Policy focus
monetary policy
On July 30, 2024, the meeting of the Political Bureau of the Central Committee of the Communist Party of China emphasized that it is necessary to comprehensively use a variety of monetary policy tools, increase financial support for the real economy, and promote the steady and moderate reduction of comprehensive social financing costs; It is necessary to maintain the basic stability of the renminbi exchange rate at a reasonable and balanced level. (Source: People's Daily Online)
On August 1, 2024, the People's Bank of China announced that in July, China Development Bank, Export-Import Bank of China, and Agricultural Development Bank of China repaid 92.5 billion yuan of mortgage supplementary loans, and the PSL balance at the end of the period was 2.732 billion yuan. (Source: People's Bank of China)
fiscal policy
On July 30, 2024, the Political Bureau of the Central Committee of the Communist Party of China emphasized that it is necessary to speed up the issuance and use of special bonds, make good use of ultra-long-term special treasury bonds, support the construction of security capacity in major national strategies and key areas, and make greater efforts to promote large-scale equipment renewal and the trade-in of bulk durable consumer goods. (Source: People's Daily Online)
Industrial policy
On July 30, 2024, the Ministry of Industry and Information Technology issued the "Implementation Rules for the Management of Key Special Projects of the National Key R&D Program under the Main Responsibility of the Ministry of Industry and Information Technology" (Gao Xin [2024] No. 45 of the Ministry of Industry and Information Technology), emphasizing that the key projects will focus on the high-tech fields that will give birth to future industries and emerging industries, accelerate the formation of new quality productivity, promote the deep integration of scientific and technological innovation and industrial innovation, and increase the supply of high-quality science and technology. (Source: Ministry of Industry and Information Technology)
Housing market policy
On July 30, 2024, the first batch of 1,999 units of placed-type affordable housing in Zhengzhou City, Henan Province was launched for public placement, making it the first city in the country to open the placement and delivery of "placed-type affordable housing". (Source: Zhengzhou Municipal Government)
On August 1, 2024, the Housing Provident Fund Management Center and the Housing and Urban-Rural Development Bureau of Guangzhou City, Guangdong Province issued a notice that the depositors of the housing provident fund who purchase newly built commercial housing can apply to withdraw the housing provident fund in their names and their spouses to pay the down payment for the purchase of the house. (Source: Guangzhou Housing Provident Fund Management Center)
Pivot
In terms of domestic demand, the property market has picked up. In terms of the property market, the transaction area of commercial housing in 30 cities increased by 7.5% year-on-year, turning positive after 6 months; In terms of prefectures and cities, the land transaction area of 100 cities increased by 29.2% year-on-year. In terms of consumption, data from the Passenger Car Association showed that the retail sales of passenger cars in the first four weeks of July were 1.392 million units, down 3.0% year-on-year. In terms of travel, the average daily subway passenger volume in 10 cities fell by 3.6% month-on-month this week, and the number of domestic flights increased by 2.2% month-on-month. In terms of construction, the average daily turnover of construction steel this week was 111,000 tons, up 4.7% month-on-month; cement shipments were 3.157 million tons, down 5.8% month-on-month; The weekly shipments of domestic asphalt producers totaled 377,000 tons, an increase of 1.4% month-on-month.
In terms of external demand, the overall decline. This week, United States Redbook retail sales fell slightly compared with last week, recording 4.5%; The CCFI index rebounded to 2180.7 points, a narrower year-on-year decline than last week. In terms of imports, the CRB index recorded 534 points this week, a slight decrease from last week; The Baltic Index fell 121 points from last week to 1,734 points.
In terms of production, the performance is differentiated. The inventory of major steel varieties decreased by 0.6% from last week; Rebar inventories increased by 0.9% month-on-month. The operating rate of all-steel tires increased by 2.4 percentage points from last week, and the semi-steel tires were flat last week. The performance of the PTA industry was flat, and the load rates of PTA factories, polyester factories and looms in Jiangsu and Zhejiang decreased by 0.8, 0.2 and 4.4 percentage points respectively from last week. The daily consumption of coal in the eight coastal provinces decreased by 2.7% month-on-month compared with the average of the previous week.
The price of industrial products fell as a whole. This week, the prices of rebar, glass and cement deepened compared with last week, recording -5.2%, -4.3% and -1.1% respectively, and the prices of other industrial products narrowed. The prices of consumer goods have risen and fallen with each other. This week, the prices of vegetables and fruits rose by 3.0% and 1.4% month-on-month, of which vegetable prices broke through a new high in the same period in recent years due to the impact of high temperature and rainfall; The prices of eggs, beef and white chicken fell by 1.2%, 1.0% and 0.5% 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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