Xi Jinping presided over the 11th meeting of the central financial and Economic Commission
President Xi Jinping April 26 presided over the 11th meeting of the central financial and Economic Commission to study the issue of comprehensively strengthening infrastructure construction and the implementation of the decisions and arrangements of the meetings of the central financial and Economic Commission since the 19th CPC National Congress.
The meeting stressed the need to coordinate the two major events of development and security, and strengthen the ability of major risk prediction and early warning. We should fully understand that China's infrastructure does not meet the needs of national development and security. We should base ourselves on the long-term, appropriately advance, speed up the construction of new infrastructure, improve the level of traditional infrastructure, and build a modern infrastructure system, so as to lay a solid foundation for building a modern socialist country in an all-round way. We should make scientific planning, coordinate the layout of all kinds of infrastructure and realize interconnection. All departments should take the initiative to shoulder responsibilities and act actively to promote the implementation of decision-making and deployment.
The meeting pointed out that we should strengthen the construction of network infrastructure such as transportation, energy and water conservancy, focus on networking, network supplement and chain strengthening, and strive to improve network efficiency. We will accelerate the construction of the main framework and arteries of the national water network, and promote the construction and modernization of key water sources, irrigation areas and flood storage and detention areas. We should orderly promote the improvement of the urban comprehensive road traffic system and the infrastructure for flood control and drainage, sewage and garbage treatment, disaster prevention and mitigation, and strengthen
Agricultural and rural infrastructure construction, steadily promote the "four good rural roads" and promote agricultural and rural modernization. The meeting stressed the need to strengthen the guarantee of resource elements such as land use, sea use and energy use, broaden long-term financing channels and increase financial investment. Adhere to innovation driven, increase the research and development of key core technologies, and build a team of scientific and technological talents.
Overall, according to the economic data released in the first quarter, China's GDP increased by 4.8% year-on-year, of which infrastructure investment rebounded slightly, with a year-on-year increase of 8.5%, which is an important economic growth point in the first quarter. At present, strengthening infrastructure construction plays an important role in stabilizing the economic fundamentals. With the effective control of the epidemic, we expect that infrastructure investment will be strengthened in the future.
The central bank responded to recent fluctuations in financial markets
On April 26, the relevant person in charge of the central bank responded to the recent fluctuations in the financial market, which was mainly affected by the expectations and emotions of investors. At present, China's economic fundamentals are sound, the potential for endogenous economic growth is huge, and substantial progress has been made in preventing and resolving financial risks. The financial system supports smooth logistics, promotes the stability of the industrial chain and supply chain, and minimizes the impact of the epidemic on economic and social development. In accordance with the principles of marketization, legalization and internationalization, we will steadily promote and complete the rectification of large platform companies as soon as possible, so as to promote the healthy development of platform economy.
The central bank said it would further strengthen financial support for the real economy, especially industries seriously affected by the epidemic, small, medium-sized and micro enterprises and individual industrial and commercial households, and reasonably transfer profits to the real economy. We will support agricultural production and increase energy supply, increase re loans for scientific and technological innovation and special re loans for inclusive elderly care, increase 100 billion yuan of re loans, support the development and use of coal and enhance energy storage, increase small re loans for supporting agriculture and special re loans for civil aviation, maintain reasonable and sufficient liquidity, promote the healthy and stable development of financial markets, and create a good monetary and financial environment.
Overall, affected by multiple factors outside China, the downward pressure on China's economy has increased, and there are many uncertainties. But in the long run, the fundamentals of China's long-term economic growth have not changed. Focusing on a number of positive policies for steady growth issued by the government, it is conducive to promoting overall epidemic prevention and control, industrial chain and supply chain stability, and preventing and resolving financial risks.
On April 25, the balance of A-share financing was 1493431 billion yuan, a month on month decrease of 23.553 billion yuan; The balance of margin trading was 157114 billion yuan, down 29.652 billion yuan month on month. The balance of financing minus securities lending was 1415748 billion yuan, a month on month decrease of 17.454 billion yuan.
On April 26, the net purchase transaction of land stock connect on that day was 1.543 billion yuan, including 57.391 billion yuan of purchase transaction and 55.848 billion yuan of sales transaction, with a cumulative net purchase transaction of 1608581 billion yuan. Hong Kong stock connect had a net purchase transaction of HK $90 million on the same day, including a purchase transaction of HK $12.268 billion and a sale transaction of HK $12.177 billion, with a cumulative net purchase transaction of HK $2289798 billion.
On April 26, the weighted interest rate of pledged repo of deposit institutions was 1.3063% overnight, up 0.07bp, 1.6111% a week, down 2.12bp. The 10-year yield to maturity of China national debt was 2.8260%, up 1.00bp.
On April 26, the Dow Jones Industrial Average closed at 3324018 points, down 2.38%; The S & P 500 index closed at 417520 points, down 2.81%; The NASDAQ index closed at 1249074, down 3.95%. European stock markets, French CAC index closed at 641457 points, down 0.54%; Germany's DAX index closed at 1375640 points, down 1.20%; The FTSE 100 index closed at 738619, up 0.08%. In the Asia Pacific market, the Nikkei index closed at 2670011 points, up 0.41%; The Hang Seng Index closed at 1993471, up 0.33%.
On April 26, the dollar index rose 0.6123 to 1023558. The spot exchange rate of RMB against the US dollar closed at 6.5473, up 71 BP. The spot exchange rate of offshore RMB against the US dollar closed at 6.5898, depreciating 182 BP. The central parity rate of RMB against the US dollar closed at 6.5590, down 681 BP. The euro fell 0.71% against the dollar to 1.0637. The dollar fell 0.74% against the yen to 1272245. The pound fell 1.30 per cent against the dollar to 1.2575.
On April 26, Comex gold futures rose 0.55% to close at US $1906.4 / ounce. WTI crude oil futures rose 3.22% to close at US $101.71/barrel. Brent crude oil futures rose 2.65% to close at US $104.87/barrel. LME copper three-month futures rose 0.32% to close at US $9800 / ton.
