美国也在积极推动"去中国化"的贸易圈，通过与日韩的技术合作、与墨西哥的产业转移，逐步建立一个"非中国优先"的供应体系。虽然口头上宣扬开放与共 赢，但在实际操作中，针对中国的限制越来越多，尤其是在多边协议中设定了诸多隐性条款，限制其他国家与中国的合作。这种做法虽然不新鲜，但显然已 经加大了力度。 从表面看，似乎是美国主动出击，但深层次的原因则是担心自己在全球产业链中的核心地位被中国逐渐取代。正是这种焦虑情绪，推动了美国贸易政策的强 硬化。 面对持续的高压政策，中国并没有急于回应。中国的态度一直是清晰的：合作是可以讨论的，但必须建立在平等与尊重的基础上。在过去几轮接触中，中方 始终没有在原则性问题上做出妥协，仍然坚持自己的立场，这并非回避，而是为了稳住自身节奏的选择。 2025年还没有结束，中美之间的贸易争端却已经进入了一个新的阶段。从本该讨论合作与未来的APEC峰会，到如今的"谁先让步"的焦点，局势似乎陷入了 更加复杂的僵局。曾经象征着合作的场所，如今变成了双方力争的舞台，矛盾和立场摆在了桌面上。 特朗普政府此前曾表示希望与中国高层展开会谈，语气显得比较温和，但这并非真诚的和解信号，更多的是试图施加压力的一种方 ...

Group 1: Economic Overview - In May 2025, retail sales (社零) grew by 6.4% year-on-year, significantly exceeding the expected 4.9% and marking the highest monthly growth since January-February 2023[3] - Industrial added value increased by 5.8% year-on-year in May, slightly above the expected 5.7% but down from 6.1% in the previous month[5] - Fixed asset investment for January-May 2025 showed a cumulative year-on-year growth of 3.7%, below the expected 4.0%[5] Group 2: Consumption Insights - The "old-for-new" policy led to a 6.5% year-on-year growth in retail sales of goods, the highest since December 2023, with home appliances seeing a remarkable growth of 53%[4] - Service consumption, boosted by holiday effects, saw restaurant sales increase by 5.9% year-on-year, reaching the highest point since April 2024[7] - The total sales from the five major categories under the "old-for-new" policy reached 1.1 trillion yuan, with approximately 175 million subsidies issued to consumers[4] Group 3: Investment Trends - Manufacturing investment growth fell to 7.8% year-on-year in May, a decrease of 0.4 percentage points from the previous month[12] - Infrastructure investment growth slightly declined to 9.2% year-on-year in May, down from 9.6% in April, primarily due to a slowdown in water conservancy investments[19] - Real estate development investment saw a year-on-year decline of 12.4% in May, worsening from a 10.3% drop in March[25] Group 4: Risks and Future Outlook - The economic recovery is facing challenges, including reduced working days in May and the impact of U.S. tariff policies[2] - There is a need for continued policy precision to enhance domestic economic momentum, as household income growth remains under pressure[2] - The ongoing uncertainty in international trade relations necessitates a focus on strengthening domestic circulation to maintain economic stability[7]