中国正全面去美国化！高盛：中国重心发生变化，美国不再重要

Core Insights - The article discusses the ongoing shift in China's economic focus away from reliance on the U.S. market, as highlighted by Goldman Sachs' analysis of trade dynamics and structural changes in China's economy [2][4][11]. Economic Transition - Goldman Sachs reports that China is systematically reducing its exposure to the U.S. and is instead focusing on broader global markets and domestic innovation [4][6]. - By 2025, China's export growth is expected to slow, but government stimulus and supply chain optimization will help mitigate the impact of U.S. tariffs [4][6]. Export Structure and Trade Partners - China's export structure is evolving, with a higher proportion of high-end manufacturing exports, such as electric vehicles and solar panels, which are in high global demand [7][14]. - The share of exports to emerging markets is increasing, with trade with Belt and Road Initiative countries projected to rise from 32% in 2020 to 47% by 2025 [9][14]. Impact of Decoupling - The decoupling between the U.S. and China is seen as a mutual trend, with both countries pushing for reduced interdependence [11][12]. - Despite U.S. efforts to bring back supply chains, Goldman Sachs indicates that this will be challenging due to China's critical role in global supply chains [11][12]. Future Economic Outlook - Goldman Sachs has adjusted its GDP growth forecasts for China to 4.0% for 2025 and 3.5% for 2026, primarily due to tariff risks, but emphasizes the acceleration of structural transformation towards domestic demand and innovation [12][16]. - The report suggests that while geopolitical tensions and tariffs pose uncertainties, China's strong policy execution can help offset potential economic downturns [16]. Investment Opportunities - The article highlights that Chinese companies are increasingly becoming brand exporters rather than just manufacturers, with significant growth in technology exports, particularly in AI software and consumer electronics [14][16]. - The RCEP agreement has strengthened China's trade network, making ASEAN its largest trading partner, surpassing both the EU and the U.S. [14][16].