si 载 TSINGHUA Financial Review 清华金融评论 潘功胜:中国经济稳健增长,继续 发挥世界经济增长的主引擎作用 证监会修订发布《上市 公司治理准则》 Financial Weekly 每周金融评论 2025年 海A2 HB 2025年10月20日 . Financial Weekly 每周金融评论 | 目录 CONTENTS 241 | 热点聚焦 FOCUS ◎ 潘功胜:中国经济稳健增长,继续发挥世界经济增长的 主引擎作用 重大会议 MEETINGS ◎ 财政部将继续提前下达2026年新增地方政府债务限额 重大政策 POLICIES ◎ 证监会修订发布《上市公司治理准则》 重大事件s ◎ 何立峰与美国财政部长贝森特、贸易代表格里尔就经贸关 系进行沟通 重要数字 DATA ◎ 我国2025年前三季度GDP同比增长5.2%，第三季度增长4.8% ◎ 我国10日CPI同比下降0.3%、环比上涨0.1% 热点 聚焦 潘功胜：中国经济稳健增长，继续发挥世界经济增长的主引擎作用 01 2025年10月17日，中国人民银行行长潘功胜在出席第52届国际货币与金融委员会（IMFC）系列会议时表示，受地 ...

Core Viewpoint - The global economic landscape is undergoing profound changes due to geopolitical factors and technological transformations, leading to weakened growth momentum worldwide [1] Economic Challenges - Trade frictions and geopolitical uncertainties are dragging down global economic growth [1] - Concerns are rising regarding the fiscal sustainability of developed economies and its spillover effects [1] - Financial market volatility may increase, posing severe challenges for emerging markets and developing economies [1] Call for Cooperation - Countries should enhance macroeconomic coordination and cooperation to maintain multilateralism [1] - There is a need to advocate for an open, rules-based multilateral trading system to inject more stability and certainty into the global economy [1] China's Role in Global Governance - China has recently proposed a global governance initiative and is willing to actively participate in building a fair, just, inclusive, and resilient global governance system [1] - China aims to deepen cooperation with the International Monetary Fund (IMF) to support its role in maintaining global economic and financial stability [1]

Core Insights - The global economic landscape is undergoing profound changes, leading to a rapid restructuring of global industrial and supply chains, which presents both challenges and opportunities for export-oriented enterprises in Zhejiang [1][4]. Group 1: Economic Environment - The current international trade environment is characterized by rapid changes, necessitating timely responses from businesses to keep pace with evolving conditions [1]. - China is entering a new phase of high-level, multi-faceted openness, with its unique large-scale single market and a complete industrial chain ecosystem that integrates deeply with the global market [3]. Group 2: Opportunities and Challenges - Despite facing multiple global economic challenges, new opportunities are emerging, particularly in sectors like artificial intelligence and in rapidly growing emerging markets such as Southeast Asia [4]. - Companies are encouraged to adapt to changes and identify trends to seize opportunities for future growth [5]. Group 3: Innovation and Competitiveness - The rise of innovative enterprises, such as the "Hangzhou Six Little Dragons," highlights the potential for regions like Zhejiang to leverage their advantages in emerging technologies to enhance product intelligence and technical precision [3]. - China's manufacturing sector is advancing towards mid-to-high-end production, bolstered by technological innovation, which enhances its international competitiveness [3].

Group 1 - The core issue of the US-Japan negotiations revolves around tariffs, with the underlying intention being to pressure Japan economically and politically [1][3] - Trump's proposed "reciprocal tariff" policy imposes a 24% tariff on key Japanese industries such as automobiles and steel, significantly impacting Japan's trade surplus with the US [3][5] - Japan's automotive exports account for 34% of its trade surplus with the US, making the proposed tariffs a critical threat to its economy [5][6] Group 2 - Japan is being pressured to purchase US surplus liquefied natural gas and soybeans, while also being asked to eliminate a $68.5 billion trade deficit and dismantle non-tariff barriers in its automotive industry [8][10] - The negotiations also include a controversial demand for Japan to sever its supply chain ties with China, which poses a significant risk to Japanese automotive companies [8][12] - Japan's response to the US demands has been unexpectedly assertive, with Prime Minister Shigeru Ishiba stating that "America First is not a reason for Japan to pay the bill" [10][12] Group 3 - Japan holds a significant leverage in the form of $1.1 trillion in US Treasury bonds, which serves as a warning to the US regarding the potential economic repercussions of escalating trade tensions [12][14] - The ongoing trade conflict is influenced by the broader context of the US-China trade war, which is reshaping global economic dynamics [14][16] - Japanese automotive companies face a critical decision: to align with US demands and forfeit access to the Chinese market or to collaborate with China in the burgeoning electric vehicle sector [16][18] Group 4 - The trade tensions are prompting multinational companies to adjust their strategies, with firms like Tesla, Volkswagen, and Samsung increasing investments in China while reducing reliance on the US dollar [20][21] - There are indications that Japan's central bank may be discreetly purchasing gold to hedge against potential dollar depreciation [20][21] - The evolving economic landscape suggests a potential shift away from dollar dominance, with gold possibly playing a more significant role in global trade [21][23] Group 5 - The US-Japan tariff conflict is not merely an economic dispute but also reflects deeper geopolitical tensions, with Japan seeking a more independent path rather than complete reliance on the US [21][25] - The negotiations encompass a wide range of issues, from automotive tariffs to semiconductor cooperation, highlighting the overarching principle of US interests [25][27] - Japan is considering easing import restrictions on US automobiles and increasing soybean imports to mitigate tensions, although it remains cautious about food safety concerns [27][29]