Core Insights - The total service trade volume in China reached 38,872.6 billion yuan in the first half of the year, marking an 8.0% year-on-year increase, with knowledge-intensive services leading the growth at 6.0% [1] - Travel service exports experienced explosive growth, increasing by 68.7%, highlighting a shift in consumer behavior towards experience consumption [1][4] Knowledge-Intensive Services Growth - Knowledge-intensive service imports and exports totaled 15,025.4 billion yuan, accounting for 38.7% of the total service trade, with telecommunications, computer, and information services leading the sub-sectors at 12.7% growth [3] - The export share of knowledge-intensive services reached 51.5%, up 1.2 percentage points from the previous year, indicating China's rising position in the global value chain [3] Travel Service Export Boom - Travel services became the largest segment of service trade, with imports and exports totaling 10,802.9 billion yuan, a 12.3% increase, and exports growing by 68.7% [4] - Policy incentives such as visa exemptions and tax refunds have significantly boosted international tourism, with Shanghai seeing a 37.73% increase in inbound tourists compared to the previous year [4] Cross-Border E-Commerce Impact - The rise of cross-border e-commerce has driven innovation in service trade models, with Zhejiang province's goods trade reaching 27.3 trillion yuan, a 6.6% increase, and online retail sales growing by 8.5% [5] Structural Balance in Service Trade - The service trade is experiencing a "quantity and quality" improvement, with knowledge-intensive and travel services acting as dual engines for growth, reflecting a shift towards high-value sectors [6] - The outlook for the second half of the year suggests continued strong growth in knowledge-intensive services and a recovery in travel services due to restored international routes and favorable policies [6] Policy Recommendations for Service Trade - Increased policy support is recommended to guide social capital into productive service sectors, enhance the international competitiveness of service trade, and improve the quality and efficiency of the productive service industry through technology and talent development [7]

在全球贸易冲突持续升级的背景下，国际资本的配置逻辑正发生深刻变化。美国、欧盟等发达经济 体不断强化外资审查制度，以国家安全为由收紧投资准入，而与之形成鲜明对比的是，中国正坚持在强 化合规监管的同时，加快推进高水平制度型开放。今年以来，多项便利外商股权投资的新政相继落地。 这种分化格局促使全球企业，特别是中国企业，在"走出去"过程中重新审视地缘风险、政策合规等新变 量。 富而德律师事务所反垄断业务合伙人杜宁（Ninette Dodoo）在接受《国际金融报》记者采访时指 出，"越来越多的外国监管机构在使用外资审查、反垄断等工具时，会参考现任政府的政策取向和优先 目标，某种程度上，这些监管工具已经被政治化。" "但是在某些产品或行业领域，中国的技术水平已经处于领先地位。"杜宁表示，例如在生物医药和 汽车行业，许多外国投资者已经通过投资、成立合资企业或持有少数股权等方式与中国企业展开合 作。"一方面，他们遵循'在中国，为中国'的策略，利用中国庞大的市场需求；另一方面，他们也认识 到中国在产品研发和工程能力方面的优势。这种趋势正在得到越来越多企业的支持，因为他们看到了与 中国企业合作的益处，以及中国企业海外投资带来的积 ...

"我在国内开公司，如果雇一个在美国本地的销售代表，是不是只给工资就行？" 很多第一次尝试在美国雇员的出海企业，都会忽视一个事实：美国雇佣关系伴随雇主税务义务，不履行可能会被 IRS（美国国税局） 重罚。 1. 美国个人所得税（Federal Income Tax）雇主责任 在美国，雇主不仅是工资的发放方，还必须代扣代缴员工的个人所得税与社会保障类税费。 主要涉及： 联邦所得税（Federal Income Tax） 社会保障税（Social Security Tax） 医疗保险税（Medicare Tax） 州所得税（State Income Tax，部分州无） 2）年度报表 雇主需在次年 1 月 31 日前向员工和 IRS 提交 W-2 表，记录全年工资与已缴税款。 3）雇主税 雇主还需为员工缴纳与工资挂钩的社会保障和医疗保险税（通常各占 6.2% 和 1.45%）。 3. 常见用工模式与税务差异 用工模式 税务处理 风险点 2. 雇主的关键税务义务 1）代扣代缴 雇主需在发放工资时扣除应缴税额，并按 IRS 要求周期性申报（通常是季度）。 正式雇员 雇主代扣代缴 + 雇主税 不合规代缴将被 IRS 追缴+ ...

2024年的春天，对很多跨境卖家来说，实在不太"春天"。 FBM成本暴涨、平台规则再变、物流频频出岔……还有美国市场突然"静悄悄"：广告投放ROI拉垮，新 品上架半个月没起色，账上现金流一点点干瘪，看着库存心里发凉。 这不是个例。 他把这笔资金迅速投入备货、仓储和广告投放，选择少量多频的打法控成本，一边冲销量、一边监控投 产比。 结果令人惊喜：单月销售额破百万美金，比去年同期翻了近两倍。广告ACoS控制在25%以内，库存周 转效率远高于同行。 豆沙包Dowsure调研显示，2024年Q1，超过60%的卖家表示"资金压力比去年同期更大"，其中小体量卖 家最明显。 但也有例外。 广州一位主营宠物类目的卖家，年初就拿下了一笔亚马逊官方融资。原因很简单：账上没多少钱，但春 节后北美宠物用品迎来需求小高峰，他不想错过。 你可以不靠补贴卷价格，但一定要靠效率赢回主动权。 更重要的是，他抓住了平台"流量起势"的时间点，靠资金运转的提前规划，在"冷春"中率先破局。 有些时候，你觉得市场不给机会，实则是你没有"拿住机会"的能力。 融资不是最后的补救手段，而是提前布局未来的方式。 而像Dowsure豆沙包这样的平台级官方贷款渠道 ...

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - The report highlights the positive impact of recent policies such as the Hainan Free Trade Port closure and the central childcare subsidy, which are expected to drive growth for companies that capitalize on these opportunities [1] - The duty-free environment is stabilizing, with a noted decline in duty-free shopping amounts and visitor numbers, but an increase in average spending per customer [2] - Companies in the overseas market are facing challenges due to rising costs and changing demand, but some are expected to maintain high growth through channel expansion and cost control [3] - Retail chains are undergoing significant adjustments, with many reporting improved sales and profitability following store modifications [4] - The overall retail sector remains stable, with some companies showing positive trends and continued investment in new business models and digitalization [10] Summary by Sections Trade and Retail - The Hainan Free Trade Port is set to officially start on December 18, 2025, with detailed policies on tax exemptions and regulations [1] - The central government has introduced a childcare subsidy of 3,600 yuan per child per year starting January 1, 2025, which is expected to stimulate economic growth [1] Duty-Free Environment - Duty-free shopping in the first half of 2025 saw a total of 16.761 billion yuan, a year-on-year decline of 9.2%, with visitor numbers down by 26.2% [2] - China Duty-Free Group reported a revenue of 11.4 billion yuan in Q2 2025, a decrease of 8.5% year-on-year [2] Overseas Market - Companies exporting to the U.S. are expected to face challenges due to increased costs and demand fluctuations, but some, like Xiaogoods City and Anker Innovation, are projected to maintain high growth [3] Retail Chains - Retail chains like Yonghui Supermarket and Chongqing Department Store are seeing positive results from store adjustments, with significant increases in customer traffic and sales [4] Overall Industry Outlook - The retail sector's fundamentals remain stable, with a focus on new consumption trends and digital transformation, highlighting companies such as Gu Ming and Bubble Mart as key players [10]

7月29日，谷歌跨境电商加速中心（深圳）在前海正式启用。自2022年启动打造跨境电商集聚区以来， 前海已集聚跨境电商平台9个，跨境电商卖家约1万个，服务商约100家。跨境电商国际巨头"抢滩"入 驻，QFLP（合格境外有限合伙人）基金规模不断扩大……作为国内开放程度最高的区域之一，前海合 作区日益成为外资深耕中国、链接全球的战略支点。这份蓬勃活力，在今年上半年前海外资"成绩单"中 得到了印证。 数据显示：上半年，前海合作区实际使用外资达到123.26亿元，同比增长15.9%，占深圳市的59.0%。前 海-蛇口自贸片区实际使用外资107.02亿元，同比增长40.5%。 制度型开放：打造国际一流营商环境 民生融通更贴心。面向港澳青年提供创业奖励、居住补贴及子女入学保障；建设港式商业街区，蛇口码 头升级为"海港客运+跨境直升机"复合口岸。 产业协同更紧密。联合香港打造"AI+无人船"示范基地、直播电商基地；推动"前海港企贷"等金融试点 扩面，惠及超万家港企。 数据互通更高效。探索数据跨境流动"负面清单"，在医疗、金融领域开展跨境传输试点，企业数据合规 成本降低30%。 产业生态：高端要素集聚激发新质生产力 前海坚持现 ...

Core Insights - In 2025, AI is expected to transition from being a mere tool to taking over actual production processes for Chinese companies going global, marking a significant evolution in their overseas operations [1][27] - The collective success of Chinese companies in international markets is driven by a strong penetration of AI technologies, with Chinese enterprises accounting for approximately 50% of the projected 7.6 billion global AI application visits in 2025 [2][7] - AI is evolving from a supportive role to becoming a primary driver of business processes, enabling companies to streamline operations and enhance efficiency [3][8] Group 1: AI's Role in Global Expansion - AI is no longer just an efficiency tool but is becoming integral to the entire business process, from content production to customer management [2][7] - The shift in AI's role allows service providers to engage directly in business operations, as seen with a cross-border e-commerce technology service provider starting its own e-commerce operations [3][4] - AI's ability to enhance individual productivity is evident, with examples of individuals managing multiple roles through AI assistance, thus lowering the skill barrier for overseas operations [4][5] Group 2: Efficiency and Cost Reduction - Companies like Tiwan Tans have demonstrated that small teams can achieve outputs equivalent to larger teams by utilizing self-developed AI systems, significantly improving operational efficiency [5][6] - AI has drastically reduced costs in various operational aspects, such as advertising and customer service, with examples showing cost reductions from 5 yuan to 0.02 yuan per link uploaded [6][9] - The overall organizational logic of overseas enterprises is being restructured, moving from trial-and-error approaches to systematic processes [6][9] Group 3: Market Demand and AI Adoption - The demand for AI solutions is rapidly increasing among global SMEs, particularly in emerging markets like Southeast Asia and Latin America, where AI is becoming a standard tool for content marketing and customer service [10][11] - Chinese AI companies are actively seeking to penetrate international markets, with examples of successful applications like liblibAI and Vidu expanding their user bases significantly [7][12] - The trend indicates a mutual need between overseas enterprises and AI providers, accelerating the integration of AI into business operations [7][12] Group 4: Challenges and Bottlenecks - Despite advancements, many Chinese AI models face deployment challenges, with over 62% of companies citing cross-border data processing as a major technical barrier [13][15] - Language and cultural adaptation remain significant hurdles, as many AI-generated content fails to resonate with local audiences [14][15] - Compliance with international regulations is a critical issue, with many companies struggling to meet standards like GDPR, which can delay product launches [15][17] Group 5: Future Directions - The future of AI in global expansion involves enhancing deployment capabilities, cultural adaptation, and real-time compliance mechanisms [18][22] - Companies are beginning to implement AI as a cohesive system that connects various operational nodes, moving towards a fully integrated AI-driven business model [25][27] - The transition to "Outward 2.0" signifies a new phase where AI not only assists but actively drives business processes, fundamentally changing how companies operate internationally [1][27]

Group 1 - The U.S. has suspended the tax exemption for imported packages valued at $800 or less, effective August 29, impacting various international logistics companies [1][4] - The adjustment of the de minimis policy is not limited to China, affecting foreign e-commerce brands like Amazon and eBay, with a significant increase in small package volumes expected [4][8] - The de minimis policy, established in the 1930 Tariff Act, aimed to simplify import processes and enhance customs efficiency, facilitating cross-border e-commerce operations [4][6] Group 2 - The cancellation of the de minimis exemption is expected to negatively impact the U.S. online retail sector, leading to logistical restructuring and delays in shipments for foreign brands [6][7] - Since May, the volume of packages from China has decreased by 35%, with significant drops in daily active users for brands like Shein and Temu [7] - The U.S. has also introduced a new round of "reciprocal tariffs" ranging from 10% to 41% on various countries, adding further pressure on global cross-border e-commerce [10]

Core Viewpoint - The Shandong Free Trade Zone Qingdao area has introduced a new model allowing international students to participate in cross-border e-commerce live streaming internships, breaking previous regulations that restricted such opportunities during their studies [1] Group 1: Policy Changes - The new model establishes a filing system and standards for applications, promoting flexible access for international students to engage in internships [1] - This initiative aims to support the high-quality development of cross-border goods and services trade under the "Belt and Road" initiative by providing sustainable international talent [1] Group 2: Implementation and Impact - Currently, 26 outstanding international students have applied under the new mechanism, with 6 receiving cross-border e-commerce internship visas [1] - These students have begun internships at 5 cross-border e-commerce companies, facilitating their integration into the industry and empowering Qingdao's businesses to expand into overseas markets [1]

跨境电商是迅速发展的外贸新业态、新模式，已成为我国外贸发展的有生力量。 2025年中国（广州）跨境电商交易会（下称"跨交会"）将于8月15日至17日在广交会展馆举行。据8月1 日的跨交会媒体通气会消息，本届展会以"外贸新动能，数字新未来"为主题，在展会规模、平台参与 度、产业带质量及专业论坛水平等关键指标上均超越往届。 尤为引人注目的是，本届展会首次创新设立了三大主题专区：跨境电商AI专区、出海社媒专区和合规 出海主题专区，直指行业前沿发展与核心关切。 展会规模升级 三大创新专区护航企业出海 本届跨交会汇聚了超过1000家优质供应链企业、40余家国内外主要跨境电商平台以及近200家生态链服 务商参展，标准展位数量超过1800个。展会同期将举办30余场高水平的行业论坛活动。 据悉，新设立的跨境电商AI专区汇集了影刀RPA、语忆科技、网易外贸通等一批赋能电商全链条的优秀 AI技术服务商，涵盖流程自动化、消费者洞察、智能建站与运营、智能客服等关键领域，为卖家提供 提升效率和效果的前沿工具。 出海社媒专区则聚合了TikTokShop、Kwai快手海外、YouTube等全球主流社交媒体官方团队，Meta、 Linked ...