新华财经利雅得11月29日电（记者罗晨王海洲） 2025年博鳌亚洲论坛利雅得会议26日至27日在沙特阿 拉伯首都利雅得举行。博鳌亚洲论坛秘书长张军27日接受新华社记者专访时表示，当今世界正面临一系 列严峻挑战，区域合作重要性正进一步提升。区域合作不仅有助于应对单边主义、保护主义带来的挑 战，也能推动产业链供应链的安全、多元与稳定，进一步增强区域经济韧性。 张军表示，当今世界正处在大变革、大转型之中。一方面在单边主义、保护主义冲击之下，全球经济和 贸易持续承压，产业链供应链安全稳定成为各国共同关注的重点。另一方面，世界经济也处在新的转型 时期，以数字经济、绿色经济为代表的新增长动能不断涌现，为区域合作与经济转型带来新机遇。 张军说："召开这样的会议，就是希望推动各方加强团结合作，共同应对挑战，维护经济安全和产业链 供应链稳定，同时推动共同努力，在全球经济转型中通过多元化发展来增强各国和区域经济的韧性，发 掘更大发展空间和潜力。" 今年的利雅得会议以"转型促进区域经济多元化与可持续发展"为主题。博鳌亚洲论坛理事长、联合国前 秘书长潘基文等来自10多个国家和地区以及多家国际组织的300多名政商学界嘉宾出席本次会议， ...

Core Viewpoint - Rongtai Group (01172.HK) reported a significant decline in revenue and an increase in losses for the six months ending September 30, 2025, indicating challenges in its business operations and market conditions [1] Financial Performance - The group recorded a consolidated revenue of approximately HKD 64 million for the period, down 37% from HKD 101 million in the same period last year [1] - The loss attributable to the owners of the company was about HKD 20 million, compared to a loss of HKD 37 million in the previous year, with basic and diluted loss per share at HKD 0.35, down from HKD 0.63 [1] Business Segments - Revenue from the printing business decreased to approximately HKD 61 million, down from HKD 67 million in the previous year, attributed to rising protectionism and increased policy uncertainty leading to weak demand for printing products [1] - Income from the sale of completed residential units and parking spaces in the property development project in Zigong City, Sichuan Province, China, dropped significantly from approximately HKD 31 million to about HKD 0.1 million compared to the same period last year [1]

【环球时报报道 记者 倪浩】陷入失去"产业竞争力"焦虑的欧盟，拟于12月讨论收紧外国投资规则—— 要求投资其新能源领域的企业转移技术。外媒分析称，这一政策主要针对中国企业。 塞茹尔内是在回应有关限制中国企业向欧盟扩张的提问时作出上述表态的。欧盟委员会数据显示，2024 年中国对欧盟的直接投资较2023年增长80%，达94亿欧元。欧盟官员称，新规不会提及中国，但鉴于中 国对欧盟的投资规模，立法重点指向不言自明。 欧盟此前已多次被报道将收紧投资规则。彭博社此前报道称，欧盟考虑强制中企向欧洲公司转让技术， 作为在欧盟进行投资的前提。这些措施将适用于寻求进入汽车和电池等关键数字及制造业市场的公司， 强制中企在欧盟成立合资企业也是备选方案之一。 北京语言大学国别和区域研究院副研究员董一凡告诉《环球时报》记者，欧盟拟议的投资规则应属于其 《工业加速器法案》的一部分。该法案被视为欧盟近十年来在新能源领域出台的最严苛市场准入规则， 中国投资是其主要针对对象。 10月15日，在外交部例行记者会上，针对"欧盟正考虑迫使中国公司向欧洲公司移交技术"的相关问题， 外交部新闻发言人林剑明确表示，反对违反世贸组织规则强制技术转让，反对干 ...

Core Viewpoint - The World Trade Organization (WTO) has played a crucial role in promoting global trade development and economic growth over the past 30 years, despite facing challenges such as unilateralism and protectionism [5][6][10]. Trade Growth and Economic Impact - From 1995 to 2023, global trade volume increased nearly fivefold, surpassing the growth rate of global GDP during the same period [5][6]. - The share of low- and middle-income countries in global exports rose from 17% in 1995 to 32% in 2022, contributing to a significant reduction in extreme poverty from 40% to 10% [6][10]. Role of China in WTO - China has been a significant beneficiary of the multilateral trading system since joining the WTO in 2001, contributing approximately 30% to global economic growth annually [7][10]. - The country actively participates in WTO reforms and negotiations, promoting trade facilitation and enhancing the global economic order [10][11]. Challenges to Multilateral Trade - The rise of unilateralism and protectionism poses significant threats to the multilateral trading system, disrupting global supply chains and trade [12][14]. - The WTO's dispute resolution mechanism has been weakened since December 2019, undermining its authority and effectiveness [13][16]. Reforming the WTO - There is a consensus that necessary reforms should enhance the efficiency and effectiveness of the WTO rather than weaken it [16][17]. - China emphasizes the importance of maintaining core values of non-discrimination and openness in WTO reforms, advocating for the interests of developing countries [17].

Core Insights - The World Trade Organization (WTO) has played a crucial role in promoting global trade, economic growth, and enhancing the participation of developing countries over the past 30 years [1] - The current global trade landscape is facing significant challenges from unilateralism, protectionism, and geopolitical conflicts, necessitating a strong commitment to a multilateral trade system centered around the WTO [1] Group 1: Trade Growth and Economic Impact - Global trade volume has increased nearly fivefold from 1995 to 2023, outpacing the growth of global GDP during the same period [2] - The WTO has established a rules-based multilateral trade system that has facilitated this growth, with 166 members creating strong economic ties [2][3] - The share of middle and low-income countries in global exports rose from 17% in 1995 to 32% in 2022, contributing to a significant reduction in extreme poverty from 40% to 10% [3] Group 2: China's Role in the WTO - China has been a significant beneficiary of the multilateral trade system, joining the WTO in 2001 after extensive negotiations, and has utilized this platform to achieve remarkable economic growth [3][4] - As a major contributor to global economic growth, China has maintained an average contribution rate of about 30% to world economic growth [4] - China actively participates in WTO reforms and negotiations, advocating for new rules and supporting the interests of developing countries [5][9] Group 3: Challenges to Multilateralism - The rise of unilateralism and protectionism poses serious threats to the multilateral trade system, disrupting global supply chains and trade flows [6][7] - The WTO's dispute resolution mechanism has been weakened since December 2019, undermining its authority and effectiveness [6] - There is a pressing need for WTO members to reaffirm their commitment to multilateralism and address contentious issues like subsidy rules to restore trust in the system [7][8] Group 4: Reforming the WTO - Necessary reforms should focus on enhancing the efficiency and effectiveness of the WTO rather than undermining its core principles [8] - China emphasizes the importance of maintaining non-discrimination and openness in the multilateral trade system while ensuring the development interests of emerging economies are protected [9] - The ongoing challenges in global trade require a collective effort to strengthen the WTO and adapt to new trade dynamics and issues [6][8]

中远海运"秘鲁"轮驶出秘鲁钱凯港（无人机照片）。 梅 涵摄（新华社发） 上海洋山海关关员查验从南非进口的牛油果。 沈春琛摄（影像中国） 中国常驻世贸组织代表团供图（新华社发） 加迪贾·布朗：世贸组织是经济全球化和贸易自由化的基石。它确立了以规则为基础的多边贸易体制， 通过设立统一的贸易规则和争端解决机制，为国际贸易发展提供了法律保障。世贸组织一直将争端解决 作为其核心职能之一，已受理成员间600多宗贸易争端，有效防止了成员间贸易冲突的升级与风险外 溢，维护了国际贸易环境的稳定性和可预见性。 2025年是世界贸易组织成立30周年。30年来，世贸组织在推动全球贸易发展、促进经济增长、提升发展 中国家参与度等方面发挥了重要作用。当前，单边主义、保护主义与地缘冲突等多重挑战相互交织，将 全球贸易推向了深度重构的十字路口。国际社会应坚定维护以世贸组织为核心、以规则为基础的多边贸 易体制，推动建设开放型世界经济，为全球发展增添确定性与稳定性。 屠新泉（对外经济贸易大学中国世界贸易组织研究院院长） 加迪贾·布朗（南非副总统特别经济顾问） 夏华生（巴西瓦加斯基金会经济学家） 乔苏亚·帕尔代德（印度尼西亚佩尔马塔银行首席经济学 ...

中企全球遍地开花，在华美企超7万家、投下1.2万亿，为啥在美国只剩"边缘席位"？ 中国对外开放这几十年，账本摊开来看，有一组对比很扎眼：一边是美国企业在中国扎堆，一口气来了7万多家， 总投资超过1.2万亿美元；另一边是中国企业去美国，累计也就5000家左右，数量上压根不是一个量级，这落差怎 么来的，背后是两个市场完全不同的气质。 时间往回拨到改革开放初期，中国市场就像刚睁眼的小孩，一切都在从零搭架子。国内自己的大企业不多，消费 需求却摆在那里，地广、人多、啥都缺。那时候的中国市场，对外开放还很谨慎，美国企业想进来，也只能慢慢 试水，先做小点，再一点点往里渗。 节点出现在1992年。邓小平南方谈话之后，中国释放出更清晰的开放信号，话说得很直接：欢迎外资企业来做生 意，政策上也跟着松绑，该减税减税，该给土地给土地，有条件地让路，让这些外企先跑起来。环境一变，嗅觉 最灵的那批美国公司就冲进来了。 沃尔玛、可口可乐、宝洁这些零售和快消巨头，是最早一拨登场的玩家。它们一进中国一线城市，很快发现一个 意外惊喜：中国消费者对"国际品牌"的新鲜感，远超他们预期。货架上多了从没见过的饮料、洗发水、零食，大 家愿意掏钱试，甚至愿 ...

Group 1: Global Trade and Economic Impact - The escalation of U.S. tariff policies is significantly altering global trade structures and economic growth paths, with average tariffs rising from approximately 2% to about 15% under the Trump administration, leading to a projected 20% decline in exports to the U.S. compared to a no-tariff scenario [2][14] - The World Trade Organization (WTO) warns that Trump's tariffs are causing unprecedented damage to the international trade system, predicting only a 0.5% growth in global goods trade by 2026 [2] - The global economic growth rate is expected to slow to 2.9% in 2026, down from 3.2% in 2025, partly due to the delayed impact of tariffs as companies are currently in a phase of inventory digestion [3][5] Group 2: U.S. Economic Outlook - Despite the absence of stagflation in the U.S. currently, risks remain as tariffs begin to affect consumer prices, and the labor market shows signs of slowing down [3][7] - The potential for stagflation in the U.S. economy cannot be ruled out for 2026, as the transmission of tariffs to consumer prices is just beginning [7] - The U.S. economy's resilience is currently supported by significant capital expenditures in data centers driven by AI, despite tariffs being a drag on growth [7] Group 3: European Economic Dynamics - Europe is facing long-term structural challenges, including an aging population and high debt levels in countries like France and Italy, compounded by geopolitical risks such as the Russia-Ukraine conflict [8][9] - However, there are positive developments, such as the "Draghi Report" proposing systemic reforms for stronger growth and Germany's commitment to significantly increase infrastructure and defense spending [9] Group 4: Currency and Capital Flow - The dominance of the U.S. dollar is being questioned, but there are no ideal alternatives, as options like the euro and gold have their limitations [10] - A decline in the dollar's role could lead to reduced demand for U.S. Treasury bonds, resulting in higher overall interest rates, which could have profound implications for the U.S. economy [11] - If the Federal Reserve's rate cuts outpace those of other central banks, it may lead to capital outflows from the U.S. as investors seek higher returns elsewhere [13][12] Group 5: China's Economic Transition - China is at a critical stage of economic transition, with traditional sectors like real estate declining while high-end manufacturing in AI, electric vehicles, and sustainable energy is on the rise [4][15] - The growth data and price pressures in China will continue to be affected by old industries in the near term, but the emergence of high-end manufacturing is expected to drive growth into the 2030s [15]

Group 1 - The CPTPP ministerial meeting in Melbourne on November 21 decided to initiate new membership negotiations with Uruguay, highlighting the strategic significance of maintaining and expanding free trade zones amid rising protectionism [2][6] - The meeting acknowledged that Indonesia, the Philippines, and the UAE meet the criteria for membership and will decide in 2026 whether to start negotiations with these countries [4] - Australia's Trade Minister Farrell expressed anticipation for new members to join by the end of the year, while avoiding a clear response regarding China's 2021 application for membership [5] Group 2 - The meeting raised concerns about economic coercion, particularly in light of China's actions, and emphasized the importance of cooperation to address market distortions and supply chain disruptions [6] - Uruguay's nominal GDP is approximately $80 billion, with a population exceeding 3 million, and its membership in the Southern Common Market reflects its commitment to free trade and democracy [6] - The CPTPP, which began in 2016, now includes 12 countries after the UK joined, covering about 7% of the world's population and accounting for approximately 15% of global GDP and 18% of trade [7]

Core Insights - Indonesia, as the largest economy in Southeast Asia with a population of approximately 270 million, aims to become a developed country by 2045 through its "Golden Indonesia 2045" vision, leveraging its natural resources and domestic consumption growth [1][30] - The dialogue with Gita Wirjawan highlights the risks of protectionism in global trade and emphasizes the need for multilateral cooperation, particularly in the context of U.S. unilateral tariff policies and China's efficient supply chain capabilities [1][6][11] Group 1: Trade and Economic Cooperation - Indonesia's trade negotiations with the U.S. resulted in a reduction of tariffs from 32% to 19%, with Indonesia eliminating tariffs on over 99% of U.S. agricultural imports, reflecting a strategic long-term vision rather than a mere concession [2][3] - The diversification of trade partnerships is crucial for Indonesia and other Southeast Asian nations, with a strong inclination towards closer cooperation with China due to its cost-effective development options [3][19] - The BRICS expansion, including Indonesia, signifies a shift towards a multipolar world and the importance of diverse economic partnerships [3][19] Group 2: Investment and Capital Allocation - The ability of Indonesia and Southeast Asian countries to attract foreign direct investment (FDI) hinges on their capital acquisition strategies, particularly in technology and economic capital [4][25] - Indonesia's FDI increased from $4.9 billion in 2009 to $21.2 billion in 2012, showcasing the potential for growth in attracting investment despite current global protectionist trends [13][25] - The need for improved legal frameworks and the ability to quantify risks are essential for enhancing investor confidence and attracting more capital [12][25][26] Group 3: Education and Human Capital - Strengthening STEM education is vital for enhancing risk quantification capabilities and improving overall productivity, which in turn can elevate Indonesia's position in the global value chain [12][26] - Indonesia currently produces significantly fewer STEM graduates compared to China and India, highlighting a critical area for development to meet future economic goals [11][12] Group 4: Energy and Infrastructure Development - Indonesia's low per capita electricity generation (1,300 kWh) compared to China's (10,000 kWh) underscores the urgent need for investment in renewable energy to support modernization efforts [27][28] - The estimated investment requirement of $2 to $3 trillion for enhancing energy capacity in Southeast Asia presents a significant opportunity for international collaboration, particularly with China [28] Group 5: Geopolitical Strategy and Global Positioning - Indonesia's strategic positioning between major powers like the U.S. and China reflects a balancing act aimed at maintaining autonomy while fostering economic growth [19][24] - The historical context of the Bandung Conference emphasizes the importance of non-alignment and multilateral cooperation in addressing contemporary global challenges [31][32]