★Macro★
01 ★★★
【PBOC: Adjust and Optimize Policy Intensity and Rhythm Based on Domestic and International Economic and Financial Conditions and Market Operations】
The People's Bank of China (PBOC) released the Q4 2024 China Monetary Policy Implementation Report. The report stated that a moderately loose monetary policy should be implemented. Various monetary policy tools will be comprehensively utilized, and policy intensity and rhythm will be adjusted and optimized based on domestic and international economic and financial conditions and market operations. Liquidity will be kept ample to ensure that the growth of social financing scale and money supply aligns with the expected targets for economic growth and overall price levels.
02 ★★★
【India Plans to Impose Up to 25% Tariff on Chinese Steel】
According to the latest reports, India's Minister of Steel, H.D. Kumaraswamy, stated that due to the "severe challenges" posed by Chinese steel imports to domestic producers, India may impose a provisional tariff of 15% to 25% on Chinese steel within six months.
03 ★★
【NDRC's Zheng Shanjie: Implement More Active Fiscal Policies and Moderately Loose Monetary Policies, Strengthen the "Stimulus Policy Package"】
Zheng Shanjie, Director of the National Development and Reform Commission (NDRC), published a signed article in "Study and Research." The article emphasized enhancing counter-cyclical macro policy adjustments. It called for implementing more active fiscal policies and moderately loose monetary policies, strengthening the "stimulus policy package," and improving coordination among fiscal, monetary, employment, industrial, regional, trade, environmental, regulatory, and reform and opening-up policies. Economic and non-economic policies should be unified under a consistent macro policy orientation evaluation, with coordinated policy formulation and execution throughout the process to enhance overall policy effectiveness. Economic monitoring, forecasting, and early warning should be strengthened, along with pre-research and reserves for policies to enrich and improve the policy toolbox. Greater efforts should be made to advance the "Two Major" initiatives, better balancing "hard investments" and "soft construction." The scope of the "Two New" policies should be expanded, focusing on supporting enterprises in upgrading high-end, green, and intelligent equipment and broadening the range of consumer goods trade-ins. Efforts should also be made to strengthen the interpretation and communication of economic conditions and policies, promptly address public concerns, and enhance expectation management.
04 ★★
【PBOC Conducts Net Withdrawal of 149.7 Billion Yuan in Open Market Operations】
The PBOC conducted 125.8 billion yuan of 7-day reverse repo operations today, with a winning rate of 1.50%, unchanged from the previous rate. As 275.5 billion yuan of 7-day reverse repos matured today, a net withdrawal of 149.7 billion yuan was achieved.
★Industry and Downstream★
01★★★★
【Beijing Plain Multi-Point Areas Introduce "Good Housing" Policy, Some Areas Excluded from Floor Area Ratio】
According to the Beijing Municipal Commission of Planning and Natural Resources, the "Technical Guidelines for the Planning and Management of 'Good Housing' in Beijing Plain Multi-Point Areas (Trial)" was recently issued. The guidelines propose forming a demonstration in plain multi-point areas, encouraging the addition of enclosed or open balconies, allowing residential units with larger interior areas to include a certain proportion of double-height spaces in living rooms, and excluding some areas from the floor area ratio.
02 ★★★★
【Shanghai's January New and Second-Hand Housing Transaction Areas Both Up 16% YoY, Second-Hand Transactions Exceed 15,000 Units for Four Consecutive Months】
According to the Shanghai Municipal Development and Reform Commission, Shanghai's economy has generally maintained a recovery and positive trend this year. Fiscal revenue achieved positive growth on a high base. In January, the city's local general public budget revenue reached 135.34 billion yuan, up 0.2% YoY, with tax revenue at 120.17 billion yuan, up 4.2%, accounting for 88.8% of the total. Key markets such as real estate and stock markets remained active. In January, the transaction area of new housing reached 499,000 m² (up 16% YoY), while second-hand housing reached 1.403 million m² (up 16% YoY), with 16,000 units sold, marking four consecutive months above 15,000 units. Financial market transactions also grew, with the Shanghai Stock Exchange's daily average stock trading volume reaching 480.97 billion yuan in January, up 45.7% YoY.
03 ★★★★
【PBOC: Increase Efforts to Revitalize Existing Housing and Land, Stabilize the Real Estate Market】
The PBOC released the Q4 2024 China Monetary Policy Implementation Report, stating that in the next phase, efforts will be increased to support consumer goods trade-ins, enhance financial services in key consumption areas, and continuously stimulate consumption vitality. The focus will be on implementing existing financial policy measures effectively, increasing efforts to revitalize existing housing and land, stabilizing the real estate market, improving the foundational real estate financial system, and contributing to the establishment of a new real estate development model.
04 ★★
【75 Properties in Jianye Headquarters Port, Zhengdong New District, Zhengzhou, Listed for Transfer via Beijing Equity Exchange】
According to the Beijing Equity Exchange, 75 properties in Building A, Jianye Headquarters Port, No. 18 Dirun Road, Zhengdong New District, Zhengzhou, are now publicly listed for transfer via the Beijing Equity Exchange. The total construction area is approximately 16,500 m², with a transfer base price of about 192 million yuan. The transferor is China National Machinery Industry International Cooperation Co., Ltd.
05 ★★
【Better-Than-Expected Demand in Off-Season, Core Cities' Real Estate Market Activity Increases】
Recently, the national real estate market has shown overall stable and positive development. According to statistics from the China Index Academy, during the 2025 Chinese New Year holiday, the daily average transaction area of new housing in 28 representative cities nationwide increased by 8% compared to the previous Chinese New Year holiday. Among them, Guangzhou's new housing online signing volume rose by 47% compared to the previous Chinese New Year holiday, Beijing saw a slight YoY increase of 5%, and cities such as Chengdu, Nanjing, and Wuhan all experienced significant YoY growth in transaction volumes.
★Other Hot Topics★
⭕【Construction Machinery Manufacturers Busy Delivering After Spring Festival】
After this year's Chinese New Year, major construction machinery manufacturers such as Sany, Zoomlion, and XCMG resumed production and began delivering the first batch of orders for the new year. According to a representative from a manufacturer, domestic demand for earthmoving machinery such as excavators and loaders has entered an upward trend. Coupled with the gradual release of equipment upgrade demand driven by policy measures, domestic sales improvement in Q1 this year is expected to be more pronounced than in overseas markets.
⭕【Gansu: New Energy Installations to Reach 80 GW by the End of 2025】
The General Office of the People's Government of Gansu Province issued the "Action Plan for Building a Nationally Significant New Energy and New Energy Equipment Manufacturing Base in Gansu Province." The plan specifies that by the end of 2025, significant progress will be made in the construction of the "Five Functional Zones," and a nationally significant new energy and new energy equipment manufacturing base will take shape. New energy installations will reach 80 GW, accounting for about 65% of total installations, with power generation accounting for about 35%. Coal power installations will exceed 34 GW, new-type ESS installations will surpass 6 GW, and solar thermal power installations will exceed 600 MW. The output value of new energy and new energy equipment manufacturing will exceed 100 billion yuan, with a preliminary demonstration of its driving effect on surrounding regions.
