March 21 Macroeconomic Index:Domestic investment grew steadily, foreign trade and financial assets expanded; the coexistence of international interest rate policies and market fluctuations had an impact

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Domestic News

1. Ministry of Commerce: From January to February, China's foreign non-financial direct investment was 22.97 billion US dollars

2. National Energy Administration: As of the end of February, the country's cumulative installed power generation capacity increased by 14.5% year-on-year

3. China's large-scale car carriers have newly created, breaking the fastest construction cycle record

4. Ministry of Commerce: A number of measures will be taken to help foreign trade enterprises cope with the challenges of external shocks

5. The People's Bank of China: The total assets of financial institutions at the end of 2024 was 495.59 trillion yuan

 International News

1. In the case of no recession, it may be difficult for the Fed to cut interest rates more than twice this year

2. ECB President Christine Lagarde: The process of falling inflation is well underway

3. Turkey's central bank sold off record foreign exchange after the lira slumped

4. Ukrainian media: Zelensky once again mentioned that he hopes that Trump visit Ukraine, saying "I hope he can see everything with his own eyes"

5. New Zealand's carbon auction has been frustrated by oversupply

Domestic News

1. Ministry of Commerce: From January to February, China's foreign non-financial direct investment was 22.97 billion US dollars

The Ministry of Commerce held a regular press conference, and spokesman He Yongqian introduced China's foreign investment cooperation from January to February this year. From January to February 2025, China's foreign non-financial direct investment was 22.97 billion US dollars, a year-on-year increase of 9.1%. Among them, the non-financial direct investment of Chinese enterprises in the "Belt and Road" countries was 5.52 billion US dollars, a year-on-year increase of 17.6%. From January to February, the turnover of China's foreign contracted projects was 18.34 billion US dollars, a year-on-year decrease of 5.6%. The value of new contracts was 35.34 billion US dollars, a year-on-year increase of 28.7%. Among them, the turnover of Chinese enterprises in the joint construction of "Belt and Road" countries contracted projects was 15.06 billion US dollars, a year-on-year decrease of 5.2%; The value of new contracts was 30.92 billion US dollars, a year-on-year increase of 33.7%.

2. National Energy Administration: As of the end of February, the country's cumulative installed power generation capacity increased by 14.5% year-on-year

According to data from the National Energy Administration, as of the end of February, the country's cumulative installed power generation capacity was 3.40 billion kilowatts, a year-on-year increase of 14.5%. Among them, the installed capacity of solar power generation was 930 million kilowatts, a year-on-year increase of 42.9%; The installed capacity of wind power was 530 million kilowatts, a year-on-year increase of 17.6%. From January to February, the cumulative average utilization of power generation equipment nationwide was 505 hours, a decrease of 61 hours over the same period last year; The country's major power generation enterprises completed an investment of 75.3 billion yuan in power projects, a year-on-year increase of 0.2%; The investment in power grid projects was 43.6 billion yuan, a year-on-year increase of 33.5%.

3. China's large-scale car carriers have newly created, breaking the fastest construction cycle record

It was learned from China Shipbuilding Group that today, China's self-developed 8,600 large car carriers were officially delivered, with a total length of 199.9 meters and a width of 38 meters, which is a dual-fuel car carrier powered by fuel oil and liquefied natural gas, with 14 vehicle decks, which can facilitate and achieve efficient loading and unloading of cars, trucks, buses and other vehicles 8,600 vehicles. Not only is the performance of the ship leading in the world, but the period of hull loading and commissioning of this ship at the dock and dock has also been shortened to 200 days, creating the fastest record for the construction of a large car carrier in China at this stage.

4. Ministry of Commerce: A number of measures will be taken to help foreign trade enterprises cope with the challenges of external shocks

At the regular press conference held by the Ministry of Commerce on the afternoon of the 20th, the spokesman of the Ministry of Commerce introduced that China's super-large domestic market is a strong backing for the majority of foreign trade enterprises, and while supporting enterprises to develop diversified international markets, the Ministry of Commerce will take a number of measures to help foreign trade enterprises better rely on the domestic market and effectively respond to the challenges of external shocks.

5. The People's Bank of China: The total assets of financial institutions at the end of 2024 was 495.59 trillion yuan

According to preliminary statistics, at the end of 2024, the total assets of China's financial institutions was 495.59 trillion yuan, a year-on-year increase of 7.5%, of which the total assets of banking institutions was 444.57 trillion yuan, a year-on-year increase of 6.5%; the total assets of securities institutions were 15.11 trillion yuan, a year-on-year increase of 9.1%; The total assets of insurance institutions were 35.91 trillion yuan, a year-on-year increase of 19.9%. The liabilities of financial institutions were 452.17 trillion yuan, a year-on-year increase of 7.5%, of which the liabilities of banking institutions were 408.11 trillion yuan, a year-on-year increase of 6.5%; the liabilities of securities institutions were 11.48 trillion yuan, a year-on-year increase of 10%; The liabilities of insurance institutions were 32.58 trillion yuan, a year-on-year increase of 19.7%.

International News

1. In the case of no recession, it may be difficult for the Fed to cut interest rates more than twice this year

Huatai Securities Research Report said that the Federal Reserve remained unchanged as scheduled, the benchmark interest rate remained at 4.25%-4.5%, and the pace of balance sheet reduction slowed down from $60 billion per month to $40 billion per month from April; Downward revisions to growth forecasts, upward revisions to inflation forecasts, and high uncertainty have led the Fed to maintain its guidance for two rate cuts in 2025. Looking ahead, the Fed's subsequent interest rate cut decision depends on Trump's policy and the economic trend in March and April: if the growth momentum declines rapidly, it may cut interest rates again in the middle of the year, but in the absence of economic recession, it may be difficult to cut interest rates more than twice this year.

2. ECB President Christine Lagarde: The process of falling inflation is well underway

ECB President Christine Lagarde: The process of falling inflation is well underway. Trade makes the outlook for the eurozone extremely uncertain. The ECB does not commit to the path of interest rates in advance, which will depend on the data. Trade frictions are detrimental to global economic growth and well-being. Given the uncertainty over trade, the ECB must remain vigilant.

3. Turkey's central bank sold off record foreign exchange after the lira slumped

On Wednesday, the lira plunged more than 12% after the mayor of Istanbul was detained by Turkish authorities. According to the calculations of three bankers, the scale of foreign exchange sales by Turkey's central bank on Wednesday hit a record high. Bankers hold the view the central bank sold at least $5 billion in foreign currency, but some others have calculated that the amount of foreign exchange sold on the day may have reached $10 billion.

4. Ukrainian media: Zelensky once again mentioned that he hopes that Trump visit Ukraine, saying "I hope he can see everything with his own eyes"

According to Ukrainian Independent News Agency and other media reports, Ukrainian President Zelensky once again talked about his hope that US President Trump can visit Ukraine at an online press conference on the 19th local time. The Ukrainian Independent News Agency reported that Zelensky said at an online press conference on the same day that he hoped Trump would visit Ukraine during the U.S. election. "I want Trump to come to Ukraine with his team, or with the people he needs," he said. One thing is important: look at our cities, see how our people fight, see how people lives ......," Zelenskyy added, "I hope he can see all this with his own eyes, feel it all for himself, and draw conclusions as an experienced person." That's what I want to achieve, so I came up with that idea."

5. New Zealand's carbon auction has been frustrated by oversupply

New Zealand's first carbon auction of the year failed and failed to attract any bids, leaving 1.5 million allowances unsold. This result is not surprising, as the spot price of New Zealand carbon allowances (NZUs) on the secondary market is still at a significant discount to the new lower price limit of NZ$68/mt (US$39/mt) before the auction. Although bidding has been cut by more than half this year in an attempt to address the chronic oversupply in the market, the reduction has not been large enough to attract bidders.

Domestic Macro Economy Index