Everything You Need to Know About China's Economy on Monday (March 3)
Your Daily & Trustworthy Updates on the Chinese Economy
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Hope you had a great weekend! This is TIAN from Beijing.
Welcome to your Monday edition of Everything You Need to Know About China’s Economy.
DRIVING THE DAY, Chinese animated blockbuster "Ne Zha 2" has become the first non-Hollywood film to exceed 2 billion U.S. dollars in global earnings, including presales, according to data from ticketing platform Maoyan.
The milestone, reached as of Monday afternoon, comes just 33 days after its release on Jan. 29 during the Chinese New Year and 13 days after it surpassed Disney's 2024 film "Inside Out 2" to become the highest-grossing animated movie of all time worldwide.
This achievement adds to the film's growing list of records, including being the first to gross 1 billion U.S. dollars in a single market and the first non-Hollywood title to enter the billion-dollar club.
Directed by Yang Yu, known as Jiaozi, the sequel to the 2019 animated hit "Ne Zha" -- which grossed 5 billion yuan and topped the Chinese box office that year -- now ranks seventh on the all-time global box office charts, just behind Marvel's 2018 film "Avengers: Infinity War."
ALSO ON MONDAY, foreign ministry spokesperson Lin Jian said China will take all necessary measures to safeguard its legitimate interests, as Washington prepares to impose an additional 10 percent tariff on Chinese goods starting Tuesday.
Lin made the remarks at a regular press briefing when asked about a media report stating that China is formulating countermeasures against the proposed U.S. tariff, with U.S. agricultural and food products likely to be targeted.
China firmly opposes the U.S. threat to impose additional tariffs on Chinese products under the pretext of the fentanyl issue, Lin said.
The latest tariff threat from the United States follows a similar 10 percent tariff hike on Chinese goods in February. In response, China imposed additional tariffs on a range of U.S. goods, including imported coal, liquefied natural gas, crude oil, agricultural machinery, large-displacement automobiles and pickup trucks, starting from Feb. 10.
MEANWHILE, Chinese automaker BYD topped electric car sales in Israel in the first two months of 2025, according to figures issued by the Israel Vehicle Importers Association.
BYD, currently offering four electric models in Israel, sold 2,386 units in January-February.
Xpeng Motor, another Chinese EV manufacturer, took the second place, selling 1,592 units of the three models it offers in the country.
Coming third was the Chinese-owned automaker Lynk & Co, which sold 1,075 units in the same period.
Chinese brands made up 86.6 percent of Israel's electric car sales in January-February, with 9,530 units sold in total, as shown by the data.
IN TODAY'S FINANCIAL MARKET,
Chinese stocks closed mixed on Monday, with the benchmark Shanghai Composite Index down 0.12 percent to 3,316.93 points.
The Shenzhen Component Index closed 0.36 percent higher at 10,649.59 points.
The combined turnover of these two indices stood at about 1.62 trillion yuan (225.8 billion U.S. dollars), down from 1.91 trillion yuan the previous trading day.
Stocks related to solid-state battery and beauty care led the gains, while those in computing power and Chinese liquor suffered significant losses.
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 1.2 percent to close at 2,196.52 points.
China's benchmark interbank gold prices lower Monday
According to the China Foreign Exchange Trade System, the benchmark price for gold that is 99.95 percent pure or above stood at 671.30 yuan per gram, 4.94 yuan lower than the previous trading day.
The price for gold that is 99.99 percent pure or above was down 5.74 yuan from the previous trading day to 670.78 yuan.
Chinese yuan weakens to 7.1745 against USD Monday
The central parity rate of the Chinese currency renminbi, or the yuan, weakened 7 pips to 7.1745 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
Hong Kong's Hang Seng Index closes 0.28 pct higher
Hong Kong's stock market ended mixed on Monday with the benchmark Hang Seng Index up 0.28 percent to close at 23,006.27 points.
The Hang Seng China Enterprises Index climbed 0.03 percent to end at 8,419.69 points, and the Hang Seng Tech Index dipped 0.58 percent to close at 5,535.86 points.
AT THE END OF TODAY'S SHARING, LET'S TAKE A LOOK AT YOUR DAILY FUTURES:
Cotton futures closed lower Monday in daytime trading on the Zhengzhou Commodity Exchange (ZCE).
The most active cotton contract for May 2025 delivery lost 45 yuan (about 6.27 U.S. dollars) to close at 13,595 yuan per tonne.
On Monday, the total trading volume for six listed cotton futures contracts on the ZCE was 274,872 lots with a turnover of 18.74 billion yuan.
Sugar futures closed lower Monday in daytime trading on the Zhengzhou Commodity Exchange.
The most active sugar contract for May 2025 delivery lost 8 yuan (1.12 U.S. dollars) to close at 5,932 yuan per tonne.
On Monday, the total trading volume for six listed sugar futures contracts on the ZCE was 263,833 lots with a turnover of 15.56 billion yuan.
Iron ore futures closed lower on Monday in daytime trading at the Dalian Commodity Exchange (DCE).
The most active iron ore contract for May 2025 delivery dipped 22.5 yuan (about 3.14 U.S. dollars) to close at 779.5 yuan per tonne.
On Monday, the total trading volume of 12 listed iron ore futures contracts on the exchange was 736,067 lots, with a turnover of about 57.53 billion yuan.
No.1 soybean futures closed higher on Monday in daytime trading at the Dalian Commodity Exchange.
The most active No.1 soybean contract for May 2025 delivery gained 17 yuan (about 2.37 U.S. dollars) to close at 4,239 yuan per tonne.
On Monday, the total trading volume of six listed No.1 soybean futures contracts on the exchange was 410,876 lots, with a turnover of about 17.41 billion yuan.
China is the world's largest soybean importer.
About the Newsletter:
Ran by TIAN Dongdong, this newsletter features daily and trustworthy content on China's economy. Having worked in Brussels, London, Cairo, and Tripoli for Chinese media as correspondent for several years, TIAN is now based in Beijing.