Macroeconomic policies

We will steadily expand institutional openness in rules, regulations, management and standards. We will further stimulate import potential, relax market access, and promote in-depth development of multilateral and bilateral cooperation. We will accelerate efforts to build a strong trading country and move up the global value chain.
The Political Bureau met to review the "Comprehensive Report on the First Round of Inspections of the 20th Central Committee"
The Political Bureau of the CPC Central Committee held a meeting to review the Comprehensive report on the first round of inspections of the 20th CPC Central Committee. The meeting stressed that it is necessary to take the inspection and rectification as an opportunity to continuously enhance the core functions and core competitiveness of state-owned enterprises, and increase the efforts of financial enterprises to serve the real economy and national strategy. It is necessary to strengthen the supervision of "top leaders" at all levels, intensify anti-corruption efforts in state-owned enterprises and the financial sector, deepen the rectification of the "four winds", deepen the case to promote reform, promote treatment, and promote corruption in one place.
The United States will indefinitely extend the exemption period for two South Korean companies' factories in China to import U.S. chip equipment
According to global network, Reuters quoted Yonhap news Agency reported on the 27th that the United States is expected to indefinitely extend the exemption period for South Korean chip manufacturers Samsung Electronics Co and SK Hynix Co. 's factories in China to import U.S. chip equipment. This exemption for Samsung Electronics and SK Hynix will expire in October this year. Yonhap quoted anonymous sources as saying that the US Department of Commerce has discussed with South Korean chipmakers the details of the US chip equipment that can be used in China, and the US will release relevant information as early as this week.
The Spokesperson of the Ministry of Commerce's Remarks on the US Department of Commerce's inclusion of Some Chinese Entities in the "Entity List" of Export control
The US has included some Chinese entities on its "entity list" of export control for the so-called military-related, Iran-related and Russia-related reasons. China is firmly opposed to this. The US has generalized national security, abused export control measures, and used state power to target other countries' enterprises and individuals. These are typical acts of economic coercion and unilateral bullying. The US side should immediately correct its wrong actions and stop its unreasonable suppression of Chinese companies and individuals. China will resolutely safeguard the legitimate rights and interests of Chinese companies and individuals.
The regular meeting of the monetary Policy Committee expressed four major changes, the fourth quarter is still possible to cut the reserve ratio or interest rate
According to 21 finance and Economics, compared with the second quarter regular meeting, the third quarter regular meeting has four major changes: first, the judgment of the domestic economic situation is more optimistic, but still pointed out that the current demand is still facing the problem; Second, when judging the overseas economic situation, it is clearly pointed out that "interest rates in developed countries will remain high"; The third is to "promote the rise of low prices"; Fourth, the next step in monetary policy should do a good job of "counter-cyclical and cross-cyclical adjustment." From past experience, when the monetary Policy Committee mentions counter-cyclical adjustment at its regular meeting, there is generally a RRR cut or interest rate cut in the next quarter, and market institutions also expect a RRR cut or interest rate cut in the fourth quarter.
Securities Times: Special refinancing bonds restarted issuance, local bonds took a solid step
"Inner Mongolia refinancing general bonds" means that the countless hidden debt of local governments to resolve the work, has taken a solid first step. The issuance of a total of 66.32 billion yuan has exceeded the theoretical scale of special refinancing bonds that can be issued locally at the end of 2022. The issue may have used local balance limits, or the central government took the initiative to redistribute local limits, reflecting the size of special refinancing bond issuance remains limited. In the face of the huge local stock of hidden debt, the resumption of the issuance of special refinancing bonds will not be the only debt measures, but also means that the current round of debt work began slowly, and multi-party support from financial institutions and local state-owned enterprises is expected to cooperate with the overall coordination of the package of debt programs in the future.
Fixed income/Foreign Exchange
Fire the first shot to liquidate the debt! Inner Mongolia plans to issue 66.32 billion yuan of special refinancing bonds to repay defaulted corporate accounts
According to the Shanghai News, on September 26, the Inner Mongolia Autonomous Region Government refinancing general bonds (Phase 9 to 11) information disclosure: Inner Mongolia intends to issue refinancing general bonds of 66.32 billion yuan on October 9. Among them, the amount of issuance of nine issues is 27.44 billion yuan, and the maturity of the bonds is three years. The purpose of the funds is that, in accordance with the requirements of the Ministry of Finance, the bond funds are included in the general public budget management, and the raised funds are fully repaid to the delinquent enterprise accounts that the government has the responsibility to repay.
Greenland Holdings: Subsidiary solicits extension of nine offshore bonds issued by it totaling US $3.16 billion
Greenland Holdings Hong Kong shares, recently, the company's wholly-owned subsidiary Greenland Global Investment Co., Ltd. issued nine overseas bonds (a total of 3.16 billion US dollars) for renewal solicitation, the proposed extension period of four years. A few days ago, the above nine overseas bond extension solicitation held a holder meeting and was approved.
Commodities/Stock markets
The State Council appoints the responsible person of the CSRC
The State Council has appointed Chen Huaping as vice chairman of the China Securities Regulatory Commission and agreed that he will no longer serve as chairman of the board of directors of the Shenzhen Stock Exchange. The Organization Department of the CPC Central Committee has announced that Chen Huaping has been appointed a member of the Party Committee of the China Securities Regulatory Commission and removed from his post as Party secretary of the Shenzhen Stock Exchange.
Interest rate as low as 4.5% brokerage two financial "price war" started
According to 21 Finance, after the three major exchanges lowered the margin ratio, some brokerages began to discount the interest rate of two financing. At present, due to the different business costs required to bear, there is a large difference in the level of interest rates of each brokerage. Individual brokerages for large customers, the interest rate has been as low as 4.5%, the interest rate of new customers is 5%; The interest rate of individual small and medium-sized brokerages is still about 7%. The interest rate of the two financing is mainly related to the cost of obtaining funds for brokerages, and large brokerages have more advantages in the two financing business.
Guo Xiaotao as Co-CEO of Ping An, Chen Xinying resigns
According to the financial front line, Ping An Insurance (Group) Co., Ltd. of China today announced that after careful consideration and research, the board of directors of the company unanimously agreed to appoint Mr. Guo Xiaotao as the co-Chief Executive Officer of Ping An of China, effective from the date of this announcement. At the same time, the Board of Directors of the Company accepted the resignation of Ms. Chen Xinying as Co-Chief Executive Officer and Managing Deputy General Manager of the Company for personal and family reasons. Chen Xinying will continue to perform the above senior management duties until 31 December 2023 and will continue to serve as a director of the Company.
Oriental Shenghong: Signed a framework agreement with Aramco Asia, a subsidiary of Saudi Aramco
Oriental Sheng Hong announced that it signed a framework agreement with Aramco Asia, a subsidiary of Saudi Aramco. Saudi Aramco or its affiliates are interested in becoming strategic investors in Jiangsu Shenghong Petrochemical Industry Group Co., LTD., a wholly-owned subsidiary of the company, and intend to hold a minority stake in the target company; The two sides intend to cooperate in the long-term procurement and supply of crude oil and other raw materials, sales of chemical products and fuel products, and licensing of high value-added technologies.
Goldman Sachs: Hong Kong may cut stamp duty on stock market
Goldman Sachs said in a report that a task force is likely to recommend a cut in stamp duty when it makes recommendations to the Hong Kong government on how to boost liquidity in the stock market. The 10 basis point reduction in stamp duty rates will increase spot market volumes by about 10 to 12 per cent. They also noted that the task force, set up in August, is likely to recommend short - and medium-term reforms, including those around the structure of spot stock trading and ipos. The proposals will go to Hong Kong's chief executive, who will deliver his policy address on October 25. Goldman believes that the recommendations adopted could be announced at that time.
Social Security Fund annual report released: Since its establishment, the average annual investment return rate of 7.66%
According to the Shanghai News, the annual report of the Social Security Fund in 2022 released by the National Council of Social Security Fund shows that the average annual investment return rate of the Social Security Fund since its establishment is 7.66%, and the cumulative investment income is 1,657.554 billion yuan. In 2022, the return on investment of the Social Security Fund will be -5.07% (the return on investment after deducting non-recurring gains and losses will be -4.53%).
Cancellation of registration of 20 private fund managers in one day "supporting the good and limiting the bad" continued to upgrade
According to Securities Daily, the policy of "supporting the best and limiting the worst" of private fund managers continues to upgrade. Last night, the China Foundation Association issued two announcements that cancelled the registration of 11 private fund managers who failed to submit special legal opinions and 9 private fund managers who could not continue to meet the registration requirements of managers. The association said that the above circumstances will be recorded in the securities and futures market integrity file database. The cancelled private fund manager and the relevant parties shall properly dispose of the assets of the fund under management in accordance with laws and regulations, the provisions of the CSRC, the relevant self-regulatory rules of the China Foundation Association, and the provisions of the fund contract, and protect the legitimate interests of investors according to law.
Companies and Industries
Ministry of Transport: It is expected that more than 2 billion people will cross regional flow during the Mid-Autumn Festival and National Day holiday
According to China News Network, in 2023, the Mid-Autumn Festival and National Day holiday from September 29 to October 6, a total of 8 days, the transportation department is expected that the Mid-Autumn Festival and National Day holiday, cross-regional personnel flow will continue to run at a high level, and the cross-regional personnel flow of the whole society (including business passenger traffic, highways and ordinary national and provincial roads) will reach 2.05 billion people. There were 257 million daily passengers, an increase of 11.5% over the same period in 2019 and 58.8% over the same period in 2022.
Middle Finger Research Institute: It is expected that the year-on-year decline in the national commercial housing sales area in the fourth quarter will narrow
According to the Securities Times, the Middle court issued the "Summary and Trend Outlook of China's real estate market in the third quarter of 2023", pointing out that in the first three quarters, the sales area of new commercial residential buildings in key 100 cities fell by 2% year-on-year, which was the lowest in the same period since 2016. In September, all over the country accelerated policy optimization, led to a recovery in market sentiment, the core city market improved, but by the time required for policy transmission and the lag of network data, 100 city sales picked up limited, still down about 20% year-on-year. It is expected that the fourth quarter of the national commercial housing sales area will narrow down, or less than 1.3 billion square meters in the whole year.
US will use E-class supercomputer to simulate nuclear reactions
According to Science and Technology Daily, the US Department of Energy's Argonne National Laboratory official website, the laboratory scientists plan to use its upcoming exasile-class (E-class) supercomputer "Aurora" to deeply study the internal mechanics of various nuclear reactor models. These simulations will provide unprecedented detail, improve scientists' understanding of the complex heat flow inside nuclear fuel rods, and gain insights that could revolutionize reactor design, making nuclear reactors safe to generate electricity while achieving significant cost savings.
Shenzhen real estate agents: no plan to follow up the adjustment of intermediary rates
According to the Securities Times, the reporter interviewed a number of real estate agency insiders got a reply, "Shenzhen has no plan to follow up the adjustment of intermediary rates for the time being." For the real estate agency market, the intermediary rate has always been a "game". Taking the Shenzhen market as an example, the current industry fee standard is 3% of the housing transaction price. "In fact, generally speaking, the intermediary receives less than 3% of the commission, to our company can not be lower than 1.6%, and then lower will be upward application; As for how much buyers and sellers should pay, it needs to be a game between the buyers and sellers." Shenzhen Futian Jingtian area a senior intermediary manager said.