March 4 Macroeconomic Index:From China's new rules on state-owned enterprise asset transactions to international political and economic games

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International Crude Price Trend & Exchange Rate of RMB to USD Trend

Domestic News

1. State-owned Assets Supervision and Administration Commission of the State Council issued the "Operating Rules for the Transaction of State-owned Assets of Enterprises"

2. News: China is studying countermeasures to resolutely resist another US tax hike

3. The capital situation is now improving, and the financing volume of large banks has rebounded to more than 2 trillion yuan

4. Director of the Coal Department of the National Energy Administration: The implementation of the coal capacity reserve system will be accelerated

5. CITIC Securities: The economic growth rate in 2025 may be set at about 5%, and there is room for loosening of mortgage interest rates and purchase restriction policies

 International News

1. The US media broke the news: The US Secretary of Defense has ordered to stop "offensive" cyber activities against Russia

2. Warren Buffett: tariffs are "acts of war" that will harm the interests of consumers

3. US Secretary of State: Ukraine, ready for peace, will resume negotiations, and Russia may participate

4. U.S. Secretary of Commerce: Additional tariffs will be imposed on Canada and Mexico on March 4, and the level of tariffs is waiting for Trump's decision

5. Zelensky returned home and released the latest video, saying that the bottom line that must be achieved and the red line that cannot be compromised will be submitted to the United States

Domestic News

1. State-owned Assets Supervision and Administration Commission of the State Council issued the "Operating Rules for the Transaction of State-owned Assets of Enterprises"

Recently, the State-owned Assets Supervision and Administration Commission of the State Council revised and issued the "Rules for the Operation of State-owned Assets Transactions of Enterprises". The revision of the "Rules" is mainly reflected in the following aspects: First, improve the content of the operation specifications for the transaction of state-owned assets of enterprises. In accordance with the Measures for the Supervision and Administration of State-owned Assets Transactions of Enterprises (Decree No. 32 of the State-owned Assets Supervision and Administration Commission of the State Council and the Ministry of Finance), the Notice on Printing and Distribution (State-owned Assets Development Property Rights [2009] No. 120) was revised, adding the normative operating procedures and principles for the capital increase of state-owned enterprises and the transfer of physical assets of state-owned enterprises, filling the gaps in the relevant systems, promoting the standardized trading of various assets, and effectively preventing the loss of state-owned assets.

2. News: China is studying countermeasures to resolutely resist another US tax hike

China is studying countermeasures, which could include tariffs and a series of non-tariff measures, in response to renewed U.S. threats to impose 10% tariffs on Chinese goods on fentanyl, according to reliable sources. Among that, the imposition of tariffs on agricultural and food products originating in the United States is likely to be included in the countermeasures. The above-mentioned person also revealed that if the US side insists on unilaterally imposing tariffs again and officially announcing relevant measures, China will resolutely carry out strong countermeasures. 

3. The capital situation is now improving, and the financing volume of large banks has rebounded to more than 2 trillion yuan

Huaan Securities said that on the last trading day of the month, the amount of funds borrowed by large banks has rebounded to 2 trillion yuan, and the capital has stabilized and rebounded from the perspective of volume, and it is expected that the pressure on the bond market will be eased in early March. The interest rate curve is expected to steepen, corresponding to a relatively higher downside probability of short- and medium-term bonds, while the trend of long-term bonds still needs to return to fundamental pricing.

4. Director of the Coal Department of the National Energy Administration: The implementation of the coal capacity reserve system will be accelerated

Liu Tao, Director of the Coal Department of the National Energy Administration, said that 2025 and the 15th Five-Year Plan period are critical periods to accelerate the construction of a new energy system and promote the transformation and development of coal. The Coal Division will continue to strengthen the stable production and supply of coal. Promote the implementation of the tasks of the "14th Five-Year Plan" coal plan, urge major coal-producing provinces and regions to accelerate the implementation of the planning goals, and ensure the successful conclusion of the "14th Five-Year Plan" coal plan.

5. CITIC Securities: The economic growth rate in 2025 may be set at about 5%, and there is room for loosening of mortgage interest rates and purchase restriction policies

The Two Sessions will be held, and the economic growth target and macro policy arrangements for 2025 will be announced. Ming Ming, chief economist of CITIC Securities, said that the GDP growth target for 2025 is expected to be about 5%. Judging from the economic growth targets announced by the local two sessions, the weighted average GDP growth target of 31 provinces in 2025 is 5.3%. The growth targets set by Beijing and Shanghai in 2025 are about 5%, and considering that the economic growth targets set by Beijing and Shanghai in most years are relatively close to those of the whole country, it can be roughly judged that the economic growth targets for the whole year of 2025 will be around 5%.

International News

1. The US media broke the news: The US Secretary of Defense has ordered to stop "offensive" cyber activities against Russia

According to a report by the New York Times on March 2, according to a current U.S. official and two former officials, U.S. Secretary of Defense Hegseth has ordered the U.S. Cyber Command to stop "offensive" cyber activities against Russia. According to the New York Times, the move is clearly aimed at prompting Russian President Vladimir Putin to start negotiations on the Russia-Ukraine conflict and establish a new relationship with the United States.

2. Warren Buffett: tariffs are "acts of war" that will harm the interests of consumers

Warren Buffett made a rare comment on Trump's tariffs, saying that punitive tariffs could trigger inflation and hurt consumers. "Actually, we have a lot of experience with tariffs. In a way, tariffs are an act of war. In the long run, customs duties are taxes on goods. ”

3. US Secretary of State: Ukraine, ready for peace, will resume negotiations, and Russia may participate

On March 2, local time, U.S. Secretary of State Rubio said that he had not spoken with Ukrainian President Zelensky since February 28. Rubio said that when Ukraine is ready for peace, the United States will resume negotiations with Ukraine and try to involve Russia in the negotiations.

4. U.S. Secretary of Commerce: Additional tariffs will be imposed on Canada and Mexico on March 4, and the level of tariffs is waiting for Trump's decision

On March 2, local time, U.S. Secretary of Commerce Howard Lutnick said that the United States would impose tariffs on Canada and Mexico on March 4. The tariff level could be lower than 25%, and US President Donald Trump will finalize the tariff level.

5. Zelensky returned home and released the latest video, saying that the bottom line that must be achieved and the red line that cannot be compromised will be submitted to the United States

In the early morning of March 3, local time, Ukrainian President Zelensky posted a video through social media saying that Ukraine needs peace, not endless war. That is why the Ukrainian side said that security guarantees are the key to achieving this goal. Zelensky said that in the near future, all people in Europe will form a common position - the bottom line that we must achieve and the red line that cannot be compromised. These positions will be presented to partners in the United States. Zelenskyy also called a solid and lasting peace and the right agreement on ending the conflict a real priority for Europe.

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