Group 1 - The Shenzhen Municipal Market Supervision Administration hosted a series of events themed "Certification and Accreditation: Collaborative Development of Supply Chains" on June 6, 2025, emphasizing the critical role of certification and accreditation in enhancing supply chain resilience and promoting integrated development of domestic and foreign trade [1] - The "Same Line, Same Standard, Same Quality" initiative aims to produce goods that meet both domestic and international market standards, facilitating the integration of production and inspection resources to help companies overcome international trade barriers [3] - The establishment of the alliance is a significant step towards promoting the coordinated development of domestic and foreign trade in Shenzhen, contributing to the city's higher level of openness and quality development, and enhancing its status as a global consumption center [3] Group 2 - The event launched the province's first quality certification popularization base, aiming to deepen public understanding of quality certification and foster a societal atmosphere of awareness and trust in certification [5] - Shenzhen has issued 486 carbon footprint certification certificates and 257 green product certification certificates, covering 168 and 107 enterprises respectively, with experiences being promoted nationwide by the National Development and Reform Commission [5] - The Shenzhen Municipal Market Supervision Administration plans to strengthen the core functions of certification and accreditation as tools for market credit, quality management, and trade facilitation, aiming to elevate the certification and accreditation sector to new heights [6]

Core Insights - The global trade industry is facing multiple shocks due to ongoing changes in international trade policies, including increased tariffs from the U.S. and shifts in trade dynamics with various regions [2][3][4] Group 1: Port Responses - Guangzhou Port, with over 80% of its container routes linked to Belt and Road Initiative countries, is maintaining a calm and orderly atmosphere despite the challenges, with a reported container throughput of 8.85 million TEUs from January to April, a year-on-year increase of 8% [3][4] - Ningbo-Zhoushan Port is experiencing a more vibrant activity level, with truck drivers reporting a recovery in transport volume since May, moving from 15-16 trips a month in April to 5-6 trips a week [5][6] - The container throughput at Ningbo-Zhoushan Port reached 13.57 million TEUs in the first four months, reflecting a 9.9% year-on-year growth, with emerging markets showing over 20% growth [3][9] Group 2: Market Dynamics - The trade landscape is shifting, with a notable increase in exports to Southeast Asia and Central Asia, while exports to the U.S. are expected to recover due to recent tariff adjustments [9][10] - The logistics sector is adapting to increased uncertainty in international trade, with companies diversifying their service offerings and seeking alternative supply sources to mitigate risks [14][15] - The automotive export market is seeing significant growth, particularly in electric vehicles, with a reported 130% year-on-year increase in exports, while imports from the U.S. have sharply declined [12][14]

Core Viewpoint - The article emphasizes the strong resilience and international competitiveness of China's foreign trade in the face of external shocks, highlighting the increased support from financial institutions to ensure stable growth in foreign trade [1]. Group 1: Financial Support Measures - Financial institutions are intensifying support for foreign trade, implementing various measures to assist struggling enterprises, enhance financing support, and promote the integration of domestic and foreign trade [2][3]. - The Export-Import Bank has issued 37 billion yuan in financial bonds specifically for foreign trade credit, with 460 billion yuan in loans allocated to the foreign trade sector in the first five months of the year [3]. Group 2: Product Innovation - Banks are innovating products to cater to the unique needs of small and micro foreign trade enterprises, such as the "Yi Payment Credit Loan" which provides quick financing based on foreign exchange settlement records [4]. - Digitalization is enhancing loan efficiency, with banks like Citic Bank and the Export-Import Bank launching fully online financing products tailored for small and micro foreign trade enterprises [4]. Group 3: Trade Facilitation - Recent measures have improved trade facilitation, significantly reducing the time and effort required for processing trade commission payments, as evidenced by a cross-border trade enterprise in Fuzhou [5]. Group 4: Collaborative Efforts - Collaborative efforts between banks, government, and enterprises are strengthening financial services for foreign trade, with initiatives like the partnership between the Export-Import Bank and retail giants to support the domestic sales of export products [6]. - From January to April, China's total goods import and export volume increased by 2.4% year-on-year, indicating the resilience of foreign trade amid supportive measures [6]. Group 5: Future Policy Directions - The People's Bank of China is focusing on precise measures to stabilize foreign trade, including the creation of new structural monetary policy tools to support investment in technology innovation and consumption [7].

Group 1 - China Export-Import Bank successfully issued financial bonds worth 5 billion yuan to support the foreign trade development of private enterprises, with a maturity of 1 year [1] - The funds raised from this bond issuance will be specifically used for credit loans in the foreign trade sector for private enterprises, indicating strong market participation and positive subscription from investors [1] - This issuance is part of the bank's efforts to enhance its policy-oriented financial functions and support the international economic cooperation and competitive advantages of private enterprises [1] Group 2 - In 2023, China Export-Import Bank has cumulatively issued 32 billion yuan in themed financial bonds for the foreign trade sector, including 27 billion yuan for enhancing foreign trade quality and 5 billion yuan for supporting foreign trade infrastructure [1] - Private enterprises are recognized as the main force in stabilizing foreign trade growth, with customs in regions like Shanghai and Guangdong implementing measures to reduce burdens and enhance efficiency for these enterprises [1][2] - Shanghai Customs introduced 33 measures to promote cross-border trade facilitation, focusing on accelerating customs clearance for key products and implementing pilot programs for smart inspections [2] Group 3 - Financial institutions are increasing support for foreign trade enterprises, with the Ningbo branch of the People's Bank of China allocating 10 billion yuan for targeted financing to support 13,000 export enterprises [3] - Ningbo Bank has launched various measures to assist foreign trade enterprises in financing, including a 24/7 online service platform for foreign exchange settlement and risk management [3]

Core Insights - The training session held in Chongqing aimed to enhance the foreign trade capabilities of over 50 enterprises, addressing practical issues and promoting high-quality development of the external economy [2][3] Group 1: Economic Context - Chongqing's foreign trade import and export value reached 226.46 billion yuan in the first four months of this year, showing a year-on-year growth of 4.7%, with exports amounting to 162.74 billion yuan, up by 9.3% [3] - The foreign trade growth rate in Jiulongpo District was 28.4%, surpassing the city's overall growth rate of 23.7% [3] Group 2: Training Content - The training focused on customs management processes, foreign trade business expansion, and practical case studies, utilizing a "policy + case + tool" approach to empower enterprises [5] - Key topics included customs declaration challenges, with a detailed breakdown of essential elements such as product coding, tax classification, and documentation processes [5] - The training also covered the customs AEO (Authorized Economic Operator) certification, which offers benefits like priority clearance and reduced inspection rates, providing a pathway for value addition in foreign trade [5] Group 3: Enterprise Engagement - Participants actively engaged in discussions about their challenges, highlighting the training's practical relevance for enhancing business capabilities and expanding into international markets [7] - The Jiulongpo District Commerce Committee emphasized its commitment to improving the foreign trade business environment and supporting enterprises in seizing development opportunities [7]

Group 1 - The Export-Import Bank of China has issued loans totaling 460 billion yuan to support foreign trade stability in the first five months of this year [1] - Multiple special plans have been introduced by the Export-Import Bank to promote stable development in foreign trade, with increased support for private and small to medium-sized foreign trade enterprises [1] - Since April, the Export-Import Bank has actively conducted special actions to support specialized and innovative small and micro foreign trade enterprises, facilitating multiple business transactions [1] Group 2 - The Export-Import Bank has issued themed financial bonds in the foreign trade sector, including 27 billion yuan for enhancing the quality and efficiency of foreign trade, 5 billion yuan for supporting infrastructure connectivity, and 5 billion yuan for the development of private enterprise foreign trade [1] - These financial instruments are aimed at providing strong support for the stable growth of foreign trade [1]

为促进内外贸融合发展，支持外贸经营主体拓展国内市场，福建厦门市制定发布了全国市场监管系 统首个针对内外贸一体化发展的综合措施——《关于促进内外贸一体化发展的若干措施》。 据钟向阳介绍，厦门市市场监管局精准梳理出全市230家重点制造业外贸企业名单，聚焦企业 从"外"转"内"的实际痛点，打通准入、标准、认证等关键环节，从便利出口转内销准入、推动内外贸标 准衔接、优化质量技术帮扶、助力融资增信扩产等方面推出9条措施。这是全国市场监管系统首个针对 内外贸一体化发展的综合措施。这些措施"既着力破除内外贸规则藩篱，更注重培育企业核心竞争力， 力求以制度创新破局突围，以精准服务纾困解难"。 该措施主要包含畅通内外贸衔接通道、赋能企业质量升级、破解转型发展难题等3方面内容。 在畅通内外贸衔接通道方面，通过便利出口转内销产品工业生产许可、食品生产许可、中国强制性 产品认证等办理流程，推动内外贸标准衔接，降低企业内外贸转换的程序性成本，帮助出口企业快速开 拓国内市场。 在赋能企业质量升级方面，精准对接企业需求，开展质量管理培训和诊断服务；强化质量基础设施 一站式服务质效；建立"服务专员""企业接待日"机制；深化计量技术特派员制度 ...

多方协同助力 今年以来，我国内外贸制度规则持续融合，重点领域实现率先发展，支持政策不断完善，内销环境持续 优化，外贸企业拓内销取得重要进展，一体化经营能力明显提高。专家表示，下一步，应进一步聚焦政 策执行协同，推动重点领域深化改革，持续推进内外贸一体化发展。 化挑战为机遇 不久前，"外贸优品中华行"活动启动，推出一系列务实举措，培育内外贸一体化综合服务平台、线下组 织外贸优品进商超、线上引导电商平台设立相关专区、把更多外贸优品纳入"以旧换新"政策支持范围 等，帮助企业打通出口产品内销堵点，实现国内国际两个市场协调发展、顺畅切换、相互促进。 商务部研究院流通与消费研究所研究员关利欣表示，外贸企业拓内销迎来发展机遇。我国庞大国内市场 优势明显，消费市场潜力持续释放，为企业提供了广阔的创新发展空间；外贸企业生产制造的商品品类 丰富、品质较高，能够满足国内消费者不断升级的个性化、品质化需求；政策对于内外贸一体化发展的 支持力度加大，鼓励外贸企业积极开拓国内市场。 溢达集团曾是一家超大型外贸纺织服装企业，高峰时，年出口衬衫超1亿件。近年来，面对复杂多变的 国际贸易环境，公司快速变阵转型，孵化发展零售男装品牌，转战国内市 ...

据上海海关统计数据显示，今年前4个月，上海市外贸进出口1.4万亿元，同比增长1%。其中，出口表 现亮眼，出口值达6290.2亿元，同比增长13.8%。（央视新闻） ...

显微镜下的中国经济（2025 年第 20 期） 频率：每周 目前看，5 月供给形势可能仍较为稳定，需求方面出口和消费相对较好，房地 产投资继续拖累投资整体形势。 定期报告 相关报告 1、《央国企动态系列报告之 40 ——并购重组新规出台，央企 上市公司加速新兴产业布局和 "两非""两资"资产剥离》 2025-06-03 2、《美国国内政治加剧对外政 策动荡———国际时政周评》 2025-06-02 3、《PPI 或进一步下探——宏 观与大类资产周报》2025-06-02 张一平 S1090513080007 zhangyiping@cmschina.com.cn 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 证券研究报告 | 宏观定期报告 2025 年 06 月 03 日 如何看待 5 月宏观经济形势 正文目录 | 1、开工率 | | --- | | 2、产能利用率…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...