关税战谁赢了？数据揭示：美国专注遏制中国，中国专注赢得世界

Core Insights - The recent trade agreement between China and the U.S. is seen as a temporary relief, but the underlying trade war reveals deeper strategic shifts in global resource allocation and competition [1][12]. Trade Performance - In the first three quarters of 2025, China's exports to the U.S. fell by 11.8%, with a staggering 27% drop in September alone. The total bilateral trade volume decreased by 15.6% [4]. - Despite the decline in U.S. exports, China's overall trade volume increased by 4%, with exports growing by 7.1%, indicating a shift towards other global markets [4][6]. Market Diversification - China's export share to the U.S. has decreased to 10.4%, while exports to ASEAN, Africa, and the EU have surged, with notable increases of 24.5% to Vietnam, 30.3% to Italy, and 56.4% to Africa [6]. - Many countries are acting as intermediaries, re-exporting Chinese goods back to the U.S., highlighting the resilience of China's supply chains despite U.S. efforts to decouple [6]. Investment Trends - China's non-financial direct investment in Belt and Road Initiative countries rose by 26.9% in the first eight months of 2025, with overseas mergers and acquisitions increasing by 79% to $19.6 billion [8]. - Notably, investments in North America also grew by 80%, albeit through indirect channels, showcasing a strategic pivot in investment approaches [8]. Export Quality Improvement - In September 2025, China's exports of electromechanical products reached $207.7 billion, a 12.7% increase, making up 63.2% of total exports. High-tech exports, including electric vehicles and solar equipment, also saw significant growth [10]. - This shift indicates a transition from low-value manufacturing to high-value, advanced products, reflecting an upgrade in China's export structure [10]. Strategic Positioning - The U.S. attempts to contain China through tariffs have led to a decline in bilateral trade, while China has expanded its global exports and investments, effectively reshaping the global economic landscape [12][14]. - China is increasingly positioned as a key player in emerging markets, with a focus on building global partnerships and enhancing its soft power, contrasting with the U.S.'s isolationist strategies [14][16].