March 14th Macroeconomic Index: Hong Kong Sees Strong Tourism Recovery, Sino-US Flights Increase, and BFA Conference Announced

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

Domestic News

1. Hong Kong Cultural Tourism Bureau: The average daily number of visitors to Hong Kong reached 130,000 in the first two months, and the tourism industry is recovering strongly

2. Preview: The State Council Information Office will hold a press conference on the operation of the national economy from January to February 2024

3. The Sino-US route will be increased at the end of March

4. The BFA Annual Conference 2024 will hold a series of forum activities

International News

1. Another refinery in Russia caught fire, with an annual production capacity of 17.1 million tons of oil

2. South Korea has intensified its crackdown on illegal acts of cross-border e-commerce platforms

3. The British House of Lords urges the government to establish long-term strategic energy reserves ASAP

4. Moody's: U.S. natural gas prices are still expected to rise this year

Domestic News

1. Hong Kong Cultural Tourism Bureau: The average daily number of visitors to Hong Kong reached 130,000 in the first two months, and the tourism industry is recovering strongly

Liu Zhen, Minister of the Culture, Sports and Tourism of the Hong Kong SAR Government, said that the number of visitors to Hong Kong continues to grow every quarter. According to preliminary figures from the Immigration Department, the number of visitors to Hong Kong was about 7.83 million in the first two months of this year, with an average of 130,000 visitors per day, an increase of 12% over the fourth quarter of last year. During the Spring Festival Golden Week last month, the overall number of visitors to Hong Kong reached the level of the same period in 2018, and the number of visitors from the Mainland exceeded the level of the same period in 2018.

2. Preview: The State Council Information Office will hold a press conference on the operation of the national economy from January to February 2024

The Information Office of the State Council is scheduled to hold a press conference at 10 a.m. on Monday, March 18, 2024, at which Liu Aihua, spokesperson of the National Bureau of Statistics, chief economist and director of the Department of Comprehensive Statistics of the National Economy, will introduce the operation of the national economy from January to February 2024 and answer questions from reporters. (China.com)

3. The Sino-US route will be increased at the end of March

As Chinese airlines continue to submit new plans for increasing China-US flights, flights between China and the US will be significantly increased from the end of March. At the end of February, the U.S. Department of Transportation issued a new notice to allow Chinese airlines to operate 50 direct passenger round-trip flights between China and the United States per week starting March 31, 2024. Previously, Chinese airlines operated 35 round-trip passenger flights between China and the United States per week. According to the reporter, Air China, China Eastern Airlines, China Southern Airlines, Hainan Airlines, Sichuan Airlines, and Xiamen Airlines, which are currently operating passenger flights between China and the United States, have all submitted their latest plans for increasing flights. (Yicai News)

4. The BFA Annual Conference 2024 will hold a series of forum activities

According to the latest schedule of the Boao Forum For Asia Annual Conference 2024 announced on the official website of the BFA on March 12, the BFA Annual Conference 2024 will be held in Boao from March 26 to 29, with a series of forum activities. According to the latest schedule, a series of activities such as "Investing in Asia's Future", "How far is the 'singularity' of the scientific and technological revolution from us?", "Accelerating steps towards zero-carbon electricity", "AIGC changing the world", "Innovation, green, digital intelligence, and integration" leading high-quality development, "The future of the new energy vehicle track", "World Economic Outlook", "China's economic outlook", "Intellectual Property for sustainable development", "Global Governance of Artificial Intelligence", "Digital Economy of  Integration and Innovation", "Building an Asian Growth Center", "Breakthrough of the Real Economy", "low-carbon energy transition", and "high-quality Belt and Road Construction" will be held. (Hainan Daily)

International News

1. Another refinery in Russia caught fire, with an annual production capacity of 17.1 million tons of oil

A fire broke out at an oil refinery in the Ryazan region southeast of Moscow, Russia, possibly caused by a drone attack, TASS reported on Wednesday. The refinery, owned by Russian oil company Rosneft, has an annual production capacity of 17.1 million tons of oil. In recent weeks, Ukraine has intensified drone attacks on Russian refineries and oil depots. On Tuesday, Lukoil's Norsi refinery and an oil depot in the Orel region also caught fire after a drone attack.

2. South Korea has intensified its crackdown on illegal acts of cross-border e-commerce platforms

The Fair Trade Commission of the South Korea's anti-monopoly enforcement agency, issued the "Consumer Protection Measures for Cross-border E-commerce Platforms" On March 13, deciding to unite various departments to deal with behaviors that harm consumer rights and interests, such as the sale of counterfeit goods, and at the same time solve the problem of "reverse discrimination" against domestic platforms. (Interface)

3. The British House of Lords urges the government to establish long-term strategic energy reserves ASAP

The Science and Technology Committee of the House of Lords issued a report on March 12 local time, urging the UK to establish a long-term strategic energy reserve for the electricity network to ensure sufficient supply of the electricity network during extreme events and periods of low renewable energy generation. The committee argues that if the UK wants to meet its climate targets, it must start building long-term energy storage facilities as soon as possible, which will take 7-10 years to build.

4. Moody's: U.S. natural gas prices are still expected to rise this year                                                                                                                                                                                                                                                                                        

Moody's still stressed that higher U.S. exports and lower production will lead to higher gas prices this year, but the reduction in natural gas production will take longer to become a reality. Strong natural gas production is underpinned by shale oil drilling activity in the United States. Second, the carry trade in Europe will take longer to boost prices. More and more new LNG export terminals will come online in 2024, but the impact will take some time to be felt, while the consistently warm weather has reduced gas consumption in the winter.

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