摩根大通顾玮：跨境电商点燃外贸增长引擎，跨境人民币结算成业务亮点

Core Insights - China's foreign trade shows strong resilience with a year-on-year growth of 4% in the first three quarters of 2023, despite a complex external environment [1] - Exports reached 19.95 trillion yuan, growing by 7.1%, while imports slightly decreased by 0.2% to 13.66 trillion yuan [1] Trade Characteristics - ASEAN remains China's largest trading partner, with significant growth in trade with emerging markets such as Latin America and the Middle East, showing increases of 9.6%, 3.9%, 19.5%, and 16.7% respectively [1] - Cross-border e-commerce has emerged as a new engine for foreign trade growth, contributing approximately 2.06 trillion yuan in imports and exports, a 6.4% increase year-on-year [1][2] Export Product Structure - The structure of export products is optimizing, with a shift from low-value processing products to a focus on brand building and technological investment, enhancing brand influence and technical content [2] Cross-Border E-commerce Challenges - The rise of cross-border e-commerce presents challenges for cross-border payments, including high transaction frequency and reliance on third-party payment institutions, leading to complex processes and high fees [2] - There is a growing demand for quick and secure payment collection among small and medium-sized sellers in the cross-border e-commerce space [2] RMB Internationalization - The internationalization of the RMB has progressed significantly since the pilot program for cross-border RMB settlement began in 2009, with RMB now accounting for over half of cross-border transaction volumes in Shanghai [3] - Increased bargaining power of Chinese enterprises has led to a higher demand for RMB settlements in cross-border transactions [3] Trade Financing - The low interest rates of the RMB make it an attractive option for companies seeking to reduce overall financial costs, promoting the use of RMB for financing [4] - The growing use of RMB for financing is expected to create more RMB-denominated assets, enhancing the currency's international flow and supporting its further internationalization [4]