The Economic Information Daily reported on the 13th that U.S. stocks continued to fluctuate under pressure ahead of earnings season, with the Philadelphia Semiconductor Index falling for four consecutive days. A gloomy sentiment also prevailed in the Shanghai and Shenzhen stock markets this morning, with the SSE Composite Index opening 0.96% lower at 3,760.8 points, the Shenzhen Component Index down 1.79%, and the ChiNext Index down 2.18%. At the market opening, sectors including semiconductors, memory chips, and MLCC concepts led the declines.
According to Reuters, the European Commission plans to announce a series of potential trade defense measures in December to reduce its trade deficit with China and decrease the EU's reliance on critical Chinese supplies. Previously, on Friday (9th), the European Commission reached an agreement with China to cap annual imports of Chinese hybrid vehicles at 350,000 units, allowing a 6% annual increase. National leaders will prioritize discussions on China during the upcoming summit starting Thursday, assessing the effectiveness of the agreement and whether further actions are needed.
Domestically, the Ministry of Finance and the State Taxation Administration announced that, effective April 1 next year, the value-added tax (VAT) export rebate rate for new energy vehicles will be reduced from 13% to 9%. Additionally, VAT export rebates for products such as e-cigarette devices will be eliminated. Cui Dongshu, a senior official from the Passenger Car Association, believes that although the adjustment in export rebate policy may raise export costs in the short term and intensify industry divergence, the overall impact is limited and will not reverse the export growth trend. It will also help reduce grounds for overseas anti-subsidy investigations, ease trade frictions, and encourage automakers to enhance product value-added and accelerate overseas localization.
Meanwhile, the People's Bank of China conducted a 65-billion-yuan 7-day reverse repo operation today. With no reverse repos maturing in the open market today, the net liquidity injection amounted to 65 billion yuan. (wn)
According to Reuters, the European Commission plans to announce a series of potential trade defense measures in December to reduce its trade deficit with China and decrease the EU's reliance on critical Chinese supplies. Previously, on Friday (9th), the European Commission reached an agreement with China to cap annual imports of Chinese hybrid vehicles at 350,000 units, allowing a 6% annual increase. National leaders will prioritize discussions on China during the upcoming summit starting Thursday, assessing the effectiveness of the agreement and whether further actions are needed.
Domestically, the Ministry of Finance and the State Taxation Administration announced that, effective April 1 next year, the value-added tax (VAT) export rebate rate for new energy vehicles will be reduced from 13% to 9%. Additionally, VAT export rebates for products such as e-cigarette devices will be eliminated. Cui Dongshu, a senior official from the Passenger Car Association, believes that although the adjustment in export rebate policy may raise export costs in the short term and intensify industry divergence, the overall impact is limited and will not reverse the export growth trend. It will also help reduce grounds for overseas anti-subsidy investigations, ease trade frictions, and encourage automakers to enhance product value-added and accelerate overseas localization.
Meanwhile, the People's Bank of China conducted a 65-billion-yuan 7-day reverse repo operation today. With no reverse repos maturing in the open market today, the net liquidity injection amounted to 65 billion yuan. (wn)
