March 27th Macroeconomic Index: Shanghai's Imports and Exports to BRICS Countries Surge Over 30%, AI Models Exceed 100 in China

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Domestic News

1. In the first two months of this year, Shanghai's total import and export value to the BRICS countries increased by more than 30%

2. National Data Administration: The number of large models above the scale of 1 billion parameters in China has exceeded 100

3. In 2023, the scale of China's food consumption market increased by more than 10% year-on-year

4. Several Measures of Shenzhen Municipality on Promoting the High-quality Development of High-end Equipment Industry Clusters was issued

International News

1. Boao Forum: The rapid development of artificial intelligence will provide new opportunities for development and cooperation in Asia

2. The retail price of gasoline in the United States may hit $4 per gallon in the summer, the highest level since 2022

3. The Fed's rhetoric of slowing down balance sheet reduction has pushed big banks to buy US Treasury bonds aggressively

4. EU leaders issued a statement welcoming the adoption of the UN Security Council resolution on a ceasefire in the Gaza Strip

Domestic News

1. In the first two months of this year, Shanghai's total import and export value to the BRICS countries increased by more than 30%

According to Shanghai Customs statistics, in the first two months of this year, the total value of Shanghai's imports and exports to other BRICS countries was 74.07 billion yuan, an increase of 31.8%. Among them, in the first two months of this year, Yangshan Customs supervised the production and marketing of 24,000 tons of imported mineral products in containers produced and sold by BRICS countries, with a value of 6.717 million US dollars, an increase of 2.7 times and 3.5 times year-on-year respectively.

2. National Data Administration: The number of large models above the scale of 1 billion parameters in China has exceeded 100

The 2024 Annual Meeting of the China Development Forum (CDF) came to an end yesterday (March 25). Liu Liehong, director of the National Data Bureau, said yesterday (25th) that the rapid development of generative artificial intelligence has put forward a higher and more urgent demand for computing power, and the necessity of building a national integrated computing power system is becoming more and more prominent. At present, the state is speeding up the construction of a national integrated computing power system that is networked and dispatched, inclusive and easy to use, green and safe. Liu Liehong said that the rapid growth of data production and storage in China has provided rich "raw materials" for digital and intelligent applications such as the construction and operation of smart cities and the utilization of industrial Internet. Taking artificial intelligence as an example, the number of large models with more than 1 billion parameters in China has exceeded 100, and the industry have deeply empowered electronic information, medical care, transportation and other fields in a large scale, forming hundreds of application models and empowering thousands of industries.

3. In 2023, the scale of China's food consumption market increased by more than 10% year-on-year

The China Federation of Logistics and Purchasing today (26th) announced the 2023 food industry chain supply chain data. According to the data, driven by the strong recovery of consumption, the scale of the food & ingredients consumption market will exceed 9 trillion yuan in 2023, especially the consumption of catering food has increased significantly year-on-year. In 2023, the scale of China's food consumption market will reach 9.37 trillion yuan, a year-on-year increase of 10.31%. Among them, the consumption scale of retail ingredients reached 7.25 trillion yuan, a year-on-year increase of 7.66%, and the consumption scale of catering ingredients reached 2.12 trillion yuan, a year-on-year increase of 20.45%. Experts said that in 2023, domestic catering consumption will continue to recover, bringing a significant increase in the operating performance of the catering industry and the rapid growth of catering food ingredient consumption.

4. Several Measures of Shenzhen Municipality on Promoting the High-quality Development of High-end Equipment Industry Clusters was issued

The notice proposes to focus on wafer manufacturing equipment, panel manufacturing front-end process equipment, as well as strategically important high-end CNC machine tools, precision instruments and equipment, marine engineering equipment, etc., and strive to achieve a breakthrough from "0 to 1" to solve the problem of "stucking neck" in cutting-edge technology. Support the development of key supporting basic parts with high value proportion, high technical difficulty and low localization rate in the field of equipment, focus on breakthroughs in high-end CNC systems, reducers, servo control systems, ultrafast lasers, etc., promote equipment enterprises to climb to the high-end links of the industrial chain and value chain, and strive to improve the resilience and safety of the industrial chain and supply chain.

International News

1. Boao Forum: The rapid development of artificial intelligence will provide new opportunities for development and cooperation in Asia

The 2024 Annual Report on Asian Economic Prospects and Integration Processes, released at the Boao Forum Annual Conference today, pointed out that the rapid development of artificial intelligence is profoundly changing the life of human society and the world, and will provide new opportunities for Asia's development and cooperation. Artificial intelligence is shifting from "simulating human intelligence with computers" to "machine + human", "machine + human + network" and "machine + human + network + thing". The artificial intelligence industry has shown new characteristics such as breakthroughs in innovative technology groups, integrated development of industry applications, and in-depth coordination of international cooperation, which not only significantly improves productivity, but also has great potential for continuous improvement of human well-being. However, AI also inevitably has an intentional or unintentional collateral impact on employment, wealth distribution, and compliant use. How to rationally develop and utilize artificial intelligence is becoming an important issue for cooperation among Asian countries.

2. The retail price of gasoline in the United States may hit $4 per gallon in the summer, the highest level since 2022

The AAA said U.S. retail gasoline prices could climb to their highest level since the summer of 2022 at $4 a gallon as oil prices rise on supply concerns. The transition to summer-grade gasoline over the past few weeks has boosted gasoline futures and retail prices, with inventories shrinking to their lowest since December. Devin Gladden, a spokesman for the association, said the surge in gasoline retail prices could force Americans to change their lifestyles and would be the focus of the presidential election in November. In addition, maintenance at U.S. refineries and unexpected supply disruptions due to leaks and fires also had an impact. The current national average retail price of gasoline in the United States is $3.54 per gallon.

3. The Fed's rhetoric of slowing down balance sheet reduction has pushed big banks to buy US Treasury bonds aggressively

The surge in purchases of U.S. Treasuries by large domestic banks over the past three weeks appears to be related to comments from Fed officials that support the central bank slowing the pace of stripping U.S. Treasuries from its balance sheet, rates strategists at TD Securities said in a note. Gennadiy Goldberg and Molly McGown said in the report that Fed data showed that banks, especially large ones, had increased their holdings of U.S. Treasuries by $123 billion over the past three weeks. "We believe the timing of the surge in purchases coincides with the timing of Fed Governor Waller and Fed Chair Logan's speeches on phasing out balance sheet reduction," they said. ”

4. EU leaders issued a statement welcoming the adoption of the UN Security Council resolution on a ceasefire in the Gaza StriP

According to CCTV, on March 25, local time, EU leaders such as EU Council President Michel, European Commission President von der Leyen, EU High Representative for Foreign Affairs and Security Policy Josep Borrell and other EU leaders issued statements respectively, expressing their welcome to the United Nations Security Council to adopt a resolution calling for an immediate ceasefire in the Gaza Strip and the immediate and unconditional release of all detainees. Stresses that the implementation of the resolution is essential for the protection of all civilians.

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