2025年是世界贸易组织成立30周年。30年来，世贸组织在推动全球贸易发展、促进经济增长、提升发展 中国家参与度等方面发挥了重要作用。当前，单边主义、保护主义与地缘冲突等多重挑战相互交织，将 全球贸易推向了深度重构的十字路口。国际社会应坚定维护以世贸组织为核心、以规则为基础的多边贸 易体制，推动建设开放型世界经济，为全球发展增添确定性与稳定性。 屠新泉（对外经济贸易大学中国世界贸易组织研究院院长） 加迪贾·布朗：世贸组织是经济全球化和贸易自由化的基石。它确立了以规则为基础的多边贸易体制， 通过设立统一的贸易规则和争端解决机制，为国际贸易发展提供了法律保障。世贸组织一直将争端解决 作为其核心职能之一，已受理成员间600多宗贸易争端，有效防止了成员间贸易冲突的升级与风险外 溢，维护了国际贸易环境的稳定性和可预见性。 加迪贾·布朗（南非副总统特别经济顾问） 夏华生（巴西瓦加斯基金会经济学家） 乔苏亚·帕尔代德（印度尼西亚佩尔马塔银行首席经济学家） 保障贸易快速增长 1995年至2023年间，全球贸易总额增长近5倍，超过同期全球国内生产总值增速 夏华生：1995年正式成立的世贸组织是对1948年关贸总协定的继承与发展 ...

中远海运"秘鲁"轮驶出秘鲁钱凯港（无人机照片）。 梅 涵摄（新华社发） 上海洋山海关关员查验从南非进口的牛油果。 沈春琛摄（影像中国） 中国常驻世贸组织代表团供图（新华社发） 加迪贾·布朗：世贸组织是经济全球化和贸易自由化的基石。它确立了以规则为基础的多边贸易体制， 通过设立统一的贸易规则和争端解决机制，为国际贸易发展提供了法律保障。世贸组织一直将争端解决 作为其核心职能之一，已受理成员间600多宗贸易争端，有效防止了成员间贸易冲突的升级与风险外 溢，维护了国际贸易环境的稳定性和可预见性。 2025年是世界贸易组织成立30周年。30年来，世贸组织在推动全球贸易发展、促进经济增长、提升发展 中国家参与度等方面发挥了重要作用。当前，单边主义、保护主义与地缘冲突等多重挑战相互交织，将 全球贸易推向了深度重构的十字路口。国际社会应坚定维护以世贸组织为核心、以规则为基础的多边贸 易体制，推动建设开放型世界经济，为全球发展增添确定性与稳定性。 屠新泉（对外经济贸易大学中国世界贸易组织研究院院长） 加迪贾·布朗（南非副总统特别经济顾问） 夏华生（巴西瓦加斯基金会经济学家） 乔苏亚·帕尔代德（印度尼西亚佩尔马塔银行首席经济学 ...

其次，改革应推动规则更新与机制优化。确保协商一致原则不沦为决策僵局，重建高效可信的争端解决 机制，提升成员广泛参与度，让所有成员都能共享贸易发展带来的红利。这正是世贸组织秘书处倡导 的"再全球化"理念的核心要义。 再次，改革必须回应当前经济形势的深刻变化。世贸组织规则上次重大革新是在30多年前的乌拉圭回合 谈判。当时全球价值链尚未形成，数字革命刚刚起步。如今，服务贸易、数据流动和人工智能正在深刻 重塑贸易形态。世贸组织最新发布的《2025世界贸易报告》指出，如能有效弥合数字鸿沟，仅人工智能 一项就可能在2040年推动全球贸易额增长近40%。如果多边贸易体制无法顺应这一趋势，就可能被边缘 化。 首先，改革必须立足于全球贸易体系的有效根基。世贸组织之所以不可替代，在于其在全球经济治理中 承担着制定贸易规则、促进成员对话、提供争端解决机制等基础性功能。规则缺失，则不确定性上升； 对话缺位，则合作难以为继；争端解决机制弱化，则矛盾更易激化。改革就是要让这些根基更加公平、 高效、符合时代发展趋势。 改革议题已成为将于2026年3月召开的世贸组织第14届部长级会议的核心内容。应对当下挑战，需要新 的思路和智慧。从本质上看 ...

中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 2024-10-09 中信期货国际化研究 | CITIC Futures International Research 2025/11/19 China Futures Daily Note Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要 Abstract Macro News: The 4th China-Germany High-Level Financial & Economic Dialogue issues join ...

双方同意继续在中德财政部政策研究合作机制下继续合作，围绕提高财政可持续性等议题加强交流。双 方将继续加强国际发展合作，推动实现更加强劲、绿色、健康、包容的全球发展。 双方同意进一步加强银行业保险业监管合作；德方欢迎中国在全球大宗商品交易领域发挥更重要作用， 尤其是通过上海黄金交易所发挥作用；中方欢迎更多符合条件的德国机构投资者积极参与中国银行间市 场交易及相关业务；双方欢迎并鼓励两国金融科技服务机构加强金融科技合作；双方鼓励符合条件的金 融机构到对方市场投资展业……在金融领域，双方达成多项共识。 据了解，2015年，首次中德高级别财金对话在柏林举行，达成21项共识。2019年和2023年举行的第二次 和第三次中德高级别财金对话，均取得多项互利共赢成果。 （文章来源：新华网） 财政部11月17日对外发布第四次中德高级别财金对话联合声明。根据联合声明，中德双方达成27项共 识，包括加强宏观经济政策协调、加强财金领域合作、共同完善国际经济治理等。 第四次中德高级别财金对话期间，中德双方重申这一对话机制是中德就财金领域战略性、全局性、长期 性问题开展双边沟通和政策协调的重要平台。 此次达成的27项共识中，双方承诺将维 ...

2025年11月17日，中国国务院副总理何立峰与德国副总理兼财政部部长克林拜尔在北京共同主持第四次中德高级别财金对话。双方高级别官员出席对话。 双方重申这一对话机制是中德就财金领域战略性、全局性、长期性问题开展双边沟通和政策协调的重要平台。双方致力于通过多双边渠道加强宏观经济政策协调， 共同促进世界经济复苏和可持续发展，促进全球金融稳定。双方同意加强财金领域合作，在公平竞争的基础上扩大双向市场开放。双方致力于共同完善国际经济治 理，支持以世界贸易组织为核心、以规则为基础、公平、开放、透明、包容、公正、可持续、非歧视的多边贸易体制。 双方在对话中达成以下共识： 1.双方承诺将维护国际及多边合作，反对单边主义和贸易保护主义，支持二十国集团（G20）发挥国际经济合作主要论坛作用。双方致力于落实历次G20峰会及财长 和央行行长会议等各项会议共识，将共同推动G20在加强宏观经济政策协调、推进国际金融机构改革、维护金融稳定、推动可持续发展及数字经济等领域加强合 作。 2.双方强调维护以世界贸易组织为核心、以规则为基础的多边贸易体制的重要性。双方支持推进世界贸易组织改革，致力于营造以规则为基础、公平、开放、透 明、包容、公 ...

Core Viewpoint - The fourth high-level financial dialogue between China and Germany emphasizes the importance of bilateral communication and policy coordination in the financial sector, aiming to promote global economic recovery and sustainable development while enhancing financial stability [1]. Group 1: Bilateral Cooperation and Multilateral Frameworks - Both parties commit to maintaining international and multilateral cooperation, opposing unilateralism and trade protectionism, and supporting the G20 as a key forum for international economic cooperation [2]. - The significance of a rules-based multilateral trading system centered around the World Trade Organization (WTO) is highlighted, with both sides supporting WTO reforms to create a fair and transparent trade environment [2]. - Continued close cooperation within the International Monetary Fund (IMF) framework is agreed upon, advocating for a strong, resource-rich IMF that reflects member countries' relative positions in the global economy [2]. Group 2: Development and Debt Management - Both parties aim to address debt vulnerabilities in low- and middle-income countries effectively and support the implementation of the G20's debt treatment framework [3]. - The importance of the International Development Association (IDA) is reaffirmed, with expectations for the World Bank Group to fulfill its commitments regarding IDA replenishment [4]. - Cooperation under the Asian Infrastructure Investment Bank (AIIB) framework is set to enhance sustainable operations and support member countries in achieving sustainable development [4]. Group 3: Financial Market Connectivity - The dialogue encourages qualified companies from both countries to issue Global Depositary Receipts (GDRs) and Chinese Depositary Receipts (CDRs) to enhance market liquidity and connectivity [7]. - The issuance of Panda bonds is recognized as crucial for the financial operations of German enterprises in China, with support for qualified German institutions to issue these bonds [7]. - Both parties acknowledge the importance of a developed derivatives market for enhancing market depth, liquidity, and stability, welcoming participation from qualified enterprises [10]. Group 4: Financial Technology and Regulatory Cooperation - Financial technology cooperation is encouraged to foster further development and innovation in the sector [11]. - Strengthening regulatory cooperation in the banking and insurance sectors is emphasized, with discussions on potential memorandums of understanding to enhance communication mechanisms [12]. - The importance of insurance institutions in improving market inclusivity and economic resilience is recognized, with commitments to facilitate licensing applications [12]. Group 5: Sustainable Finance and Green Initiatives - Both parties welcome significant progress in green finance and sustainable financial infrastructure, committing to deepen cooperation under the Central Banks and Supervisors Network for Greening the Financial System (NGFS) [6]. - Joint efforts to enhance the interoperability of standards in sustainable finance are agreed upon, aiming to mobilize private sector funding for climate action and sustainable development [6]. - The dialogue encourages innovation in green bond disclosure standards and joint research on climate risks by financial institutions [15].

2025年11月17日，中国国务院副总理何立峰与德国副总理兼财政部部长克林拜尔在北京共同主持第四次 中德高级别财金对话。双方高级别官员出席对话。双方重申这一对话机制是中德就财金领域战略性、全 局性、长期性问题开展双边沟通和政策协调的重要平台。双方致力于通过多双边渠道加强宏观经济政策 协调，共同促进世界经济复苏和可持续发展，促进全球金融稳定。双方同意加强财金领域合作，在公平 竞争的基础上扩大双向市场开放。双方致力于共同完善国际经济治理，支持以世界贸易组织为核心、以 规则为基础、公平、开放、透明、包容、公正、可持续、非歧视的多边贸易体制。 双方在对话中达成以下共识： 1.双方承诺将维护国际及多边合作，反对单边主义和贸易保护主义，支持二十国集团(G20)发挥国际经 济合作主要论坛作用。双方致力于落实历次G20峰会及财长和央行行长会议等各项会议共识，将共同推 动G20在加强宏观经济政策协调、推进国际金融机构改革、维护金融稳定、推动可持续发展及数字经济 等领域加强合作。 2.双方强调维护以世界贸易组织为核心、以规则为基础的多边贸易体制的重要性。双方支持推进世界贸 易组织改革，致力于营造以规则为基础、公平、开放、透明、包 ...

Core Points - The fourth high-level financial dialogue between China and Germany was held on November 17, 2025, focusing on strategic and long-term issues in the financial sector [1] - Both countries reaffirmed their commitment to multilateral cooperation and opposition to unilateralism and trade protectionism, emphasizing the importance of the G20 as a platform for international economic cooperation [2] - The dialogue resulted in agreements to enhance cooperation in various areas, including macroeconomic policy coordination, international financial institution reform, and sustainable development [2][3] Group 1: Bilateral Cooperation - Both parties committed to maintaining international and multilateral cooperation, opposing unilateralism and trade protectionism, and supporting the G20's role in international economic cooperation [2] - They emphasized the importance of a rules-based multilateral trading system centered around the World Trade Organization (WTO) and agreed to support WTO reforms [2] - Both sides agreed to continue close cooperation within the framework of the International Monetary Fund (IMF) and support a strong, resource-rich IMF [2][3] Group 2: Financial Stability and Development - The dialogue highlighted the need to address debt vulnerabilities in low- and middle-income countries and to implement the G20's debt treatment framework [3] - Both countries recognized the importance of the International Development Association (IDA) and supported its funding commitments [4] - They expressed a commitment to enhancing cooperation under the Asian Infrastructure Investment Bank (AIIB) framework to support sustainable development [4] Group 3: Financial Market Connectivity - Both parties welcomed the issuance of Global Depositary Receipts (GDRs) and Chinese Depositary Receipts (CDRs) to enhance market liquidity and connectivity [7] - They acknowledged the significance of Panda bonds for German enterprises in China and supported qualified German institutions in issuing Panda bonds [7][8] - The dialogue recognized the importance of a developed derivatives market for enhancing market depth, liquidity, and stability [7] Group 4: Regulatory Cooperation - Both sides agreed to strengthen regulatory cooperation in the banking and insurance sectors and explore the possibility of signing a memorandum of understanding [6][8] - They recognized the role of fintech in enhancing financial services and encouraged cooperation between financial technology institutions [9] - The dialogue emphasized the importance of timely and efficient processing of relevant licensing applications to facilitate market access for financial institutions [9][10]

Core Viewpoint - The recent trade framework agreements between the United States and several Latin American countries, along with potential tariff reductions for Switzerland, signify a new phase in the global tariff negotiations, driven by domestic inflation pressures and the need for economic resilience [1][3][7]. Group 1: Trade Agreements - The U.S. has reached trade framework agreements with Argentina, Guatemala, Ecuador, and El Salvador, focusing on reducing tariffs on agricultural products such as bananas, coffee, and cocoa, which are not sufficiently produced domestically [5][6]. - The agreement with Argentina is the most comprehensive, offering preferential market access for U.S. pharmaceuticals, chemicals, machinery, IT products, medical devices, and automobiles [6]. Group 2: Domestic Influences - The acceleration of tariff negotiations is partly due to rising domestic inflation, particularly in food prices, which has created pressure on the government following recent local elections [7][9]. - The U.S. government is considering adjustments to tariffs on food-related imports, indicating a more flexible approach to tariff strategies [9]. Group 3: Legal and Political Context - The U.S. government faces legal challenges regarding the president's authority to impose tariffs under the International Emergency Economic Powers Act, which could impact existing tariffs on Canada, Mexico, and China [11]. - Despite these legal uncertainties, negotiations continue as countries seek favorable agreements, driven by the fear of falling behind competitors who have already secured deals [11]. Group 4: Global Trade Responses - In response to U.S. tariff policies, countries are actively seeking diversified trade partnerships to reduce reliance on the U.S. market [13][14]. - The European Union is expanding trade partnerships globally, while ASEAN countries are leveraging regional agreements to enhance economic integration [15]. - Multilateral trade systems are being reinforced, with initiatives aimed at strengthening global trade frameworks amidst current trade disruptions [15].