【Shenzhen Economic News Network】
The Qianhai-Shekou low-altitude economic pilot zone was launched
On the afternoon of June 25, the press conference of Qianhai-Shekou Low-altitude Economic Pilot Zone and the signing ceremony of strategic cooperation between Nanshan District Government, China Merchants Shekou, CITIC Haizhi and Shenzhen Telecom were held at the Nanshan Sea World Culture and Art Center. At the event, the Nanshan District Development and Reform Bureau, China Merchants Shekou, CITIC Haizhi, and China Telecom respectively released the ten low-altitude economic measures of Nanshan District, the blueprint of the vision of the pilot area, low-altitude airspace services and routes, and low-altitude digital capabilities. At the same time, CITIC Haizhi also released the country's first digital tower.
"Bridge to see the future, Rongwan into the circle" Shenzhen-Zhongshan Channel financial media symposium was held
The Shenzhen-Zhongshan Corridor will be opened to traffic at the end of June, and a bridge will fly over the Pearl River Estuary, pressing the accelerator button for the integration of the Bay Area. On the afternoon of June 25th, the financial media symposium of Shenzhen-Zhongshan Channel with the theme of "Bridge to See the Future, Rongwan to Enter the Circle" was held in Shenzhen New Media Building. Heads of relevant functional departments in Shenzhen, think tank experts, financial institutions and media representatives of financial institutions and financial self-media gathered together to discuss the strategic opportunities brought by the opening of the "golden channel" of the Shenzhen-Zhongshan Corridor to the Guangdong-Hong Kong-Macao Greater Bay Area.
After the opening of the Shenzhen-Zhongshan Corridor, the average daily traffic volume may exceed 80,000 trips
At the financial media symposium of the Shenzhen-Zhongshan Corridor held on June 25, the relevant person in charge of the Comprehensive Planning Department of the Shenzhen Municipal Transportation Bureau said that the traffic flow is expected to be about 80,000-100,000 PCU/d after the opening of the Shenzhen-Zhongshan Corridor. The Shenzhen-Zhongshan Corridor traverses the east and west banks of the Pearl River, opening up the aorta of "Bay Area Integration" and turning the once "one sea apart" into "adjacent and hand in hand", which is of great benefit to the development of the entire Greater Bay Area.
Pingshan Biomedical Industry Accelerator Park was completed
Recently, Shenzhen Pingshan Biomedical Industry Accelerator Park was completed, with a total construction area of about 700,000 square meters, including 12 "industrial upstairs" factories, 2 R&D buildings, 1 high-end talent apartment and commercial and other public supporting service facilities. After the project is officially put into use, it will become an important booster for the development of Shenzhen's biomedical industry.
Guangming Science City to build a "super double brain"
In the digital age, computing power has become an indispensable infrastructure like hydropower. On June 25, the reporter learned from an interview with Guangming District that Guangming Science City has laid out and built the "Pengcheng Cloud Brain" network intelligence major scientific and technological infrastructure (referred to as "Pengcheng Cloud Brain III") and the second phase of the National Supercomputing Shenzhen Center (hereinafter referred to as "Supercomputing Phase II"), which can be described as one of the very few areas with both intelligent computing and supercomputing facilities.
Huawei Launches "Kaicheng Plan" for AI Network Access to Accelerate the Intelligent Transformation of the Communications Industry
On June 25, during MWC Shanghai 2024, Huawei announced the "Kaesong Plan" for AI network access. Zhao Dong, Vice President and Chief Marketing Officer of Huawei's Wireless Network Product Line, said that in this plan, Huawei will transform from a solution provider to a co-creator of operators' intelligent networks, and accelerate the intelligent transformation of the wireless communication industry through the symbiosis and growth of intelligent twins and networks. The first phase of the plan is to empower 1,000 site engineers to manage more than 10,000 stations within half a year, covering five cities: Hangzhou, Guangzhou, Bangkok, Jinan, and Shenzhen.
In the first 4 months, the top 10 Chinese enterprises in the global power battery loading volume accounted for 6 seats, BYD ranked 2nd and Sunwoda ranked 10th
Recently, SNE Research, a South Korean research institution, released global power battery statistics, showing that from January to April, Chinese companies occupied 6 seats in the top 10 list of global power battery loading, CATL ranked first, BYD ranked 2nd, and Xinwangda returned to the top 10. According to the agency, from January to April, the global power battery loading volume was 216.2GWh, a year-on-year increase of 21.8%. Data analysis shows that the growth rate of global power battery loading slowed down in the first four months.
【Domestic Financial News】
Li Qiang attended the 2024 Summer Davos Forum for Foreign Business Representatives
According to Xinhua News Agency, Premier Li Qiang of the State Council attended a symposium of foreign business representatives at the 2024 Summer Davos Forum in Dalian on the afternoon of June 25. After listening to the speeches of the representatives of the business circles attending the meeting, Li Qiang introduced the current economic situation and economic policies in China. He pointed out that we adhere to the principle of seeking progress while maintaining stability, promoting stability through progress, establishing first and then breaking down, strengthening counter-cyclical and cross-cyclical adjustment of macro policies, not only based on the current precise policies, solving outstanding contradictions and problems in economic operation, consolidating and enhancing the upward trend of economic recovery, but also focusing on the long-term focus on policy resources to promote high-quality development, promote the optimization and upgrading of economic structure, and enhance the stamina of economic development. The effects of these policy initiatives are being felt. We are confident that we will achieve the expected economic and social development targets for the whole year, and we are also capable of maintaining the long-term improvement of China's economy. Li Qiang pointed out that the reason why China's products are competitive is by no means "supplemented" and "guaranteed", but that all kinds of enterprises, including foreign enterprises, have worked hard step by step on the track of fair competition. We are willing to work with enterprises from all over the world to better promote the innovation and development of the global economy.
The Chang'e-6 returner landed safely and achieved the world's first sample return from the far side of the moon
At 14:07 on June 25, the Chang'e-6 returner landed safely in the predetermined area of Siziwangqi in Inner Mongolia with lunar samples from the far side of the moon. Xi Jinping, General Secretary of the CPC Central Committee, President of the People's Republic of China, and Chairman of the Central Military Commission, sent a congratulatory message, on behalf of the CPC Central Committee, the State Council, and the Central Military Commission, to extend warm congratulations and sincere greetings to the Chang'e-6 mission headquarters of the lunar exploration project and all comrades participating in the mission.
China has implemented a visa-free policy for New Zealand, Australia and Poland on a trial basis
According to the official account of the Consular Express, in order to further promote personnel exchanges between China and foreign countries, China has decided to expand the scope of visa-free countries and try out a visa-free policy for ordinary passport holders from three countries: New Zealand, Australia and Poland. During the period from July 1, 2024 to December 31, 2025, holders of ordinary passports from the above-mentioned countries can enter China without a visa for business, tourism, visiting relatives and friends, and transiting for no more than 15 days. Those from the above-mentioned countries who do not meet the conditions for visa exemption still need to apply for a visa to China before entering the country.
The Ministry of Finance and other 4 departments issued a notice to implement the financial discount policy for equipment renewal loans
According to the website of the Ministry of Finance on June 25, the Ministry of Finance and other 4 departments issued a notice to implement the financial discount policy for equipment renewal loans. The standard of interest discount is: if the loan issued by the bank to the business entity meets the conditions for re-loan reimbursement, the central government will discount the principal of the bank loan to the business entity by 1 percentage point. The interest will be discounted according to the date on which the relevant loan funds are transferred to the supplier's account, and the interest discount period shall not exceed 2 years. If the business entity implements equipment renewal actions as required and is included in the list of alternative projects determined by the relevant departments, and the loans issued by the bank to them are supported by the People's Bank of China for re-lending related to equipment renewal, the central finance will discount the bank loans of the business entity. The list of alternative projects shall be determined through consultation between the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Transport, the Ministry of Agriculture and Rural Affairs and other departments.
In the first five months, the insurance industry's original premium income increased by 4.6%, and the compensation expense increased by 38%
On June 25, the State Administration of Financial Supervision released the operating conditions of the insurance industry in May 2024. According to the data, in the first five months of this year, the original insurance premium income of the insurance industry was 2.95 trillion yuan, of which the original premium income of property insurance was 589.5 billion yuan and the original premium income of life insurance was 2.36 trillion yuan. The original insurance compensation expenditure was 1.06 trillion yuan. According to the State Administration of Financial Regulation, on a comparable basis, the industry's aggregate primary insurance premium income increased by 4.6% year-on-year, and the original insurance compensation expenditure increased by 38%.
In May, securities and futures operating institutions filed a total of 686 private asset management products, a decrease of 9.62% month-on-month.
According to the Asset Management Association of China, in May 2024, securities and futures operating institutions filed a total of 686 private asset management products, a decrease of 9.62% month-on-month and 14.68% year-on-year; The establishment scale was 52.219 billion yuan, an increase of 0.67% month-on-month and a year-on-year increase of 22.16%. As of the end of May 2024, the total scale of private asset management products of securities and futures operating institutions was 12.85 trillion yuan (excluding social security funds and enterprise annuities), an increase of 192.4 billion yuan or 1.5% from the end of last month.
The value of Hong Kong's exports recorded double-digit growth for two consecutive months
The Census and Statistics Department of the Hong Kong SAR Government announced on June 25 that the value of Hong Kong's overall exports rose by 14.8% year-on-year in May, while the value of imports rose by 9.6% year-on-year. This is the second consecutive month that Hong Kong has recorded double-digit growth in the value of exports. According to the data, Hong Kong recorded a tangible trade deficit of HK$12.2 billion in May, equivalent to 3.1% of the value of merchandise imports. The overall export value of goods in the month was HK$375.9 billion, and the value of imports was HK$388.1 billion.
【International Financial News】
The European Commission has preliminarily found that Microsoft has violated EU antitrust rules
On June 25, local time, the European Commission issued a statement on its official website, saying that the agency initially believed that Microsoft Corporation of the United States violated EU antitrust rules. The statement said the European Commission had informed Microsoft that, after preliminary determination, Microsoft had violated EU antitrust rules by bundling its communications and collaboration product, Teams, with applications included in its enterprise suites, Office365 and Microsoft 365. The statement said that Microsoft's practices are suspected of violating Article 102 of the Treaty on the Functioning of the European Union, which prohibits the abuse of a dominant market position.
A rate cut in sight? Fed Governor Tim Cook: There is light at the end of the tunnel for inflation control
On June 25, local time, Federal Reserve Governor Lisa Cook said that it would be appropriate for the Fed to lower interest rates "at some point". She expects inflation to gradually improve this year and see faster progress in 2025. Cook believes that with significant progress on the inflation issue and a gradual cooling of the labor market, it would be appropriate to reduce the level of policy restrictions at some point to maintain a healthy balance in the economy. Earlier in the day, another governor, Bowman, said that the current policy rate needs to be kept unchanged for a period of time to beat inflation, and it is expected that US inflation will remain high for some time, and there will be no interest rate cuts this year.
The Baltic Dry Index hit a two-week low
On June 25, the Baltic Dry Bulk Index fell to its lowest level in two weeks on Tuesday, dragged down by lower headsize and Panamax freight rates. The Baltic Dry Index fell 47 points, or 2.4%, to 1,926, its lowest level since June 12. The capesize freight index fell 103 points, or 3.3%, to 2,990, the lowest since June 19. The average daily profit of capesize vessels fell by $856 to $24,794. The Panamax freight index slipped 57 points, or about 3.2%, to 1,735, the lowest level since June 6. The average daily profit of Panamax ships fell by $517 to $15,614. The Supramax bulk carrier freight index rose 7 points, or 0.5%, to 1,412 points.
OpenAI will terminate its API services for China
On June 25, OpenAI issued an email to Chinese users saying that it would block API traffic from unsupported countries and regions from July 9. Affected organizations must access OpenAI's services in a supported country or region if they wish to continue using it. Currently, OpenAI's API is open to 161 countries and regions, and since China is not among them, this means that OpenAI will terminate its API services to China.
Eli Lilly and OpenAI collaborate to develop novel antimicrobial drugs
On June 25, local time, the American pharmaceutical giant Eli Lilly announced that it had reached a cooperation with OpenAI to use its generative artificial intelligence (AI) to develop new antimicrobial drugs. In the U.S. stock market, Eli Lilly shares rose nearly 2%. Just this month, the World Health Organization (WHO) released a report that antimicrobial resistance (AMR) has become one of the top 10 global public health threats. Diogo Rau, Chief Information and Digital Officer at Eli Lilly, said, "Our partnership with OpenAI represents a breakthrough step in the fight against the growing but overlooked threat of AMRs. Diogo noted that generative AI offers a new opportunity to help researchers accelerate the discovery of novel antimicrobials and develop specialized technologies in the fight against drug-resistant bacteria, and that the two companies' collaboration can help solve major health challenges facing people around the world.
15th! Warren Buffett reduced his stake in BYD again
On June 25, Hong Kong Stock Exchange documents showed that Warren Buffett's Berkshire Hathaway sold 2.0175 million shares of BYD on June 19, with an average trading price of HK$234.57 per share, and the shareholding ratio decreased from 6.18% to 5.99%. It is worth noting that this is the 15th time that Berkshire has disclosed its reduction in BYD shares since it first disclosed its reduction in BYD shares on August 30, 2022.
Japan's Ministry of Land, Infrastructure, Transport and Tourism has asked Daihatsu Industries to recall three models
Focusing on the previously exposed detection violations of Japan's Daihatsu Industries, Japan's Ministry of Land, Infrastructure, Transport and Tourism announced on June 25 local time that it had determined that the company's three models did not meet Japan's national standards, and issued instructions to Daihatsu Industries to initiate a recall as soon as possible. The three models are the Gran Max, the OEM Toyota Town Ace, and the Mazda Bongo.
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Source: Reading and Creating Finance and Economics Comprehensive
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