1. Important macro news and events:
In 2021, China's economic "report card" was released, with a GDP of 114.4 trillion yuan, an increase of 8.1% over the previous year and an average growth of 5.1% in the two years; Among them, the fourth quarter increased by 4%. China's per capita GDP was 80976 yuan, about US $12551, breaking through US $12000. In the whole year, the per capita disposable income of residents in China was 35128 yuan, an actual increase of 8.1% after deducting price factors, which basically kept pace with economic growth. At the end of the year, the national population was 1412.6 million, an increase of 480000 over the end of the previous year, and the natural population growth rate was 0.34 ‰.
China's social zero in December increased by 1.7% year-on-year, with an expected 3.7% and the previous value of 3.9%; China's industrial added value in December increased by 4.3% year-on-year, expected to be 3.6%, and the previous value was 3.8%; China's fixed asset investment from January to December was 4.9%, expected to be 4.8%, with the previous value of 5.2%; In December, the investment in real estate development increased by - 13.9% year-on-year. In December, the sales area of commercial housing increased by - 15.64% year-on-year. In December, the manufacturing industry increased by 11.8% year-on-year, the former value was 10%, and rebounded by 1.8%. In December, infrastructure investment increased by - 0.6% year-on-year, the previous value was - 3.6%, and rebounded by 3%.
The central bank cut the reverse repo and MLF interest rates by 10bp than expected. On January 17, the central bank launched 700 billion yuan of one-year MLF operation and 100 billion yuan of seven-day open market reverse repurchase operation. The bid winning interest rates were 2.85% and 2.10% respectively, both of which were 10 basis points lower than the previous period. On the same day, RMB 10 billion reverse repurchase and RMB 500 billion MLF expired.
