LPR与存款利率双降 美债风暴重来？丨一周热点回顾

Economic Data Summary - In April, the industrial added value above designated size increased by 6.1% year-on-year, a decrease of 1.6 percentage points from the previous month, with 36 out of 41 major industries showing growth [2] - The total retail sales of consumer goods in April grew by 5.1% year-on-year, slowing down by 0.8 percentage points compared to the previous value [2] - From January to April, fixed asset investment (excluding rural households) increased by 4.0% year-on-year, a slight decrease of 0.2 percentage points from the first quarter, with manufacturing investment growing by 8.8% [2] Fiscal Revenue and Expenditure - From January to April, the national general public budget revenue was 80,616 billion yuan, a year-on-year decrease of 0.4%, with tax revenue down by 2.1% [4] - April marked the first month in 2023 where tax revenue growth turned positive, increasing by approximately 1.9% year-on-year [4] - General public budget expenditure from January to April grew by 4.6%, significantly outpacing revenue growth [5] Monetary Policy and Interest Rates - The one-year Loan Prime Rate (LPR) was set at 3.0% and the five-year LPR at 3.5%, both down by 10 basis points from the previous month, marking the first decrease since October of the previous year [6] - Multiple state-owned banks lowered deposit rates across various products, with reductions ranging from 5 to 25 basis points [6][7] Technology and Finance - Seven departments, including the Ministry of Science and Technology and the People's Bank of China, released 15 policy measures to support the construction of a technology finance system, aiming to provide comprehensive financial services for technological innovation [8] - The People's Bank of China expanded the scale of re-loans for technological innovation and technology transformation from 500 billion yuan to 800 billion yuan, with a reduced re-loan interest rate [8] Urban Development - The Central Committee issued guidelines for continuous urban renewal actions, focusing on improving urban infrastructure, ecological restoration, and historical cultural preservation [10] - The National Development and Reform Commission will support urban renewal projects with increased central investment and explore new financing models [10] Consumer Spending Initiatives - Shanghai released a special action plan to boost consumption, emphasizing income growth, service quality enhancement, and the cultivation of new consumption patterns [11][12] Corporate Acquisitions - OpenAI announced a $6.5 billion acquisition of AI hardware startup io, founded by former Apple chief designer Jony Ive, indicating a strategic move into the hardware sector [13][14] - This acquisition is part of OpenAI's broader strategy to integrate high-quality resources and strengthen its position in the global AI competition [14] Legislative Developments in the US - The US House of Representatives passed a significant tax and spending bill, extending tax cuts from the Trump administration and increasing defense spending, which raised concerns about the national debt and fiscal deficit [15][16] - The bill's passage has led to a decline in demand for US Treasury bonds, contributing to rising yields and significant drops in stock indices [15][16]