潘功胜指出，受地缘政治与技术变革等因素影响，全球经济格局正发生深刻变革。基金组 织作为全球最主要的多边金融机构，应旗帜鲜明地反对保护主义，倡导对话与合作，捍卫多 边主义。习近平总书记在今年9月提出全球治理倡议。中方将积极参与全球治理，为建设更加 公平、公正、包容、有韧性的全球治理体系贡献力量。双方并就人民银行与基金组织合作的 一些具体问题交换了意见。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 来源：中国人民银行 2025年10月16日，中国人民银行行长潘功胜在出席国际货币基金组织/世界银行年会期 间会见了国际货币基金组织（以下简称基金组织）总裁格奥尔基耶娃。中国人民银行副行 ...

Core Viewpoint - The global multilateral trading system is facing unprecedented challenges, necessitating a strong stance against protectionism and a call for dialogue and cooperation to defend multilateralism [2] Summary by Relevant Sections Global Economic Risks - The International Monetary Fund (IMF) should objectively assess the major risks faced by the global economy and individual countries, providing timely and targeted policy recommendations to help member countries better respond to various shocks [2] Policy Coordination - There is a pressing need to strengthen macroeconomic policy coordination among countries to maintain the stability of the international financial system, especially in light of trade tensions impacting global financial stability [2] Global Financial Safety Net - The IMF, as the core of the global financial safety net, must continue to promote quota reforms to enhance its legitimacy, effectiveness, and representativeness [2] - It is crucial to adjust the quota shares to reflect the relative positions of member countries in the global economy, thereby increasing the representation of emerging markets and developing countries [2]

Core Viewpoint - The global multilateral trading system is facing unprecedented challenges, necessitating a strong stance against protectionism and a call for dialogue and cooperation to uphold multilateralism [1] Group 1: Global Financial Stability - The International Monetary Fund (IMF) should objectively assess the major risks faced by the global economy and individual countries, providing timely and targeted policy recommendations to help member countries respond to various shocks [1] - There is an urgent need to strengthen the global financial safety net due to the impact of trade tensions on global financial stability [1] Group 2: IMF's Role and Reforms - The IMF is central to the global financial safety net and should continue to promote quota reforms, which are crucial for enhancing the legitimacy, effectiveness, and representativeness of the organization [1] - It is essential to adjust the quota shares to reflect the relative positions of member countries in the global economy, thereby increasing the representation of emerging markets and developing countries [1]

Core Viewpoint - The report highlights concerns regarding the United States' compliance with World Trade Organization (WTO) rules, emphasizing that the U.S. has engaged in unilateralism and protectionism, undermining the multilateral trade system [4][5]. Summary by Sections Overall Evaluation of U.S. Compliance - The report evaluates the U.S. compliance with WTO obligations from four aspects, stating that as a key founder and beneficiary of the multilateral trade system, the U.S. should lead by example in adhering to rules [4]. - The U.S. has been accused of ignoring WTO rules and member expectations, engaging in economic bullying and unilateral measures that severely impact the multilateral trade system [4]. Concerns Raised by China - The Chinese Ministry of Commerce has expressed ongoing concerns about the U.S.'s trade policies, including trade bullying and manipulation of industrial policies, which disrupt global supply chains [4]. - The 2025 report continues to express serious concerns over the U.S.'s discriminatory policies and the escalation of unilateral measures, including the introduction of "reciprocal tariffs" and the initiation of a global trade war [4]. Importance of Multilateral Trade System - The WTO is described as the cornerstone of economic globalization and international trade, relying on member compliance with obligations and mutual cooperation [5]. - The report aims to urge the U.S. to correct its policies, comply with WTO rules, and eliminate illegal measures such as "reciprocal tariffs," promoting a more equitable and inclusive global economic environment [5].

Core Viewpoint - The report from China's Ministry of Commerce highlights the significant issues arising from the United States' violations of multilateral trade rules, portraying the U.S. as a disruptor of the multilateral trade system and emphasizing the need for adherence to WTO regulations [1][4]. Group 1: U.S. Trade Practices - The report systematically lists the serious problems caused by the U.S. in undermining multilateral trade rules over the past year, including unilateralism and manipulation of industrial policies [1][4]. - The U.S. has faced widespread criticism from its trade partners, with over 30 WTO members expressing dissatisfaction with its unilateral tariff increases [3]. - The U.S. has shifted from being a builder and promoter of the multilateral trade system to a proponent of unilateral protectionism, which has severely damaged its international reputation [4]. Group 2: Economic Impact - The World Bank estimates that U.S. unilateral tariff measures could lead to a 1% reduction in global trade volume by 2025, equivalent to erasing 4% of expected growth [5]. - New tariffs may increase annual household expenses in the U.S. by $2,500, with 92% of tariff costs ultimately borne by American consumers [5][6]. - The effective tariff rate in the U.S. has reached its highest level since the Smoot-Hawley Tariff Act of 1930, contributing to rising costs for American families and businesses [6]. Group 3: Recommendations - The report urges the U.S. to eliminate its "reciprocal tariffs" and abandon unilateralism and protectionism, advocating for a return to compliance with multilateral trade rules [6].

Core Insights - China's recent export regulations on rare earth materials and related items are seen as a strategic move to leverage its market position and resource endowment in the context of global value chain restructuring [1][2] - The regulations are a response to the U.S. Department of Commerce's inclusion of several Chinese entities on its export control "entity list," aiming to prevent future export restrictions against China [1][2] Group 1: Export Regulations and Strategic Implications - The new export controls target high-value, low-substitutability materials critical for emerging technologies such as renewable energy, artificial intelligence, and quantum communication [2][3] - The introduction of a threshold for "Chinese content" at 0.1% for overseas products marks a significant regulatory change, enhancing China's influence in trade negotiations [2][3] - The measures are intended to maintain stability in global supply chains rather than to gain geopolitical advantages [3][4] Group 2: Economic Performance and Trade Dynamics - China's foreign trade has shown resilience, with exports of mechanical and electrical products accounting for 60.5% of total exports in the first three quarters of the year [5][6] - The country has achieved continuous year-on-year growth in imports and exports for eight consecutive quarters, indicating a robust trade environment [4][5] - The ongoing trade tensions have not deterred foreign investment, as evidenced by Apple CEO Tim Cook's commitment to increasing investment in China [4][6] Group 3: Global Economic Impact and Future Outlook - The International Monetary Fund (IMF) and World Bank have raised China's economic growth forecasts for 2025, highlighting its role as a key driver in the East Asia and Pacific region [6][7] - China's economic fluctuations can significantly impact regional economies, with a 1% change in China's economy potentially affecting neighboring economies by 0.3% [6][7] - Upcoming APEC meetings are expected to focus on multilateral trade systems, regional economic integration, and cooperation in technology and trade friction resolution [7][8]

Core Viewpoint - The recent comments from U.S. Treasury Secretary Becerra regarding Chinese Vice Minister Li Chenggang's statements and actions in Washington highlight escalating tensions in U.S.-China trade relations, particularly concerning shipping costs and global supply chain stability [1][3]. Group 1: U.S. Position - U.S. Treasury Secretary Becerra described Li Chenggang's remarks as "provocative" and criticized his uninvited presence in Washington, indicating a lack of respect [1]. - Becerra referenced Li's statement that if port transportation costs were addressed, China could cause global chaos, reflecting concerns over potential disruptions in international trade [1]. Group 2: China's Response - Chinese Ministry of Commerce spokesperson He Yongqian countered that the U.S. comments misrepresented the facts, emphasizing that Li Chenggang's visit was aimed at discussing U.S.-China economic relations and addressing U.S. restrictions on Chinese shipbuilding [3]. - He noted that China has been proactive in negotiations regarding the U.S. Section 301 investigations and has proposed cooperation, but the U.S. has maintained a negative stance, leading to China's defensive countermeasures, including special port fees on U.S. vessels [3]. - He characterized the U.S. actions as unilateralism and protectionism, which harm Chinese industries, increase inflation in the U.S., and negatively impact U.S. port competitiveness and employment [3]. - He expressed hope that the U.S. would recognize its errors and return to constructive dialogue [3].

Core Viewpoint - The Chinese Ministry of Commerce strongly criticizes the U.S. for its unilateral and protectionist measures against China's shipbuilding industry, asserting that these actions harm both Chinese interests and global supply chain stability [1][2]. Group 1: U.S. Actions and Responses - The U.S. Treasury Secretary's comments regarding Chinese Vice Minister Li Chenggang's statements are described as a serious distortion of facts [1]. - Li Chenggang's visit to the U.S. was aimed at discussing the implementation of agreements made during the talks between the two countries' leaders, focusing on trade relations and the U.S. Section 301 investigations [1]. - China has been actively engaging with the U.S. regarding the 301 investigations, maintaining a constructive stance and proposing cooperation suggestions, despite the U.S. maintaining a negative attitude [1]. Group 2: Impact of U.S. Measures - The U.S. Section 301 investigations and restrictions are characterized as typical unilateralism and protectionism, which significantly damage China's related industries and could increase inflation in the U.S. [2]. - These U.S. measures are noted to disrupt global supply chain stability and create chaos in the global shipping industry [2]. - China's countermeasures are described as passive defensive actions necessary to maintain a fair competitive environment in international shipping and shipbuilding markets [2]. Group 3: Call for Dialogue - China expresses hope that the U.S. will recognize its erroneous actions and return to the correct path of dialogue and consultation [3].

Core Insights - The latest regional economic survey by the Federal Reserve indicates ongoing inflationary pressures across the U.S., primarily driven by import tariff policies [1][2] - The survey highlights a cautious outlook on economic prospects, with uncertainty factors potentially suppressing economic activity [1][2] Group 1: Inflation and Costs - Import costs and service fees, including technical services and health insurance, have risen across most regions, with some manufacturing and retail businesses passing these costs onto consumers [1] - The trade-weighted average tariff rate on U.S. products has increased significantly from 2.44% at the beginning of the year to 17.9% by mid-September [1] Group 2: Labor Market Dynamics - The labor market is experiencing a dual challenge: weak demand for labor across various sectors due to economic uncertainty and increased automation, alongside labor shortages in labor-intensive industries like hospitality, agriculture, and construction due to immigration policy changes [1][2] - Companies are resorting to layoffs and natural attrition to manage workforce sizes in response to the unclear economic outlook and the rise of artificial intelligence [1] Group 3: Policy Implications - The findings from this survey will inform the Federal Reserve's upcoming monetary policy decisions, emphasizing the need for a delicate balance between controlling inflation and sustaining economic growth amid protectionist policies and structural labor market challenges [2]

Group 1 - The core viewpoint of the article emphasizes the strengthening of Sino-French strategic cooperation and mutual support in the face of global challenges, particularly in the context of rising unilateralism and protectionism [1][2]. - Wang Yi highlighted the resilience and growth of bilateral trade and investment between China and France, indicating a robust partnership despite global economic disruptions [2]. - Both parties expressed a commitment to deepen cooperation in traditional sectors such as civil nuclear energy, aerospace, and agriculture, while also exploring emerging fields like artificial intelligence, green and digital economy, new energy, biomedicine, and financial services [2][3]. Group 2 - The French side reaffirmed its adherence to the one-China principle, emphasizing the importance of political guarantees for the bilateral relationship [2][3]. - Both countries acknowledged the absence of geopolitical conflicts and fundamental interests, framing their economic relationship as one of complementary advantages and mutual benefit [3]. - Discussions included global issues such as the Ukraine crisis, Middle East situation, and reforms in the global governance system, with both sides agreeing to maintain strategic dialogue for better coordination [4].