November 13th Macroeconomic Index: China's Tax Cuts Exceed 1.15 Trillion Yuan, Auto Exports Surge

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Domestic News

1. State Administration of Taxation: In the first eight months, the new tax cuts and fee reductions and tax rebate and fees deferment in the country exceeded 1.15 trillion yuan

2. The overnight repurchasing rate of bank continued to rise in early trading

3. State-owned Assets Supervision and Administration Commission: Continuously seize new fields and new tracks and accelerate the shaping of new quality productivity

4. China Association of Automobile Manufacturers: Automobile exports exceeded 400,000 units for two consecutive months, and new energy vehicle exports from January to September were 825,000 units

International News

1. U.S. crude oil exports in the first half of the year hit a record high in the same period

2. President of Finland: The damage of the gas pipeline connecting Finland and Estonia was might be caused by "external acts"

3. The number of disasters in the United States that bring the loss of $1 billion or more reach a record high

4. British gas rose more than 13%, making the cumulative increase of about 38% in the past three days

Domestic News

1. State Administration of Taxation: In the first eight months, the new tax cuts and fee reductions and tax rebate and fees deferment in the country exceeded 1.15 trillion yuan

According to the latest data from the State Administration of Taxation, in the first eight months, the country's new tax cuts and fee reductions and tax refund and fees deferment exceeded 1.15 trillion yuan. Since the beginning of this year, a series of vigorous and targeted tax and fee reduction policies have been intensively introduced, which have strongly supported the development of the real economy and enhanced the innovation ability of enterprises. Data shows that from January to August, the country's new tax cuts and fee reductions and tax rebates and deferrals exceeded 1.15 trillion yuan, of which nearly 75% benefited private enterprises.

2. The overnight repurchasing rate of bank continued to rise in early trading

The Central Bank continued to withdraw large amounts of net funds on the 11th, and the DR001 rose slightly to a two-week high at the beginning of the session, and once inverted with the 7-day interest rate during the session. As of 11:00 Beijing time, the DR001 of bank rose 3.21bp from the previous trading day to 1.8587%, and the seven-day repurchasing rate rose 4.37bp from the previous trading day to 1.9021%.

3. State-owned Assets Supervision and Administration Commission: Continuously seize new fields and new tracks and accelerate the shaping of new quality productivity

The State-owned Assets Supervision and Administration Commission of the State Council held a briefing on the economic operation of central enterprises on October 10. The meeting emphasized that it is necessary to enlarge effective investment to increase stamina, focus on key areas to invest quickly and comprehensively, accelerate the implementation of key projects in the "14th Five-Year Plan", aim at future development and invest early and effectively, actively lay out a number of major projects with strong guidance and long-term benefits, constantly seize new fields and new tracks, and accelerate the shaping of new quality productivity. It is necessary to optimize the strong vitality of the operation mechanism, take the in-depth and the optimized implementation of the reform of state-owned enterprises as a great opportunity, optimize the assessment and incentive mechanism and decision-making operation mechanism, fully mobilize the enthusiasm, initiative and creativity of all parties, and activate the source of wealth growth of enterprise.

4. China Association of Automobile Manufacturers: Automobile exports exceeded 400,000 units for two consecutive months, and new energy vehicle exports from January to September were 825,000 units

Data showed that in September, China's automobile exports were 444,000 units, an increase of 9% month-on-month and 47.7% year-on-year. From January to September, vehicle exports were 3.388 million units, up 60% year-on-year. The reporter noted that the export growth of new energy vehicles is significantly higher than that of traditional fuel vehicles. In September, exports of new energy vehicles were 96,000 units, a year-on-year increase of 92.8%, and from January to September, new energy vehicle exports were 825,000 units, a year-on-year increase of 1.1 times.

International News

1. U.S. crude oil exports in the first half of the year hit a record high in the same period

U.S. Energy Information Administration (EIA): U.S. oil exports averaged 3.99 million b/d in the first half of 2023, a new high for the same period in 2015, with an increase of 19% year-on-year.

2. President of Finland: The damage of the gas pipeline connecting Finland and Estonia was might be caused by "external acts"

The Finnish President's Office issued a statement on the 10th, saying that the damage of the natural gas pipeline connecting Finland and Estonia was might be caused by "external action". Finnish President Niinistö said in a statement that Finland and Estonia will continue to cooperate in the investigation. On the same day, he also had a telephone talk with NATO Secretary General Stoltenberg to discuss the damage of the gas pipeline, and NATO claimed is willing to assist in the investigation. The statement stated that the incident had no impact on Finland's gas supplies at present. According to reports, a natural gas pipeline connecting Finland and Estonia was shut down on the 8th due to a leak detected. The leaking part has now been identified as being within Finland's exclusive economic zone. The Finnish National Bureau of Investigation has opened an investigation into the incident.

3. The number of disasters in the United States that bring the loss of $1 billion or more reach a record high

According to the U.S. National Center for Environmental Information (NCEI), the number of disasters in the United States with losses of $1 billion or more in 2023 has increased to a record high of 24; Total disaster losses have reached $2.63 trillion. From 2018 to 2022, the average annual number of disasters in the United States with losses of $1 billion or more was 18, and the  historical average number of that was 8.5 since 1980.

4. British gas rose more than 13%, making the cumulative increase of about 38% in the past three days

At the end of the European stock market on Tuesday (October 10), ICE UK gas futures rose 13.51% to 124.060p, rising as high as 125.630p for the third consecutive trading day - a cumulative rise of about 37.98% during the period, approaching the 130p mark and the cap of 136.620p on August 23. TTF benchmark Dutch natural gas futures rose 13.72% to 48.900 euros/MW.h, rising as high as 49.750 euros at one point, and also rose about 34.71% in the last three days, approaching the integer psychological threshold of 50 euros and the cap of 55.000 euros on April 19. ICE EU carbon emission trading permits (futures prices) rose 3.74% to 84.81 euros / t, up about 5.18% in the last two days.

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