March 7 Macroeconomic Index:China's two sessions proposed measures to stabilize growth and reform, while the world faces trade and climate challenges

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Domestic News

1. Director of the National Development and Reform Commission: There is a foundation, support and guarantee to achieve the growth target of about 5% this year

2. Pan Gongsheng: This year, we will find the opportunity to cut the RRR and interest rates according to the domestic and foreign economic and financial situation and the financial market situation

3. The effect of the property market to stop falling and stabilize may gradually appear, and the valuation of the industry may rise

4. In February, China's e-commerce logistics index was announced, and the e-commerce logistics market resumed a stable development trend after the holiday

5. Over 56.7 million households! The number of private enterprises in China is growing rapidly

 International News

1. Goldman Sachs expects the shift in fiscal stance to drive the German economy to pick up, and the European Central Bank is expected to cut interest rates less often

2. Germany does not intend to resume gas imports from Russia

3. U.S. retailers: Trump's tariff war 'will only hurt hard-working Americans'

4. Under the threat of U.S. tariffs, the Mexican President made a tough statement: we will never give in and will find another trading partner

5. EU climate agency: Global sea ice cover is at an all-time low

Domestic News

1. Director of the National Development and Reform Commission: There is a foundation, support and guarantee to achieve the growth target of about 5% this year

Zheng Shanjie, Director of the National Development and Reform Commission, said at a press conference on the economic theme of the Third Session of the 14 thNational People's Congress on 6 March that the expected economic growth target of about 5 percent this year was put forward steadily and prudently by the CPC Central Committee and the State Council after comprehensive research and judgment, scientific demonstration, and systematic balance. Comprehensive analysis, our system has advantages, the market has potential, the enterprise has vitality, and more importantly, we have the courage to face risks and challenges, and have the confidence to solve problems, and we are full of confidence in achieving the goal of about 5% this year.

2. Pan Gongsheng: This year, we will find the opportunity to cut the RRR and interest rates according to the domestic and foreign economic and financial situation and the financial market situation

Pan Gongsheng, governor of the People's Bank of China, said at the press conference on the economic theme of the third session of the 14 th National People's Congress that since last year, the countercyclical adjustment effect of monetary policy has been relatively obvious, and the monetary policy orientation is a description of the state. This year, according to the domestic and foreign economic and financial situation and the situation of the financial market, we will take the opportunity to cut the reserve requirement ratio and cut interest rates, and the current deposit reserve ratio still has room to fall.

3. The effect of the property market to stop falling and stabilize may gradually appear, and the valuation of the industry may rise

According to the research report of CGS, the 2025 government work report proposes to "stabilize the property market" and "continue to promote the real estate market to stop falling and stabilize", and elaborate on the key work direction from the aspects of demand release, supply control, stock revitalization, financing support, and new development models; Combined with the arrangement of local government special bonds, CGS believes that the revitalization of existing land and the acquisition and storage of commercial housing are expected to continue to advance in 2025. Under the strong promotion of policies, the effect of stopping the decline and stabilizing the property market may gradually appear, and the valuation of the industry may rise. The leading real estate companies have financial advantages in showing excellent operation and management capabilities, and their market share is expected to further rise.

4. In February, China's e-commerce logistics index was announced, and the e-commerce logistics market resumed a stable development trend after the holiday

The China Federation of Logistics and Purchasing announced the China E-commerce Logistics Index for February. Affected by the holiday in early February, the index fell month-on-month, but the decline was significantly narrower. After the Spring Festival holiday, the e-commerce logistics market returned to a stable development trend, and the total business volume index was higher than the same period last year. China's e-commerce logistics index was 108.9 points in February, down 0.3 points from the previous month. From the perspective of the supply side, the indices remained stable overall, and the inventory turnover rate and actual load rate index stopped falling and rebounded, both rising by 0.4 points month-on-month, showing that with the end of the Spring Festival holiday, e-commerce logistics enterprises have returned to work one after another, and the inventory turnover rate of enterprises is accelerating.

5. Over 56.7 million households! The number of private enterprises in China is growing rapidly

According to the State Administration for Market Regulation, as of the end of January 2025, the number of private enterprises in China is 56.707 million, which is 5.2 times the number of private enterprises in 2012. Among the national high-tech enterprises, the number of private enterprises has increased from 28,000 in 2012 to more than 420,000, accounting for more than 92% of the total.

International News

1. Goldman Sachs expects the shift in fiscal stance to drive the German economy to pick up, and the European Central Bank is expected to cut interest rates less often

Goldman Sachs expects Germany's economy to pick up and have spillover effects on its neighbors against the backdrop of Germany's planned increase in defense spending, pushing other countries in the eurozone to increase military spending as well. Goldman Sachs no longer expects the ECB to cut interest rates at its July meeting as economic growth is expected to be boosted. Given the current sluggish growth, progress in declining inflation and downside risks from the trade dispute, the bank still expects the ECB to cut rates by 25 basis points in April and June.

2. Germany does not intend to resume gas imports from Russia

According to a TASS report on March 6 local time, German federal government spokesman Heberstreiter said that Germany does not plan to resume natural gas imports from Russia. According to Heberstreit, Germany is not dependent on Russia for gas and does not intend to rely on it again. He also noted that the Nord Stream 2 gas pipeline has not yet been certified.

3. U.S. retailers: Trump's tariff war 'will only hurt hard-working Americans'

A number of retail giants in the United States have recently said that due to the impact of the US government's tariffs on Canada and Mexico, American consumers may face a sharp rise in commodity prices, and the direct impact will appear "as soon as a few days". Cornell, CEO of Target, a well-known retailer in the United States, said on the 4th on the American Consumer News and Business Channel program that Target relies on imports from Mexico in many categories of goods, especially in winter. He revealed that Target could raise the prices of commodities such as fruits and vegetables as soon as this week. Corey Barry, chief executive of retailer Best Buy, said that the imposition of "such broad tariffs" by the United States would certainly affect the retail industry. He expects that some of the tariffs will translate directly into costs for consumers and increase the burden on American households. Doug McMillien, chief executive of retail giant Walmart, previously said in a speech at the Chicago Economic Club that persistently high prices in the United States were already causing pain for many consumers and that the new tariffs "will only make things worse."

4. Under the threat of U.S. tariffs, the Mexican President made a tough statement: we will never give in and will find another trading partner

On March 5, local time, Mexican President Sheinbaum said that Mexico is at a "critical moment", and the issue of US tariffs will affect Mexico's future, and Mexico will not give in. She also said that if necessary, Mexico will look for other trading partners to defend national sovereignty and protect the interests of Mexican people and businesses.

5. EU climate agency: Global sea ice cover is at an all-time low

The Copernicus Climate Change Service, the European Union's climate monitoring agency, reported on March 6 that global sea ice cover fell to a record low in early February, and February was also the third warmest February on record.

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