March 6 Macroeconomic Index:"Focus on the Two Sessions: China's government work report proposes a number of new measures to promote economic development; the international situation is tense and the issue of China-US tariffs has attracted much attention"

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Domestic News

1. Focus on the National Two Sessions | Government Work Report

2. Research Office of the State Council: The "Special Action to Boost Consumption" will be implemented, and supporting programs and policies will be introduced as soon as possible

3. Director of the State Administration of Financial Regulation: Make great efforts to solve the financing problems of private and small and micro enterprises

4. What are the considerations for setting the expected target of CPI growth at about 2% this year? Interpretation of the Research Office of the State Council

5. Preview: The Third Session of the 14th National People's Congress will hold a press conference on economic themes at 3 p.m. on March 6

 International News

1. Trump: "Reciprocal tariff" will be launched globally from April 2

2. U.S. President Donald Trump delivered a speech at a joint session of Congress to elaborate on his policy plan

3. The United States and Ukraine were revealed to have reached a consensus on the mineral agreement, and it is unclear whether the content of the agreement has changed

4. Russia claimed to have hit Ukraine's ammunition depot, and Ukraine announced that it has shot down a number of Russian drones

5. U.S. and Canadian officials hold talks on possible tariff lifting

Domestic News

1. Focus on the National Two Sessions | Government Work Report

Third Session of the 14th National People's Congress opened in the Great Hall of the People on the morning of the 5th, Xi Jinping and other Party and State Leaders attended the opening meeting, and Premier Li Qiang of the State Council made a government work report to the conference. Quick reading of key points:

1. Review of work in 2024

GDP growth of 5%; Grain output jumped to a new level of 1.4 trillion jin for the first time, 12.56 million new jobs were created in urban areas, and the annual output of new energy vehicles exceeded 13 million.

2. Main expected goals for this year

GDP growth of around 5%; More than 12 million new jobs should be created in urban areas; consumer prices rise by about 2%; The grain output is about 1.4 trillion jin, and the energy consumption per unit of GDP is reduced by about 3%.

3. Some key tasks this year

Finance: The deficit rate is planned to be arranged at about 4%, and the deficit scale will increase by 1.6 trillion yuan over the previous year

Government investment: It is planned to arrange 4.4 trillion yuan of local government special bonds, an increase of 500 billion yuan over the previous year. The total scale of new government debt is 11.86 trillion yuan, an increase of 2.9 trillion yuan over the previous year

Special Treasury Bonds: It is planned to issue 1.3 trillion yuan of ultra-long-term special treasury bonds, an increase of 300 billion yuan over the previous year. It is planned to issue 500 billion yuan of special treasury bonds

Consumption: Implement special actions to boost consumption. Arrange 300 billion yuan of ultra-long-term special treasury bonds to support the trade-in of consumer goods

New quality productive forces: Promote the safe and healthy development of emerging industries such as commercial aerospace and low-altitude economy. Cultivating future industries such as bio-manufacturing, quantum technology, embodied intelligence, and 6G. Accelerate the digital transformation of manufacturing. Vigorously develop a new generation of intelligent terminals and intelligent manufacturing equipment such as intelligent networked new energy vehicles, AI enabled phones and computers, and intelligent robots

Education: Expand the supply of places at the high school level and gradually introduce free pre-school education

Market environment: Implement a long-term mechanism to solve the problem of arrears of enterprises. Carry out special actions to regulate law enforcement involving enterprises

Opening-up: Promote the orderly opening up of the Internet, culture and other fields, and expand the opening up of pilot projects in the fields of telecommunications, medical care, and education

Housing: Continue to push the real estate market to stop falling and stabilize. Efforts were made to renovate urban villages and dilapidated houses. Promote the acquisition of existing commercial housing. Continue to do a good job in ensuring the delivery of housing

Rural revitalization: In-depth implementation of seed industry revitalization actions. Start the inter-provincial horizontal interest compensation in the grain production and marketing areas under the overall planning of the central government, and increase support for large grain-producing counties. Broaden the channels for increasing peasants' income

Urbanization: Promote the inclusion of eligible rural migrants in the housing security system. Continue to promote urban renewal and the transformation of old urban communities

Ecology: Improve the incentive mechanism for green consumption, and promote the formation of green and low-carbon production methods and lifestyles

Employment: Broaden the channels for employment and entrepreneurship of young people such as college graduates. Strengthen the protection of the rights and interests of workers in flexible employment and new forms of employment. Improve the level of treatment of skilled personnel

Medical and health care: Optimize the policy of centralized drug procurement, and strengthen quality assessment and supervision. The per capita financial subsidy standards for residents' medical insurance and basic public health services will be increased by 30 yuan and 5 yuan respectively

Social security: The minimum standard of basic pension for urban and rural residents will be increased by 20 yuan. Policies to promote childbirth have been formulated and childcare subsidies have been issued.

2. Research Office of the State Council: The "Special Action to Boost Consumption" will be implemented, and supporting programs and policies will be introduced as soon as possible

On the key issues that need to be solved to promote consumption, Shen Danyang, head of the drafting group of the "Government Work Report" and Director of the Research Office of the State Council, mentioned that first, it is necessary to solve the problem of insufficient consumption capacity; second, to solve the problem of insufficient supply of high-quality products; Third, it is necessary to solve the problem of further improvement of the consumption environment. Therefore, this year, on the basis of the expansion of the old consumer goods trade-in, we should highlight the "three forces" and implement "one action" in the process of boosting consumption or promoting consumption.

3. Director of the State Administration of Financial Regulation: Make great efforts to solve the financing problems of private and small and micro enterprises

In terms of supporting the development of small and micro enterprises, Li Yunze said that last year he had guided the districts and counties to set up special classes to carry out in-depth visits to thousands of enterprises and households, and was committed to breaking through the blocking points and stuck points of financing, since October last year, the special class has visited more than 50 million households, with a total credit of more than 10 trillion yuan, and initially achieved the goal of reaching the grassroots, fast and convenient, and with appropriate interest rates. At present, China's private enterprises account for more than 92% of the total number of enterprises, accounting for a higher proportion of small and micro enterprises. Therefore, it can be said that supporting small and micro enterprises is supporting private enterprises.

4. What are the considerations for setting the expected target of CPI growth at about 2% this year? Interpretation of the Research Office of the State Council

Chen Changsheng, a member of the drafting group of the "Government Work Report" and Deputy Director of the Research Office of the State Council, said that this year's government work report adjusted the price target to 2%, which is different from previous years, and sends a more positive and distinct policy signal behind it. The main consideration is that the current downward pressure on prices in China is greater than the upward pressure. The goal is to send a signal to the whole society that we should strive to promote a moderate recovery in prices through various policies, not only to ensure basic livelihoods, but also to boost market expectations, increase business investment, create more jobs and income opportunities for the people, and promote the circulation of the national economy.

5. Preview: The Third Session of the 14th National People's Congress will hold a press conference on economic themes at 3 p.m. on March 6

The Third Session of the 14th National People's Congress will hold a press conference at 3 p.m. on March 6, 2025 (Thursday) at the press conference hall of the Media Center, inviting Zheng Zhajie, Chairman of the National Development and Reform Commission, Lan Foan, Minister of Finance, Wang Wentao, Minister of Commerce, Pan Gongsheng, Governor of the People's Bank of China, and Wu Qing, Chairman of the China Securities Regulatory Commission, to answer questions from Chinese and foreign journalists on development and reform, fiscal budget, commerce, finance and securities.

International News

1. Trump: "Reciprocal tariff" will be launched globally from April 2

On March 4, local time, U.S. President Trump reiterated in a speech at a joint session of Congress that reciprocal tariffs would begin on April 2. Tariffs on agricultural products will also come into effect on April 2. Trump said that other countries have been imposing tariffs on the United States for decades, and now it is the turn of the United States to start imposing tariffs on other countries. Trump also said the tariffs would be "a little bit of disruption," but acceptable.

2. U.S. President Donald Trump delivered a speech at a joint session of Congress to elaborate on his policy plan

At about 21 o'clock local time on March 4, U.S. President Trump delivered a speech at a joint session of Congress, elaborating on his comprehensive domestic and foreign policy plans. White House officials revealed that Trump's joint speech, titled "The American Dream Reappears," consisted of four parts: Trump's achievements at home and abroad during his second term, the Trump administration's contributions to the economy, Trump's renewed urging of Congress to pass additional border security funding, and Trump's global peace plan.

3. The United States and Ukraine were revealed to have reached a consensus on the mineral agreement, and it is unclear whether the content of the agreement has changed

According to four sources, the Trump administration has reached a consensus with Ukraine on the signing of a mineral agreement. Trump hopes to make the announcement in his first joint congressional speech after returning to the White House at 21 o'clock EST on March 4 (10 a.m. Beijing time on March 5). It is unclear whether there has been a substantial change in the content of the agreement.

4. Russia claimed to have hit Ukraine's ammunition depot, and Ukraine announced that it has shot down a number of Russian drones

The Russian Ministry of Defense issued a war report on the 4th local time, saying that the Russian army struck targets such as Ukrainian military airport infrastructure, ammunition depots, and electronic warfare base stations on the same day. The Russian air defense forces intercepted 1 aerial bomb and nearly 100 drones of the Ukrainian army. In addition, the Russian army also continues to strike Ukrainian targets in the Kursk region of Russia.

5. U.S. and Canadian officials hold talks on possible tariff lifting

On the 4th local time, U.S. and Canadian officials held talks on the possible cancellation of tariffs, and relevant agreements may be reached as early as the 5th. According to people familiar with the matter, U.S. and Canadian officials kept in touch throughout the 4th, and U.S. President Trump and Canadian Prime Minister Justin Trudeau may hold a dialogue on the tariff issue on the 5th.

Domestic Macro Economy Index