March 11 Macroeconomic Index:China's urban rail transit passenger traffic intensity is growing and new energy is developing, and the international political and economic situation is complex and changing

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Domestic News

1. Ministry of Transport: The average passenger intensity of the country's total operating mileage in February was 7,820 passengers per kilometer day, an increase of 7.0% month-on-month

2. The demand for computility has soared, and China's new energy has entered a new stage of leapfrogging development

3. The deposit interest rate of many large and medium-sized banks is inverted, and it is better to deposit for 5 years than for 1 year

4. Many places in China have seized the track of "embodied AI" and led the development of future industries

5. China Association of Automobile Manufacturers: Firmly supports the Chinese government's ruling on the anti-discrimination investigation of Canada's restrictive measures against China

 International News

1. Trump called the U.S. economy facing a "transition period" and avoided talking about a recession

2. Russia claimed to control many regions, and Ukraine stated it has struck Russian air defense systems

3. The U.S. Secretary of State will meet with the Ukrainian delegation in Saudi Arabia to assess Ukraine's willingness to make concessions to Russia

4. Canada's next Prime Minister: The government will maintain retaliatory tariff measures against the United States

5. Indonesia's sovereign wealth fund adjusts and consolidates state-owned assets with unprecedented efforts, and Policy concerns have caused stock market investors to flee in a panic

Domestic News

1. Ministry of Transport: The average passenger intensity of the country's total operating mileage in February was 7,820 passengers per kilometer day, an increase of 7.0% month-on-month

In February 2025, a total of 54 cities in 31 provinces (autonomous regions and municipalities directly under the central government) and the Xinjiang Production and Construction Corps opened 326 urban rail transit lines, with an operating mileage of 10,975.8 kilometers, 3.3 million trains, 2.40 billion passenger trips, and 1.44 billion station visits. In February, passenger traffic decreased by 80 million passengers month-on-month, or 3.2%, and increased by 350 million passengers, or 17.1%, year-on-year. In February, the average passenger intensity of the country's total operating mileage was 7,820 passengers per kilometer per day, an increase of 7.0% month-on-month and 12.8% year-on-year.

2. The demand for computility has soared, and China's new energy has entered a new stage of leapfrogging development

At this year's two sessions, future industries such as humanoid robots, low-altitude economy, and "artificial intelligence+" are hot topics for discussion. Since the beginning of this year, the demand for computility in domestic artificial intelligence and other fields has increased rapidly, and many private enterprises in Shaoguan, Guangdong Province are also increasing investment and layout of computing infrastructure to provide computing services for industries such as artificial intelligence models and film and television rendering. Shaoguan computility cluster is one of the eight major hubs of the country's eastern digital centers and western computility centers, with a total investment scale of more than 60 billion yuan, and the computility here will be directly served to all parts of the country through the Guangdong-Hong Kong-Macao Greater Bay Area in the future.

3. The deposit interest rate of many large and medium-sized banks is inverted, and it is better to deposit for 5 years than for 1 year

The interest rate inversion has spread to large and medium-sized domestic banks. Following the long-term and short-term inversion of the current deposit interest rates of a number of regional small banks, the reporter's recent investigation showed that domestic mainstream banks such as China Construction Bank, Industrial and Commercial Bank of China, China Merchants Bank, and China CITIC Bank have also inverted deposit interest rates.

4. Many places in China have seized the track of "embodied AI" and led the development of future industries

More than 20 cities in China have clearly developed embodied AI, among which Beijing, Shenzhen, Shanghai, Hangzhou and other cities lead the country with their technological and industrial advantages. As an important component of the future industry, embodied AI will drive innovation and development. Shenzhen has outstanding performance in the field of robot manufacturing, and Shanghai has built a heterogeneous humanoid robot training ground, planning to accelerate the implementation of technology. The government work report also emphasizes the importance of future industries such as quantum technology and 6G, and proposes for the first time to "establish a mechanism for the growth of future industrial investment" to ensure that these fields receive sufficient support.

5. China Association of Automobile Manufacturers: Firmly supports the Chinese government's ruling on the anti-discrimination investigation of Canada's restrictive measures against China

Since August last year, the Canadian government has enacted a series of trade restrictions on Chinese imports, including a 100% surcharge on electric vehicles imported from China. On March 8, the Ministry of Commerce issued the first ruling on an anti-discrimination investigation in Canada (MOFCOM Announcement No. 11 of 2025).

I will believe that the MOFCOM's ruling on the anti-discrimination investigation into Canada's restrictive measures against China is in line with WTO rules and is a normal measure to safeguard the development of the industry, and I will firmly support the decision on the announcement. The Canadian side violated WTO rules, blindly followed other countries, and adopted unilateral tariff measures, which undermined the security and stability of the global automotive industry chain and supply chain, hindered the normal economic and trade cooperation between China and Canada's automobile industry, and greatly damaged the interests of local consumers, including Canada. The China Association of Automobile Manufacturers strongly opposes this.

The development of China's electric vehicle and other industries is based on its own comparative advantages and is the result of open competition. China's electric vehicles are welcomed by global users, including Canadian consumers, and have also made great contributions to the global response to climate change and green transformation. I hope that the Chinese government will continue to strengthen exchanges and consultations with relevant Canadian counterparts, jointly safeguard the order of global economic and trade cooperation, and make positive contributions to the sustainable development of the global automotive industry and energy transition.

International News

1. Trump called the U.S. economy facing a "transition period" and avoided talking about a recession

On Fox News' Sunday Morning Futures, when asked if he expects a recession this year, U.S. President Donald Trump said, "I hate predicting things like that." It's a transition period because we're doing something really big. ”

2. Russia claimed to control many regions, and Ukraine stated it has struck Russian air defense systems

The Russian Ministry of Defense said on the 9th that the Russian army controlled a number of settlements in Kursk Oblast. The General Staff of the Armed Forces of Ukraine said that it was fighting with Russian troops in several places. According to the information released by the Russian Ministry of Defense on the 9th, the Russian army controls a number of settlements in Kursk Oblast. Russia Today TV released a video saying that the Russian army captured the American-made "Abrams" main battle tank in Kursk Oblast. Russian troops also control settlements in the Sumy and Donetsk regions.

3. The U.S. Secretary of State will meet with the Ukrainian delegation in Saudi Arabia to assess Ukraine's willingness to make concessions to Russia

On the 9th local time, two U.S. officials said that the U.S. side plans to meet with the Ukrainian delegation in Saudi Arabia on the 11th to assess whether Ukraine is willing to make substantive concessions to Russia to end the Russia-Ukraine conflict. In addition, a U.S. official said the U.S. delegation would also be watching for signs of serious improvement in relations with the Trump administration on the Ukrainian side.

4. Canada's next Prime Minister: The government will maintain retaliatory tariff measures against the United States

According to CCTV News, Canada's ruling Liberal Party announced on the 9th that Mark Carney was elected the Party's new leader by an overwhelming margin. Carney will succeed incumbent Prime Minister Justin Trudeau as Prime Minister of Canada and form a new cabinet. In his victory speech on the same day, Carney said that in the face of the threat of US President Donald Trump and a more divided and dangerous world, people are worried about Canada's future.

5. Indonesia's sovereign wealth fund adjusts and consolidates state-owned assets with unprecedented efforts, and Policy concerns have caused stock market investors to flee in a panic

In Indonesia's corporate governance, the unprecedented level of power seepage has raised concerns among investors about political influence and transparency in Southeast Asia's largest stock market. Indonesia's new sovereign wealth fund, Danantara – reporting directly to President Prabowo Subianto – announced last month that it would take over the management rights of seven state-owned enterprises. The sovereign fund's holdings include three of the country's largest banks, with total assets of more than $340 billion. Concerns over the deal led to the biggest drop in Indonesia's stock market in weeks, further weighing on the country's stock market, which is already one of the world's worst performers so far this year.

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