovak Ministry of Economy issued a statement on the same day, saying that it was not a reasonable decision for Ukraine to terminate the transit of Russian gas, which will not only lead to an increase in the price of natural gas in Europe, but also harm the European economy, and this move would also have a negative impact on Slovakia and even Ukraine. According to the Slovak Ministry of Economy, the country has prepared sufficient gas reserves and alternative supply options for 2025.

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