Core Insights - Bosnia and Herzegovina's indirect tax revenue is projected to reach 12.177 billion marks in 2025, marking a year-on-year increase of 633 million marks, or 5.51%, setting a historical record [1] - The growth in tax revenue is primarily driven by inflation and the scale of imports, with actual net revenue distributed to various governmental entities amounting to 9.974 billion marks, an increase of 525 million marks year-on-year [1] Group 1 - The increase in indirect tax revenue is directly related to the growth in transaction volumes and values, driven by rising wages and remittances that boost consumption [2] - Inflation has significantly impacted the growth of indirect tax revenues, particularly through increased value-added tax and consumption tax [2] - A substantial portion of the revenue growth is attributed to product imports, which does not incentivize domestic production, highlighting a reliance on borrowing in both private and public sectors [2] Group 2 - The growth in indirect taxes is mainly due to inflation, with minimal contribution from economic activity itself, leading to a heavier tax burden on citizens without visible improvements in public services [3] - There is a concern that the increase in indirect taxes has not resulted in a decrease in direct taxes, and government spending continues to expand without restraint, exacerbating debt levels [3] - The current economic model heavily relies on remittances from abroad, particularly from EU countries, indicating a need for a shift towards increasing the share of direct taxes in public revenue [2][3]

Core Viewpoint - In 2025, China's total foreign trade import and export value reached 45.47 trillion yuan, marking a 3.8% year-on-year growth, with exports at 26.99 trillion yuan (up 6.1%) and imports at 18.48 trillion yuan (up 0.5%) [1][2] Group 1: Trade Growth and Performance - China's foreign trade maintained a growth rate of 3.8% in 2025, marking the ninth consecutive year of growth, the longest period since joining the WTO [2] - In December 2025, the monthly import and export value reached 4.26 trillion yuan, a year-on-year increase of 4.9%, setting a new record for monthly trade volume [2] - Despite a challenging external environment, China's trade fundamentals remain solid, supported by institutional, market, industrial, and talent advantages [2] Group 2: Export Highlights - High-tech product exports grew by 13.2% in 2025, contributing 2.4 percentage points to overall export growth, with industrial robots seeing a remarkable 48.7% increase in exports [3] - China has become a net exporter of industrial robots, with exports surpassing imports for the first time [3] - The export of green energy products, such as lithium batteries and wind turbines, saw significant growth, with increases of 26.2% and 48.7% respectively [3] Group 3: Import Trends - In 2025, China's imports reached a record high of 18.48 trillion yuan, maintaining its position as the world's second-largest import market for 17 consecutive years [4] - The decline in international prices for major commodities, such as crude oil and iron ore, impacted overall import growth, reducing it by 1.4 percentage points [4] - China aims to further open its market and expand imports, with a focus on improving customs regulations and services to facilitate trade [4]