October 30th Macroeconomic Index: China Opposes US and EU Economic Restrictions, Beijing Industrial Profits Surge

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Domestic News

1. China Council for the Promotion of International Trade: The economic and trade restrictions related to China by the United States and Europe clearly violate WTO rules

2. The Sino-US low-carbon building and renovation project exchange meeting was held in Hefei, Anhui Province

3. The proportion of overseas exhibitors in the 2nd China International Supply Chain Expo reached 32%

4. In the first three quarters, the profits of industrial enterprises above designated size in Beijing increased by 19.1% year-on-year

5. Sichuan has launched 17 measures to help the high-quality development of the capital market

 International News

1. US media: Yellen and her allies jointly sent a letter to Netanyahu, urging them not to undermine the Palestinian economy

2. In response to low fertility and aging, Korea plans to release a "population strategy roadmap"

3. Musk said that he could cut the federal budget by at least $2 trillion

4. Japan's Constitutional Democratic Party Seats greatly increased, actively seeking cooperation with other opposition parties

5. Iraq sent a letter to the United Nations complaining that Israel had used its airspace to attack Iran

Domestic News

1. China Council for the Promotion of International Trade: The economic and trade restrictions related to China by the United States and Europe clearly violate WTO rules

At a press conference held by the Information Office of the State Council today, in response to the recent introduction of a series of China-related restrictive measures by the United States, Zhang Shaogang, Vice President of the China Council for the Promotion of International Trade, said: Recently, the United States and the European Union have successively introduced some China-related economic and trade restrictive measures, which are unilateral measures that clearly violate WTO rules and have an adverse impact on global industrial and supply chain cooperation. The China Council for the Promotion of International Trade and the China Chamber of International Commerce, on behalf of China's business community, expressed resolute opposition. At the same time, we solemnly call on the United States and the European Union to respect the laws of the market economy and the principle of fair competition, immediately stop their erroneous practices, take concrete actions to safeguard the multilateral trading system with the WTO at its core, resolve disputes and contradictions through consultation and dialogue, achieve mutual benefit and win-win results, and promote the development of the world economy.

2. The Sino-US low-carbon building and renovation project exchange meeting was held in Hefei, Anhui Province

On October 25, the Sino-US low-carbon building and renovation project exchange meeting was held in Hefei, Anhui Province, attended by more than 100 representatives from the China Council for the Promotion of International Trade, the United States Consulate General in Shanghai, and relevant institutions and enterprises in China and the United States. At the exchange meeting, representatives from well-known United States enterprises such as Huntsman, West Mantle, Musco Lighting, Otis Elevator Company, PPG Company and Chinese low-carbon building renovation enterprises introduced business needs, product advantages and successful cases of Sino-US enterprise cooperation, and carried out exchanges and docking on market expansion and business cooperation related to green and low-carbon buildings. This is the third event under the China-US Business Cooperation and Matchmaking Program (CMP) this year, aiming to actively promote practical exchanges and docking cooperation between Chinese and American enterprises in the field of green and low-carbon buildings.

3. The proportion of overseas exhibitors in the 2nd China International Supply Chain Expo reached 32%

Zhang Shaogang, Vice President of the China Council for the Promotion of International Trade, introduced at the press conference of the State Council Information Office on October 28 that the second China International Supply Chain Expo will be held from November 26 to November 30 in the Shunyi Hall of the China International Exhibition Center in Beijing. Up to now, the proportion of overseas exhibitors has increased from 26% in the first session to 32% in the second session, with nearly 70 participating countries, of which European and American exhibitors account for 50% of overseas exhibitors, and the world's top 500 and industry leading enterprises account for more than 60% of the exhibitors.

4. In the first three quarters, the profits of industrial enterprises above designated size in Beijing increased by 19.1% year-on-year

According to the data released by the Beijing Municipal Bureau of Statistics on October 28, in the first three quarters, Beijing's industrial enterprises above designated size achieved operating income of 2,151.31 billion yuan, a year-on-year increase of 7.3%; The total profit was 142.16 billion yuan, a year-on-year increase of 19.1%.

5. Sichuan has launched 17 measures to help the high-quality development of the capital market

The Sichuan Securities Regulatory Bureau, together with the Financial Office of the Sichuan Provincial Party Committee, drafted the Implementation Plan on Promoting the High-quality Development of the Capital Market, which was officially issued by the General Office of the Sichuan Provincial Government in October 2024. The "Implementation Plan" puts forward 17 measures from 7 major aspects, mainly including 3 aspects. The first aspect includes optimizing the capital market cultivation mechanism and continuously improving the quality of listed companies. The second aspect includes actively supporting securities, funds and futures institutions to become better and stronger, standardizing the development of private investment funds, and promoting the high-quality development of the bond and real estate investment trusts (REITs) markets. The third aspect includes effectively preventing and controlling capital market risks and further gathering the synergy to promote the high-quality development of the capital market.

International News

1. US media: Yellen and her allies jointly sent a letter to Netanyahu, urging them not to undermine the Palestinian economy

"Yellen and her allies urge Netanyahu not to undermine the Palestinian economy." United States Axios News Network reported on October 27 that United States Treasury Secretary Yellen, Japan, United Kingdom, Canada and other countries and their counterparts in the European Union jointly sent a letter to Israel Prime Minister Netanyahu on the 25th, warning Israel Finance Minister that the relevant decision may lead to the collapse of the Palestinian economy.

2. In response to low fertility and aging, Korea plans to release a "population strategy roadmap"

According to Xinhua, the Office of the President of Korea announced on the 27th that in order to cope with the increasingly serious problems of low fertility and aging, the government plans to release a "population strategy roadmap" next year and will establish a population strategy planning department to coordinate the response to the problem. Yoo Hye-mi, Chief Secretary of the Office of the President of Korea for dealing with low fertility issues, said at a press conference on the same day that with the establishment of the Ministry of Population Strategic Planning, it is "crucial" to set the department's goals and formulate a medium- and long-term population strategy. As a result, the Government and national research institutes are working together to develop a "Population Strategy Roadmap". According to the Korea Herald, a bill to establish a population strategy planning department was submitted to the National Assembly for consideration in July. In September, the State Adjustment Office of Korea set up a government task force to begin preparations for the establishment of this department.

3. Musk said that he could cut the federal budget by at least $2 trillion

Elon·Musk claimed that if Donald·Trump won the United States presidential election, he could cut the federal budget by at least $2 trillion, putting forward a vision of a significant reduction in government spending. "Your money is being wasted," Musk said Sunday at a Trump campaign rally in New York's Madison Square Garden. "We will make the government no longer a burden to everyone."

4. Japan's Constitutional Democratic Party Seats greatly increased, actively seeking cooperation with other opposition parties

This reporter learned that the Constitutional Democratic Party of Japan significantly increased the number of seats in the House of Representatives election from 98 before the election to 148 seats, and in response to this, the Constitutional Democratic Party held an executive committee meeting at the party headquarters that morning. At the meeting, it was pointed out that the Cadet Party (CDP) had succeeded in broadening its support base by advocating political reform around the LDP's "political black money" issue.

5. Iraq sent a letter to the United Nations complaining that Israel had used its airspace to attack Iran

The spokesman for the Government of Iraq confirmed today that Iraq had sent a letter to the United Nations complaining about Israel's use of Iraq's airspace to attack Iran on 26 October. In the early morning of October 26 local time, Israel launched an air strike on Iran. The General Staff of the Iran Armed Forces noted that "Israel uses the airspace over United States military bases in Iraq to conduct military operations against Iran about 100 kilometers from the Iran border, which is a grave violation of international law."

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