Daily Macro Economy News on July 10

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Domestic News

1. The first national international shipping service platform is launched in Shanghai Lingang,16 shipping projects are signed

2. Daqing oilfield produces more than 15 million tons of crude oil in the first half of the year

3. Didi's revenue for the first quarter rose 19% year-on-year to 42.7 billion yuan

4. Beijing summer ticket bookings were up 200% over the same period in 2019

International News

1. Japanese media: the Japanese government may start the nuclear-contaminated water drainage in August

2. Janet Yellen ends her visit to China with a press conference, reiterating that the US is not seeking to "decouple" from China

3. Singapore Government: 6.28 million arrivals in the first half of 2023, Singapore experiences a solid recovery in tourism with a surge in Chinese visitors

4. Biden will arrive in Britain to start his visit and plans to meet with Sunac and Charles III

More detials:

Domestic News

1. The first national international shipping service platform is launched in Shanghai Lingang,16 shipping projects are signed

Shanghai Lingang Special Area officially signed the contract with a number of high-capacity shipping service enterprises, and 16 key projects including ship transportation, ship management and digital, intelligent, and green low-carbon shipping services. The first national international shipping comprehensive service platform, Shipping Pass, came online. the platform integrates five major service functions such as enterprise registration, policy consultation, and shipping government service, providing a one-stop service platform for shipping enterprises.

2. Daqing oilfield produces more than 15 million tons of crude oil in the first half of the year

According to CNPC Daqing Oilfield, in the first half of 2023, Daqing oilfield, China's largest onshore oilfield, produced a total of 15.0913 million tons of crude oil, achieving the annual target of "produce more than half the production of the year in the half of the year". It has produced 2.969 billion cubic meters of natural gas, showing an increase of 0.63 billion cubic meters year-on-year. In all, Daqing oilfield continues to maintain a good production trend.

3. Didi's revenue for the first quarter rose 19% year-on-year to 42.7 billion yuan

Didi, a ride-hailing platform, announced the unaudited financial results for the first quarter of 2023, with revenue for the first quarter reaching 42.7 billion yuan, up 19.1% year-on-year. The net loss attributable to common shareholders narrowed to 1.2 billion yuan in the first quarter, compared with a loss of 16.3 billion yuan in the same period last year. In the first quarter, revenue from the whole ride-hailing business in China was RMB 39 billion, up 18.7% year-over-year, and revenue from the international business was RMB 1.7 billion, up 40.7% year-over-year.

4. Beijing summer ticket bookings were up 200% over the same period in 2019

Entering summer, the Beijing tourism market continues to run at a high level. Data show that in the first seven days of July, summer scenic ticket booking shows an increase of 200% compared with the same period in 2019 in Beijing. The summer hotel booking shows an increase of 36% compared with last month. According to the senior manager of public affairs of a booking platform, the growth of children and teenagers among new travelers is easy to be seen, and the demand for parents-child activities has become a new driver of consumption growth.

International News

1. Japanese media: the Japanese government may start the nuclear-contaminated water drainage in August

According to Kyodo News, the Fukushima nuclear-contaminated water drainage equipment is in position, and the Japanese government is likely to officially start the drainage to the sea in August.

2. Janet Yellen ends her visit to China with a press conference, reiterating that the US is not seeking to "decouple" from China

According to Reuters and AFP, after the four-day visit to China, US Treasury Secretary Janet Yellen held a press conference in Beijing on Sep 9^th to wrap up the trip. She said her meetings with Chinese officials over the past few days were "direct and productive" and helped stabilize relations between the two countries, while she reiterated that the United States does not seek to "decouple" from China. Yellen said at the conference that the purpose of the visit was to build and deepen relations with the new Chinese economic team, reduce the risk of misunderstanding, and pave the way for future cooperation between the two countries in areas such as climate change and the debt crisis. (Resource: Global News)

3. Singapore Government: 6.28 million arrivals in the first half of 2023, Singapore experiences a solid recovery in tourism with a surge in Chinese visitors

Singapore recorded 6.28 million arrivals in the first half of this year, an increase of over 300% year-on-year. The monthly arrivals have exceeded 1 million since March this year, indicating a solid recovery in tourism. The Singapore Tourism Board (STB) forecast in January this year that the number of international visitors to Singapore would reach 12-14 million by 2023, bringing an estimated S$18 billion to S$21 billion in tourism revenue to the country. If the number of visitors to Singapore in the second half of the year maintains the trend of the first half of the year, the annual number of arrivals is expected to exceed 12 million, equivalent to about two-thirds of the level before the epidemic. According to the latest data from the Singapore Tourism Board website, the largest source of arrivals is Indonesia with about 1.12 million arrivals, followed by Malaysia, India, Australia and China. The number of Chinese visitors to Singapore has increased significantly by 1122% year-on-year.

4. Biden will arrive in Britain to start his visit and plans to meet with Sunac and Charles III

US President Joe Biden is scheduled to arrive in the UK for a visit which will include meetings with Prime Minister Rishi Sunak and King Charles III. According to reports, Biden plans to meet with Sunak at 10 Downing Street on Jul 10^th local time, which will be the fifth meeting between the US and British leaders in recent months. It is expected that Biden's talks with Sunak will include issues such as the NATO summit and Ukraine.

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