November 13th Macroeconomic Index: China's High-Level Opening Up Continues, Infrastructure Investment Expected to Rise

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Domestic News

1. China will always be an important opportunity for world development and will firmly promote high-level opening up

2. China will continue to promote the opening up of "a greater market opportunity" and actively expand imports

3. Accelerate the issuance and use of new treasury bond, make good use of new local government special bond funds, and maintain reasonable expenditure intensity

4. With the gradual completion of projects and arrival of funds, effective investment will continue to be expanded by the end of this year and even in the following years, which is expected to drive an increase in the growth rate of infrastructure investment next year

International News

1. Singaporean Prime Minister Lee Hsien Loong stated that if everything goes smoothly, the baton will be handed over by November 2024

2. Russia will continue to voluntarily reduce its oil supply and oil product exports by 300000 barrels per day until the end of December 2023

3. We need to continue to expand and deepen the content of "interconnectivity" between the financial markets of the mainland and Hong Kong, and help promote the internationalization of the RMB in a stable and orderly manner

4. Israeli officials: Be optimistic about the prospects of normalizing relations with Saudi Arabia after the conflict

Domestic News

1. China will always be an important opportunity for world development and will firmly promote high-level opening up

The 6th China International Import Expo opened in Shanghai on November 5th. The national leaders wrote a letter stating that China will always be an important opportunity for world development, firmly promoting high-level openness, and continuously promoting economic globalization towards a more open, inclusive, balanced, and win-win direction. I hope that the CIIE will accelerate the window function of building a new development pattern, and provide new opportunities for the world with China's new development; Fully leverage the platform role of promoting high-level openness, making the China’s market a shared market for the world; To better provide globally shared international public goods and services, help promote the construction of an open world economy, and enable win-win cooperation to benefit the world.

2. China will continue to promote the opening up of "a greater market opportunity" and actively expand imports

The Premier of the State Council attended the opening ceremony of the 6th China International Import Expo and delivered a keynote speech. Li Qiang emphasized that China will continue to promote the opening up of "greater market opportunities", actively expand imports, implement the national and pilot free trade zone versions of the negative list of cross-border service trade, and continue to create huge market dividends for the world. We will continue to promote the opening up of "better integration of rules", create more high-energy open platforms such as the Free Trade Pilot Zone and Hainan Free Trade Port, actively promote accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Agreement(CPTPP) and the Digital Economy Partnership Agreement(DEPA), further broaden market access, and protect the rights and interests of foreign investment in accordance with the law.

3. Accelerate the issuance and use of new treasury bond, make good use of new local government special bond funds, and maintain reasonable expenditure intensity

The Ministry of Finance stated that it will continue to implement proactive fiscal policies, focus on improving efficiency, and better leverage the effectiveness of fiscal policies. One is to continue to exert efforts in expenditure. Accelerate the issuance and use of new treasury bond, make good use of new local government special bond funds, and maintain reasonable spending intensity. The second is to strengthen the implementation of policies. The third is to strictly prevent risks during operation. Further strengthen the responsibilities of governments at all levels and firmly implement the bottom line of grassroots "three guarantees". We will implement a comprehensive debt restructuring plan and actively and steadily promote the resolution of local government debt risks.

4. With the gradual completion of projects and arrival of funds, effective investment will continue to be expanded by the end of this year and even in the following years, which is expected to drive an increase in the growth rate of infrastructure investment next year

Since October, conferences have been gradually held in various regions to assess the economic performance situation. Investment has become the top priority for stable growth in multiple regions. Various regions emphasize that major projects should be taken as the starting point. On the one hand, we should seize the golden period of construction and strive to generate more physical workload within the year. On the other hand, we have begun to plan a batch of major project investments and launch reserves for key projects next year. Several experts have stated that as projects and funds gradually become available, effective investment will continue to be expanded by the end of this year and even in the following years, which is expected to drive the growth rate of infrastructure investment next year.

International News

1. Singaporean Prime Minister Lee Hsien Loong stated that if everything goes smoothly, the baton will be handed over by November 2024

In November 2024, the People's Action Party celebrated its 70th anniversary. Singapore's Deputy Prime Minister and the "successor" Huang Xuncai will be the leader of the People's Action Party in the next election.

2. Russia will continue to voluntarily reduce its oil supply and oil product exports by 300000 barrels per day until the end of December 2023  

Russian Deputy Prime Minister Novak stated that Russia will continue to voluntarily reduce its oil supply and oil product exports by 300000 barrels per day until the end of December 2023; The decision to voluntarily reduce production will be reviewed next month, considering further reductions or increases in oil production.

3. We need to continue to expand and deepen the content of "interconnectivity" between the financial markets of the mainland and Hong Kong, and help promote the internationalization of the RMB in a stable and orderly manner

The Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, stated that Hong Kong is the preferred gateway for mainland funds and enterprises to go global, and for international investors and enterprises to enter the mainland market. In the future, we will continue to expand and deepen the content of "connectivity" between the financial markets of the mainland and Hong Kong, and help promote the internationalization of the RMB in a stable and orderly manner.

4. Israeli officials: Be optimistic about the prospects of normalizing relations with Saudi Arabia after the conflict

According to the Israeli Times, an Israeli official expressed optimism about the prospects of normalizing relations between Israel and Saudi Arabia after the conflict. The official said, "Given our victory, it is possible for us to continue the normalization process that started earlier after the conflict." Earlier, the White House stated that Saudi Crown Prince Salman agreed in a phone call with Biden to ultimately "establish" negotiations on normalization of relations mediated by the United States. The official also stated that Israel has seen preliminary signs that ground operations are prompting Hamas to seek an agreement to release the hostages. When discussing the possibility of a ceasefire, the official said, "Even if a ceasefire is reached in exchange for the release of hostages, it will be temporary and Israel will continue to take action to overthrow Hamas

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