Group 1 - Adam Smith's economic ideas initially inspired Chinese intellectuals, particularly during the late 19th and early 20th centuries, but ultimately did not take root in Chinese academic thought [2][3] - The shift in Chinese economic thought in the 1930s was led by Ma Yinchu, who proposed a balanced approach between free capitalism and Soviet-style socialism in his work "Economic Reconstruction of China" [3][5] - The Chinese Economic Society, founded in 1923, evolved to focus on practical economic issues rather than purely theoretical discussions, reflecting the changing priorities of its members [6][7] Group 2 - Ma Yinchu's economic philosophy transitioned from early liberalism to advocating for a "third way" that combined elements of both capitalism and socialism, influenced by the successes and failures of both systems [8][10] - The "third way" was characterized by a recognition of the limitations of extreme capitalism and communism, leading to a call for a mixed economic model that would suit China's unique conditions [9][11] - Ma Yinchu's ideas gained traction among influential figures in the government and business sectors, facilitating discussions on the implementation of controlled economic policies in China [16][17] Group 3 - The concept of "controlled economy" proposed by Ma Yinchu was distinct from Soviet-style planning, emphasizing the need for a balanced approach to production and distribution to avoid the pitfalls of both extreme capitalism and communism [14][15] - Ma Yinchu argued that China's socio-economic challenges required a departure from individualism towards a more collective approach, drawing inspiration from Friedrich List's nationalism [11][12] - The rapid acceptance of Ma Yinchu's "third way" among Chinese intellectuals and policymakers was evident in the discussions and resolutions of the Chinese Economic Society and its influence on national economic policies [17][18]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 报告摘要 近一周政策出台不多，主要关注以下内容： （一）外交：强化与欧洲、东盟国家联络 。 1 ） 5 月 20 日， 中国与东盟十国全面完成中国 - 东盟 自贸区 3.0 版谈判。 2 ） 5 月 22 日 -23 日 ，总书记先后同法国总统马克龙、德国总理默茨通电 话。在与法国总统通电话时，总书记指出，"维护国际贸易规则和世界经济秩序，践行真正的多边主 义。国际形势越是复杂，中法越要作出正确战略抉择"。 3 ） 5 月 25 日 ， 总理同印度尼西亚总统普 拉博沃会谈，"中方愿同印尼加强发展战略对接，深化高质量共建'一带一路'合作"，"坚持多边主义和 自由贸易，推动平等有序的世界多极化、普惠包容的经济全球化"。 4 ） 5 月 26 日 ， 总理将出席在 马来西亚吉隆坡举行的东盟 - 中国 - 海合会峰会。 （二）财政及项目进度。 1 ）发改委 4 月审批项目加速 。据 5 月 20 日发改委例行新闻发布会， 4 月份，发改委共审批固定资 ...

Macro Policy Insights - China and ASEAN countries have completed negotiations for the China-ASEAN Free Trade Area 3.0 version, enhancing regional trade cooperation[2] - The Chinese government emphasizes maintaining a reasonable proportion of manufacturing in the economy, highlighting the importance of technology empowerment in modern manufacturing[4] - The State Development and Reform Commission (SDRC) approved 27 fixed asset investment projects from January to April, totaling 573.7 billion yuan, compared to 32 projects and 320.7 billion yuan in the same period last year, indicating a significant increase in project approvals[3] Financial and Investment Strategies - In April, SDRC approved 5 fixed asset investment projects with a total investment of 377.1 billion yuan, a substantial increase from 1.15 billion yuan for 20 projects in the same month last year[3] - Nearly 500 billion yuan in ultra-long-term special bonds have been arranged for 2025 to support major projects, including infrastructure and urbanization initiatives[3] - The government plans to revise the "Encouraged Foreign Investment Industry Catalog" to include high-end manufacturing and digital economy sectors, aiming to boost foreign investment confidence[4] Risk Management and Economic Outlook - The government is focusing on addressing "involution" in competition by promoting mergers and acquisitions in inefficient industries and enhancing industry self-discipline[4] - A risk warning is issued regarding the timely update of policies, which could impact market stability and investor confidence[4]

Group 1 - Li Qiang, the Chinese Premier, made an official visit to Indonesia from May 24 to 26, 2023, at the invitation of President Joko Widodo [1] - The visit marks the 75th anniversary of diplomatic relations between China and Indonesia, highlighting the importance of bilateral cooperation and mutual support over the years [1] - During the visit, discussions focused on enhancing strategic alignment, deepening high-quality Belt and Road cooperation, and improving trade and investment facilitation [1] Group 2 - The year also marks the 70th anniversary of the Bandung Conference, emphasizing the relevance of the Bandung spirit in the current international context [2] - China expresses willingness to collaborate with Indonesia and other developing countries to promote the principles of peaceful coexistence and multilateralism [2] - The commitment to uphold the common interests of developing countries and to foster global peace and stability is reiterated [2]

Core Viewpoint - The article discusses the transition from a mercantilist trade system dominated by the British East India Company to a more decentralized and spontaneous free trade era characterized by "scatter merchants" in the context of global history [2][3][4]. Group 1: Historical Context - The British government utilized the East India Company to engage in the opium trade, instigating the Opium Wars to control trade with China, leading to the company's eventual dissolution and the end of the Silver Age [2][3]. - The Silver Age was marked by the British Industrial Revolution and free trade, culminating in significant historical events such as the bankruptcy of the East India Company and the destruction of the Old Summer Palace during the Second Opium War [2][3]. Group 2: The Role of "Scatter Merchants" - The book "Mr. Smith Goes to China" by Han Jiexie focuses on the activities of three Scottish merchants named George Smith, whose trade activities in India and China illustrate the rise of the British global empire [2][3]. - These merchants operated during the Qianlong period, and their trade demands prompted the Macartney Mission to China, contributing to the development of a global trade network [3][4]. Group 3: Trade Dynamics - The trade triangle formed between Britain, India, and China involved the exchange of goods such as tea, silver, cotton, and opium, shaping the economic geography of modern Asia [5][6]. - The East India Company collaborated with the Cohong (Thirteen Hongs) to create a trade and financial system known as the "Guangzhou System," which was later disrupted by the activities of the "Smiths" [5][6]. Group 4: Financial Operations - The "Smiths" provided high-risk loans to Chinese merchants at interest rates of 18%-22%, which, while lower than the legal rate of 36%, led to widespread defaults and contributed to the 1779 Guangzhou financial crisis [7][8]. - They utilized the East India Company's financial system to facilitate the flow of silver from India to Guangzhou, supporting the company's tea purchases, with significant amounts of silver injected into the system [6][7]. Group 5: Impact on Trade Policies - The actions of the "Smiths" challenged the monopoly of the East India Company, leading to a shift in British colonial policy towards more liberal trade practices, culminating in the repeal of the company's trading privileges in 1813 [9][10]. - The article highlights the inherent contradictions in the relationship between the "Smiths" and the East India Company, characterized by both dependency and a desire to undermine the company's monopoly [6][9]. Group 6: The Role of Scottish Merchants - Scottish merchants were significantly more active in trade compared to their English counterparts, driven by a historical context of conquest and subjugation, which fostered a spirit of independence and opposition to monopolistic practices [10][11]. - The "Smiths" embodied the ideals of Adam Smith's free trade philosophy, acting as practitioners of these ideas in the context of the global economy [9][10].

Core Viewpoint - The Canton Fair exemplifies the trend towards open and fair free trade, demonstrating its resilience and importance in the current global trade landscape [1][9]. Group 1: Historical Context and Significance - The early archives of the Canton Fair serve as a testament to China's efforts to break through Western trade blockades and establish international communication [2]. - The establishment of the Canton Fair in 1957 was a crucial step in overcoming economic sanctions and expanding international markets, reflecting China's commitment to developing foreign trade [2][4]. - The principles of "contract respect" and "quality over quantity" highlighted in the archives underscore the importance of credibility in international trade, which remains relevant today [2][3]. Group 2: Evolution of China's Trade Environment - The development of the Canton Fair mirrors China's transition from a closed economy to a globally open economy, with significant changes occurring at key milestones such as the reform and opening-up policy and China's accession to the WTO [4][5]. - The Canton Fair has evolved through three major phases: 1. "Window-type trade" under a planned economy until 1978, where it played a key role in foreign exchange earnings [4]. 2. "Scale expansion" driven by market reforms from 1979 to 2012, marked by increased participation of private enterprises and a shift towards a more diverse range of export products [4][5]. 3. "Structural optimization" from 2013 onwards, focusing on high-quality development amidst global trade conflicts and technological advancements [5]. Group 3: Role in Global Trade and Economic Cooperation - The Canton Fair acts as a "stabilizing anchor" in the face of global trade tensions, providing an alternative trading channel that bypasses protectionist barriers [10]. - It serves as a "testing ground" for new digital trade rules and standards, enhancing procurement efficiency through innovative models like "online matching + offline transactions" [10][11]. - The fair's ability to attract over 280,000 foreign buyers from 219 countries and regions demonstrates its effectiveness in fostering international trade relationships [10]. Group 4: Future Directions and Policy Implications - The Canton Fair is positioned to further enhance trade facilitation by optimizing the trade environment and reducing barriers, while also sharing its successful practices with other countries [10][11]. - The fair's experience in market-driven rule innovation can inform global economic governance and promote dialogue on trade standards and regulations [11].

Core Points - The article discusses the upcoming ASEAN-China-GCC summit in Malaysia, highlighting China's commitment to enhancing cooperation with ASEAN and GCC countries for mutual benefits and regional stability [1][5][6] - Chinese Premier Li Qiang's visit to Indonesia emphasizes strengthening bilateral relations and strategic cooperation, particularly in areas like trade, investment, and infrastructure development [1][4][6] Group 1: ASEAN-China-GCC Summit - The summit is expected to enhance cooperation in trade, investment, security, political dialogue, education, and energy among the three parties [5] - The summit represents a shift towards a new cooperation framework that integrates ASEAN's resources, China's industrial capabilities, and GCC's capital advantages [6] - Malaysia's Prime Minister Anwar suggests establishing multi-national projects and a fund to facilitate collaboration during the summit [6] Group 2: Bilateral Relations with Indonesia - Li Qiang's discussions with Indonesian President Prabowo focus on deepening strategic partnerships and enhancing cooperation in various sectors, including high-quality Belt and Road initiatives [1][4] - Both countries aim to strengthen market connectivity and industry collaboration, particularly in finance, renewable energy, digital economy, and artificial intelligence [1][4] - The visit marks the 75th anniversary of diplomatic relations between China and Indonesia, highlighting the importance of this partnership in addressing global challenges [3][4] Group 3: Global Economic Context - The article notes the rising unilateralism and protectionism globally, which poses challenges to international trade and economic order [3] - Both China and Indonesia express a commitment to multilateralism and free trade, aiming to promote a more inclusive and equitable global economy [3][4] - The changing global power dynamics are leading countries to seek alternative partnerships, with China being viewed as an attractive collaborator compared to traditional Western powers [8]

Core Viewpoint - The completion of the China-ASEAN Free Trade Area 3.0 negotiations marks a significant milestone in economic cooperation, enhancing trade efficiency and reducing costs, which is expected to lead to a substantial increase in bilateral trade volume in the coming years [1][5][6] Group 1: Economic Impact - The bilateral trade volume between China and ASEAN reached 6.99 trillion RMB in 2024, with a growth rate of 9%, accounting for 15.9% of China's total foreign trade [1] - The successful negotiation of the Free Trade Area 3.0 is anticipated to facilitate trade processes, making them more efficient and cost-effective, potentially leading to a trade volume exceeding 1 trillion USD in the future [1][2] - The Free Trade Area 3.0 will create unified rules and standards, reducing trade barriers and investment obstacles, thus enhancing overall regional economic competitiveness [2][3] Group 2: Global Trade Context - The completion of the Free Trade Area 3.0 negotiations sends a strong signal of support for free trade and open cooperation amidst challenges to the multilateral trade system [2] - The cooperation between China and ASEAN is expected to inject certainty into global trade, boosting market confidence and contributing to global economic recovery and sustainable development [2] Group 3: Strategic Importance - The Free Trade Area 3.0 is a priority for both parties, serving as a hallmark of their commitment to free trade and providing institutional support for building a China-ASEAN community of shared destiny [3][5] - Increased trade and investment will lead to more frequent exchanges of personnel, fostering better social and cultural ties between the two regions [3] Group 4: Sectoral Focus - The negotiations emphasized digital and green economies, with plans for collaboration in digital technology innovation, e-commerce, and clean energy development [3][4] - Both parties aim to explore trade and investment rules in the digital economy, contributing to global governance in this sector [3] Group 5: Benefits for ASEAN - Small and medium-sized enterprises in ASEAN will gain more opportunities to enter the Chinese market, supported by government policies aimed at enhancing competitiveness [4] - Economic growth will promote cooperation in education, culture, and tourism, enriching cultural exchanges and improving the quality of life for citizens [4]

特朗普（资料图） 特朗普（资料图） 中国-东盟自贸区3.0版谈判自2022年11月启动，历经近两年时间，经过9轮正式谈判，于2024年10月实质性结束。谈判的圆满完成，不仅为签署升级议定书 奠定了坚实基础，也为区域和全球贸易注入了更大的确定性。中国-东盟自贸区3.0版在原有合作基础上新增了数字经济、绿色经济、供应链互联互通、标准 技术法规与合格评定程序、海关程序与贸易便利化、卫生与植物卫生措施、竞争和消费者保护、中小微企业以及经济技术合作等9大领域。这些新增内容旨 在推动双方在更宽领域、更深层次上实现区域经济一体化。 中国与东盟互为第一大贸易伙伴和重要投资伙伴，互为彼此主要市场，在反对保护主义、维护自由贸易方面有着共同立场。"在当前个别国家实行单边主 义、贸易保护主义和破坏多边贸易规则的背景下，中国—东盟自贸区3.0版谈判全面完成更显意义重大。"马建春认为，中国与东盟国家以合作的确定性应对 外部环境不确定性给国际贸易造成的不利影响，树立了经济全球化和区域经济一体化发展的合作典范。 据新华社报道，商务部对外发布，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。 ...

新华社雅加达5月25日电 当地时间5月25日上午，国务院总理李强在印度尼西亚总统府 同印尼总统普拉博沃举行会谈。 李强指出，中方愿同印尼加强发展战略对接，深化高质量共建"一带一路"合作，特别是 做优做强标志性项目，进一步擦亮雅万高铁"金字招牌"，推进"区域综合经济走廊"和"两国 双园"建设。双方要加强市场联通和产业协作，提升贸易投资便利化水平，拓展金融、新能 源、数字经济、人工智能、航空航天、海洋等领域合作。中方愿同印尼扩大人文交流，推进 人员往来便利化，深化粮农、减贫、卫生等民生领域合作，更好造福两国人民。 李强表示，当前全球单边主义、保护主义上升，严重冲击国际经贸秩序。面对风险挑 战，团结合作才是正确出路。中方愿同印尼等广大发展中国家一道，共同弘扬和平共处五项 原则和万隆精神，积极落实三大全球倡议，坚持多边主义和自由贸易，推动平等有序的世界 多极化、普惠包容的经济全球化，坚定维护自身共同利益，共促地区和世界和平稳定发展。 普拉博沃请李强转达对习近平主席的亲切问候和美好祝愿，表示印尼与中国友好交往历 史悠久，两国人民情谊深厚。今年是两国建交75周年，也是万隆会议举行70周年。印尼愿 以此为契机，深化两国全面 ...