Core Viewpoint - The article discusses the ongoing efforts to establish a cross-border data verification platform between Shenzhen and Hong Kong, aimed at facilitating financial services and addressing the challenges posed by the lack of mutual credit data recognition between the two regions [3][5][11]. Group 1: Action Plan and Implementation - The Hong Kong and Shenzhen governments have jointly released an action plan (2025-2027) to create a global fintech center, which includes exploring mechanisms for cross-border financial data flow [3][5]. - By the end of 2027, the plan aims to implement over 20 financial application scenarios utilizing the cross-border data verification platform [4][5]. - The action plan emphasizes the importance of data circulation and digital technology innovation to enhance financial technology collaboration between the two regions [5][6]. Group 2: Current Status and Achievements - As of now, the cross-border data verification platform has facilitated loans exceeding 700 million yuan and has established the first data insurance zone in the country [5]. - The platform has been operational since May 2024, allowing users to verify the authenticity of credit reports through a hashing process [13][14]. - The Hong Kong Monetary Authority has decided to regularize the cross-border credit information exchange pilot program, supporting the development of market-based solutions [13][14]. Group 3: Challenges and Solutions - The article highlights the challenges faced in cross-border financial services, including the lack of mutual recognition of credit data and the complexities of legal jurisdiction in case of loan defaults [9][10]. - The cross-border data verification platform is seen as a key solution to break down these information barriers, enabling more efficient financial services for residents moving between the two regions [11][12]. - Future plans include expanding the types of data supported by the verification platform and establishing a unified financial identity authentication platform for residents [15].

Core Insights - The "World Open Report 2025" was introduced at a media briefing in Beijing, highlighting its significance in analyzing global openness trends and practices [1] - The report is a flagship publication of the Hongqiao International Economic Forum, co-authored by the Chinese Academy of Social Sciences and the Hongqiao International Economic Forum Research Center [1] Summary by Sections Section 1: Global Openness Trends - The first part of the report focuses on the global openness landscape since 2024, exploring mechanisms for enhancing governance and openness levels [1] Section 2: Key Issues in Global Openness - The second part delves into critical issues such as the tension between free trade and protectionism, the impact of cross-border data flows on collaborative AI and digital trade, and the relationship between global cooperation and economic security [1] Section 3: Successful Practices in Global Openness - The third part showcases practical measures and significant achievements of China's openness in the new era [1] Highlights and Features - The report has increased international influence compared to previous editions [2] - It features a more diverse and robust research dimension, extending the measurement of the World Openness Index back to 1990, providing a 35-year data span for analysis [2] - The topics covered are more cutting-edge, reflecting contemporary global challenges [2] - The report emphasizes the importance of early involvement from scholars and policymakers in its development, ensuring a deep international perspective [2] - Constructive academic exchanges have enriched the report's depth and breadth, embodying the spirit of openness [2] - Transparency in methodology and data is highlighted as essential for building trust among participants and ensuring the report's credibility [2]

Core Viewpoint - The upcoming 8th Hongqiao International Economic Forum will release the "World Open Report 2025" and the latest World Open Index, addressing the current global economic and trade challenges and the overall openness of the world [2][3]. Group 1: Report Overview - The "World Open Report 2025" aims to enhance the completeness, precision, and depth of insights regarding the global openness landscape and the progress of various countries [3]. - The report consists of three main parts: global openness trends, key issues in global openness, and successful practices in global openness [3]. Group 2: Key Themes - The first part focuses on measuring the 2024 World Open Index and presents historical data from 1990 to 2007, analyzing the overall trend of global openness since 1990 [3]. - The second part delves into critical issues such as the tension between free trade and protectionism, cross-border data flow, global investment facilitation, and the role of openness in supporting industrialization in the Global South [3][5]. - The third part highlights successful practices, particularly China's initiatives like the Belt and Road Initiative and the China International Import Expo, showcasing China's pragmatic measures and achievements in openness [3]. Group 3: Report Highlights - The report features increased international influence, including contributions from a Nobel laureate and collaboration with the UNIDO, enhancing the report's global perspective [4]. - The data foundation has been expanded to include a 35-year historical perspective, allowing for a more robust analysis of global openness trends [4]. - The report addresses cutting-edge topics such as cross-border data flow and global green development, emphasizing the role of cooperation among BRICS and emerging economies in industrial transformation [5].

Core Insights - The 2025 China Industrial Transfer Development Matching Event in Hainan aims to facilitate the orderly transfer and high-quality development of China's manufacturing industry, showcasing Hainan's unique advantages and policy benefits [1][2]. Group 1: Event Overview - The event is themed "Building a Free Trade Port Together, Sharing New Opportunities," emphasizing the synchronization of national strategy and regional development [1]. - Hainan has signed 238 projects in the high-tech industry with a total contract value exceeding 100 billion yuan, with 110 projects signed during the event [1][2]. Group 2: Project Highlights - The signing ceremony included three rounds: - The first round focused on regional cooperation, signing 12 major projects, including a 2.5 billion yuan CCUS project by PetroChina [2]. - The second round emphasized technological innovation, with 13 high-tech projects, such as the Haikou Stem Cell Laboratory [2]. - The third round featured 9 unique projects across various sectors, showcasing Hainan's diversified industrial layout [2]. Group 3: Industry Focus - The modern biomedicine and high-end food processing industries are leveraging the Free Trade Port policies to attract key enterprises in innovative drug development and high-end medical devices [2]. - The high-end equipment manufacturing industry is focusing on marine equipment and clean energy, successfully attracting significant projects [3]. - The commercial aerospace industry is developing around satellite and data chains, signing key cooperation projects to establish Hainan as a new hub for commercial aerospace [3]. - The digital economy sector is advancing the construction of 5G-A and "Ten Thousand Megabyte Free Trade Port," bringing in leading digital technology companies [3]. Group 4: Follow-up Activities - Participants engaged in site visits to various economic zones and industrial parks, enhancing their understanding of Hainan's industrial positioning and policy environment [3].

Group 1: AI Development and Economic Impact - AI is expected to contribute up to 15% of global GDP growth over the next decade, comparable to an industrial revolution [2] - Shanghai is encouraged to adopt a city-level planning approach for AI development, integrating it as infrastructure rather than small-scale pilots [2] - The success of AI in Shanghai relies on attracting top talent, leveraging data from various sectors, and efficiently allocating capital [2][3] Group 2: Supply Chain and Innovation - Shanghai is recognized for having the world's strongest and most complete supply chain, positioning it as a global AI manufacturing hub [3] - The open and low-cost nature of China's largest AI language models presents numerous application scenarios for AI [3] Group 3: Data Sharing and Privacy - The importance of building a trustworthy ecosystem for industrial-grade AI models is emphasized, requiring high-quality data and dynamic compliance [4] - Cross-border data sharing is deemed essential for innovation, with suggestions to simplify compliance processes and enhance data flow [5] Group 4: Capital Efficiency and Financial System - Recommendations include improving capital allocation efficiency in Shanghai's financial system, directing savings towards innovation and SMEs [6] - There is a call for further opening of the financial system to leverage Shanghai's financial advantages and deepen collaboration with Hong Kong [7]

Core Points - The WTO Services Council held its third meeting of 2025 to discuss the outcomes of the 13th Ministerial Conference and the e-commerce work plan [1] - The Chinese representative criticized the US's unilateralism and protectionism regarding "reciprocal tariffs," highlighting the misleading nature of focusing solely on goods trade while ignoring benefits from services trade [1] - China introduced its latest policies and best practices on cross-border data flow and raised concerns about the US and India's misuse of national security measures to restrict Chinese enterprises and products [1]

Group 1 - The Hong Kong government is commissioning an expert group to study the establishment of a robust data trading ecosystem, focusing on Hong Kong's role as a super connector in international data trade, including necessary conditions, rules, and implementation models [1] - The expert group's research will cover important topics related to data trading, such as data format standardization, pricing mechanisms, and data security protection, with recommendations expected by the 2025-2026 fiscal year [1] - The Hong Kong Innovation and Technology Bureau signed a memorandum in June 2023 to promote cross-border data flow within the Guangdong-Hong Kong-Macao Greater Bay Area, facilitating personal information transfer from mainland cities to Hong Kong [2] Group 2 - The Greater Bay Area Standard Contract has been established to simplify arrangements for cross-border data flow, addressing potential legal issues through voluntary adoption of the contract model [2] - Hong Kong aims to enhance its position as an international arbitration center by promoting online dispute resolution services, with the eBRAM Center providing efficient and cost-effective online platforms for dispute resolution since 2022 [3] - As of August 2025, over 550 companies from various sectors have joined the eBRAM Center's online transaction facilitation platform, supporting cross-border business transactions [3] Group 3 - The Hong Kong government is actively supporting the establishment of a common online dispute resolution platform for the Greater Bay Area, with the eBRAM Center launching a collaborative platform in July 2024 [4] - The collaborative platform has signed memorandums of understanding with 14 institutions to integrate dispute resolution resources within the Greater Bay Area [4] - The Hong Kong government plans to continue optimizing dispute resolution mechanisms, particularly for cross-border commercial disputes arising from data flow, while maintaining communication with stakeholders in the legal and dispute resolution sectors [4]

Core Viewpoint - The Chinese government is accelerating the implementation of policies to support service trade, indicating a positive growth trend in this sector [1][2]. Group 1: Policy Initiatives - The State Council's recent study emphasizes the need to enhance the international competitiveness of service exports, focusing on areas such as research, consulting, e-commerce, and digital service trade [2]. - The Ministry of Commerce plans to introduce a series of measures to promote service exports, including optimizing zero tax rate declaration procedures and increasing export credit insurance support [2][5]. - The government aims to leverage the effects of visa-free policies to attract more foreign tourists, thereby boosting travel service exports [2][3]. Group 2: Service Trade Growth - The global service export is projected to grow by 4% by 2025, with major economies showing robust growth in service trade during the first half of the year [1]. - In the first half of the year, transportation service exports reached 418.5 billion yuan, growing by 23.9%, while travel service exports surged to 174.87 billion yuan, marking a 68.7% increase [2][5]. Group 3: Digital Service Trade - The development of digital service trade is prioritized, with a focus on cross-border e-commerce and the digital transformation of trade processes [3]. - The Ministry of Commerce is set to promote and regulate cross-border data flow, which is crucial for many multinational companies [3]. Group 4: Negative List Management - The reduction of the negative list for cross-border service trade is a key strategy for expanding service imports [3][4]. - The government is actively monitoring the implementation of the negative list and addressing any challenges that arise [4]. Group 5: Future Outlook - The next phase is expected to see increased support from fiscal, tax, financial, and regulatory measures for service trade, particularly service exports [5]. - Overall, service trade is anticipated to maintain growth throughout the year, with an ongoing optimization of trade structure [5].

Core Insights - The Chinese government is accelerating the implementation of policies to support service trade, focusing on innovation and new growth drivers in foreign trade [1][2] - The World Trade Organization (WTO) projects a 4% growth in global service exports by 2025, indicating a positive trend for service trade [1] - China's service trade has been growing rapidly, ranking among the top globally, but still has gaps compared to advanced levels [1] Policy Support - The State Council's recent meeting highlighted the need to enhance the international competitiveness of service exports, with specific focus areas including research, consulting, e-commerce, and digital services [2] - The Ministry of Commerce plans to optimize the zero tax rate declaration process for service exports and increase support for export credit insurance [2] - Traditional service sectors like transportation and travel are currently driving the growth of service exports, with transportation service exports reaching 418.5 billion yuan, up 23.9%, and travel service exports at 174.87 billion yuan, up 68.7% [2] Digital Trade Development - The development of digital service trade is prioritized, with a focus on cross-border e-commerce and the digital transformation of trade processes [3] - The Ministry of Commerce aims to promote and regulate cross-border data flow, enhancing international data service capabilities [3] - The reduction of the negative list for cross-border service trade is seen as a key measure to expand service imports [3] Implementation and Future Outlook - The Ministry of Commerce is actively monitoring the implementation of the negative list for cross-border service trade and addressing any issues that arise [4] - Increased support in fiscal, tax, financial, and regulatory aspects is expected to boost service trade, particularly service exports [5] - The overall outlook for China's service trade remains positive, with expectations of continued growth and structural optimization throughout the year [5]

Core Viewpoint - The World Trade Organization (WTO) is facing unprecedented transformation pressures due to profound changes in the global economic and trade landscape, necessitating effective strategies for stability and development in the international trade system [3]. Group 1: Current Global Economic Landscape - The international political and economic landscape is undergoing deep restructuring, characterized by sluggish global economic growth, persistent high inflation, and low interest rates, which are suppressing trade [5]. - Increased geopolitical instability and intensified strategic competition among major powers are significantly impacting global supply chain stability and trade trust [5]. - Trade protectionism is resurging, with the U.S. implementing policies such as "nearshoring," "friend-shoring," and "manufacturing repatriation," leading to heightened fragmentation risks in trade and accelerated restructuring of global industrial and value chains [5]. Group 2: Regional Trade Agreements and Governance - The global economic governance system is accelerating its differentiation, with regional trade agreements (RTAs) like RCEP and CPTPP emerging as alternatives to the WTO multilateral rule system, diverting member countries' attention and resources [5]. - As of June 2025, the number of global RTAs has surged from 99 in 2000 to 619, with 375 currently in effect [5]. - The emergence of exclusive trade rules within regional agreements undermines the WTO's non-discrimination principle, complicating global trade dynamics [5]. Group 3: Increasing Trade Disparities - The U.S., once a proponent of the multilateral trade system, has shifted towards "America First" and "reciprocal trade" policies, undermining the WTO's multilateral tariff negotiation mechanisms [6]. - The EU faces increased internal coordination challenges and diminished influence, while emerging economies and global South countries are demanding a voice commensurate with their economic contributions, complicating trade rule negotiations [6]. - Rapid technological advancements are outpacing the development of trade rules, particularly in digital trade, artificial intelligence, and cross-border data flows, leading to increased regulatory friction and market uncertainty [6]. Group 4: Challenges Facing the WTO - The WTO's negotiation and dispute resolution mechanisms are under severe strain, with the Doha Round negotiations stalled and significant disagreements among major members on core issues like market access [7]. - The WTO's dispute resolution mechanism has been effectively paralyzed since 2019 due to the U.S. blocking the appointment of new judges, leading to a reliance on temporary arbitration arrangements that have limited scope and effectiveness [7]. - Major members are increasingly ignoring multilateral rules on tariff issues, resulting in a decline in the binding nature of trade rules and a fragmented international trade system [7]. Group 5: Shifts in Negotiation Topics - Developing countries are increasingly vocal about their demands for fair trade, technology access, and development space, while traditional issues like agricultural subsidies have been marginalized in multilateral negotiations [8]. - Developed countries, led by the U.S., are prioritizing emerging topics such as digital economy, industrial subsidies, and climate issues, creating significant divides with developing nations [8]. - The focus on new negotiation topics has intensified, with capital, labor, data flows, and environmental protection gaining prominence in WTO discussions [9]. Group 6: Power Dynamics in Trade Rule-Making - Emerging economies, particularly China, are gaining strength and actively participating in global rule-making, seeking to establish rules that reflect their interests [9]. - Developed economies are attempting to reshape multilateral trade rules amid crises, using concepts like "democratic values" and "high-standard labor rights" to exclude non-market economies, which increases the risk of WTO fragmentation [10].