November 21th Macroeconomic Index:Solid Chinese economic data, global focus on space exploration and geopolitical tensions

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Domestic News

1. China's electricity consumption in October was 774.2 billion kWh, compared with 847.5 billion kWh in the previous month

2. Han Wenxiu, Central Finance Office: Accelerate the improvement of the policy environment of "wanting to consume", "dare to consume" and "be able to consume".

3. The two-term LPR in November remained stable as scheduled, and experts said that there is still a possibility of downward trend next year

4. Preview: The State Council Information Office will hold a regular briefing on the policies of the State Council at 10 a.m. on November 22

5. This year, the cargo transported by the new western land-sea corridor exceeded 800,000 TEUs, a year-on-year increase of 5.3%

 International News

1. The sixth test flight of the SpaceX heavy-lift launch vehicle "Starship" was successful

2. Agency: It is estimated that the growth of global public electric vehicle charging piles will slow down significantly in 2024

3. The Hungarian Foreign Minister warns that the threat of World War III is looming

4. G20: Building an inclusive and effective G20

5. The Russia-Ukraine conflict lasted for 1,000 days, and the important battlefields were fiercely engaged

Domestic News

1. China's electricity consumption in October was 774.2 billion kWh, compared with 847.5 billion kWh in the previous month

National Energy Administration: In October, the electricity consumption of the whole society was 774.2 billion kilowatt hours, a year-on-year increase of 4.3%. In terms of electricity consumption by industry, the electricity consumption of the primary industry was 10.6 billion kWh, a year-on-year increase of 5.1%; the electricity consumption of the secondary industry was 533.7 billion kWh, a year-on-year increase of 2.7%; the electricity consumption of the tertiary industry was 136.7 billion kWh, a year-on-year increase of 8.4%; The domestic electricity consumption of urban and rural residents was 93.2 billion kWh, a year-on-year increase of 8.1%. In January ~ October, the total electricity consumption of the whole society was 8,183.6 billion kilowatt hours, a year-on-year increase of 7.6%, of which the power generation of industries above designated size was 7,802.7 billion kilowatt hours.

2. Han Wenxiu, Central Finance Office: Accelerate the improvement of the policy environment of "wanting to consume", "dare to consume" and "be able to consume".

Han Wenxiu, Deputy Director of the Central Finance Office in charge of daily work, wrote in the Study Times that the cultivation of a complete domestic demand system should be accelerated. On the one hand, it is necessary to enhance the fundamental role of consumption in economic growth, accelerate the improvement of the policy environment for "wanting to consume", "dare to consume" and "be able to consume", standardize and reduce restrictive measures on consumption, and relax access restrictions on service consumption fields that can rely on full market competition to improve the quality of supply. Reasonably increase public consumption, and diversify the supply of inclusive non-basic public services. On the other hand, we should give better play to the key role of investment, establish a long-term mechanism for government investment to support the construction of basic, public welfare and long-term major projects, improve the mechanism for stimulating the vitality of social capital investment and promoting the implementation of investment, and guide social capital to participate in the construction of major projects and make up for shortcomings. Coordinate "hard construction" and "soft construction", and promote the construction of "dual" projects with high quality.

3. The two-term LPR in November remained stable as scheduled, and experts said that there is still a possibility of downward trend next year

Following the sharp decline in the loan prime rate (LPR) in October, the two-term varieties in November were "on hold" as scheduled. According to the analysis, in view of the current LPR pricing base remaining stable, bank interest rate spreads are under pressure and lack of momentum to reduce and increase points, and this month's quotations remain stable in line with expectations; Looking ahead, as the effects of the previous series of policies are still emerging, there is no urgent downward pressure on the LPR in the short term, but with a view to further stabilizing the real estate market and boosting the economy, there is still a possibility of downward quotations next year.

4. Preview: The State Council Information Office will hold a regular briefing on the policies of the State Council at 10 a.m. on November 22

The Information Office of the State Council will hold a regular briefing on the policies of the State Council at 10 a.m. on Friday, November 22, 2024, inviting Wang Shouwen, international trade negotiator and Vice Minister of the Ministry of Commerce, and relevant responsible persons of the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the People's Bank of China and the General Administration of Customs to introduce relevant policies and measures to promote the steady growth of foreign trade and answer questions from reporters.

5. The Russia-Ukraine conflict lasted for 1,000 days, and the important battlefields were fiercely engaged

It was learned from China Railway Nanning Bureau Group Co., Ltd. that since the fourth quarter, the demand for land-sea intermodal trains in the new western land-sea corridor has continued to strengthen, and the growth rate of cargo volume has accelerated. As of November 20, the cumulative container cargo transported by the new western land-sea corridor trains this year exceeded 800,000 TEUs, reaching 805,400 TEUs, a year-on-year increase of 5.3%.

International News

1. The sixth test flight of the SpaceX heavy-lift launch vehicle "Starship" was successful

On November 19, local time, the U.S. Space Exploration Technology Corporation (SpaceX) conducted the sixth test flight launch of the Starship heavy launch vehicle. This test flight is not intended to be in orbit. About an hour after launch, the Starship successfully landed in the Indian Ocean. SpaceX did not attempt the landing recovery of the Starship booster during this test flight. The booster fell into the Gulf of Mexico.

2. Agency: It is estimated that the growth of global public electric vehicle charging piles will slow down significantly in 2024

According to the latest survey by market research firm TrendForce, the global deployment of public charging piles for automobiles is affected by factors such as land and grid planning, coupled with the slowdown in the growth of the new energy vehicle market, and is expected to grow by 30% in 2024, a sharp decline from 60% in 2023. Analyzing the situation of each major market, China still has the largest number of public charging piles in the world, which is estimated to reach 3.6 million by the end of 2024, accounting for nearly 70% of the world's total. South Korea is expected to increase the number of charging piles by 39% year-on-year this year, the world's largest growth rate, and is on track to achieve its goal of 500,000 public charging piles by 2025.

3. The Hungarian Foreign Minister warns that the threat of World War III is looming

In response to the previous US media reports that "the US government allows Ukraine to use US-made long-range weapons to strike targets in Russia", on November 18, local time, Hungarian Foreign Minister Szijjártó, who attended the foreign affairs meeting of the EU Council in Brussels, pointed out that "the ideas of the political elites in the United States and Europe who support the war are becoming more and more detached from reality, and it seems that they are launching the last desperate and fierce attack", and this approach is extremely dangerous, "the real threat of World War III is approaching step by step".

4. G20: Building an inclusive and effective G20

According to the G20 Leaders' Declaration of the Rio de Janeiro Summit (Summary), the AU is welcome to become a full member of the G20. Pledged to support African countries through the G20 Initiative on Industrialization in Africa and the Least Developed Countries (announced at the Hangzhou Summit). The G20 is an informal organization led by leaders. The member focal points will assess the work of the first presidency cycle and make recommendations for the next cycle, including arrangements for future presidency. They thanked Brazil for its leadership in the G20 this year and welcomed Saudi Arabia's desire to take on the G20 presidency ahead of schedule. We look forward to working together under the South African presidency in 2025 and meeting again in the United States in 2026.

5. The Russia-Ukraine conflict lasted for 1,000 days, and the important battlefields were fiercely engaged

On February 24, 2022, the Russia-Ukraine conflict broke out. As of today, the conflict has been going on for 1,000 days. Now, Russia and Ukraine are engaged in fierce fighting on a number of important battlefields. First of all, the Russian and Ukrainian sides are fighting fiercely in the Pokrovsk and Kurakhovo directions. Another important battleground is Russia's Kursk Oblast. The Ukrainian side intends to hold on to the areas under its control in Russia's Kursk Oblast, waiting for the US Republican government to use this land as a bargaining chip when it takes office in January next year. In response to US media reports that the United States authorized Ukraine to use US weapons to attack Russia's hinterland, some military analysts believe that this can help the Ukrainian army gain a firm foothold in Russia's Kursk Oblast and seek bargaining chips for possible truce negotiations in the future, but it is unlikely to change the strategic situation of the Russia-Ukraine conflict.

Domestic Macro Economy Index