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Pan Yuanyuan, Associate Research Fellow, Institute of World Economics and Politics, China Academy of Social Sciences: China's determination to expand high-level opening-up has not changed. The Central Economic Work Conference proposed to expand high-level opening-up and stabilize foreign trade and foreign investment. We will expand independent opening and unilateral opening in an orderly manner, steadily expand institutional opening, promote the quality improvement and efficiency improvement of the free trade pilot zone and expand the reform mandate, and accelerate the implementation of the core policy of Hainan Free Trade Port. Actively develop service trade, green trade and digital trade. Deepen the reform of foreign investment promotion system and mechanism. We will steadily open up the service industry, expand pilot projects in the fields of telecommunications, medical care and education, and continue to build the brand of "Invest in China". Promote high-quality joint construction of the "Belt and Road", deepen and improve the overseas comprehensive service system. Pan Yuanyuan, an associate researcher at the Institute of World Economics and Politics of China Academy of Social Sciences, said that the current situation of attracting foreign investment is rather grim, and the Central Economic Work Conference put forward the policy of expanding independent opening and unilateral opening, showing great determination to open up. In the face of difficulties and challenges, China is still actively exploring win-win cooperation with other countries and becoming a "stabilizer" in the turbulent international environment. Pan Yuanyuan believes that the current structure of attracting foreign investment in China has changed, and the service industry has great potential to attract foreign investment. Therefore, the next step is to further open the service industry. "Relying on China's large domestic market and industrial advantages, China has sufficient stamina to attract foreign investment and foreign investment." (SSE)British Prime Minister Stamer met with the President of the European Council for the first time to confirm his intention to strengthen cooperation. According to the announcement issued by the British Prime Minister's Office, British Prime Minister Stamer met with the President of the European Council antonio costa in Downing Street on the afternoon of December 12th local time. The British Prime Minister's Office said that this was the first meeting between the two men, and the two sides confirmed their intention to strengthen the relationship between Britain and the EU. The British Prime Minister's Office also stated that Costa invited Stamer to attend the informal meeting of EU leaders held in Brussels on February 3, 2025. Stamer was pleased to accept the invitation and looked forward to discussing with the EU how to strengthen strategic cooperation, especially in national defense.Luo Zhiheng, chief economist of Yuekai Securities: Improving deficit ratio's firm determination to release the central government to stabilize the economy is conducive to stabilizing expectations. The Central Economic Work Conference proposed to implement a more active fiscal policy. Improve the fiscal deficit ratio, and ensure that the fiscal policy will continue to exert more efforts. Luo Zhiheng, chief economist of Yuekai Securities, said that the fiscal policy continued the general tone of "positive", which reflected the stability and continuity of the policy, but emphasized "more positive", which was mainly reflected in the increase of deficit ratio and the scale of special bonds and ultra-long-term special government bonds. It is expected that the scale of fiscal expenditure will be significantly increased and the growth rate of fiscal expenditure will be increased next year. The generalized deficit ratio probability in 2025 is higher than that in 2024. In his view, the narrow sense of deficit ratio has a high probability of exceeding 3%, and the improvement of deficit ratio has special significance, which can achieve triple effects. First, the increase in deficit ratio means a further increase in the deficit scale, which is conducive to expanding expenditure, strengthening the ability of fiscal countercyclical adjustment, better preventing risks, benefiting people's livelihood and stabilizing growth. Second, deficit ratio is different from other financial instruments, and the public pays great attention to deficit ratio and its changes. Therefore, fiscal policy should use limited "bullets" to stabilize expectations, and the same fiscal stimulus scale should be reflected in deficit ratio as much as possible. Deficit ratio can better convey policy intentions and has strong policy signal significance; Improving deficit ratio's firm determination to release the central government to stabilize the economy is conducive to stabilizing expectations. Third, the high probability of deficit is still dominated by central government bonds. The form of transfer payment can better ensure the stability of grassroots financial resources and increase the disposable degree of local financial resources, which is conducive to the local government's "three guarantees" work. (SSE)

Italian 10-year bond yields continued to rise, rising by 10 basis points to 3.29%.The yield of German 10-year government bonds rose by 5 basis points to 2.18%, the highest level in two weeks.Russian officials: The failure of sanctions against Russia to achieve geopolitical goals will cost the EU 1.5 trillion euros. On the 12th local time, Russian Deputy Foreign Minister Grushko said that Russia has adapted to various sanctions and will develop relations with all countries willing to cooperate. He said that the EU is on a road of self-destruction, and any geopolitical goal cannot be achieved through sanctions. If the EU wants to refuse cooperation with Russia, this is the EU's choice, but most assessments show that this choice has caused the EU to suffer a loss of 1.5 trillion euros.

Institution: The European Central Bank may further cut interest rates by 100 basis points in 2025. Des Lawrence, an analyst at State Street Global Investment Management, said that after the European Central Bank cut interest rates by 25 basis points, it may cut interest rates by another 100 basis points in 2025. The senior investment strategist said in a report that the European Central Bank can and should cut interest rates further in the coming quarters. Lawrence said that the recent PMI data shows that the economic slowdown is expanding beyond the troubled manufacturing industry, and the service industry is also under pressure.US National Security Adviser Sullivan: There are a series of risks in the situation in Syria; We fully expect that Israel's occupation of the Syrian buffer zone is temporary.Nasdaq Golden Dragon China Index rose by 1%, popular Chinese stock Yum! China rose by 2.8%, bilibili and Baidu rose by over 1.2%, Ali, New Oriental, Ideality, Pinduoduo and Netease rose by at most 1%, and YINN rose by 1.6%.