Core Insights - The report from CITIC Securities indicates a significant recovery in consumption this year, with stable growth in manufacturing and infrastructure investment, and resilient export performance, suggesting a positive shift in the economy's "three drivers" [1] - Economic growth in the second quarter is expected to exceed 5%, laying a solid foundation for achieving the annual target [1] - The new model of real estate development is anticipated to more effectively address structural supply-demand mismatches in the second half of the year [1] - Continued support for foreign trade policies is expected to inject more certainty into the economy amid declining global economic momentum and rising geopolitical and trade uncertainties [1]

Core Insights - China's total goods trade value for the first five months of the year reached 17.94 trillion yuan, a year-on-year increase of 2.5%, with exports at 10.67 trillion yuan (up 7.2%) and imports at 7.27 trillion yuan (down 3.8%) [1] - The ASEAN region remains China's largest trading partner, with trade totaling 3.02 trillion yuan, an increase of 9.1%, accounting for 16.8% of total foreign trade [1] - Trade with African countries showed significant growth, with total trade reaching 963.21 billion yuan, a year-on-year increase of 12.4%, and exports growing by 20.2% [2] Trade Performance - In May, despite having two fewer working days, China's imports and exports still achieved year-on-year growth of 2.7% and 6.3%, respectively [1] - Trade with the EU saw a total value of 2.3 trillion yuan, growing by 2.9%, while trade with the US totaled 285.51 billion yuan, with a month-on-month decline of 12.67% [1] Product Analysis - Exports of electromechanical products reached 6.4 trillion yuan, a growth of 9.3%, making up 60% of total exports, with integrated circuits, ships, and LCD panels showing double-digit growth in both quantity and value [3] - The Chinese government is expected to continue implementing policies to stabilize growth and foreign trade, with potential financial support for struggling foreign trade enterprises [3]

Core Viewpoint - China's total goods trade import and export value reached 17.94 trillion yuan in the first five months of 2025, showing a year-on-year growth of 2.5% [1] Trade Performance - Exports amounted to 10.67 trillion yuan, increasing by 7.2%, while imports were 7.27 trillion yuan, decreasing by 3.8% [1] - In May, the total trade value was 3.81 trillion yuan, up 2.7%, with exports at 2.28 trillion yuan (6.3% growth) and imports at 1.53 trillion yuan (2.1% decline) [1] - The trade surplus in May was 103.22 billion USD, with exports growing by 4.8% and imports declining by 3.4% when measured in USD [1] Factors Influencing Trade - The decline in May exports was attributed to high tariffs affecting exports to the U.S., a weakening external demand, and a high base from the previous year [1] - The resilience of China's foreign trade was highlighted by three main drivers: the release of a joint statement from China and the U.S. on trade talks, ongoing "export rush" to markets outside the U.S., and progress in diversifying export markets [1] Import Dynamics - The import value in May saw an expanded year-on-year decline, influenced by reduced imports from the U.S. and a slowdown in import demand due to decreased export growth [2] - The drop in commodity prices, including crude oil, also contributed to the decline in import growth [2] Trade by Type - General trade accounted for 11.51 trillion yuan of the total trade, growing by 0.8%, while processing trade reached 3.21 trillion yuan, increasing by 6.2% [2] Regional Trade Partners - ASEAN emerged as China's largest trading partner with a trade value of 3.02 trillion yuan, growing by 9.1% [3] - The EU was the second-largest partner with a trade value of 2.3 trillion yuan, increasing by 2.9% [3] - Trade with the U.S. decreased by 8.1%, totaling 1.72 trillion yuan [3] Future Outlook - The "export rush" effect to the U.S. is expected to continue into June, with potential for positive year-on-year growth in exports [4] - However, high tariffs and a slowdown in external demand may lead to a decrease in export growth rates [4] - Ongoing support policies for foreign trade enterprises are anticipated to be implemented [4]

Core Viewpoint - The external environment has changed dramatically in April, yet China's foreign trade has maintained stable growth, demonstrating resilience and adaptability in the face of challenges [1] Group 1: Foreign Trade Performance - China's foreign trade has shown accelerated import and export growth with ASEAN and Belt and Road Initiative countries [1] - Private enterprises have experienced rapid growth in foreign trade imports and exports [1] - The export of electromechanical products has shown a strong upward trend [1] Group 2: Economic Resilience and Policy Support - China's ability to withstand external pressures and maintain growth reflects the completeness of its industrial system and the competitiveness of its manufacturing sector [1] - The rapid adjustment capability of foreign trade and the supportive policies for stabilizing foreign trade have been crucial [1] - The significant reduction of tariffs between China and the US is beneficial for trade growth between both countries and contributes to global economic recovery [1] Group 3: Future Outlook - Despite the complex and severe international environment that constrains global economic growth, the trend of international cooperation and win-win outcomes remains unchanged [1] - China is committed to expanding its openness and steadily advancing the diversification of foreign trade [1] - Continuous effective policies to promote foreign trade development will support ongoing growth in this sector [1]

Core Viewpoint - The head of the Financial Regulatory Administration, Li Yunze, announced a series of policy measures to support foreign trade development in response to increasing external shocks [1] Group 1: Policy Measures - The implementation of a financing coordination mechanism for small and micro enterprises will be expanded to all foreign trade companies [1] - Banks are urged to accelerate the implementation of various policies aimed at stabilizing foreign trade, ensuring that loans are fully disbursed and renewed as needed [1] - For market entities significantly affected by tariffs and facing temporary operational difficulties, tailored services will be provided on a case-by-case basis [1] Group 2: Export Stability - Efforts will be intensified to stabilize exports, including optimizing the regulatory policies for export credit insurance [1] - The capacity for underwriting will be enhanced, and preferential rates will be offered to support exporters [1] - Quick compensation and pre-compensation measures will be implemented to bolster companies' confidence in receiving orders and exporting [1]