February 22nd Macroeconomic Index: Shanghai Launches Special Loan for Urban Village Transformation, GF Receives US Subsidy

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Domestic News

1. Shanghai's first enterprise "Silk Road E-commerce" plan was substantially implemented: Greenland Group signed cooperation agreements with many well-known global enterprises such as Mindray Medical

2. National Copyright Administration: In 2023, the total number of copyright registrations nationwide reached 8923901, a year-on-year increase of 40.46%

3. Shanghai State-owned Assets Supervision and Administration Commission held a meeting to promote the deepening and upgrading of the reform of state-owned enterprises in Shanghai

4. Shanghai's first special loan for the transformation of urban villages in super megacities in China was launched, with a scale of 1.558 billion yuan

International News

1. Thailand's economic growth is sluggish, and Goldman Sachs lowered the country's GDP growth forecast for 2024

2. South Korea will impose stricter export bans on Russia and Belarus this week

3. GF received a $1.5 billion subsidy from the U.S. government to expand semiconductor production in the U.S

4. The Federal Reserve is not in a hurry to cut interest rates, and the $6 trillion currency market fund in the United States also held on

Domestic News

1. Shanghai's first enterprise "Silk Road E-commerce" plan was substantially implemented: Greenland Group signed cooperation agreements with many well-known global enterprises such as Mindray Medical

On February 19, Greenland Group signed contracts with world-renowned enterprises such as Mindray Medical, Kazakhstan Integrity Prosperity Group Ltd., and South Korea's Dayou Group to jointly promote the Belt and Road cooperation and help high-quality Chinese products go overseas. This marks that since Greenland Group released Shanghai's first enterprise "Silk Road E-commerce" development plan at the beginning of the year, the first batch of business results have been rapidly implemented. It will help Greenland continue to deepen the layout of the "Silk Road E-commerce" industrial chain, make due contributions to Shanghai's creation of the "Silk Road E-commerce" cooperation pilot zone and high-quality construction of the "Belt and Road"; At the same time, it will also accelerate the quality improving and upgrading of Greenland's commercial and trade industry, and boost Greenland Group to upgrade the old track, open up new tracks, and achieve transformation and development.

2. National Copyright Administration: In 2023, the total number of copyright registrations nationwide reached 8923901, a year-on-year increase of 40.46%

According to the official WeChat message of the National Copyright Administration, the total number of copyright registrations nationwide reached 8923901 in 2023, a year-on-year increase of 40.46%. According to the statistics of the copyright offices of all provinces, autonomous regions and municipalities directly under the Central Government and the China Copyright Protection Center, a total of 6428277 copyright registrations will be completed across the country in 2023, a year-on-year increase of 42.30%. According to the statistics of computer software copyright registration information of the China Copyright Protection Center, a total of 2495213 computer software copyright registrations was completed across the country in 2023, a year-on-year increase of 35.95%, and the number of registrations and the growth rate hit a new high in five years.

3. Shanghai State-owned Assets Supervision and Administration Commission held a meeting to promote the deepening and upgrading of the reform of state-owned enterprises in Shanghai

Recently, the Shanghai State-owned Assets Supervision and Administration Commission held a meeting to promote the deepening and upgrading of the reform of state-owned enterprises in Shanghai. The meeting pointed out that it is necessary to plan from a high starting point to promote the deepening and upgrading of reform. Adhere to the impetus for reform, guide the reform of state-owned enterprises to a higher position, a wider vision and greater efforts, and better fulfill the new mission of state-owned assets and state-owned enterprises in the new era and new journey. It is necessary to focus on key issues, and accurately grasp the core essence of the deepening and upgrading of reform. Handle the relationship between the task of functional and mission reform and the task of institutional and institutional reform, and handle the relationship between overall promotion and hierarchical and categorical reform. It is necessary to pay close attention to implementation, and achieve the goal of deepening and upgrading the reform of key areas and key links with high standards. Strengthen the organization and promotion to ensure that the implementation is effective, and strengthen publicity and training to ensure that the reform penetrates and reaches the grassroots level.

4. Shanghai's first special loan for the transformation of urban villages in super megacities in China was launched, with a scale of 1.558 billion yuan

Yesterday, the Shanghai Branch of China Development Bank issued the first special loan of 1.558 billion yuan to Shanghai Jinqiao (Group) Co., Ltd. for the preliminary work and expropriation compensation of urban village reconstruction projects in Xiaowan Village, Duer Village, Tangzhen, Pudong New Area, which was included in the list of special loan projects for urban village reconstruction by the Ministry of Housing and Urban-Rural Development in 2024.

International News

1. Thailand's economic growth is sluggish, and Goldman Sachs lowered the country's GDP growth forecast for 2024

Thailand's sluggish growth in the fourth quarter of 2023 weighed down Goldman Sachs strategists' forecasts for the country's GDP in 2024. The quarterly figures were well below Goldman Sachs' expectations due to a slowdown in private consumption and investment growth. The bank lowered its forecast for Thailand's real GDP growth in 2024 to 2.3% from 2.6%. It believes that the central bank will not start easing monetary policy until June, as weak data has been taken into account at the February meeting, while new data from the next meeting is limited. If economic activity and inflation data continue to let people disppoint, policy risks are expected to be skewed towards dovish (i.e., an early rate cut in April).

2. South Korea will impose stricter export bans on Russia and Belarus this week

South Korea has added 682 items with actual or potential military use to the list of items prohibited from being transported to Russia and Belarus under amendments to the country's regulations on trade in strategic goods, the Ministry of Trade, Industry and Energy said Tuesday. The new rules will bring the total number of items on the list to 1,159, including heavy construction equipment, rechargeable batteries, aircraft parts and machinery. The revisions will take effect on Saturday. The new list also involves used cars with a displacement of 2000 cc or more, which accounts for a large part of South Korea's car exports to Russia.

3. GF received a $1.5 billion subsidy from the U.S. government to expand semiconductor production in the U.S

The third company subsidized by the U.S. Chips Act was released. On February 19, local time, the U.S. government said it would offer GF (GFS. O) $1.5 billion in funding to expand semiconductor production to strengthen U.S. domestic supply chains. According to a preliminary agreement between GF and the U.S. Department of Commerce, the company will build a new plant in Malta, New York, and expand its existing production in Burlington, Vermont, according to foreign media. In addition, the subsidy will be accompanied by $1.6 billion available loans, which is expected to generate $12.5 billion in total potential investment in both states.

4. The Federal Reserve is not in a hurry to cut interest rates, and the $6 trillion currency market fund in the United States also held on

Institutional analysts noted that investors are pouring billions of dollars into U.S. currency market funds every day. Corporate commercial directers have record amounts of cash in hands. Markets are effortlessly digesting excess U.S. Treasury bills. Investors have added $128 billion to U.S. currency market funds since the beginning of the year, according to the Association of Investment Companies. With more than $1 trillion in money flowing into the Treasury market since mid-2023, there is room for more cash in the market. This is in stark contrast to a few months ago. On the one hand, traders have sharply lowered their expectations for policy easing. Add to that the fact that corporate executives seem not to be in a hurry to spend money at post-pandemic period, and depositors remain concerned about the state of the banking system, all signs point to another big year for cash in 2024.

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