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On March 7th, Bai Jingyu, Director of the Innovation and High-Tech Development Department of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan constructs a development sequence for emerging industries that combines short-term and long-term goals, consisting of strategic emerging industries, emerging pillar industries, and future industries. Looking to the present, the plan continues to focus on the development of strategic emerging industries such as next-generation information technology and new energy, and builds industrial clusters with distinctive characteristics and complementary advantages tailored to local conditions. In the medium term, it focuses on developing emerging pillar industries such as integrated circuits, biomedicine, and aerospace, constructing new pillars for national economic development. Looking to the long term, it proactively plans for future industries such as quantum technology, brain-computer interfaces, and embody intelligence, cultivating strategic emerging industries for "tomorrow" and pillar industries for "the day after tomorrow."On March 7th, Chen Lei, Director of the Development Strategy and Planning Department of the National Development and Reform Commission (NDRC), stated at a press briefing held by the State Council Information Office that in recent years, Chinas level of opening up to the outside world has been continuously improving. The negative list for foreign investment access has been reduced to 29 items, and restrictions on foreign investment access in the manufacturing sector have been completely eliminated. The next step will be to expand market access and open areas with a focus on the service sector, promoting the orderly expansion of opening up in telecommunications, the internet, education, culture, and healthcare, advancing comprehensive pilot demonstrations for expanding the opening up of the service sector, and further reducing the negative list for foreign investment access, thus providing foreign companies with "broader" investment opportunities in China. Simultaneously, diverse forms of openness will be created.On March 7, Liu Dechun, Director of the Department of Social Development of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan proposes, in terms of building a fertility-friendly society, expanding the coverage of the maternity insurance system, reasonably improving the level of protection for prenatal medical expenses, and fully implementing the maternity leave system.On March 7th, Chen Lei, Director of the Development Strategy and Planning Department of the National Development and Reform Commission (NDRC), stated at a press briefing held by the State Council Information Office that during the 14th Five-Year Plan period, China utilized over US$750 billion in foreign investment, with overseas investments spanning 190 countries and regions. During the 15th Five-Year Plan period, China will continue to optimize the foreign investment environment, fully implement national treatment for foreign-invested enterprises, improve the service and support system for foreign investment, and ensure both market access and operational rights. China welcomes more foreign-invested enterprises to invest in China and share the enormous development potential in advanced manufacturing, modern services, high technology, energy conservation, and environmental protection. Simultaneously, China will improve its overseas comprehensive service system and support qualified enterprises to conduct mutually beneficial overseas investment cooperation.The National Highway Traffic Safety Administration (NHTSA) has recalled 11,787 General Motors (GM.N) vehicles in the United States because engine shutdown increases the risk of a collision.

As a result of dismal Australian Employment data, the AUD/USD exchange rate falls further to about 0.69

Alina Haynes

Jan 19, 2023 15:14

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The AUD/USD pair has continued its slide to near 0.6900 after the Australian Bureau of Statistics published weaker-than-anticipated Employment (Dec) data. Contrary to market expectations, the Australian labor market has laid off 14,600 workers. The market had anticipated an increase of 22,500 employment. In addition, the Unemployment Rate has risen to 3.5%, exceeding both expectations and the prior estimate of 3.4%.

 

The growing unemployment rate will provide some relief to the Reserve Bank of Australia, although being destructive to the Australian economy (RBA). In an effort to address chronic inflation, Governor Philip Lowe of the Reserve Bank of Australia (RBA) has raised the Official Cash Rate (OCR) to 3.10 percent, which looks to have begun negatively impacting the labor market.

 

The Australian Property Investor (API) reported on Wednesday, "Despite the pain felt by homeowners attempting to meet mortgage repayments, recent buyers staring into the abyss of negative equity, and property prices falling at the fastest rate on record, it seems unlikely that rate hikes will abate soon." They noted that the increase in interest rates was the result of the 11.4% growth in household spending in November.

 

Worsening employment figures and a decrease in perceived risk appetite have damaged the Australian Dollar. As S&P500 futures have resumed their drop, investors' appetite for risk has diminished further following Wednesday's disastrous performance. The yields on U.S. Treasuries are supported by the concept of risk aversion gaining ground. The yield on 10-year US Treasury bonds has surpassed 3.38 percent once again.


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