Daily Macro Economy News on 4th,May

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International Crude Price Trend and Exchange Rate of RMB to USD Trend

Domestic News

1.The political Bureau of the CPCCC convened a meeting which analyse current economic situation and work

2.SAT data shows that the newly implemented tax and fee cuts and postponements for tax and fee payments nationwide reached 367.98 billion yuan in Q1 this year

3.NDRC held a conference in interdepartmental coordination mechanism in bio-economy development, it stresses that we will focus on the key fields in bio-economy, step up to construct technological infrastructures and achieve breakthroughs in the key core technologies

4.CSLPC data shows that the steel PMI was 45% in April, down 3.4 percentage points from the previous month and down for the second consecutive month

International News

1.The ECB management committee Visco said that further monetary tightening may be needed, the ECB should act cautiously and make decisions on a meeting-by-meeting basis

2.Australian Federal Reserve President Lowe said Australia has a considerable possibility to avoid recession

3.Saudi Arabia's biggest challenge now is to diversify its economy beyond oil, says Minister of Economy and Planning Faisal al-Ibrahim

4.BP Q1 Adjusted Net Income of $4.96 Billion while $4.28 Billion Estimate

Domestic News

1.The political Bureau of the CPCCC convened a meeting which analyse current economic situation and work

The meeting comes to a conclusion that China’s economy growth will better than expecting, but the current improvement in the economic performance is mainly restorative. The meeting indicates that, we have to step up to establish a modern industrial system supported by real economic sector, consolidate and expand the advantages in new energy vehicles and focus on the development on the universal artificial intelligence. The meeting also emphasizes that the key sector to the current sustained economic rebound is to recover and expand the demand. It should adopt a more active fiscal policy to improve efficiency, a more prudent monetary policy to be precisely applied, therefore form a synergy to expand demand. To put attracting foreign investment in a more important position to stabilize the basic foreign trade and foreign investment. To adhere to the positioning of “the house is used to live instead of speculation”, actively advance the reconstruction in urban villages and the construction for public infrastructures which for entertainment or wellness in daily life but can turn into emergency shelter in major public incidents. Planning and constructing affordable housing. To strengthen local government in their debt management and strictly control the increase of the invisible debt.

2.SAT data shows that the newly implemented tax and fee cuts and postponements for tax and fee payments nationwide reached 367.98 billion yuan in Q1 this year

According to the data from the State Administration of Taxation (SAT) shows that the newly implemented tax and fee cuts and postponements for tax and fee payments nationwide reached 367.98 billion yuan in Q1 this year. Among them, the newly tax and fee cuts, which are from the small-scale taxpayer who are applied for the monthly sales amount under 0.1 million yuan policy, reached 102.43 billion yuan. The newly tax cuts reached 38.99 billion yuan which are applied for the tax rate for the small-scale taxpayer down from 3 percent to 1 percent policy.

3.NDRC held a conference in interdepartmental coordination mechanism in bio-economy development, it stresses that we will focus on the key fields in bio-economy, step up to construct technological infrastructures and achieve breakthroughs in the key core technologies

The National Development and Reform Commission (NDRC) held a conference in interdepartmental coordination mechanism in bio-economy development, it stresses that we will focus on the key fields in bio-economy, step up to construct technological infrastructures and achieve breakthroughs in the key core technologies. Actively support the application of the biotechnology in medicine, agriculture, energy, environmental protection and other fields.

4.CSLPC data shows that the steel PMI was 45% in April, down 3.4 percentage points from the previous month and down for the second consecutive month

China Steel Logistics Professional Committee of CFLP (CSLPC) data shows that the steel PMI was 45% in April, down 3.4 percentage points from the previous month and down for the second consecutive month, indicating that the steel industry has slowed down. It is expected that in May, the steel market supply and demand side may continue to decline slightly. The iron ore prices continue to fall, steel prices trend shakingly run low.

International News

1.The ECB management committee Visco said that further monetary tightening may be needed, the ECB should act cautiously and make decisions on a meeting-by-meeting basis

ECB Management Board member Visco said that further monetary tightening may be needed and the ECB should act cautiously and make decisions on a meeting-by-meeting basis.

2.Australian Federal Reserve President Lowe said Australia has a considerable possibility to avoid recession

Australian Fed President Lowe said Australia has a considerable possibility to avoid recession. We are spending more time trying to understand the supply-side shocks. If we are able to lower the inflation to 3 percent in two years, that would be a good outcome.

3.Saudi Arabia's biggest challenge now is to diversify its economy beyond oil, says Minister of Economy and Planning Faisal al-Ibrahim

Saudi Arabia's biggest challenge now is to diversify its economy beyond oil, said Saudi Minister of Economy and Planning Faisal al-Ibrahim. Saudi Arabia aims to increase the share of the private sector in the economy from below 40 percent to 65 percent and develop sectors such as advanced manufacturing, "this will help us to get rid of the influence of oil."

4.BP Q1 Adjusted Net Income of $4.96 Billion while $4.28 Billion Estimate

BP's first quarter adjusted net income was $4.96 billion, while an estimate of $4.28 billion. Adjusted EBITDA was $9.22 billion, while an estimate of $8 billion. Adjusted EBITDA from oil production and operations was $3.32 billion, while an estimate of $3.61 billion. Adjusted EBIT from natural gas and low-carbon energy was $3.46 billion, while an estimate of $2.73 billion.

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