Core Insights - Hainan Free Trade Port is set to officially launch its full island closure on December 18, 2023, aiming to become a significant gateway for China's new era of opening up [1] - The province is actively expanding its institutional openness and enhancing the facilitation of trade and investment, with a focus on cross-border flow of production factors [1][2] Group 1: Immigration and Travel - As of mid-October 2023, over 1.06 million foreign visitors have entered and exited Hainan, with nearly 90% entering under the visa-free policy [2] - Sanya has launched 40 international flight routes covering Europe, Northeast Asia, and Southeast Asia, contributing to increased tourist flow [2] - The implementation of a "smart border inspection" system has streamlined the entry process, making "no-sense customs clearance" a norm [2] Group 2: Digital Trade and E-commerce - In 2024, Hainan's digital trade export value reached 16.93 billion yuan, a year-on-year increase of 79.7%, with cross-border e-commerce trade amounting to 8.51 billion yuan [3] - The introduction of the "Hainan Free Trade Port Data Exit Management Negative List (2024 Edition)" has facilitated the growth of digital service trade enterprises [3] - Dun & Bradstreet has established its overseas data processing operations in Hainan, leveraging the region's open data policies to enhance global supply chain connectivity [3] Group 3: Medical and Biopharmaceutical Industry - The Boao Lecheng International Medical Tourism Pilot Zone has seen the establishment of over 30 medical institutions and partnerships with over 180 pharmaceutical and medical device companies [4][5] - The zone has introduced more than 500 types of international innovative medical devices, benefiting over 180,000 patients [5] - The approval process for medical devices has been expedited, with some products receiving market approval two years faster than the national average [3][4]

Group 1 - Hainan Free Trade Port is set to officially launch full island closure on December 18, 2023, aiming to become a significant gateway for China's new era of opening up [1] - The province is actively promoting institutional and commodity flow openness, enhancing the level of trade and investment liberalization and facilitation [1][2] - As of mid-October 2023, over 1.06 million foreign visitors have entered and exited Hainan, with nearly 90% of them benefiting from visa-free entry policies [2] Group 2 - Hainan's digital trade export value reached 16.93 billion yuan in 2024, marking a 79.7% year-on-year increase, with cross-border e-commerce trade amounting to 8.51 billion yuan [3] - The establishment of the Boao Lecheng International Medical Tourism Pilot Zone has led to the introduction of over 500 international innovative medical devices, benefiting more than 180,000 patients [5] - The region has seen significant growth in the biomedical industry, with over 30 medical institutions established and partnerships formed with more than 180 medical device companies [4][5]

"无感通关"，进出琼岛更便捷；数智赋能，贸易往来更高效；先行先试，政策落地落细……海南奋力打 造高水平对外开放新高地。今年12月18日，海南自由贸易港将正式启动全岛封关。 2024年12月，习近平总书记在听取海南省委和省政府工作汇报时强调："努力把海南自由贸易港打造成 为引领我国新时代对外开放的重要门户，奋力谱写中国式现代化海南篇章。"2025年11月，习近平总书 记在听取海南自由贸易港建设工作汇报时强调："解放思想、改革创新，分步骤、分阶段构建与高水平 自由贸易港相适应的政策制度体系。" 深入贯彻落实习近平总书记重要指示精神，海南稳步扩大制度型开放，积极推进商品和要素流动型开 放，更好促进生产要素跨境流动，贸易投资自由化便利化水平不断提高。 "边检手续很快办完，通关非常顺利。"近期来三亚度假的英国旅客凯伦说。去年2月9日起，我国扩大59 国人员免签入境海南事由，除旅游外，增加商贸、访问、探亲、医疗、会展、体育竞技等事由；与单方 面免签、全面互免签证等政策叠加，86个国家人员可免签入境海南。 免签政策红利加速转化为客流吸引力。截至10月中旬，今年海南入出境外国人已超106万人次，免签入 境者占入境外国旅客总数 ...

Core Viewpoint - The Shanghai Oriental Hub International Business Cooperation Zone has successfully passed a joint acceptance inspection led by the General Administration of Customs, marking the imminent operational launch of this innovative zone aimed at enhancing international business exchanges and facilitating high-level reform and opening-up in China [1][2]. Group 1: Overview of the International Business Cooperation Zone - The International Business Cooperation Zone, established in February 2024, covers an area of approximately 0.88 square kilometers, divided into two blocks, with the eastern area designated as the pilot zone covering about 0.44 square kilometers [1]. - The zone aims to promote international business exchanges by integrating a comprehensive bonded area, customs supervision area, and port restricted area, while also facilitating cross-border movement of personnel and enhancing business services [1][2]. Group 2: Future Development Plans - Following the acceptance, the zone will leverage Shanghai's advantages in foreign trade and utilize the results of the Free Trade Zone's institutional innovations to enhance institutional innovation, functional cultivation, resource allocation, and service guarantees [2]. - The Shanghai municipal government has issued management measures for the zone, allowing foreign personnel to stay for 30 days for business activities, with the possibility of extension under reasonable circumstances [2]. Group 3: Infrastructure and Regulatory Framework - The Shanghai Customs has established high-standard customs supervision facilities and an intelligent access control system, focusing on five regulatory objects: people, goods, vehicles, and enterprises [3]. - The National Immigration Administration has released regulations to support the free movement of personnel in and out of the zone, with completed infrastructure for closed management and categorized management facilities for international and domestic personnel [3]. Group 4: Strategic Importance and Goals - The establishment of the International Business Cooperation Zone is a significant move for Shanghai to expand high-level opening-up and enhance its open economy [4]. - The zone aims to focus on key industries and enterprises, planning impactful activities in international business, exhibitions, training, and technology exchanges to improve service levels and attract more international personnel [4].

规模领跑全 国！"十四五"广 东外贸交出"硬 核"答卷_南方+_ 南方plus 11月28日，广东 省人民政府新闻 办公室在广州召 开第二场"'十四 五'广东成就"系 列主题新闻发布 会，介绍"十四 五"时期广东推 进高水平对外开 放总体情况。广 东省商务厅厅长 张劲松指 出，"十四五"时 期，广东外贸顶 四五"头四年， 全省实际利用外 资每年规模稳定 在千亿元以上， 四年累计到资超 1亿美元项目237 个。今年1-10 月，实际外资 846.2亿元、增 长7.5%，在全国 走在前列。强 化"一把手"招 商，全省形 成"大招商、招 住外部压力，展 现出强大韧性和 活力。 一是外贸连创新 高。"十四五"头 四年，全省外贸 进出口年均增长 6.5%，规模连续 39年居全国首 位，2021年、 2024年接连迈上 8万亿元、9万亿 元两个标志性大 台阶。今年1-10 月，全省进出口 7.8万亿元、增 长3.7%，保持良 好发展态势。其 中，民营企业主 力军作用愈发突 出，进出口占比 从55.1%提高到 63.6%；市场布 局更趋多元，东 盟成为我省第一 大贸易伙伴；新 业态新动能增长 强劲，跨境电商 进出口年均增长 ...

Group 1 - The core viewpoint emphasizes that China's super-large market advantage is becoming increasingly clear and crucial in the context of global economic uncertainty, serving as a solid foundation for high-level opening-up [1] - The super-large market is characterized not only by its population of over 1.4 billion but also by a complete industrial system, extensive modern infrastructure, and a growing middle-income group, which collectively form an organic system [1] - Digital consumption is becoming the norm, with a rising demand for high-quality goods, services, and personalized experiences, while the transformation of supply chains towards intelligence and sustainability is accelerating [1] Group 2 - The super-large market enhances China's attractiveness for foreign investment, with significant investment return expectations due to its vast market capacity and clear upgrade trends [2] - Continuous reduction of the negative list for foreign investment and ongoing optimization of the business environment reflect China's confidence in attracting multinational enterprises, which bring not only capital but also advanced technology and management experience [2] - China's market size increases its influence in global economic governance, transitioning from a passive recipient of international rules to an active participant in rule-making, particularly in emerging fields like digital economy and green industry [2] Group 3 - The super-large market serves as a new hub for interaction between China and the global economy, providing a buffer for multinational companies during external challenges and enhancing the resilience of global supply chains [3] - Platforms like the China International Import Expo are being developed to position China as a launchpad for global innovative products and a testing ground for future consumption trends [3] - To fully leverage the super-large market's advantages for opening-up, internal reforms are necessary, including breaking down local protectionism, building a high-standard market system, and strengthening intellectual property protection [3]

Core Insights - The offshore trading tax exemption policy implemented in Qingdao Free Trade Zone has led to a significant increase in offshore trade volume, with a year-on-year growth of over 70% in the first three quarters of 2025 [1] - The policy has attracted more than 30 new companies to engage in offshore trading, resulting in tax savings exceeding 10 million yuan for businesses [1] - Offshore trade now accounts for over 90% of Qingdao's international balance of payments and approximately 85% of Shandong Province's total [1] Group 1: Policy Impact on Companies - Shandong Port International Trade, one of the first companies to benefit from the tax exemption, reported an offshore trade volume of 11.68 billion yuan in Q2 2025, a 250% increase year-on-year [2] - The company has adjusted its business strategy to focus more on offshore trade, establishing new operational centers in Singapore and Dubai to expand into the Middle East and Africa [2] - The tax exemption is projected to save the company over 15 million yuan in taxes for an estimated annual offshore trade volume of 50 billion yuan, allowing for reinvestment in market expansion and innovation [2] Group 2: Supportive Measures and Financial Innovations - The Qingdao Free Trade Zone has introduced a tiered reward policy for compliant offshore trade businesses and allows the merging of offshore trade turnover with import/export volumes for financing eligibility [3] - A risk compensation fund for bulk commodity trade has been established, collaborating with over 10 financial institutions to enhance credit approval processes, resulting in over 5 billion yuan in new credit for small and medium-sized offshore trade enterprises [3] - The "Self-Trade Loan" policy enables companies engaged solely in offshore trade to qualify for benefits, significantly increasing credit limits for businesses [4] Group 3: Technological Advancements in Trade Verification - The Qingdao Free Trade Zone has developed an innovative offshore international trade verification system called "Offshore Reach," which integrates data from various sectors to enhance transaction verification efficiency [4] - The platform allows for automatic data retrieval and cross-verification, generating immutable electronic verification reports that improve business processing speed [4] - The system has alleviated concerns regarding tax audits post-exemption, providing businesses with greater confidence in market expansion [4] Group 4: Overall Economic Growth and Future Outlook - The 70% growth in the Qingdao Free Trade Zone is attributed to the precise alignment of policy supply with market demand, as well as innovations in regulation and service optimization [6] - The zone aims to continue exploring innovative and integrated reform measures while ensuring risk control, contributing to a vibrant industrial ecosystem [6]

■邢萌 更为重要的是，全球投资者看到的不仅是当下的经济增速，更看到我国以科技创新为驱动、发展新质生 产力的清晰路径与未来潜力。在新能源汽车、人工智能等新兴产业领域，我国正实现从技术追随者向创 新引领者的关键跃迁。这一面向未来的产业升级，意味着经济增长模式从规模扩张转向质量驱动，为长 期偿债能力提供了可持续的内在保障。 其次，中国始终保持"以我为主"的宏观政策定力，政策储备充足，制度型开放蹄疾步稳，有力增强了国 际资本的信心。 我国凭借充裕的政策工具箱与独立的决策空间，能够在全球经济波动中实施精准的逆周期调节。与此同 时，我国持续推进制度型开放，促进金融基础设施与国际标准全面对接，显著提升国际资本在交易便利 性、合规安全与风险管理方面的信心。这种政策自主性与制度开放性的有机结合，为主权资产创造了难 得的确定性溢价，使中国主权债券在全球金融动荡中展现出"稳定器"功能，为国际资本提供了独特的长 期配置价值。 最后，中国主权债券兼具安全资产、收益资产、对冲资产三重属性，有效满足全球投资者多元化需求。 近日，中国财政部代表中央政府在卢森堡成功发行了40亿欧元主权债券。其中，4年期20亿欧元，发行 利率为2.401%；7 ...

其三，补齐上海国际金融中心"离岸功能"的短板。通过全品类离岸金融业务布局，形成"在岸监管 规范、离岸自由灵活"的双轮驱动格局，助力上海在2035年建成"全球顶级的国际金融中心"。 上海临港特殊经济功能区的核心底气，源于省级经济社会管理权限的制度赋能。与普通自贸试验区 相比，其拥有三项关键权限：总投资超50亿元的离岸项目由管委会"一站式办结"，无需层层上报；自主 对接国际金融机构与跨国总部，统筹离岸资金池和跨境技术转移；获顶层设计支持，可在税收、金融、 数据跨境等领域自主制定专项政策。 然而，受我国分业监管格局影响，核心授权尚未真正落地。比如，金融领域的创新政策需对接多部 委监管要求，部分政策备案后仍需部委合规校验，落地周期长；税收领域因"统一税政"框架，地方自主 空间有限，优惠细则衔接部委政策时推进缓慢；数据跨境领域需国家层面安全评估，流程远超企业预 期。这一落差削弱了功能区的吸引力，使"2030年离岸金融资产突破1.2万亿元"的目标面临落空风险。 欲破解上述困境，需国家明确部委与地方的权责清单，建立跨部门快速协调机制，让省级授权切实转化 为功能区的核心竞争力。这种"权责对等"的探索空间，应借鉴迪拜杰贝阿里自 ...

Core Viewpoint - The future of China's assets is positioned as a crucial component for global investors to diversify risks and enhance returns, supported by a well-established financial market system [1] Financial Market Development - China has developed a comprehensive and deep financial market system, with both bond and stock markets ranking second globally in terms of scale [1] - The stability of the Renminbi and the diversity of asset types contribute to global investors' ability to achieve diversified asset allocation and risk dispersion [1] Financial Opening and Stability - China's financial opening emphasizes institutional openness, including rules, regulations, management, and standards, which enhances market stability [1] - The stable value of the Renminbi and low volatility in exchange rates are long-term favorable factors for international investors allocating Renminbi-denominated assets [1] Economic Resilience and Asset Quality - The resilience of the Chinese economy and the presence of high-quality assets provide value for risk diversification and stable returns [1]