Key Points on Trade and Economic Policies - The Chinese government strongly opposes the U.S. imposition of tariffs, viewing it as a violation of World Trade Organization rules and a threat to global economic stability [3] - Six Chinese trade associations have issued statements against the U.S. tariffs, supporting the government's countermeasures [3] - Following the announcement of the "disastrous" tariff policy, U.S. Treasury Secretary Bessent may be planning to resign due to his opposition to aggressive tariff increases [3] Key Points on Commodity Markets - The commodity market is experiencing significant downturns due to the U.S. government's tariff policies, with oil prices dropping over 8% and gold prices also declining [5] - The unexpected tariff policies have led to increased trade costs for non-U.S. countries, resulting in weakened global economic expectations and reduced commodity demand [5] Key Points on Macroeconomic Indicators - China's commodity price index for March was reported at 113.4 points, showing a month-on-month increase of 0.7% and a year-on-year increase of 1.3%, indicating a positive start to the year [7] - In the first quarter, China's offline consumption index grew by 14.2% year-on-year, with small commodity market activity increasing by 16.3% [8] Key Points on Domestic Stock Market - Gold-related ETFs have seen a surge in investment, with total assets exceeding 110.468 billion yuan and an average net asset growth rate of around 20% this year [10] - Several lithium companies reported significant losses for 2024, with Tianqi Lithium losing 7.905 billion yuan and Ganfeng Lithium losing 2.074 billion yuan, indicating ongoing challenges in the lithium market [10] - Over half of the listed securities firms have reported a reduction in IT personnel, with some major firms cutting over 200 positions, while others are increasing hiring [11] Key Points on Financial Sector Developments - Several small public fund companies have increased their registered capital, reflecting shareholder confidence in the long-term value of the industry [14] Key Points on Real Estate Market - In the first quarter, over 70% of the top 100 real estate companies saw a decline in market value, although there are signs of stabilization in the housing market [16] Key Points on Industry Developments - The State Grid Corporation reported a 27.7% year-on-year increase in investment by the end of March, marking a historical high for the first quarter [18] - The AI open-source community Hugging Face has ranked Alibaba's Qwen2.5-Omni model at the top, indicating advancements in AI technology [18] - The brain-computer interface technology is making significant progress in the medical field, with clinical validation of the "North Brain No. 1" system underway [18] Key Points on International Trade and Tariffs - The U.S. government has officially implemented a 10% baseline tariff on most imported goods [22] - The new tariffs, particularly a 25% tariff on imported cars, have raised concerns in Germany, which heavily relies on exports to the U.S. [22] - The new tariff policies are expected to increase costs for various industries in the U.S., ultimately affecting consumers [22] Key Points on International Stock Market Reactions - Nintendo has postponed the pre-order of its Switch 2 in the U.S. due to the potential impact of the new tariffs [26] - Jaguar Land Rover has suspended exports to the U.S. in response to the new tariff measures [26] Key Points on Commodity Prices - Global trade tensions have led to a sell-off in gold, with prices adjusting downwards despite a year-to-date increase of over 15% [28] - The price of palm oil exports from Malaysia has decreased by 6.44% in early April [30]

中国政府关于反对美国滥施关税的立场 责编：罗晓霞 排版：刘珺宇 （2025年4月5日） 近期，美国以各种借口宣布对包括中国在内的所有贸易伙伴滥施关税，严重侵犯各国正当权益，严重违反 世界贸易组织规则，严重损害以规则为基础的多边贸易体制，严重冲击全球经济秩序稳定，中国政府对此 强烈谴责，坚决反对。 美国有关做法违背基本经济规律和市场原则，罔顾多边贸易谈判达成的利益平衡结果，无视美国长期从国 际贸易中大量获利的事实，将关税作为实施极限施压、谋取私利的武器，这是典型的单边主义、保护主义 和经济霸凌行径。美国打着所谓追求"对等""公平"的旗号搞零和博弈，本质上是追求"美国优先""美国特 殊"，是以关税手段颠覆现有国际经贸秩序，以美国利益凌驾于国际社会公利，以牺牲全世界各国的正当 利益服务美国的霸权利益，必然遭到国际社会普遍反对。 中国是文明古国，礼仪之邦。中国人民崇尚以诚待人、以信为本。我们不惹事，也不怕事，施压和威胁不 是同中方打交道的正确方式。中国已经并将继续采取坚决措施，维护自身主权安全发展利益。中美经贸关 系的本质应是互利共赢。美国应顺应两国和世界人民的共同期待，从维护两国根本利益出发，停止以关税 为武器对华 ...

Core Points - The issuance of RMB green sovereign bonds in London is a significant step for China in promoting green transformation and sustainable development, aligning with the characteristics of Chinese modernization [3] - The event highlights China's commitment to opening up and sharing development opportunities with the world, emphasizing the importance of international cooperation [3] - There is substantial potential for cooperation between China and the UK in clean energy development, green transformation, and climate change response [4] Group 1 - The RMB green sovereign bond issuance is a key initiative reflecting the outcomes of the 11th China-UK Economic and Financial Dialogue [3] - China aims to enhance practical cooperation with the UK across various sectors, inviting participation in high-quality development [3] - The Chinese government opposes the US's imposition of high tariffs on Chinese products, viewing it as a violation of WTO rules and detrimental to the multilateral trade system [4] Group 2 - The Chinese ambassador emphasized the need for mutual respect and non-interference in internal affairs as foundational principles for China-UK cooperation [4] - The call for strengthened international collaboration against unilateralism and protectionism is crucial for maintaining global trade stability [4]

Group 1: Market Reaction - The U.S. stock market experienced a significant decline following the announcement of the "reciprocal tariffs" by President Trump, with all three major indices hitting their largest single-day drops in five years [2][4] - The Dow Index fell by 1,679.39 points, a decrease of 3.98%, marking its largest single-day drop since June 2020 [3][4] - The S&P 500 Index dropped by 1,050.44 points, down 4.84%, also the largest single-day decline since June 2020 [3][4] - The NASDAQ Index saw a decline of 5.97%, the largest drop since March 2020 [3][4] - Approximately $3.1 trillion in market value was wiped out in a single day, the largest loss since March 2020 [5] Group 2: Individual Stock Performance - Major companies faced severe stock price declines, with Apple Inc. down 9.25%, Meta Platforms Inc. down 8.96%, and Nike Inc. down 14.44% [6] - NVIDIA Corp. saw a decrease of 7.81%, while Tesla Inc. dropped by 5.47% [6] Group 3: Commodity Market Impact - Oil prices fell sharply, with WTI crude oil futures dropping over 7%, reaching their lowest level in three years [7] - Gold prices also experienced a decline, with COMEX gold down 0.89% on April 3, although it later recovered slightly [10] - Silver prices saw a significant drop of 7.86% on the same day [10] Group 4: European Market Response - European stock markets reacted negatively, with the FTSE 100 Index down over 1.5%, the CAC Index down over 3.3%, and the DAX Index down over 3% [10] - The European Union plans to implement countermeasures against the U.S. tariffs, with a vote scheduled for April 9 regarding a 25% tariff on steel and aluminum [12]

德国工商大会外贸主管沃尔克·特赖尔表示："华盛顿不断增加的贸易壁垒和保护主义信号，给我们的企 业带来了相当大的担忧。" 【环球时报驻德国特约记者 青木】据德国《商报》30日报道，德国工商大会（DIHK）对约2600家在海 外开展业务的德国企业进行了调查。结果显示，大多数企业认为全球贸易壁垒正在增加，美国的情况尤 其引人注目——它曾被德国企业视为"希望的灯塔"，但现在却越来越被视为"问题地区"。 调查报告显示，每两家在海外发展业务的德国企业中，就有一家以上（58%）报告称在过去12个月中遇 到了额外的贸易壁垒。分别有59%和45%的受访企业认为，本地认证要求和加强版本的安全法规使企业 规划变得复杂并额外增加成本。此外，制裁、不透明的立法、更高的关税和对本地化程度的要求，也是 受访企业频繁提到的问题。 在美国市场的德国企业处境变得更为艰难。调查报告显示，70%的公司表示，预计美国总统特朗普的关 税政策将产生负面影响。有一半企业认为美国提高关税是一种负担，而去年这一数字为24%。 调查报告称，美国贸易政策引发的不确定性正在蔓延至全球各个地区。"今年全球的商业前景仍然不容 乐观。巨大的不确定性正在减缓刚刚起步的复苏步 ...

Core Viewpoint - The article discusses the implications of the U.S. imposing a 25% tariff on all imported cars and the broader context of U.S.-China trade relations, emphasizing that such actions do not benefit any country and violate WTO rules [1][3]. Group 1: U.S. Tariffs and Trade Relations - The Chinese Foreign Ministry stated that the trade war and tariff battles have no winners, and the U.S. approach undermines multilateral trade systems and the common interests of nations [1]. - The Chinese Ministry of Commerce announced that China has filed a complaint against the U.S. tariffs through the WTO dispute resolution mechanism, highlighting the unilateral and protectionist nature of the U.S. actions [3]. - The Ministry of Commerce reiterated China's consistent opposition to unilateral tariffs imposed by the U.S. and expressed a willingness to engage in sincere dialogue based on mutual respect and equality [4]. Group 2: Foreign Investment in China - Recent meetings between Chinese officials and executives from over 20 multinational companies, including Apple and Airbus, indicate a strong interest in investing in China, driven by the country's large market and robust supply chain [5][6]. - Multinational companies expressed optimism about China's economic prospects and market potential, emphasizing the stability and certainty that China offers for business growth [6]. - The Ministry of Commerce plans to maintain regular communication with foreign enterprises and enhance the business environment to attract continued investment [6].

商务部部长王文涛3月6日在十四届全国人大三次会议经济主题记者会上发言，回应中美贸易战是否会 升级。 王文涛表示，芬太尼问题，美方必须尊重事实，首先自身要采取积极行动，不能指向中国，甩锅推责。如 果以这个为由对华加征关税更是混淆是非、颠倒黑白。贸易战没有赢家，保护主义没有出路。 王文涛表示，美方单边主义和霸权主义逆潮流而动，引起国际社会广泛担忧和普遍反馈，中国的传统教育 是敬人者，人也敬之，不敬人者，当以其人之道，还治其人之身。胁迫、要挟，对中国行不通，也吓不到 中国。如果美方在错误的道路上越行越远，我们将奉陪到底。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 刚刚，吴清发声！ 丨 潘功胜：择机降准降息！与证监会探索常态化制度安排！ 丨 5000亿元！ 10.34万亿元！刚刚，财政部发声："持续用力、更加给力"！ 丨 重磅！郑栅洁：将设立国家创业投资 引导基金！ 丨 一夜封神？国产AI智能体，刷屏！ 丨 涉及A股！重大调整，两周后生效 丨 今日，大 涨 ...

Core Viewpoint - The Chinese government aims to maintain a GDP growth target of around 5% for 2025, continuing a three-year trend, while expanding fiscal spending to support economic growth amid external pressures such as tariffs from the U.S. [1][2] Fiscal Policy - The government plans to increase the deficit ratio to approximately 4.0%, up from the 3.0% set for 2024, and will issue 500 billion yuan in government bonds to inject capital into state-owned banks to mitigate financial risks from a sluggish real estate market [1][2] - Special government bonds will be issued, with a total of 1.3 trillion yuan in ultra-long-term bonds (over 10 years), an increase of 300 billion yuan compared to 2024 [1] Local Government Financing - The issuance quota for local government special bonds will be expanded to 4.4 trillion yuan for 2025, an increase of 500 billion yuan from the previous year, focusing on investments in construction, land acquisition, and addressing overdue payments to enterprises [2] Monetary Policy - The government plans to adopt a moderately loose monetary policy to support economic growth, indicating potential reductions in reserve requirements and policy interest rates at appropriate times [2] Employment and Inflation - The target for urban surveyed unemployment is set at around 5.5%, with a goal of creating over 12 million new urban jobs, consistent with the previous year's targets [2] - The consumer price index (CPI) growth target is set at around 2%, lower than the 3% target for 2024, reflecting increasing deflationary pressures due to insufficient domestic demand [2] Social Services - The government intends to enhance support for healthcare, elderly care, and childcare services to improve consumer confidence amid structural issues like population decline [2] Foreign Policy - The government opposes unilateralism and protectionism, particularly targeting U.S. tariff policies, and has announced additional tariffs on U.S. imports as a countermeasure [3]

据中国驻美国大使馆网站3月1日消息，2025年2月28日，中国驻美国大使谢锋应邀以视频方式在"杜克—北 卡中国领导力峰会"发表致辞。 谢锋指出，去年中美贸易额超过6800亿美元，7.3万家美企在华投资兴业，中国是包括北卡在内美国32个 州的前三大出口市场。中美之间的广泛共同利益和广阔合作空间明明白白就在那里，"脱钩断链"伤筋动 骨，贸易战关税战损人更伤己。中国早在2019年就在全球率先正式整类列管芬太尼类物质，近年来中美禁 毒合作取得的进展有目共睹，以芬太尼为借口挥舞"关税大棒"只会适得其反。哥伦比亚广播公司最新民调 显示，3/4美国受访者认为加征关税将进一步推高物价。两国人民对美好生活的向往不可阻挡，双方应把 握中美关系互利共赢的本质，办成更多有利于两国和世界的大事。 谢锋指出，面对全球性挑战层出不穷，热点问题此起彼伏，中美作为安理会常任理事国应该承担大国责 任、履行大国义务，维护和平、推动发展、倡导合作，向霸道霸凌、单边主义、保护主义说不。面对新一 轮科技革命和产业变革，需要的不是科技封锁，而是为人类进步深度求索。人工智能等高新技术可能打 开"潘多拉的盒子"，任由各国无序竞争，"灰犀牛"就在眼前。去年中美 ...