中新网曼谷12月23日电 (李映民 刘宇博)中资企业出海高峰论坛暨首届泰国工业地产供应链大会近日在 曼谷举行。论坛聚焦全球供应链重构背景下的产业融合，旨在深入推动共建"一带一路"倡议与泰 国"4.0"战略及东部经济走廊(EEC)建设对接，为中泰经贸合作迈向更高水平搭建权威交流平台。 活动现场。主办方供图 泰国前副总理兼商务部长普坦表示，2025年是泰中关系发展的重要里程碑。在"一带一路"与泰 国"4.0"战略深度对接的框架下，两国经贸关系不断提质升级，中国已连续多年成为泰国最大投资来源 国。中资企业出海正经历从单一项目向产业链、供应链协同布局的深刻转变，本次论坛对于帮助企业把 握机遇、深化融合具有重要意义。 中资企业出海高峰论坛在曼谷举办 泰国前副总理普坦在论坛上致辞。主办方供图 本次论坛汇聚了中泰两国政、商、学界代表逾400人。泰国中华总商会主席林楚钦表示，泰中建交半个 世纪以来，两国关系持续深化，经贸合作成果丰硕。在当前全球产业格局调整的背景下，泰国凭借其战 略区位、完善基础设施与优越的营商环境，正成为吸引中国投资的热土。 论坛期间还设置了多场平行分论坛，议题涵盖工业园区发展、工程建设协同、企业合规运营等 ...

Core Viewpoint - The article discusses the imbalance in the U.S. fiscal structure exacerbated by the Trump administration's policies, highlighting the negative impacts on both the U.S. and global economies [1][2][3]. Fiscal Revenue and Expenditure - In FY2025, U.S. federal revenue is projected at $5.2 trillion, while expenditures will reach $7.01 trillion, resulting in a budget deficit of approximately $1.8 trillion, marking the sixth consecutive year of deficits exceeding $1 trillion [2]. - Personal income tax remains the primary source of revenue at $2.66 trillion, with a year-on-year growth of 10%. Tariff revenues have surged significantly, indicating a shift towards reliance on tariffs rather than personal income taxes [2]. - Major expenditures are concentrated in mandatory spending areas such as social security, Medicare, and Medicaid, with interest payments on debt surpassing $1 trillion [2]. Economic and Trade Impacts - The adjustment in fiscal policy is causing severe macroeconomic and consumer rights losses in the U.S. High tariffs are increasing costs for importers, contributing to inflationary pressures and potentially harming the international competitiveness of U.S. manufacturing [3]. - The reliance on tariffs to cover fiscal shortfalls is leading to efficiency losses, negatively affecting the majority of American residents, with the overall economic cost of tariff policies likely exceeding fiscal benefits [3]. - The U.S. education department's budget is set to drastically reduce from $268 billion in FY2024 to $34 billion in FY2025, significantly impacting public schools and vulnerable groups [3]. Global Supply Chain and Trade Dynamics - The "Great America Act," signed by Trump, is expected to increase the U.S. fiscal deficit by approximately $3.4 trillion over the next decade, leading to significant changes in fiscal structure and global supply chain dynamics [4]. - The trend towards regionalization and localization in global supply chains is being reinforced by U.S. policies, which may increase business adjustment costs and fragment global trade [4]. U.S.-China Economic Relations - The sustainability of U.S. debt is becoming increasingly problematic, with interest payments projected to account for about 3.4% of GDP in FY2025, while actual GDP growth remains around 2%, indicating difficulties in servicing debt [5]. - If the U.S. fiscal situation does not improve, the risk of debt default could threaten the safety of Chinese-held U.S. dollar assets [6]. - Tariff increases are raising costs for Chinese goods entering the U.S. market, leading to a decline in bilateral trade, with Chinese exports to the U.S. down 17% and imports down 12% in the first ten months of 2025 [6]. Strategic Responses - To mitigate negative impacts, strategies should include maintaining global supply chain stability and engaging in tax competition, while also enhancing domestic production capabilities and exploring regional cooperation [7][8]. - Building an open economy driven by domestic demand is essential, with a focus on government investment in future industries and strategic sectors, as well as enhancing the role of the RMB in international trade [8]. - Improving fiscal management and preventing financial risks through tax system reforms and optimizing foreign exchange reserves are critical for ensuring fiscal sustainability [8].

Core Insights - The global aviation industry is currently facing a crisis characterized by "demand rebound" and "supply chain bottlenecks," highlighting the necessity of building resilient supply chains, which is now deemed more critical than efficiency competition and cost optimization [1] Group 1: Supply Chain Vulnerabilities - The supply chain crisis, triggered by issues in aircraft engines, has exposed the inherent fragility of the globalized precision division of labor, stemming from extreme concentration and single-point dependency [1] - The aviation supply chain is characterized by an excessively long chain and rigid coupling failures, where delays in one segment can amplify costs and delays across the entire chain [1] - The costs of supply chain disruptions are ultimately passed down, increasing operational expenses and squeezing airline profits, which affects the long-term sustainability of the industry [1] Group 2: Pathways to Resilience - The aviation industry can learn from the automotive sector's balance between efficiency and redundancy, where companies have diversified their supply sources and strengthened strategic inventory mechanisms [2] - The semiconductor industry's approach to capacity backup and dynamic safety stock adjustments can serve as a model for the aviation sector, particularly in establishing a real-time shared and traceable network for aviation materials [2] - A transformation in the aviation industry is necessary, requiring collaboration among multiple stakeholders and a shift from a linear to a networked structure to enhance resilience against future disruptions [2] Group 3: Opportunities for China - China possesses the most complete and responsive industrial system globally, presenting opportunities to integrate into the global supply chain network during the reconstruction of aviation supply chains [3] - The challenge lies in balancing deep integration into the global system while enhancing the international influence of rules and standards, transitioning from a "participant" to a "contributor" in the aviation industry [3]

戴绪龙：总的来看，中国面临的国际形势依然严峻复杂。 中央经济工作会议近日在京举行，围绕中国经济展开了"今年怎么看、明年怎么办"的讨论，并最终定 调。值得关注的是，此次会议多次提及外部环境，并提出必须以苦练内功来应对外部挑战，坚持对外开 放，推动多领域合作共赢。 当前外部环境如何？有哪些"老问题"和"新挑战"？未来将如何应对外部环境的变化？带着这些问题，南 都N视频记者采访了商务部中国国际经济合作学会副会长、致公党中央委员戴绪龙。 戴绪龙近年来一直关注国际经济合作、资源与环境经济、可持续发展等领域，在服贸会、进博会多次担 任国际经济论坛总负责人。他说："这次中央经济工作会议有很多新提法值得关注，比如建设三大国际 科创中心，从原来的北京、上海、粤港澳大湾区扩容至京津冀、长三角和粤港澳大湾区，另外还部署了 多项支持科技创新的举措，可以看出我国未来科技强国的信心和决心。" 国际形势严峻复杂，中美经贸摩擦长期存在 南都：中央经济工作会议指出，我国经济发展中老问题、新挑战仍然不少，外部环境变化影响加深。从 外部环境来看，您认为当前我国面临哪些"老问题"和"新挑战"？ 同时，深化结构改革，推进重点领域改革，激发市场活力。会 ...

Core Viewpoint - Kosen Technology (603626.SH) announced the sale of its wholly-owned subsidiary, Kosen Medical, to Jiangsu Yaolingke Medical Technology Co., Ltd. for 915 million RMB, marking a significant strategic shift as the company exits the medical device sector [2] Group 1: Transaction Details - The transaction is based on an income approach, with the total equity value assessed at 913 million RMB as of September 30, 2025, reflecting an increase of 615 million RMB and a growth rate of 206.45% [2] - Kosen Technology expects to recognize approximately 600 million RMB in investment income from this divestiture, which will be recorded as non-recurring gains [2] - The deal is seen as a strategic acquisition for Yaolingke, enhancing its position in the precision medical device manufacturing sector [2] Group 2: Kosen Medical's Background - Kosen Medical has established itself as a competitive player in the medical device manufacturing industry, contributing to the high premium in the sale [7] - The company has collaborated with major clients like Medtronic, Zimmer, and Johnson & Johnson, providing critical components for various medical devices [9][10] - Despite its capabilities, Kosen Medical's revenue contribution has been low, accounting for about 10% of Kosen Technology's overall revenue, indicating its role as a supplementary business [6] Group 3: Reasons for Divestiture - Kosen Technology faced significant financial pressure, reporting cumulative losses of 873 million RMB from 2023 to the first three quarters of 2025, alongside high accounts receivable of 1.17 billion RMB [13] - The differing operational models between the consumer electronics and medical device sectors led to insufficient synergy, negatively impacting the efficiency of the core business [14] - The company aims to refocus on its core business in consumer electronics and energy storage, necessitating capital for overseas expansion projects [17] Group 4: Strategic Implications - The sale reflects broader challenges faced by manufacturing companies attempting to diversify into different sectors, particularly when operational demands and resource allocation become strained [26] - The entry of LYFE Capital into the medical manufacturing space signifies a shift towards asset acquisition in the global medical device sector, moving beyond previous focuses on R&D investments [27]

中欧贸易格局在全球经济复苏进程中显现出显著不平衡，欧盟对华逆差持续扩大，主要源于双方产业分工差异和出口结构调整。 中国制造业通过技术升级和供应链优化，提升了产品竞争力，如电动汽车和高端装备出口增速明显，而欧盟出口以传统优势领域为主，受内部管制影响，高 科技产品对华输出受限。 这种局面反映出欧洲经济体内部协调难题，法国作为欧盟重要成员，其对华贸易逆差已达数百亿欧元规模，凸显需通过对话寻求互惠路径。 马克龙访华后迅速转变立场，强调如果中国不增加从欧洲进口商品，欧盟可能征收关税，这暴露了法国对贸易失衡的焦虑。 欧盟内部对华政策分歧明显，德国作为对华贸易额最大的成员国，依赖中国市场深度投资，尤其在汽车和化工领域，通过本地化生产规避部分壁垒，与法国 单一出口模式形成对比。 德国企业在中国投资存量远超法国，这推动了技术转移和就业创造，贸易额突破2000亿美元，显示互利合作的可行性。 马克龙呼吁中国反向投资欧洲，类似于25年前欧洲对华投资模式，但当前中国企业在欧洲已设立多家工厂，涵盖新能源和制造业，投资规模逐年扩大，这种 双向流动有助于平衡逆差，却被法国视为威胁。 欧盟此前对中国电动汽车的反补贴调查虽征收关税，但中国出口仍 ...

Core Viewpoint - The visit of Russian President Putin to India marks a significant moment for strengthening bilateral relations, particularly in energy and defense sectors, amidst geopolitical pressures from the U.S. and the ongoing Ukraine crisis [1][2]. Group 1: Energy and Defense Cooperation - Both countries agreed to enhance cooperation in energy and defense, with Putin emphasizing Russia's commitment to supply oil, gas, and coal to India [2]. - The leaders expressed intentions to encourage technology transfer and joint ventures for producing Russian defense equipment in India [2]. Group 2: New Areas of Cooperation - The discussions highlighted a shift towards expanding cooperation into new areas such as technology innovation, connectivity, and local currency settlements, aiming to build a more resilient bilateral relationship [4]. - The goal is to increase annual bilateral trade to $100 billion, with a focus on diversifying trade beyond energy and defense [4]. Group 3: Strategic Context - The timing of the visit coincides with the 25th anniversary of the Russia-India strategic partnership and U.S. pressures on India regarding its oil purchases from Russia [1]. - Analysts suggest that India is leveraging this visit to showcase its economic diversification strategy and maintain a balance between its relations with Russia and the U.S. [1][2]. Group 4: Infrastructure and Logistics - Agreements were signed to enhance cooperation in transportation and logistics, focusing on developing stable and efficient transport corridors to reduce dependence on Western shipping routes [5]. - This initiative reflects both countries' desire for greater autonomy in the context of global supply chain restructuring [5].

Core Viewpoint - The visit of Russian President Putin to India on December 4-5 marks his first visit since the escalation of the Ukraine crisis, coinciding with the 25th anniversary of the Russia-India strategic partnership and amidst U.S. pressure on India regarding oil purchases from Russia [1][15]. Group 1: Energy and Defense Cooperation - Both countries agreed to strengthen cooperation in energy and defense, with a focus on ensuring uninterrupted oil supply from Russia to India [21]. - Putin emphasized Russia's role as a reliable supplier of oil, gas, and coal, while Modi highlighted energy security as a crucial pillar of the India-Russia relationship [21]. - The leaders announced plans to encourage technology transfer and joint ventures for the production of Russian defense equipment in India [21]. Group 2: Expanding Cooperation into New Areas - The visit signifies a push to extend bilateral cooperation beyond traditional sectors like energy and defense into areas such as technology innovation, connectivity, and local currency settlements [23]. - Both leaders aim to increase annual bilateral trade to $100 billion and gradually promote trade in local currencies [23]. - Modi stated that India and Russia are entering a new phase of "innovation, co-production, and co-creation," focusing on high-tech, green energy, pharmaceuticals, biotechnology, and textiles [25]. Group 3: Structural Trade Imbalances - Despite unprecedented trade levels, structural imbalances remain, with India exporting less than $5 billion to Russia out of a projected $68.7 billion bilateral trade for the fiscal year 2024-2025 [26]. - The trade relationship still heavily relies on energy security and defense cooperation, necessitating a significant expansion into non-energy goods, services, and industrial chain collaboration to mitigate external pressures from the West [26]. Group 4: Connectivity Agreements - Russia and India signed multiple agreements in transportation and logistics, emphasizing the development of stable and efficient transport corridors, including the International North-South Transport Corridor and the Eastern Maritime Corridor [28]. - This strategic layout aims to reduce dependence on Western-dominated shipping systems, reflecting both countries' desire for greater autonomy in the context of global supply chain restructuring [28].

新华财经科伦坡12月6日电（记者陈冬书）俄罗斯总统普京4日至5日对印度进行国事访问。这是乌克兰 危机升级后普京首次访印，也正值美国以印度购买俄石油为由对印加征惩罚性关税之时。 经贸方面，双方签署《2030年愿景》，提出力争将双边贸易额提升至1000亿美元，扩大本币结算比重， 并加快推动印度与欧亚经济联盟自由贸易协定谈判。在印俄商业论坛上，莫迪提出两国正迈入"创新、 共同生产与共同创造"的新时代。 劳动力合作方面，双方签署移民协议，为印度技术人才提供新就业渠道，以缓解美国临时工作类签证紧 缩带来的压力。 在互联互通领域，双方签署多项协议，强调在建设"稳定、高效运输走廊"方面深化合作，旨在提高物流 效率、降低对西方航运体系的依赖，并在全球供应链重构背景下提升自主性。 双方作何评价 普京专机落地后，莫迪亲赴机场迎接，并用英俄双语连续发布三条社交媒体消息。他称普京为"我的朋 友"，强调"印俄友谊经受住了时间考验"，还晒出两人握手拥抱、车内热切交谈以及向普京赠书的照 片。 双方会谈结束后，印度外交秘书唐勇胜表示，此访的核心目标是扩大经济合作、加强产业链协同和提升 投资伙伴关系，在当前地缘政治紧张背景下，印俄关系被视为" ...

Core Viewpoint - The visit of Russian President Putin to India marks a significant moment in the context of the ongoing geopolitical tensions, particularly with the U.S. pressure on India regarding its oil purchases from Russia. The visit aims to strengthen the strategic partnership between Russia and India, especially in energy and defense sectors, while also exploring new areas of cooperation such as technology and innovation [1][2]. Group 1: Energy and Defense Cooperation - The primary focus of the visit was on enhancing cooperation in energy and defense, with both leaders expressing commitment to strengthen ties in these areas. Putin emphasized Russia's role as a reliable supplier of oil, gas, and other energy resources to India, while Modi highlighted energy security as a crucial pillar of the bilateral relationship [3][4]. - Both countries agreed to encourage joint production of Russian defense equipment in India through technology transfer and joint ventures, indicating a deepening of defense collaboration [3]. Group 2: Expanding Bilateral Relations into New Areas - The discussions during the visit aimed to extend cooperation beyond traditional sectors into new areas such as technology innovation, connectivity, and local currency settlements. The goal is to build a more resilient framework for bilateral relations that can withstand external pressures [4][5]. - The leaders set an ambitious target to increase annual bilateral trade to $100 billion and gradually promote trade in local currencies, reflecting a strategic shift towards economic diversification [4]. Group 3: Trade Imbalances and Structural Issues - Despite the record levels of trade between India and Russia, structural imbalances remain a concern, particularly with India's exports to Russia being significantly lower. In the projected $68.7 billion bilateral trade for the fiscal year 2024-2025, Indian exports to Russia are expected to be less than $5 billion [5]. - The need to diversify trade beyond energy and defense is emphasized to mitigate vulnerabilities from Western pressures, highlighting the importance of expanding non-energy goods and services trade [5]. Group 4: Infrastructure and Connectivity Initiatives - Agreements were signed to enhance cooperation in transportation and logistics, focusing on building stable and efficient transport corridors. Key initiatives include the International North-South Transport Corridor and the Eastern Maritime Corridor, aimed at reducing dependence on Western shipping routes [5].