Core Viewpoint - The article provides practical guidance for export enterprises on how to handle export tax refund applications, including procedures for changing bank accounts and correcting erroneous data in tax declarations [1][3]. Group 1: Export Tax Refund Application Procedures - Export enterprises can apply for export tax refunds even if the application is submitted after the export has occurred, provided that all necessary documentation is complete [1]. - If a company changes its bank account, it must update the tax authority with the new bank account information to ensure accurate processing of tax refunds [1]. - In cases where the export declaration data is incorrect, companies have several options to rectify the situation depending on the status of their application [3]. Group 2: Handling Export Declaration Issues - For exported goods that consist of multiple components but need to be declared under a single product name, companies must report the relationship between different product names and measurement units to the tax authority for confirmation before applying for tax refunds [3]. - If the export declaration data has not been formally submitted, companies can cancel the submission and regenerate the data through the new electronic tax bureau [3]. - If the data has been submitted but not yet approved, companies can withdraw the application using the appropriate forms [3]. Group 3: Tax Credit Management - Companies with unutilized VAT credits or other specific conditions can still maintain their A-level tax credit rating despite having zero VAT payable for consecutive months [9]. - A-level rated companies enjoy various benefits, including higher market credibility and priority in tax refund processing [9].

Core Viewpoint - The article discusses the increasing trend of "export to domestic sales" as a strategic response to the challenges posed by unilateralism and protectionism in global trade, particularly due to U.S. tariff policies. This approach aims to enhance the resilience of foreign trade enterprises by integrating domestic and foreign trade operations [1][2][3]. Group 1: Export to Domestic Sales - "Export to domestic sales" refers to the practice of selling foreign trade products in the domestic market, representing a form of integrated development of domestic and foreign trade [1][2]. - This strategy is seen as a pragmatic measure to cope with tariff impacts and reduce operational risks for enterprises, while also being a continuation of past strategic choices [3][4]. - The Chinese market's purchasing power parity is significantly higher than that of the U.S., with retail sales of consumer goods being 1.6 times that of the U.S., providing a vast space for enterprises to switch and integrate resources between domestic and foreign markets [3][4]. Group 2: Policy Support and Initiatives - The Chinese government has initiated various policies to promote the integration of domestic and foreign trade, including pilot programs in select regions to develop replicable models [2][5]. - The "Export Quality Products China Tour" initiative has been launched to facilitate the connection between domestic and foreign trade channels, with over 225 events held and a transaction volume of 24.8 billion yuan as of June 24 [6]. - The government aims to enhance policy precision and support in areas such as market channels, domestic consumption, and financial services to lower the costs for foreign trade enterprises entering the domestic market [5][6]. Group 3: Challenges and Barriers - Despite the consensus on supporting export to domestic sales, there are significant barriers such as discrepancies in technical standards, quality requirements, and certification processes that hinder foreign trade enterprises from accessing the domestic market [4][5]. - Many foreign trade enterprises lack domestic sales experience and face challenges in brand recognition and marketing, which complicates their efforts to penetrate the domestic market [4][5]. - The establishment of domestic sales channels is time-consuming and costly, with high entry fees for supermarkets, platforms, and trade shows posing additional challenges for foreign trade enterprises [4][5].

Group 1 - The core viewpoint of the articles highlights the resilience of China's foreign trade in the first half of the year, driven by diversified trade partners and a robust manufacturing system, despite external pressures such as the U.S. "reciprocal tariffs" [1][2] - China's exports to Africa, ASEAN, Latin America, and the EU saw significant growth in the first five months, with increases of 20.2%, 13.5%, 10.6%, and 7.7% respectively, outperforming overall export growth rates by substantial margins [2] - The shift in China's export focus towards non-U.S. regions, particularly ASEAN, the EU, and the Middle East, is a strategic response to the global trade environment, aiming to mitigate tariff risks and enhance trade partnerships [2][3] Group 2 - Recent agreements, such as the 110 cooperation consensus reached during the China-Central Asia Summit and the upgrade of the China-Georgia Free Trade Agreement, reflect China's commitment to trade liberalization and multilateralism amid rising protectionism [3] - High-tech product exports from China increased by 7.4% in the first five months, with notable double-digit growth in biotechnology, computer integrated manufacturing technology, optoelectronics, and electronic technology products [4] - The competitive edge of China's manufacturing in global supply chains, particularly in sectors like consumer electronics and lithium batteries, is expected to sustain strong export growth in the future [4]

Core Insights - Zhengzhou's foreign trade achieved a total import and export value of 228.57 billion yuan in the first five months of this year, marking a year-on-year growth of 40.8%, ranking first among central cities, national central cities, and fourth among provincial capitals nationwide [1] Group 1: Trade Performance - The main drivers of Zhengzhou's foreign trade growth are electromechanical products and high-tech products, with electromechanical product exports reaching 125.27 billion yuan, up 76.3% year-on-year, and high-tech product exports at 100.77 billion yuan, up 92.9% [1] - Electric vehicle exports saw a remarkable increase of 243.6% year-on-year, becoming a new highlight in foreign trade growth [1] - The import of high-end products is also on the rise, with electromechanical products and high-tech products accounting for 82.9% and 69.2% of total imports, respectively, indicating strong demand for industrial upgrading and technological innovation [1] Group 2: Market Diversification - Zhengzhou has established trade relations with 226 countries and regions globally, with the EU, ASEAN, the US, Japan, India, and South Korea being the main trading partners, collectively accounting for 55.8% of the city's total foreign trade [1] - Trade growth with markets such as Brazil, Malaysia, and Germany has been significant, further enhancing Zhengzhou's resilience against external risks [1] Group 3: Logistics and Infrastructure - Zhengzhou's efficient logistics system is a significant advantage for its foreign trade development, leveraging multiple transportation modes including air, water, and road to create convenient international trade channels [2] - In the first five months, air transport accounted for 143.91 billion yuan in import and export goods, a year-on-year increase of 56.3%, representing 63% of the city's total foreign trade [2] - The Zhengzhou Airport Economic Zone has improved customs efficiency through a multi-modal transport system, facilitating the rapid development of new business models such as cross-border e-commerce [2] Group 4: Future Outlook - Experts attribute Zhengzhou's rapid foreign trade growth to dual drivers of industrial upgrading and policy support, indicating a shift towards high value-added industries [2] - The Zhengzhou Municipal Bureau of Commerce aims to optimize the foreign trade structure, targeting over 6,000 enterprises with import and export achievements by the end of the year, while maintaining a high-tech product export ratio of over 60% [2]

Group 1: Support and Collaboration - Suzhou has been providing targeted support to regions in Xinjiang, including Horgos, Gongliu, and Atushi, since 2010, enhancing cooperation in various fields [1][2] - The financial commitment includes 7.35 million yuan allocated for 24 technology innovation projects in Xinjiang, which has led to an additional 16.2 million yuan in enterprise matching investments [1] Group 2: Industrial Development - The "Horgos Comprehensive Smart Energy Project," recommended by the Suzhou working group, was recognized as an excellent entrepreneurial project, showcasing the effectiveness of industrial aid [2] - Suzhou's working group has successfully attracted influential projects to Horgos, significantly contributing to the rapid development of local industries such as foreign trade and cross-border e-commerce [2] Group 3: Medical Assistance - A significant medical achievement was made with the implantation of a wireless pacemaker in a 71-year-old patient in Gongliu County, addressing a critical health issue and filling a local technical gap [3][4] - The medical team, led by expert Li Haigang, utilized innovative techniques to perform the surgery, which was crucial given the patient's complex medical history [3][4] Group 4: Cultural and Economic Integration - The establishment of the "Atushi Mulberry Fig Cultural Tourism Scenic Area" has transformed local businesses, increasing the number of shops from over 30 in 2020 to 246 by 2024, with collective income reaching over 1.4 million yuan [5] - The integration of agriculture, culture, and tourism around the mulberry fig industry has led to a significant economic uplift for the local community [5] Group 5: Youth Exchange and Cultural Ties - The "Pomegranate Seed" summer camp initiative promotes youth exchange between Kunshan and Atushi, fostering cultural ties and enhancing ethnic unity [6]

Core Viewpoint - The article highlights the resilience of Zhejiang's foreign trade enterprises in the face of challenges posed by U.S. tariffs, showcasing their ability to adapt and grow despite market pressures [1][2][3]. Group 1: Performance Metrics - From January to May, Zhejiang contributed 20.7% to national export growth, ranking first in the country [1]. - Zhejiang's total foreign trade reached 2.24 trillion yuan, a year-on-year increase of 6.5%, with exports amounting to 1.69 trillion yuan, growing by 9.6% [1]. Group 2: Adaptation Strategies - Zhejiang's foreign trade enterprises have proactively prepared for market changes, maintaining communication with clients while exploring new markets to offset losses [1]. - Companies are adjusting production lines in response to order changes, demonstrating flexibility and efficiency [1]. Group 3: Manufacturing Strength - Zhejiang boasts one of the most complete manufacturing clusters globally, allowing local enterprises to quickly adapt and reduce delivery times, thus enhancing cost-effectiveness [2]. - The robust Chinese manufacturing system serves as a solid foundation for the transformation and upgrading of foreign trade enterprises [2]. Group 4: Market Confidence - China's position as the world's second-largest consumer market provides a buffer for foreign trade enterprises against international market fluctuations [3]. - The integration of domestic and foreign trade is encouraged by policy support, facilitating smoother transitions for enterprises between these two markets [3]. Group 5: Cultural Resilience - The unique cultural and commercial spirit of Zhejiang merchants fosters a dynamic evolution in market competition, contributing to the resilience of foreign trade [3].

Group 1 - The total value of China's goods trade in the first five months of this year reached 17.94 trillion yuan, a year-on-year increase of 2.5%, with exports at 10.67 trillion yuan (up 7.2%) and imports at 7.27 trillion yuan (down 3.8%) [1] - ASEAN remains China's largest trading partner, with a total trade value of 3.02 trillion yuan, growing by 9.1%, accounting for 16.8% of total foreign trade [1] - Trade with the EU increased by 2.9% to 2.3 trillion yuan, while trade with the US saw a total value of 285.51 billion yuan, with a month-on-month decline of 12.67% [1] Group 2 - China's total trade with Belt and Road countries reached 9.24 trillion yuan, a growth of 4.2%, with exports at 5.34 trillion yuan (up 10.4%) and imports at 3.9 trillion yuan (down 3.2%) [2] - Trade with Africa showed significant growth, reaching 963.21 billion yuan, a year-on-year increase of 12.4%, with exports growing by 20.2% [2] - The trade volume between China and Africa is projected to reach 295.6 billion USD in 2024, marking a 4.8% increase and setting a new historical high for the fourth consecutive year [2] Group 3 - In the first five months, China exported 6.4 trillion yuan worth of electromechanical products, a growth of 9.3%, accounting for 60% of total exports [3] - Key products such as integrated circuits, ships, and LCD panels maintained high growth in both quantity and value, with double-digit increases [3] - Future policies are expected to focus on stabilizing growth and foreign trade, with potential financial support for struggling foreign trade enterprises [3]

Core Viewpoint - The article provides a detailed guide on how foreign trade enterprises can handle export tax rebate checks through the electronic tax bureau, emphasizing the importance of completing the check before applying for the export tax rebate. Summary by Sections Export Tax Rebate Check Process - Step 1: Log into the electronic tax bureau, navigate to "Tax Services" and select "Invoice Business" [1] - Step 2: In the "Invoice Business" interface, click on "Invoice Check Confirmation" [2] - Step 3: Access the "Export Tax Rebate Check" section to enter the invoice check interface [4] - Step 4: Click on "Export Tax Rebate Check" to proceed to the invoice selection page [6] - Step 5: After completing the check, submit the selection and confirm the invoice information in the pop-up window [7] - Step 6: Confirm the purpose of the invoice by verifying the statistical data before finalizing the operation [8]

Group 1: Global Trade Environment - The global manufacturing PMI new export orders index fell below the growth line for two consecutive months, indicating a contraction in trade due to rising protectionism and uncertainty [1] - Despite these challenges, China's foreign trade maintained steady growth in the first five months of the year, with a total import and export value of 17.94 trillion yuan, a year-on-year increase of 2.5% [1] Group 2: China's Foreign Trade Strategy - China is committed to expanding high-level opening-up and diversifying its trade partnerships, as evidenced by recent agreements with African nations and the completion of the China-ASEAN Free Trade Area 3.0 negotiations [2][3] - Chinese foreign trade enterprises are increasingly shifting from a "single-polar dependence" to a "multi-polar resonance" strategy to mitigate risks [3] Group 3: Product Structure and Competitiveness - In the first five months, China's exports of electromechanical products grew by 9.3%, with integrated circuit exports increasing by 18.9%, reflecting a shift from scale advantages to technological advantages in the global supply chain [4] - The growth in high-tech product exports, which rose by 7.4%, indicates an ongoing optimization of China's export structure, with green technology products gradually replacing traditional low-value goods [4] Group 4: R&D Investment and Innovation - China's robust growth in high-tech product exports is closely linked to increased R&D investment, which is projected to reach 2.68% of GDP in 2024, surpassing the EU average [5] - This innovation investment is transforming into tangible export competitiveness, with technology-intensive products becoming a new engine for foreign trade growth [5] Group 5: Trade Facilitation and Support - China's foreign trade policies have become more precise and pragmatic, providing support through financial assistance, customs facilitation, and market expansion [6] - Measures include expanding export credit insurance coverage and enhancing cross-border trade facilitation, which have boosted the confidence of foreign trade enterprises [6] Group 6: Market Potential and Economic Stability - China's vast market potential continues to be released, with policies aimed at stabilizing the economy and foreign trade showing positive effects [7] - The fundamental outlook for China's foreign trade remains optimistic, with confidence to face various risks and challenges [7]

宏观经济 | 证券研究报告 — 点评报告 2025 年 7 月 1 日 一季度对外经济部门体检 报告 经常项目顺差扩大，内资外流增加，民间对外净 头寸首次转正 2025 年一季度，我国国际收支延续经常项目顺差、资本项目逆差的自主平衡 格局，交易引起的外汇储备资产减少但外汇储备余额增加，民间部门首次转 为对外净资产。 中银国际证券股份有限公司 具备证券投资咨询业务资格 宏观经济 证券分析师: 管涛 (8610)66229136 tao.guan@bocichina.com 证券投资咨询业务证书编号：S1300520100001 证券分析师: 刘立品 (8610)66229236 lipin.liu@bocichina.com 证券投资咨询业务证书编号：S1300521080001 经常项目顺差同比扩大，占 GDP 比重继续处于国际认可的合理范围以 内。特朗普关税政策冲击下，我国外贸展现出较强韧性，货物贸易顺差 继续处于历史高位。 资本项目（含净误差与遗漏）逆差连续第四个季度扩大，线上资本项目 逆差处于历史次高，远大于上年同期逆差，主要是因为内资外流增加， 其中对外债务类和股权类投资净流出同比齐增，分别反映了中美 ...