《金融时报》记者：请您谈谈金融资产管理公司如何坚守行业使命，准确把握发展方向？ 黄蔚：作为我国金融体系不可或缺的重要组成部分，金融资产管理公司依托不良资产经营和问题企 业纾困专业优势，在促进风险化解、做好金融"五篇大文章"等方面发挥了重要作用，为"十四五"时期金 融稳定和经济发展提供了有力支撑。"十五五"时期是金融资产管理公司改革转型、高质量发展的关键阶 段，必须锚定"十五五"规划整体布局，立足化解金融风险、服务实体经济的职责，全力服务"构建现代 化产业体系"和"实现高水平科技自立自强"，为实现"十五五"目标任务贡献力量。 坚持主责主业，全力服务实体经济发展。金融资产管理公司要始终坚守服务实体经济主责，聚焦不 良资产收购处置和问题企业纾困主业，有力支持传统产业转型升级和新兴产业加快发展，重点围绕问题 债权、问题资产、问题企业的全流程处置与价值重塑，精准引导资金流向科技创新、产业升级等实体经 济关键领域，通过市场化债转股、破产重整等手段，充分发挥盘活存量与优化增量的作用，推动资源优 化配置与实体经济高质量发展。 党的二十届四中全会审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》，系统总结 ...

Core Insights - Zhejiang's total import and export value reached 4.6 trillion yuan in the first ten months of the year, a year-on-year increase of 5.3%, surpassing the national growth rate by 1.7 percentage points [1] - Exports amounted to 3.47 trillion yuan, growing by 6.9%, while imports were 1.13 trillion yuan, with a modest growth of 0.4% [1] - ASEAN has become Zhejiang's largest trading partner, surpassing the EU for the first time, with a trade value of 710.61 billion yuan, an increase of 16.2% [1] Trade Market Structure - ASEAN's trade value accounted for 15.4% of Zhejiang's total import and export value, reflecting a diversification trend in trade markets [1] - The EU remains the second-largest trading partner with a trade value of 702.94 billion yuan, growing by 7.5% [1] - Trade with Middle Eastern, Latin American, and African countries grew by 3.3%, 2.6%, and 10.1% respectively [1] Export Structure Optimization - The export of electromechanical products reached 1.63 trillion yuan, increasing by 8.4%, with "new three samples" contributing significantly [2] - "New three samples" products exported amounted to 107.8 billion yuan, growing by 20.2%, contributing 8.1% to the overall export growth [2] - The number of foreign trade enterprises in Zhejiang reached 124,000, an increase of 8.6%, with private enterprises accounting for 82.1% of total import and export value [2] Import Quality Improvement - The import of electromechanical products was 197.44 billion yuan, growing by 21.4%, with significant growth in automatic data processing equipment and components [2] - High-tech product imports reached 92.92 billion yuan, increasing by 26.1%, with high-end equipment imports growing by 45.7% [2]

Core Viewpoint - China emphasizes the importance of "openness" as a fundamental national policy and a hallmark of Chinese-style modernization, aiming to expand high-level opening-up in response to complex global changes and uncertainties [1][2]. Group 1: High-Level Opening-Up - The "15th Five-Year Plan" outlines actions to enhance openness through four key areas: expanding autonomous opening, promoting trade innovation, increasing bilateral investment cooperation, and high-quality Belt and Road Initiative construction [1]. - The focus on stabilizing and expanding institutional opening is crucial during the "15th Five-Year" period [2]. Group 2: Trade Innovation and Growth - China has maintained its position as the world's largest goods trader for eight consecutive years, leveraging its industrial chain advantages and diversified market layout [3]. - The plan includes fostering trade innovation by balancing goods and services trade, expanding both exports and imports, and supporting traditional trade sectors while transitioning to new growth drivers [3]. Group 3: Service Trade Development - The service sector is identified as a key area for future market access and opening, with plans to expand pilot programs in telecommunications, biotechnology, and foreign-funded hospitals [2]. - Global service trade is projected to grow at a moderate pace, with a forecasted increase of 4.6% in 2025, outpacing goods trade growth of 0.5% [4][5]. Group 4: Investment and Economic Strategy - The concept of "Chinese economy" is evolving to include "Chinese people economy," emphasizing the importance of national income and global resource allocation capabilities [6]. - The plan aims to expand bilateral investment cooperation, enhance the environment for foreign investment, and improve overseas service systems for Chinese enterprises [6][7]. Group 5: Belt and Road Initiative - The Belt and Road Initiative is highlighted as a significant avenue for trade and investment, with a focus on strengthening mutual trust and benefit with partner countries [7]. - Recommendations include enhancing debt sustainability management and localizing operations to ensure shared benefits from resource development projects [7].

Core Viewpoint - China's modernization is characterized by openness, with significant progress in foreign trade and investment during the 14th Five-Year Plan period, laying a solid foundation for higher-level openness in the 15th Five-Year Plan period [1][2][5]. Group 1: Achievements in Foreign Trade - During the 14th Five-Year Plan, China's foreign trade maintained its position as the world's largest, with goods trade volume ranking first globally for eight consecutive years and service trade exceeding $1 trillion [2]. - The structure of trade has improved, with a higher proportion of general trade, indicating advancements in industrial capabilities and international competitiveness [2]. - China is expected to import over $15 trillion in goods and services during the 14th Five-Year Plan, with new business models like cross-border e-commerce thriving [2]. Group 2: Investment Trends - The "bring in" strategy has seen a reduction in the negative list for foreign investment, creating a favorable business environment, while high-tech industries have seen a significant increase in foreign investment [3]. - China's outbound investment has contributed over $300 billion in taxes to host countries and has created numerous jobs, with notable projects like the Karuma Hydropower Station in Uganda and the Jakarta-Bandung High-Speed Railway in Indonesia [3]. Group 3: Institutional Opening - The transition from factor flow-based opening to institutional opening has been emphasized, focusing on aligning with international high-standard economic and trade rules [3][6]. - China is committed to maintaining a multilateral trade system centered around the WTO and will not seek special treatment in current and future negotiations [3]. Group 4: Belt and Road Initiative - The Belt and Road Initiative has evolved into a popular international public good, with over three-quarters of countries participating and 113 standardized cooperation documents signed with 69 countries and organizations [4][9]. - The initiative has enhanced infrastructure, trade, and financial connectivity, contributing to global cooperation and mutual benefits [4]. Group 5: Strategic Directions for High-Level Opening - The 15th Five-Year Plan period is crucial for achieving socialist modernization, with a strong commitment to expanding high-level openness despite external challenges [5][6]. - China aims to actively design its opening strategy, focusing on service sector market access and aligning with international economic rules [6]. Group 6: Trade Innovation and Development - The focus is on transforming trade to balance scale and quality, emphasizing the importance of high-end goods and services, and expanding digital trade [7]. - Efforts will be made to enhance the competitiveness of key components and materials while promoting knowledge-intensive service trade [7]. Group 7: Investment Cooperation - The strategy includes optimizing the investment environment and enhancing the quality of foreign investments, with a focus on high-end manufacturing and green development [8]. - China aims to create a transparent and stable institutional environment to attract foreign investment while guiding outbound investments to align with domestic industrial upgrades [8].

Core Points - The commemoration of the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War highlights China's significant contributions to global peace and civilization [1][9][24] - Xi Jinping emphasized the importance of historical memory and the need for nations to work together to uphold international justice and peace [1][12][23] Group 1: Historical Significance - The Chinese People's Anti-Japanese War is recognized as a crucial part of the World Anti-Fascist War, with over 35 million casualties, marking it as the earliest, longest, and most costly conflict in the fight against fascism [4][7] - The war effort by China significantly delayed Japanese advances in Southeast Asia and contributed to the overall success of the Allied forces [7][9] Group 2: International Cooperation - The event featured international representatives, including descendants of foreign fighters who aided China during the war, symbolizing the enduring friendships formed during that period [8][9] - Xi Jinping's remarks called for a collective effort among nations to promote peace and development, reflecting a shared commitment to global governance and cooperation [12][14][22] Group 3: Peaceful Development - The Chinese military's role in peacekeeping operations is highlighted, showcasing China's commitment to maintaining global stability and security [11][12] - The narrative emphasizes that China's path of peaceful development is rooted in its historical pursuit of harmony and cooperation with other nations [13][16][20]

Group 1 - The Shanghai Cooperation Organization summit held in Tianjin from August 31 to September 1 resulted in eight major outcomes and over 300 work achievements, highlighting China's role in global development [1] - China's GDP for the first half of 2023 was reported at 66,053.6 billion yuan, with a year-on-year growth of 5.3%, showcasing its resilience and contribution to global economic recovery [2] - China has maintained a contribution rate of approximately 30% to global economic growth in recent years, with each 1% growth in China's economy boosting other economies' output by an average of 0.3% [2] Group 2 - The China-Europe Railway Express has surpassed 110,000 trips, connecting 26 European countries and over 100 cities in Asia, facilitating trade and economic integration [3] - China has signed 23 free trade agreements with 30 countries and regions, positioning itself as a major trade partner for over 150 countries [3] - China is set to implement a 100% zero-tariff policy on products from all least developed countries that have diplomatic relations with it, marking a significant step in promoting inclusive global trade [4] Group 3 - The Belt and Road Initiative is expected to lift 7.6 million people out of extreme poverty and 32 million from moderate poverty by 2030, with over 150 countries participating [5] - The Global Development Initiative has garnered support from over 100 countries and international organizations, with projects benefiting more than 30 million people [5] - China's development approach emphasizes cooperation and inclusivity, aiming to contribute to global prosperity while fostering its own growth [5]

Core Viewpoint - The 25th China International Investment and Trade Fair will feature a special session on foreign investment, highlighting China's robust foreign investment growth and its significant role in global investment dynamics [1][2]. Group 1: Foreign Investment Trends - China is both a major recipient and a leading global investor, with foreign investment reaching $162.78 billion in 2024, marking a 10.1% increase from the previous year [1]. - Since 2012, China's foreign investment flow has ranked among the top three globally for 13 consecutive years, with over 50,000 enterprises established abroad across 190 countries and regions by the end of 2024 [1]. - The total foreign investment stock exceeds $3 trillion, maintaining a global top-three position and accounting for 7.2% of the world's foreign investment [1]. Group 2: Sectoral Diversification - China's foreign investment spans 18 sectors, with manufacturing, finance, information technology, wholesale and retail, and leasing and business services making up nearly 80% of the total [2]. - Emerging sectors such as green low-carbon, digital economy, green minerals, and blue economy are also seeing steady investment growth [2]. Group 3: Belt and Road Initiative - Direct investment in Belt and Road Initiative countries reached $50.99 billion last year, a 22.9% increase, representing 26.5% of China's total foreign investment [2]. - By the end of 2024, the investment stock in Belt and Road countries is projected to reach $370 billion, accounting for 11.8% of total foreign investment stock [2]. Group 4: Mutual Benefits - From 2021 to 2024, China's foreign investment is expected to drive nearly $1.2 trillion in goods trade, contributing significantly to employment and tax revenues in host countries [2]. Group 5: Investment Fair Activities - The current investment fair will feature an increase in activities related to foreign investment, including the launch of the foreign investment activity index and various bilateral investment promotion events [3].

Core Viewpoint - The foreign trade performance of the Yangtze River Delta region, particularly Shanghai, has shown resilience despite challenges such as declining trade with Western countries and the impact of tariffs [1][2]. Trade Performance - In the first four months of 2025, Shanghai's total foreign trade import and export volume decreased by 2.7% compared to the same period last year, with a notable decline of 4.7% in January and February [2]. - The total import and export value for Jiangsu reached 1.85 trillion yuan, an increase of 5.7%; Zhejiang's foreign trade was 1.75 trillion yuan, up 6.6%; Shanghai's total was 1.4 trillion yuan, growing by 1%; and Anhui's trade value was 292.47 billion yuan, increasing by 14.1% [4]. Import and Export Dynamics - Imports from Anhui increased by 8.8% to 93.79 billion yuan, while imports from Jiangsu, Zhejiang, and Shanghai decreased by 2.5%, 1.6%, and 7.4% respectively [2]. - Exports from all four regions showed growth, with Anhui leading at 16.7%, followed by Zhejiang at 9.7%, Jiangsu at 10.3%, and Shanghai at 13.8% [2]. Market Diversification - The Yangtze River Delta has been diversifying its trade markets, with significant growth in exports to the EU and emerging markets. For instance, Zhejiang's exports to the EU grew by 10.3% [3]. - Trade with ASEAN countries also saw double-digit growth, with Jiangsu's trade increasing by 23.4% [3]. Machinery and Electronics Exports - The machinery and electronics sector remains a core component of the region's exports, with Jiangsu's exports reaching 848.01 billion yuan, growing by 11.1%, and Zhejiang's at 624.96 billion yuan, increasing by 13.1% [6][7]. - Notably, Zhejiang's electric vehicle exports surged by 72.7% [7]. Role of Private Enterprises - Private enterprises are the backbone of foreign trade in the Yangtze River Delta, with Zhejiang's private sector accounting for 81.1% of its total trade [8][9]. - Shanghai's private enterprises achieved a remarkable growth in exports of 26.6% and imports of 15.3% in the first four months [9]. Foreign Investment Trends - Foreign investment enterprises in Jiangsu, Zhejiang, and Anhui experienced growth in trade, while Shanghai saw a decline in both exports and imports from foreign-invested enterprises [10].