★Macro★
01 ★★★ 【Ministry of Commerce on China-EU Auto Negotiations: China Willing to Resolve Trade Frictions Through Dialogue and Consultation】
The Ministry of Commerce held a regular press conference on the afternoon of April 24. Reporter: China and the EU previously agreed to immediately launch negotiations on EV price commitments and discuss investment cooperation in the auto industry. Can the Ministry of Commerce provide an update on the current status of the negotiations? Ministry of Commerce spokesperson He Yadong: Since the video meeting between Minister Wang Wentao and EU Trade and Economic Security Commissioner Šefčovič on April 8, the technical teams from both sides have maintained close communication on EV price commitments and trade investment cooperation, and are accelerating the negotiation process. China is willing to work with the EU to properly handle trade frictions through dialogue and consultation, deepen bilateral practical cooperation, and inject more certainty and positive energy into the economies of China, the EU, and the world.
02 ★★★ 【PBOC Governor Pan Gongsheng: China Will Adhere to Opening Up, Firmly Support Free Trade Rules and Multilateral Trade System, Promote Inclusive Economic Globalization, and Safeguard Global Economic and Financial Stability】
People's Bank of China Governor Pan Gongsheng stated on April 23 at the G20 Finance Ministers and Central Bank Governors Meeting in Washington, D.C., that the current global economy is full of uncertainty, with economic fragmentation and trade tensions intensifying, disrupting global industrial and supply chains, triggering financial market turbulence, and weakening global economic momentum. All parties should strengthen cooperation to avoid the global economy sliding into a "high-friction, low-trust" trajectory. Trade wars and tariff wars have no winners, and unilateralism and protectionism are not viable, as they do not serve the interests of any party. China will adhere to opening up, firmly support free trade rules and the multilateral trade system, promote inclusive economic globalization, and safeguard global economic and financial stability.
03 ★★★ 【Are China and the US Negotiating on Tariffs or Even Reaching an Agreement? Foreign Ministry: All Fake News】
The Ministry of Foreign Affairs held a regular press conference on the afternoon of April 24. Reporter: Recently, there have been continuous reports from the US side that China and the US are negotiating and may even reach an agreement. Can you confirm whether the two sides have started negotiations? Ministry of Foreign Affairs spokesperson Guo Jiakun: These are all fake news. To my knowledge, China and the US have not engaged in consultations or negotiations on tariff issues, let alone reached an agreement. This tariff war was initiated by the US side, and China's stance has been consistent and clear. If they want to fight, we will accompany them to the end; if they want to talk, our door is open, but dialogue and negotiations must be based on equality, respect, and mutual benefit.
★Industry and Downstream★
01 ★★★ 【Shanghai Personal Housing Loan Demand Rebounds, Growth Rate Rises for Six Consecutive Months】
The latest data disclosed by the Shanghai Head Office of the People's Bank of China shows that as of the end of March, the balance of household loans in Shanghai increased by 13.6% YoY, 9.1 percentage points higher than the same period last year. Among them, personal housing loan demand rebounded, with the balance increasing by 6% YoY, marking six consecutive months of growth since turning positive in October last year. In terms of financing costs, the weighted average interest rate for newly issued corporate loans in Shanghai in March was 2.85%, down 38 basis points YoY and 4 basis points MoM, remaining at a historically low level. The weighted average interest rate for small and micro enterprise loans was 3.16%, down 34 basis points YoY.
02 ★★★ 【China Plans to Build and Renovate 100,000 Kilometers of Rural Roads This Year】
Today, the Ministry of Transport held a press conference. Tao Hanxiang, Deputy Director of the Highway Bureau, stated that this year, the Ministry of Transport will continue to make efforts to implement a new round of rural road improvement actions and accelerate the modernization of the rural transportation system. Strengthen daily management and maintenance, accelerate the renovation of old and substandard road sections, and implement 100,000 kilometers of restorative maintenance projects throughout the year to ensure stable road conditions. Encourage local governments to utilize idle roadside resources along rural roads to improve facilities such as rest stops, parking areas, and viewing platforms, further expanding services like parking and battery swapping.
03 ★★ 【Shanghai: Continue to Organize Auto Consumption Carnival, Various Consumption Promotion Activities to Be Held】
Liu Min, Deputy Director of the Shanghai Municipal Commission of Commerce, stated at a press conference on April 24 that Shanghai will continue to organize the Auto Consumption Carnival, with a number of brand dealers and companies launching various consumption promotion activities. At the same time, further implement the national vehicle scrappage and renewal policy and Shanghai's vehicle replacement policy to promote the development of the auto consumer market. Liu Min introduced that since the beginning of this year, multiple brands have launched new models. The 2025 Shanghai International Auto Show, held from April 23 to May 2, will feature over 100 global debut models, covering the latest offerings from luxury brands, domestic brands, and NEV manufacturers. Taking the launch of new models as an opportunity, various districts in Shanghai will carry out diverse auto consumption promotion activities during the Shanghai International Auto Show and the "Double Five Shopping Festival."
★Other Hot Topics★
⭕On April 22, the European Commission issued an announcement, making an affirmative preliminary anti-dumping ruling on steel track shoes originating from China.
⭕DCE released adjustment measures for the 2025 Labor Day holiday, effective from the settlement time on April 29: iron ore price limit fluctuation range 10%, margin 12%; coke price limit fluctuation range 9%, margin unchanged; coking coal price limit fluctuation range 9%, margin 13%, etc.
⭕Recently, the 250,000 mt/year hot-dip galvanized steel pipe project in Fangchenggang City officially started construction and has entered the construction phase. Equipment will be delivered to the factory on May 1, and the first phase of the project will be completed and put into operation in June. After full production, the annual output value is expected to reach 1 billion yuan.
⭕Inner Mongolia Jingjiu Stainless Steel Co., Ltd. is constructing a 100,000 mt/year stainless steel cold-rolled strip project with an investment of 120 million yuan. The project started construction on April 2 and is expected to be completed by the end of June.
⭕Dayou Energy announced that the Gengcun Coal Mine has fully resumed production, with an annual approved capacity of 3.6 million mt/year, accounting for 23.53% of the company's total approved capacity.
⭕As of April 24, nine listed aluminum companies announced their Q1 2025 performance, with all nine companies achieving profitability. Tianshan Aluminum ranked first with a net profit of 1.058 billion yuan.
⭕Ministry of Transport: In Q1, transportation fixed asset investment reached 675.2 billion yuan, maintaining a high level overall. China plans to build and renovate 100,000 kilometers of rural roads this year.
⭕Shanghai launched a vehicle replacement subsidy: individuals purchasing new energy passenger vehicles priced at 100,000 yuan or more and transferring vehicles registered in other provinces and cities can receive a subsidy of 15,000 yuan; those purchasing new National VI b internal combustion engine vehicles and meeting the conditions can receive a subsidy of 13,000 yuan. All must complete the transfer of old vehicles within the specified period, valid until December 31, 2025.
