April 29 Macroeconomic index:China's service trade and logistics grew significantly in the first quarter; international tariff wars affect U.S. agriculture

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Domestic News

1. Ministry of Commerce: Exports of travel services increased by 97.5% year-on-year in the first quarter

2. In the first quarter of this year, the total amount of social logistics in the country reached 91 trillion yuan, and the proportion of total industrial logistics exceeded 80%

3. China successfully launched the Internet low-orbit satellite

4. Wang Yi meets with Russian Foreign Minister Sergei Lavrov

5. Yuanxing Energy: The construction of the second phase of the Alxa trona project is progressing in an orderly manner according to the plan

 International News

1. U.S. tariff policy backlash on agriculture: orders canceled, prices plummeted, and U.S. agriculture fell into a "full-scale crisis"

2. The U.S. Court of Appeals reinstates a temporary injunction against mass dismissals from the CFPB

3. The first batch of satellites of the Satellite Internet Program were launched by Amazon Corporation of the United States

4. South Korean military-industrial giant Hanwha holds high-level talks with Saudi Arabia on weapons cooperation

5. The United States and Mexico have two agreements in the field of agriculture

Domestic News

1. Ministry of Commerce: Exports of travel services increased by 97.5% year-on-year in the first quarter

The person in charge of the Department of Trade in Services of the Ministry of Commerce introduced the development of trade in services in the first quarter of 2025. In the first quarter of 2025, China's trade in services grew rapidly, with a total import and export volume of 1,974.18 billion yuan (RMB, the same below), a year-on-year increase of 8.7%. Among them, exports were 835.15 billion yuan, an increase of 12.2%; imports were 1,139.03 billion yuan, an increase of 6.2%. The deficit in trade in services was 303.88 billion yuan, a decrease of 24.46 billion yuan over the same period of the previous year. Among them, the export of travel services grew the fastest. In the first quarter, travel services continued to maintain rapid growth, with imports and exports reaching 584.9 billion yuan, an increase of 21.8%, making it the largest area of service trade. Among them, exports increased by 97.5% and imports increased by 14.9%.

2. In the first quarter of this year, the total amount of social logistics in the country reached 91 trillion yuan, and the proportion of total industrial logistics exceeded 80%

The China Federation of Logistics and Purchasing announced today (29th) the logistics operation data for the first quarter of this year. In the first quarter, China's macro economy continued to recover moderately, the foundation for the recovery of the upstream and downstream of the supply chain was further consolidated, the logistics operation started steadily and improving, and the demand structure continued to be optimized. In the first quarter of this year, the total amount of social logistics, or the total physical value of logistics operations, was 91 trillion yuan, a year-on-year increase of 5.7%, 0.4 percentage points faster than that from January to February. From a structural point of view, with the solid promotion of the new development concept and the acceleration of the construction of the new development pattern, the overall improvement of the logistics demand structure has gradually emerged, and the driving role of the new engine has gradually emerged. In the first quarter, the total logistics of industrial products increased by 5.9% year-on-year, accounting for more than eighty percent of the total social logistics, and is still the main driving force for the growth of logistics demand.

3. China successfully launched the Internet low-orbit satellite

At 4:10 a.m. on April 29, China successfully launched the satellite Internet low-orbit 03 group of satellites at the Wenchang Space Launch Site using the Long March 5B carrier rocket/Yuanzheng-2 upper stage, and the satellite successfully entered the predetermined orbit, and the launch mission was a complete success.

4. Wang Yi meets with Russian Foreign Minister Sergei Lavrov

On April 28, local time, Wang Yi, Member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, met with Russian Foreign Minister Sergei Lavrov in Rio de Janeiro. Wang Yi said that at present, the game between unilateral and multilateral is fierce, and the contest between hegemony and anti-hegemony is unfolding around the world. The solidarity and cooperation among the BRICS countries are showing increasingly important strategic value. As founding members of BRICS, China and Russia should strengthen coordination and cooperation within the BRICS framework, deepen solidarity and cooperation among developing countries and emerging economies, and continuously strengthen the influence and appeal of the BRICS. Lavrov gave the latest update on the Ukraine crisis and reiterated Russia's willingness to hold peace talks with Ukraine without preconditions. Wang Yi expounded China's principled position on promoting peace talks. The two sides held strategic communication on strengthening cooperation under multilateral frameworks such as the United Nations, the Shanghai Cooperation Organization, and the G20, and exchanged views on the Iranian nuclear issue and the Korean Peninsula nuclear issue.

5. Yuanxing Energy: The construction of the second phase of the Alxa trona project is progressing in an orderly manner according to the plan

Some investors asked questions on the interactive platform, and it has been rumored in the market that the company's new production capacity will start production in December at the latest? How is the project progressing? Yuanxing Energy replied that the construction of the second phase of the Alxa trona project is progressing in an orderly manner according to the plan.

International News

1. U.S. tariff policy backlash on agriculture: orders canceled, prices plummeted, and U.S. agriculture fell into a "full-scale crisis"

U. S. media reported on the 28th local time that the U.S. agricultural sector has suffered huge losses due to the strong counterattack by many countries around the world to the tariff policy implemented by the Trump administration, especially China's suspension of imports of U.S. agricultural products. The person in charge of the U.S. Agricultural Products Transportation Alliance said bluntly that a full-scale crisis in the U.S. agricultural product industry has arrived. According to the freight data company, as of April 14, the volume of ship traffic between China and the United States fell sharply, down more than 22% week-on-week and 44% year-on-year. Some U.S. agricultural exporters have warned that the Chinese market is difficult to replace, and the prices of U.S. agricultural products have been affected by the decline in trade between China and the United States, and the prices of some products have fallen by more than 20%.

2. The U.S. Court of Appeals reinstates a temporary injunction against mass dismissals from the CFPB

On Monday, the U.S. Federal Court of Appeals in Washington reinstated a temporary injunction against mass layoffs from the U.S. Consumer Financial Protection Bureau (CFPB), allowing employees to keep their jobs temporarily, despite the Trump administration's plan to cut the agency's headcount by 90 percent. The three-judge panel did not pass unanimously, but the result marked a setback in Mr. Trump's efforts to reinvent the C.F.D.P.B. as a brand new organization of just 200 people. Congress established the CFPB in the wake of the 2008 financial crisis to protect the public from predatory practices in the financial services industry. Trump accused the agency of politicizing law enforcement. Since Trump took over the CFPB in early February, the administration has tried to fire CFPB staff en masse, and both Trump and his adviser Elon Musk have called for the agency's abolition. But the government now says the agency is here to stay, albeit on a much smaller scale.

3. The first batch of satellites of the Satellite Internet Program were launched by Amazon Corporation of the United States

On April 28, local time, Amazon Corporation of the United States used the United Launch Alliance launch vehicle to launch the first batch of mass-produced satellites of its satellite Internet "Kuiper Project" for the first time. Project Kuiper is Amazon's low-Earth orbit satellite broadband network project. Its goal is to deploy more than 3,200 satellites in low-Earth orbit to provide fast and reliable internet services to users around the world.

4. South Korean military-industrial giant Hanwha holds high-level talks with Saudi Arabia on weapons cooperation

Coulter, head of global defense operations at South Korean military giant Hanwha Aerospace, said the Middle East has become a major focus for the company, which is in advanced discussions with Saudi Arabia about potential weapons cooperation. Mr Coulter said the growing opportunities in the region were a major reason for the company's decision last month to announce a share sale plan to raise capital. "We are currently discussing a number of projects in Saudi Arabia and the UAE," Coulter said, "We have a real opportunity to address security challenges in the Middle East through local facilities." ”

5. The United States and Mexico have two agreements in the field of agriculture

On Monday, the United States and Mexico reached two key agreements in the agriculture sector, calming the conflict in trade talks that could have exacerbated tensions between the two neighbors. Mexico pledged to provide water to farmers in Texas after Trump complained about Mexico's failure to honor a decades-long water deal. The two countries also reached an agreement on how to combat the New World Screw Fly (NWS) pest south of the border, avoiding possible restrictions on U.S. livestock imports from Mexico. The results suggest that despite the Trump administration's more confrontational approach, Mexico is looking to work with the U.S. as it seeks Trump to lift tariffs on auto parts, steel, and other goods.

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