美国企业游说团体全国对外贸易委员会（NFTC），敦促特朗普政府立即暂停实施所谓“关联方规则”，称该规则已导致数十亿美元的美国出口停滞，并可能促使中国及其他国家将美企排除出其供应链，与特朗普减少贸易逆差、扩大美国出口的愿望背道而驰。该规则禁止美国公司向受制裁企业部分持股的公司出口商品和技术。白宫和美国商务部未回应置评请求。 ...

Core Insights - The article highlights the significant achievements of China's economy during the "14th Five-Year Plan" period, emphasizing its resilience and contributions to global economic growth [1][3]. Economic Growth - Over the past five years, China's economic increment is expected to exceed 35 trillion yuan, with an average annual growth rate of 5.5%, surpassing the global average [3]. - China's contribution to global economic growth has remained around 30% annually, establishing it as a stable anchor for the world economy [3]. Innovation - National R&D investment has increased by nearly 50% compared to the end of the "13th Five-Year Plan," with R&D intensity approaching the OECD average [4]. - China ranks 10th in the global innovation index and has maintained the largest number of R&D personnel in the world for several years [4]. Industrial Transformation - The manufacturing sector is projected to contribute an additional 8 trillion yuan during the "14th Five-Year Plan," maintaining over 30% of global manufacturing growth [5]. - China continues to lead in the production of over 220 major industrial products, with significant advancements in AI and innovative pharmaceuticals [5]. Green Development - China has made substantial progress in environmental quality, with the fastest improvement in air quality and the largest increase in forest resources globally [6]. - By mid-2025, the installed capacity of renewable energy has surpassed that of coal, with 368.9 million new energy vehicles and nearly 16.7 million charging facilities, both ranking first in the world [6]. Trade and Global Cooperation - During the "14th Five-Year Plan," China's goods trade volume has remained the largest globally, with service trade expected to exceed 1 trillion USD for the first time in 2024 [8]. - High-tech products account for nearly 20% of exports, with significant growth in electronic information and high-end equipment sectors [8]. Infrastructure Development - China has established the world's largest networks of highways, high-speed rail, and ports, while also rapidly expanding new infrastructure in computing and smart cities [9]. - The computing power scale has grown at an annual rate of 30% over the past five years, with major nodes accounting for about 70% of the national total [9]. Agricultural Strength - China has achieved 21 consecutive years of grain production growth, with a target of 1.4 trillion jin by 2024, ensuring food security [10]. - The country has built over 1 billion mu of high-standard farmland, with a mechanization rate exceeding 74% for major crops [10]. Social Welfare - By mid-2025, the per capita disposable income reached 21,840 yuan, reflecting a nominal growth of 5.3% [11]. - China has developed the largest education, social security, and healthcare systems globally, with a basic pension insurance coverage exceeding 95% [11].

Japan’s economy likely contracted in the third quarter after five consecutive periods of growth, as US President Trump’s tariffs campaign took a toll on exports, according to a Bloomberg survey of economists https://t.co/nB3jYfSx5L ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Chinese economy, highlighting the current economic conditions and anticipated policy responses in the context of structural reforms and stimulus measures [3][7]. Core Insights and Arguments 1. **Economic Performance**: Exports remain strong, but domestic demand is cooling. Short-term policies are expected to support infrastructure and alleviate local government debt [3][7]. 2. **Structural Reforms**: Significant structural reforms, such as the redesign of local incentive mechanisms and social security reforms, are anticipated to be addressed in the upcoming 15th Five-Year Plan [3][7]. 3. **Growth Momentum**: There is a noted weakening in growth momentum due to fiscal constraints and a diminishing marginal effect of consumption incentives. GDP growth is projected to decline to 4.5% in Q3 [7][9]. 4. **Policy Stance**: The government is likely to adopt a stance of "adjustment rather than a shift," focusing on minor policy tweaks rather than aggressive stimulus measures [7][9]. 5. **Fiscal Support**: Anticipated fiscal measures include a new policy financial tool worth 500 billion RMB for local infrastructure projects and 1 trillion RMB in support for local government debt [9][9]. Additional Important Content 1. **Retail Performance**: Retail sales in the automotive and home appliance sectors have further slowed since September, reflecting both high base effects and local government subsidy management [8][20]. 2. **Real Estate Market**: Residential sales remain sluggish, with expectations of a significant decline in growth rates due to high base effects in the future [8][17]. 3. **Construction Activity**: The construction industry is experiencing weak activity, with low demand for rebar and cement, indicating broader economic challenges [18][24]. 4. **Trade Dynamics**: Container throughput at major ports has shown a recovery, indicating a divergence in export performance between the U.S. and non-U.S. markets [15][11]. 5. **Inflation Expectations**: Structural reforms are deemed crucial for stabilizing inflation expectations and releasing excess household savings [9][9]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state of the Chinese economy and the anticipated policy responses.

Thailand’s exports grew at the slowest pace in almost a year as US tariff impact began hurting demand for it products https://t.co/Dk4dQIrXHv ...

Engine companies are scrambling to offset the pain from steep new U.S. tariffs. Export is racing to Africa in search of a tariff haven after Washington slapped a 50% duty on some Indian goods earlier this week. Now for more.Bloomberg sends you're Ganga joins us now from Kigali Rwanda. And you were yesterday we were talking about China seeing the opportunity and sizing up the opportunity in the African continent. Now, India as well, looking for new markets.Absolutely. Jomana, and you just mentioned in the in ...

The US has slapped a crushing 50% tariff on some Indian goods. The higher tariffs took effect earlier this hour, doubling the existing 25% duty that was implemented on August the 7th. For more, let's bring in our India trade and economy reporter Shrii Shivasta Sabah in New Delhi.Uh Shri, maybe let's just start with uh and first of all, this is a really high level of tariffs. It's 50%. What sort of an impact is this going to have on the Indian economy.How punitive is it going to be. Definitely as you said th ...

Trade Performance - Vietnam's July exports increased by 16% year-over-year to $42270 million, exceeding the expected 14% growth [1] - Rice exports reached 782 thousand tons, a 42% year-over-year increase [1] - Coffee exports for the first seven months totaled 1050 thousand tons, up 69% year-over-year [1] - July imports increased by 178% year-over-year, surpassing the anticipated 152% growth [1] Economic Indicators - July's industrial production index rose by 85% year-over-year, compared to 108% in June [1] - Retail sales in July increased by 92% year-over-year, up from 83% in June [1] - July's CPI increased by 319% year-over-year, lower than the 357% increase in June [1]

Summary of Yiwu's Export Performance and Company Outlook Industry Overview - **Industry**: Yiwu's export market - **Key Performance**: Yiwu's exports increased by 25% year-over-year (YoY) in the first half of 2025, significantly outperforming China's overall export growth of 6% YoY [1][2] Core Insights - **Export Growth**: - Yiwu's exports reached Rmb 359 billion in H125, with market procurement trade exports making up 83% of this total [1] - The growth rate is expected to sustain around 20% YoY in July 2025 [1] - Yiwu's imports also saw a rise of 28% YoY to Rmb 47 billion [1] - **Comparative Growth**: - From 2018 to 2022, Yiwu's export growth was approximately 1.5 times that of China. Since 2023, this has accelerated to over 2 times [2] - The growth is attributed to Yiwu's focus on labor-intensive products, which have high production costs overseas, leading to low replaceability [2] - **Product Categories**: - The top five export categories from Yiwu include miscellaneous products (20%), textiles (18%), base metals (13%), machinery (13%), and plastics (12%) [3][10] - Popular products within miscellaneous categories include toys, thermos cups, and plastic toys [11] - **Export Destinations**: - The primary export destinations are the US (22%), Iraq (6%), Mexico (4%), Saudi Arabia (3%), and Chile (3%) [3] Company-Specific Insights - **Yiwu CCC (600415.SH)**: - The company is projected to achieve a 30% compound annual growth rate (CAGR) in earnings per share (EPS) from 2025 to 2027, driven by visible rental income growth and expanding trade-service and import businesses [4][20] - **Market Position**: - Yiwu is recognized as the "world's supermarket," with over 2.1 million products available and more than 50% of merchants having nearby factories, enhancing merchant stickiness [2] Additional Considerations - **Economic Context**: - Despite the strong performance, potential risks include ongoing macroeconomic weaknesses, possible rent increases below expectations, and higher-than-expected US tariff hikes [20] - **Future Outlook**: - Yiwu's exports are expected to maintain double-digit growth in 2025, contrasting sharply with the broader Chinese economic forecast of only 1% growth [2] This summary encapsulates the key points regarding Yiwu's export performance and the outlook for Yiwu CCC, highlighting both opportunities and risks in the current economic landscape.

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **Chinese manufacturing sector** and its economic indicators, particularly focusing on the **PMI (Purchasing Managers' Index)** and trade performance in Q2 2025. Core Insights and Arguments - **PMI Decline**: Both the NBS and S&P Global China manufacturing PMIs fell in July, with NBS dropping from 49.7 to 49.3 and S&P Global from 50.4 to 49.5, indicating a contraction in manufacturing activity [6][12][10] - **Trade Performance**: Despite escalating trade tensions with the US, total Chinese exports increased by **8.6% year-over-year in Q2**, with strong performance across most manufactured products [7][8] - **Economic Policy Outlook**: The July Politburo meeting indicated limited near-term easing measures, with a focus on curbing price competition and managing local government debt, suggesting a tightening impulse in some sectors [6][12] - **Government Support Initiatives**: Recent policies aimed at supporting consumption include childcare and elderly care subsidies, as well as the gradual rollout of free preschool programs [6] Additional Important Insights - **Impact of Weather on Activity**: Adverse weather conditions, including heat waves and heavy rainfall, negatively impacted July's economic activity, contributing to a notable decline in the NBS construction PMI from 52.8 to 50.6 [6] - **Future Expectations**: The expectation is for China's real GDP growth to slow in the second half of 2025 due to softening exports and a lack of significant policy easing, although there remains a risk of upside surprises in export performance [7] - **Sector-Specific Trends**: The report highlights that the increased efforts to reduce excessive price competition are affecting output and pricing dynamics within the manufacturing sector [6] This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and outlook of the Chinese manufacturing industry and its economic environment.