Core Insights - China is actively expanding imports as part of its commitment as a responsible major country and to promote high-level opening-up [1][4] - The "Shared Market · Export China" initiative aims to balance import and export development while enhancing cooperation with global partners [2][3] - China has become the world's second-largest consumer and import market, with significant growth in import values over the past decade [1][5] Group 1: Import and Export Statistics - In 2024, China's total goods imports are projected to reach 18.4 trillion yuan, and service imports are expected to be 4.3 trillion yuan, both showing over 60% growth compared to ten years ago [1] - For the first three quarters of 2025, China's total goods trade reached 33.61 trillion yuan, with exports at 19.95 trillion yuan and imports at 13.66 trillion yuan, reflecting a 4% year-on-year growth [5] - In the first ten months of 2024, China's total goods trade value was 37.31 trillion yuan, with exports growing by 6.2% and imports remaining stable compared to the previous year [7] Group 2: Trade Partnerships and Initiatives - The "Shared Market · Export China" series will include over 100 events annually, focusing on various themes to enhance international trade connections [2][3] - China has implemented zero-tariff policies for 100% of products from least developed countries with which it has diplomatic relations, resulting in a 9.7% increase in imports from these nations [5] - The Ministry of Commerce is actively promoting foreign investment and addressing challenges faced by foreign enterprises through regular roundtable meetings [6] Group 3: Market Dynamics - China has maintained its position as the world's second-largest import market for 16 consecutive years, showcasing its commitment to expanding its market [4][5] - The first ten months of 2024 saw a notable performance from private enterprises, with their imports and exports reaching 21.28 trillion yuan, a 7.2% increase [7] - Major commodities imported by China have seen price declines, while the import value of electromechanical products has increased by 5.5% [8]

Core Insights - China's goods trade maintained steady growth in the first ten months of 2025, with a total import and export value of 37.31 trillion yuan, an increase of 3.6% year-on-year [1] Trade Performance - Exports reached 22.12 trillion yuan, growing by 6.2% year-on-year [1] - Imports totaled 15.19 trillion yuan, remaining stable compared to the same period last year [1] - In October, the total value of goods trade was 3.7 trillion yuan, a slight increase of 0.1% [1] - October exports were 2.17 trillion yuan, down by 0.8%, while imports were 1.53 trillion yuan, up by 1.4%, marking five consecutive months of growth [1] Commodity Import Trends - Major commodity import prices declined: - Iron ore imports were 1.029 billion tons, up by 0.7%, with an average price drop of 10.7% [1] - Crude oil imports reached 471 million tons, increasing by 3.1%, with an average price drop of 12.1% [1] - Coal imports decreased by 11% to 388 million tons, with an average price drop of 24.5% [1] - Natural gas imports fell by 6.2% to 103 million tons, with an average price drop of 8.8% [1] - Soybean imports increased by 6.4% to 95.682 million tons, with an average price drop of 11.1% [1] - Refined oil imports decreased by 16.3% to 34.193 million tons, with an average price drop of 4.6% [1] - Primary form plastic imports fell by 7.6% to 22.12 million tons, with an average price drop of 0.6% [1] - Copper and copper products imports decreased by 3.1% to 4.456 million tons, with an average price increase of 5.7% [1]

Core Insights - The article highlights the participation of Dongfang Chuangye Co., Ltd. at the 8th China International Import Expo (CIIE), showcasing a diverse range of global gourmet products, emphasizing the company's commitment to the "premiere economy" and the "spillover effect" of the expo [1][2]. Group 1: Company Strategy - Dongfang Chuangye has consistently attended the CIIE, introducing new brands each year, demonstrating a meticulous selection process that reflects a deep understanding of market trends and consumer preferences [2][3]. - The company focuses on "premiere economy" by introducing unique products that are exclusive to the Chinese market, such as Scottish whisky and gin, which are not available elsewhere [3][4]. Group 2: Market Approach - The company adopts a unique sales strategy by avoiding traditional retail channels and instead promoting products through private channels, allowing for more targeted marketing to quality-seeking consumers [3][4]. - Dongfang Chuangye has evolved from a simple trading company to a high-quality lifestyle facilitator, bringing not only products but also the associated culture and stories to Chinese consumers [3][4]. Group 3: Collaborative Efforts - A notable collaboration with the Glasgow Chamber of Commerce has expanded from a single whisky supplier to multiple suppliers, significantly increasing the number of SKUs from 5 to over 50 within a few years [4][5]. - The partnership has transcended mere trade, fostering cooperation in other areas such as football training and cultural exchanges, thereby enhancing the relationship between Shanghai and Glasgow [4][5][6]. Group 4: Future Outlook - The company is already preparing for the next CIIE, indicating a commitment to continuous improvement and the introduction of new brands, which requires extensive time for selection and integration [7].

Core Viewpoints - In October, China's exports unexpectedly turned negative with a year-on-year decline of -1.1%, significantly below Bloomberg's consensus expectation of 3% and down from 8.3% in September. Imports also fell short of expectations, growing only 1% compared to a forecast of 3.2% and a previous value of 7.4% [2][50]. Group 1: October Export Analysis - The unexpected negative export growth in October was influenced by base effects, with a two-year average year-on-year growth of 5.5%, close to September's 5.3%. The month-on-month export decline was -7.1%, nearing historical lows [4][7]. - Exports to the US showed marginal improvement, while exports to the EU indicated signs of weakness. The US exports were at a seasonal high for two consecutive months, while EU exports approached their lowest levels in the past decade [8][20]. - The decline in exports to the EU was notable, with a year-on-year drop to 1.4% in October from 14% in September, indicating a significant slowdown in demand [61][62]. Group 2: Outlook for Q4 Exports - For Q4, several factors are to be considered: a low base in November and a slightly higher base in December, with potential year-on-year growth rates of 4.3% and 0.4% respectively, leading to an overall Q4 export growth of approximately 1.2% [24][25]. - The reduction of the fentanyl tariff by the US on November 10 may stimulate exports to the US, as the tariff reduction narrows the tax rate gap with other regions [9][25]. - Leading indicators suggest that export growth may rebound in November and December, with the OECD composite leading indicators for G7 countries indicating a potential recovery [10][25]. Group 3: Insights for 2026 Exports - The analysis framework for understanding exports is based on the "volume, price, share" method, indicating that the core issue for exports is global trade volume, which can be tracked using a leading indicator system [5][41]. - The resilience of China's exports this year is attributed to global trade volume and maintaining market share through price adjustments. The export price growth has been lagging behind global trade price growth, indicating a reliance on relative price advantages [13][32]. - For next year, the risks to export share are expected to decrease due to the partial reduction of tariffs, and the overall export share may remain stable even if export prices recover [40][41].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's exports have been consistently exceeding expectations due to the high cost - effectiveness of Chinese goods, a result of domestic "involution" and technological progress. Even after "anti - involution", China's price advantage is expected to last a long time because other countries' price increases are much faster than China's [6]. - There is no situation where exports will decline after the end of "rush - exports". The so - called "rush - exports" and "rush - imports" ended in April, but China's exports did not decline after that [5][6]. - The year - on - year decline in exports in October was mainly due to the base misalignment in September and October 2024. Trade frictions may have also affected the export rhythm in October. The key is to observe the high - frequency export data in November [6]. 3. Summary by Related Catalogs Event Overview - According to the General Administration of Customs, in October 2025, in US dollars, China's imports increased by 1.0% year - on - year (previous value +7.4%), decreased by 9.6% month - on - month (+8.5%); exports decreased by 1.1% year - on - year (+8.3%), decreased by 7.1% month - on - month (+2.1%); the trade surplus decreased by 5.9% year - on - year (+10.6%), decreased by 0.4% month - on - month (-11.6%). Exports had their first year - on - year negative growth since March 2025 [3]. Possible Reasons for the First Negative Growth of Exports since March 2025 - **Base factor**: Exports have obvious seasonal patterns. In 2024, September and October's data deviated from the seasonal pattern, while in 2025, it conformed. As a result, the base in September 2025 was extremely low, and in October 2025, it was extremely high, leading to a high year - on - year export growth rate of 8.3% in September 2025 and a low rate of - 1.1% in October 2025 [3]. - **Tariff interference**: Fewer working days in October, combined with tightened manufacturing exports due to unclear Sino - US negotiation results and the threat of 100% tariffs in trade frictions, may have interfered with October's exports. High - frequency export data was weak in mid - October but rebounded significantly in late October. If the high - frequency data in November is similar to that in late October, subsequent exports will still be strong [4]. - **"Rush - exports end, exports will decline" is a false proposition**: The US "rush - imports" ended in April. Since then, US imports have dropped significantly to 2024 levels. However, China's exports have not declined since April, indicating that this narrative may be wrong [5]. Bond Market Viewpoint - In the context of economic expectation correction, bond yields are expected to rise trend - wise. For stock and bond allocation, the report maintains its previous view [7].

Core Points - The Ministry of Commerce announced the suspension of the implementation of Announcement No. 46 of 2024 regarding export controls on dual-use items to the United States, effective immediately until November 27, 2026 [1] Group 1: Export Control Measures - The original Announcement No. 46 of 2024 aimed to strengthen export controls on dual-use items to the United States, citing national security and international obligations [2] - The announcement included a ban on the export of dual-use items to U.S. military users or for military purposes [2] - It also stated that exports of gallium, germanium, antimony, and related dual-use items to the U.S. would generally not be permitted, with stricter end-user and end-use reviews for graphite dual-use items [2] Group 2: Legal Implications - Organizations and individuals that violate these regulations by transferring or providing relevant dual-use items originating from China to U.S. entities will face legal consequences [2]

Export Data - In October 2025, China's export value (in USD) decreased by 1.1% year-on-year, marking a return to negative growth after a 3.1% decline in February 2025[4] - Exports to the US saw a double-digit decline, while exports to Japan and South Korea fell by 9.2%[4] - Exports to ASEAN remained strong, with growth above 10% despite a slight slowdown[4] Import Data - China's import value (in USD) increased by 1.0% year-on-year in October 2025, marking five consecutive months of positive growth[5] - Major contributors to import growth included Hong Kong (70.2%), Brazil (20.3%), and Japan (5.9%), while imports from the US fell significantly by 22.8%[5] - High-tech and electromechanical products saw notable import growth, with increases of 8.7% and 4.7% respectively[5] Trade Surplus - The trade surplus in October 2025 remained robust at over $90 billion, indicating strong competitiveness in foreign trade despite a decline in exports[6] - The surplus with the US and ASEAN showed an upward trend compared to September, reflecting ongoing industrial competitiveness[7] Market Outlook - External demand is expected to remain weak in the short term, influenced by signs of economic slowdown in the US[8] - The recent US-China summit may lead to marginal improvements in trade relations, but the overall external demand weakness is likely to persist[8] - The market may see a convergence in previously divergent trends, with sectors like finance, export leaders, and public utilities expected to perform well[8] Risks - Potential escalation in US-China tensions could impact trade and financial markets more severely than anticipated[16] - Geopolitical crises and global economic pressures may further destabilize trade conditions and financial markets[16]

Core Viewpoint - The Ministry of Commerce has announced the suspension of the implementation of Announcement No. 46 of 2024 regarding the export control of dual-use items to the United States, effective immediately until November 27, 2026 [2]. Summary by Relevant Sections Export Control Measures - The original Announcement No. 46 of 2024 aimed to strengthen export controls on dual-use items to the United States, citing national security and international obligations [4]. - Key measures included: - Prohibition of exports of dual-use items to military users or for military purposes in the U.S. [4]. - Generally denying licenses for the export of gallium, germanium, antimony, and related dual-use items to the U.S. [4]. - Implementing stricter end-user and end-use reviews for graphite dual-use items exported to the U.S. [4]. - Violations of these regulations would lead to legal accountability for organizations and individuals transferring or providing relevant dual-use items from China to the U.S. [4].

Core Insights - The 8th China International Import Expo (CIIE) is being held in Shanghai from November 5 to 10, showcasing its role as a significant driver for industrial upgrades and global trade [1][2] Group 1: Spillover Effect Index - The national spillover effect index for 2024 is projected to reach 67.04, a year-on-year increase of 2.23%, with an average annual growth rate of 15.54% [1] - Shanghai's spillover effect index stands at 66.56, with an average annual growth rate of 16.90% [1] - The Hongqiao International Central Business District (CBD) has a spillover effect index of 82.75, reflecting a year-on-year increase of 6.2% and an impressive average annual growth rate of 50.45% [1] Group 2: Investment Landscape - Despite a noticeable decline in investment promotion compared to 2023, the overseas investment index is 4.5 times that of 2018 [2] - China remains one of the top three preferred investment destinations globally, with 59,000 new foreign-funded enterprises established [2] - The report suggests a shift in export-oriented thinking and enhancing the business environment to strengthen trade resilience [2] Group 3: Shanghai's Role - Shanghai has emerged as a global launchpad for new products, with a transaction intention index of 2.42, reflecting a year-on-year growth of 17.16% [4] - The city has hosted over 3,000 product launch events annually since the first CIIE in 2018, with a significant number of new stores opening each year [5] - The high-end industry in Shanghai is experiencing robust growth, with the "industrial transformation" index increasing by 16.61% [5] Group 4: Hongqiao CBD Development - The Hongqiao CBD's exhibition economy index reached 22.08, marking a year-on-year increase of 16.70% [5] - The area has attracted over 7,000 digital enterprises, with technology service companies making up 21.4% of the total [5] - The report emphasizes the importance of digital empowerment and service optimization to address challenges in international procurement [6]

Export Performance - In October 2025, total exports amounted to $305.4 billion, a year-on-year decrease of 1.1%, falling short of the market expectation of 3.15% and significantly lower than the previous month's growth of 8.3%[1] - Exports to Africa, Latin America, and the EU saw notable declines, contributing to a 9.2 percentage point drop in export growth compared to September[2] - Exports to the US decreased by 25.2%, slightly improving from the previous month's decline of 26.8%, impacting overall export growth by 3.8 percentage points[2] Import Trends - Total imports in October 2025 were valued at $238.1 billion, reflecting a year-on-year growth of 1.0%, which also fell short of the expected 4.14%[1] - The import growth rate for machinery and high-tech products decreased significantly, with declines of 7.6 and 11.1 percentage points, respectively[4] - Conversely, the import growth rate for bulk commodities accelerated, with soybean, crude oil, and copper ore imports increasing by 9.8%, 7.0%, and 4.6% respectively compared to the previous month[4] Sector Analysis - Machinery and high-tech product exports slowed down, with year-on-year growth rates dropping to 1.3% and 1.8%, respectively, while labor-intensive products faced a more severe decline of 14.8%[3] - The automotive sector, including chassis, maintained a robust growth rate of 34.1%, contributing approximately 1.2 percentage points to overall export performance[3] - The overall import growth rate for machinery and high-tech products was 2.7%, indicating a slowdown compared to previous months[29] Economic Outlook - Future export growth may be hindered by high base effects from the previous year, particularly in November and December, when exports to the US surged post-election[5] - The manufacturing PMI's new export orders fell to a 22-month low, suggesting potential challenges for export growth in November[6] - Domestic economic stimulus measures, including the acceleration of policy-driven financial tools, may be necessary to bolster internal demand and support GDP growth in the fourth quarter[6]