Core Viewpoint - The article highlights the resilience of China's foreign trade amidst unprecedented uncertainty caused by the "reciprocal tariff" policy implemented by the Trump administration, with a steady growth trend observed in the first five months of 2025 [1] Trade Performance - In the first five months of 2025, China's total goods trade value reached 17.94 trillion yuan, a year-on-year increase of 2.5%, with May's trade value at 3.81 trillion yuan, up 2.7% year-on-year [1] - In May, China's export value was 2.28 trillion yuan, slightly up from 2.27 trillion yuan in April, with a year-on-year increase of 4.8% in USD terms, indicating strong economic resilience despite a decline in growth rate [1] Export Product Structure - The export product structure shows a divergence, with upstream raw materials, mobile phones, and home appliances experiencing weaker exports, while labor-intensive products like clothing, bags, and toys improved due to mature supply chains and production capabilities [2] - The export of electromechanical products remained robust, with integrated circuit exports showing significant growth, reflecting advancements in high-end manufacturing and industrial upgrades [2] Trade Partners - ASEAN, EU, and the US are the top three trading partners, with a decline in "rush exports" to emerging economies. Exports to the US decreased, with the share of US exports in China's total exports dropping from 10.46% in April to 9.12% in May [3] - Despite the decline in direct exports to the US, strong performance in exports to non-US countries has helped mitigate some of the impacts, with signs of recovery in exports to the US observed in late May [3] EU and Africa Trade - Exports to the EU grew by 12.02% year-on-year and 5.97% month-on-month in May, supported by marginal recovery in the Eurozone manufacturing sector [4] - Trade with Africa reached a historical high in the first five months, with exports to Africa increasing by 33.34% year-on-year, highlighting the importance of diversifying trade [4] Import Performance - In May, China's imports decreased by 3.4% year-on-year and 3% month-on-month, with a trade surplus of 103.22 billion USD. Imports from the US saw a significant decline due to tariff policies [5] - Imports from the EU showed improvement, recovering from a -16.5% decline in April to near 0 in May, reflecting deepening economic cooperation [5] - The decline in imports of major commodities like crude oil and iron ore indicates that domestic investment and industrial demand have not fully recovered, while imports of data processing equipment maintained high growth [5] Future Outlook - The article suggests that despite the complex global trade environment, China's foreign trade is expected to continue steady growth supported by ongoing policies aimed at stabilizing foreign trade [5]

Group 1 - The Chinese market is attracting global investors due to its economic resilience and structural growth opportunities, as highlighted by multiple foreign banks [1][2] - HSBC's Chief Investment Officer emphasized the strong technical capabilities of China's manufacturing sector, which are difficult to replace, indicating ongoing growth potential [1] - Deutsche Bank's report suggests that China's monetary and fiscal policies are expected to support economic growth, with an upward revision of the 2025 economic growth forecast [1][2] Group 2 - A recent HSBC survey indicates that despite global trade uncertainties, China remains a key market for companies looking to increase trade and manufacturing [2] - The survey also highlights the deepening economic ties within Asia and between Asia and the Middle East, with China positioned as a central player in global trade [2] - The Chinese government is expected to continue supporting economic growth through monetary easing and fiscal measures, including special government bonds [2] Group 3 - The liquidity environment for A-shares is expected to remain favorable due to anticipated monetary policy actions such as rate cuts and increased market participation from various funds [3] - Investment themes in the Chinese market include a focus on high-quality growth and deep value stocks, particularly in technology and consumer sectors [3] - The potential for AI applications and domestic consumption growth is seen as a significant opportunity, alongside interest in core state-owned enterprises and consumer goods [3]

近期，高盛、摩根大通等多家国际金融机构纷纷调高2025年中国经济增速预期。 与此同时，中国政策的连续性与开放姿态，也为外资提供了长期锚点。从市场准入负面清单调整到自贸试验区制度创新，从扩大跨境服务贸易开放到优化跨 境数据流动规则，中国正以制度型开放打破壁垒。数据显示，前4个月，我国新设立外商投资企业18832家，同比增长12.1%。 瑞银高级中国经济学家 张宁：政策上深化对外开放，改善营商环境和旅游环境，加快服务业的开放试点；推进中国企业"走出去"，积极拓展多元化海外市 场，加快布局海外产能投资和并购。 从资本市场来看，国际投行代表的"聪明钱"保持着对中国股票的看多和高配。今年以来，香港IPO市场募资总额达90亿美元，同比增长320%。 记者在香港、深圳、上海等地采访了这些机构的首席经济学家，他们分别从宏观政策、市场表现、产业动态等多个维度，对中国经济增长的动能与潜力给出 了积极评价。 多家外资金融机构上调中国经济增速预期 高盛最新发布的研究报告中，上调了中国经济增速预测0.6个百分点；瑞银也上调了0.6个百分点；摩根大通上调了0.7个百分点。他们表示，2024年9月以 来，中国出台了一揽子增量政策，产生了积 ...

近日，国际评级机构穆迪发布报告，决定维持中国主权信用评级A1不变。 报告指出，中国经济体量巨大、充满活力，且具备创新能力。从近期的趋势来看，其增长质量持续提 升，经济韧性不断增强。 中国财政部有关负责人也表示，此次评级决定"是对中国经济向好前景的正面反映"。 回到4月初，美国一系列加征关税的贸易政策搅动全球，国际评级机构惠誉虽认可中国的经济增长前景 和全球贸易关键地位，但仍将中国主权信用评级由A+调降至A。 在这一轮不确定性情绪传导中，中国经济的韧性面临考验。但两个月过去，市场没有见到所谓的"崩 溃"，而是看到一个顶住压力、实现稳定增长的中国。 最新数据显示，4月份，中国规模以上工业增加值同比增长6.1%，服务业生产指数同比增长6.0%，货物 进出口总额同比增长5.6%。工业生产、服务业加快回升，进出口保持平稳，给市场带来信心和预期支 撑。 中国经济应变克难稳定运行，靠的是什么？ 首先是内需的支撑力在增强。 内需加创新的组合拳，正成为中国经济重要驱动力。4月份，中国规模以上高技术制造业增加值、数字 产品制造业增加值均同比增长10.0%。 "各地都在因地制宜推动传统产业的数字化、绿色化、高端化改造升级，新兴产业 ...

Group 1 - The core viewpoint is that China's large economic market, resilient industrial chain, and broad application scenarios enable it to withstand external shocks and maintain high-quality growth, making it an attractive destination for investment [1] - China's economic resilience is attributed to three main factors: the enduring and adaptable nature of Chinese civilization, the flexibility and policy elasticity of the Chinese system, and the prudent approach of the Chinese people, which avoids extremism [1] - The global economy is currently facing pressure from the U.S. protectionist policies, which also affect China, particularly through restrictions on advanced computing chips [3] Group 2 - The U.S. government's actions, such as technology blockades and trade wars, aim to limit China's development, but ultimately cannot prevent China's self-reliance and strength [3] - The U.S. has a psychological understanding of China that has evolved from neglect and denial to vilification, and eventually to a forced acceptance of China's high-quality development, leading to a strategy of "if you cannot beat them, then join them" [3] - Potential breakthrough areas for future China-U.S. cooperation include nuclear arms control, reform of the monetary system, and addressing the fentanyl crisis [4]

【环球时报-环球网 记者 王莉兰】"即便面临全球性挑战，中国经济仍彰显出强劲韧性。"马来西亚国家 新闻社高级记者吉硕·库玛丽·苏斯达拉姆在走访了位于内蒙古乌兰察布的七苏木国际物流园区后表 示，"中国的稳定对区域经济至关重要，其通过政策改革与内需驱动实现动态调适的能力，持续为全球 经济注入信心。" 2025年5月15日至16日，2025"走读中国"国际交流项目20余名记者在内蒙古乌兰察布相继走访察右前旗 植物工厂草莓基地、薯都凯达食品有限公司以及乌兰察布·二连浩特国家物流枢纽园区，实地探访现代 农业基地与国际贸易枢纽，从特色产业与开放格局中探寻中国经济发展密码。 在察右前旗植物工厂草莓基地，无菌化车间内的智能化管控系统令外媒记者眼前一亮。这座年产量可达 150吨的"草莓工厂"，不仅向国内一线城市供应草莓，更有25%至30%的产品远销东南亚和中东地 区。"我们的草莓在沙特市场每斤售价达400迪拉姆（约合人民币785元）。"内蒙古察右前旗农业投资公 司董事长王建伟说出的出口报价引发记者惊叹。蒙古记者伊苏·图布辛感慨："蒙古的野生草莓仅在夏季 短暂出现，这里的智能化种植技术完全颠覆了我的认知，期待能引进这项技术。" ...

Group 1 - The core viewpoint of the news highlights the resilience of China's economy, as evidenced by a 2.4% year-on-year growth in total goods trade imports and exports in the first four months of the year, with a notable 5.6% increase in April alone [1] - The export of new energy vehicles reached 642,000 units, marking a significant year-on-year growth of 52.6%, reflecting the high-quality development of China's strategic automotive industry [1] - The A500 index, which tracks major stocks in the A-share market, has shown strong performance, with significant gains in constituent stocks such as China Merchants Energy and China Life Insurance, indicating a positive market sentiment [1] Group 2 - The A500 ETF (159339) is described as a powerful tool for long-term investment in China's capital market, covering 63% of total revenue and 70% of total net profit with less than 10% of the A-share market's constituent stocks [2] - The A50 ETF (159592) focuses on large-cap leading stocks across various industries, benefiting from increased market concentration due to supply-side reforms, making them attractive during earnings disclosure periods [2] - Recent policy measures emphasize the importance of developing service consumption, supporting technological innovation, and maintaining a stable and active capital market, aiming for a "slow bull" market trend to attract long-term investment [2]

Core Viewpoint - China's foreign trade achieved a remarkable 2.4% growth in the first four months of the year, despite a complex international economic environment, showcasing resilience and strong competitiveness in manufacturing [1][9][11]. Trade Performance - In April, China's total foreign trade value reached 3.84 trillion yuan, marking a 5.6% year-on-year increase, contributing to the overall growth in the first four months [3][5]. - April's trade performance was the second highest for the same month historically, indicating robust trade activity despite external challenges [11]. Key Drivers of Growth - Traditional export sectors, particularly machinery and electrical products, including electric vehicles, continued to see growth [8]. - Emerging markets, especially ASEAN and countries involved in the Belt and Road Initiative, experienced rapid growth, enhancing trade relationships [8][15]. - Private enterprises remained the mainstay of foreign trade growth, demonstrating their significant role in the sector [8]. Economic Resilience - The data reflects China's economic resilience, supported by effective policy adjustments and the adaptability of market participants [9][26]. - The ability to quickly adjust to trade frictions and supply chain disruptions highlights the strength of China's foreign trade system [11]. Structural Optimization - Imports are undergoing structural optimization, aligning with the demand for high-quality supply and supporting long-term economic growth [16]. - The manufacturing sector is experiencing a transformation towards value creation, with a focus on green, low-carbon, and intelligent products [13][24]. Policy Support - Coordinated policy measures, including export tax rebates and trade facilitation, have stabilized business confidence and created a favorable environment for enterprises [18][20]. - The stable exchange rate of the yuan and decreasing logistics costs have further enhanced supply chain efficiency [20]. Future Outlook - The cultivation of new growth drivers in technology innovation, digital transformation, and green development presents significant potential for future growth [22]. - The ongoing upgrade of high-tech and strategic emerging industries, alongside traditional industry enhancements, is expected to drive economic recovery [24].

Economic Overview - China's GDP for the first quarter reached 31 trillion yuan, approximately 60% of the United States' GDP of 53.22 trillion yuan [1][6] - Despite global economic challenges, China's GDP grew by 5.4% year-on-year, surpassing last year's growth by 0.1 percentage points [6][13] Consumption and Investment - Consumer spending contributed 2.8 percentage points to economic growth, indicating strong market activity [8] - Industrial production also played a role, adding 0.5 percentage points to GDP growth [8] Export Performance - In March, China's export growth surged to 13.5%, driven by businesses rushing to ship goods before tariffs took effect [10] - The trade surplus with the U.S. reached 76.6 billion USD, showcasing the resilience and adaptability of Chinese businesses [10] Manufacturing and Industrial Growth - China's manufacturing sector is shifting from low-value products to high-value items like drones and solar panels, achieving a growth rate of 9.7% [13] - Investment data, excluding real estate, showed an 8.3% increase, indicating a robust industrial base [13] U.S. Economic Challenges - The U.S. GDP figure appears inflated, with underlying issues such as a 0.3% quarter-on-quarter contraction and rising inflation affecting consumer purchasing power [15][19] - The U.S. faces a crisis of hollowed-out industries and high debt levels, raising questions about the sustainability of its economic growth [21] Trade War Dynamics - The trade war initiated by the U.S. has led to a strategic economic confrontation, with China leveraging its large domestic market and comprehensive industrial chain [22][24] - China's consumer market saw a 5.6% growth in retail sales, supported by government incentives to stimulate consumption [22][24] Technological and Energy Transition - China is advancing in sectors like photovoltaics, lithium batteries, and new energy vehicles, positioning itself as a leader in the global market [26] - The U.S. struggles with manufacturing challenges, as seen in Intel's budget overruns and slow construction progress in Ohio [26][28] Regional Trade Shifts - In response to U.S. trade barriers, China has increased exports to ASEAN countries at a rate three times faster than to the U.S. [28] - China's policy toolbox remains robust, with initiatives like rural revitalization and new infrastructure projects yet to be fully utilized [28]

Economic Resilience and Potential - The core viewpoint emphasizes China's strong economic resilience, potential, and vitality, asserting that the long-term positive fundamentals will not change [1] - The Central Political Bureau of the Communist Party of China highlights the importance of stabilizing employment, enterprises, markets, and expectations to respond to external uncertainties with high-quality development [1] Trade and Export Performance - In the first quarter, China's import and export scale reached a historical high, with exports amounting to 6.13 trillion yuan, reflecting a year-on-year growth of 6.9% [3] - Despite external challenges such as tariffs, Chinese products remain in high demand in international markets, with significant orders continuing to flow from the U.S. [3][6] - Alibaba's international platform ranks among the top three e-commerce apps in the U.S., indicating strong consumer interest in Chinese products [3] Manufacturing and Supply Chain Strength - China's manufacturing sector shows robust growth, with industrial added value increasing by 6.5% year-on-year in the first quarter, outpacing the previous year's growth rate [12] - The establishment of a complete industrial ecosystem in regions like Hubei has led to high local supply chain integration, with over 95% local sourcing for automotive parts [11] - The production of key industrial products has seen significant growth, with nearly 70% of major products experiencing an increase in output [16] Innovation and Technological Advancement - The focus on innovation and quality improvement is crucial for enhancing competitiveness, with advancements in green, digital, and intelligent manufacturing [7][14] - The development of new technologies, such as flexible solar cells with a conversion efficiency of 23.8%, showcases China's commitment to overcoming technological challenges [14] Global Trade Partnerships - China is a major trading partner for over 150 countries, with trade with Belt and Road Initiative countries accounting for 51.1% of total foreign trade in the first quarter [9] - The 137th Canton Fair attracted over 220,000 foreign buyers from 219 countries, indicating strong global interest in Chinese products [9] Private Sector Growth - Private enterprises in China have shown resilience, with their added value increasing by 7.3% year-on-year, surpassing the growth rate of all industrial enterprises [20] - The number of registered private enterprises has exceeded 57 million, reflecting the dynamic nature of the private sector [21]