万喆：中国的存在缓解了全球贸易碎片化

Core Insights - The report by the Federal Reserve highlights China's unique role in the trend of global trade fragmentation, acting as a stabilizing force and key hub that maintains the integrity of global trade networks [1][4] - Geopolitical distance has become a significant factor influencing bilateral trade, with countries increasingly favoring trade partners with similar geopolitical stances [1][4] Group 1: China's Role in Global Trade - China has become a major trading partner for over 150 countries and regions, contributing over 30% to global economic growth [1][2] - The presence of China has masked and mitigated the trend of global trade fragmentation, which began to emerge between 2003 and 2007, indicating that the causes of this fragmentation are not related to China's actions [1][3] Group 2: Economic Structure and Trade Adjustments - China's internal adjustments in imports are a rational choice to enhance the autonomy of its supply chain, reducing reliance on external sources and increasing bargaining power through diversified trade [2][3] - Exports from China are increasingly aligned with global demand, particularly in sectors like green technology and medical equipment, addressing market gaps and contributing to global supply stability [2][3] Group 3: Stability in Global Supply Chains - China plays a crucial role in maintaining high-end industrial chains globally, particularly in the electric vehicle and battery sectors, by regulating exports of key minerals [3][4] - The balance of "self-sufficiency and open supply" positions China as a stabilizing anchor in global trade and supply chains, essential for mitigating risks associated with geopolitical tensions [3][4] Group 4: Implications for Global Trade - The report emphasizes that China's role transcends being merely a connecting country; it is a key node in the global economic structure, facilitating communication and preventing isolationist tendencies [4][5] - China's experience suggests that deepening mutually beneficial trade relationships, rather than engaging in geopolitical confrontations, is the correct path toward achieving shared prosperity in an uncertain global trade environment [5]