"体制之友"成员表示，世贸组织自成立以来发挥了重要作用，为全球贸易提供了开放、透明、可预见和 非歧视的全球贸易体制。在当前单边主义盛行、全球供应链受阻的情况下，成员共同维护和加强世贸组 织规则原则、保持相互间贸易开放十分重要。"体制之友"成员呼吁，成员应加强团结合作，通过实行大 胆的集体行动和深入推进世贸组织改革，有效应对当前全球贸易局势。 中方表示，美国"对等关税"严重破坏多边贸易体制，冲击全球经济，损害发展中国家利益。世贸成员应 通过维护和加强世贸组织核心价值和基本原则有效应对美国"对等关税"等单边主义和保护主义冲击。同 时，世贸成员应共同致力推进全球贸易重构，以开放合作重塑受到破坏的产业链供应链，以相互尊重、 互利共赢方式降低贸易壁垒，探索新的贸易增长机会。中方支持提高贸易政策透明度，推进世贸组织改 革；同时，任何双边安排必须符合世贸组织规则原则，不得损害其他成员利益。 （文章来源：央视新闻） 5月20日至21日，世贸组织在瑞士日内瓦召开总理事会2025年度第二次会议。在第二天会议上，欧盟设 置议程批评美国关税措施导致全球贸易碎片化，新加坡、瑞士代表"体制之友"成员设置议程呼吁强化多 边贸易体制以应对当 ...

Core Viewpoint - The Director of the National Development and Reform Commission, Zheng Zhaojie, emphasizes that China's economic foundation is solid, resilient, and has great potential, with a long-term positive trend that remains unchanged despite global uncertainties [1][2]. Group 1: Economic Cooperation - China and Indonesia are entering a new phase of cooperation under the strategic guidance of their leaders, focusing on building a "five-pillar" cooperation framework [1]. - The two countries have strong economic complementarity and potential for cooperation, with plans to enhance policy collaboration and promote major projects like the Jakarta-Bandung High-Speed Railway [1][2]. - There is a commitment to jointly cultivate new growth points in the economy, such as artificial intelligence, and to deepen practical cooperation across multiple fields for mutual benefit [1][2]. Group 2: Economic Development - Zheng Zhaojie introduced the current state of China's economic development, highlighting a strong start in the first quarter of the year, driven by new growth momentum and the release of domestic demand potential [2]. - China aims to continuously inject new momentum into global economic development and welcomes Indonesia to share in the development opportunities and benefits [2]. - Both countries express a desire to oppose unilateralism and uphold international fairness and justice, as well as to maintain the stability of global industrial and supply chains [2].

以世界贸易组织为核心的多边贸易体制是国际贸易的基石，在全球经济治理中发挥着重要作用。 美国政府推出的所谓"对等关税"政策违背世贸组织规则，不仅引发国际社会广泛批评，也暴露出美方在 全球化时代逆潮流而动的战略误判。 中国作为负责任大国，始终是多边贸易体制的坚定维护者。贸易战、关税战没有赢家，保护主义没有出 路。以世界贸易组织为核心的多边贸易体制是国际贸易的基石，在全球经济治理中发挥着重要作用。各 方应在世界贸易组织框架下通过平等对话解决分歧和争端，共同维护多边主义和自由贸易，促进全球产 业链供应链稳定畅通。 （本文作者为对外经贸大学国家对外开放研究院、法学院教授 纪文华） 美国关税政策本质上缺乏理性，背离国际社会共识。深入分析可见，其核心是出于政治选票考量的经济 讹诈：美国政府将关税工具化，用以巩固特定选民群体支持，以短期选举利益凌驾于经济规律之上，已 遭美国国内智库、行业协会和跨国企业的普遍反对。彼得森国际经济研究所指出，惩罚性关税若长期施 行，将使美国制造业成本上升，并推高消费者价格指数。国际社会对美国的经贸单边主义形成的抵制浪 潮印证了"得道多助，失道寡助"的基本规律，也体现了各国维护多边贸易体制的共同意 ...

中国与东盟十国全面完成中国—东盟自贸区3.0版谈判 5月20日，中国—东盟经贸部长特别会议以线上方式举行，双方经贸部长共同宣布全面完成中国—东盟自贸区3.0版 谈判。 3.0版谈判于2022年11月启动，历经近两年时间、9轮正式谈判，于2024年10月实质性结束。在各国经贸部长全力协调 和共同推动下，双方全面完成谈判，向签署升级议定书的目标又迈出关键一步。 中国—东盟经贸部长特别会议以视频形式举行 5月20日，商务部部长王文涛以视频形式与东盟轮值主席国马来西亚贸工部长扎夫鲁共同主持召开中国—东盟经贸部 长特别会议。东盟十国经贸主管部门负责人、东盟秘书长等出席会议，东帝汶贸工部长作为观察员参会。会议就支 持多边贸易体制、共同应对全球贸易紧张局势、加强中国—东盟经贸合作深入交换意见，达成重要共识。 王文涛指出，近期个别经济体滥施所谓"对等关税"、实施经济霸凌，严重破坏国际贸易体系，给世界经济带来高度 不确定性。有关做法不符合经济规律，违反市场原则，中方绝不接受、坚决反对。中方始终认为，贸易战、关税战 没有赢家，单边主义、保护主义没有出路，极端施压和威胁不是同各国交往的正确方式。 王文涛表示，中国与东盟是山水相依、 ...

中国—东盟经贸部长特别会议以视频形式举行 金十数据5月21日讯，5月20日，商务部部长王文涛以视频形式与东盟轮值主席国马来西亚贸工部长扎夫 鲁共同主持召开中国—东盟经贸部长特别会议。东盟十国经贸主管部门负责人、东盟秘书长等出席会 议，东帝汶贸工部长作为观察员参会。会议就支持多边贸易体制、共同应对全球贸易紧张局势、加强中 国—东盟经贸合作深入交换意见，达成重要共识。王文涛指出，近期个别经济体滥施所谓"对等关税"、 实施经济霸凌，严重破坏国际贸易体系，给世界经济带来高度不确定性。有关做法不符合经济规律，违 反市场原则，中方绝不接受、坚决反对。中方始终认为，贸易战、关税战没有赢家，单边主义、保护主 义没有出路，极端施压和威胁不是同各国交往的正确方式。 ...

5月20日，商务部副部长兼国际贸易谈判副代表凌激会见英国48家集团组织的访华代表团。凌激表示， 中国加快构建全国统一大市场，消费潜力持续释放，经济发展稳中向好，大力发展新质生产力，新能 源、生命健康、人工智能等新兴领域快速发展，已成为全球创新的策源地，为包括英国企业在内的跨国 公司在华长期稳定发展提供了有利条件。近年来，中英经贸关系保持健康发展，两国都秉持自由贸易， 反对单边主义、保护主义，坚定维护多边贸易体制，将为全球贸易增加稳定性和确定性。英国48家集团 主席杰克.佩里表示，中国推动经济高质量发展，在工业智能化、绿色化、数字化发展上领先全球，英 国48家集团将始终秉承"破冰者"理念，推动英中经贸合作健康发展，深化互利共赢。(商务部) ...

Core Viewpoint - Madagascar faces systemic risks due to the uncertainty brought by U.S. tariff policies, particularly affecting its fragile economic structure and trade environment [1][2]. Group 1: Economic Impact - The U.S. government announced a potential 47% tariff on products exported from Madagascar, which was later postponed but maintained a 10% baseline tariff [1]. - Short-term effects of the U.S. tariffs are expected to significantly slow down Madagascar's exports, leading to a sharp decline in foreign exchange income and increased unemployment risks [1]. - Long-term uncertainty regarding U.S. tariff policies may undermine international investors' confidence in Madagascar's trade stability, potentially resulting in factory reductions or closures [1]. Group 2: Industry-Specific Effects - The textile industry, a key sector in Madagascar, is projected to suffer the most from the U.S. tariffs, contributing nearly 20% to the country's GDP and providing over 100,000 direct jobs [2]. - Madagascar is the second-largest exporter of apparel to the U.S. among sub-Saharan African countries, following Kenya [2]. - The agricultural sector, particularly the vanilla industry, which accounts for a quarter of Madagascar's export revenue, is also expected to be adversely affected, with the U.S. being the largest market for its vanilla exports [2]. Group 3: Strategic Recommendations - To mitigate the impacts of U.S. tariff uncertainties, African nations, including Madagascar, should enhance trade integration within Africa and seek support from multilateral trade systems [2]. - Madagascar should focus on diversifying export channels, increasing product value-added, and accelerating industrial upgrades to strengthen its economic resilience [2].

Core Insights - The report highlights the performance of the Hong Kong stock market, with the Hang Seng Index closing at 23,332.72, down 0.05% after a three-day decline totaling 1.3% [2][3] - The report notes that the industrial value-added data from mainland China exceeded expectations, which helped to mitigate the market's decline [3] - The report emphasizes the strong performance of certain stocks, such as Meituan and Tencent, which rose by 2.3% and 1.2% respectively, while Geely saw a decline of 2.5% [3] Macro & Industry Dynamics - Hong Kong's Chief Executive, John Lee, stated that Hong Kong serves as a financial hub amidst rising unilateralism and protectionism, aiming to strengthen its role as a mediator for international trade [6] - The Financial Secretary, Paul Chan, reported that Hong Kong's stock market has seen significant inflows, with new stock fundraising activities leading the world, accumulating over 60 billion this year, a sixfold increase year-on-year [7] - The Chinese Ministry of Industry and Information Technology has issued guidelines to promote the development of the technology service industry, focusing on creating a unified technology trading service platform [9] Company News - Xiaomi is set to unveil its first SUV model, YU7, and a self-developed chip, "玄戒 O1," at a strategic product launch event [11] - Jianbei Miao Miao expects a profit increase of at least 50% for the fiscal year ending March, driven by effective brand management and strong sales performance in its core product segments [12] - CLP Holdings reported a 2.6% year-on-year decrease in electricity sales in Hong Kong for the first quarter, attributed to warmer weather and a reduction in overall electricity demand [13]

智通财经5月19日电，商务部部长王文涛会见丹麦外交大臣拉斯穆森，双方就中丹、中欧经贸关系、维 护多边贸易体制等问题深入交换意见。丹麦工业联合会、诺和诺德、嘉士伯等丹麦经济界代表参加会 见。王文涛表示，近日，习近平主席复信中国丹麦商会，为深化中丹经贸合作指明了方向。中丹建交75 年来，两国关系历久弥新，稳步向前发展，双边贸易持续增长，绿色、医药、农食、机械等领域投资合 作成果丰硕。中国坚定不移扩大对外开放，积极扩大国内需求，致力于打造稳定、透明、可预期的营商 环境。当前，国际形势变乱交织，面对单边主义、保护主义和逆全球化的严峻挑战，中方愿同丹方和欧 方一道，秉持建交初心，加强政策沟通，深化务实合作，共同维护以世贸组织为核心的多边贸易体制， 为世界注入更多稳定性和正能量。 王文涛部长会见丹麦外交大臣拉斯穆森 ...

Group 1 - The core viewpoint of the articles highlights the significant consensus reached between China and the United States regarding tariff adjustments, which is expected to positively impact bilateral trade and stimulate economic growth for both nations [1][3][4] - The adjustment of tariffs is seen as a crucial step not only for China and the U.S. but also for global economic stability, as it may influence other countries, including vulnerable economies [3][6] - Canada's response to the U.S.-China agreement indicates a potential shift in its trade policy towards China, suggesting that Canada may seek dialogue to resolve trade issues [4][6][9] Group 2 - The articles emphasize that the trade policy adjustments between China and the U.S. could have a ripple effect on international trade dynamics, necessitating Canada to reassess its trade stance and approach towards China [6][8] - The successful negotiations between China and the U.S. are framed as a model for other nations, encouraging a rational and long-term perspective in trade policy formulation [3][9] - The overall context suggests that the adjustments in trade relations are not merely bilateral events but are interconnected within the framework of global economic interdependence, highlighting the importance of cooperation and dialogue among nations [8][9]