Core Insights - China's service trade showed steady growth from January to August 2025, with total service trade imports and exports amounting to 52,476.9 billion yuan, a year-on-year increase of 7.4% [1] Summary by Categories Overall Service Trade Performance - Total service trade reached 52,476.9 billion yuan, with exports at 23,004.4 billion yuan (up 14.7%) and imports at 29,472.5 billion yuan (up 2.3%) [1] - The service trade deficit was 6,468.1 billion yuan, reduced by 2,280.7 billion yuan compared to the same period last year [1] Knowledge-Intensive Service Trade - Knowledge-intensive service trade maintained growth, with imports and exports totaling 20,250.7 billion yuan, an increase of 6.7% [1] - Specific segments included other business services and telecommunications, computer, and information services, with imports and exports of 8,547.2 billion yuan and 7,131 billion yuan, growing at 3.6% and 10.8% respectively [1] - Knowledge-intensive service exports reached 11,784 billion yuan (up 9.4%), while imports were 8,466.7 billion yuan (up 3.2%), resulting in a surplus of 3,317.3 billion yuan, an increase of 747 billion yuan year-on-year [1] Travel Services - Travel services experienced the fastest growth, with total imports and exports reaching 14,481.8 billion yuan, a growth of 8.6% [1] - Travel service exports surged by 57.6%, while imports grew by 2.3% [1]

Core Insights - China's service trade showed steady growth from January to August 2025, with a total import and export value of 52,476.9 billion RMB, representing a year-on-year increase of 7.4% [2] - Service exports reached 23,004.4 billion RMB, growing by 14.7%, while imports totaled 29,472.5 billion RMB, with a growth of 2.3% [2] - The service trade deficit was 6,468.1 billion RMB, which is a reduction of 2,280.7 billion RMB compared to the same period last year [2] Service Trade Characteristics - Knowledge-intensive service trade continued to grow, with a total import and export value of 20,250.7 billion RMB, increasing by 6.7% [2] - Within knowledge-intensive services, other business services and telecommunications, computer, and information services had import and export values of 8,547.2 billion RMB and 7,131 billion RMB, with growth rates of 3.6% and 10.8% respectively [2] - Knowledge-intensive service exports amounted to 11,784 billion RMB, up by 9.4%, while imports were 8,466.7 billion RMB, growing by 3.2%, resulting in a surplus of 3,317.3 billion RMB, which is an increase of 747 billion RMB year-on-year [2] Travel Services - Travel services experienced the fastest growth, with total imports and exports reaching 14,481.8 billion RMB, marking an increase of 8.6% [2] - Travel service exports surged by 57.6%, while imports grew by 2.3% [2]

Domestic Developments - The steel industry has set a target for an average annual growth of around 4% in value added for 2025-2026, as outlined in the "Steel Industry Stabilization and Growth Work Plan" issued on September 22[6] - The financial sector has achieved significant growth, with total assets of the banking industry reaching approximately 470 trillion yuan, ranking first globally, and the stock and bond markets ranking second[9] - The service trade policy aims to enhance quality and expand capacity, focusing on five key areas including capital utilization and international market expansion, with service exports growing by 15.3% year-on-year from January to July 2025[14] International Developments - U.S. President Trump announced a new fee of $100,000 for H-1B visa applications, which may hinder the recruitment of tech talent[15] - The Eurozone's composite PMI rose to 51.2 in September, the highest in 16 months, indicating economic expansion, although concerns about growth sustainability remain due to weak new orders[17] - Freeport-McMoRan announced a supply contract entered into "force majeure" status due to a significant landslide at its Grasberg mine, which may reduce copper production by approximately 35% in 2026[21] Commodity Prices - Brent crude oil prices increased by 1.57% week-on-week, while iron ore and cathode copper prices rose by 0.48% and 0.12%, respectively[23] - Rebar prices increased by 0.32%, cement prices rose by 1.85%, and thermal coal prices went up by 1.69% week-on-week[28] - Real estate sales in 30 major cities increased by 19.73% week-on-week, with first-tier cities seeing a 21.50% increase[38]

Core Points - China is committed to expanding high-level opening-up and enhancing service trade quality through innovation and international cooperation [1][4][5] Summary by Sections Basic Connotation and Development Trends - Service trade is characterized by the exchange of services across borders, playing a crucial role in global trade structure upgrades [2] - The global service trade is projected to reach $8.69 trillion in 2024, with a year-on-year growth of 9% [2] - Digital services trade is expected to grow to $4.64 trillion in 2024, increasing by 8.3% [2] - Institutional openness is driving service trade by reducing transaction costs through deeper regional economic cooperation [2] Current Situation and Future Needs - China's service trade has seen a total import and export value of 45,781.6 billion yuan in the first seven months of this year, marking an 8.2% increase [3] - Knowledge-intensive service trade is growing steadily, with its share nearing 40% of total service trade [3] - The China International Fair for Trade in Services (CIFTIS) has become a significant platform for international cooperation, with participation from over 70 countries and nearly 2,000 enterprises [3] - Continuous improvements in openness through free trade zones and other initiatives are providing institutional support for high-quality service trade development [3] Innovation and Development Pathways - There is a pressing need to innovate and enhance service trade to address existing trade deficits, particularly in traditional service sectors [4][6] - The integration of digital technologies like blockchain and AI is transforming service trade, enhancing efficiency and security [6][8] - The development of green service trade is essential for sustainable growth, aligning with global environmental goals [6][9] - A strategic approach is required to create new growth points in service trade, focusing on sectors like education, finance, and consulting [7][8] Conclusion - The advancement of service trade is vital for establishing a robust open economy and supporting China's modernization efforts [9]

Report Core View - The report focuses on the new energy installation progress in the power industry and provides an overview of mid - level events, industry status, and key data in various industries [1] Industry Overview Production Industry - On September 24, 2025, President Xi Jinping announced China's new national independent contributions at the United Nations Climate Change Summit. By 2035, China aims to reduce the net greenhouse gas emissions in the entire economy by 7% - 10% from the peak, increase the share of non - fossil energy consumption in the total energy consumption to over 30%, increase the total installed capacity of wind and solar power to more than 6 times that of 2020, striving for 36 billion kilowatts, reach a forest stock volume of over 240 billion cubic meters, make new energy vehicles the mainstream of new vehicle sales, cover major high - emission industries in the national carbon emissions trading market, and basically build a climate - resilient society [1] Service Industry - Nine departments including the Ministry of Commerce issued 13 policy measures to promote service exports, aiming to boost the high - quality development of service trade. These measures include leveraging existing funds, enhancing the guiding fund's role, optimizing tax - free procedures, and increasing export credit insurance support. Support is also provided for international data service businesses in areas like the Lin - gang New Area of the Shanghai Free Trade Pilot Zone and the Hainan Free Trade Port, and for establishing international data and cloud - computing centers in relevant areas [2] Upstream - In infrastructure, cement prices have increased; in agriculture, the prices of eggs and palm oil have declined [2] Midstream - The polyester operating rate in the chemical industry has slightly decreased [3] Downstream - In the real estate sector, the sales of commercial housing in first - and second - tier cities have declined; in the service sector, the number of domestic flights has remained stable [3] Key Data Agricultural Products - On September 24, the spot price of corn was 2,288.6 yuan/ton with a year - on - year decrease of 0.12%, the spot price of eggs was 7.8 yuan/kg with a - 3.13% change, the spot price of palm oil was 9,040 yuan/ton with a - 4.50% change, the spot price of cotton was 15,090.8 yuan/ton with a - 1.50% change, the average wholesale price of pork was 19.6 yuan/kg with a - 0.81% change [37] Metals - On September 24, the spot price of copper was 80,060 yuan/ton with a - 0.67% change, the spot price of zinc was 21,824 yuan/ton with a - 1.45% change, the spot price of aluminum was 20,693.3 yuan/ton with a - 1.02% change, the spot price of nickel was 122,633.3 yuan/ton with a - 0.31% change, the spot price of aluminum was 17,031.3 yuan/ton with a - 0.18% change, the spot price of螺纹钢 was 3,195 yuan/ton with a 1.49% change, the spot price of iron ore was 813.7 yuan/ton with a 0.76% change, the spot price of wire rod was 3,375 yuan/ton with a 0.75% change, the spot price of glass was 14.3 yuan/square meter with no change [37] Others - On September 24, the spot price of natural rubber was 14,983.3 yuan/ton with a - 0.72% change, the China Plastic City price index was 790.7 with a - 0.33% change, the spot price of WTI crude oil was 63.4 dollars/barrel with a 0.17% change, the spot price of Brent crude oil was 67 dollars/barrel with a - 0.70% change, the spot price of liquefied natural gas was 3,802 yuan/ton with a - 1.81% change, the coal price was 788 yuan/ton with a 1.03% change, the spot price of PTA was 4,572.9 yuan/ton with a - 1.64% change, the spot price of polyethylene was 7,350 yuan/ton with a - 0.63% change, the spot price of urea was 1,655 yuan/ton with a - 1.05% change, the spot price of soda ash was 1,262.5 yuan/ton with no change, the national cement price index was 134.1 (compared to 114.3) with a 2.68% change, the real - estate building materials comprehensive index had a 0.24% change, and the national concrete price index was 91.7 with a - 0.08% change [37]

Core Viewpoint - The article discusses the recent notification issued by the Ministry of Commerce and nine other departments regarding measures to promote service exports, emphasizing the importance of developing service trade as a means to enhance high-level opening-up and cultivate new momentum for foreign trade [1][5]. Summary by Sections 1. Support for Service Exports - The notification outlines 13 specific measures to accelerate service trade development, including utilizing existing funding channels to support various new service export models and green services [6][1]. 2. Investment in Service Trade - It emphasizes enhancing the role of the Service Trade Innovation Development Guidance Fund to attract more social capital into service and digital trade sectors [8][2]. 3. Tax and Insurance Support - The notification proposes optimizing the zero tax rate application process for service exports and increasing support from export credit insurance companies to cover more areas, thereby improving risk management for service exporters [9][10]. 4. Regulatory Improvements - It includes measures to improve the bonded supervision system for research and testing businesses, facilitating easier import processes for necessary goods [12][2]. 5. Cross-Border Personnel and Capital Flow - The notification aims to facilitate cross-border personnel movement and optimize cross-border capital flow management, supporting multinational companies in integrating their funding operations [13][14]. 6. Knowledge and Data Management - It highlights the importance of promoting knowledge property rights transformation and establishing international data service businesses, including the creation of data centers in free trade zones [16][18]. 7. Market Expansion Support - The article mentions the role of service trade intermediary organizations in assisting companies to explore international markets, including legal support and participation in international exhibitions [19][1].

记者 辛圆 据商务部网站周三发布消息，商务部会同中央网信办、财政部等九个部门印发《关于促进服务出口的若干政策措施》（以下简称《措施》），提出一系列具 体举措。 《措施》首先提到，用好用足中央和地方现有资金渠道积极支持服务出。加强政策解读，指导地方充分利用中央和地方现有资金渠道，进一步支持数字服 务、高端设计、研发、供应链、检验检测、认可认证、知识产权、地理信息、语言服务等服务出口新业态新模式，以及节能服务、资源循环利用服务、环境 治理服务、环境咨询服务、碳足迹核算管理服务、碳管理综合服务等绿色服务，培育服务出口重点企业和重点项目。 《措施》还提出，增强服务贸易创新发展引导基金撬动作用。支持服务贸易创新发展引导基金加大对服务贸易的投资，加强与地方基金联动，带动更多社会 资本投资服务贸易和数字贸易领域。修订《服务出口重点领域指导目录》《服务外包产业重点发展领域指导目录》，对基金重点投向加强业务指导。 《措施》同时提到，优化服务出口零税率申报程序。加强部门协同和信息共享，鼓励更多有条件的地区依托相关电子信息平台，在申报服务出口退税时推广 以电子信息替代需企业申报的纸质或电子凭证，提高服务出口退税申报效率。 商务部数 ...

Core Insights - The speech discusses the four stages of supply chain development and emphasizes the importance of building a global supply chain system centered on services, trade, and digital technology [1][2][5]. Group 1: Stages of Supply Chain Development - The first stage focuses on providing comprehensive services for trade facilitation, which initially emerged in Shenzhen but faced challenges in forming core competencies due to low entry barriers [1]. - The second stage sees logistics becoming the core business, where companies offer solutions for trade facilitation, digitalization, and sustainable transformation, gradually building competitive advantages [1][2]. - The third stage extends supply chain services to the production sector, requiring specialized service capabilities, with China primarily participating as a follower in a Western-dominated global supply chain [2]. - The fourth stage emphasizes service trade and digital trade, presenting a critical opportunity for Chinese companies to establish a service-oriented supply chain system [2][5]. Group 2: Recommendations for Supply Chain Development - There is a strong emphasis on leveraging digital technologies, particularly AI, remote sensing, and satellite technologies, to enhance supply chain management efficiency [3][4]. - The supply chain is identified as a key area for developing credible big data, particularly in private domains, which can enhance AI model training and support the establishment of a global trustworthy trade mechanism [3]. - Intelligent matching is highlighted as a transformative factor for supply chain development, improving resource allocation and cross-border collaboration through seamless integration of various service trade components [4]. - Building an ecosystem is deemed essential for the development of the digital economy, requiring collaboration across sectors to create a more open, transparent, and sustainable supply chain system [4][5].

Core Points - The 2025 Service Trade Fair (STF) features a vibrant "Jiangxi Small Fry Food Culture Market," showcasing local cuisine and promoting Jiangxi's food culture [1][2] - The event includes 45 diverse activities, consumer vouchers, and 11 business inspection routes to enhance the integration of the fair with the consumer market [1][7] - The "Camping & Arts Life Fair" organized by Beijing's Cultural and Tourism Bureau highlights the growing trend of camping as a new tourism experience [2][3] Group 1: Food and Culture Promotion - The "Jiangxi Small Fry Food Culture Market" attracts significant attention, featuring 16 renowned food and beverage brands from Jiangxi [2] - A large thematic photo area at the market draws numerous attendees, enhancing engagement and visibility for local brands [2] Group 2: Consumer Engagement and Discounts - The "Ticket Root Economy" initiative allows attendees to enjoy discounts at various shopping and dining establishments by presenting their fair tickets [6] - Over 200 merchants in key shopping districts participate in the "Ticket Root Economy" program, stimulating service consumption [6] Group 3: Business and Tourism Integration - The STF includes business inspection routes that cover multiple districts, showcasing new landmarks and consumption scenes in the service trade [8] - Activities like the "Beijing Color Run" and "Chaoyang Food Sightseeing Bus" are part of the fair's efforts to promote local tourism and business [7]

Group 1: Domestic Policy Developments - Vice Premier Ding Xuexiang attended the 2025 China International Service Trade Fair Global Service Trade Summit, emphasizing China's commitment to high-level opening-up and service trade development [10][12] - Premier Li Qiang chaired a State Council meeting on September 12, focusing on measures to promote private investment and enhance the overseas comprehensive service system [13][17] - The National Development and Reform Commission (NDRC) released a plan to support the high-quality development of new energy storage from 2025 to 2027 [24][17] Group 2: Equity Market Analysis - In the second week of September, major A-share indices rose, with the CSI 100 and CSI 500 indices increasing by 4.45% and 6.33% respectively, and net inflows from southbound funds exceeding 55 billion yuan [25][26] - The China Securities Regulatory Commission (CSRC) announced the revision of the "Futures Company Classification Evaluation Regulations" to improve the regulatory framework for the futures industry [26][27] Group 3: Fixed Income Market Analysis - The People's Bank of China (PBOC) conducted a net fund injection of 196.1 billion yuan through open market operations, maintaining ample liquidity in the market [4][27] - The M1-M2 scissors gap continued to narrow, indicating a potential shift in monetary policy dynamics [4][27] Group 4: Commodity Market Analysis - In the second week of September, non-ferrous metals rebounded, while crude oil prices increased, and pork prices saw a slight uptick [4][27] - The Ministry of Industry and Information Technology (MIIT) is actively promoting the rectification of market competition order, which may impact commodity pricing [4][27] Group 5: Foreign Exchange Market Analysis - The US dollar index fell to 97.62, a decrease of 0.12% week-on-week, while the Chinese yuan appreciated slightly to 7.12 [5][19] - The European Central Bank maintained its key interest rates unchanged, which may influence the exchange rate dynamics between the euro and the yuan [19][20]