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 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]