1. Macro important news and events:
Premier Li Keqiang chaired an executive meeting of the State Council and decided to continue the implementation of some preferential policies on individual income tax. The annual one-time bonus will not be incorporated into the salary income of the current month and the policy of separate monthly tax will be extended to the end of 2023.
China’s Ministry of industry and information technology and other departments issued the “14th five year plan” for the development of raw material industry. The development objectives include: by 2025, the production capacity of key raw materials and bulk products such as crude steel and cement will only be reduced but not increased, and the capacity utilization rate will remain at a reasonable level. The comprehensive energy consumption per ton of steel in the iron and steel industry decreased by 2%, the energy consumption per unit clinker of cement products decreased by 3.7%, and the carbon emission of electrolytic aluminum decreased by 5%.
According to the data of the U.S. Department of Commerce, the merchandise trade deficit expanded by 17.5% in November, from $83.2 billion in October to $97.8 billion. It broke the previous record of $97 billion set in September. The sales of existing homes in the United States fell unexpectedly in November. The National Real Estate Association (NAR) announced that the pending sales index of existing homes in the United States in November decreased by 2.2% to 122.4 compared with the previous month. All four regions declined.
