March 10 Macroeconomic Index:China's foreign trade has started steadily and green energy has developed. The international community continues to pay attention to the situation in Ukraine and its economic response measures.

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Domestic News

1. In the first two months, China's trade in goods started steadily, and the scale of exports hit a record high in the same period in history

2. Wang Yi on China-US relations: Friends should always be friends and interests should be common

3. In 2025, the demand for green electricity is expected to usher in a stronger catalyst

4. Member Yang Yi: The low-altitude economy will become a new engine for economic growth

5. The People's Bank of China held the 2025 Financial Rule of Law Work Conference

 International News

1. Canada's Minister of Finance: There will be no Phase II retaliatory tariffs on U.S. goods before April 2

2. The extraordinary summit of the European Union reached an agreement on further support for Ukraine, and Hungary: refused to join

3. Brazil has lift tariffs on numerous food imports in response to soaring prices

4. US media: Before the US-Ukraine talks, Zelensky hinted at a possible air and sea ceasefire with Russia

5. Zelensky: Ukraine is working "around the clock" with its US and European partners to achieve peace

Domestic News

1. In the first two months, China's trade in goods started steadily, and the scale of exports hit a record high in the same period in history

According to customs statistics, in the first two months of 2025, the total import and export value of China's trade in goods was 6.54 trillion yuan, a year-on-year decrease of 1.2%. Among them, exports were 3.88 trillion yuan, an increase of 3.4%; imports were 2.66 trillion yuan, down 7.3%.

ASEAN continued to maintain its position as China's largest trading partner, with a total bilateral trade value of 1.03 trillion yuan, an increase of 4%, accounting for 15.8% of China's total foreign trade. Among them, exports to ASEAN increased by 6.8%, while imports from ASEAN decreased slightly by 0.2%. The Association of Southeast Asian Nations (ASEAN) countries include: Brunei, Myanmar, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam.

As China's third largest trading partner, the United States has shown a two-way growth trend in bilateral trade, with a total trade value of 733.67 billion yuan, an increase of 3.5%. Exports to the United States increased by 3.4 percent, and imports from the United States increased by 3.8 percent.

the total value of China-EU trade was 833.34 billion yuan, down slightly by 0.2%; The total trade value between China and South Korea was 335.51 billion yuan, also a slight decrease of 0.1%.

It is worth noting that China and the countries jointly building the "the Belt and Road" totaled 3.33 trillion yuan in imports and exports, down 1%. Among them, exports increased by 2.4% and imports decreased by 5.1%.

2. Wang Yi on China-US relations: Friends should always be friends and interests should be common

On March 7, Wang Yi, Member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, said at a press conference on China-US relations that there are more than 190 countries in the world. At the Paris Peace Conference more than 100 years ago, the Chinese asked about history: Is justice triumphing over power, or is power right? In the diplomacy of New China, we firmly stand on the side of international justice and resolutely oppose power and hegemony. History should move forward, not backwards. Major countries should undertake their international obligations and fulfill their responsibilities as major countries. We can't be mercenary, let alone bullying. There is a saying in the West, "There are no eternal friends, only eternal interests". In China's view, friends should be forever and interests should be common.

3. In 2025, the demand for green electricity is expected to usher in a stronger catalyst

China Galaxy Securities Research Report said that in 2025, the government work report did not clearly state "energy security", but the attitude towards "green transformation" is still firm. Focusing on the power industry, entering 2025, CGS expects that the pressure on ensuring supply will ease compared with the previous year, and the policy guidance may be more focused on "green", and the demand for green electricity is expected to usher in a stronger catalyst. At the same time, the marginal improvement of consumption and electricity price pressure is also expected to accelerate the arrival of the inflection point of the industry, and the layout has high odds at this stage. On this basis, the 2025 government work report clearly points out the development of offshore wind power, and it is recommended to pay attention to the offshore wind link with strong installed capacity growth expectations, simultaneous consumption, and good electricity prices.

4. Member Yang Yi: The low-altitude economy will become a new engine for economic growth

On March 7, at the second session of the third session of the 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC), Yang Yi, a Member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), a special technical expert of AVIC and a researcher at the Institute of Optoelectronics, said that the low-altitude economy is a typical representative of new quality productive forces, covering logistics and distribution, urban air mobility, emergency rescue and other fields. China has ushered in a period of golden opportunities for low-altitude economy and a period of industrial take-off. The low-altitude economy will become a new engine of economic growth, and the city in the sky will no longer be a dream.

5. The People's Bank of China held the 2025 Financial Rule of Law Work Conference

On March 5, the People's Bank of China held the 2025 Financial Rule of Law Work Conference. The meeting called for speeding up the improvement of the financial laws and regulations, promoting the revision of the People's Bank of China Law, and cooperating with the follow-up review of the Financial Stability Law. Continue to improve the administrative system according to law, enhance the normative effectiveness of administrative law enforcement, adhere to the "excessive punishment is commensurate", and implement administrative penalties in accordance with the law. Efficiently handle administrative reconsideration cases in response to litigation in accordance with the law, do a good job of ensuring legal services, increase the support of rule of law research for the work of the center, consolidate and expand the publicity of financial law popularization, and forge a team of high-quality professional legal talents who are loyal, clean, and responsible.

International News

1. Canada's Minister of Finance: There will be no Phase II retaliatory tariffs on U.S. goods before April 2

Canadian Finance Minister LeBlanc said on the 6th that Canada will not impose the second phase of retaliatory tariffs on American goods before April 2. LeBlanc posted on social media that the United States has agreed to suspend tariffs on Canadian exports that meet the U.S.-Mexico-Canada Agreement (USMCA) until April 2. As a result, Canada will not impose a second phase of retaliatory tariffs on C$125 billion ($87.5 billion) worth of U.S. goods before April 2. And Canada will continue to work to lift all tariffs.

2. The extraordinary summit of the European Union reached an agreement on further support for Ukraine, and Hungary: refused to join

On March 6, EU leaders gathered in Brussels for a special summit dedicated to defense autonomy and Ukraine. Hungarian Prime Minister Viktor Orban said after the EU extraordinary summit on the 6th that Hungary adheres to a peaceful position and believes that it should provide the greatest possible support for peace talks, rather than continuing the conflict, which is why the leaders of the 26 EU member states accepted the document on continuing the conflict, while Hungary did not support it.

3. Brazil has lift tariffs on numerous food imports in response to soaring prices

Brazilian President Luiz decided to lift import tariffs on a range of basic food items in response to inflation that has hurt his approval ratings. Items such as beef, coffee, corn, sunflower oil, olive oil, sugar and pasta will benefit from zero import duties.

4. US media: Before the US-Ukraine talks, Zelensky hinted at a possible air and sea ceasefire with Russia

Ukrainian President Volodymyr Zelensky issued a message after the extraordinary EU summit on the 6th local time, hinting that an air and sea ceasefire may be reached with Russia, and he is working with European leaders to "prepare practical proposals" to end the Russia-Ukraine conflict. "The priority may be the establishment and full realization of an air ceasefire (cessation of the use of missiles, long-range drones and bombs against energy facilities and other civilian infrastructure), as well as a maritime ceasefire, that is, the cessation of all military operations in the Black Sea to ensure peace and security of navigation." Zelensky said in the post.

5. Zelensky: Ukraine is working "around the clock" with its US and European partners to achieve peace

On March 6, local time, Ukrainian President Volodymyr Zelensky said through social media that the special European summit held in Brussels, Belgium that day was very productive for Ukraine and the whole of Europe, and Ukraine is working fully with US and European partners to achieve peace. Zelensky said that he had meaningful meetings with European Council President Costa, European Commission President Ursula von der Leyen, French President Emmanuel Macron, Belgian Prime Minister De Wever, Austrian Chancellor Stockel, Belgian King Philippe, NATO Secretary-General Rutte and others, discussed many details, and thanked all leaders for their support. Zelensky said that the conflict must be stopped as soon as possible, and Ukraine is ready to work together "around the clock" with partners in the United States and Europe to achieve peace.

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