12月31日，非洲中南部国家赞比亚央行向彭博社表示，已确认该国自10月份开始，接受用人民币缴纳矿 业税费和特许权使用费，这标志人民币国际化取得重大突破。 赞比亚的选择更像一个信号，一个属于"全球南方"的信号。它告诉世界，发展中国家正在主动寻求货币 选择上的多元化，以摆脱对单一货币的过度依赖。这种"去风险化"的集体行动，可能比事件本身更具历 史意味。 这事儿听着就带劲！赞比亚可不是随便哪个国家，它的铜矿资源在全球都排得上号。用人民币收矿产 税，好比抓住了经济的命门。这意味着人民币不再只是购物清单上的结算工具，它已经敲开了主权国家 财政部的大门。 想想看，以往我们听说人民币国际化，多是在贸易环节。这回直接迈进税务领域，性质完全不同。税费 是一个国家财政主权的核心体现，赞比亚这个决定，背后是实打实的信任投票。这种信任，比签多少贸 易协议都来得厚重。 数据不会说谎。国际清算银行的最新调查显示，人民币在全球外汇交易中的份额已经快速攀升。越来越 多的央行开始像攒家底一样，将人民币纳入外汇储备篮子。这不是跟风，而是基于现实利益的精明计 算。 但也别高兴得太早。我们必须泼点冷水清醒一下：一个赞比亚，撼动不了现有的全球货币格局 ...

2025.12.25 "对于外国投资者而言，投资德国并非追求短期内的高回报，主要还是出于产业链的需要，以及与欧盟 市场的天然连接。"寿舒宁说道。德国联邦外贸与投资署的数据显示，2024年全年共有1724个外国投资 项目落户德国，同比微降2%。 本文字数：2303，阅读时长大约4分钟 作者 |第一财经 潘寅茹 近日，德国联邦铁路公司（下称"德铁"）与比亚迪签署200辆纯电动大巴框架协议。据报道，这200辆纯 电巴士将在比亚迪位于匈牙利的工厂生产，而德铁这次选择比亚迪的原因是价格实惠，同时推动德国公 共交通的绿色转型以及落实碳减排目标。 德铁宣布这笔交易之际，恰逢欧盟松绑"燃油车禁令"。德国副总理兼财政部长克林拜尔在接受媒体采访 时表示，未来出行的趋势是电动化，"我在北京和上海亲眼看见了他们取得的巨大进步，部分原因是政 府大力推动了这一转型。我们的汽车制造商还有很长的路要追赶。"但同时，他还称希望（德铁）在采 购时能展现出"健康的爱国主义"，多考虑德国和欧洲品牌。克林拜尔的此番言论引发争议，也进一步引 起外资对投资德国的担忧。 普华永道德国税务部合伙人寿舒宁近日在上海接受第一财经记者采访时回顾了近年来中德经贸合作 ...

2025.12. 25 本文字数：2303，阅读时长大约4分钟 作者 | 第一财经 潘寅茹 近日，德国联邦铁路公司（下称"德铁"）与比亚迪签署200辆纯电动大巴框架协议。据报道，这200 辆纯电巴士将在比亚迪位于匈牙利的工厂生产，而德铁这次选择比亚迪的原因是价格实惠，同时推动 德国公共交通的绿色转型以及落实碳减排目标。 德铁宣布这笔交易之际，恰逢欧盟松绑"燃油车禁令"。德国副总理兼财政部长克林拜尔在接受媒体 采访时表示，未来出行的趋势是电动化，"我在北京和上海亲眼看见了他们取得的巨大进步，部分原 因是政府大力推动了这一转型。我们的汽车制造商还有很长的路要追赶。"但同时，他还称希望（德 铁）在采购时能展现出"健康的爱国主义"，多考虑德国和欧洲品牌。克林拜尔的此番言论引发争 议，也进一步引起外资对投资德国的担忧。 "不再是'捡漏'，也不再是为出海而出海" 德国联邦统计局最新公布的数据显示，今年前三季度，德中双边贸易总额达1859亿欧元，同比增长 0.6%，中国再次成为德国最大贸易伙伴。2024年中国对德投资项目数量为199个，与2023年基本 持平，位列外国对德投资项目数量第三位。 普华永道德国税务部合伙人寿舒宁 ...

波澜壮阔的2025年即将结束。这一年，权力的更迭、科技的狂飙、货币的易位与地缘的震荡交织在一起，构成了一幅极其复杂的历史画卷。我们见 证了传统秩序的加速崩解，也捕捉到了新秩序在阵痛中萌芽的微光。 作为记录者，财联社连续第四年推出年度海外十大新闻评选，试图从纷繁复杂的碎片中，厘清这一年影响全球资本市场与命运走向的核心脉 络。 以下是财联社评选出的2025年十大海外新闻 1. 特朗普就任美国第47任总统，任期首年频挥关税大棒，全球不确定性陡增 2025年1月20日，特朗普重返白宫，正式开启了他的第二个美国总统任期。这位奉行"交易艺术"的总统在就职后的"百日新政"中，以令市 场瞠目结舌的速度兑现了一系列竞选承诺。他不仅签署了多项撤销前任政府气候与能源政策的行政令，更将矛头直指全球贸易体系，宣布对 多国实施普遍性基础关税和针对性的高额附加关税，试图以此作为逼迫制造业回流美国的终极杠杆。 这一政策在全球供应链中引发了"强震"。由于关税壁垒的陡然升高，全球跨国企业不得不重新评估其生产布局，导致短期内航运成本波动剧 烈，多国通胀压力因进口成本上升而再度抬头。欧盟、加拿大、墨西哥等美国贸易伙伴纷纷表达了强烈不满，并相继出台贸 ...

新能源汽车的上下游相关产业、数字化等都是中企投资德国的热门赛道。 近日，德国联邦铁路公司（下称"德铁"）与比亚迪签署200辆纯电动大巴框架协议。据报道，这200辆纯 电巴士将在比亚迪位于匈牙利的工厂生产，而德铁这次选择比亚迪的原因是价格实惠，同时推动德国公 共交通的绿色转型以及落实碳减排目标。 对于近些年来中国企业对德国市场的投资，寿舒宁表示，新能源汽车的上下游相关产业、数字化等都是 热门赛道。她还观察到，之前中企对德国制造业的投资多通过并购以期获得领先的技术，同时打开欧洲 市场，而现在更多是绿地投资，即跨国企业在投资目的地设立子公司，"并购的高峰出现在2015~2018 年，此后开始下降。绿地投资取而代之"。期间中企在德最具代表性的投资项目，便是中国电池巨头宁 德时代在图林根州阿恩施塔特的建厂投资。 对于这一变化，寿舒宁认为，这恰恰是中国企业近些年来经过更多理性思考后再出海的体现，"不再 是'捡漏'，也不再是为出海而出海"。 德铁宣布这笔交易之际，恰逢欧盟松绑"燃油车禁令"。德国副总理兼财政部长克林拜尔在接受媒体采访 时表示，未来出行的趋势是电动化，"我在北京和上海亲眼看见了他们取得的巨大进步，部分原因是政 ...

我们都习惯了美国GDP全球第一的认知，但马斯克却说这很可能是个"包装"。 他曾预言，表示中国未来的综合国力可能会是美的3倍以上，最次也是2倍左右！ 这话乍听夸张，可越往深处扒越有道理。 7亿吨粮食、10倍钢铁 要真正看清一个国家的实力，就必须撕开GDP这层精美的包装纸，去触摸里面的干货。 马斯克，这位全球顶级的制造业巨头，就一针见血地指出了问题的核心，工农业的实际生产能力，才是一个国家真正的底牌。 前言 走进中国的任何一个超市，琳琅满目的商品背后，是全球唯一全产业链体系的强大支撑，这份"随心所欲"的购物自由，本身就是国家实力最直观的体现。 38万亿国债、过半虚拟经济 然而，当我们把目光投向大洋彼岸，看到的却是另一番景象，一个被GDP高数字掩盖的、脆弱的巨人。 美国29万亿美元的GDP光环背后，是高达38.4万亿美元的巨额国债，这个数字还在不断攀升，像一个不断膨胀的气球。 更令人忧心的是，每年需要支付的国债利息，已经惊人地超过了其国防开支，这意味着国家运转的成本，正在被债务利息无情吞噬。 他的观点并非空穴来风，而是对经济规律最朴素的洞察，一个国家能养活多少人，能驱动多少机器，这才是硬道理。 中国的粮仓，就是这份 ...

Core Insights - The article discusses the recent increase in China's gold reserves, which reached 74.12 million ounces, marking a continuous growth for the thirteenth month in a row, alongside a slight rise in foreign exchange reserves to $3.3464 trillion [1][4][6]. Group 1: Gold Reserves and Foreign Exchange - China's gold reserves increased by 30,000 ounces compared to the previous month, reflecting a steady accumulation trend since last year [1][4]. - The rise in foreign exchange reserves is attributed to the decline in the US dollar index and fluctuations in asset prices [6][12]. - The consistent increase in gold reserves signals a long-term asset allocation strategy rather than a temporary decision [4][18]. Group 2: Strategic Implications - The gradual accumulation of gold is seen as a strategy to diversify reserves and enhance financial stability, acting as a buffer against extreme situations [8][10]. - China's reduction in US Treasury holdings, which stood at approximately $700.5 billion in September, indicates a shift towards reducing reliance on dollar assets [12][14]. - The timing of the gold reserve announcement coincides with upcoming high-level US-China interactions, suggesting it may serve as a strategic signal in negotiations [14][16]. Group 3: Market Confidence and Psychological Capital - The steady growth in gold reserves is intended to bolster market confidence and provide a psychological assurance to domestic enterprises and residents regarding the country's financial stability [16][18]. - The article emphasizes that the increase in gold reserves is not aimed at undermining the dollar system but rather at enhancing the diversity and security of reserve assets [18].

Core Viewpoint - China's foreign direct investment (FDI) landscape has experienced significant fluctuations in recent years, particularly since 2022, with a notable shift from net inflows to net outflows, raising concerns about "de-Chinaization" in global supply chains. However, preliminary data from the State Administration of Foreign Exchange indicates a reversal in this trend in 2023, with net outflows decreasing and net inflows returning, despite ongoing external pressures [3][5][15]. Group 1: Trends in Cross-Border Direct Investment - Historically, China has been a major recipient of foreign investment, with a shift towards balancing inbound and outbound investments since the early 2000s. Prior to 2022, China consistently recorded a surplus in cross-border direct investment, contributing to the resilience of its international balance of payments [4][5]. - The COVID-19 pandemic initially boosted China's direct investment surplus in 2020 and 2021, with surpluses reaching $165.3 billion in 2021, the highest since 2014. However, this trend reversed in 2022, leading to significant net outflows in subsequent years [5][6][10]. - From 2021 to 2024, China's cross-border direct investment shifted from a surplus to a deficit, with a total increase in net outflows of $319 billion. This was primarily driven by a sharp decline in net inflows of foreign direct investment [6][10]. Group 2: Factors Influencing Investment Flows - The decline in foreign direct investment inflows from 2021 to 2024 was largely due to a significant drop in equity investment inflows and a reversal in inter-company debt flows. Equity investment inflows decreased from $300.6 billion to $72.8 billion, contributing 70% to the overall decline in foreign direct investment inflows [8][10]. - The net outflow of equity investment remained stable, while inter-company debt flows saw a significant reversal, indicating a complex interplay of factors affecting cross-border investment dynamics [14][25]. - In 2023, net outflows of cross-border direct investment decreased by 50.8% year-on-year, primarily due to increased net inflows of foreign direct investment and reduced net outflows of direct investment [15][19]. Group 3: Government Response and Market Outlook - The Chinese government has recognized the need to mitigate external shocks and has implemented measures to enhance foreign investment, including easing restrictions and optimizing the business environment [15][16]. - Despite external pressures, key economic indicators have shown resilience, with foreign direct investment net inflows increasing in 2023, reflecting a stabilization in foreign capital withdrawal [21][24]. - The overall investment climate remains cautious, with domestic enterprises adopting a rational approach to overseas investments amid geopolitical tensions and economic challenges [26][27].

Core Insights - The article discusses the shifting dynamics of Taiwanese manufacturers in response to Apple's strategic pivot towards India, highlighting the varying responses of major players like Pegatron, Wistron, and Foxconn [3][4][6][11]. Group 1: Industry Dynamics - Taiwanese manufacturers, once dominant in the assembly of iPhones, are now facing existential choices due to Apple's "de-risking" strategy, which pushes them to diversify production away from China [3][6]. - Pegatron has sold its factory to Tata, completely exiting the iPhone assembly business, while Wistron has also sold its factory at a loss to maintain its orders from China [3][9]. - Foxconn, the largest of the three, is betting heavily on India with a planned investment of $30 billion, aiming to replicate its successful model from China [11][13]. Group 2: Apple's Strategy - Apple's strategy emphasizes a "China +1" approach, mandating suppliers to establish a presence in India or risk losing orders, effectively making it a survival issue for Taiwanese firms [6][15]. - The company is focused on securing its supply chain by fostering local giants like Tata, which can navigate the complexities of the Indian market better than foreign firms [15][21]. Group 3: Challenges in India - The Indian manufacturing environment presents significant challenges, including unreliable power supply, logistical issues, and a high turnover rate among workers, which complicates operations for Taiwanese firms [17][19]. - Wistron's factory in Karnataka faced a low yield rate of 55% and operational disruptions, leading to its exit from the market [21]. - Tata has managed to stabilize operations by leveraging local relationships, reducing worker turnover, and improving production efficiency [21]. Group 4: Broader Implications - The article suggests that the shift in production dynamics reflects a broader trend of Taiwanese firms losing their previous dominance and becoming more dependent on local partners in India [3][30]. - The changing landscape indicates a structural shift in global manufacturing, where efficiency is being replaced by security, leading to a new era of uncertainty for all players involved [35][37].

Core Viewpoint - The U.S. Treasury Secretary has indicated readiness to impose tariffs on China regarding rare earth exports, despite recent agreements aimed at easing trade tensions between the two countries [1][3][5]. Group 1: U.S.-China Trade Relations - Recent negotiations led to a temporary agreement where China postponed new rare earth export regulations, while the U.S. agreed to suspend certain tariffs [5][41]. - The U.S. Secretary's statements appear contradictory, suggesting a mix of strategic posturing and underlying anxiety about the U.S. economy's reliance on rare earths [22][41]. Group 2: Rare Earth Industry Dynamics - The U.S. holds approximately 15% of global rare earth reserves but only 3% of processing capacity, leading to a heavy reliance on China for 90% of processed rare earth products [11][13]. - China dominates the rare earth market, controlling about 70% of extraction and over 90% of refining and separation capacity, creating a structural dependency for the U.S. [14][18]. Group 3: Technological and Economic Challenges - The U.S. faces significant technological gaps, with Chinese processing achieving purity levels of 99.999%, compared to the U.S. maximum of 99.9%, impacting high-end manufacturing capabilities [16][18]. - Imposing tariffs on a product that the U.S. heavily imports could increase costs for domestic manufacturers, complicating recovery efforts amid existing economic challenges [20][22]. Group 4: Strategic Responses and Limitations - The U.S. is attempting to form a "rare earth alliance" with allies like Australia and Canada, but logistical and environmental challenges hinder progress [24][29][31]. - The U.S. domestic rare earth mining efforts, such as the Mountain Pass mine, face significant delays and high costs, making rapid self-sufficiency unlikely [35][37]. Group 5: Political Implications - The Secretary's tough rhetoric may serve to placate domestic political pressures rather than reflect a feasible strategy for overcoming the U.S.'s rare earth dependency [41][43]. - China's agreement to delay export regulations is viewed as a strategic move to stabilize global supply chains rather than a concession under pressure [44].