June 25th Macroeconomic Index: China Explores Ecological Protection Coordination, EU Tariffs on EVs Criticized

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Domestic News

1. China explores the establishment of a coordinated mechanism for ecological protection supervision

2. Beijing is expected to enter a severely aging society in 2031, and the elderly will exceed 30%

3. The 2024 World New Energy Vehicle Congress will be held in Haikou at the end of September

4. Focusing on a number of key issues, China and Germany have reached five cooperation on climate change and green transformation

5. National Development and Reform Commission: The EU's tariffs on China's electric vehicles is hurting others' interests while diminishing its own

International News

1. The President of Poland arrives in Beijing

2. The spokesperson of the Ministry of Commerce answered reporters' questions on recent media reports that the European side is worried about the escalation of China-EU trade frictions or triggering a "trade war"

3. General Administration of Customs: allow the import of edible aquatic animals from the UAE that meet the relevant requirements

4. Russia's first fuel oil exported to Bolivia arrived at the port of Chile

5. Wells Fargo: The Riksbank is expected to pause its easing cycle this week

Domestic News

1. China explores the establishment of a coordinated mechanism for ecological protection supervision

According to the Ministry of Ecology and Environment, China has explored the establishment of a collaborative mechanism for ecological protection supervision to promote the overall protection of regional ecological quality to a new level. This year, the Ministry of Ecology and Environment will guide local governments to promote the implementation of cross-regional ecological protection supervision coordination and cooperation mechanisms in key river basins and sensitive and fragile ecological environments. Focusing on the upstream and downstream of cross-regional rivers, the left and right banks of lakes, the north and south slopes of mountain ranges, sand and dust source areas and transmission channels, etc., an integrated ecological monitoring system of sky and ground should be constructed, and ecological status investigation and evaluation and remote sensing monitoring of human activities should be carried out, so as to accurately grasp the changes in ecological background and timely discover and deal with ecological damage problems. (CCTV News)

2. Beijing is expected to enter a severely aging society in 2031, and the elderly will exceed 30%

According to data released by the Beijing Civil Affairs Bureau at the Beijing Pension Service Industry Development Forum, by the end of 2023, there were 4.948 million permanent elderly residents in Beijing, accounting for 22.6% of the permanent population, an increase of 297,000 from the end of 2022, and an average net increase of 800 people per day. It is estimated that by 2031, the proportion of permanent elderly residents will exceed 30%, and the population will enter a severely aging society. (CCTV News)

3. The 2024 World New Energy Vehicle Congress will be held in Haikou at the end of September

The 2024 World New Energy Vehicle Congress (WNEVC) will be held in Haikou from September 27 to 29, and industry people will gather in the “coconut city” to discuss the current challenges and hot topics of the new energy vehicle industry, and look forward to the future development trend of the industry. It is reported that the 2024 WNEVC will include the main forum, special forum, technology exhibition, science and technology selection, science knowledge promotion activities and enterprise roadshows and other activities, and will continue to hold a special event in Hainan - New Energy Vehicle City Development Forum to discuss hot issues of concern to the industry from the perspectives of policy, product, technology and business model.

4. Focusing on a number of key issues, China and Germany have reached five cooperation on climate change and green transformation

On June 22, the first high-level dialogue of the China-Germany Dialogue and Cooperation Mechanism on Climate Change and Green Transition was held at the National Development and Reform Commission. The National Development and Reform Commission (NDRC) and the German Federal Ministry for Economic Affairs and Climate Protection will jointly support exchanges and cooperation between Jiangsu Province and Baden-Württemberg in Germany, and between Sichuan Province and the German state of North Rhine-Westphalia. The National Development and Reform Commission (NDRC) and the German Federal Ministry for Economic Affairs and Climate Protection have agreed on a 2024 work plan for the Sino-German Energy Efficiency Working Group. The National Development and Reform Commission (NDRC) and the German Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection have agreed on the "Key Points of Recent Activities for the Implementation of the Sino-German Dialogue Action Plan on Circular Economy and Resource Efficiency". The Ministry of Industry and Information Technology and the German Federal Ministry for Economic Affairs and Climate Protection have established the Sino-German Working Group on Industrial Carbon Reduction. The National Energy Conservation Center and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) have launched a Sino-German demonstration project on energy efficiency improvement in key areas. (CCTV News)

5. National Development and Reform Commission: The EU's tariffs on China's electric vehicles is hurting others' interests while diminishing its own

Zheng Zhajie, Director of the National Development and Reform Commission, said on the 22nd that the so-called "overcapacity" argument in China's new energy industry violates market laws and economic common sense, and the EU's tariffs on China's electric vehicles are harmful to others and itself, and China will take all measures to safeguard the legitimate rights and interests of Chinese enterprises. The first high-level dialogue of the Sino-German Dialogue on Climate Change and Green Transition was held in Beijing on the same day. Zheng Shajie said at the meeting that the development of China's new energy industry is the result of comprehensive advantages in technology, market, industrial chain, etc., and is developed in the fierce market competition. It is the laws of the market that are in play, and it is "competition" that makes it happen, not "supplement", let alone unfair competition. (Xinhua News Agency)

International News

1. The President of Poland arrives in Beijing

On the afternoon of June 22, Polish President Duda arrived at Beijing Capital International Airport to officially start his state visit to China. The visit will last from June 22 to June 26. According to the information released by the Ministry of Foreign Affairs a few days ago, during the visit, President Xi Jinping will hold talks with President Duda, draw up a blueprint for the future development of China-Poland relations, have an in-depth exchange of views on issues of mutual concern, and jointly attend the signing ceremony of cooperation documents. Premier Li Qiang and Chairman Zhao Leji will meet with President Duda respectively. (CGTN Press Corps)

2. The spokesperson of the Ministry of Commerce answered reporters' questions on recent media reports that the European side is worried about the escalation of China-EU trade frictions or triggering a "trade war"

China has taken note of relevant reports. The European side continues to escalate trade frictions and may trigger a "trade war", and the responsibility lies entirely with the European side, at least the European side has "three nos". I want to stress that China does not want to see the current trade friction between China and the EU. The EU's approach is typical of protectionism, and China's determination to safeguard its legal and legitimate interests is unwavering. China hopes that the EU side will match its words with deeds and act in the same direction, implement the consensus reached by the leaders of the two sides, accommodate the legitimate concerns of both sides, properly handle differences through dialogue and consultation in accordance with WTO rules, return to the right way of getting along with China and the EU, avoid the escalation of trade frictions from getting out of control, and jointly promote the steady and long-term development of China-EU economic and trade cooperation.

3. General Administration of Customs: allow the import of edible aquatic animals from the UAE that meet the relevant requirements

According to the General Administration of Customs, in accordance with the relevant laws and regulations of China and the regulations of the General Administration of Customs of the People's Republic of China and the Ministry of Climate Change and Environment of the United Arab Emirates on the quarantine and health requirements for the export of edible aquatic animals from the UAE to China, from June 20, the import of edible aquatic animals from the UAE that meets the relevant requirements will be allowed.

4. Russia's first fuel oil exported to Bolivia arrived at the port of Chile

Bolivia's Minister of Public Works, Montagno, announced on June 22 local time that Russia's first export of 50,000 tons of diesel to Bolivia has arrived at the northern Chilean port of Arica, and will be distributed to all parts of Bolivia by land transportation in the near future. It is reported that the batch of fuel was transferred and transported by Lukoil, one of Russia's most important oil producers, and supplied to the Bolivian National Oil Company. It is expected to meet Bolivia's domestic fuel needs for at least 10 days.

5. Wells Fargo: The Riksbank is expected to pause its easing cycle this week

Wells Fargo expects the Riksbank to leave interest rates unchanged at 3.75% this week, marking a pause in the easing cycle of 25 basis points of rate cuts that began in early May. Market participants will keep a close eye on the Riksbank's latest economic forecasts for any potential insights on the future direction of the policy rate; It will also be watching the bank's forward guidance, where policymakers noted in their previous May statement that they expect two more rate cuts in the second half of the year as long as the inflation outlook remains favourable. However, Wells Fargo expects Sweden's policy rate to be cut three more times in 2024, each by 25 basis points. The bank expects a pause in rate cuts in June and a 25 basis point cut in the third quarter – but the Riksbank could cut rates two more times in the fourth quarter as inflation moves closer to target later this year.

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