Fiscal revenue and expenditure both fell in April
According to the data released by the Ministry of finance, from January to April, the national general public budget revenue was 7429.3 billion yuan, an increase of 5% after deducting the factors of tax rebate, and a decrease of 4.8% according to the natural caliber; The general public budget expenditure was 8093.3 billion yuan, an increase of 5.9%. Among the main tax revenue items, China's value-added tax was 1767.6 billion yuan, an increase of 1.8% after deducting the factors of tax rebate, and a decrease of 28.9% based on natural caliber. Stamp duty was 190.9 billion yuan, a year-on-year increase of 19.3%; Among them, the stamp duty on securities transactions was 125 billion yuan, an increase of 21.9%. From January to April, the national government fund budget revenue was 1756.5 billion yuan, a year-on-year decrease of 27.6%; Among them, the income from the transfer of state-owned land use rights was 1501.2 billion yuan, down 29.8%.
On the whole, the decline in fiscal revenue is mainly due to two aspects. On the one hand, the tax cuts, fees and tax rebates implemented in the second quarter of this year have formed a certain reduction in fiscal revenue; On the other hand, the payment of fiscal revenue under the impact of the epidemic has been affected. In addition to taxes, under the background of real estate downturn, the income from the transfer of state-owned land use rights decreased by nearly 30% in the first four months, and decreased by 15 percentage points to nearly 38% in a single month in April. From the perspective of fiscal expenditure, the negative growth rate is mainly due to the drag of local fiscal expenditure. Infrastructure investment also fell slightly year-on-year in April, which is confirmed by the slowdown of local bond issuance progress under the disturbance of the epidemic in April, while the central fiscal revenue is still growing positively. Looking back, late May and June may become an important time window for the issuance of special bonds in the second quarter. According to the Ministry of finance, the next step will be to further implement and refine various tax support policies, accelerate the implementation progress of established policies such as value-added tax retention and tax rebate for large enterprises, help enterprises solve difficulties, enhance the endogenous driving force of development, and promote the economic operation within a reasonable range. Plan incremental policy tools and spare no effort to expand China's demand.
The CPPCC National Committee held a special consultation meeting on "promoting the sustainable and healthy development of digital economy"
According to CCTV news, the CPPCC National Committee held a special consultation meeting on "promoting the sustainable and healthy development of digital economy". Wang Yang, chairman of the National Committee of the Chinese people's Political Consultative Conference (CPPCC), stressed that we should dialectically view and comprehensively grasp the relationship between development and security, constantly strengthen, optimize and expand the digital economy, make it better serve and integrate into the new development pattern, and promote high-quality development. Vice Premier Liu he pointed out that we should strive to adapt to the all-round changes brought about by the digital economy, fight for key core technologies, support the sustainable and healthy development of the platform economy and the private economy, handle the relationship between the government and the market, support digital enterprises to market in the capital markets outside China, promote competition with openness and innovation with competition.
According to the characteristics of digital economy and technology, we should constantly adjust the integration of digital economy and technology according to different stages of economic development. On the 17th, the Hang Seng technology index rose 5.78%.
Federal Reserve Chairman Powell: FOMC widely supports raising interest rates by 50 basis points at the next two meetings
On May 17 local time, Fed chairman Powell said in an interview with the media on Tuesday that in the future policy direction, the FOMC widely supports raising interest rates by 50 basis points at the next two meetings. In addition, it was mentioned that reducing inflation in the context of a soft landing is a challenging task. He also stressed his determination to reduce inflation and would support raising interest rates before prices began to fall back to a healthy level. But he notes that this may not be easy and may come at the expense of a slightly higher unemployment rate of 3.6%, the lowest since the late 1960s. In terms of employment, even if the unemployment rate rises slightly, the job market remains strong.
On the whole, the content mentioned by Powell in the interview is basically the price that the market has expected before. According to the latest data, the US CPI rose 8.3% year-on-year in April and 8.5% in March. Although it fell, it is still high. Last week, the average interest rate of 30-year fixed rate mortgages exceeded 5.4%, while it was only slightly higher than 2% at the beginning of the year. At present, the possibility of raising interest rates by 50bp in June is high, and the performance of US stocks closed higher overnight. The yield of two-year US bonds rose 13.3 basis points to 2.713%, and the yield of 10-year US bonds rose 10.2 basis points to 2.991%.
Increase in financing balance. On May 16, the balance of A-share financing was 1445387 billion yuan, an increase of 1.666 billion yuan month on month; The balance of margin trading was 152692 billion yuan, an increase of 844 million yuan month on month. The balance of financing minus securities lending was 1363854 billion yuan, an increase of 2.488 billion yuan month on month.
Net purchase of northbound funds. On May 17, land stock connect bought a net 5.96 billion yuan on the same day, including 39.841 billion yuan of purchase and 33.881 billion yuan of sale, with a cumulative net purchase of 1604999 billion yuan. Hong Kong stock connect had a net purchase turnover of HK $4.307 billion on the same day, including a purchase turnover of HK $18.165 billion and a sale turnover of HK $13.859 billion, with a cumulative net purchase turnover of HK $2323451 billion.
Money market interest rates fluctuated. On May 17, the weighted interest rate of pledged repo of deposit institutions was 1.3221% overnight, up 1.13bp, 1.5257% a week, down 5.92bp. The 10-year maturity yield of China national debt was 2.8178%, down 0.38bp.
U.S. stocks rose and European stocks rose. On May 17, the Dow Jones Industrial Average closed at 3265459 points, up 1.34%; The S & P 500 index closed at 408885 points, up 2.02%; The NASDAQ index closed at 1198452, up 2.76%. European stock markets, French CAC index closed at 643019 points, up 1.30%; Germany's DAX index closed at 1418594 points, up 1.59%; The FTSE 100 index closed at 751835, up 0.72%. In the Asia Pacific market, the Nikkei index closed at 2811039 points, up 0.25%; The Hang Seng Index closed at 2060252, up 3.27%.
The dollar index fell. On May 17, the dollar index fell 0.9124 to 1033106. The spot exchange rate of RMB against the US dollar closed at 6.7472, with an appreciation of 495 BP. The spot exchange rate of offshore RMB against the US dollar closed at 6.7398, an appreciation of 594 BP. The central parity rate of RMB against the US dollar closed at 6.7854, up 17 BP. The euro rose 1.12% against the dollar to 1.0550. The dollar rose 0.17% against the yen to 1293555. The pound rose 1.36 per cent against the dollar to 1.2491.
Gold fell and crude oil fell. On May 17, Comex gold futures fell 0.02% to close at US $181360/oz. WTI crude oil futures fell 0.47% to close at US $113.66/barrel. Brent crude oil futures fell 0.78% to US $113.35/barrel. LME copper three-month futures rose 1.06% to close at US $9336 / ton.
