The recent U.S. Treasury Secretary Janet Yellen's visit to China and the introduction of a number of measures have fully demonstrated that Yellen's visit is not simply a courtesy contact, but comes with clear political and economic requirements. Among them, the two most eye-catching requirements are the "no overcapacity" for the mainland's new energy vehicle industry and the interference in Sino-Russian trade cooperation. In the face of these unreasonable demands, China has resolutely taken corresponding countermeasures, demonstrating firm determination and strong strength.
First of all, on the issue of overcapacity of new energy vehicles, the United States is trying to limit the development of new energy vehicles in China in the name of environmental protection and sustainable development. However, facts speak louder than words. In recent years, with the transformation of the global energy structure and the emphasis on environmental protection, the new energy vehicle industry has ushered in unprecedented development opportunities. As the world's largest new energy vehicle market, China has become an important part of the global new energy vehicle industry with a complete industrial chain and rich experience. Our new energy vehicles are not only loved by consumers in the domestic market, but also have gone abroad and gone to the world. In March this year, China's passenger car exports hit a record high of 406,000 units, up 39% year-on-year. Total exports in the first quarter reached 1.063 million units, reflecting a 36% y/y increase. These figures fully prove the strength and vitality of China's new energy vehicle industry.
In the face of groundless accusations by the United States, we insist on taking facts and figures as the basis and resolutely safeguard our own rights and interests. We firmly believe that only through continuous innovation and progress can we win the recognition and respect of the international market. At the same time, we also call on all countries to abandon the zero-sum game mentality and jointly promote the healthy development of the global new energy vehicle industry.
Second, in response to Yellen's request that China stop trade cooperation with Russia, we have also demonstrated a firm stance and strong countermeasures. China and Russia have a long history of friendship and close cooperative relations, and the cooperation between the two sides in the fields of energy and infrastructure has achieved fruitful results. Such cooperation not only conforms to the fundamental interests of the two peoples, but is also conducive to regional peace and stability. However, in the name of so-called "democratic values," the United States has tried to interfere in normal economic and trade exchanges between China and Russia. We will resolutely fight back against such hegemonist acts.
In order to safeguard its own interests and dignity, China has taken corresponding countermeasures. We are announcing that we will freeze the mainland assets of two U.S. companies and that we will no longer issue entry visas to executives of these two U.S. companies. This move is not only a response to the unreasonable demands of the US side, but also a powerful blow to the bullying behavior of US imperialism. We firmly believe that only by firmly safeguarding our own interests and dignity can we win the respect and support of the international community.
In addition, we will further strengthen economic and trade cooperation with other countries and promote the building of an open world economy. We will uphold the principle of extensive consultation, joint contribution and shared benefits, and promote the reform and improvement of the global governance system. We will actively participate in the process of global economic governance and contribute China's wisdom and solutions to world peace and development.
In short, in the face of Yellen's unwarranted demands and US hegemonic behavior, China has neither backed down nor compromised. We firmly believe that only by firmly safeguarding our own interests and dignity can we win the respect and support of the international community. At the same time, we also call on all countries to abide by international trade rules and norms of international law and jointly promote the building of a community with a shared future for mankind.
In this counterattack, we have demonstrated China's responsibility and firm stance as a major country. We firmly believe that the dignity and interests of the country can only be defended through firm counterattacks and strong countermeasures. At the same time, we also hope that the international community will recognize the true face of the United States, jointly resist hegemonism and power politics, and jointly promote the healthy development of the global economy and the harmony and stability of the international order.
In the days to come, we will continue to unswervingly follow our own path, adhere to the concept of peaceful development and mutual benefit, and promote the building of a community with a shared future for mankind. We believe that with the joint efforts of all countries, the world will become a better and more harmonious place.