March 27 Macroeconomic Index:Domestic private economy and bond market welcome new measures; international inflation expectations and semiconductor spending become the focus

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Domestic News

1. Yao Yang, Boya Distinguished Professor of Peking University: The confidence of private entrepreneurs can return to 70% by promoting economic development

2. CNCA strengthen the management of certification rules by establishing management systems and platform filing

3. The Dalian Securities Regulatory Bureau comprehensively promotes the high-quality development of the bond market in its jurisdiction

4. Beijing will set up a new 10 billion yuan pharmaceutical M&A fund

5. The largest domestic shield machine "Cangyuan" went off the production line

 International News

1. Vietnam allows Starlink to provide satellite services

2. SEMI: Global fab equipment spending is expected to grow by 2% to $110 billion this year

3. Federal Reserve Committee Warns: Rising inflation expectations will become a "barrier to interest rate cuts"

4. The SEC Cryptocurrency Working Group has announced that it will hold four new roundtables in the coming March to discuss regulatory issues

5. UK inflation slowed to 2.8% in February

Domestic News

1. Yao Yang, Boya Distinguished Professor of Peking University: The confidence of private entrepreneurs can return to 70% by promoting economic development

As for how to boost the expectations of private enterprises, Yao Yang believes that the first thing is to "promote the economy", as long as this problem is solved, the confidence of private entrepreneurs can return to 70%. Second, it is necessary to improve profit-seeking law enforcement and solve the problem of arrears in private enterprises. “The reason behind profit-seeking enforcement and defaulting on private enterprises is that local governments are running out of money. This year's two sessions have also taken a big step towards solving this problem, that is, the issuance of 4.4 trillion yuan of special bonds. Yao Yang suggested, "The Central Government can also issue another one fund, such as 2 trillion yuan of special treasury bonds to local governments to solve this problem, and the pressure on private enterprises is expected to be greatly eased.”

2. CNCA strengthen the management of certification rules by establishing management systems and platform filing

In order to promote the standardized and healthy development of the certification industry, the CNCA recently issued the "Announcement of the CNCA on Strengthening the Management of Certification Rules", requiring certification bodies to establish a management system of certification rules and formulate certification rules in strict accordance with the principle requirements, management requirements and content requirements. The certification body is required to record the relevant information of the certification rules, the full text of the certification rules, and the full text of the certification basis corresponding to the certification rules or the channels that can be obtained through the "Unified Reporting Platform for Certification and Accreditation Business Information". (CCTV News)

3. The Dalian Securities Regulatory Bureau comprehensively promotes the high-quality development of the bond market in its jurisdiction

The Dalian Securities Regulatory Bureau has comprehensively promoted the high-quality development of the bond market in its jurisdiction. The first is the active screening program. Prepare a bond financing demand table and a brief introduction to various bond financing tools in the jurisdiction, promote the issuance of 10 government industry departments to enterprises under their jurisdiction, fully grasp the potential project resources, and establish a bond issuance reserve project library in the jurisdiction to achieve full service coverage. The second is to deepen professional cooperation. Jointly with the Shanghai and Shenzhen Stock Exchanges and other units, a special training session on bond financing was held to guide enterprises to make good use of bond financing tools according to local conditions and revitalize existing assets, with a total of more than 100 people from 25 government departments and 27 key enterprises participating. The third is precise docking service. Organized discussions with a number of enterprises in Shanghai and Shenzhen stock exchanges, visited enterprises interested in issuing bonds, and provided guidance and services. Recently, a local state-owned enterprise in the jurisdiction successfully issued 1 billion yuan of corporate bonds.

4. Beijing will set up a new 10 billion yuan pharmaceutical M&A fund

On March 26, Ma Jiye, Director of the Beijing Municipal Health Insurance Bureau, said at an event during the Boao Forum for Asia that Beijing will give full play to the role of the municipal 20 billion yuan medical and health investment fund, and in 2024, the investment amount and leverage social capital were nearly 10 billion yuan. This year, a new pharmaceutical M&A fund with a scale of 10 billion yuan will be set up to build a pharmaceutical and health industry fund system with continuous support for the whole cycle and coordination in the urban area.

5. The largest domestic shield machine "Cangyuan" went off the production line

On March 26, China's self-developed largest diameter shield machine "Cangyuan" successfully rolled off the production line in Changshu, Jiangsu. It will be used for the construction of the Haitai Yangtze River Tunnel, the world's longest underwater shield tunnel on the expressway.

International News

1. Vietnam allows Starlink to provide satellite services

Vietnam will allow Musk's Starlink to provide satellite services for up to 600,000 users during a five-year pilot period, citing a decision signed by the Vietnamese government on March 23, according to Vietnamese news website vexpress. SpaceX had previously proposed to invest $1.5 billion in Vietnam on its Starlink satellite service, the Vietnamese government said in a website article last September. In February, Vietnam's parliament approved a rule allowing foreign-owned telecommunications companies to operate low-orbit satellite technology on a pilot basis.

2. SEMI: Global fab equipment spending is expected to grow by 2% to $110 billion this year

The International Semiconductor Industry Association (SEMI) expects global fab equipment spending to grow by 2% to $110 billion in 2025, marking the sixth consecutive year of growth since 2020. SEMI estimates that fab equipment spending is expected to grow by another 18% in 2026 to reach $130 billion.

3. Federal Reserve Committee Warns: Rising inflation expectations will become a "barrier to interest rate cuts"

Chicago Fed President and FOMC Member Goolsbee warned that there are signs that investors in the U.S. bond market are starting to expect higher inflation, which would be a "major red flag" that could disrupt rate-setters' plans to cut rates. Goolsbee's comments came a week after a closely watched University of Michigan poll showed that long-term inflation expectations among American households hit their highest level since 1993. "If you see market-based long-term inflation expectations starting to change like they have been in the last two months, I would think that's a big red flag to watch," Goolsbee said. "The five-year forward rate is currently at 2.2%, while the University of Michigan survey shows that consumers expect long-term inflation to be 3.9%. Goolsbee said the Fed would have to act if investors' expectations began to converge with those of American households: "You have to deal with this almost no matter what the situation." He said.

4. The SEC Cryptocurrency Working Group has announced that it will hold four new roundtables in the coming March to discuss regulatory issues

According to the official website of the U.S. Securities and Exchange Commission (SEC), the SEC's cryptocurrency working group announced that it will hold four new rounds of roundtables from April to June 2025, covering topics such as crypto trading, management assistance, asset tokenization and DeFi. The four public roundtables will be held on April 11 on "Tailoring Management Plan for Crypto Trading", on April 25 on "Key Issues for Custodians on Management Assistance", on May 12 on "Asset On-Chain and Traditional Finance Integration", and on June 6 on "DeFi and the American Spirit". Commissioner Hester Peirce called this "spring sprint to crypto clarity" and marks a new direction for the SEC to move from enforcement-focused to cooperative and clear regulatory frameworks.

5. UK inflation slowed to 2.8% in February

Official data released on Wednesday showed that inflation in the UK fell to 2.8% annually in February from 3.0% in January. Economists surveyed expected the reading to come in at 2.9%, compared with 2.8% forecast issued by the Bank of England last month. The central bank expects CPI to peak at 3.75% in the third quarter of this year, almost double its 2% target, mainly driven by rising energy costs and regulatory fees for household utilities and bus fares.

Domestic Macro Economy Index