1.Treat the decline of excess reserve ratio with a scientific attitude

 

Although the excess reserve ratio is declining, the liquidity of the financial market has remained reasonably abundant in recent years, and the interest rate of the monetary market has continued to operate smoothly. It cannot be considered that the decrease of the excess reserve ratio means the tightening of liquidity, and it is not appropriate to take the low excess reserve ratio as the basis for judging the Deposit-reserve Ratio reduction.

 

2.The RMB exchange rate is stable and supported

 

Recently, the RMB exchange rate and the US dollar index have shown a "double strong" pattern. Experts predict that the short-term US dollar index is expected to remain strong. Meanwhile, with the support of exports, the demand for RMB foreign exchange settlement is rising and the RMB exchange rate is expected to maintain a strong performance before the end of this year.

 

3.Green and low carbon should become an important driving point of the financial industry

 

Recently, financial support tools for carbon emission reduction and special loans of RMB 200 billion to support clean and efficient utilization of coal have been successively implemented. This shows that green and low-carbon has become an important driving point of the financial industry. The intensive implementation of relevant policies will form a scale effect, provide incremental low-cost financial support for the green and low-carbon transformation of the economy, and help China to fulfill its commitment to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060.

 

 

1.The Ministry of Industry and Information Technology and the State Administration for Market Regulation recently issued the Energy Efficiency Improvement Plan for Electrical Machinery (2021-2023). It is proposed that by 2023, the annual output of efficient and energy-saving electric machinery will reach 170 million kW, realizing an annual power saving of 49 billion kWh, equivalent to an annual saving of 15 million tons of standard coal.

 

2.Recently, the Ministry of Transport and Hebei Provincial Government jointly issued the standard system for supporting the high-quality development of transportation in Xiong'an New Area, which aims to help create "Xiong'an quality" with a high-level standard system and speed up the construction of a leading area of a powerful transportation country. From January to October this year, China's fixed asset investment in highway and waterway transportation reached RMB 2,251.8 billion, a year-on-year increase of 4.8%.

 

 

1. Data from the China Banking and Insurance Regulatory Commission shows that China's credit structure continues to be optimized. In the first 10 months of this year, various loans increased by RMB 17.9 trillion, an increase of RMB 78.3 billion year-on-year.

 

2.According to data from the State Administration of Foreign Exchange, China’s foreign exchange market continued to operate smoothly in October this year. Banks had a surplus of US$16.5 billion in foreign exchange settlement and sales, which was equivalent to the monthly average in the third quarter; The foreign-related revenue and expenditure surplus of the non-banking sector was USD 34.8 billion, an increase from the surplus in September.

 

3.According to data from China Association of Automobile Manufacturers, China's automobile production, sales and ownership have ranked first in the world for many years. As of the end of September this year, China's car ownership reached 297 million, and it will exceed 300 million by the end of the year. From January to October, China's cumulative production and sales of new energy vehicles both increased by approximately 1.8 times year-on-year.

 

4. According to data from the National Energy Administration, as of the end of October this year, China's cumulative installed capacity of renewable energy power generation reached 1.002 billion kilowatts, breaking the 1 billion kilowatt mark.

 

5. According to data from the Ministry of Finance, in the first 10 months of this year, China's general public budget revenue increased by 14.5% year-on-year, an increase of 8.2% compared with the same period in 2019; the national general public budget expenditure was RMB 19,396.1 billion, a year-on-year increase of 2.4%.

 

6. According to data from the Ministry of Commerce, from January to October this year, China's total import and export volume was US$4.89 trillion, which has exceeded that of the entire year last year. At present, China's trading partners are in more than 230 countries and regions around the world, and the daily import and export trade volume exceeds 15 billion U.S. dollars.

 

7. According to data from the Ministry of Finance, from January to October this year, China issued RMB6,491.6 billion of local government bonds; as of the end of October, the balance of local government debt across the country was RMB 29,654.9 billion.

 

8. According to data from the Ministry of Commerce, in the first 10 months of this year, the value of service outsourcing contracts undertaken by Chinese enterprises was RMB 1,342.4 billion, and the executed value was RMB 931.8 billion, a year-on-year increase of 22.6% and 22.8% respectively.

 

9. According to data from the Ministry of Finance, from January to October this year, the total operating income of state-owned enterprises was RMB 60,386 billion, a year-on-year increase of 22.1%, and an average growth rate of 9.7% over the two years.

 

10. According to data from the China Securities Regulatory Commission, as of the end of October this year, the market value of A-shares held by foreign investors was RMB 3.67 trillion, accounting for about 4.97%. China's capital market has achieved remarkable results in opening up to the outside world.