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On April 27, the draft revision of the Law on State-Owned Assets of Enterprises was submitted to the 22nd session of the Standing Committee of the 14th National Peoples Congress for its first review. The revision adheres to the leadership of the Party, a problem-oriented approach, the principle of balancing development and security, and the principle of seeking progress while maintaining stability. The draft revises 71 articles and adds 32 new articles, comprising nine chapters and 109 articles, comprehensively revising the existing law. Major revisions include improving the modern enterprise system with Chinese characteristics, improving the management and supervision system for state-owned assets of enterprises, clarifying the principle of classified management, and improving the management system for state-owned capital gains. The Law on State-Owned Assets of Enterprises stipulates the basic system for the management and supervision of state-owned assets of enterprises in my country. Since its implementation on May 1, 2009, it has provided strong legal protection for the reform and development of state-owned assets and enterprises. During the 15th Five-Year Plan period, my countrys development environment faces profound and complex changes. Revising and improving the Law on State-Owned Assets of Enterprises, using legislation to guide and guarantee the reform and development of state-owned assets and enterprises, and strengthening the rule of law in the management and supervision of state-owned assets, is of great significance for ensuring the sustained and healthy development of the state-owned economy.On April 27th, it was reported that on April 21st, Shan Zhongde, member of the Party Leadership Group and Vice Minister of the Ministry of Industry and Information Technology, and Director of the China National Space Administration, chaired a roundtable meeting on the high-quality development of commercial aerospace. The meeting emphasized the need to strengthen strategic planning and standard guidance, improve the policy, regulatory, and standard system for commercial aerospace, fully leverage the role of the Civil and Commercial Aerospace Professional Standardization Technical Committee and related standardization organizations and professional institutions in the "rocket, satellite, field, frequency, and network" sectors, accelerate the development of urgently needed standards, build a public service platform for commercial aerospace, innovate the "one-stop" approval model, and create a favorable development ecosystem, ensuring both "flexible" and "effective" regulation. The meeting stressed the importance of significantly enhancing the level of industrial development, comprehensively strengthening key technology research, focusing on building a high-quality cadre and talent team, proactively planning new business models such as space computing power and space manufacturing, deeply expanding commercial application scenarios, and striving to achieve a closed-loop business model. It also emphasized the need to vigorously promote the integrated development of "rocket, satellite, field, frequency, and network" sectors, and the integrated development of technology, products, and standards, jointly creating a new pattern of high-quality development for commercial aerospace, and empowering the accelerated construction of a space power.On April 27, Foreign Ministry Spokesperson Lin Jian held a regular press conference. A Bloomberg reporter asked about the US sanctions imposed on a Chinese private oil refinery due to its ties to Iran, with the US Treasury Department announcing last Friday that the company had been blacklisted. What is the Foreign Ministrys comment on this? Lin Jian stated that China consistently opposes illegal unilateral sanctions lacking a basis in international law and urges the US to cease its erroneous practices of abusing sanctions and exercising long-arm jurisdiction. China will resolutely safeguard the legitimate rights and interests of its enterprises.On April 27, local time, a member of the Energy Committee of the Iranian Islamic Parliament stated that Irans oil industry chain possesses sufficient resilience and pressure resistance in the face of US threats. Even at the height of the maritime blockade, Irans oil exports not only did not cease but actually increased. The member stated that the US has long relied on pressure and threats to advance its strategy, but has so far failed to achieve the desired results.On April 27th, a delegation led by Jens Eskelund, President of the European Union Chamber of Commerce in China, visited Shenyang on April 24th and held a closed-door meeting with Xu Kunlin, Secretary of the Liaoning Provincial Party Committee. The meeting focused on key issues including EU SME financing support, electricity costs, subsidy disbursement, and the upcoming China-EU Cultural Tourism Food and Wine Festival to be held in Shenyang this June. Xu Kunlin expressed his gratitude to the European Union Chamber of Commerce in China and its member companies for their support of Liaonings revitalization and development. He listened attentively to and responded to the delegations opinions and suggestions, and stated that Liaoning will strive to create a first-class business environment that is market-oriented, rule-of-law based, and internationalized, and improve the service and support system for foreign investment, creating better conditions for foreign-invested enterprises to develop in Liaoning. He hoped that the European Union Chamber of Commerce in China would fully leverage its role as a bridge and link to guide more EU companies to "take root" in Liaoning.

Should I buy gold?

Eden

Oct 25, 2021 14:08

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Improved economic data and lower yields on the U.S. dollar and government bonds boosted the price of gold to close up again last week. Looking ahead, the legal person believes that inflationary pressures coupled with a loose monetary stance will create a favorable environment for gold performance. With the gold price reaching a new high since January 8 this year, driving the performance of gold-related funds, the legal person recommends that active investors can moderately operate gold stock funds, but it is not appropriate to chase the highs excessively.


Franklin Securities Investment Consultants suggested that the current high inflation outlook is gradually reflected in the price of gold. Technically, gold has reached the point of convergence at the price of $1,880. It is recommended that activists buy black and not red to avoid excessive chasing high.


On the other hand, the gold mining industry continues to benefit from the high-end and volatile gold price environment. You can pay attention to small and medium-sized gold mining stocks that evaluate the attractiveness of the face. Activists can moderately operate gold stock funds, but they must do a good job in risk management.


What happened to the gold this week?

As the market expects inflation to rise, gold prices moved sharply earlier this week. However, on the trading day yesterday (27th), gold futures prices fell from the critical US$1,900 level and closed lower for the first time in the past 4 trading days. As the US dollar stabilized and US Treasury yields rose, the attractiveness of gold was weakened.


Pay attention to the 3rd quarter monetary policy

In addition, please pay attention to the personal consumption expenditure (PCE) price index released tonight. Earlier this month, the consumer price index (CPI) rose sharply, causing gold to fall more than 1% in a single day. The core personal consumer price index is expected to rise from 1.8% in March to 2.4% in April. Higher-than-expected readings may trigger a similar reaction, and vice versa.


Given the smooth progress of vaccine delivery, discussions on reducing the scale of debt purchases may begin at the monetary policy meeting in the third quarter (scheduled to be held from September 21 to 22) at the earliest, and the risk of gold investment may increase substantially. , It is recommended to pay attention to the hedging operations of gold reverse products.


Gold price’s prospect analysis

54% of FXStreet experts expect the price of gold to continue to rise. However, the average target of $1,870 shows that some experts believe that there will be a deep adjustment during this period. Looking at the one-month outlook, the bullish outlook remains unchanged, with an average target price of $1,897.


In addition, Incrementum AG released its 15th annual report "In Gold We Trust" last night (27th), emphasizing the growing threat of inflation in the global market, which is expected to push up gold prices in the next 10 years.


Some analysts have pointed out that in the face of increasing debt, the government generally responds by adopting financial repression (Financial Repression).


Looking back at history, at the end of the Second World War, the US debt accounted for nearly 120% of GDP, while the UK’s was 250%. By the early 1970s, the debt-to-GDP ratio of the United States had fallen to about 25%, and that of the United Kingdom had fallen below 50%. How to achieve it? Through financial repression, it is to limit the yield of government bonds to a level far below the inflation rate.


In the next 10 years, real interest rates are likely to be negative. In this market environment, tangible assets, especially commodities, choosing the right stocks, and precious metals are all a solid foundation for the investment portfolio.


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