HC Plastics News:
Recently, Xu Hongcai, assistant secretary of the Ministry of Finance, said that he would increase tax cuts and fee reductions and increase spending. First, increase tax cuts and fee reductions. On the one hand, the implementation of a larger scale of tax cuts, adhere to the combination of inclusive tax cuts and structural tax cuts, focusing on reducing the burden of manufacturing and small and micro enterprises, and supporting the development of the real economy. On the other hand, we will promote more obvious reductions, clean up and standardize local toll collection projects, and increase efforts to investigate and rectify arbitrary charges. Second, increase fiscal spending. According to the economic situation and various expenditure needs, the scale of fiscal expenditure will be moderately expanded. At the same time, the scale of local government special bonds will be increased to a large extent, and the construction of major projects under construction and short-term support will be supported.
After the news came out, China's stock market and commodity futures reflected strongly, and there was a rebound. The overnight crude oil ended its continuous decline, showing an increase of nearly 3%.
Ethylene glycol also ended the situation of continuous adjustment, began to increase from the bottom, there is a break from the bottom, especially the 1906 contract of the main contract of the big business, the performance is relatively strong, from the previous discounted spot in the near month, to the spot formation On the one hand, after the implementation of tax reduction measures in China, the macro environment is a big plus. The weak trend of ethylene glycol in the early stage is a big one. It is the market person’s view on the overall economy of 2019. On the other hand, the downstream demand for ethylene glycol mainly comes from the polyester factory, and the terminal demand of the polyester factory is mostly from the manufacturing industry and small and micro enterprises. It is the key target of this tax reduction and reduction. There is a significant increase in demand, which will also offset some of the concerns over supply oversupply due to increased ethylene glycol capacity. 
Editor in charge: Yao Chunlin
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