Policy is focused on monetary policy
On June 26, 2024, the National Development and Reform Commission (NDRC) and the State Administration of Financial Supervision (SFS) jointly issued the Notice on Further Improving the Service Quality and Efficiency of Financing Credit Service Platforms and Deepening the Work of "Credit Ease Loan" (Fa Gai Ban Cai Jin [2024] No. 548) to further promote the work of "Credit Ease Loan", accelerate the integration of local financing and credit service platforms, improve the national integrated platform network, and improve the financing convenience level of small, medium and micro enterprises. (Source: National Development and Reform Commission)
fiscal policy
On June 25, 2024, the Ministry of Finance, the National Development and Reform Commission, the People's Bank of China and the State Administration of Financial Supervision jointly issued the Notice on Implementing the Financial Interest Discount Policy for Equipment Renewal Loans (Cai Jin [2024] No. 54), requiring that if the loans issued by banks to business entities meet the conditions for re-loan reimbursement, the central finance will discount the principal of bank loans to business entities 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. (Source: Ministry of Finance)
Industrial policy
On June 24, 2024, the National Development and Reform Commission and other departments issued a notice on measures to create new consumption scenarios and cultivate new growth points for consumption (Fa Gai Employment [2024] No. 840). It is required to cultivate new consumption scenarios for catering, cultural tourism and sports, shopping, bulk commodities, health care for the elderly, and community cultivation. (Source: National Development and Reform Commission)
Housing market policy
On June 26, 2024, the Beijing Municipal Commission of Housing and Urban-Rural Development and other departments issued the Notice of the Beijing Municipal Commission of Housing and Urban-Rural Development and Other Departments on Optimizing the Policies and Measures for the Stable and Healthy Development of the Real Estate Market in Beijing (Jing Jianfa [2024] No. 218). The main direction of adjustment is to adjust the minimum down payment ratio and the lower limit of interest rate for newly issued commercial personal housing loans in the city in accordance with the principle of city-specific policies; Optimize the criteria for determining the first housing of multi-child families with two or more children with household registration in the city, in commercial personal housing loans and provident fund personal housing loans; Adjust the minimum down payment ratio for newly issued provident fund personal housing loans in the city; Organize and carry out housing "trade-in" activities. (Source: Beijing Municipal People's Government)
Pivot
In terms of domestic demand, consumption and travel rebounded. In terms of the property market, the transaction area of commercial housing in 30 cities increased by 30.6% month-on-month; In terms of prefecture and market, the land transaction area of 100 cities decreased by 3.2% month-on-month, and the year-on-year decline narrowed slightly. In terms of consumption, the retail sales of passenger cars in the third week of June were 65,000 units, up 41.4% month-on-month from the previous week, and the year-on-year decline narrowed. This week's movie box office increased by 23.8% month-on-month and -72.4% year-on-year. In terms of travel, the average daily subway passenger volume of the 10 cities this week increased by 6,000 month-on-month to 5.548 million, and the number of domestic flights increased by 3.0% month-on-month. In terms of construction, the average daily trading volume of construction steel this week was 117,000 tons, up 2.6% month-on-month; cement shipments were 3.874 million tons, down 2.0% month-on-month and 26.3% year-on-year; The weekly shipments of domestic asphalt producers were 378,000 tons, up 8.4% month-on-month.
In terms of external demand, freight rates continued to rise. This week, the year-on-year growth rate of U.S. Redbook retail sales slowed down, recording 5.3%; The CCFI index continued to rise to 1,829 points, up 5.5% month-on-month. In terms of imports, the CRB index fell slightly this week to 540 points from last week; The Baltic Index edged up from last week to 1,974 points.
In terms of external demand, it has risen steadily. The inventory of major steel varieties increased by 0.3% from last week; Rebar inventories decreased by 3.6% month-on-month. The operating rates of all-steel tires and semi-steel tires increased by 4.3 and 0.3 percentage points respectively from last week. The performance of the PTA industry was differentiated, with PTA factories and polyester factories rising by 1.1 and 0.5 percentage points respectively compared with last week, and the load rate of looms in Jiangsu and Zhejiang decreased by 0.6 percentage points. The daily coal consumption of the eight coastal provinces decreased by 0.1% month-on-month compared with the average of the previous week.
The prices of industrial products fell more and rose less. This week, crude oil and aluminum rose 1.2% and 0.4% month-on-month respectively; coking coal and coke fell by 2.8% and 1.4% month-on-month respectively; Iron ore, glass, and rebar fell by 2.6%, 2.6%, and 2.4% month-on-month, respectively. The price of consumer goods fell more and rose less. This week, the prices of vegetables and fruits rose by 1.9% and 1.4% month-on-month respectively, while the prices of eggs, pork and mutton fell by 1.9%, 1.3% and 0.7% month-on-month.
Travel by subway
Industrial production
Investment in fixed assets
Prices of industrial goods
Prices of consumer goods
real estate
consume
Imports and exports
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