2020年至2024年，全球进出口贸易总体呈现稳步回升态势，并逐步迈入结构优化阶段。在总量增速 趋缓的背景下，服务贸易持续展现出更强劲的增长势头，成为驱动全球贸易扩张的核心力量。这反 映出全球产业结构正加速由传统制造导向，向数字服务、知识产权以及金融与科技服务等领域转 型。与此同时，全球区域表现显著分化，亚洲和大洋洲等新兴经济体在全球贸易中的地位持续提 升。相比之下，发达经济体在2024年则整体陷入低速甚至零增长的困境。全球贸易重心正加快向发 展中经济体转移，服务化、数字化和区域合作将共同推动新一轮全球贸易格局重塑。值得关注的 是，受美国加征关税与全球经济不确定性影响，世界贸易组织（WTO）于2025年4月将今年全球商 品贸易额增幅从年初预期的+2.7%调整为−0.2%，反映出全球贸易面临的系统性风险持续上升。 全球跨境支付服务行业丨洞察报告 核心摘要： 全球跨境电商市场持续扩大，货物贸易占比稳步提升，中国跨境电商市场稳居全球跨境电商主力，出口导向 格局持续强化。全球跨境支付市场已进入实时支付、稳定币与数字货币时代，市场规模稳步扩张，小额高频 场景正推动结构重塑。在这样的背景下，跨境第三方支付服务价值得到突显 ...

Group 1 - The company reported a total revenue of RMB 783 million for the first half of 2025, representing a year-on-year growth of 26.8% [1] - The digital payment business generated a revenue of RMB 680 million, with a year-on-year increase of 26.2% [1] - The company achieved a profit of RMB 1.51 billion, marking a turnaround from a loss in the previous year, with basic earnings per share of RMB 1.42 [1] Group 2 - The total payment volume (TPV) for the digital payment business reached RMB 2.1 trillion, reflecting a year-on-year growth of 32.0% [1] - The company has established a comprehensive global licensing framework with 65 payment licenses and related qualifications, being the only provider with money transfer licenses in all U.S. states [1] - The company serves over 7.9 million clients and operates in more than 100 countries, supporting transactions in over 130 currencies [1][2] Group 3 - The company's robust global licensing and regulatory compliance framework has built trust with regulators, clients, and partners, enabling clients to succeed in the digital transformation of global trade [2] - The company has developed deep insights into clients, markets, and industry trends through years of focus on small and micro enterprises and trade clients [2] - The combination of advanced technology platforms and innovative product solutions has created a unique and hard-to-replicate competitive advantage for the company [2]

Core Viewpoint - The draft of the "Convention on International Transferable Goods Documents" initiated by China aims to address the inefficiencies in international trade caused by the lack of property rights attributes in railway transport documents, thereby facilitating smoother global trade operations [1][2][6]. Group 1: Importance of International Trade Documents - International trade documents are essential for various processes in cross-border trade, including payment, transportation, insurance, inspection, customs clearance, and settlement [1]. - The current system primarily relies on maritime bills of lading as property certificates, while railway, road, and air transport documents do not confer ownership rights, limiting their market circulation and financing capabilities [1][2]. Group 2: Challenges Faced by Inland Countries - Inland countries face significant challenges in cross-border trade efficiency due to the inability to utilize in-transit goods for financing, leading to increased trade costs and risks [2]. - Legal concerns regarding the transfer of ownership during transportation have been raised by multinational companies, highlighting the need for a clear legal framework [2]. Group 3: Proposed Solutions and Benefits - The draft convention proposes the creation of a new type of property certificate—transferable goods documents—that would function similarly to maritime bills of lading, enhancing the flexibility and resilience of international trade [2][3]. - The ability to transfer ownership of in-transit goods is a key value of the proposed documents, allowing for smoother transactions and legal protection across various transport modes [3]. Group 4: Digital Transformation and Security - The convention emphasizes the use of electronic documents to replace traditional paper-based systems, which can lead to delays and risks such as information loss or theft [4]. - The integration of blockchain technology is suggested to ensure the authenticity and immutability of documents, enhancing security and convenience in global trade [5]. Group 5: Economic Impact and Global Trade - The establishment of transferable goods documents is expected to support cash flow for businesses, particularly benefiting small and medium-sized enterprises by providing trade financing options [5]. - The convention is seen as a significant step towards creating a more efficient, transparent, and secure legal framework for global supply chains, with potential benefits for businesses, banks, and governments worldwide [6].