刚刚结束的第八届进博会成交额再创历史新高，达834.9亿美元，同比增长4.4%。作为进博会的主办 地，近年来，上海国际贸易中心建设不断加速。 同时，服务贸易发展提速，数字贸易活力增强。今年1—9月，上海市服务进出口额1.8万亿元，同比增 长5%。可数字化交付服务进出口额6986.3亿元，同比增长6.4%。着力推进国际数据经济产业园建设， 开通30多条国际互联网专用通道，形成多个高能级算力中心。 文/张智 11月13日下午，商务部新闻发言人何亚东在例行发布会上表示，商务部会同相关部门积极支持上海国际 贸易中心提质升级。上海市坚持开放引领，充分发挥"外贸大市挑大梁"作用，国际贸易中心建设取得了 积极进展。 当前，上海外贸新动能持续集聚，贸易韧性不断增强。今年1—10月，上海市实现进出口3.7万亿元，增 长5.2%，其中出口1.6万亿元，增长10.5%。上海港集装箱吞吐量连续15年位居全球第一。建立完善绿色 供应链管理服务体系，加大力度探索产品碳足迹核算，推动绿色产品标准、认证、标识体系等国际互 认。 下一步，商务部将会同相关部门，支持上海更好统筹货物贸易、服务贸易、数字贸易三大支柱，聚焦创 新、协调、安全、规则四 ...

2025年上海证券交易所(以下简称"上交所")国际投资者大会于11月12日在上海开幕。 据悉，这已是上交所连续第七年举办这一国际投资界的年度盛会。在这一承前启后的关键时点，上交所 将在本次大会上释放哪些关于未来五年的战略信号，不仅是现场来自欧美、亚太及中东等地区的百余家 知名投资机构、近400名参会代表瞩目的核心议题，亦是当前中国资本市场各方关注的焦点。 上交所理事长邱勇在大会上系统阐述了未来五年的发展方向。他表示，上交所将紧扣防风险、强监管、 促高质量发展主线，加快建设世界一流交易所。 具体而言，将聚焦于以下五方面： 上交所市场吸引力不断增强 上述数据直观展现了上交所在"十四五"时期取得的"量"的成绩，市场规模不断扩大。与此同时，伴随着 科创板改革效应不断扩大，"科创板八条"、科创板"1＋6"改革政策相继落地落实，市场的"质"亦得到有 效提升。 今年以来，A股市场保持回稳向好态势，主要指数平稳上行，投资者信心明显回暖，国际资本持续流入 中国市场。上交所股票、债券、基金、衍生品、REITs市场协同发展，绿色金融市场建设卓有成效，高 水平对外开放不断取得实质性突破，这些成果进一步增强了外资长期投资中国市场的信心 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) aims to enhance its global competitiveness by focusing on risk prevention, strong regulation, and high-quality development over the next five years, as articulated by SSE Chairman Qiu Yong at the International Investors Conference [3]. Group 1: Development Focus Areas - The SSE will concentrate on fostering new productive forces by optimizing key systems such as issuance, refinancing, and mergers and acquisitions, directing capital towards cutting-edge technologies and advanced manufacturing [4]. - The SSE aims to cultivate a market ecosystem that promotes rational, value, and long-term investments, encouraging more medium to long-term capital to enter the market [4]. - The SSE will work on improving corporate governance and information disclosure quality among listed companies, while also reinforcing dividend and buyback practices [4]. - The SSE plans to steadily expand institutional openness, broaden cross-border investment channels, and enrich its international product system [4]. - The SSE will better coordinate development and security, continuously enhancing technology-enabled regulation and services, and improving risk monitoring and early warning mechanisms [4]. Group 2: Market Attractiveness - The total market capitalization of the stock market has surpassed 60 trillion yuan, with trading volume reaching 546 trillion yuan, representing growth of 40% and 96% respectively during the 13th Five-Year Plan, ranking 3rd and 4th globally [5]. - The bond custody volume is 19.1 trillion yuan, a 44% increase, making it the largest bond market among global exchanges [5]. - The mutual fund market has a total market value of 4.2 trillion yuan and a trading volume of 133 trillion yuan, reflecting growth of 359% and 221% respectively, with ETF market value and trading volume ranking 2nd and 1st in Asia [5]. - The SSE has seen significant qualitative improvements alongside quantitative growth, particularly due to the ongoing effects of the Sci-Tech Innovation Board reforms [5]. Group 3: Sci-Tech Innovation Board Achievements - The Sci-Tech Innovation Board has welcomed 379 new companies during the 14th Five-Year Plan, with 22 previously unprofitable companies achieving profitability post-listing [6]. - Among the companies listed under the fifth set of standards, 21 have launched core products, and 16 have reported revenues exceeding 100 million yuan [6]. - The total market capitalization of the Sci-Tech Innovation Board is approximately 10 trillion yuan, establishing it as a preferred listing destination for "hard tech" companies in China [6]. Group 4: Corporate Quality and Investment Value - The SSE has implemented reforms to enhance the quality of listed companies and investment value, with average annual compound growth rates of 3.8% in revenue and 4.6% in net profit during the 14th Five-Year Plan [7]. - Since the introduction of the "Six Mergers and Acquisitions Guidelines," there have been 1,061 disclosed asset restructurings and 114 major asset restructurings, with year-on-year increases of 11% and 78% respectively [7]. - The total amount of dividends and buybacks by listed companies has exceeded 7.6 trillion yuan, accounting for over 70% of the total market dividends, reflecting a growth of 51.2% [7]. Group 5: International Capital Inflow - The A-share market has shown a stable upward trend this year, with major indices rising and investor confidence recovering, leading to a continuous inflow of international capital [8]. - The SSE's collaborative development across stock, bond, fund, derivatives, and REITs markets, along with effective green finance initiatives, has strengthened foreign investors' confidence in long-term investments in China [8]. - The SSE has deepened its mutual connectivity mechanisms and enriched cross-border products, with significant progress in institutional openness, including the inclusion of stock ETFs in the Hong Kong Stock Connect [8]. - The SSE's cross-border index product scale has exceeded 320 billion yuan, enhancing its international influence [9].

以制度型开放推动高质量发展 编者按 12月18日，海南自贸港将迎来全岛封关运作。这不仅是海南发展的里程碑，更是中国自贸试验区从"探路"走向"引领"的标志性事件。自2013年上海自贸试 验区率先破题，中国改革开放的"试验田"已深耕十余年，形成覆盖东西南北中的开放格局。当前，面对全球经贸规则重构与国内高质量发展要求，我国自 贸试验区的使命正全面升级。本期中时深度聚焦自贸试验区提升战略，深入探讨其如何以制度型开放为核心对接国际高标准经贸规则，如何通过系统集成 改革破解政策碎片化难题，如何在扩大开放中统筹发展与安全，展现中国通过制度型开放推动高质量发展的新图景。 图片来源/新华社 ■中国经济时报记者 刘慧 ∨ 商务部党组书记、部长王文涛日前表示："高水平开放成为中国经济发展的强劲动力。开放是把握大势、破浪前行的坚定抉择。中国坚定不移扩大开放， 推动进博会越办越好，在自贸试验区开展开放试验……以自身开放促进共同开放，为世界注入确定性和正能量。" 首创性、集成式探索是核心 ∨ 商务部国际贸易经济合作研究院副院长、研究员崔卫杰对中国经济时报记者表示，"十五五"时期，我国将全面深入实施自贸试验区提升战略。更大力度开 展首创性 ...

Core Viewpoint - Former French Prime Minister Jean-Pierre Raffarin highly praises China's commitment to open cooperation and long-term planning, asserting that the "14th Five-Year Plan" will not only drive China's high-quality development but also provide new opportunities for global cooperation and win-win outcomes [3][4] Group 1: China's Development Strategy - Raffarin emphasizes the core value of the "14th Five-Year Plan" is to focus on future development rather than being distracted by current turmoil, highlighting the importance of strategic planning in an uncertain world [3] - He notes that the phrase "concentrate efforts on doing our own things well" in the plan reflects China's successful experience in achieving rapid development through reform and opening up [3] - The people-centered planning approach is seen as key to addressing current global uncertainties [3] Group 2: Open Cooperation and Global Trade - Raffarin agrees with the plan's call for "expanding high-level opening up and creating a new situation of win-win cooperation," stating that "closure inevitably leads to decline, while openness brings growth, development, and wealth" [3][4] - He commends China's commitment to steadily expanding institutional openness and maintaining a multilateral trade system, which he believes will inject stability into global trade [4] - The current rise of unilateralism and protectionism makes China's path of open cooperation and mutual benefit essential for global economic globalization [4] Group 3: Sino-French Cooperation - As a witness and promoter of Sino-French friendship, Raffarin suggests that cooperation between China and France can inspire international collaboration during the "14th Five-Year Plan" period [4] - He mentions existing nuclear cooperation in the UK and potential future collaborations in sectors like aviation, transportation, agricultural products, and healthcare, as well as exploring third-country markets [4] - Raffarin emphasizes that past trade was one-way, while future international cooperation should focus on joint creation [4] Group 4: Role of Youth in Global Cooperation - Raffarin expresses hope for global youth to break regional barriers and engage in cooperation in cultural exchange, environmental protection, and technological innovation [4] - He believes that young people are the bridge between the present and the future, and their actions will determine the direction of global development [4] - The "14th Five-Year Plan" is viewed not only as a blueprint for China's development but also as an invitation for global cooperation [4]

Group 1: Core Perspectives - The consensus among global investors is to invest in and deepen engagement with China, as highlighted by the upcoming Shanghai Stock Exchange International Investor Conference [2] - The China Securities Regulatory Commission (CSRC) emphasizes that the capital market will continue to open up, creating a favorable investment environment for international investors [2][3] - Major global asset management firms express optimism about the long-term value of investing in China, driven by a stable macroeconomic environment and ongoing policy improvements [2] Group 2: Policy and Market Reforms - The "14th Five-Year Plan" outlines a direction for expanding institutional openness in capital markets, aiming to enhance the inclusivity and adaptability of market systems [3] - The CSRC plans to deepen reforms in financing and investment, promoting the development of diverse equity financing and increasing the scale of long-term investments from social security and insurance funds [3][4] - Shanghai aims to enhance its international financial center status by improving the business environment and attracting more domestic and foreign institutions [5] Group 3: Mergers and Acquisitions (M&A) Trends - The A-share market has seen a surge in M&A activities, with over 1,000 transactions reported since the release of new reform guidelines, indicating a significant structural change in the economy [8] - Chinese companies are increasingly focusing on M&A to adapt to new industry dynamics, with state-owned enterprises expanding globally and private firms actively seeking international opportunities [8][9] - M&A is viewed as a golden opportunity for international investors to engage with Chinese companies, particularly in technology and traditional industries undergoing transformation [9][10] Group 4: Long-term Investment Strategies - Long-term funds are being encouraged to increase their allocation to equity assets, with a focus on technology stocks that have shown strong performance in the current market [12][13] - The importance of maintaining a long-term investment perspective is emphasized, particularly in the context of supporting technological innovation and national strategies [14] - Challenges remain in promoting long-term investments, including the need for improved dividend policies among listed companies and a more stable market environment [15]

转自：北京日报客户端 11月初，备受瞩目的第八届中国国际进口博览会如约而至，开放的中国再次牵动世界目光。作为首都国 际交往重要窗口和对外开放的前沿阵地，北京朝阳携手300余家企业，共赴"进博之约"，以进博为窗展 朝阳活力，聚全球商机。 与世界交朋友，是朝阳区一直以来的发展底色。在进博会的舞台上彰显开放姿态，仅仅是朝阳区开放征 程的一个缩影。近年来，朝阳区立足区位优势，紧密围绕北京国际交往中心建设，持续提升国际化环 境、推进制度型开放，积极打造向世界展示中国高水平开放的窗口。"十四五"期间，朝阳区开放型经济 不断强化，累计落地外资项目406个，预计吸引外资金额达255.6亿美元，金额位居全市第一。外交外事 活动承载能力不断提升，高水平对外开放迈上新台阶。此外，朝阳区不断优化城市国际化服务环境，外 籍人士的日常所需，在朝阳区皆触手可及。 构建全球优质资源"引力场" 拥有"中国涉外第一区"美誉的朝阳区，汇聚了近100%的外国驻华使馆、全市90%的外国驻京新闻媒 体、80%的国际组织和国际商会、70%的跨国公司地区总部、65%的外资金融机构，形成了独特的国际 化禀赋。朝阳区锚定北京国际交往中心的城市战略定位，主动融入 ...

一是聚焦催生新质生产力，不断优化发行上市、再融资、并购重组等关键制度，引导资本投向前沿 技术、先进制造和未来产业，推动科技创新和产业创新深度融合。二是聚焦培育理性投资、价值投资、 长期投资的市场生态，引导更多中长期资金入市，促进投融资协调发展。三是聚焦推动上市公司提升治 理水平和信息披露质量，强化分红回购，以稳健业绩和持续回报增强投资价值。四是聚焦稳步扩大制度 型开放，拓展跨境投融资渠道，丰富国际化产品体系，提升全球竞争力与吸引力。五是聚焦更好统筹发 展和安全，持续强化科技赋能监管和服务，完善全链条风险监测预警与处置机制，为市场平稳运行和投 资者权益保护提供坚实保障。 邱勇表示，上海证券交易所将以更加开放、包容的市场生态，更加多元、丰富的产品体系，更加高 效、便捷的服务能力，为全球投资者拓展更为广阔的跨境投资机遇。 并购重组带来新投资机会 本报记者 田 鹏 毛艺融 11月12日，上海证券交易所国际投资者大会如期而至，汇聚全球资本市场精英共话投资机遇。与会 嘉宾围绕中国经济韧性、资本市场改革、上市公司质量提升、高水平制度型开放及并购重组新机遇等核 心议题，系统解读了中国资本市场的发展成果、制度优势与长期价值，为 ...

Core Viewpoint - The 2025 Shanghai Stock Exchange International Investor Conference emphasizes the long-term investment value of China's capital market and its high-level opening-up, marking a significant moment as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" prepares to commence [1][2]. Group 1: Capital Market Development - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness and adaptability of capital market systems [1]. - The CSRC plans to advance the "Two Innovation Boards" reform and implement the "1+6" policy measures for the Sci-Tech Innovation Board, promoting stable operations of the Sci-Tech Growth Layer [1]. - There will be a focus on expanding the scale and proportion of equity investments from social security, insurance, and pension funds, while also deepening public fund reforms to better support long-term investments [1][2]. Group 2: Corporate Governance and Market Structure - The CSRC intends to optimize the structure of listed companies to enhance their investment value, including promoting mergers and acquisitions and improving corporate governance and information disclosure [2]. - A continuous improvement of the delisting mechanism will be pursued to ensure a market environment that allows for orderly entry and exit, fostering a competitive ecosystem [2]. Group 3: Internationalization and Investor Engagement - The capital market will progressively open up, focusing on market-oriented, legal, and international approaches to create a favorable investment environment for international investors [2][3]. - The Shanghai Stock Exchange aims to enhance its global competitiveness by expanding cross-border investment channels and enriching the international product system [3][4]. Group 4: Future Outlook - The "15th Five-Year Plan" period is seen as crucial for achieving socialist modernization and high-quality development in the capital market, with a commitment to a more open and inclusive market ecosystem [4]. - The conference encourages global investors to actively engage with and allocate resources to Chinese assets, capitalizing on the opportunities presented by China's economic growth [4].

中新网北京11月12日电(记者夏宾)近日，中欧国际工商学院北京校区举办31周年校庆系列活动，在"高 朋满座"论坛上，中国服务贸易协会副会长赵晋平、原WTO总干事帕斯卡尔·拉米分别发表主题演讲，并 与对外经济贸易大学国际经贸学院教授崔凡就"全球经贸治理的挑战与未来"展开对话。 赵晋平在主旨演讲中表示，面对全球单边主义和贸易保护主义抬头的复杂形势，中国正通过推进制度型 开放开创合作共赢新局面。 他系统梳理了近年来中国就服务业开放与服务贸易出台的系列政策文件，包括通过跨境服务贸易、投资 准入和市场准入"三张负面清单"实现内外资一致管理；以上海自贸试验区和海南自由贸易港为代表，在 特殊区域进行高水平开放的"先行先试"；通过签署国际协定等方式推进制度型开放等。 赵晋平特别指出，近年来，中国和全球南方国家之间的合作不断深化，尤其是中国与东盟的双边经贸合 作，已经成为中国对外经贸关系的稳定锚和新引擎。2025年1-9月，中国和东盟双边贸易同比增长 9.6%，双向投资也对增强区域产业链供应链韧性产生重要作用。 帕斯卡尔·拉米在题为"全球贸易：挑战与机遇"的主旨演讲中指出，全球贸易正呈现三大新常态：保护 主义抬头、预防主义强化 ...