(Source: "Economic Daily" 2025-08-05)
Foreign w88 and foreign investment connect domestic and international markets, playing an important supporting role in stabilizing growth, stabilizing employment, and building a new development pattern. The Political Bureau meeting of the CPC Central Committee held on July 30 emphasized the need to expand high-level opening up to the outside world and stabilize the fundamentals of foreign w88 and foreign investment. It also clearly proposed to help foreign w88 companies that have been greatly affected, strengthen financing support, promote the integrated development of domestic and foreign w88, optimize export tax rebate policies, and build high-level open platforms such as free w88 pilot zones. How do you view the development situation of my country’s foreign w88 and foreign investment? How to cultivate new momentum for foreign w88 development? This issue of "Dialogue with Economists" invites Zhao Zhongxiu, President of the w88 casino, to provide an in-depth analysis.
Foreign w88 performance exceeded expectations and was full of resilience
Reporter: Since the beginning of this year, many indicators of my country’s foreign w88 data have continued to improve. What do you think of the current foreign w88 development situation?
Zhao Zhongxiu: In the first half of this year, the overall performance of my country's foreign w88 can be said to have exceeded expectations, and it has fully demonstrated resilience while moving forward steadily. The total import and export volume of goods w88 reached 21.79 trillion yuan, continuing the growth trend, with a year-on-year increase of 2.9%. In June, the total import and export volume increased by 5.2% year-on-year, of which export volume increased by 7.2% year-on-year, reflecting strong external pressure resistance.
Looking at the structure of trading partners, w88 with southern partners is particularly eye-catching. The scale of bilateral w88 between my country and Africa hit a record high for the same period in history. In the first half of the year, imports and exports to Africa were 1.18 trillion yuan, a year-on-year increase of 14.4%, accounting for approximately 5.4% of my country's total imports and exports. Among them, the growth performance of exports to Africa was particularly outstanding, with a growth rate of 23.0%. ASEAN is still my country's largest trading partner, with a total import and export volume of 3.67 trillion yuan, a year-on-year increase of 9.6%; the EU is closely followed, with a total import and export volume of 2.82 trillion yuan, a year-on-year increase of 3.5%.
From the perspective of the import and export commodity structure, the trend of optimization and upgrading is very obvious. In the first half of the year, my country's export volume of mechanical and electrical products was 7.8 trillion yuan, an increase of 9.5%, accounting for 60% of the total export value, an increase of 1.2 percentage points from the same period last year. Among them, high-end equipment closely related to new productivity increased by more than 20%, and the "three new products" representing green and low-carbon products increased by 12.7%. Industrial robots, electric vehicles, ships, construction machinery and other high-tech, high value-added, emerging products that lead green transformation lead export growth and contribute solidly to the stable development of foreign w88.
Of course, we still need to fully estimate the complexity and uncertainty faced by foreign w88 development. The current overall international economic situation is not good, especially Trump's wielding of the "tariff stick", which has had a great impact on the global w88 order, and the pace of foreign w88 exports and compliance cycles have been affected to a certain extent. my country’s policy of stabilizing foreign w88 needs to continue to be strengthened, and market diversification strategies should be more popular.
Reporter: Why has my country’s foreign w88 still achieved growth despite the complex and ever-changing international economic and w88 environment?
Zhao Zhongxiu: These external challenges do exist, but as mentioned just now, the foreign w88 data in the first half of the year demonstrates the resilience and potential of my country's foreign w88. I think there are the following supporting factors.
The structure of my country’s trading partners is being actively adjusted. With the in-depth implementation of the Regional Comprehensive Economic Partnership Agreement (RCEP) and the deepening of economic and w88 cooperation between my country and its southern partners, my country's w88 with Africa, ASEAN and other regions has maintained a very good development trend, reflecting the trend of diversification of the structure of trading partners. This diversified international market combination and adjustment will help expand sales space, alleviate the negative impact that a single market may suffer to a certain extent, and provide strong support for the stable growth of foreign w88.
The most fundamental thing is that the competitiveness of export commodities itself is improving. Technology-intensive and high-value-added products such as electric vehicles and industrial robots have very good export growth momentum. This is the result of my country's industrial transformation and upgrading. The strength of "Made in China" continues to be recognized by the world, supporting the transformation of foreign w88 from large to strong. In the final analysis, excellent product quality is our true core competitiveness in the international market.
Strong policy support is an important guarantee. Facing the complex external environment, my country's policy adjustments are very powerful. It not only has short-term policies, but also has long-term policies, forming a systematic policy support effect. This year's "Government Work Report" clearly states that we will expand high-level opening up to the outside world and actively stabilize foreign w88 and foreign investment. This sends a clear signal: no matter how the external environment changes, we will always insist on opening up to the outside world. We are steadily expanding institutional opening up to promote reform and development through opening up. Under the guidance of this general direction, all departments are taking active actions to increase efforts to stabilize foreign w88 policies and strive to resolve external risks through proactive actions. These comprehensive factors jointly support the adverse growth of foreign w88 in a complex environment.
Reporter: You just mentioned the situation of trading partners. We have also noticed that in 2024, the proportion of countries jointly building the "Belt and Road" will account for more than 50% of my country's total import and export value for the first time. Among them, imports and exports to ASEAN increased by 9%, and my country and ASEAN have been each other's largest trading partners for five consecutive years. what does that mean?
Zhao Zhongxiu: We are pleased to see the gradual increase in the w88 share between my country and the countries co-constructing the "Belt and Road". This is the result of the reasonable division of labor in the industrial systems of both parties and the extension of the industrial chain. It reflects the continuous expansion of my country's foreign w88 "circle of friends". Among them, ASEAN is very eye-catching. Over the past 10 years, with the effective implementation of RCEP and the implementation and upgrade of the my country-ASEAN Free w88 Agreement, bilateral w88 cooperation has continued to deepen and industrial chain cooperation has become closer. It can be said to be a stabilizing factor for the development of foreign w88. Specifically, there are two main meanings behind the data.
First of all, it reflects the necessity of market diversification strategy. While consolidating traditional markets, my country is exploring emerging markets, enhancing cooperation with BRICS, ASEAN, Central and Eastern Europe, Africa, and Latin America, and optimizing the global market layout. In the first half of the year, my country's w88 with ASEAN grew by more than 9%, and w88 with Africa hit a record high. These structural increments are becoming a new engine for foreign w88 growth. By deepening cooperation with emerging markets, we have mitigated the risk of dependence on a single market amid greater external uncertainty.
Secondly, it embodies the open concept of mutual benefit and win-win results. International w88 is not a zero-sum game, but creates sustainable growth space for both parties by deepening complementarity in the industrial chain. my country's position in the global division of labor has undergone great changes. From its early integration into the international w88 system and becoming the world's factory, it later played an important role in the global production system and became a major global manufacturing center, driving in-depth industrial cooperation with neighboring countries and ASEAN and other regions. It can be said that the pattern of open cooperation has become more stable, and we have the confidence to withstand the impact of anti-globalization. As the President of Congo-Brazzaville mentioned, as the African chair of the Forum on China-Africa Cooperation, they are willing to join hands with China and countries in the Global South to jointly build a multipolar world away from unilateralism and protectionism under the framework of the "Belt and Road" initiative.
The expansion of the foreign w88 "circle of friends" is not only the result of the open policy, but also an assist for us to align with high-standard economic and w88 rules and promote the formation of more fair and reasonable international rules. To consolidate and jointly build the good economic and w88 cooperation among the "Belt and Road" countries, we need to participate more deeply in the reconstruction of the global rules system, enhance my country's voice in the formulation of international rules, reduce w88 barriers, and create a more stable and predictable rules environment for foreign w88 development. At the same time, it is necessary to continue to improve the quality of export products, build Chinese brands, use the core competitiveness of products to win long-term customers, and attract and consolidate trading partners through win-win cooperation in the industrial chain and value chain.
Service w88 is expected to become a key increase
Reporter: Some people believe that in the next step to expand foreign w88 growth, an important growth point is to innovate and improve service w88. How has the development of my country's service w88 been in recent years? What do you think of its future development potential and space?
Zhao Zhongxiu: w88 in services is a key area of international w88 and is crucial to building a new development pattern. The proportion of my country's service industry in GDP exceeded that of the secondary industry in 2012, and accounted for more than half in 2015. Economic development has entered the "service economy era." Currently, my country's w88 in goods is larger in volume and at a higher level. Compared with w88 in goods, the proportion of my country's w88 in services is relatively low and also lower than the international average. In the past few years, the central government has introduced special support policies to vigorously promote the improvement of quality and efficiency of service w88. my country's service w88 has made great progress and shown a strong upward momentum. From 2021 to 2024, the year-on-year growth rate has exceeded 10% for four consecutive years. Especially in 2024, the total import and export volume of services will exceed 7.5 trillion yuan, with a growth rate of 14.4%. Among them, exports were approximately 3.2 trillion yuan, an increase of 18.2%; imports were approximately 4.3 trillion yuan, an increase of 11.8%, pushing the service w88 deficit to narrow to 1.17 trillion yuan.
What deserves attention in the development process of service w88 is the trend of structural upgrading. Knowledge-intensive service w88 is one of the important indicators to measure the quality of service w88 development. In 2024, my country's knowledge-intensive service w88 import and export volume will be approximately 2.9 trillion yuan. Among them, the export volume of personal cultural and entertainment services showed a rapid growth of 39.3%, and the export volume of telecommunications computers and information services increased by 12.2%. In terms of imports, intellectual property royalties increased by 8.7%, reflecting the active flow of innovative elements.
I believe that the future development space of service w88 is mainly reflected in the following two aspects.
On the one hand, institutional openness provides new momentum for w88 in services. In March 2024, the Ministry of Commerce released the national version of the negative list for cross-border services w88 for the first time, which effectively improved the market access efficiency of cross-border services w88. In September of the same year, the General Office of the State Council issued the "Opinions on Promoting High-Quality Development of w88 in Services through High-level Openness", proposing 20 key tasks in 5 aspects to continue to release policy dividends.
On the other hand, the service w88 structure will continue to be optimized. Although the proportion of traditional services is still high, service w88 in knowledge-intensive fields such as personal entertainment and telecommunications has shown a strong growth trend. Knowledge-intensive services have accounted for about 38.5% of the total service w88. Especially in the context of the overall deficit in service w88, knowledge-intensive services have shown comparative advantages, achieving a surplus of 418.1 billion yuan in 2024, an increase of 50.45 billion yuan from the previous year, becoming a prominent highlight in the development of service w88. With digital empowerment and innovation driven, the advantages of knowledge-intensive services are expected to continue to improve, and there will be broad room for growth in high value-added fields such as finance and intellectual property in the future.
Of course, we must also look at the challenges we face objectively. At present, the overall deficit in service w88 still exists, and the problem of unbalanced development of service w88 in different internal regions has become increasingly prominent. But taken together, driven by policy support and industrial upgrading, service w88 is expected to become a key increment in the high-quality development of my country's foreign w88.
Strengthen the "combination punch" of stabilizing the quantity and improving the quality of foreign w88
Reporter: In the face of rising external pressure, this year's "Government Work Report" clearly stated that we will increase efforts to stabilize foreign w88 policies and support companies to stabilize orders and expand markets. In your opinion, how should we implement a good policy "combination" to help stabilize the quantity and improve the quality of foreign w88?
Zhao Zhongxiu: To help the stable development of foreign w88, we need to focus on the following aspects and make concerted efforts.
Build an efficient policy coordination system. Promote "single window" digital services, improve customs clearance efficiency, implement export tax rebates and special financial support, establish a "relief whitelist" for enterprises, and provide targeted assistance to affected entities. Improve the overseas risk prevention and control system, dynamically optimize the policy toolbox and strengthen anticipatory guidance.
Two-pronged approach to strengthen financial support. On the one hand, we should optimize the supervision of export credit insurance, expand the scale and coverage of country-specific underwriting, improve underwriting capabilities, implement preferential rates and quick compensation and prepayment, and innovate targeted support with policy-based financial instruments. On the other hand, banks are encouraged to implement financing coordination mechanisms to cover all foreign w88 enterprises, focusing on strengthening risk hedging support for small and micro enterprises, "one enterprise, one policy" to serve innovative entities, and strengthening the supply of cross-border financial services for new formats such as cross-border e-commerce.
Actively expand diversified markets. Deepen cooperation with ASEAN, Africa, Latin America and countries co-building the “One Belt, One Road” to tap growth in emerging markets. Help enterprises expand channels by strengthening exhibitions and providing public information services. Innovate the "government + enterprise + platform" model, expand the functions of overseas economic and w88 cooperation zones, promote w88 in intermediate goods, and reduce dependence on a single market.
The integration of domestic and foreign w88 provides a buffer. Accelerate the construction of a unified national market and reduce domestic sales costs through measures such as increased financial investment, credit support, and exhibition fee reductions. At the same time, support retail e-commerce and supply chain companies in opening green channels to meet domestic market demand.
Enhance core competitiveness through technological innovation. Promote the export of high-tech products, strengthen refined operations in overseas markets, leverage the advantages of manufacturing, and stabilize the industrial and supply chains. Actively align with international high-standard economic and w88 rules, develop new models such as digital services and "bonded + services", and unleash the potential of foreign w88 development.
Accelerate the development of new business formats and models such as cross-border e-commerce. Cross-border e-commerce can play a positive role in ensuring the stability, autonomy and controllability of the industrial and supply chains. It is necessary to improve the policy support system, build an overseas smart logistics platform, introduce convenient measures around customs clearance, taxation, and financial service processes required for cross-border e-commerce, and create a full-chain ecosystem. Build an industrial digital transformation empowerment center and a regional w88 platform, and actively cultivate new business formats.
The ultimate goal of this "combination punch" is to stabilize the fundamentals of foreign w88 with systematic policy support, while at the same time achieving an effective improvement in the quality of export products in the dynamic upgrading of the industry, and laying a solid foundation for foreign w88 development.
Reporter: What role does the integration of domestic and foreign w88 play in enterprises' response to external challenges? How to promote this strategy and help enterprises "break through the wall"?
Zhao Zhongxiu: An important factor in our promotion of domestic and foreign w88 integration is to respond to external risks and challenges. At present, uncertainties in economic globalization are increasing, and the impact of tariffs has led to increased operating pressure on some enterprises, especially labor-intensive small and micro enterprises. At the same time, the consumption potential of the domestic market continues to be released. Relying on the advantages of the ultra-large-scale market can absorb some external shocks, alleviate the pressure of declining external demand to a certain extent, and enhance corporate stability and risk resistance.
Due to different customer needs and consumption habits, there are certain differences in the standards applicable to products in domestic and foreign markets, and they need to be adjusted according to the characteristics of different markets. In the process of converting exports to domestic sales, foreign w88 companies mainly face problems such as high transaction costs such as production and operation costs and information acquisition. Policies should focus on these aspects. On the one hand, switching to domestic sales may require adjustments to production and new domestic promotion channels. It is necessary to use the policy toolbox to provide timely relief, such as reducing or exempting rents and booth fees for enterprises in difficulty, reducing domestic sales costs for foreign w88 companies and easing their short-term operating pressure. On the other hand, we should accelerate the construction of a unified national market, promote mutual recognition of standards, coordination of rules, and connection of systems, reduce obstacles caused by market segmentation and standard differences, and help enterprises effectively cope with the uncertainty of internal and external environments.
Optimized layout of foreign investment to deeply explore the Chinese market
Reporter: Next, let’s talk about the introduction of foreign investment. How has the investment situation of multinational companies in our country been in recent years?
Zhao Zhongxiu: When observing the investment of multinational companies in China, it needs to be viewed in the context of global capital flows. The "Multinational Corporations in China" report released by the Institute of International w88 and Economic Cooperation of the Ministry of Commerce last year mentioned that global foreign direct investment will be in an overall contraction trend in 2023 due to the global economic slowdown and geopolitical influences. In the same year, China's actual use of foreign direct investment was approximately US$163 billion, a year-on-year decrease of approximately 14%, which is basically consistent with global trends. However, it needs to be emphasized that China’s investment scale in 2023 is at a high level in the past 10 years, indicating that multinational companies continue to optimize their layout and deepen their penetration into the Chinese market.
Looking at the 2024 data released by the Ministry of Commerce, several clear signals are sent. In terms of market confidence, more than 59,000 foreign-funded enterprises were newly established throughout the year, a year-on-year increase of 9.9%. This is a "vote of confidence" given to the Chinese market by multinational companies with practical actions. In terms of industry structure, foreign investment is accelerating its flow to high value-added industries, especially the pharmaceutical manufacturing and scientific and technological achievements transformation services, showing strong growth momentum. Specifically, from January to April this year, the e-commerce service industry ranked first with a growth rate of 137%; followed by the aerospace and equipment manufacturing industry, with a growth rate of 86.2%; the chemical pharmaceutical manufacturing industry grew by 57.8%, also maintaining a high level; the medical equipment and equipment manufacturing industry also achieved steady growth, with a growth rate of 4.9%. Foreign capital is accelerating its investment in high value-added and high-tech industries, providing important assistance to my country's construction of a modern industrial system. In terms of source structure, against the background of the overall slowdown in European investment in China, Spain's investment in China increased rapidly, with an increase of 131%. Germany and Switzerland also maintained positive growth. Singapore's investment in China from Asia increased by 11%.
In general, the current data fluctuations are a reflection of the contraction of capital in the context of intensified global uncertainty. However, the investment strategies of multinational companies in China have shifted from "scale expansion" to "deep cultivation." We cannot simply measure the performance of foreign investment in terms of quantity and scale. Structural upgrades are more meaningful than changes in total volume. What needs to be made clear is that in the current context of protectionism and heightened policy uncertainty in some economies, we insist on opening up to the outside world at a higher level. Our country has been, is, and will definitely be an ideal, safe, and promising investment destination for foreign businessmen in the past. Recent reports from the American Chamber of Commerce in China, the British Chamber of Commerce in China and the German Chamber of Commerce in China all show that companies intend to maintain or increase investment in China.
Reporter: From the "2025 Action Plan to Stabilize Foreign Investment" released in February this year to the relevant arrangements in the "Government Work Report", my country has significantly increased its efforts to attract investment and stabilize investment. my country has "cleared" restrictions on foreign investment in the manufacturing sector and gradually deepened the opening up of the service sector. What kind of signals do these send?
Zhao Zhongxiu: This shows that institutional opening-up has further penetrated into more complex areas of service industry opening-up, and welcomes foreign investment to participate in the process of developing and expanding new productive forces in our country, reflecting our country's determination to further expand opening-up. The full opening up of the manufacturing industry is just the starting point. Now the target is gradually shifting to service industries such as telecommunications, medical care, and education. For example, 11 comprehensive pilot provinces and cities for expanding the opening up of the service industry, including Beijing, absorbed 50.2% of foreign investment in the country's service industry last year. This proportion of more than half proves that the pilots are "stress testing grounds" for opening up. After Beijing, Shanghai, Hainan, and Shenzhen piloted the lifting of foreign shareholding ratio restrictions in Internet data centers and other businesses, dozens of foreign-funded companies have been actively applying. This is telling global investors that China insists on an open attitude. The policy clearly encourages foreign investment in emerging service industries such as biomedicine, cloud computing, and elderly care, and allows foreign investment to use domestic loans to make equity investments—which is equivalent to "giving wings" to multinational companies' innovation in China and creating an equal innovation and competition environment for domestic and foreign companies. All these show that my country has been deeply involved in global industrial division of labor and cooperation. my country is not only a major global manufacturing center, but also a source of innovation and a co-creator of rules.
High-level opening up injects new momentum into the global economy
Reporter: You have been paying attention to the construction of the Pilot Free w88 Zone. As a test field for reform and opening up, what role has the Pilot Free w88 Zone played in stabilizing the fundamentals of foreign w88 and foreign investment? In April this year, the "Opinions on Implementing the Upgrading Strategy of the Pilot Free w88 Zone" (hereinafter referred to as the "Opinions") was released, encouraging "initiative and integrated exploration." What do you understand by this?
Zhao Zhongxiu: It has been more than 10 years since the establishment of my country's free w88 pilot zone in 2013. The level of openness has become higher and higher, becoming a key position for stabilizing foreign w88 and foreign investment, and playing an important role in responding to fluctuations in the external environment. As a comprehensive experimental platform for reform and opening up, the Free w88 Pilot Zone has explored innovative systems, such as taking the lead in the country in implementing a negative list for cross-border w88 in services and innovating offshore w88 supervision models, effectively reducing the institutional costs of enterprises and attracting continued inflows of foreign investment. I understand that the "initiative and integrated exploration" emphasized in the "Opinions" means focusing on the following aspects to achieve deep breakthroughs.
First, the most urgent thing at the moment is to benchmark against international high-standard economic and w88 rules such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and pilot trials in areas such as mutual recognition of medical certification and cross-border data flow. For example, Beijing's construction of an international big data exchange is an important measure to open up blockades in international data flow while ensuring security.
Second, promote the integrated development of institutional innovation and industrial innovation to accelerate industrial upgrading. For example, the "Opinions" mentioned exploring the establishment of a "white list" system for imported R&D items for biopharmaceutical companies, and the Hainan Free w88 Port is continuing to explore system integration innovation. These are all manifestations of the commitment to transform policy dividends into a driving force for accelerating opening up and promote industrial innovation and upgrading.
Third, achieve collaborative openness. The "Opinions" mentioned promoting industrial synergy and linkage in the free w88 pilot zones and encouraging the free w88 pilot zones to carry out integrated innovation across the entire industry chain, both of which are committed to promoting the results of a single pilot field to a wider range.
These explorations are by no means piecemeal attempts, but are aimed at deeper, systematic and high-level opening up. As the "Opinions" pointed out, the policy system focusing on w88, investment, capital flow, transportation, free and convenient personnel exchanges, and safe and orderly flow of data will be more complete, creating a new highland of reform and opening up with a higher level of openness, a better business environment, and a stronger radiation effect. This means both boldly breaking through the existing policy framework and systematically integrating mature experience. The ultimate goal is very clear, which is to build the pilot free w88 zone into a strategic fulcrum for institutional openness through integrated innovation. This not only builds a more solid foundation for my country's foreign w88 and foreign investment, but also demonstrates to the world that my country will open up at a higher level to inject new momentum into the global economy.
Reporter: What impact will the U.S. tariff policy this year have on my country’s foreign w88 and foreign investment? What do you think of the future international economic and w88 environment?
Zhao Zhongxiu: The impact of the U.S. tariff policy is not only a simple increase in the tax burden on export companies, but more importantly, it has a compound impact on my country's foreign w88 through the three mechanisms of cost transmission, market uncertainty spread, and global supply chain chain reaction. This kind of policy not only pushes up w88 costs and weakens international purchasing power, but also amplifies uncertainty and instability in the entire industrial chain. Faced with this uncertainty, countries have tended to adopt protectionist measures, forming a negative feedback loop. In the complex external environment, my country's foreign w88 companies are facing severe tests that have been rare in recent years. This is why we urgently need to use the toolbox of stable foreign w88 policies to proactively respond.
my country’s customs data shows that after the Sino-US economic and w88 consultations, the growth rate of imports and exports accelerated significantly. This is mainly because the reduction of uncertainty has released a positive signal for the market. The fundamental driving force for the rebound in growth lies in the inherent willingness of Chinese and American enterprises to cooperate. Micro-enterprises on both sides hope to cooperate for win-win results. For example, companies from both countries have taken practical actions to repair procurement channels for medical equipment and agricultural products. This demand based on commercial reciprocity will not be easily reversed. But at the same time, we must be soberly aware that the current undercurrent of anti-globalization is still surging. Initiatives such as industrial chain reshoring, near-shoring or friendly-shoring in developed countries are rooted in the interference of non-economic factors such as politics, diplomacy and even public health. Companies have to factor these non-economic variables into costs for consideration, so some local industrial chains are indeed facing adjustments at this stage.
However, "total decoupling" among major powers is neither realistic nor sustainable. Although some countries may pursue the so-called "risk-off" proposition and reduce imports from my country, the underlying logic of companies deploying production and sales around the world to maximize profits remains unchanged, and this is what drives the formation of the global value chain system. From this perspective, the process of economic globalization is a major trend, while counter-globalization is short-term. The real direction is win-win cooperation. As long as we insist on expanding opening up and actively promoting institutional innovation, we are confident that through the "combination punch" of stabilizing foreign w88, we can turn external pressure into a driving force for transformation and upgrading, and continue to contribute to global economic stability and development.
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