Core Insights - The world is experiencing unprecedented changes, with emerging markets and developing countries gaining strength, leading to a trend of increasing multipolarity in the global landscape [1][2] - The traditional divide between developed and developing countries is diminishing, as developing nations are advancing economically while the influence of developed countries is declining [1] - The ongoing technological revolution, particularly in artificial intelligence and other frontier technologies, is expected to be a key factor in transforming international relations and economic structures [2] Group 1 - Emerging markets are witnessing rapid growth in economic output and trade, although their influence and participation in global governance remain limited [1][2] - The current transition period in international relations is characterized by uncertainty, with competition over international systems and mechanisms being a focal point [1][2] - The potential for a multipolar world order is anticipated, where countries will have increased strategic autonomy, but stability in such a system is not guaranteed [2] Group 2 - The global governance system is at a critical juncture, facing challenges such as development imbalances, unilateral sanctions, and ecological crises, which highlight the need for reform [3] - There is a growing call from developing countries for changes in the global governance framework, which may be informed by China's proposed global initiatives [3]

洛马诺夫认为，全球治理倡议秉持命运与共理念，阐明了改革完善全球治理的原则、方法和路径。"以 人为本"作为核心理念之一，既承续"民惟邦本"的古老治理智慧，也契合全球治理的价值追求——让发 展成果惠及各国人民，共同增进人类福祉。 2025年是联合国成立80周年。联合国是践行多边主义、推进全球治理的核心平台。洛马诺夫表示，当 下，国际形势错综复杂，某些西方国家为谋求私利、维护自身霸权主导地位，实施强权霸凌等行径，严 重冲击和侵蚀联合国权威和效能，损害全人类共同利益。全球治理倡议坚持和弘扬联合国宪章宗旨和原 则，将有力推动国际社会共同维护联合国权威和地位，进一步完善全球治理的多边合作架构。 全球南方群体性崛起，是世界大变局的鲜明标志。洛马诺夫认为，全球南方国家已成为全球治理的关键 力量，但当前全球治理体系未适应形势发展，无法反映全球南方国家的合理诉求。全球治理倡议回应全 球南方的普遍关切，倡导国际体系和国际机制更好服务各国特别是发展中国家利益，引领全球治理与时 偕行。 转自：人民日报 "全球治理倡议顺应时代潮流，契合世界所需。"俄罗斯科学院世界经济与国际关系研究所副所长亚历山 大·洛马诺夫日前在接受本报记者采访时表示 ...

Group 1 - The global governance initiative aligns with the common demands of most countries to reform and improve the global governance system, promoting multilateralism and a more democratic international relationship [2] - The initiative emphasizes a people-centered approach, reflecting ancient governance wisdom and the value pursuit of global governance, aiming to benefit all nations and enhance human welfare [2] - The initiative is seen as a response to the challenges posed by certain Western countries that undermine the authority and effectiveness of the United Nations, thus damaging the common interests of humanity [2] Group 2 - The rise of the Global South is a significant marker of the changing world landscape, with these countries becoming key players in global governance [3] - The global governance initiative is part of a series of major public goods contributed by China, addressing the increasing deficits in peace, development, security, and governance [3] - The initiative aims to create a more just and reasonable global governance system, responding to the urgent needs of the international community for peace and development [3]

"全球治理倡议顺应时代潮流，契合世界所需。"俄罗斯科学院世界经济与国际关系研究所副所长亚历山 大·洛马诺夫日前在接受本报记者采访时表示，全球治理倡议契合绝大多数国家改革和完善全球治理体 系的共同诉求，有利于更好地维护和践行多边主义，促进国际关系民主化，推进平等有序的世界多极 化、普惠包容的经济全球化。"在国际秩序面临严峻挑战的当下，全球治理倡议的提出与落实将为世界 注入更多稳定性与确定性。" 洛马诺夫认为，全球治理倡议秉持命运与共理念，阐明了改革完善全球治理的原则、方法和路径。"以 人为本"作为核心理念之一，既承续"民惟邦本"的古老治理智慧，也契合全球治理的价值追求——让发 展成果惠及各国人民，共同增进人类福祉。 2025年是联合国成立80周年。联合国是践行多边主义、推进全球治理的核心平台。洛马诺夫表示，当 下，国际形势错综复杂，某些西方国家为谋求私利、维护自身霸权主导地位，实施强权霸凌等行径，严 重冲击和侵蚀联合国权威和效能，损害全人类共同利益。全球治理倡议坚持和弘扬联合国宪章宗旨和原 则，将有力推动国际社会共同维护联合国权威和地位，进一步完善全球治理的多边合作架构。 全球南方群体性崛起，是世界大变局的鲜明 ...

【环球时报记者 白云怡 徐嘉彤 环球时报驻日本、德国特约记者 林雪原 青木】 编者的话： 2025年被普遍视为国际秩序加速重塑的一年。这一年里，国际安 全局势复杂严峻，多场战火在不同地区蔓延；这一年里，美国掀起一场世界范围内的"关税博弈"，为明年供应链稳定和世界经贸格局蒙上阴影；这一年里， 战后80年牢固的跨大西洋联盟关系裂痕凸显，欧洲陷入战略自主困境，美国社会撕裂与信任危机加剧；这一年里，世界多极化趋势加速，旧有秩序持续松 动，新的平衡亟待建立，中方提出全球治理倡议，为破解世界治理难题提供中国方案。在《环球时报》2025年最后一期报道中，我们为读者解读今年的国际 热词，盘点重大国际事件，由此透视新的一年国际风云的变化趋势。 完善全球治理 多边主义潮流不可逆转，四大全球倡议广受支持 今年是联合国成立80周年，9月23日，第80届联合国大会一般性辩论拉开帷幕。在这本来值得庆祝的时刻，"分歧""争执"等词语却频频出现在舆论场中，多 边主义正受到冲击。 2025年，世界多极化趋势加速，新兴市场国家和发展中国家群体性崛起，但在现行国际机制内，全球南方代表性仍显不足。此外，现行国际机制的权威性遭 到侵蚀、有效性面临质疑 ...

Core Viewpoint - The article emphasizes that grand narratives are no longer distant political topics but are directly driving structural changes in asset prices, highlighting the importance of understanding these narratives for investment strategies [1][5]. Group 1: Structural Changes in Global Financial Markets - The global financial market is experiencing five significant structural changes: 1. The US dollar has depreciated significantly against physical assets, with a more than 200% decline against gold and over 60% against copper since 2018 [7]. 2. Traditional safe-haven assets like the yen and dollar are losing their risk-hedging properties [13]. 3. Despite no significant acceleration in China's economic growth, A-shares have performed remarkably well [17]. 4. Global stock trading is showing a "bipolar" pattern, with a focus on the US and China [20]. 5. The risk premium for emerging market sovereign debt is decreasing, exemplified by China's successful issuance of a dollar sovereign bond with a 30-fold subscription rate and no premium over US Treasuries [23]. Group 2: Macro Narratives Driving Changes - Three macro narratives are reshaping market logic: 1. Emerging economies are surpassing developed economies, particularly in manufacturing, which has become a new growth engine for global trade [11][28]. 2. The internal "shrinking" of developed economies is obscuring the decline of the US, with significant disparities in growth rates among developed nations [32][36]. 3. The relationship between China and the world is changing, with US strategies failing to contain China's growth, leading to a potential new phase in US-China relations [40][42]. Group 3: Unpriced Macro Narratives - Four key macro narratives have not been fully priced into the market: 1. The narrative of emerging markets surpassing developed ones is not yet reflected in corporate profits and stock valuations, indicating potential for future growth [49]. 2. The systemic undervaluation of the renminbi is expected to be corrected as global economic dynamics shift towards a multipolar order [54]. 3. The US stock market faces risks that may not materialize until late 2026, as the Federal Reserve grapples with inflation and policy credibility [56]. 4. The status of gold is likely to increase as the world transitions to a multipolar order, enhancing its role as a non-sovereign store of value [56].

(责编：杨光宇、胡永秋) 本报上海12月15日电 （记者崔寅）以"世界多极化与中国式现代化"为主题的2025中国式现代化国际学 术论坛13日在上海举行。来自25个国家的40多位国际学者，以及来自中国多所高校和科研机构的学术人 才共500余人围绕主题展开深入研讨。 《 人民日报 》（ 2025年12月16日 03 版） ...

Core Perspective - The Shanghai Lingang New Area serves as a strategic platform for China's modernization, focusing on high-level pressure testing and institutional innovation [1][3] Group 1: Forum Significance - The forum emphasizes that China's modernization is driven by higher levels of openness rather than isolation, showcasing Lingang as a testing ground for innovative policies in investment, trade, finance, and transportation [3] - The event aims to facilitate a deep dialogue between theory and practice, highlighting the importance of regional practices in the context of China's modernization [1][5] Group 2: Forum Agenda - The forum features a multi-dimensional discussion framework, including main sessions and parallel sub-forums that explore the intersection of institutional openness and regional development from various academic perspectives [5] - Sub-forums will address topics such as the integration of socialism with a high-level open market economy, the role of China in a multipolar world, and the critique of current global governance systems [5][6] Group 3: Academic Contributions - Scholars from diverse countries will provide insights that transcend singular narratives, analyzing Lingang's practices through lenses of theoretical construction, economic pathways, global governance, and cultural exchange [6] - The discussions aim to bridge academic thought and practical exploration, contributing to a globally competitive open innovation ecosystem and offering a Chinese solution for societal development [8]

前言 这创下2020年疫情以来最差的连跌纪录，丹麦工业联合会调查显示，四分之一的丹麦公司已下调增长预期，四十在美国有业务的企业，更是紧急启动战略调 整，曾经牢固的跨大西洋联盟出现了深深的裂痕。 前几年还跟着美国高喊"去风险"，仿佛跟中国走近就会生病。 如今却争先恐后地往北京跑，生怕来晚了就抢不到饭吃。 这180度大转弯背后发生了什么？世界规则正在如何改变？ 特朗普一记重拳，打断了欧洲的脊梁 特朗普回来了，这次他的拳头不仅挥向对手，更砸向了昔日的盟友，对欧盟商品全面征收20%关税，钢铁、铝、汽车更是被狠狠加到25%，超过3800亿欧元 的欧盟制造产品瞬间被卷入关税风暴，美欧关系从互利共赢变成了赤裸裸的博弈。 欧洲企业叫苦不迭，原本不到10%的进口税率，一夜之间涨到总价的三分之一，欧元区本就高昂的制造成本，被这记重拳打得几乎失血，许多企业直面生存 危机，德国DAX指数像瀑布一样倾泻而下，狂泻超过2000点，整个欧洲STOXX600指数累计下跌超过10%。 比利时化工集团、意大利汽车零部件企业纷纷宣布暂停对美投资项目，理由惊人地一致："特朗普反复无常的决策，让投资变得棘手，盟友，在特朗普的眼 里，似乎与对手并无分别 ...

今年是中欧建交50周年。在中欧关系的重要时刻、在人类发展的十字路口，中法关系之于中欧关系的引 领作用愈发重要。中欧50年互利共赢、彼此成就的交往合作给双方带来的重要启示是：开放合作带来机 遇发展，"脱钩断链"意味着自我封闭。保护主义不能解决世界产业结构调整的问题，反而将恶化国际贸 易环境。中欧双方应该坚持伙伴关系定位，秉持开放态度推进合作，确保中欧关系沿着独立自主、合作 共赢的正确轨道发展。中共二十届四中全会审议通过"十五五"规划建议，为未来5年中国发展擘画蓝 图，也向世界提供了一份"机遇清单"。这将为中法、中欧务实合作开辟更广阔空间。 12月4日至5日，习近平主席在北京、成都接待了第四次对中国进行国事访问的法国总统马克龙。两国元 首在北京人民大会堂进行了友好坦诚、富有成果的会谈，在成都市都江堰进行了友好交流。双方达成多 项重要共识，发表多份联合声明。双方一致认为，中法同为独立自主大国，面对当前变乱交织的国际形 势，应当高举多边主义旗帜，坚持平等对话、开放合作，充分彰显中法全面战略伙伴关系的战略价值和 世界影响，推动平等有序的世界多极化、普惠包容的经济全球化。 中法关系之所以始终走在中国同西方国家关系前列，两 ...