April 28 Macroeconomic index:Focus on nuclear power development, low-altitude economy and international policy trends

Latest Global Major Index

International Crude Price Trend & Exchange Rate of RMB to USD Trend

Domestic News

1. In 2025, the approval of domestic nuclear power projects were opened for the first time: the National Standing Committee approved 10 new units, promoting more than 200 billion investment

2. National Energy Administration: China will further increase investment in research and development of key nuclear power technologies

3. Ministry of Commerce: will actively work with relevant departments to accelerate the implementation of the departure tax refund policy

4. Important research and judgment of low-altitude economy: In 2027, the airspace management of provincial cities will be "flying" or gradually decentralized to prefecture-level cities

5. State Administration of Taxation: "The second set becomes the first set" can enjoy the special additional deduction of individual income tax on housing loan interest if it meets the relevant conditions

 International News

1. Rubio "opposes" Trump: The United States will not expand sanctions against Russia

2. State Food and Drug Administration: Suspend the import of an API from India

3. The import and export of goods has resumed at the Iranian bombing port

4. Bank of Korea Governor Rheu Chang-yong: South Korea's policy rate has a downward trend

5. Former senior White House official: The impact of tariff policy will be shown in the United States at the end of next month

Domestic News

1. In 2025, the approval of domestic nuclear power projects were opened for the first time: the National Standing Committee approved 10 new units, promoting more than 200 billion investment

According to CCTV: Li Qiang presided over an executive meeting of the State Council and decided to approve nuclear power projects such as the third phase of the Zhejiang Sanmen project. It is understood from many parties in the industry that the new projects approved at the National Standing Committee are Guangxi Fangchenggang Nuclear Power Phase III, Guangdong Taishan Nuclear Power Phase II, Zhejiang Sanmen Nuclear Power Phase III, Shandong Haiyang Nuclear Power Phase III, Fujian Xiapu Nuclear Power Phase I, a total of 5 projects and 10 new units. So far, since 2022, China has approved 10 or more nuclear power units per year for four consecutive years, maintaining a normalized pace of approval. It is learned that the above new projects all use independent third-generation nuclear power technology, including 8 Hualong No. 1 units. Nuclear power projects have always been an important driving force for expanding effective investment, and the total investment of the newly approved units is more than 200 billion yuan, based on the investment intensity of about 20 billion yuan for a single domestic million-kilowatt third-generation nuclear power unit.

2. National Energy Administration: China will further increase investment in research and development of key nuclear power technologies

He Yang, Deputy Director of the National Energy Administration, said at the 2025 Spring International Forum on Sustainable Development of Nuclear Energy on the 27th that China will further increase investment in key technology research and development, improve innovation capabilities and levels in materials, fuels, software, and processes, improve the nuclear power science and technology innovation system, promote the research and development demonstration of new-generation technologies such as small reactors and fourth-generation reactors, and actively cultivate the innovation driving force for the high-quality development of nuclear power. It is necessary to seize the current important opportunity period for the development of nuclear power, actively and orderly promote the construction of coastal nuclear power under the premise of ensuring safety, scientifically and rationally determine the layout of nuclear power plants, and maintain a steady pace of construction. Accelerate the test and demonstration of advanced nuclear power technology, actively promote the heating and comprehensive utilization of nuclear energy, do a good job in the protection of plant site resources, and form a development pattern of "building a batch of plants, reserving a batch of plants, protecting a batch of plants, and demonstrating a batch of plants".

3. Ministry of Commerce: will actively work with relevant departments to accelerate the implementation of the departure tax refund policy

On April 27, the State Council Information Office held a press conference on the optimization of the departure tax refund policy and the expansion of inbound consumption. Sheng Qiuping, Vice Minister of Commerce, said that the "Notice on Further Optimizing the Departure Tax Refund Policy and Expanding Inbound Consumption" mainly focuses on the problems of fewer tax-free shops, few tax-free shopping options, fewer domestic products, and the convenience of tax refund needs to be further improved. In the next step, the Ministry of Commerce will actively work with relevant departments to accelerate the implementation of the policy, guide all localities to establish and improve the working mechanism, innovate work measures, and continuously improve the quality and level of departure tax refund services, so as to make tax refund more convenient and more satisfactory for overseas tourists.

4. Important research and judgment of low-altitude economy: In 2027, the airspace management of provincial cities will be "flying" or gradually decentralized to prefecture-level cities

With the theme of "Low-altitude Economy: Redefining Urban Transportation", the 2nd Global Low-altitude Economy Forum Spring Conference opened on April 27. Luo Jun, Chairman of the China Low-altitude Economic Alliance, said that in the next two years, the airspace below 1,000 kilometers may be gradually decentralized to prefecture-level cities. In view of the normalization of low-altitude flights, the demand is mainly concentrated in cities, so it is possible to decentralize management authority to local governments, which is conducive to rapid application and approval. It is expected that from the second half of this year, the eVTOL (electric vertical take-off and landing aircraft) will be tested frequently. By 2027, some mega central cities and provincial capitals will be able to commercialize eVTOLs and use "air taxis". In 2030, large cities will basically enter the era of low-altitude economy, and eVTOL will gradually enter thousands of households.

5. State Administration of Taxation: "The second set becomes the first set" can enjoy the special additional deduction of individual income tax on housing loan interest if it meets the relevant conditions

Recently, the 12366 tax service platform of the State Administration of Taxation responded in the form of a hot question reply, saying that the "second set to the first set" can enjoy the special additional deduction of individual income tax on housing loan interest if it meets the relevant conditions. According to the State Administration of Taxation, taxpayers who have implemented the interest rate of the first housing loan in accordance with the provisions of the Notice on Matters Concerning the Reduction of the Interest Rate of the First Housing Loan in Stock and the interest rate of the first housing loan have been implemented in the commercial housing loan part, in accordance with the provisions of the Notice of the State Council on Printing and Distributing the Interim Measures for Special Additional Deduction of Individual Income Tax (Guo Fa [2018] No. 41) on the special additional deduction of housing loan interest and have not enjoyed the special additional deduction of housing loan interest before. You can enjoy the special additional deduction of housing loan interest from the month when the repayment starts according to the interest rate of the first housing loan.

International News

1. Rubio "opposes" Trump: The United States will not expand sanctions against Russia

U.S. Secretary of State Marco Rubio said on Sunday that the United States would not expand sanctions against Russia so as not to interfere with the peace process to resolve the conflict in Ukraine. However, U.S. President Donald Trump said yesterday that he may have to deal with Putin through sanctions or secondary sanctions in the financial sector. Rubio also said that Russia and Ukraine are generally closer to reaching a peace agreement than they have been in the past three years, that a peace agreement between Russia and Ukraine needs to be reached as soon as possible, and that the United States has many ways to hold accountable those responsible for not wanting to push for a peace agreement in Ukraine.

2. State Food and Drug Administration: Suspend the import of an API from India

The State Food and Drug Administration issued an announcement today, saying that it organized and conducted on-site inspections on VITAL LABORATORIES PVT. LTD. (Production address: Plot No. 1710 & A1/2208, GIDC, Estate, 3rd Phase, VAPI-396 195. Gujarat, India.) and found that the actual production process of the digoxin API (registration number: Y20170000041) produced by the factory was inconsistent with the production process declared by the registration, and the production process and key parameter changes were not fully studied, the inspection and release were not carried out in accordance with the import registration quality standards, and the quality management and quality assurance system was not perfect, which did not meet the relevant requirements of China's "Good Manufacturing Practice for Drugs (Revised in 2010)" and drug-related review and approval. In accordance with the Drug Administration Law of the People's Republic of China and other relevant regulations, the State Food and Drug Administration has decided to suspend the import of the above-mentioned APIs from now on, and the drug regulatory departments at all ports will suspend the issuance of import customs clearance forms for the API products.

3. The import and export of goods has resumed at the Iranian bombing port

On the 27th local time, Iran's Shahi Drajay Port resumed the import and export of goods in the morning of the same day. Iran's Minister of Roads and Urban Development said that since the morning of the 27th, loading and unloading activities in other areas and sections of the port have been carried out normally.

4. Bank of Korea Governor Rheu Chang-yong: South Korea's policy rate has a downward trend

According to Yonhap News Agency, Bank of Korea Governor Rhee Chang-yong said that although monetary policy remains cautious, the Bank of Korea's key interest rate will move lower due to stable inflation. Yonhap News Agency quoted Rhee Chang-yong as telling reporters at the annual meeting of the International Monetary Fund (IMF) in Washington that the timing and pace adjustment of the easing cycle does not mean that interest rates will not be lowered. He also said that after the economic contraction in the first quarter, the Bank of Korea may cut its economic growth forecast for this year again, without specifying. The bank has lowered its forecast several times, most recently to 1.5% in 2025.

5. Former senior White House official: The impact of tariff policy will be shown in the United States at the end of next month

On April 27, local time, Gary Cohen, who served as Director of the White House National Economic Council during Trump's first presidential term, said that the impact of the current U.S. tariff policy will begin to be felt nationwide at the end of next month, and this forecast is based on the time it takes for goods to be transported and distributed. Gary Cohen said that people with lower income levels and financial power will spend 100% of their salaries on buying goods, while the wealthy will store a higher percentage of their income. This means that the tariffs will have a greater impact on low-income Americans. On the issue of interest rates, Gary Cohen said that from the Fed's perspective, this institution is doing its job as it was given, so essentially, the Fed has no reason to act to lower interest rates now.

Domestic Macro Economy Index