近年来，随着中国积极推进高水平制度型开放，加快构建国内国际双循环新发展格局，产业链供应链国 际合作持续深化，中国企业国际竞争力稳步提升，国际视野更广，出海发展的意愿愈发强烈。在企业积 极拓展国际市场进程中，中国服务出口潜力不断激活。 加强有效机制保障 数据显示，今年前三季度，我国服务贸易稳步增长，服务进出口总额59362.2亿元，同比增长7.6%。其 中，出口26015亿元，增长14.4%；进口33347.2亿元，增长2.8%。 数据攀升的背后，凸显出近年来一系列先行先试政策正持续转化为推动服务业开放、优化营商环境的制 度红利，使高水平开放加速落地实施。 今年5月，一批用于治疗儿童罕见病的药品伏索利肽在海关关员快速验放后，从北京天竺综保区科园贸 易的库房出发，迅速运往北京儿童医院救治患者。 这些尚未在国内正式获批的进口罕见病药品，之所以能实现从"人等药"到"药等人"的转变，靠的正是北 京罕见病药品保障先行区的"保税+罕见病保障"特色模式。国务院批复的《支持北京深化国家服务业扩 大开放综合示范区建设工作方案》中，支持北京建设罕见病医药品保障先行区，用"白名单"制度帮患者 解决"用药难"。截至目前，已有10多款罕 ...

Economic Overview - The preliminary GDP for Macau in Q3 2025 is reported at 103.86 billion MOP, reflecting a year-on-year real growth of 8.0%, with the overall economic scale recovering to 92.6% of the same period in 2019 [1] - For the first three quarters of this year, Macau's GDP stands at 301.33 billion MOP, showing a year-on-year real growth of 4.2%, with the economic total recovering to 88.4% of the same period in 2019 [2] Tourism and Service Sector - The increase in visitor arrivals to Macau during the summer tourism peak contributed to a significant rise in service exports, which grew by 10.5% year-on-year, driven by a 13.6% increase in visitor numbers [1] - Specific service exports such as other tourism services and gaming services increased by 7.4% and 14.3% respectively [1] Domestic Consumption - Local private consumption remained robust, with government final consumption expenditure and private consumption expenditure rising by 2.7% and 0.8% year-on-year respectively [1] - In contrast, fixed capital formation saw a decline of 26.1% due to a reduction in private and public construction projects [1] Trade Performance - Merchandise exports in Q3 increased by 4.5% year-on-year, while merchandise imports experienced a decline of 6.5% [1] - The overall price change measured by the GDP implicit price index decreased by 1.1% [2]

Core Insights - The global service trade is increasingly significant, with a projected service export value of $88,521.7 million in 2024, representing a year-on-year growth of 9.9%, outpacing goods export growth by 7.6 percentage points [1] - China's service trade is expanding, with a total service import and export value of $10,564.6 million in 2024, marking a 13.2% increase and surpassing the $1 trillion mark for the first time, ranking second globally after the United States [1] - The Chinese government has introduced comprehensive policy measures to enhance service exports, focusing on improving international competitiveness and supporting high-quality foreign trade development [1][3] Group 1: Service Trade Growth - Service trade is a crucial support for stabilizing foreign trade and building a strong trade nation, with an average annual growth rate of 12.4% from 2020 to 2024, exceeding the growth rate of goods trade [1] - In 2024, service trade's contribution to foreign trade growth has significantly increased, becoming an important engine for stabilizing foreign trade [2] Group 2: Policy Measures - The new policy measures include 13 specific initiatives across four main areas: fiscal and tax policies, financial support, facilitation, and international market expansion [4] - The fiscal policy focuses on clarifying key areas and projects for service exports, while financial policies aim to enhance financial services for small and micro enterprises [4] - Facilitation policies are designed to promote the free flow of capital, personnel, technology, and data, supporting the development of new service export models [4] Group 3: Export Potential - The policy measures are expected to significantly boost knowledge-intensive service exports by leveraging existing funding channels to support sectors like digital services, high-end design, and intellectual property [5] - Traditional service exports, particularly in travel services, are targeted for growth, with measures to expand visa facilitation and enhance inbound tourism services [5] - The focus on enhancing service exports is anticipated to strengthen China's international competitiveness in service trade, contributing to high-quality economic development [5]

Core Insights - China's service exports are experiencing significant growth, with an average annual increase of 7.3% from 2014 to 2024, driven by both domestic and international demand for services [1][7][10] - The Chinese government has introduced new policies to promote service exports, aiming to enhance international competitiveness and support various sectors [7][8][10] Group 1: Service Trade Growth - The service trade in China has shown resilience amid global uncertainties, with service import and export totals reaching 52,476.9 billion yuan, a year-on-year increase of 7.4% [4] - Knowledge-intensive service exports have surpassed 11,784 billion yuan, growing by 9.4% and accounting for over 50% of total service exports [4][5] Group 2: Policy Support and Market Development - The Chinese government has implemented practical measures to facilitate service exports, including optimizing tax refund processes and enhancing financial services for small and medium enterprises [8][10] - Specific sectors such as digital services, high-end design, and supply chain services are being prioritized for support under the new policies [7][8] Group 3: Industry Trends and Opportunities - The integration of digital technology with service offerings is creating new business models, allowing for a comprehensive service solution rather than isolated services [5] - Cultural products and creative services, such as gaming and online literature, are gaining traction in international markets, with companies like NetEase successfully expanding their global presence [9][10] Group 4: Regional Initiatives - Various provinces are actively developing their service trade capabilities, with Zhejiang aiming for service import and export totals exceeding 8,500 billion yuan by 2027 [11]

Core Insights - The global service trade is increasingly significant, with a projected export value of $885.2 billion in 2024, marking a 9.9% year-on-year growth, outpacing goods export growth by 7.6 percentage points [1] - China's service trade is expanding, with a total import and export value of $1,056.5 billion in 2024, a 13.2% increase, making it the second-largest globally after the U.S. [1][3] - The Chinese government has introduced comprehensive policy measures to enhance service exports, focusing on financial, tax, facilitation, and international market expansion strategies [4][5] Group 1: Global Service Trade Trends - The service export share of global exports reached 26.6% in 2024, the highest since 2005 [1] - China's service trade annual growth rate from 2020 to 2024 is 12.4%, surpassing the growth rate of goods trade [1] Group 2: China's Service Trade Position - In 2024, China's service trade deficit is projected at $164.7 billion, indicating a need to enhance service export competitiveness [3] - China ranks second globally in service trade total and imports, while its service export ranks fifth [3] Group 3: Policy Measures for Service Export - The new policy includes 13 specific measures across four main areas: finance, taxation, facilitation, and international market development [4] - Emphasis is placed on optimizing existing policies and expanding service export areas, particularly in knowledge-intensive services [5] Group 4: Expected Benefits of New Policies - The policies aim to boost knowledge-intensive service exports by leveraging existing funding channels and supporting new business models [5] - Traditional service exports, particularly in travel, are targeted for growth to reduce the service trade deficit, with measures to enhance visa policies and promote inbound tourism [5]

Core Viewpoint - Accelerating the development of service trade is crucial for expanding high-level opening-up and cultivating new momentum for foreign trade development. Recent policies aim to enhance service exports and promote high-quality development in service trade [1][3]. Group 1: Policy Measures - The newly issued policies include utilizing funding channels and improving bonded supervision systems to boost service exports [1]. - Specific measures target financial and tax support, enhancing precision and effectiveness in promoting service export new business models and green services [1][2]. Group 2: Investment and Funding - The Service Trade Innovation Development Fund, approved by the State Council, plays a significant role in driving service trade innovation and has invested 93 billion yuan in 47 sub-funds and 25 direct projects as of May last year [2]. - The fund has invested in 538 enterprises, totaling 424 billion yuan, demonstrating its capacity to leverage social capital for service trade development [2]. Group 3: Taxation and Efficiency - Implementing a zero tax rate for service exports encourages expansion, with the new policies optimizing the application process for this tax exemption [2]. - The focus is on streamlining tax filing procedures and enhancing inter-departmental collaboration to improve efficiency in service export tax refunds [2]. Group 4: Overall Impact - Strengthening the collaboration among financial, regulatory, and tax policies is expected to enhance the international competitiveness of service export enterprises, indicating a positive outlook for China's service trade [3].

Core Viewpoint - The recent policy measures issued by the Ministry of Commerce and nine other departments aim to enhance export credit insurance support, thereby promoting high-quality development of service trade [1] Group 1: Export Credit Insurance - Export credit insurance is recognized as a tool for promoting foreign trade, playing a crucial role in risk prevention, financing facilitation, and stabilizing foreign trade and employment [1] - In the previous year, China Export & Credit Insurance Corporation (Sinosure) provided coverage amounting to 874.43 billion USD and paid out claims totaling 2.58 billion USD, effectively safeguarding the economic interests of exporting enterprises [1] Group 2: Market Analysis and Support - There is a need to strengthen analysis and assessment of the foreign trade situation to adapt to the rapidly changing international trade environment, utilizing export credit insurance to support enterprises in stabilizing traditional markets and expanding into diverse markets [2] - A dynamic monitoring system should be established to match overseas demand with domestic supply, while also addressing the risks associated with international operations [2] Group 3: Service Quality Enhancement - The insurance service quality can be improved through differentiated and refined services, catering to the varying needs of enterprises involved in both long-term infrastructure projects and short-term initiatives [2] - Special emphasis should be placed on providing policy support for small and medium-sized enterprises and specialized "little giant" companies, enhancing their satisfaction and sense of benefit from the services [2] Group 4: Risk Management and Data Services - Sinosure has developed a global risk database covering over 200 countries and regions, which can be utilized to dynamically adjust financial service offerings and create comprehensive solutions for risk mitigation [3] - The establishment of an intelligent risk warning platform and regular publication of country and industry risk analyses can assist enterprises in making informed decisions and improving their risk management systems [3] Group 5: International Collaboration - There is potential for deepening collaboration with multilateral financial institutions and enhancing partnerships with credit insurance agencies in countries involved in the Belt and Road Initiative, thereby reducing compliance costs for enterprises and boosting their competitiveness in service exports [3]

Economic Overview - The US second quarter GDP was revised up to an annualized growth rate of 3.8%, significantly higher than the previous estimate of 3.3%, driven by strong consumer spending and a decline in imports[14] - Initial jobless claims in the US fell to 218,000, the lowest level since July, indicating resilience in the labor market[14] - The core PCE price index rose by 2.9% year-on-year in August, suggesting persistent inflation pressures[14] Market Reactions - US stock markets experienced a decline in the first three trading days of the week, but improved sentiment on Friday resulted in a mixed performance, with Intel shares rising nearly 20% due to potential investment news[12] - The 10-year US Treasury yield increased to 4.18%, reflecting the impact of strong economic data on bond markets[12] Policy Developments - The Trump administration announced new tariffs ranging from 25% to 100% on imports of building materials, furniture, and patented drugs, effective October 1[11] - The People's Bank of China emphasized the implementation of a moderately loose monetary policy and proposed new tools to stabilize capital markets[13] Sector Performance - In China, industrial profits for large enterprises increased by 0.9% year-on-year in the first eight months, with August showing a significant turnaround with a 20.4% increase[13] - The A-share and Hong Kong markets showed structural opportunities, particularly in technology and growth sectors, despite overall cautious trading ahead of the National Day holiday[15] Global Market Trends - Global stock indices displayed mixed performance, with European and Japanese markets showing strength while US and Chinese markets faced corrections[9] - Commodity prices generally rose, with natural gas and oil prices rebounding due to geopolitical factors and supply-demand expectations[9] Investment Strategy - A multi-asset FOF portfolio is recommended with a 60% allocation to equities, 30% to fixed income, and 10% to commodities, achieving an annualized return of 41.55%[8] - Investors are advised to focus on 10-year US Treasuries as a stable investment during the current interest rate cycle[47]

Domestic Macro - The State Council discussed the "Banking Supervision Law (Revised Draft)" on September 19, 2025, emphasizing fair competition among various business entities [6][16] - On September 22, the National Development and Reform Commission held a press conference highlighting achievements in the financial sector during the "14th Five-Year Plan" period, with total banking assets nearing 470 trillion yuan, ranking first globally [6][16] - The People's Bank of China announced a 600 billion yuan MLF operation on September 24, marking a net injection of 300 billion yuan for the month, continuing a trend of increased liquidity for seven consecutive months [6][16] Industry Policy - The National Healthcare Security Administration released the 11th batch of drug procurement documents on September 20, 2025 [7][17] - The Ministry of Industry and Information Technology issued the "Steel Industry Growth Stabilization Work Plan (2025-2026)" on September 22, setting an average annual growth target of around 4% for the steel industry over the next two years [7][17] - The Ministry of Commerce and eight other departments jointly issued guidelines to promote digital consumption on September 23, proposing 14 specific measures, including trials for smart connected vehicles [7][18] Local Policy - Shanghai announced adjustments to its housing property tax policy on September 19, 2025, exempting first-time homebuyers and second homes under certain conditions for residents with residence permits [8][19] - Sanya implemented a plan for affordable rental housing on September 21, 2025, with rent prices guided by the government [8][19] - Tianjin will initiate a pilot program for real estate trust property registration on September 25, 2025, aimed at revitalizing existing assets [8][19] Overseas Dynamics - The Bank of Japan decided to maintain its benchmark interest rate at 0.5% on September 19, 2025, marking the fifth consecutive meeting without changes [9][20] - The European Commission approved a new round of sanctions against Russia on September 19, 2025, targeting energy, financial services, and trade restrictions [9][20] - The U.S. government announced a 15% tariff on EU automobiles and related products on September 24, 2025, as part of a trade agreement [9][20]

Core Viewpoint - The Chinese government, through nine departments, has released a set of 13 policy measures aimed at promoting service exports, which is seen as a crucial step in expanding high-level foreign trade and fostering new growth drivers in foreign trade [2][3]. Group 1: Financial Support and Investment - Utilize existing central and local funding channels to actively support service exports, particularly in new service models such as digital services, high-end design, and environmental consulting [3][10]. - Enhance the role of the Service Trade Innovation Development Fund to increase investment in service trade and digital trade, encouraging more social capital to enter these sectors [10]. - Optimize the zero tax rate declaration process for service exports by promoting electronic information to replace paper documentation, thereby improving efficiency [11]. Group 2: Insurance and Risk Management - Increase support from export credit insurance companies for service exports, expanding coverage and improving claims service quality [4][12]. - Improve the precision of export credit insurance policies by enhancing information sharing with insurance institutions and providing better financial services to small and micro enterprises [5][13]. Group 3: Regulatory and Operational Improvements - Implement supportive measures for customs supervision in comprehensive bonded zones, simplifying approval processes for imported goods needed for research and testing [6][14]. - Facilitate cross-border personnel movement and inbound consumption by optimizing visa policies for foreign investment enterprises and high-level talent [7][15]. - Enhance cross-border fund flow management by supporting service enterprises in joining multinational corporate cash pool pilot programs [8][16]. Group 4: Knowledge and Data Management - Encourage the transformation and transaction of intellectual property by improving valuation and transaction systems, and promoting collaboration with third-party assessment institutions [9][18]. - Promote and regulate cross-border data flow by establishing important data directories and guidelines, while supporting enterprises in using networks for international trade [19][20]. Group 5: Market Expansion Support - Support enterprises in exploring international markets by providing legal support and enhancing participation in domestic and international exhibitions [21][22].