November 29th Macroeconomic Index:China strengthens logistics cost reduction and digital financial development, and the world pays attention to OPEC+ production increase negotiations and crude oil market fluctuations

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International Crude Price Trend & Exchange Rate of RMB to USD Trend

Domestic News

1. National Development and Reform Commission: In conjunction with relevant Departments, a special work group has been established to effectively reduce the logistics cost of the whole society.

2. Seven Departments including the Central Bank: jointly issued the Action Plan for Promoting the High-quality Development of Digital Finance.

3. The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Action Plan for Effectively Reducing the Logistics Cost of the Whole Society".

4. The General Administration of Customs has optimized a number of regulatory measures for cross-border e-commerce exports.

5. According to data released by the National Bureau of Statistics, the profits of industrial enterprises above designated size fell year-on-year in October.

 International News

1. OPEC+ began negotiations on postponing production increases.

2. Crude oil rebounded sharply, and the market focused on the OPEC+ meeting.

3. Fujairah refined oil inventories: Total refined oil inventories decreased by 2.531 million barrels month-on-month.

4. The Fed favors a rebound in inflation measures the most.

5. South Korea's export growth in November is expected to fall to a 14-month low.

Domestic News

1. National Development and Reform Commission: In conjunction with relevant Departments, a special work group has been established to effectively reduce the logistics cost of the whole society.

Zhang Shixin, Deputy Secretary-general of the National Development and Reform Commission, said at the regular policy briefing of the State Council that the National Development and Reform Commission, together with relevant departments, has established a special work group to effectively reduce the logistics cost of the whole society, focusing on strengthening communication and coordination across departments, regions and important comprehensive issues. In the next step, we will actively play the role of the working group, solidly promote the implementation of the "Action Plan", continue to release policy dividends, and create a good market environment and policy environment that effectively reduces the logistics cost of the whole society. (China.com)

2. Seven Departments including the Central Bank: jointly issued the Action Plan for Promoting the High-quality Development of Digital Finance.

Cultivating a high-quality financial data market. By the end of 2027, a financial system that is highly compatible with the development of the digital economy will be basically completed. Build a digital public service platform for the securities and futures industry. Explore the use of edge computing and quantum technology to break through the bottleneck of existing computing power, and provide accurate and efficient computing power support for the digital transformation of finance.

3. The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Action Plan for Effectively Reducing the Logistics Cost of the Whole Society".

The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the "Action Plan for Effectively Reducing the Cost of Logistics in the Whole Society", which made systematic deployment from many aspects such as deepening the reform of the system and mechanism, promoting the integrated development of the industrial chain and supply chain, and improving the national logistics hub and channel network, with the goal of reducing the ratio of total social logistics costs to GDP to about 13.5% by 2027.

4. The General Administration of Customs has optimized a number of regulatory measures for cross-border e-commerce exports.

The General Administration of Customs (GAC) has optimized a number of regulatory measures for cross-border e-commerce exports, including abolishing the filing of cross-border e-commerce export to overseas warehouse enterprises, expanding the pilot project of "inspection before loading and shipment" for export LCL goods, and promoting the cross-customs return supervision model for cross-border e-commerce retail exports.

5. According to data released by the National Bureau of Statistics, the profits of industrial enterprises above designated size fell year-on-year in October.

According to data released by the National Bureau of Statistics, the profits of industrial enterprises above designated size fell by 10% year-on-year in October, a sharp decrease of 17.1 percentage points compared with September, and the profits of 27 of the 41 major industrial industries improved compared with the previous month.

International News

1. OPEC+ began negotiations on postponing production increases.

OPEC+ representatives said key OPEC+ members have begun discussions to postpone a move to resume oil production planned for January, possibly by several months. The move to delay production recovery plans comes amid signs of global oversupply. On Tuesday, Saudi Energy Ministers discussed with Russian Deputy Prime Ministers and Iraqi Prime Minister on maintaining stability in the oil market, according to a statement from the Iraqi Prime Minister's office. Eight OPEC+ countries are scheduled to gradually increase production by 2.2 million barrels per month starting in January, a plan that was supposed to be implemented in October but has been repeatedly postponed due to declining oil prices.

2. Crude oil rebounded sharply, and the market focused on the OPEC+ meeting.

Oil prices remained range-bound as trading volumes fell due to the U.S. Thanksgiving holiday, and market watchers turned their attention to OPEC+'s next move. OPEC and its allies are widely expected to further postpone their planned production increases at their next meeting on Dec. 5. Daniel Hines and Sonny Kumari of ANZ Research noted in a note that the start date for the start of production increases could be delayed from January to February so that the organization could assess the impact of trade and foreign policy on the new US administration.

3. Fujairah refined oil inventories: Total refined oil inventories decreased by 2.531 million barrels month-on-month.

The latest data from the Fujairah Petroleum Industrial Zone in the United Arab Emirates showed that the total inventory of refined oil products at the Port of Fujairah in the United Arab Emirates was 14.235 million barrels in the week ended November 25, down 2.531 million barrels from the previous week. Among them, light distillate inventories increased by 123,000 barrels to 5.823 million barrels, medium distillate inventories increased by 222,000 barrels to 2.141 million barrels, and heavy residual fuel oil inventories decreased by 2.876 million barrels to 6.271 million barrels.

4. The Fed favors a rebound in inflation measures the most.

According to data from the U.S. Department of Commerce, the core PCE price index in the United States rose 2.8% year-on-year in October, the largest increase since April this year, in line with market expectations, and the previous number was 2.7%. Month-on-month, it was flat at 0.3%, in line with market expectations. Real personal consumption expenditures rose 0.1% month-on-month in October, compared with a 0.4% increase in the previous month. In addition, the number of initial jobless claims in the United States fell slightly to 213,000 last week, and the number of continuing jobless claims in the previous week unexpectedly rose to a three-year high.

5. South Korea's export growth in November is expected to fall to a 14-month low.

South Korea's export growth is expected to slow for the fourth straight month in November and will witness the slowest increase in 14 months, according to a Reuters poll released on Thursday as U.S. demand slows due to tariff policy uncertainty. On average, the 14 economists surveyed expected South Korea's exports to rise 2.8 percent in November from a year earlier, down from 4.6 percent in October. Chun Kyu-yeon, an analyst at Hana Securities, said, "Non-semiconductor exports, including car sales to the U.S., are slowing down, and IT demand is also expected to gradually weaken. The uncertainty of Trump's second term presidency has created an unfavorable environment for domestic manufacturing companies. "South Korea is the first major exporting economy to release trade data every month.

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