December 26 Macroeconomic Index:The interaction between new real estate policies, energy achievements and global political economy

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Domestic News

1. National Conference on Housing and Urban-Rural Construction: Promote the construction of a new model of real estate development

2. Over 700 billion kilowatt hours! The annual power generation of the State Power Investment Group has reached the best level in history

3. The time of the National People's Congress and the National People's Congress in 2025 was determined

4. Value-Added Tax Law of the People's Republic of China: The tax rate on the sale of immovable property is 9%.

5. The interest rate of consumer loans of many banks has dropped.

 International News

1. The Ukrainian government banned the export of gas, gold and salt for one year

2. South Korea's crypto asset market is growing rapidly, and the average daily trading volume is close to that of the stock market

3. Russian Finance Minister: Begin to use digital currency for international payments and be optimistic about future development

4. The Russian-Ukrainian natural gas contract expires, and Russia wants to export by multiple channels

5. The President of the UAE met with the Foreign Minister of Turkey to discuss bilateral relations and other issues

Domestic News

1. National Conference on Housing and Urban-Rural Construction: Promote the construction of a new model of real estate development

From December 24th to 25th, the National Conference on Housing and Urban-Rural Development was held in Beijing. Ni Hong, Secretary of the Party Group and Minister of the Ministry of Housing and Urban-Rural Development, made a work report, and the meeting pointed out that in 2025, the first is to focus on optimizing and improving the housing supply system, accelerate the development of affordable housing, meet the rigid housing needs of urban housing difficulties and wage groups, and support the urban government to increase the supply of improved housing, especially good housing, according to urban policies. The second is to promote the establishment of a new mechanism for the linkage of elements, with the preparation and implementation of housing development plans and annual plans as the starting point, to determine the housing by people, to determine the land by house, and to determine the money by the house, so as to promote the balance of real estate supply and demand, and market stability. The third is to vigorously promote the reform of the commercial housing sales system, vigorously and orderly implement the sale of existing houses, and optimize the supervision of pre-sale funds. Fourth, accelerate the establishment of a safety management system for the whole life cycle of housing to provide a strong guarantee for housing safety. Fifth, improve the supervision of the whole process of real estate, rectify the order of the real estate market, and effectively safeguard the legitimate rights and interests of the masses.

2. Over 700 billion kilowatt hours! The annual power generation of the State Power Investment Group has reached the best level in history

According to the news from the operation and management department of the State Power Investment Group, the group's annual power generation capacity was 707.2 billion kilowatt hours, a year-on-year increase of 6.11%, of which clean energy power generation was 383.2 billion kilowatt hours, accounting for 54%, and the annual power generation, clean energy power generation and clean energy power generation accounted for the best level in history.

3. The time of the National People's Congress and the National People's Congress in 2025 was determined

The Third Session of the 14th National People's Congress (NPC) will be held in Beijing on March 5, 2025, and its agenda includes the review of the Government Work Report. Review the report on the implementation of the 2024 National Economic and Social Development Plan and the draft 2025 National Economic and Social Development Plan, and the draft 2025 National Economic and Social Development Plan; Report on the review of the implementation of the central and local budgets for 2024 and the draft central and local budgets for 2025, the draft central and local budgets for 2025, etc. The Third Session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) was held in Beijing on March 4, 2025.

4. Value-Added Tax Law of the People's Republic of China: The tax rate on the sale of immovable property is 9%.

On December 25, the Ministry of Finance launched the "Value-Added Tax Law of the People's Republic of China", which will come into force on January 1, 2026. It mentions that taxpayers who sell transportation, postal services, basic telecommunications, construction, real estate leasing services, sell real estate, and transfer land use rights are subject to a tax rate of 9 percent. Self-produced agricultural products sold by agricultural producers are exempt from VAT.

5. The interest rate of consumer loans of many banks has dropped.

Towards the end of the year, a number of banks launched a new round of preferential consumer loan interest rate activities. However, this round of marketing activities is more rational, and there is no situation where the consumer loan interest rate of individual banks fell to the interest rate with the first number of "1" in September this year, but generally "2". At the same time, a number of banks have recently issued statements reminding customers to beware of the pitfalls behind the ultra-low interest rates of illegal loan intermediaries. Xue Hongyan, Vice President of the research institute of Shanghai Xingtu Financial Services Group Co., Ltd., said that in the current moderately loose monetary policy environment, there is still room for consumer loan interest rates to fall. (Securities Daily)

International News

1. The Ukrainian government banned the export of gas, gold and salt for one year

According to TASS, the Cabinet of Ministers of Ukraine approved the list of goods subject to permission for 2025 and set export and import quotas. According to the document, next year there will be "zero quotas for the export of waste or the wast of salt, steam coal, natural gas, energy timber, gold, silver and precious metals." For metallurgical coal, the quota is set at 1.3 million tonnes, while for liquid fuel (heavy oil) the quota is 400,000 tonnes. The Government of Ukraine has also introduced a licensing system for wheat, maize, sunflower seeds, sugar, poultry and certain other agricultural products.

2. South Korea's crypto asset market is growing rapidly, and the average daily trading volume is close to that of the stock market

It is reported that the Ministry of Commerce has issued the first batch of refined oil export quotas in 2025, totaling 19 million tons, the same as the same period last year. In terms of enterprises, PetroChina 5.8 million tons, up 0.35% year-on-year, Sinopec 7.54 million tons, up 1.34% year-on-year, CNOOC 1.65 million tons, down 2.94% year-on-year, Sinochem 1.93 million tons, down 6.31% year-on-year, China Aviation Oil 60,000 tons, flat year-on-year, Zhejiang Petrochemical 1.67 million tons, down 3.47% year-on-year, China North Industries Group 350,000 tons, up 52.17% year-on-year. After the issuance of the first batch of quotas, all export entities will have sufficient quotas for export arrangements in January, which is expected to increase significantly month-on-month.

3. Russian Finance Minister: Begin to use digital currency for international payments and be optimistic about future development

Russian Finance Minister Anton Siluanov said on Wednesday that Russian companies have begun using bitcoin and other digital currencies in international payments after legislative changes to allow the use of bitcoin and other digital currencies in response to Western sanctions. This year, Russia has allowed the use of cryptocurrencies in foreign trade and has taken steps to legalize the mining of cryptocurrencies, including Bitcoin. Russia is one of the leading countries in the world for Bitcoin mining. Siluanov said: "Such deals are already underway. We believe that such transactions should be further expanded and developed. I'm sure it will be next year. He also added that the use of digital currencies for international payments represents a future trend.

4. The Russian-Ukrainian natural gas contract expires, and Russia wants to export by multiple channels

Russian Deputy Prime Minister Alexander Novak said Russia is ready to continue exporting gas to Europe through a number of routes, although contracts to deliver gas through Ukraine are expected to expire this year. While much of Europe is gradually moving away from its dependence on Russian pipeline gas, gas supplies through Ukraine are coming to an end, which is a source of deep concern for countries like Slovakia, which rely heavily on Gazprom for their own needs. Ukrainian President Volodymyr Zelenskyy has said Ukraine will not deliver gas to Russia unless there are assurances that the Russian government will not benefit economically from it while the war continues. At the same time, much of Europe is expected to experience colder weather, which could increase demand for gas at a time when gas reserves are being depleted faster than normal. The tight gas market has made it difficult for traders to secure adequate gas supply next year as they compete with Asia for offshore LNG supplies.

5. The President of the UAE met with the Foreign Minister of Turkey to discuss bilateral relations and other issues

On December 25, UAE President Mohammed met with the visiting guest Turkish Foreign Minister Faydan, during which the two sides discussed strengthening cooperation between the UAE and Turkey in various fields to reflect the strategic relationship of unity between the two countries. The two sides reviewed the situation in the Middle East and stressed the need to put into more efforts to prevent the expansion of regional conflicts that threaten security and stability and to follow a peaceful path to ensure stability and security for both parties. The two sides also discussed the latest developments in Syria, emphasizing the two countries' firm positions on Syria's stability, sovereignty and territorial integrity, as well as their support for the Syrian people's aspirations for security, stability and development.

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