下半年，我省将继续精准对接企业需求，引导外贸企业参加180余场境外货物贸易展会，组织3300 多家企业参加秋季广交会。同时推动"江苏外贸优品专区"扩容，持续推动内外贸一体化建设，进一步帮 助外贸企业顺利融入国内电商供应链，加强与"丝路电商"伙伴国的合作交流，举办主题活动，丰富"丝 路云品"网络消费市场供应。 2025年上半年，省商务运行呈现"消费市场活力迸发、外贸外资韧性彰显、开放平台动能强劲"的良 好态势。数据显示，上半年，全省社零总额达2.39万亿元，同比增长5%，规模和净增额全国第一；全 省货物贸易进出口2.81万亿元，同比增长5.2%，对共建"一带一路"国家进出口1.39万亿元，增长9.5%； 全省实际使用外资115.4亿美元，占全国比重19.5%，继续领跑全国。 政策赋能与赛事经济共振，消费市场活力迸发。上半年，江苏以"苏超联赛+苏新消费"联动IP为核 心，构建"观赛—消费—体验"闭环，将赛事热度持续转化为消费动能。3500余场促消费活动吸引6.5万 家企业参与，同时带动以旧换新相关商品限上零售额同比增长9.4%，拉动整体零售额增长3.7个百分 点。下半年，江苏将进一步放大"苏超"撬动效应，出台务实 ...

Group 1: Economic Performance - In the first half of 2025, Jiangsu province's retail sales reached 2.39 trillion yuan, a year-on-year increase of 5%, ranking first in the country for both scale and net increase [1] - The province's total import and export of goods amounted to 2.81 trillion yuan, with a year-on-year growth of 5.2%, and trade with Belt and Road countries reached 1.39 trillion yuan, growing by 9.5% [1] - Actual foreign investment in Jiangsu was 11.54 billion USD, accounting for 19.5% of the national total, continuing to lead the country [1] Group 2: Consumption Market Dynamics - Jiangsu's consumption market is energized by the "Su Super League + Su New Consumption" initiative, creating a closed loop of "watching matches - consumption - experience" [2] - Over 3,500 promotional activities attracted 65,000 enterprises, with retail sales of related products increasing by 9.4%, contributing 3.7 percentage points to overall retail growth [2] - Plans for the second half of the year include expanding the "Su Super" effect and launching new incentive policies to stimulate large-scale consumption [2] Group 3: Foreign Trade Resilience - Jiangsu's exports to Belt and Road countries grew by 17.7%, contributing 8 percentage points to the province's export growth, with ASEAN becoming the largest export market [3] - The province organized 288 trade promotion events, with over 60% focused on emerging markets, and facilitated participation of 5,750 enterprises in key domestic and international exhibitions [3] - Future plans include guiding foreign trade enterprises to participate in over 180 overseas trade exhibitions and expanding the "Jiangsu Foreign Trade Quality Products Zone" [3] Group 4: Foreign Investment Strategies - Actual foreign investment from Germany and Luxembourg increased by 107.4% and 222.5% respectively, while Singapore, South Korea, and Japan also showed significant growth [4] - The province's policies aim to stabilize foreign investment, with initiatives such as tax incentives for profit reinvestment and the establishment of a foreign investment roundtable [4] - Jiangsu's free trade zone has introduced 30 nationally promoted institutional innovations, enhancing its attractiveness for foreign investment [4]

Core Viewpoint - China's foreign trade and foreign investment are showing resilience and growth despite external challenges, supported by strong policy measures and a diversified trade partner structure [2][4][5]. Group 1: Foreign Trade Performance - In the first half of the year, China's total import and export volume reached 21.79 trillion yuan, with a year-on-year growth of 2.9% [2]. - Exports in June alone increased by 7.2% year-on-year, indicating strong external resilience [2]. - Trade with Africa reached a record high of 1.18 trillion yuan, growing by 14.4%, with exports to Africa increasing by 23.0% [2]. Group 2: Trade Structure and Product Competitiveness - The export of mechanical and electrical products amounted to 7.8 trillion yuan, growing by 9.5%, accounting for 60% of total exports [3]. - High-tech and high-value-added products, such as electric vehicles and industrial robots, are leading the growth in exports [3][4]. - The diversification of trade partners, particularly with RCEP countries, has contributed to the stability of foreign trade [4][6]. Group 3: Policy Support and Market Diversification - Strong policy support has been crucial, with the government emphasizing high-level openness and stability in foreign trade and investment [5][12]. - The number of newly established foreign-funded enterprises exceeded 59,000, reflecting a 9.9% year-on-year increase, indicating strong market confidence [17]. - The focus on high-value industries, such as pharmaceuticals and technology services, shows a shift in foreign investment towards more advanced sectors [17][18]. Group 4: Service Trade Development - Service trade is expected to become a key growth area, with a projected total import and export volume exceeding 7.5 trillion yuan in 2024, growing at 14.4% [8]. - Knowledge-intensive service trade is showing significant growth, with personal cultural and entertainment services exports increasing by 39.3% [9][10]. - The structural upgrade in service trade is supported by policy initiatives aimed at enhancing market access and promoting high-quality development [10][11]. Group 5: Integration of Domestic and Foreign Trade - The integration of domestic and foreign trade is seen as a strategy to buffer against external risks, leveraging the domestic market to offset declining external demand [14]. - Policies are being implemented to reduce operational costs for foreign trade enterprises transitioning to domestic sales [14][13]. - The establishment of a unified national market is aimed at facilitating smoother operations for businesses facing different market standards [14]. Group 6: Foreign Investment Trends - Despite a global decline in foreign direct investment, China's actual use of foreign investment remained high at approximately $163 billion in 2023, reflecting a strategic shift towards deeper engagement in the Chinese market [16][18]. - The focus on high-value sectors is evident, with significant growth in e-commerce services and aerospace manufacturing [17]. - The removal of restrictions in the manufacturing sector and the gradual opening of service industries signal China's commitment to attracting foreign investment [18][19]. Group 7: Free Trade Zones and High-Level Openness - Free trade zones have become critical in stabilizing foreign trade and investment, with innovative policies reducing institutional costs for businesses [19]. - The emphasis on aligning with international high-standard trade rules is expected to enhance China's global trade position [20]. - The integration of policy innovations within free trade zones aims to create a more favorable business environment and attract foreign investment [20].

Economic Overview - The implementation of more proactive macro policies has helped stabilize the national economy, demonstrating resilience and vitality [1] - The overall economic operation is stable and improving, with new progress in high-quality development [1] GDP Growth - The GDP growth rate has increased by 0.3 percentage points compared to the same period in 2024 [3] Domestic Demand Contribution - Domestic demand has significantly contributed to GDP growth, with final consumption expenditure accounting for 52% of the contribution rate [5] Trade Performance - The total value of goods trade imports and exports has reached a historical high for the same period, with growth in trade with over 190 countries and regions [7] High-tech Manufacturing - The added value of high-tech manufacturing industries above designated size has increased year-on-year, contributing 23.3% to the overall industrial growth [9] Automotive Industry - The production and sales of automobiles have both achieved double-digit growth year-on-year, with new energy vehicles showing significant increases [11][12] Technology Contracts - The total registered value of technology contracts has exceeded 3 trillion yuan, marking a year-on-year growth of 14.2% [15]

Economic Growth - Hong Kong's GDP grew by 3.1% year-on-year in Q2 2023, surpassing market expectations of 2.8% and accelerating from a revised 3% growth in Q1 [1] - The economy has recorded growth for 10 consecutive quarters since 2023, driven by factors such as a robust stock market and increased trade activities due to tariff wars [1] Consumer Spending - Private consumption expenditure showed a significant recovery, rising by 1.9% in Q2 after a decline of 1.2% in Q1, while government consumption expenditure increased by 2.5% [1] - The financial market's performance, including a 25% rise in the Hang Seng Index and a 120% increase in average daily trading volume, has positively impacted local consumption [2] Trade Performance - Hong Kong's merchandise exports surged by 11.5% and imports rose by 12.7% in Q2, outperforming Q1 figures of 8.4% and 7.2% respectively [2] - External demand remains strong, aided by a temporary easing of U.S. tariff measures, contributing to trade as a key driver of economic growth [2] Employment Concerns - Despite economic growth, there are concerns about a "jobless recovery," where GDP growth does not translate into increased employment opportunities [5][6] - The total employment in Hong Kong decreased by 52,000 year-on-year in Q2, indicating a disconnect between economic performance and job creation [6] Structural Economic Issues - The financial sector contributes over 20% to Hong Kong's GDP but employs only about 7% of the workforce, leading to a situation where the majority of residents do not benefit directly from financial sector gains [6][8] - There is a growing concern about the impact of artificial intelligence on job availability, with predictions that 28% of jobs are at high risk of automation [7][8] Recommendations for Economic Diversification - Industry experts suggest that Hong Kong should foster new labor-intensive sectors such as construction, healthcare, and tourism to mitigate the impact of job losses due to automation [8] - There is a call for developing a "local dimension" in financial services to align international financial functions with local economic needs, promoting structural diversification [8]

Economic Performance - In the first half of 2025, China's economy demonstrated resilience and vitality despite a complex external environment, with major economic indicators performing well and achieving new results in high-quality development [1] - The total value of goods trade imports and exports reached 21.79 trillion yuan, marking a historical high for the same period [4] - The added value of high-tech manufacturing industries increased by 9.5% year-on-year, contributing 23.3% to the overall growth of regulated industries [4] Automotive Industry - The production and sales of automobiles both exceeded 15 million units for the first time, with year-on-year growth in both categories reaching double digits [4] - The production of new energy vehicles saw a significant increase of 41.4% year-on-year [4] Technology and Innovation - Nearly 410,000 technology contracts were registered nationwide, with a transaction value exceeding 3 trillion yuan, reflecting a year-on-year growth of 14.2% [5] - The "old-for-new" policy has driven sales of approximately 2.9 trillion yuan, benefiting around 400 million people through subsidy incentives [5]

Core Insights - In June, China's international balance of payments for goods and services trade reached a scale of 42,214 billion yuan, reflecting a year-on-year growth of 6% [1] Trade Data Summary - Goods trade exports amounted to 21,185 billion yuan, while imports were 15,112 billion yuan, resulting in a surplus of 6,073 billion yuan [1] - Service trade exports totaled 2,437 billion yuan, with imports at 3,480 billion yuan, leading to a deficit of 1,043 billion yuan [1] Service Trade Breakdown - Major components of service trade included: - Transportation services with an import-export scale of 1,639 billion yuan - Travel services with an import-export scale of 1,603 billion yuan - Other commercial services with an import-export scale of 967 billion yuan - Telecommunications, computer, and information services with an import-export scale of 659 billion yuan [1] Dollar Value Summary - In dollar terms, China's goods and services trade exports in June 2025 were valued at 3,292 million USD, imports at 2,591 million USD, resulting in a surplus of 701 million USD [1]

Core Viewpoint - The State Administration of Foreign Exchange of China reported the international balance of payments for goods and services trade in June 2025, indicating a growth in trade volume and a surplus in goods trade [1] Trade Data Summary - In June 2025, the total import and export scale of China's goods and services trade reached 42,214 billion yuan, reflecting a year-on-year increase of 6% [1] - Goods trade exports amounted to 21,185 billion yuan, while imports were 15,112 billion yuan, resulting in a surplus of 6,073 billion yuan [1] - Services trade saw exports of 2,437 billion yuan and imports of 3,480 billion yuan, leading to a deficit of 1,043 billion yuan [1] Service Trade Breakdown - The main components of services trade included: - Transportation services with an import and export scale of 1,639 billion yuan - Travel services with an import and export scale of 1,603 billion yuan - Other commercial services with an import and export scale of 967 billion yuan - Telecommunications, computer, and information services with an import and export scale of 659 billion yuan [1] Dollar Value Summary - In dollar terms, the goods and services trade exports in June 2025 were valued at 32.92 billion USD, while imports were valued at 25.91 billion USD, resulting in a surplus of 7.01 billion USD [1]

Core Insights - In June 2025, China's international balance of payments for goods and services trade reached a total scale of 42,214 billion yuan, reflecting a year-on-year growth of 6% [1] - The goods trade surplus was 6,073 billion yuan, with exports amounting to 21,185 billion yuan and imports at 15,112 billion yuan [1][2] - The services trade recorded a deficit of 1,043 billion yuan, with exports of 2,437 billion yuan and imports of 3,480 billion yuan [1][2] Goods Trade Summary - Goods trade exports totaled 21,185 billion yuan (2,952 billion USD), while imports were 15,112 billion yuan (2,106 billion USD), resulting in a surplus of 6,073 billion yuan (846 billion USD) [2] - The goods trade balance indicates a strong export performance compared to imports, contributing positively to the overall trade balance [2] Services Trade Summary - Services trade exports were 2,437 billion yuan (340 billion USD) against imports of 3,480 billion yuan (485 billion USD), leading to a deficit of 1,043 billion yuan (145 billion USD) [1][2] - Major components of services trade included transportation services (1,639 billion yuan), travel services (1,603 billion yuan), and other business services (967 billion yuan) [1] Detailed Services Trade Breakdown - The transportation services recorded a deficit of 303 billion yuan, while travel services had a significant deficit of 976 billion yuan [2] - Other notable deficits included intellectual property fees (248 billion yuan) and personal, cultural, and entertainment services (21 billion yuan) [4]

Core Insights - China's foreign trade report for the first half of the year shows a total import and export value of 21.79 trillion yuan, a year-on-year increase of 2.9% [1] - Exports of high-end equipment grew by over 20%, and the export of "new three types" products accelerated [1] - The report highlights the need for innovation and market vitality to enhance the resilience of foreign trade amid a challenging global environment [1] Group 1 - The total import and export value of China's goods trade reached 21.79 trillion yuan, with growth in trade with over 190 countries and regions [1] - The focus is on transforming price and cost advantages into technological comparative advantages, emphasizing the value of "Made in China" [1] - There is a call to enhance the independent controllability of strategic emerging industries and to strengthen core technologies [1] Group 2 - The strategy includes diversifying trade markets to mitigate risks associated with reliance on single markets [2] - The importance of responding to diverse consumer demands with customized products is emphasized to maintain competitiveness [2] - China's deep integration into global supply chains is highlighted, showcasing mutual benefits in various sectors such as textiles and agriculture [2]