No, it’s just that the bulls are against charm
Monarch: The debt bear came after the crash?
No, it’s just that the bulls are against charm
Monarch spent Changchun, Dong Qi author: Flower Changchun, Dong Qi, Source: Guotai Junan macroeconomic research team, knowledge of Wall Street columnist, Financial Title: “Debt cow turned to debt bears?
No, but the bull is defying charm!
》 Focus this week: When the debt cow has not arrived in the debt bear, but the stock bull redirects the charm 1) When the debt cow has not arrived in the debt bear, the shock is the main cause.
The economy exceeded expectations, the worst moment of the fundamentals has passed, and the increase in the growth rate in the second half of the year has risen to an objective situation, but the monetary policy has not yet turned.
The best policy window period is before July.
2) Fiscal strength continued, financial supply-side reforms started, and stocks gradually became attractive.
Lower personal taxes and growth or eventually boost consumption to zero.
7-1 digits are conducive to economic stabilization in the second half of the year.
Financial supply-side reforms have begun to completely improve over-reliance on indirect financing models, and support “competitive neutrality” to provide a favorable financial environment for SME innovation.
3) The current Chinese economy is more stable than expected, which is conducive to the stabilization of the global economy. It will also improve market expectations of the global economy and will continue to drive a wave of global asset prices.
Domestic economy: Economic operation is stable, supply and demand continue to improve 1) Downstream: Real estate sales continue to improve but the overall growth rate fluctuates slightly, land supply improves in 3 months, transactions deteriorate, and the land premium rate rises.
2) Midstream: In April, the operating rate of blast furnaces rebounded sharply, the growth rate of coal consumption for power generation dropped slightly, the price of cement rebounded, the price of thermal coal fell, the price of rebar increased slightly, and the inventory fell sharply.
3) Upstream: Crude oil prices continued to rise, iron ore prices rose sharply, and copper prices rose moderately.
4) Food prices: Vegetable prices have rebounded moderately, and pork prices have continued to rise.
5) Liquidity: The growth of interest rates in the money market declined, and the exchange rate of the US dollar against the US dollar fell steadily.
Global large-scale assets: Global stock markets have generally grown, large-scale assets have been mixed, exchange markets have stabilized, and bond markets have gradually expanded.
International and domestic policies: China and the United States have reached a new consensus on the ninth round of economic and trade integration, negotiations on the China-Korea FTA have progressed steadily, and the British Parliament has once again rejected the Brexit plan.
The new policy of supplementary tax reduction was officially implemented, the State Council executive meeting further reduced tax reductions and fees, and the Comprehensive Plan for Reducing Social Insurance Rates was released.
Next week’s attention: China’s new RMB loans in March, social financing scale, price index and March trade account.
Overseas, the euro zone announced its April interest rate resolution, and the United States announced three-month annual data on consumer prices and hourly wages, as well as minutes of the three-month monetary policy meeting.
Text 1, this week’s focus: when the debt cow has not yet reached the debt bear, but the staggering charm of the stock bull On March 24, we proposed that the worst moment of the economy has passed, and the GDP growth forecast was raised.
At the end of the month, the PMI data exceeded market expectations and was saturated. At the same time, its forward-looking indicators indicate that it may even rise further.
The market’s compensation for the cliff-like decline in the economy has been eliminated, and the yield on 10-year Treasury bonds rose by 20bp to 3 last week.
So is the bond market bull market over?
Is there a bear market?
We believe that the bond market is volatile, that the policy has not been changed, and that the debt bears are still far away. The market need not worry.
From the perspective of economic fundamentals, the current economic supply and demand have improved, credit demand has continued to rise, the economy has no pits in the first quarter, infrastructure development in the second quarter, kinetic energy switching in the third quarter, and consumption in the fourth quarter have become the main force: supply and demand, good resumption during the year,The terminal is not weak, while the terminal demand continues to improve, the inventory cycle is building, and the subsequent kinetic energy is not weak.
Industrial companies are still actively destocking, and replenishment is expected to cause demand to gradually pick up.
The main driver of economic momentum in the second quarter is still on the investment side.
In terms of credit, with the improvement of business and policy environment, credit demand will continue to pick up.
Recent survey data show that corporate loan demand has improved significantly in the first quarter, and the bank loan approval index has also accelerated.
In addition, the corporate bond financing function has also been significantly repaired. Driven by credit demand in the second quarter, the growth rate of social financing may continue to rebound.
The current Chinese economy is better than expected, which is conducive to the stabilization of the global economy and will also improve market expectations of the global economy. The rise in global risky asset prices last week has verified our prediction.
In terms of inflation, the rise of the CPI in the second half of the year is an objective situation. In the fourth quarter, it may reach 3%, but the PPI is still under deflationary pressure, and the policy will not easily change.
We estimate that swine fever will have an average of 1 rise in CPI.0-1.
5 points, a high point or 2 points, but increasing tax cuts will depress CPI growth by 0.
5 points, PPI inflation is 0.
Therefore, the economy shows that CPI is driven by costs and goes up, while PPI has the possibility of deflation.
From a policy perspective, we proposed earlier that the best policy opportunity window period is before July.
At the end of the month, the expectations of “announcement of a reduction in hedging and MLF expiry” fell through, and the market was worried that the monetary policy would turn ahead.
However, we think the market is overly concerned, and the policy change in the second quarter may be counted.
The growth is still uncertain, and there are still some corresponding measures, such as increasing chicken production to cope with the rise in pig prices. As a result, the current market liquidity is very sufficient, and the short-term amplitude has decreased significantly, indicating that the policy has no intention to change.
Economic fundamentals, carbonization, and policy all point to the short-term adjustment of the bond market, which is dominated by shocks.
However, in terms of asset attractiveness, it seems that the bull market opportunity is more certain and attractive.
Liquidity is still sufficient, there is no need to worry too much about the downside risks of the economy, and fiscal power is still being developed. Financial supply-side reforms will gradually begin.
Active finance is mainly focused on reducing taxes and fees, and household consumption and business operations will face improvements.
The issuance of special debt continued to accelerate, and local government debt was restricted during the year.
08 trillion will be completed before the end of September, giving full play to the positive role of local investment to stabilize and expand domestic demand.
Tax reduction mainly benefits the manufacturing and end-consumption industries. A continuous reduction in tax exemption will increase the income level of residents. Social security fee reduction will also help reduce business burdens and promote stable employment (see the report “The unprecedented reduction in tax and fee reduction,Revisiting the impact of adjustment “, March 5, 2019).
In the future, tax and fee reductions will be concentrated in the second quarter (Table 1).
The scale adjustment has been implemented on April 1st, and it is expected to bring about a reduction of tax of 800-900 billion yuan. On May 1, the social insurance fee reduction will also be implemented, and it is expected that it will bring 500 billion yuan in fee reduction.
On July 1, government fees and operating service fees will be reduced, which is expected to bring about a reduction of about 300 billion in fees.
Financial supply-side reform, the future reconstruction of financial institutions, products, services and systems from the perspective of rich financial supply, the policy focus will be on both risk prevention and strong services, the core is still to support the real economy.
The improvement of financial service supply will mainly focus on private and small and micro enterprises, and promote industrial development and innovation.
In the direction of indirect financing shifting to direct financing and raising the level of the capital market, deepening the structural reform of the financial supply side will open a new round of bull market.
Expand the implementation of tax reductions, expand the internal operation of manufacturing and other industries, and bring benefits to terminal consumption.
We measured the impact of incremental tax cuts on improving consumption in two ways.
From a macro-calculation perspective, we estimate that the final consumption pulls 0 by dividing the measurement model by variable variables such as household disposable income, household consumption, unemployment rate, and yield rate, as well as the micro-observation angle of commodity supply and demand elasticity and price changes.
The improvement of consumption by tax cuts does not happen overnight. The improvement from policy to consumption is a gradual process. We believe that under the stimulation of tax reduction policies, consumption may face an unexpected rebound during the year, and the transformation of economic momentum will gradually appear.
2. Domestic economy: The fundamentals are running steadily, and supply and demand continue to improve. 1) Downstream: Real estate sales continue to improve, land supply improved in March, transactions deteriorated, and land premium rates rose.
Since April 2019, real estate sales in various tier cities have continued to rebound but the growth rate has improved.
Since April, the transaction area of commercial housing in 30 large and medium-sized cities has exceeded the growth rate by 11 in March.
9 digits to 10.
Among them, first-tier cities have fallen significantly by 30 from March.
6 perfect to 31.
2%, second-tier cities fell 2.
1 excellent to 4.
0%, third-tier cities fell by 18.
1 excellent to 8.7%.
Since March, land supply has improved significantly, transactions have continued to deteriorate, and various types of cities have performed differently.
Data from 100 large and medium-sized cities show that since March, the area of land supply has rebounded by more than 22%.
9 perfect to 1.
2%, the ten-year growth rate of transaction area fell by 8.
9 averages to -26.
The annual growth rate of land supply in first-tier cities has dropped sharply56.
3 excellent to -19.
1%, the land supply area in second and third-tier cities rebounded significantly in excess of the growth rate.
In terms of transactions, the land transaction area in first-tier cities dropped significantly beyond the growth rate49.
3 perfect to 2.
7%, second-tier cities improved by 21.
8 excellent to -10.
1%, third-tier cities deteriorate by 30%.
3 perfect to -37.
The overall land transaction premium rate fell 2 from February.
1 perfect to 16.
2) Midstream: Blast furnace operating rate rebounded sharply, power generation coal consumption growth rate dropped slightly, cement price rebounded slightly, thermal coal price fell slightly, rebar price rose slightly, inventory increased, furnace operating rate rose slightly, and average daily coal consumption growth rate was faster than in the morningThe month fell slightly.
As of the week of April 5, the blast furnace started to reset 67.
7%, a sharp increase from last week4.
0 averages, an increase of 2 over the same period in 2018.
The average daily coal consumption growth rate has dropped slightly, and the average daily coal consumption of the six major power generation groups has decreased by 1 since April.
4 digits, 5 down from March.
Cement prices rebounded slightly, and thermal coal prices fell slightly.
As of April 5, the cement price index rose by 0 from the previous month.
9%, up from March earlier.
6 digits, down by 1 from December.
Six average values, the growth rate in ten years fell by one.
9 perfect to 8.
The price of thermal coal dropped by 1 from the previous month.
1% to close at 618.
3 yuan / ton, an annual increase of 9%.
1 perfect to 6.
7%. Rebar prices rebounded slightly, and inventory fell sharply.
Since April, rebar prices have risen slightly, and the growth rate has decreased by 0.
7% to 0.
9%, closed at 4091.
3 yuan / ton, the previous growth rate rose by 3.
0 digits to 3.
The rebar inventory decreased significantly month-on-month, and the growth rate increased by 5 points.
4 excellent to -2.
1%, the growth rate dropped sharply 41.
2 excellent to -14.
3) Upstream: Crude oil prices continue to rise, iron ore prices have risen, and copper prices have risen moderately for 4 months.
As of April 5th, the spot price of British Brent crude oil rose 2 from March.
5% to 69.
At $ 9 / barrel, WTI spot crude oil prices rose by 3 from March.
3% to 62.
$ 1 / barrel.
As of the end of March, OPEC cut output for four consecutive months, reducing output by a 4-year low, resulting in rising international oil prices.
Iron ore prices rose and copper prices rose modestly.
Since April, the price of iron ore futures has risen sharply from the previous three months.
0% is 672.
6 yuan / ton, an annual increase of 19%.
3 perfect to 48.
Halogen copper futures closed at 49440.
0 yuan / ton, an increase of 0 from the previous month in March.
5%, year-on-year decline narrowed1.
0 digits to -3.
4) Food prices: Vegetable prices have rebounded moderately and pork prices have continued to rise Since April 2019, vegetable prices have moderately rebounded and pork prices have continued to rise.
As of April 5, the average price of 28 key monitored vegetables was 4.
9 yuan / kg, an increase of 0 earlier in March.
The average pork price in 22 provinces and cities is 20.
3 yuan / kg, an increase of 4 from March.
5) Currency: The interest rate of the money market rose and fell, while the exchange rate of the US dollar against the US dollar stabilized, and the interest rate fell slightly. The interest rate of the money market rose and fell.
As of April 5, R007 had a significant decline of 97bp to 2 at the end of March.
At 2374%, R001 dropped significantly by 124bp to 1 from the end of March.4714%.
Long-term interest rates have generally risen.
The one-year Treasury rate rose 4bp to 2 from the end of March.
At 4759%, the interest rate on 10-year government bonds rose 20bp to 3.
Credit debt interest rates have risen.
The 3-year yield of AAA medium and short-term notes increased by 15bp to 3 from the end of March.
7688%, the one-year yield is basically the same as the end of March.
In terms of exchange rates, as of April 5, the RMB exchange rate fell steadily and slightly.
Among them, the central parity rate of the US dollar against the RMB dropped by 3bp to 6 from the end of March.
7055, the spot exchange rate is basically flat with the end of March.
3. Global large-scale assets: Global stock markets have generally grown, large-scale assets have risen and fallen together, foreign exchange markets have stabilized, and bond markets have gradually increased and fluctuated. Global stock markets have generally increased this week.
As for China’s stock market, affected by factors such as China ‘s official PMI data in March, loose liquidity expectations, favorable Sino-US trade talks, foreign exchange inflows and other factors, market sentiment has boosted, and the ChiNext this week has seen growth.
94%, the Shanghai Composite Index rose by 5.
In terms of US stocks, affected by factors such as strong non-agricultural employment growth and the dovish signal of the US’s contraction policy, US stocks have grown close to historical highs. The S & P 500 Index increased by 2 this week.
At 06%, the Dow Jones Industrial Average increased by 1.
In currency markets, the exchange rate of the US dollar against the US dollar has remained basically stable, and the US dollar against the Chinese yuan (CFETS) has fallen by zero this week.
Affected by better-than-expected U.S. non-agricultural data and lower-than-expected domestic economic data in Japan, the value of the US dollar against the US dollar rose significantly this week, and the US dollar rose against the Japanese yen.
In terms of commodities, DCE iron ore surged 8 this week.
87%, IPE cloth oil rose 4.
34%, NYMEX crude oil rose 5.
In addition, SHFE rebars fell by 4 this week.
36%, LME aluminum fell by 1.
In the bond market, the global bond market has gradually increased, and long-term interest rates have generally risen.
China’s 10-year Treasury yield rose 20bp during the week, and prices fell by 1 during the week.
60%; U.S. 10-year Treasury prices fell 0 during the week.
72%; Japan’s 10-year Treasury note price fell 0 during the week.
4. International policy: China and the United States reached a new consensus in the ninth round of economic and trade negotiations. The negotiations on the China-Korea FTA have been steadily advanced. The British Parliament has once again rejected the Brexit plan.The lower house of parliament has once again vetoed Prime Minister Theresa May’s Brexit plan, which is the third time Parliament has rejected the Prime Minister’s Brexit plan.
With the approaching of the end of Brexit, the difficulty for the British Parliament to reach an agreement means that May has resigned and the probability of an ancient British election has risen.
After the voting results were released, Mei vaguely pointed out that the only way to resolve the current impasse may be to choose only one way.
According to the Brexit plan, the United Kingdom will leave the European Union on April 12. If Britain cannot reach an agreement on Brexit at that time, the United Kingdom may still face the risk of a no-deal Brexit.
After the vote was announced, the pound dived.
On April 1, the second round of “indicative voting” on antiques in the lower house of the British Parliament included “Customs Union” and “Common Market 2”.”0″ and other internal “Brexit” proposals to vote.
The voting results showed that none of the four options received the support of the majority.
“Indicative voting” results are not legally binding, but pressure is expected from the government.
On April 5, British Prime Minister Theresa May has written to the President of the European Council, Donald Tusk, to extend the Brexit deadline until June 30.
2) IMF President: The global economy loses momentum is at a “delicate moment” On April 2, Lagarde said in a speech by the American Chamber of Commerce in Washington that the weather is becoming increasingly “unstable”, and “unstable” is about the global economyAt a “subtle moment.”
Since the IMF updated its economic forecasts in late January, the global economy has lost its momentum to increase growth, but it is unlikely that a recession will occur in the short term, or it will be improved due to the impact of policies.
Lagarde said that global economic growth is growing due to increased trade tensions and tightening financial conditions in the second half of 2018, and 70% of the global economy is expected to experience a slowdown in growth this year.
Benefiting from the global expansion of conventional and patient currency normalization steps such as the Federal Reserve and increased stimulus in countries such as China, it is expected that global economic growth will improve in the second half of 2019 and 2020.
However, the expected rebound in global growth still faces a series of downside risks and uncertainties, including Brexit, high debt in certain countries, trade tensions and financial market unease.
Facing the above-mentioned economic situation, Lagarde pointed out that in the case of exceeding the expected target, monetary policy should be kept loose, and exchange rate changes should be used as needed.
3) The China-Korea FTA negotiations are steadily advancing. First, the first date updates the list for service trade and investment negotiations. On April 2, according to the Ministry of Commerce, the fourth phase of the second phase of the China-Korea FTA agreement was recently held in ancient Beijing.Yes, first release date list for service trade and investment negotiations.
The Ministry of Commerce stated that China and South Korea will actively promote the second stage of negotiations to create a more free and convenient service trade and investment environment for restructuring enterprises.
This round of negotiations is the first free trade agreement negotiation that has previously used the alternative list method for trade in services and investment negotiations.
Bai Ming, deputy director of the International Market Research Institute of the Ministry of Commerce, said that the way to rearrange the list in the negotiations of the free trade agreement is a natural one, and gradually replaced the advancement of the list system to replace the foundation.
If the negotiations are successful, it 淡水桑拿网 will mean the gradual improvement of the checklist system and further integration with the international community, which will not only promote the gradual negotiation of free trade agreements with other countries in the future, but also further promote the gradual replacement of the checklist system.
4) France obstructs the timing of the EU-U.S. Free trade negotiations or will change on April 3. EU departments formally discuss the “Three Zeros” (zero tariffs, zero non-tariff barriers and zero subsidies) between the European Commission and the United States.Related authorization proposal.
However, according to Bloomberg news, due to French obstruction, the start of the relevant free trade negotiations may be damaged.
The relevant issues will be discussed again at the latest on April 11.
It is reported that there are two main reasons for France’s obstruction: the United States has withdrawn from the Paris Agreement; the negotiations have implications for the Transatlantic Trade and Investment Partnership Agreement (TTIP).
The market is worried that if the trade talks fail to start as scheduled, it may lead to continuous reports on auto tariffs.
In July last year, the US presidential election and the European Commission Juncker reached an agreement, while the two sides are committed to improving economic relations, while not imposing tariffs on EU-exported cars, thus ending months of trade deadlock.
Within the European Union, the European Commission and Germany hope to start negotiations as soon as possible.
5) The US president met with Liu He, the ninth round of high-level economic and trade rankings in ancient China and the United States. On April 4, the US president appointed to meet with the Chinese leader Liu He, who is in the ninth round of high-level economic and trade growth in China.
Liu He conveyed a message from Xi Jinping to the president.
Xi Jinping pointed out that over the past month, the economic and trade teams of the two sides have conducted intensive discussions in various forms, and made new substantial progress on key issues in the text of the economic and trade agreement.
It is hoped that the economic and trade teams of the two sides will continue to resolve the contradictions between the two parties in the spirit of mutual respect, equality and mutual benefit, and complete the negotiation of the text of the Sino-US economic and trade agreement at an early date.
Liu He said that the economic and trade teams of the two sides had reached a fruitful consensus, and in particular reached new consensus on important issues such as the text of the economic and trade agreement.
The two sides will continue to work hard under the guidance of determining the consensus of the heads of state, seize the differences, and make more progress on the top issues of the two sides.
Initially stated that the current US-China relations are developing well and are at an historically high level.
He is very glad to see that the economic and trade integration between the two sides has made great progress, and he hopes that the economic and trade teams of both sides will make persistent efforts and hope to reach a comprehensive and historic agreement at an early date.
We look forward to a classical meeting with Xi Jinping after the two sides reach an agreement to witness this great moment together.
6) Consistent: The Fed should cut interest rates and stop quantitative tightening On April 5, after the release of non-agricultural employment data in the United States in March, the U.S. President Swap told reporters that the Fed should cut interest rates and stop quantitative tightening.
It is recognized that if the Fed cuts interest rates and ends quantitative tightening, the US economy will take off like a “rocket ship.”
He believes that the latest employment data shows that the US economy is already very good, but the Fed is “actually slowing down the US economic growth” and insists on raising interest rates without any current situation.
Kudlow, director of the White House National Economic Council, said in an interview with Bloomberg on Friday that the Fed must understand that the US economy needs to provide growth on the side.
There is no pressure on the Fed at all, it just expresses its views.
7) U.S. Deputy Secretary of the Treasury David Malpasses elected World Bank President April 5, local time, the World Bank Group issued a statement saying that the World Bank Group’s Executive Board unanimously approved David Malpass as the next World BankPresident for a five-year term beginning on April 9, 2019.
Malpas served in the Reagan and Bush administrations, and also served as chief economist for Wall Street investment bank Bear Stearns.
Expecting his annual president in 2016, Malpass served as his economic adviser and is considered a loyal supporter of the reverse.
5，国家政策：减少减税新政正式落地，国务院常务会议进一步延长减税降费，《降低社会保险费率综合方案》发布1）证监会成立投资者保护工作领导小组易会满任组长 3On 29th, the Securities Regulatory Commission’s news report Chang Depeng said that in order to further strengthen the organization and leadership of investor protection in the capital market, the Securities and Futures Commission established an investor protection work leading group based on its experience in investor protection work.It is an important mechanism arrangement made by the members based on the people-centered development thinking.Under the leadership of the Party Committee of the China Securities Regulatory Commission, the leading group will study and deploy important work and policies in the field of investor protection, coordinate and coordinate investor protection in various business areas, and urge system departments and units to merge insurance requirements.
The CSRC requires that each member of the group must fully understand the essence of protecting the legitimate rights and interests of investors, and treat investor protection as a “first-line” project.
Fully mobilize the initiative of market operators to carry out investor protection work, establish a comprehensive reward and punishment mechanism for investor rights protection, divide the insurance work into various business lines for assessment and evaluation, guide the expansion of each business scale, and effectively and effectively protect the legality of investorsThe main responsibility of rights and interests.
2) The Securities Regulatory Commission approved the establishment of JP Morgan Chase. Nomura China Co., Ltd. On March 29, the Securities and Futures Commission news report Chang Depeng announced that it has recently approved the establishment of JP Morgan Securities China Co., Ltd. and Nomura Oriental International Securities Co., Ltd.
In addition, DBS Bank Co., Ltd. also plans to set up a foreign equity securities company, and the CSRC has received relevant materials.
The joint venture securities firm established this time is the second and three foreign-holding securities companies approved by the CSRC after the implementation of the Measures for the Administration of Foreign-invested Securities Companies.
Prior to this, UBS has come out on top and was first approved at the end of last year.
3) The General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the “Opinions on Vigorously Developing Ice and Snow Sports with the 2022 Beijing Olympic Games as an Opportunity” On April 1, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued theThe Opinions of the Winter Olympic Games on the Opportunity to Develop Ice and Snow Sports. The opinions put forward: It is necessary to innovate institutional mechanisms, clarify preparation tasks, expand ice and snow sports, build mass ice and snow facilities, develop the ice and snow industry, ensure adequate conditions, and strive to achieve leapfrog development of ice and snow sports.
4) The new policy of increasing tax cuts will be officially implemented from April 1. From April 1, the new policy of expanding tax cuts will be officially implemented.
For industries that originally applied a 16% tax rate, the tax rate was adjusted to 13%; for those that originally applied a 10% tax rate, the tax rate was adjusted to 9%.
For taxpayers purchasing domestic passenger transportation services, the input tax amount is allowed to be deducted from the output tax amount.
Reaching the highest productivity in the manufacturing industry has been reduced from 16% to 13%. The prices of refined oil products, general industrial and commercial electricity prices, natural gas benchmark gate prices, and natural gas inter-provincial pipeline transportation prices have been reset since 1 day.
With the 10% reduction in the transportation industry’s tax rate by 9%, from April 1st, the Chinese railway sector will lower the railway freight rate, cancel and reduce some freight costs, and it is estimated that the annual profit will be about 6 billion US dollars.
5) Deputy Minister of Ecology and Environment: This year, nuclear power projects will be started one after another. On April 1, Liu Hua, Deputy Minister of the Ministry of Ecology and Environment and Director of the National Nuclear Safety Administration, introduced at the China Nuclear Energy Sustainable Development Forum that nuclear power projects will start one after another this year.Construction.
Currently there are 56 nuclear power generating units in operation and under construction, and the number of generating units has reached the third in the world.
China will continue to develop nuclear power while ensuring safety precautions.
6) Executive Meeting of the State Council: further reduction of tax and free of charge On April 3, the Executive Meeting of the State Council decided on measures to reduce government fees and operating service fees this year to further reduce the burden on enterprises and the public;The tax rate promotes the expansion of imports and consumption; cooperates with the implementation of the Foreign Investment Law, adapts to the needs of optimizing the business environment, and supplements it through amendments to the law; listens to reports on centralized drug procurement, supplementary drug supply and medical assistance, and requires more people toBenefit from medical treatment.
7) The General Office of the State Council issued the Comprehensive Plan for Reducing Social Insurance Rates On April 4, the General Office of the State Council issued the Comprehensive Plan for Reducing Social Insurance Rates.The proportion of premiums paid by gold insurance units. Provinces that currently pay more than 16% can replace 16%.
Starting from May 1, 2019, provinces implementing a total unemployment insurance premium rate of 1% will extend the period for reducing the unemployment insurance premium rate to April 30, 2020.
Starting from May 1, 2019, the period for reducing the periodical work injury insurance rate will be extended to April 30, 2020.
The “Proposal” proposal speeds up the overall planning for the upgrade of pension insurance, initially unifies the policies for pension insurance participation premiums, unit and individual payment base verification methods, etc., and achieves the provincial unified management of enterprise employee basic pension insurance funds by the end of 2020.
The “Scheme” also proposed that the central adjustment of basic pension insurance funds for enterprise employees should be strengthened, and the central adjustment ratio of funds should be increased to 3 in 2019.
5%, to further balance the burden of endowment insurance funds between provinces, and ensure that basic pensions for enterprise retirees are paid in full and on time.
6. Concerned about the data next week, next week will announce China ‘s new RMB loans in March, social financing scale, price index and March trade account.
Overseas, the euro zone announced its April interest rate resolution, the United States announced three-month annual data on consumer price index and hourly wages, and the IMF will announce the latest world economic growth forecast.
In terms of events, the Fed will announce the minutes of the March monetary policy meeting, and the IMF and the World Bank will hold antique spring meetings.