March 12th Macroeconomic Index: Shanghai's Nuclear Power Industry Maintains Double-Digit Growth, International Oil Prices Rise

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

Domestic News

1. The scale of Shanghai's nuclear power industry has maintained double-digit growth for four consecutive years

2. Improve the system of self-discipline rules for ratings, and the National Association of Dealers issued two rating guidelines

3. Ministry of Foreign Affairs: Oppose the definition of China-US relations by competition

4. The Third Plenary Session of the Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) was held

International News

1. The Keystone oil pipeline was temporarily suspended, and oil prices rose

2. The suspension of LNG export licenses by the United States has caused concern in Japan

3. Spokesperson of the Afghan Interim Government: The 1,000 MW power transmission project in Central Asia-South Asia has been restarted

4. Iraqi armed groups launched a new round of attacks on Israel

Domestic News

1. The scale of Shanghai's nuclear power industry has maintained double-digit growth for four consecutive years

Recently, the reporter learned from the 2024 Shanghai Nuclear Power Work Conference that the total output of Shanghai's nuclear power industry in 2023 reached 40.23 billion yuan, a year-on-year increase of 25.6%, and the industrial scale has maintained double-digit growth for four consecutive years.

2. Improve the system of self-discipline rules for ratings, and the National Association of Dealers issued two rating guidelines

The National Association of Financial Market Institutional Investors (NAFMII) has organized market members to formulate the Self-Discipline Guidelines for Credit Rating Business in the Interbank Bond Market and the Guidelines for Information Disclosure on Credit Rating Business in the Interbank Bond Market, which will come into force on June 1, 2024. The Rating Business Guidelines clarify the basic principles, processes and operational specifications for business development, emphasize the independence of ratings and the management of internal control of institutions, simplify the detailed requirements for operation, guide the personalized innovation and development of rating agencies, and carry out market competition with investors as the core and rating quality. The Guidelines for Rating Information Disclosure further standardize the content and frequency of rating information disclosure, require rating agencies to regularly disclose rating quality inspection results, and strengthen market supervision and constraints.

3. Ministry of Foreign Affairs: Oppose the definition of China-US relations by competition

The Ministry of Foreign Affairs of China held a regular press conference today (8th). At the meeting, a reporter asked questions about US President Joe Biden's China-related remarks in his State of the Union address. In this regard, Foreign Ministry spokesperson Mao Ning said that we have always believed that China-US relations are not a zero-sum game in which one win and one lose, one rise and another fall. We oppose defining China-US relations by competition, attacking or smearing China, and restricting China's legitimate development rights under the banner of competition. (CCTV News)

4. The Third Plenary Session of the Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) was held

The Second Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) held its third plenary session in the Great Hall of the People on the morning of 9 July. Wang Huning, member of the Standing Committee of the Political Bureau of the CPC Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference, attended the meeting. Fourteen members made speeches at the conference. Speaking on behalf of the All-China Federation of Trade Unions, member representative Yang Yudong said: Industry workers are an important force in developing new productive forces. It is necessary to vigorously develop high-level vocational education, establish a lifelong vocational skills training system, help the career development of industry workers, and create a great social atmosphere valuing labor, skills, and innovation. Member Pansy Ho said in her speech that the Hong Kong Special Administrative Region (HKSAR) should give full play to its advantages in finance, trade, law, and patents while upholding the principle of “one country” and making full use of “two institutions”, and contribute its own strength to building a new system of a higher-level open economy. (Xinhua News Agency)

International News

1. The Keystone oil pipeline was temporarily suspended, and oil prices rose

It is reported that oil prices moved higher after TC Energy's Keystone pipeline was partially suspended on Thursday, limiting the ability to ship Canadian crude to the U.S. Midwest and the Gulf Coast. "The company reported that the pipeline operated safely after a brief suspension, although details of the supply disruption are not yet known," ING analysts said. "Oil futures are being supported by tight spot markets, OPEC+ expanding production restrictions, and signs of disruption in the Red Sea. Meanwhile, data showed U.S. gasoline inventories fell last week and crude imports rose year-on-year in parts of Asia, indicating growing demand from some of the world's largest oil consumers.

2. The suspension of LNG export licenses by the United States has caused concern in Japan

U. S. Department of Energy officials said the Biden administration has suspended new LNG export licenses, which could last for months. In January, the U.S. Department of Energy suspended the approval of natural gas export licenses to study the potential impact of increased natural gas production and exports on climate change, the economy and national security. White House energy adviser Amos Hochstein said the suspension could last 10 to 14 months, until after the U.S. elections in November. The United States transported about 90 million tons of LNG last year, the largest in the world, and its export capacity is expected to nearly double by the end of the decade. Following the U.S. move, Japan's Minister of Economy, Trade and Industry and Japanese companies raised concerns about energy security.

3. Spokesperson of the Afghan Interim Government: The 1,000 MW power transmission project in Central Asia-South Asia has been restarted

On March 9, local time, Mujahid, spokesman for the Afghan interim government, announced that Kyrgyzstan, Tajikistan, Afghanistan and Pakistan had signed a CASA-1000 energy project (Central Asia-South Asia 1000 MW power transmission project) transmission contract on the 8th. The foundation stone of the project was laid in May 2016 by the leaders of the four countries. After a two-year delay, it has been restarted with financial support from the World Bank, and the actual work will begin at the end of next month and is expected to be completed by the end of 2025.

4. Iraqi armed groups launched a new round of attacks on Israel                                                                                                                                                                                                                                                                                          

Iraq's Islamic Resistance Group has launched a new round of attacks on Israeli targets in support of the Palestinian people in the Gaza Strip, Iran's Press TV website reported on March 9. According to reports, the Iraqi Islamic Resistance Group issued a statement on the "Telegram" social platform on the 8th, saying that they carried out a drone attack on a military camp at Rosh Pinna Airport, the northern part of the Occupied Palestinian Territory". The group also launched a drone attack on an Israeli intelligence base in the Golan Heights to show that it would continue to strike at enemy strongholds. According to the report, fighters of the Iraqi Islamic Resistance Group also launched a drone attack on an Israeli oil refinery in Haifa on the 8th. The group stressed that they will continue to launch attacks on the "occupation regime" until "the enemy's strongholds are completely destroyed."

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