中华人民共和国政府（"中国"）和美利坚合众国政府（"美国"），忆及2025年5月12日达成的中美日内瓦经贸会谈联合声明（"日内瓦联合声明"）； 以及考虑到双方2025年6月9至10日伦敦会谈和2025年7月28至29日斯德哥尔摩会谈；双方忆及日内瓦联合声明下所作承诺，并同意于2025年8月12日 前采取以下举措： 一、美国将继续修改2025年4月2日第14257号行政令中规定的对中国商品（包括香港特别行政区和澳门特别行政区商品）加征从价关税的实施， 自 2025年8月12日起再次暂停实施24%的关税90天，同时保留按该行政令规定对这些商品加征的剩余10%的关税。 二、中国将继续（一）修改税委会公告2025年第4号规定的对美国商品加征的从价关税的实施，自2025年8月12日起再次暂停实施24%的关税90天， 同时保留对这些商品加征的剩余10%的关税；并（二）根据日内瓦联合声明的商定，采取或者维持必要措施，暂停或取消针对美国的非关税反制措 施。 本联合声明基于中美斯德哥尔摩经贸会谈讨论情况。本次会谈是根据日内瓦联合声明所建立的机制框架下召开的会议。中方代表是国务院副总理何 立峰，美方代表是财政部长斯科特·贝森特和 ...

Group 1 - The United States will continue to modify the implementation of the tariff increase on Chinese goods, including those from Hong Kong and Macau, as per Executive Order No. 14257, by suspending the 24% tariff for 90 days starting from August 12, 2025, while retaining the remaining 10% tariff [1] - China will also modify the implementation of the tariff increase on U.S. goods as per Announcement No. 4 of 2025, by suspending the 24% tariff for 90 days starting from August 12, 2025, while retaining the remaining 10% tariff [1] - Additionally, China will take or maintain necessary measures to suspend or cancel non-tariff countermeasures against the U.S. as agreed in the Geneva Joint Statement [1]

Group 1: Export Performance - In July, China's exports maintained a year-on-year growth rate of 7.2%, an increase of 1.3 percentage points from the previous month[2] - From January to July, exports grew by 6.1% year-on-year in USD terms, accelerating by 0.2 percentage points compared to the first half of the year[2] - The trade surplus for the first seven months reached $683.51 billion, with a surplus of ¥49,126.2 billion in RMB terms[2] Group 2: Import Trends - Imports decreased by 2.7% year-on-year in USD terms, but the decline narrowed by 1.1 percentage points compared to the first half of the year[2] - In July, imports increased by 4.1% month-on-month, indicating a recovery in domestic demand[2] - The total import value from January to July showed a year-on-year decline of 1.6% in RMB terms, with a narrowing decline of 1.1 percentage points compared to the first half[2] Group 3: Regional Contributions - ASEAN and EU contributed positively to July's export growth, with contributions of 2.6 and 1.4 percentage points, respectively[2] - Exports to the US saw a significant decline of 21.7% year-on-year, worsening by 5.5 percentage points from the previous month[2] - The total trade volume with ASEAN in July was $86.03 billion, accounting for 15.8% of total trade, while trade with the EU was $74.55 billion, making up 13.7%[2] Group 4: Product Performance - Mechanical and electrical products maintained export advantages, with integrated circuits, ships, and general machinery growing by 20.5%, 15.5%, and 13.5% year-on-year, respectively[2] - Some light industrial products like bags and furniture showed improved export growth compared to the first half of the year, although still below overall export growth levels[2] - Textile, clothing, and footwear exports saw a decline in growth compared to June, indicating potential challenges in these sectors[2]

Export Performance - From January to July 2025, China's exports increased by 6.1% year-on-year in USD terms, with a trade surplus of $683.51 billion[1] - In July 2025, exports grew by 7.2% year-on-year, while imports rose by 4.1%, leading to a monthly trade surplus of $98.24 billion[1] - ASEAN and EU contributed positively to July's export growth, with contributions of 2.6 and 1.4 percentage points, respectively[1] Import Trends - From January to July 2025, imports decreased by 2.7% year-on-year, but the decline was less severe than in the first half of the year[1] - In July 2025, imports showed a month-on-month increase of 1.8%, indicating a slight recovery in domestic demand[1] - Key imported raw materials like oil, black metals, and copper showed improved year-on-year performance, suggesting a recovery in manufacturing and infrastructure investment[1] Sector-Specific Insights - Mechanical and electrical products maintained export advantages, with integrated circuits, ships, and general machinery showing year-on-year growth rates of 20.5%, 15.5%, and 13.5%, respectively[1] - Light industrial products like bags and furniture saw improved export growth, although overall performance remained below the average export growth rate[1] - The automotive sector continued to show positive growth despite high export baselines in recent years[1] Economic Context - The resilience in export growth is attributed to ongoing US-China trade talks and improvements in the prices of certain export goods, which helped offset declines in export volumes[1] - Risks include the potential for increased economic recession in Europe and the US, as well as a complex international situation[1]

Core Viewpoint - The article discusses the recent developments in US-China trade relations, highlighting the trade deficit data and the outcomes of the latest economic talks between the two countries [3][8]. Trade Deficit Analysis - In June 2025, the US trade deficit in goods and services decreased to $60.2 billion, down from a revised $71.7 billion in May, marking a 16% month-over-month decline [4]. - Exports in June totaled $277.3 billion, a slight decrease of $1.3 billion or 0.5% from May, while imports fell to $337.5 billion, down $12.8 billion or 3.7% [4][6]. - The reduction in the trade deficit was primarily due to a decrease in the goods deficit, which fell by $11.4 billion to $85.9 billion, alongside a slight increase in the services surplus [6]. Sector-Specific Insights - The decline in goods exports was driven by reductions in industrial supplies and materials, as well as computer accessories, which decreased by $4.8 billion and $1.2 billion, respectively [6]. - Conversely, capital goods and consumer goods saw increases in exports, rising by $2 billion and $1 billion, respectively [6]. - On the import side, consumer goods, industrial supplies, and automotive parts all experienced declines, with consumer goods decreasing by $8.4 billion [6]. Year-to-Date Trade Performance - For the first half of 2025, the US trade deficit increased by $161.5 billion compared to the same period last year, representing a 38.3% rise [6]. - Exports rose by $82.2 billion year-over-year, a 5.2% increase, while imports surged by $243.7 billion, a 12.1% increase [6]. US-China Trade Relations - In June, China's exports to the US showed signs of recovery, with the year-over-year decline narrowing by 18.4 percentage points, amounting to approximately $38.17 billion [7]. - The share of exports to the US in China's total exports increased from 9.1% to 11.7% [7]. Recent Economic Talks - Recent US-China economic talks held in Stockholm focused on trade relations and macroeconomic policies, with both sides expressing a commitment to continue dialogue and cooperation [8]. - The talks resulted in an agreement to extend the suspension of certain tariffs and countermeasures for an additional 90 days, aiming to stabilize trade relations [8].

Group 1 - In June, the trade deficit for goods and services decreased to $602 billion, down $115 billion from May, marking a 16% month-over-month decline [1][3] - Exports in June totaled $2,773 billion, a slight decrease of $13 billion or 0.5% from May, while imports fell to $3,375 billion, down $128 billion or 3.7% [1][3] - The increase in the trade deficit for the first half of the year was $1,615 billion, a 38.3% rise compared to the same period last year, with exports up by $822 billion (5.2%) and imports up by $2,437 billion (12.1%) [3] Group 2 - In June, U.S. exports to China decreased by approximately $381.7 billion, with the decline narrowing by 18.4 percentage points compared to previous months [4] - The U.S. trade talks with China in Stockholm focused on economic relations and macroeconomic policies, aiming to stabilize trade relations and inject certainty into global economic development [4] - Both parties agreed to extend the suspension of tariffs and countermeasures for an additional 90 days, reflecting a commitment to further dialogue and cooperation [4]

Core Viewpoint - A proposal from some U.S. lawmakers aims to revoke China's Most-Favored-Nation (MFN) status, which has been in place since China's accession to the WTO in 2001, potentially destabilizing U.S.-China trade relations and impacting the global economy more severely than tariffs imposed during the Trump administration [1][3]. Group 1: Economic Implications - The revocation of MFN status would lead to higher tariffs on Chinese goods, which could increase costs for American consumers who rely heavily on Chinese products, including electronics and household items [3][4]. - The U.S. aims to reduce dependence on Chinese goods and restore its manufacturing sector, but this approach may be overly idealistic given the hollowing out of U.S. manufacturing and the outflow of technology and capital [3][4]. - The proposal could result in a short-term weakening of the Chinese economy, but the long-term consequences would likely be detrimental to U.S. consumers, who would face higher prices [3][4]. Group 2: Global Trade Dynamics - The U.S. lawmakers' proposal underestimates China's ability to respond to challenges, as China's economic structure has evolved beyond low-cost manufacturing, making its position in the global supply chain nearly unassailable [4][5]. - The attempt to isolate China through such policies contradicts the trend of globalization, and could lead to greater difficulties for the U.S. if trade conflicts arise [4][5]. - Revoking MFN status undermines the principles of fair trade established by the WTO and could destabilize the international trade system, which has been built on the foundation of mutual economic cooperation [5][7]. Group 3: Political Motivations - The proposal reflects deeper political motivations to curb China's rise and restore U.S. manufacturing, but it fails to recognize the interdependence of U.S.-China economic relations [3][7]. - The U.S. has historically advocated for free trade, and reversing this stance could lead to global criticism and opposition from other economic entities [4][5].

Group 1 - The Ministry of Finance and the State Taxation Administration announced the resumption of VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting from August 8 [1] - The Hong Kong High Court ruled that Zong Fuli cannot withdraw or transfer any assets from the bank account of Jianhao Venture Capital Limited until the litigation results are finalized [1] - The U.S. non-farm payrolls increased by only 73,000 in July, the lowest in nine months, significantly below the expected 110,000, indicating a rapid slowdown in the labor market [1] Group 2 - The central bank emphasized the implementation of a moderately loose monetary policy and enhancing the effectiveness of monetary policy measures [2] - The National Development and Reform Commission plans to accelerate the establishment of new policy financial tools to support private enterprises in major national projects [2] - The Supreme Court issued judicial interpretations on labor disputes, clarifying that agreements not to participate in social insurance are invalid [2] Group 3 - The Ministry of Finance reported six typical cases of local government hidden debt, with Xiamen, Chengdu, and Wuhan East Lake New Technology Development Zone adding hidden debts of 68.396 billion, 61.408 billion, and 10.385 billion respectively [3] Group 4 - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.37% to 3559.95 points, and the total trading volume for the day was 1.62 trillion [4] - The Hong Kong Hang Seng Index closed down 1.07% at 24507.81 points, marking four consecutive days of decline [5] Group 5 - The Hong Kong Stock Exchange published a consultation summary on optimizing IPO pricing and public market regulations, allowing a reduction in the minimum allocation ratio for IPO book-building from 50% to 40% [5] - The Shanghai Stock Exchange clarified that pre-application consultation is not a mandatory procedure for project acceptance [5] Group 6 - In the electric vehicle sector, July delivery figures showed significant growth for several companies, with Leap Motor surpassing 50,000 deliveries for the first time [9] - The Ministry of Industry and Information Technology issued a digital transformation implementation plan for the machinery industry, aiming for 50% of enterprises to reach a maturity level of two or above by 2027 [10] Group 7 - The State Administration of Foreign Exchange outlined key tasks for foreign exchange management, emphasizing the need for macro-prudential management of cross-border capital flows [21] - The onshore RMB closed at 7.2106 against the USD, down 176 basis points from the previous trading day [21]

Group 1 - The core point of the news is the extension of the US-China tariff "truce" for an additional 90 days, providing more breathing space for trade between the two countries [1][2] - The recent US-China economic talks in Stockholm aimed to stabilize trade relations and inject certainty into global economic development [1][2] - Chinese exports have shown significant growth, with a record-breaking export scale surpassing 13 trillion yuan in the first half of the year, and the number of enterprises engaged in foreign trade exceeding 600,000 for the first time [2] Group 2 - The trade cooperation with countries involved in the "Belt and Road" initiative has maintained rapid growth, with imports and exports reaching 11.29 trillion yuan in the first half of the year, a year-on-year increase of 4.7% [3] - The International Monetary Fund has raised its economic growth forecast for China, although there are concerns about potential over-reliance on "rush exports" due to ongoing US-China trade tensions [4] - China is expanding its trade partnerships, establishing new trade cooperation groups and memorandums with several countries, enhancing trade fluidity [5] Group 3 - Guangdong province contributed 28% to the national foreign trade growth, while Zhejiang's exports surpassed 2 trillion yuan for the first time, growing by 9.1% [6] - Yiwu, known as a hub for small commodities, reported a 25% increase in total imports and exports in the first half of the year, with significant growth in trade with Africa, Latin America, ASEAN, and the EU [6] - Alibaba Group's cross-border business saw explosive growth, with international digital commerce revenue reaching 132.3 billion yuan, a 29% year-on-year increase [7]

Core Viewpoint - The article emphasizes the importance of mutual respect and cooperation between China and the United States, highlighting the potential for economic collaboration and the positive outlook for foreign investment in China [1]. Group 1: Economic Relations - The meeting between the People's Bank of China (PBOC) and the U.S.-China Business Council focused on enhancing U.S.-China economic relations and the resilience of the Chinese economy amid global uncertainties [1]. - The PBOC is committed to high-level financial openness and continuously optimizing the investment environment for foreign businesses [1]. Group 2: Foreign Investment - The PBOC encourages U.S. companies and financial institutions to invest in China, participate in the development of the Chinese financial market, and share in the opportunities presented by China's growth [1]. - The U.S.-China Business Council and its member companies express strong confidence in China's reform and opening-up measures, indicating a commitment to long-term investment in China [1].