Daily Macro Economy News on July 19

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Domestic News

1. Li Qiang: To share scientific and technological achievements and promote global green low-carbon transition, developed countries should give more technical support to developing countries

2. China Communications Construction: to Participate in the Bidding for Residential Development Project in Singapore Total Project Investment is Expected to be Approximately US$736 Million

3. Shandong Energy and Huawei Jointly Release Commercial AI Big Model for Mining Sector

4. Hainan lifts typhoon warning, No. 4 Typhoon Talim weakened to a tropical storm

International News

1. South African President: about 20 countries now want to join the BRICS cooperation mechanism

2. Euro rises again to its highest level since last spring, but oscillators show overbought signals

3. Philippines Establishes First Sovereign Wealth Fund

4. Indonesia's oil and gas regulator SKK Migas

More detials:

Domestic News

1. Li Qiang: To share scientific and technological achievements and promote global green low-carbon transition, developed countries should give more technical support to developing countries

Premier Li Qiang met with U.S. Presidential Special Envoy on Climate Issues John Kerry on July 18 at the Great Hall of the People. Li Qiang pointed out that the current global response to climate change is an arduous task, which requires countries, including China and the United States, to strengthen coordination, build consensus, and seize action to maximize the formation of synergy to address climate change. We should practice multilateralism and adhere to the goals and principles set by the United Nations Framework Convention on Climate Change and Paris Agreement. We should shoulder our respective responsibilities and abide by the principle of common but differentiated responsibilities; developed countries should take the lead in reducing emissions and fulfilling their financial commitments as early as possible while developing countries should make contributions within their capacity. Developed countries should take the lead in emission reduction and fulfill their financial commitments as soon as possible, while developing countries should make contributions within their capacity. We should share the fruits of science and technology and promote a global green and low-carbon transition, and developed countries should provide more technical support to developing countries. It is hoped that China and the United States will continue to uphold the spirit of cooperation, respect each other's core concerns, seek common ground while reserving differences through full communication, and explore more pragmatic and institutionalized cooperation, so as to promote the multilateral climate governance process and ensure the full and effective implementation of the Paris Agreement.

2. China Communications Construction: to Participate in the Bidding for Residential Development Project in Singapore Total Project Investment is Expected to be Approximately US$736 Million

China Communications Construction Company Limited released the resolution announcement of the 22^nd meeting of the 5th board of directors, the meeting considered and passed the Proposal on the Investment of Singapore Four Seas Holdings Limited in Singapore Tampines 62nd Street (Lot B) EC residential development project, agreed that the company's subsidiary wholly owned subsidiary in Singapore to participate in the bidding for the Tampines 62nd Street (Lot B) EC residential development project in Singapore, the total project investment is expected to be about $736 million. The total investment of the project is estimated to be approximately US$736 million.

3. Shandong Energy and Huawei Jointly Release Commercial AI Big Model for Mining Sector

On July 18^th, Shandong Energy Group and Huawei jointly released the world's first commercial AI model for the energy industry - the Pangu mine model. The model will be able to separate operation management from intelligent production, keep data out of the park, support scale replication, and learn to analyze small samples. The model will promote the "two leaps" of coal mine production from manual management to intelligent management and from passive management to active management by virtue of its ability to "separate operation management and intelligent production," "data without leaving the park," "support scale replication," and "learn and analyze small samples," injecting new kinetic energy into the high-quality development of the coal mine industry and even the energy industry as a whole.

4. Hainan lifts typhoon warning, No. 4 Typhoon Talim weakened to a tropical storm

Hainan Provincial Meteorological Bureau July 18, 2023 15:10 lifted typhoon four warning: this year's No. 4 typhoon "Talim" on the 18^th at about 12:00 weakened to a tropical storm, at 14:00 its center is located in latitude 22.4 degrees north, longitude 107.7 degrees east, which is located in Chongzuo City, Guangxi, Fusui County, reaching a fresh gale (20m/s). It is expected that "Talim" will continue to move toward the west-northwest direction at a speed of 15-20 kilometers per hour, and its intensity will gradually weaken. Due to the weakening of the impact of "Talim" on Hainan, the Typhoon Warning Level 4 is lifted from now on.

International News

1. South African President: about 20 countries now want to join the BRICS cooperation mechanism

The 15th meeting of BRICS leaders will be held from August 22 to 24 at the Sandton Convention Center in Johannesburg, South Africa. According to South African state television, South African President Ramaphosa said that there are about 20 countries that want to join the BRICS cooperation mechanism and they want us to accept them as part of the BRICS family. Therefore, at the summit, we will also discuss the expansion of BRICS, and about 20 countries are in the queue.

2. Euro rises again to its highest level since last spring, but oscillators show overbought signals

The euro against the U.S. dollar EUR/USD climbed again on Tuesday to its highest level since the spring of 2022, but some chart indicators suggest that it may have been overbought, analysts at Germany's Helaba Bank noted in a report. While quantitative indicators continue to point to a rise in the euro, the Relative Strength Index (RSI) and the Stochastic Oscillator warn of overbought signals, which should not be ignored. The analysts said that "the euro could come under more pressure as U.S. real data strengthens slightly, heightening market expectations for a Fed rate hike." As a result, the euro is likely to meet resistance here and may see some challenges ahead.

3. Philippines Establishes First Sovereign Wealth Fund

Philippine President Ferdinand Marcos signed a bill on July 18 to formally establish the country's first sovereign wealth fund, the Maharlika Investment Fund, with an initial amount of $9 billion. Marcos said on the same day, the establishment of a sovereign wealth fund is the Philippines’ economic transformation "bold step" that will revitalize underutilized government assets, the government investment in key projects to provide seed money, and pry more foreign investment. (Resource: Xinhua News Agency)

4. Indonesia's oil and gas regulator SKK Migas

Indonesia's oil and gas regulator SKK Migas: Indonesia's H1 crude oil production at 615,500 b/d.

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