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On August 15, the central bank issued a notice to maintain reasonable liquidity in the banking system.Through the reverse repurchase operation of 577.7 billion yuan, a firm signal was sent to the market to maintain reasonable liquidity.

at the same time,The green loan issuance by CDB and the economic data released by the National Bureau of Statistics together outline the steady progress of China's economy.From January to July this year, China Development Bank issued green loans exceeding 290 billion yuan, with the loan growth rate higher than the growth rate of all loans in the bank.

According to statistics from the website,In July, the added value of industrial enterprises above designated size nationwide increased by 5.1% year-on-year, down 0.2 percentage points from the previous month; it increased by 0.35% month-on-month.Liu Aihua, spokesperson, chief economist and director of the Department of Comprehensive Statistics of the National Economy of the National Bureau of StatisticsHe said that in July, the overall economic operation was stable, with progress within stability, and high-quality development was steadily promoted.

Image source: Visual China-VCG211309652684

The three major indexes closed up collectively at noon, and the half-day turnover of the two markets was nearly 400 billion yuan

On August 15, the A-share market opened low and ended high in the morning, with the Shanghai Composite Index and Shenzhen Component Index both rising by more than 1%. The half-day turnover of the Shanghai and Shenzhen stock markets was 396.5 billion, an increase of 94.6 billion from the previous trading day.

On the market, AI application sectors collectively surged, among which AI glasses concept stocks continued to explode, with Zowee Technology, Rapoo Technology, Skyworth Digital, and Yingtong Communications hitting their daily limit;

Game stocks strengthened again, with Fuchun Shares, Dasheng Culture, Mingchen Health, and Kaiser Culture hitting their daily limit;

Film and television stocks rebounded in a volatile manner, with Huayi Brothers rising by more than 10% and Shanghai Film hitting its daily limit;

Monkeypox concept stocks opened higher, with Haichen Pharmaceutical and Asia Pacific Pharmaceutical hitting their daily limit. Real estate stocks fluctuated and strengthened, with Jintoucheng hitting its daily limit;

Civil explosive concept stocks fell into adjustment, Poly United fell more than 5%;

In general, more stocks rose than fell, with more than 4,300 stocks rising in the entire market. In terms of sectors, games, AI glasses, film and television, insurance and other sectors led the gains, while precious metals, civil explosives, ST sectors, oil and gas and other sectors led the declines.

As of midday on August 15, the Shanghai Composite Index rose 1.04%, the Shenzhen Component Index rose 1.07%, and the ChiNext Index rose 0.99%.

The central bank: To maintain reasonable liquidity in the banking system, it carried out a reverse repurchase operation of 577.7 billion yuan

According to the central bank’s website on August 15,To hedge the impact of the expiration of the Medium-term Lending Facility (MLF), the peak tax season, and government bond issuance payments, and to maintain a reasonable level of liquidity in the banking system,On August 15, 2024, the People's Bank of China conducted a reverse repurchase operation of 577.7 billion yuan using a fixed interest rate and quantity bidding method.

Image source: Daily Economic News data map

As 7.1 billion yuan of reverse repurchases matured on August 15, the central bank injected 570.6 billion yuan through open market reverse repurchases on the same day. There were also 401 billion yuan of MLFs maturing on August 15, and the central bank made it clear that the MLFs maturing today would be renewed on August 26.

In the past month, the central bank has added another MLF operation window on July 25, based on the usual MLF operation on the 15th of each month. The central bank's announcement shows that the MLF operation window has been adjusted from the middle of the month to the end of the month. People close to the central bank previously told the Securities Times that the MLF operation was arranged after the LPR quotation, which also reflects the central bank's intention to downplay the MLF interest rate policy.

Pan Gongsheng, governor of the People's Bank of China, pointed out in his recent speech at the Lujiazui Forum that in the future it is possible to consider clearly making a certain short-term operating interest rate of the central bank the main policy interest rate, and said that the interest rates of monetary policy tools of other maturities can dilute the color of the policy interest rate and smooth out the transmission relationship from short to long terms.

Wen Bin, chief economist of China Minsheng Bank, pointed out to the Securities Times that considering that the existing MLF will still expire around the 15th of the month, and there will be other influencing factors such as the tax period in the middle of the month, financial institutions may face new challenges in liquidity management.

However, the central bank has recently prepared a number of measures to optimize the open market operation mechanism, including the 7-day reverse repurchase rate with a fixed interest rate and quantity bidding method to better meet the needs of institutions, the addition of temporary positive and reverse repurchase operations to deal with market emergencies, and the preparation of treasury bond trading operations. Experts generally believe that the central bank will continue to use the above tools in a comprehensive manner to continue to maintain a reasonable level of liquidity and guide market interest rates to operate smoothly around the central bank's policy interest rate.

In the first seven months of this year, China Development Bank issued more than 290 billion yuan in green loans

According to CCTV News on August 15, we learned today from the China Development Bank that since the beginning of this year, the China Development Bank has leveraged its medium- and long-term investment and financing advantages, focused on increasing the supply of green finance, and actively supported energy conservation, pollution reduction, carbon reduction, greening, and disaster prevention in key industries and key areas such as infrastructure, promoting the construction of a clean and low-carbon energy system and the promotion and application of green technologies.From January to July this year, China Development Bank issued green loans exceeding 290 billion yuan, with the loan growth rate higher than the growth rate of all loans in the bank.

Recently, the China Development Bank has also formulated the "Action Plan for the China Development Bank to Do a Good Job in Green Finance", proposing that it should base itself on the core functions of an infrastructure bank, mainly do business that commercial financial institutions cannot or do well, provide support for green, low-carbon and circular development in accordance with market-oriented and rule of law principles, and continue to increase support for green development and low-carbon transformation of infrastructure.

In the next step, China Development Bank will increase its support for green and low-carbon development in infrastructure fields such as transportation, logistics, energy and water conservancy, urban and rural construction, green and low-carbon technological innovation, and transformation and upgrading of key industries.

Multiple economic indicators continue to recover

On August 15, the National Bureau of Statistics released the national economic operation situation in July. Statistics show that the national economy was generally stable in July, with steady progress.

At the State Council Information Office press conference held on August 15,Liu Aihua, spokesperson, chief economist and director of the Department of Comprehensive Statistics of the National Economy of the National Bureau of StatisticsHe said that in July, the overall economic operation was stable, with steady progress, and high-quality development was steadily promoted. However, it should also be noted that the adverse effects brought about by the current changes in the external environment have increased, domestic effective demand is still insufficient, there are pains in the conversion of new and old kinetic energy, and the continued recovery of the economy still faces many difficulties and challenges.

Liu Aihua said that in the next stage, we must adhere to the general working tone of seeking progress while maintaining stability, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, develop new quality productivity according to local conditions, focus on promoting high-quality development, further comprehensively deepen reform around promoting Chinese-style modernization, increase macro-control efforts, implement various policy measures in detail, and consolidate the foundation for the sustained recovery of the economy.

The industry maintained rapid growth, with equipment manufacturing and high-tech manufacturing growing faster

In July, the added value of industrial enterprises above designated size nationwide increased by 5.1% year-on-year, down 0.2 percentage points from the previous month; it increased by 0.35% month-on-month.In terms of the three major categories, the added value of mining industry increased by 4.6% year-on-year, manufacturing industry increased by 5.3%, and electricity, heat, gas and water production and supply industry increased by 4.0%. The added value of equipment manufacturing industry increased by 7.3%, and the added value of high-tech manufacturing industry increased by 10.0%, which were 0.4 and 1.2 percentage points faster than the previous month respectively. In terms of economic types, the added value of state-controlled enterprises increased by 3.5% year-on-year; joint-stock enterprises increased by 5.4%, foreign-invested enterprises and Hong Kong, Macao and Taiwan-invested enterprises increased by 4.2%; private enterprises increased by 5.2%. In terms of products, the output of new energy vehicles, integrated circuits, and 3D printing equipment products increased by 27.8%, 26.9%, and 25.3% year-on-year respectively. From January to July, the added value of industrial enterprises above designated size increased by 5.9% year-on-year. In July, the manufacturing purchasing managers' index was 49.4%, and the enterprise production and operation activity expectation index was 53.1%. From January to June, the total profit of industrial enterprises above designated size nationwide was 3511.0 billion yuan, an increase of 3.5% year-on-year.

The service industry continued to recover, and modern service industry developed well

In July, the national service industry production index increased by 4.8% year-on-year, 0.1 percentage point faster than the previous month. In terms of industries, the production index of information transmission, software and information technology services, leasing and business services, transportation, warehousing and postal services, and financial services increased by 12.6%, 9.0%, 5.3%, and 5.1% year-on-year, respectively, 7.8, 4.2, 0.5, and 0.3 percentage points faster than the service industry production index. From January to July, the national service industry production index increased by 4.9% year-on-year. From January to June, the operating income of service enterprises above designated size increased by 7.2% year-on-year. In July, the business activity index of the service industry was 50.0%; the business activity expectation index of the service industry was 56.6%. Among them, the business activity index of railway transportation, air transportation, postal services, telecommunications, radio and television, and satellite transmission services, culture, sports and entertainment industries was in a high prosperity range above 55.0%.

Market sales growth picked up, with sales of upgraded products growing faster

In July, the total retail sales of consumer goods was 3.7757 trillion yuan, a year-on-year increase of 2.7%, 0.7 percentage points faster than the previous month; and a month-on-month increase of 0.35%.By location of business units, urban consumer goods retail sales reached 3269.1 billion yuan, up 2.4% year-on-year; rural consumer goods retail sales reached 506.6 billion yuan, up 4.6%. By consumption type, commodity retail sales reached 3335.4 billion yuan, up 2.7%; catering revenue reached 440.3 billion yuan, up 3.0%. Basic living commodities sold well, with retail sales of grain, oil, food, and beverage commodities of units above designated size increasing by 9.9% and 6.1% respectively. Sales of some upgraded commodities grew rapidly, with retail sales of communication equipment, sports and entertainment products of units above designated size increasing by 12.7% and 10.7% respectively. From January to July, the total retail sales of social consumer goods reached 27372.6 billion yuan, up 3.5% year-on-year. The national online retail sales reached 8378.4 billion yuan, up 9.5% year-on-year. Among them, the online retail sales of physical goods reached 7009.3 billion yuan, up 8.7%, accounting for 25.6% of the total retail sales of social consumer goods. From January to July, the retail sales of services increased by 7.2% year-on-year.

The scale of fixed asset investment expanded, and investment in high-tech industries grew rapidly

From January to July, the national fixed asset investment (excluding farmers) was 28761.1 billion yuan, a year-on-year increase of 3.6%, down 0.3 percentage points from January to June.; Excluding real estate development investment, national fixed asset investment increased by 8.0%.By sector, infrastructure investment increased by 4.9% year-on-year, manufacturing investment increased by 9.3%, and real estate development investment decreased by 10.2%.The sales area of ​​newly built commercial housing nationwide was 541.49 million square meters, down 18.6% year-on-year; the sales volume of newly built commercial housing was 533.3 billion yuan, down 24.3%. In terms of industries, investment in the primary industry increased by 3.3% year-on-year, investment in the secondary industry increased by 12.5%, and investment in the tertiary industry decreased by 0.7%. Private investment remained the same year-on-year; excluding real estate development investment, private investment increased by 6.5%. Investment in high-tech industries increased by 10.4% year-on-year, of which investment in high-tech manufacturing and high-tech services increased by 9.7% and 11.9% respectively. Among high-tech manufacturing industries, investment in aviation, spacecraft and equipment manufacturing, and computer and office equipment manufacturing increased by 37.7% and 10.8% respectively; among high-tech services, investment in professional technical services and e-commerce services increased by 25.4% and 17.9% respectively. In July, fixed asset investment (excluding farmers) decreased by 0.17% month-on-month.

The import and export of goods grew rapidly, and the trade structure continued to optimize

In July, the total value of imports and exports of goods was 3.6758 trillion yuan, a year-on-year increase of 6.5%, 0.7 percentage points faster than the previous month.Among them, exports were 2138.9 billion yuan, up 6.5%; imports were 1536.9 billion yuan, up 6.6%. After deducting imports from exports, the trade surplus was 601.9 billion yuan. From January to July, the total import and export of goods was 24833.5 billion yuan, up 6.2%. Among them, exports were 14257.3 billion yuan, up 6.7%; imports were 10576.2 billion yuan, up 5.4%. From January to July, general trade imports and exports increased by 4.9%, accounting for 64.7% of the total import and export volume. Imports and exports of private enterprises increased by 10.9%, accounting for 55.1% of the total import and export volume, an increase of 2.3 percentage points over the same period last year. The export of mechanical and electrical products increased by 8.3%, accounting for 59.0% of the total export volume.

The employment situation is generally stable, and the urban survey unemployment rate has risen seasonally

From January to July, the national urban survey unemployment rate averaged 5.1%, down 0.2 percentage points from the same period last year. In July, the national urban survey unemployment rate was 5.2%, up 0.2 percentage points from the previous month and down 0.1 percentage points from the same month last year. The survey unemployment rate of local registered labor force was 5.2%; the survey unemployment rate of migrant registered labor force was 5.1%, of which the survey unemployment rate of migrant agricultural registered labor force was 4.9%. The urban survey unemployment rate of 31 major cities was 5.3%, up 0.4 percentage points from the previous month and down 0.1 percentage points from the same month last year. The average weekly working hours of employees in enterprises nationwide was 48.7 hours.

Consumer prices rebounded moderately, while industrial producer prices continued to decline

In July, the national consumer price index (CPI) rose by 0.5% year-on-year, an increase of 0.3 percentage points from the previous month; it rose by 0.5% month-on-month. By category, the prices of food, tobacco and alcohol rose by 0.2% year-on-year, clothing prices rose by 1.5%, housing prices rose by 0.1%, daily necessities and services prices rose by 0.7%, transportation and communication prices fell by 0.6%, education, culture and entertainment prices rose by 1.7%, medical care prices rose by 1.4%, and other goods and services prices rose by 4.0%. Among the prices of food, tobacco and alcohol, the price of fresh fruit fell by 4.2%, the price of grain rose by 0.1%, the price of fresh vegetables rose by 3.3%, and the price of pork rose by 20.4%. The core CPI, excluding food and energy prices, rose by 0.4% year-on-year. From January to July, the national consumer price index rose by 0.2% year-on-year.

In July, the national industrial producer prices fell by 0.8% year-on-year and 0.2% month-on-month; the national industrial producer purchase prices fell by 0.1% year-on-year and month-on-month. From January to July, the national industrial producer prices and purchase prices fell by 2.0% and 2.2% year-on-year respectively.

Daily Economic News is a comprehensive collection of the central bank website, Securities Times, CCTV News, and public information

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