Category: Flash News

On December 31st, Han Wenxiu, Deputy Director in charge of daily work at the Central Finance Office and Director of the Central Agriculture Office, issued a document stating that technology is the primary productive force. We must vigorously promote the integration of technological innovation and industrial innovation, and build a modern industrial system. We need to strengthen basic research and key core technology breakthroughs, carry out large-scale application demonstration actions for new technologies, new products, and new scenarios, carry out the “Artificial Intelligence+” action, and cultivate future industries such as biomanufacturing. We need to improve the multi-level financial service system, cultivate innovative enterprises in a gradient manner, and vigorously support the development of more unicorn and gazelle enterprises. For a period of time, the problem of “internal competition” has intensified in some industries, leading to a decline in product prices and difficulties in business operations, causing the industry to fall into a predicament. We should make more use of reform methods and economic means, strengthen the guidance of high standards in environmental protection, energy consumption, technology, etc., increase the intensity of industry mergers and acquisitions, encourage “upward competition” and curb “bottom to bottom competition”.

On December 31st, Han Wenxiu, Deputy Director in charge of daily work of the Central Finance Office and Director of the Central Agriculture Office, issued a document stating that high-level opening up to the outside world should be expanded. We need to expand independent and unilateral opening-up in an orderly manner, promote reform and development through high-level opening-up, and focus on stabilizing foreign trade and investment. Steadily expanding institutional opening-up, promoting the improvement of quality and efficiency of the pilot free trade zone, expanding the authorization of reform tasks, and accelerating the implementation of core policies for the Hainan Free Trade Port. Actively develop service trade, green trade, and digital trade. Deepen the reform of the system and mechanism for promoting foreign investment. Steadily promote the opening up of the service industry and continue to build the “Invest in China” brand. We will implement the deployment of the fourth “the Belt and Road” construction symposium, and promote the deepening and implementation of high-quality joint construction of the “the Belt and Road”.

On December 31st, Han Wenxiu, Deputy Director in charge of daily work of the Central Finance Office and Director of the Central Agriculture Office, issued a document stating that efforts should be made to accelerate the comprehensive green transformation of economic and social development. China’s total installed capacity of wind and photovoltaic power has exceeded 1.2 billion kilowatts, fulfilling its commitment to the international community six years ahead of schedule and making significant contributions to addressing global climate change. We need to further deepen the reform of the ecological civilization system and accelerate the construction of a beautiful China. Create a healthy development ecosystem for green and low-carbon industries, and cultivate new growth points such as green buildings. China has a vast area of “Shage Desert” and abundant solar and wind energy resources. It is necessary to accelerate the construction of “Shage Desert” new energy bases. Promote the construction of a national carbon market, establish a product carbon footprint management system and a carbon labeling certification system. Continuously advancing the defense of blue skies, clear waters, and clean lands, and synergistically promoting carbon reduction, pollution reduction, and green growth.

On December 31st, Han Wenxiu, Deputy Director in charge of daily work of the Central Finance Office and Director of the Central Agriculture Office, issued a document stating that effective prevention and resolution of risks in key areas should be carried out. The key is to prevent and resolve risks in the real estate market, local government debt, and small and medium-sized financial institutions, firmly guarding against systemic risks. We need to continue to vigorously promote the stabilization of the real estate market, strengthen the implementation of urban village and dilapidated house renovation, and fully unleash the potential for rigid and improved housing demand. Reasonably control the supply of new real estate land, activate existing land and commercial housing, and promote the disposal of existing commercial housing. Promote the construction of a new model for real estate development, orderly establish relevant basic systems, and build “good houses” that adapt to the high-quality life of the people. Safely handle the risks of local small and medium-sized financial institutions, and work together with the central and local governments to crack down on illegal financial activities.

On December 31st, Han Wenxiu, Deputy Director in charge of daily work at the Central Finance Office and Director of the Central Agriculture Office, issued a document stating that the implementation of landmark reform measures has been effective. We should follow the deployment of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, take economic system reform as the driving force, and promote the introduction of more reform measures that are conducive to stabilizing growth, adjusting structure, and benefiting people’s livelihoods. To achieve high-quality completion of the deepening and upgrading of state-owned enterprise reform, we will introduce the Private Economy Promotion Law. Carry out a special action to standardize law enforcement related to enterprises. We need to standardize algorithms, strengthen supervision, and promote the healthy development of the platform economy. Coordinate and promote the reform of the fiscal and taxation system, and increase local independent financial resources. Deepen the comprehensive reform of capital market investment and financing, break through the bottlenecks of medium and long-term capital entering the market, and enhance the inclusiveness and adaptability of the capital market system.

On December 31st, Han Wenxiu, Deputy Director in charge of daily work at the Central Finance Office and Director of the Central Agriculture Office, issued a document stating that efforts should be made to boost consumption and improve investment efficiency. Consumption, investment, and exports are the three driving forces behind economic growth. Compared with major economies around the world, China has insufficient domestic demand and a lower consumption rate, which is both a gap and a potential. Expanding domestic demand comprehensively is an important direction for current and future policy efforts. We need to implement a special action to boost consumption, promote income growth and burden reduction for middle and low-income groups, and enhance their consumption capacity, willingness, and hierarchy. We need to strengthen the implementation of the “two new” policies, provide greater support for “two new” projects, and effectively expand consumption and investment. To cultivate new consumption growth points, expand service consumption, innovate diversified consumption scenarios, and actively develop the primary economy, ice and snow economy, and silver economy. To effectively drive social investment and stimulate the vitality of private investment through government investment.

On December 31st, Han Wenxiu, Deputy Director in charge of daily work at the Central Finance Office and Director of the Central Agriculture Office, issued a document stating that a moderately loose monetary policy will be implemented by 2025. Further leverage the dual functions of the total quantity and structure of monetary policy tools, so as to match the expected targets of economic growth and overall price levels with the growth of social financing scale and money supply. We should timely reduce reserve requirement ratios and interest rates, make good use of tools such as open market operations, maintain sufficient liquidity, and continue to increase support for the real economy. Further unblock the transmission mechanism of monetary policy, maintain rapid growth of monetary credit, promote the reduction of comprehensive financing costs in society, and effectively solve the problems of difficult and expensive financing for enterprises. Maintain the basic stability of the RMB exchange rate at a reasonable and balanced level. Explore and expand the macro prudential and financial stability functions of central banks, innovate financial tools, and maintain financial market stability.

On December 31st, Han Wenxiu, Deputy Director in charge of daily work at the Central Finance Office and Director of the Central Agriculture Office, issued a document stating that a more proactive fiscal policy should be implemented by 2025. We will make overall arrangements for revenue, bonds and other financial funds, make good use of tax, deficit, transfer payments and other financial policy tools, and ensure that fiscal policies continue to be stronger and more awesome. We need to increase the rate and scale of fiscal deficits, issue extra long term special treasury bond and special bonds of local governments, increase the intensity of fiscal expenditure, and ensure that economic growth is strongly stimulated. At the same time, the focus of policies should be more precise, placing greater emphasis on benefiting people’s livelihoods, promoting consumption, and increasing momentum. We need to optimize the structure of fiscal expenditure, strengthen guarantees in key areas, and improve the efficiency of fund utilization. Make good use of transfer payment policies and funds, strengthen dynamic monitoring and graded warning, and secure the bottom line of grassroots “three guarantees”. Expand the investment scope of local government special bonds and use them as project capital, and play a greater role in addressing weaknesses, strengthening strengths and weaknesses, and preventing risks.

① Japan, South Korea, and Germany are closed all day; ② 09:30 China’s official manufacturing, non manufacturing, and comprehensive PMI for December; ③ The stock markets of Australia, France, the United Kingdom, and the Hong Kong Stock Exchange will close early; ④ 22:00 FHFA House Price Index and S&P/CS 20 Major City House Price Index for October in the United States; ⑤ The next day at 05:30, API crude oil inventory for the week ending December 27th in the United States.

On December 31st, the International Committee of the Red Cross stated in a statement on December 30th that the ongoing Israeli Palestinian conflict has “destroyed” the medical system in the northern Gaza Strip, and local hospitals are “completely inoperable”. The statement stated that many incidents, including the forced evacuation of Kamal Adwan Hospital by the Israeli military, indicate that local medical facilities have been severely damaged, a large number of medical staff have been attacked or detained, and local civilians are facing serious risks of being unable to receive medical treatment. The statement also calls on all parties to the conflict to respect and protect medical facilities in accordance with international humanitarian law.