Core Viewpoint - The article critiques the United States' approach to trade, particularly its emphasis on "reciprocal tariffs," which the author argues is a double standard that overlooks the significant service trade surplus the U.S. enjoys [3][5]. Trade Balance - The U.S. service trade surplus is projected to reach nearly $300 billion in 2024, highlighting a significant imbalance in how the U.S. discusses its trade position, focusing on goods trade deficits while ignoring service trade advantages [3]. - The U.S. often claims to be at a disadvantage in goods trade, yet fails to acknowledge its substantial gains in service trade, which is seen as a selective narrative [3][5]. Global Trade Dynamics - The global service industry now accounts for over two-thirds of GDP, with high-value services like finance and IT predominantly controlled by the U.S. and other developed nations, raising questions about the fairness of the U.S. trade narrative [5]. - The article suggests that the U.S. is not genuinely advocating for free trade but rather seeks to maintain a system that benefits itself while imposing restrictions on others [7]. International Reactions - The European Union, particularly Germany, is expressing concerns over unilateral trade actions and the need for stronger multilateral coordination to avoid a trade war, indicating a shift in sentiment among global partners [7]. - China's recent statements at the WTO are framed as a call for a more equitable global trade environment, challenging the notion that might makes right in international trade [9]. Future Implications - The article raises concerns about the sustainability of the U.S. trade strategy, questioning how long it can continue to operate under a logic that demands reciprocity while maintaining flexibility for itself [9].

Core Viewpoint - The article emphasizes the importance of multilateral cooperation in global trade, particularly in the context of service trade, and criticizes the unilateral measures taken by the United States, urging adherence to WTO rules [1][2]. Group 1: U.S. Service Trade Surplus - The U.S. is the largest service trade surplus country globally, with a projected surplus nearing $300 billion in 2024 [1]. - The U.S. benefits significantly from its deep involvement in high-value segments of the global value chain, such as R&D, design, and sales, which yields returns exceeding what trade data indicates [1]. Group 2: Critique of U.S. Trade Narrative - The U.S. narrative focuses on losses in goods trade while neglecting the profits from service trade, which is seen as misleading and one-sided [1]. - The article argues against the U.S. double standards in trade rules, stating that all members, especially developing ones, should be allowed to benefit from trade [1]. Group 3: Call for Multilateral Solutions - The Chinese representative calls for resolving trade disputes through multilateral cooperation within the WTO framework rather than unilateral actions [1]. - There is a push for accelerating WTO reforms to strengthen an open, stable, and predictable multilateral trade system [1]. Group 4: Global Response - The Chinese stance received support from various countries, including developed members like the EU, Australia, and Canada, as well as developing nations like Brazil and Pakistan [2]. - These countries highlighted the significance of the service sector in future global trade and its role in maintaining supply chain resilience [2].

Group 1 - The core viewpoint emphasizes the importance of the Qingdao Summit as an international exchange platform tailored for multinational companies, aiming to enhance cooperation levels and amplify spillover effects [1][3] - Shandong Province will focus on creating a high-level international exchange and cooperation platform, promoting deep integration of global industrial and supply chains, and continuously improving the summit's comprehensive functions and service guarantees [1][3] - The summit aims to enhance its innovation, attractiveness, and influence, striving to make each session more impressive than the last [1][3] Group 2 - The summit will expand its platform functions by enhancing traditional roles such as promotion, policy release, and matchmaking, while also introducing three new functions: standard rule-setting, results showcasing, and resource aggregation [3][4] - The standard rule-setting function will align with high-standard international trade rules like RCEP and DEPA, facilitating the optimization of international trade and investment rule systems [3][4] - The results showcasing function will involve the release of over ten specialized research outcomes covering trends in various industries, including marine economy and smart living, providing valuable references for multinational companies [3][4] Group 3 - Shandong will focus on cooperation in new productivity, service trade, digital economy, and green low-carbon sectors, aiming to elevate collaboration with multinational companies to broader and higher levels [4] - The province has identified an investment demand of over 90 billion yuan through an overseas fund investment cooperation forum, inviting global sovereign funds and private equity to align with Shandong's industrial advantages [4] - The cooperation model will adapt to evolving trends by exploring flexible channels such as technology collaboration, strategic alliances, asset swaps, and equity funds, offering diverse pathways for multinational companies in China [4][5] Group 4 - The summit will enhance service levels by improving quality, professionalism, and brand recognition, aiming to attract more multinational companies to participate [5] - There will be a focus on strengthening communication between government and enterprises, organizing face-to-face meetings to address new demands from multinational companies regarding policy support and investment environment [5] - The goal is to facilitate trade and investment liberalization and convenience, ensuring that multinational investments become more efficient and rewarding, thereby increasing trade and investment flows [5]

日前，小商品城、昭衍新药等多家上市公司发布公告披露参与设立产业基金的进展。 小商品城在公告中指出：近日，公司与招商局资本管理（北京）有限公司及参与本基金的其他合伙 人共同签署了《合伙协议》，协议主要内容如下： 1、合伙目的 围绕创新服务贸易发展机制、发展数字贸易，加强与社会资本的协同配合，有效发挥 财政资金的政策引导和杠杆放大效应，带动社会资本支持服务贸易创新发展，推动数字贸易改革创 新发展，培育外贸新业态新模式，激发服务贸易发展新动能，推进贸易强国建设。 2、合伙期限 本合伙企业工商登记的合伙期限最长为十五（15）年，自《营业执照》载明的成立日 期起算。虽有前述约定，普通合伙人可根据全体合伙人的一致意见，报请商务部、财政部按程序研 究确定延长或提前终止本合伙企业的合伙期限。 3、出资方式 （1）所有合伙人之出资方式均为以人民币现金出资。 （2）全体合伙人同意，本合伙企业的各合伙人应于普通合伙人根据本合伙企业项目投资的具体资 金需求情况签发的各期缴付出资通知书分期进行缴付，每期的缴付出资由全体合伙人按实际认缴出 资比例缴付。为各期出资缴付之目的，普通合伙人将提前向各合伙人发出该期缴付出资通知书，列 明该合伙人 ...

Overview of the Investment Fund - Ningbo Joyson Electronic Corp. has approved an investment of RMB 300 million by its wholly-owned subsidiary, Ningbo Joyson Automotive Technology Co., Ltd., to participate in the establishment of the Service Trade Innovation Development Guidance Fund Phase II, accounting for 3% of the total capital contribution of the fund [1][15]. Partnership Agreement - The partnership aims to enhance the development of innovative service trade mechanisms and digital trade, leveraging fiscal funds to attract social capital for supporting service trade innovation and promoting new business models in foreign trade [3]. - The partnership has a maximum duration of 15 years, starting from the date of registration [4]. Contribution and Management - All partners will contribute in cash, with contributions made in installments as per the fund's investment needs [5]. - The fund will be managed by the general partner, China Merchants Capital Management (Beijing) Co., Ltd., which will execute partnership affairs [7]. Investment Objectives and Strategies - The fund's investment targets include increasing capital or establishing investments in private equity funds related to service trade and digital trade, as well as directly investing in relevant enterprises [9]. - Investments will be made through equity or equity-related debt instruments [10]. Financial Management - The distribution of profits and losses will be proportional to the actual contributions made by each partner, with a structured order for profit distribution [11][12].

Industry Overview - China and the United States will hold the first meeting of the China-U.S. economic and trade consultation mechanism from June 8 to 13, as announced by the Ministry of Foreign Affairs [1] - In the first four months of 2025, China's service trade maintained rapid growth, with a total import and export value of 26,320.6 billion yuan, a year-on-year increase of 8.2% [2] - The trade volume between China and South Asian countries is expected to approach 200 billion USD in 2024, doubling over the past decade with an average annual growth rate of approximately 6.3% [3] - The price commitment negotiations regarding the electric vehicle case between China and Europe have entered the final stage, requiring further efforts from both sides [4] E-commerce and Digital Trade - Shenzhen plans to build a high-standard cross-border e-commerce comprehensive pilot zone to promote deep integration with local industries [5] - Douyin (TikTok) has surpassed 3 million monthly active users in Hong Kong, marking a 147% increase since the end of 2022 [6] - Labubu has become the top search term on Alibaba's AliExpress ahead of the overseas 618 shopping festival [7] - Keling AI has achieved a monthly payment amount exceeding 100 million yuan for two consecutive months, with a global user base surpassing 22 million [8][9] - AliExpress has opened its platform to local merchants in Poland to expand its local business [10] Retail and Consumer Brands - Xiaomi plans to open 10,000 stores overseas within the next five years as part of its new retail strategy [14] - Luckin Coffee has expanded its self-operated stores in Hong Kong to 12 since entering the market in December 2024 [15] - Miniso is evaluating the potential spin-off and independent listing of its TOP TOY brand business to optimize shareholder value [17] - Jinjiang Hotels plans to issue H-shares and list on the Hong Kong Stock Exchange to strengthen and expand its overseas business [19] Automotive Industry - BYD's chairman Wang Chuanfu stated that the company's overseas sales data for this year will be very positive, with signs of month-on-month growth in multiple overseas markets [20] - BYD plans to launch a micro electric vehicle in Japan next year, with product development and market preparation proceeding as planned [21] - Skyworth Auto has officially rolled out its first locally produced POLYTRON G3 series electric vehicle in Indonesia [22]

Group 1: Market News - The Ministry of Finance has included the implementation regulations of the VAT law in the 2025 legislative work plan, aiming to improve the VAT collection and payment system[9] - The State Administration for Market Regulation reported 11 concluded antitrust cases in 2024, effectively reducing living costs and corporate burdens[11] Group 2: Industry News - From January to April 2025, China's service trade totaled 26,320.6 billion RMB, a year-on-year increase of 8.2%, with exports growing by 14.6% and imports by 3.9%[12] - OPEC+ countries are set to increase oil production by 411,000 barrels per day starting July, while Canadian wildfires have temporarily halted approximately 350,000 barrels per day of heavy crude production[14] Group 3: Market Performance - As of June 6, 2025, the North Exchange A-share component stocks totaled 266, with an average market capitalization of 3.015 billion RMB, and the trading volume reached 25.371 billion RMB, down 5.23% from the previous trading day[16] - The North Exchange's trading volume decreased by 1.399 billion RMB, with 118 stocks closing up, led by Zhongcheng Technology, New Weiling, and Zhongshe Consulting, which rose by 22.89%, 13.86%, and 8.0% respectively[17]

Group 1 - The 9th China-South Asia Expo will be held from June 19 to 24 in Kunming, Yunnan, focusing on the theme of "Unity and Cooperation for Common Development" [1] - Trade cooperation between China and South Asian countries has shown steady growth, with trade volume expected to approach $200 billion by 2024, doubling over the past decade with an average annual growth rate of approximately 6.3% [1][2] - China has become the largest trading partner for countries like Pakistan and Bangladesh, highlighting the deepening economic ties [1] Group 2 - Investment cooperation is expanding, with significant projects like the upgraded China-Pakistan Economic Corridor and investments in Sri Lanka's Hambantota Port [1] - The China-Maldives Free Trade Agreement has come into effect, and negotiations for upgrading investment agreements with Bangladesh are underway [1] - The expo will feature Sri Lanka as the theme country and Thailand as a special partner, with nearly 800 exhibition booths, including a significant number from India and Pakistan [2] Group 3 - The expo will emphasize green trade, digital trade, and service trade, aiming to promote deeper economic cooperation and lead new consumption trends [3] - A total of 11 specialized pavilions will be set up, focusing on advanced manufacturing, clean energy, and modern agriculture, with nearly 70% of the exhibition space dedicated to specialized exhibits [2][3] - The event will also host around 40 professional economic and trade activities, including the 6th China-South Asia Cooperation Forum, to facilitate industry resource matching [3] Group 4 - China and South Asian countries have complementary advantages in industrial and supply chains, presenting opportunities for collaborative development [4] - The Chinese side is willing to work with South Asian countries through trade, investment, and technology cooperation to maintain global supply chain stability and promote mutual development [4]

Core Viewpoint - The press conference highlighted the growing trade and investment cooperation between China and South Asian countries, with a focus on the upcoming 9th China-South Asia Expo in Yunnan, aiming to enhance economic ties and showcase opportunities for collaboration [1][4]. Trade Cooperation - In 2024, trade between China and South Asian countries is expected to approach $200 billion, doubling over the past decade with an average annual growth rate of approximately 6.3% [5]. - China has consistently been the largest trading partner for countries like Pakistan and Bangladesh, with South Asian products such as Nepalese cashmere and Afghan lapis lazuli gaining popularity among Chinese consumers [5][6]. - Initiatives to improve trade structure include capacity-building projects and the establishment of working groups with Pakistan, Bangladesh, and Sri Lanka to enhance trade facilitation [5]. Investment Cooperation - Significant investment projects, such as the China-Pakistan Economic Corridor and various infrastructure developments in Sri Lanka and Nepal, are underway, contributing to regional economic growth [6]. - The Chinese government is actively promoting investment in emerging sectors like renewable energy, digital technology, and cross-border e-commerce, achieving positive results [6]. Open Cooperation - The China-Maldives Free Trade Agreement came into effect earlier this year, and negotiations for upgrading the investment agreement with Bangladesh are underway, providing institutional guarantees for trade and investment liberalization [6]. - China has granted zero-tariff treatment on 100% of products for the least developed South Asian countries, including Nepal and Afghanistan, to help them expand exports to China [6]. 9th China-South Asia Expo - The 9th China-South Asia Expo is scheduled for June 19-24, 2025, in Kunming, with a theme of "Unity and Cooperation for Development," aiming to enhance economic exchanges [4][8]. - The expo will feature a focus on green energy, modern agriculture, and healthcare, showcasing industries with significant cooperation potential with South Asian countries [9][32]. Yunnan's Role - Yunnan province is leveraging its geographical advantages to enhance cross-border trade and investment, with initiatives like the establishment of a cross-border green electricity trading platform [9][32]. - The province aims to strengthen its position as a hub for trade with South Asia and Southeast Asia, promoting infrastructure connectivity and economic collaboration [9][25]. Future Considerations - The Chinese government plans to deepen cooperation with South Asian countries by enhancing policy communication, exploring new growth areas, and expanding bilateral openness [13][14]. - The focus will be on maintaining a stable and resilient supply chain, promoting trade and investment integration, and fostering a favorable business environment [27].

Core Viewpoint - Shenzhen is implementing a comprehensive plan to promote high-quality development in service trade and digital trade, aiming to enhance its international competitiveness and establish itself as a global economic center by 2030 and 2035 [1]. Group 1: Promotion of Efficient Flow of Trade Resources - The plan focuses on four key areas: facilitating cross-border data flow, accelerating technology transfer, providing financial support for trade development, and enabling talent mobility [2]. - A pilot "negative list" system for cross-border data flow will be established in specific regions, allowing approved research institutions and enterprises to share scientific data securely [2]. - The initiative includes expanding the use of the Renminbi in cross-border transactions and improving the efficiency of its use in various financial activities [2]. Group 2: Innovation in Digital Trade - The plan aims to attract foreign investment in telecommunications and internet services, enhancing the overall scale and competitiveness of the software and information services industry [3]. - Support will be provided for the development of original digital products with independent intellectual property rights, focusing on improving technology content and user experience [3]. - The initiative encourages the use of advanced digital technologies to upgrade service industries, promoting innovation in digital services such as digital finance and online education [3]. Group 3: Enhancement of Service Trade - The plan includes measures to improve international transportation services and expand shipping routes to various regions, including Europe and Africa [6]. - It aims to attract high-level international medical resources and professional service institutions to establish a presence in Shenzhen [6]. - The initiative also seeks to develop cross-border financial and insurance services, enhancing the efficiency of cross-border fund settlement for e-commerce enterprises [6]. Group 4: Support for Digital and Smart City Services - The plan encourages the export of digital and smart city services to markets in ASEAN, the Middle East, Latin America, and Southern Europe [7]. - It aims to facilitate cross-border travel services and support foreign-invested travel agencies in conducting outbound tourism business [7]. - The initiative promotes the development of high-value-added bonded maintenance services and the establishment of a global trading center for electronic components [7].