Core Viewpoint - The resilience of global trade has been highlighted despite challenges such as the pandemic, geopolitical tensions, and rising protectionism, with significant contributions from China as the world's second-largest economy and largest goods trader [1] Group 1: Global Trade Resilience - Global trade is projected to grow at an average annual rate of 5.4% from 2019 to 2024, an increase of 4.6 percentage points compared to the previous five years [1] - The United Nations forecasts global trade to exceed $33 trillion this year, marking a historical high [1] - Key drivers of this resilience include technological advancements and open cooperation [1] Group 2: China's Contributions - China plays a crucial role in enhancing global trade resilience and maintaining global trade rules by stabilizing global supply chains and sharing market opportunities [1] - The country is actively involved in global governance and promoting multilateral cooperation [1] Group 3: Foreign Exchange Market Developments - China's foreign exchange market transaction volume is expected to grow by 37% in 2024 compared to 2020, while the scale of foreign-related income and expenditure is projected to increase by 64% [2] - In the first three quarters of this year, China's foreign-related income and expenditure reached $11.6 trillion, a record high for the same period [2] - The State Administration of Foreign Exchange aims to create a more convenient, open, secure, and intelligent foreign exchange management system [2] Group 4: Policy Initiatives - New policies will be introduced to enhance trade facilitation, including expanding cross-border trade pilot programs and optimizing foreign exchange fund settlements for new trade entities [2] - There will be a focus on high-level institutional opening in the foreign exchange sector, including reforms in direct investment and cross-border financing [3] - The use of AI and big data will be emphasized to improve foreign exchange regulation and risk prevention capabilities [3]

Core Insights - The speech emphasizes China's significant contribution to global economic resilience and trade, particularly in the context of high-level opening up and cooperation with other countries [2][3]. Group 1: Global Trade Resilience - Global trade has shown strong resilience despite challenges such as the pandemic and geopolitical tensions, with an average annual growth rate of 5.4% from 2019 to 2024, an increase of 4.6 percentage points compared to the previous five years [2][4]. - The World Bank predicts that global trade will exceed $33 trillion in 2024, marking a historical high [2][4]. Group 2: Technological and Cooperative Drivers - A new wave of technological revolution and industrial transformation is injecting new momentum into global trade, with semiconductor trade surpassing $1 trillion annually and green trade in new energy growing from $10 billion a decade ago to over $100 billion in recent years [4]. - The Regional Comprehensive Economic Partnership (RCEP) and other trade agreements have strengthened multi-level economic cooperation, maintaining a stable international economic landscape [4][5]. Group 3: China's Role in Global Trade - China, as the world's second-largest economy and largest goods trader, plays a crucial role in enhancing global economic resilience by stabilizing supply chains and providing a vast consumer market, with an average annual import of $3 trillion in goods and services over the past five years [5]. - The digital economy in China is projected to contribute around 10% to GDP by 2024, with digital service exports exceeding $400 billion, highlighting its importance in global digital trade [5]. Group 4: Foreign Exchange and Investment Reforms - China is advancing deep reforms in the foreign exchange sector, with a 37% increase in foreign exchange market trading volume and a 64% increase in foreign-related income and expenditure compared to 2020 [6]. - New policies are being introduced to enhance cross-border trade and investment facilitation, including expanding pilot programs for high-level opening up and optimizing foreign exchange management for new trade formats [7][8]. Group 5: Beijing's Economic Role - Beijing has maintained a goods trade volume exceeding 3.6 trillion yuan in recent years, with a service trade growth rate of nearly 10% annually, positioning it as a key player in global economic stability [9].

Core Insights - The global trade activity has shown strong resilience despite challenges such as the pandemic, geopolitical tensions, and rising protectionism, with an average annual growth rate of 5.4% from 2019 to 2024, an increase of 4.6 percentage points compared to the previous five years [1] - In 2023, global trade is expected to exceed $33 trillion, marking a historical high, driven by technological advancements and open cooperation [1] - China, as the world's second-largest economy and largest goods trader, plays a significant role in enhancing global trade resilience and maintaining trade rules [1] Group 1: Foreign Exchange Market Developments - In 2024, China's foreign exchange market transaction volume is projected to grow by 37% compared to 2020, while the scale of foreign-related income and expenditure is expected to increase by 64% [2] - In the first three quarters of 2023, China's foreign-related income and expenditure reached $11.6 trillion, a historical high for the same period [2] - The State Administration of Foreign Exchange aims to deepen reforms and maintain a stable foreign exchange management system, focusing on creating a more convenient, open, secure, and intelligent foreign exchange management mechanism [2] Group 2: Policy Initiatives - A new policy framework will be introduced to enhance foreign exchange policies, focusing on trade facilitation and expanding cross-border trade pilot programs [3] - The government plans to implement reforms in key areas such as direct investment, cross-border financing, and securities investment to promote the internationalization of the renminbi and high-quality capital account opening [3] - Enhanced regulatory capabilities will be established to monitor foreign exchange markets, utilizing AI and big data for effective risk prevention and management [3]

Core Points - The People's Bank of China and the State Administration of Foreign Exchange will introduce nine new policy measures to enhance trade facilitation and promote innovative trade development [1][3] - The focus will be on expanding the pilot scope for high-level cross-border trade openness and optimizing foreign exchange fund settlement for new trade entities [1][3] - The upcoming policies will also include integrated foreign exchange management reforms in free trade pilot zones to support a new phase of autonomous opening up [1][3] Summary by Sections Global Economic Resilience and China's Contribution - Global trade is expected to grow at an average annual rate of 5.4% from 2019 to 2024, with a forecast of exceeding $33 trillion in 2024, marking a historical high [3][4] - Key drivers of this resilience include technological advancements and open cooperation [4] China's Role in Global Trade - China maintains stability in global supply chains by providing high-quality manufacturing and stable supply [5] - The country has become a significant consumer market, with average annual imports of goods and services reaching $3 trillion over the past five years [5] - China is actively developing new areas of cooperation in digital economy, artificial intelligence, and renewable energy, with digital economy services exports exceeding $400 billion [6] Foreign Exchange Management Reforms - The People's Bank of China aims to enhance the foreign exchange policy framework to facilitate trade and investment [7] - New policies will include the implementation of a cross-border financing package and management of funds for domestic companies listed overseas [7] - The foreign exchange market's trading volume increased by 37% from 2020, with foreign-related income and expenditure reaching $11.6 trillion in the first three quarters of this year [6][8] Future Directions - The focus will be on improving foreign exchange supervision and risk prevention capabilities through advanced technologies like AI and big data [8] - Beijing will continue to support innovative foreign exchange policies to enhance cross-border trade and investment [9]

Core Insights - The global trade is expected to reach a historical high of over $33 trillion in 2024, with an average annual growth rate of 5.4% from 2019 to 2024, driven by technological advancements and open cooperation [1][2]. Group 1: Global Trade Dynamics - The global economy has shown resilience despite challenges such as the pandemic and geopolitical tensions, with trade growth remaining robust [1]. - The new wave of technological revolution, including the explosive development of artificial intelligence and rapid growth in semiconductor trade, has injected new momentum into global trade [1]. - The trade volume of integrated circuits has surpassed $1 trillion, while the annual trade volume of new energy has increased from $10 billion a decade ago to nearly $100 billion in recent years [1]. Group 2: Open Cooperation and Economic Partnerships - Open cooperation is identified as an intrinsic driver of stable global trade, with countries benefiting from division of labor and mutual gains [2]. - Recent agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the completion of negotiations for the upgraded China-ASEAN Free Trade Area have strengthened multilateral economic cooperation [2]. Group 3: China's Role in Global Trade - As the world's second-largest economy and largest goods trader, China plays a significant role in enhancing global trade resilience and maintaining international economic rules [4]. - China's foreign exchange market transaction volume is projected to grow by 37% in 2024 compared to 2020, with foreign-related income and expenditure reaching a historical high of $11.6 trillion in the first three quarters of this year [4]. Group 4: Future Directions in Foreign Exchange Management - The State Administration of Foreign Exchange (SAFE) plans to deepen reforms and high-level opening in the foreign exchange sector, aiming to create a more convenient, open, secure, and intelligent foreign exchange management system [5][6]. - New policies will be introduced to enhance trade facilitation and expand the scope of cross-border trade, including nine new measures focused on optimizing foreign exchange funding settlements for new trade entities [6].

Core Viewpoint - The resilience of global economic and trade activities has been highlighted despite challenges such as the pandemic, geopolitical tensions, and rising protectionism, with global trade expected to exceed $33 trillion in 2023, a historical high [1] Group 1: China's Contributions to Global Economic Resilience - China plays a crucial role in maintaining the stability of global industrial and supply chains by providing high-quality manufacturing and stable supply [1] - The country actively shares opportunities from its vast market, enhancing stability on the supply side and offering a broad market on the consumption side [2] - China is focused on developing new growth points in emerging fields, advancing digital economy, artificial intelligence, and renewable energy through international cooperation [2] - The nation participates in global governance and promotes multilateral cooperation, advocating for an inclusive economic globalization and supporting developing countries in integrating into the global trade system [2] Group 2: Developments in Foreign Exchange Management - The foreign exchange market in China has seen a 37% increase in trading volume and a 64% increase in foreign-related income and expenditure scale compared to 2020 [2] - In the first three quarters of this year, China's foreign-related income and expenditure reached $11.6 trillion, marking a historical high for the same period [2] - The government plans to implement a more convenient, open, secure, and intelligent foreign exchange management system, focusing on enhancing the foreign exchange policy framework and promoting trade and investment facilitation [3] Group 3: Future Directions in Foreign Exchange Policy - The introduction of new policies aimed at expanding cross-border trade and optimizing foreign exchange fund settlement for new trade entities is on the agenda [3] - There will be a push for high-level institutional opening in the foreign exchange sector, including reforms in direct investment and cross-border financing [3] - The enhancement of foreign exchange regulatory capabilities and risk prevention measures will be prioritized, utilizing technologies like artificial intelligence and big data for better monitoring and compliance [3]