October 28th Macroeconomic Index: Civil Aviation Passenger Traffic Surges, Agricultural Bank Supports Grain Production

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Domestic News

1. In the third quarter of this year, the civil aviation industry received 200 million passengers

2. Since September, the Agricultural Bank of China has provided loans of more than 30 billion yuan to key areas of grain

3. Ministry of Agriculture and Rural Affairs: Policies such as soybean processing subsidies and reserve purchases will be introduced in due course

4. Ministry of Housing and Urban-Rural Development: From January to September, 48,000 old urban communities were newly renovated across the country

5. The scope of the e-port visa pilot will be expanded to the whole area of Shanghai Pudong from now on

 International News

1. Nearly half of the United States is suffering from drought, and the fall harvest may be affected

2. Goldman Sachs: Raise the price forecast for aluminum and copper in 2025

3. Equipment investment in United States is expected to restart, and the supply and demand of power equipment are tightening, which may usher in development opportunities

4. Indonesia's Ministry of Foreign Affairs said that Indonesia has started the relevant procedures for joining the BRICS cooperation mechanism

5. According to US media: Iran is considering taking a number of measures in response to Israel's retaliatory attack

Domestic News

1. In the third quarter of this year, the civil aviation industry received 200 million passengers

According to CCTV News, since the beginning of this year, the overall economic operation of civil aviation has shown a positive trend of "steady progress and continuous improvement". In the third quarter, the civil aviation industry completed a total transportation turnover of 40.35 billion ton-kilometers, 200 million passenger trips, and 2.315 million tons of cargo and mail transportation, an increase of 19.8%, 12.3%, and 19.4% year-on-year respectively, and transportation production made steady progress. Especially during the summer transportation period, the total monthly transportation turnover of civil aviation and the scale of passenger and freight transportation hit a record high.

2. Since September, the Agricultural Bank of China has provided loans of more than 30 billion yuan to key areas of grain

The reporter learned from the Agricultural Bank of China that the bank carried out the "Ten Actions" of financial services for autumn harvest and autumn planting, providing a full range of financial services for the whole industrial chain of "cultivation and harvest prevention" and "production, purchase, storage and sales" of grain and other important agricultural products during the autumn harvest period, and painted a "bumper" scene of the autumn harvest to help farmers increase their income and get rich. Since September, the Agricultural Bank of China has invested more than 30 billion yuan in loans to key areas of grain.

3. Ministry of Agriculture and Rural Affairs: Policies such as soybean processing subsidies and reserve purchases will be introduced in due course

Li Jinghui, a Member of the Party group of the Ministry of Agriculture and Rural Affairs, said at a press conference of the State Council Information Office on October 25 that in order to stabilize the grain market and protect and mobilize farmers' enthusiasm for growing grain, in recent years, China has gradually established and improved a package of regulation and control policy systems, including minimum purchase prices, reserve rotation, tariff quotas, etc. In the next step, we will pay close attention to the dynamics of autumn grain purchase and sales, actively cooperate with relevant departments, and take multiple measures to do a good job in the policy-based purchase and storage of autumn grain, market-oriented purchases, and market regulation and control of purchase and sales, so as to promote grain prices to remain at a reasonable level and ensure the income of grain farmers.

4. Ministry of Housing and Urban-Rural Development: From January to September, 48,000 old urban communities were newly renovated across the country

In 2024, the country plans to start the renovation of 54,000 old urban communities. According to the statistical data reported by various places, from January to September, 48,000 old urban communities were newly renovated across the country. Four regions, including Jiangsu, Shanghai, Jilin and Qinghai, have all started construction.

5. The scope of the e-port visa pilot will be expanded to the whole area of Shanghai Pudong from now on

It was learned from the Exit and Entry Administration Bureau of the Shanghai Municipal Public Security Bureau that with the approval of the National Immigration Administration, from now on, the scope of the e-port visa pilot will be expanded from the Lingang New Area of the China (Shanghai) Pilot Free Trade Zone to the entire Pudong New Area. Foreigners who have been invited by enterprises in Pudong New Area of Shanghai and meet the conditions for applying for port visas can apply for F (visit), M (business), R (talent), Z (work) and S2 (private affairs) e-port visas and enter the country from Shanghai port.

International News

1. Nearly half of the United States is suffering from drought, and the fall harvest may be affected

The United States is experiencing its driest fall on record, which could affect the upcoming fall harvest. According to data released by the United States Drought Monitoring Program, about 77 percent of the contiguous United States is currently unusually dry, and nearly half is experiencing moderate or higher drought.

2. Goldman Sachs: Raise the price forecast for aluminum and copper in 2025

Goldman Sachs raised its price forecasts for aluminum and copper in 2025, citing greater demand potential in China, the largest consumer after the stimulus measures. The bank raised its 2025 average aluminum price forecast from $2,540 to $2,700 a tonne and its average copper price forecast from $10,100 to $10,160.

3. Equipment investment in United States is expected to restart, and the supply and demand of power equipment are tightening, which may usher in development opportunities

CICC research report said that United States equipment investment is expected to restart, and the supply and demand of power equipment are tightening to usher in development opportunities. In September 2024, the United States will start a cycle of interest rate cuts, and according to the forecast of the CICC macro group, the United States is expected to start a new round of equipment investment cycle under the joint boost of structural demand increase and the recovery of the United States economy. Under the interest rate cut cycle, the acceleration of reindustrialization and the resumption of power supply investment have United States the demand for power equipment is high; The supply tension in the United States may be difficult to ease in the short term, and Chinese power equipment companies are expected to benefit from the overseas opportunities brought by the supply gap.

4. Indonesia's Ministry of Foreign Affairs said that Indonesia has started the relevant procedures for joining the BRICS cooperation mechanism

According to a Reuters report on October 25, the Ministry of Foreign Affairs of Indonesia issued a statement late on the 24th, saying that Indonesia has expressed its willingness to join the BRICS cooperation mechanism and has now started the relevant procedures for joining the BRICS cooperation mechanism.

5. According to US media: Iran is considering taking a number of measures in response to Israel's retaliatory attack

According to the United States "New York Times" reported on the 24th, Iran officials revealed that in the face of a possible retaliatory attack by Israel, Iran has ordered the armed forces to prepare for war with Israel, but at the same time hopes to avoid war as much as possible. Iran's Supreme Leader Ayatollah Khamenei has ordered the military to develop plans to respond to Israel's attacks. The extent of Iran's retaliation will largely depend on the intensity of Israel's attacks.

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