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Major Financial News: Upgraded Real Estate Tax Incentives, High-Tech Fair Grand Opening, A-shares Close Up Slightly

Blockchain 2024-12-11 20:03:40 Source:

Major Financial News: Upgraded Real Estate Tax Incentives, High-Tech Fair Grand Opening, A-shares Close Up SlightlyFiscal and Tax Policy: On November 13th, the Ministry of Finance and two other government departments announced a series of favorable tax incentives for the real estate market. The announcement raised the threshold for enjoying the 1% preferential tax rate on property purchase tax to 140 square meters and exempted individuals from paying value-added tax on the sale of houses held for two years or more

Major Financial News: Upgraded Real Estate Tax Incentives, High-Tech Fair Grand Opening, A-shares Close Up Slightly

Fiscal and Tax Policy: On November 13th, the Ministry of Finance and two other government departments announced a series of favorable tax incentives for the real estate market. The announcement raised the threshold for enjoying the 1% preferential tax rate on property purchase tax to 140 square meters and exempted individuals from paying value-added tax on the sale of houses held for two years or more. This aims to further stimulate real estate demand and stabilize market expectations. The policy is expected to attract more homebuyers and revitalize the market. The exemption of value-added tax also increases convenience and reduces transaction costs for secondary housing transactions. However, the ultimate effectiveness of the policy still needs observation of market reactions and the coordination of other relevant policies.

Education: The Ministry of Education recently issued a notice to deploy employment promotion efforts for the 2025 graduating class across universities. It emphasized a "red-yellow card" warning system for majors with low employment quality and the strict implementation of "three prohibitions" on campus recruitment. This demonstrates the country's strong focus on graduate employment and its commitment to more effective measures to protect their rights. The "red-yellow card" system reflects the strengthening of supervision over university program offerings and employment guidance, aiming to encourage universities to adjust their programs based on market demand and improve the quality of talent cultivation. The "three prohibitions" on campus recruitment aim to standardize recruitment practices, maintain fair employment rights for graduates, and prevent unfair competition.

Technology: On November 14th, the China Hi-Tech Fair ("High-Tech Fair"), known as China's leading technology exhibition, opened in Shenzhen. This year's fair saw a further increase in market-oriented operations, with the exhibition period shortened to three days for the first time, and over 3,500 confirmed exhibitors. This demonstrates the vigorous development of technological innovation in China and the growing influence of the High-Tech Fair as a major event in the Chinese technology sector. The three-day duration reflects the fair's pursuit of efficiency and refined management, aiming to more effectively promote technology transfer and industrial cooperation. The increased number of exhibitors indicates the strong momentum and innovative vitality of Chinese technology companies.

Major Financial News: Upgraded Real Estate Tax Incentives, High-Tech Fair Grand Opening, A-shares Close Up Slightly

Macroeconomic Data: In the first ten months of this year, China's import and export trade with other APEC economies reached RMB 21.27 trillion, a record high for the same period, accounting for 59.1% of China's total import and export trade during the same period. This reflects the continued strong growth of China's foreign trade and the deepening of economic and trade cooperation with APEC members. Meanwhile, China's express delivery development index in October reached 464.4, a year-on-year increase of 21.1%, with all sub-indexes showing growth, indicating stable growth in the express delivery industry and continuous improvement of the logistics system. From January to October, a total of RMB 635.1 billion was invested in national railway fixed assets, a year-on-year increase of 10.9%, with 2,274 kilometers of new railway lines put into operation. The steady progress in railway infrastructure construction provides strong support for economic development. Since the implementation of a series of cross-regional taxpayer migration measures on September 1st, 4,610 taxpayers nationwide have migrated cross-province by October 31st, a year-on-year increase of 30.04%, with the average processing time for tax-related business compressed by 5-10 days, demonstrating the significant achievements of the tax authorities in optimizing the business environment. On November 13th, the Tianzhou-8 cargo spacecraft and the Long March 7 Y9 carrier rocket combination were vertically transported to the launch area, scheduled for launch in the near future, marking continuous development and technological advancement in China's aerospace industry.

Capital Markets: On Wednesday, A-shares closed slightly up, with the Shanghai Composite Index rising 0.51% to 3439.28 points, the Shenzhen Component Index rising 0.4%, and the ChiNext Index rising 1.11%. The trading volume was RMB 2.04 trillion, a decrease of over RMB 500 billion compared to the previous trading day. Shanghai state-owned assets stocks experienced a surge, while pharmaceutical stocks slumped. The decline in Hong Kong stocks slowed, with the Hang Seng Index closing down 0.12% at 19823.45 points. Southbound funds had a net outflow of HK$4.551 billion, but Tencent Holdings and Alibaba were bought net of HK$1.753 billion and HK$787 million respectively. At 11:10 PM on November 13th, the Hong Kong Observatory issued a No. 8 typhoon signal for the first time since the implementation of the "no market closure during typhoons" arrangement, but the Hong Kong Stock Exchange stated that all its trading market platforms would operate normally. Bitcoin prices fluctuated dramatically, briefly exceeding US$93,000 before falling below US$88,000.

Company News: According to the website of China Investment Corporation (CIC), Zhang Qingsong was appointed as the Party Secretary of CIC, replacing Peng Chun. Seres plans to distribute a cash dividend of RMB 500 million. Four individuals, including Gao Yonggang, chairman of Changdian Technology, a leading chip packaging and testing company, resigned, and China Resources (Holdings) Company Limited will become the company's actual controller. Tencent Holdings released its third-quarter financial report, showing significant growth in both revenue and net profit, exceeding market expectations. Ren Li, chairman of Quanguo Fund, is temporarily unable to perform her duties due to personal reasons, and General Manager Wang Guobin will act in her place. There are reports that Xiaomi is planning to launch a new generation of AI glasses, expected to be released in the second quarter of 2025. Shanghai Pharmaceuticals and Guoyao Group were subject to stake acquisitions by Xinhua Insurance.

Major Financial News: Upgraded Real Estate Tax Incentives, High-Tech Fair Grand Opening, A-shares Close Up Slightly

International News: US stocks closed mixed, with the Dow Jones Industrial Average up 0.11%, the S&P 500 up 0.02%, and the Nasdaq down 0.26%. OPEC lowered its forecast for global average daily oil demand in 2024. A Russian Foreign Ministry spokesperson said that the text of the comprehensive strategic partnership treaty between Russia and Iran is ready, and the two sides are discussing the specific signing date.

Additionally, the trillion-dollar low-altitude economy continues to heat up, with commercialization becoming a key area of competition; following the "six articles on mergers and acquisitions," inquiry letters have reappeared, further refining the supervision of mergers and acquisitions and restructuring, and the market is gradually tilting toward a seller's market.

In conclusion, this week's financial news covers various aspects, including real estate policy adjustments, technological innovation, macroeconomic data, and capital market dynamics, providing crucial insights into the current economic situation. The introduction of multiple favorable policies and positive economic data suggest a positive economic outlook, but it is also necessary to monitor the international situation and potential market risks.

Tag: Major Financial News Upgraded Real Estate Tax Incentives High-Tech


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