For the past months of 2019, the international community has constantly undergone complexand profound changes. On the one hand, the world economy continued to suffer from theincreasing downward pressure, which has increased significantly the uncertainty of theeconomic situation; on the other hand, as the world economic leader, the United Stateshas intensified the unilateralism and protectionism, which exacerbated the vulnerabilityand sensitivity of the international market. In such a context, China, as the world’s secondlargest economy, is increasingly playing the role of stabilizer and driver in the internationalmarket. Therefore, Chongyang Institute for Financial Studies of Renmin University of China(Chongyang of RUC) issued the Research Report, aiming to better clarify the road to China’seconomic and trade upgrading as well as to enable Chinese enterprises to create greater valuefor the world economy. Based on the macroeconomic level, the Report comprehensively andsystematically analyzes the evolution of the global economic situation and its influencingfactors in recent years, fully describes the characteristics of foreign trade structure of theUnited States, Japan, Germany, South Korea and China with objective and detailed data,expounds the underlying reasons for the lack of multinational corporations in China, andsuggests the upgrading direction of Chinese enterprises in the future.
As the most important foreign policy proposal of contemporary China, the “Belt and Road”initiative has attracted global attention once it has been raised—many countries have activelyresponded and participated in such initiative. Also, Chinese enterprises should take thisopportunity to hedge against the downward pressure on the economy and to successfullyachieve transformation and upgrading. The Report begins with the global economy at themacro level and then shifts to the micro level to provide decision-making reference forenterprises.
The following are the highlights of the Report:
◆ Focusing on the global economic situation—The Report comprehensively analyzes theworld economic situation of the past year, especially bulk commodity trading, global financialand monetary policy, and the impact of 5G technology on business competition.
◆ Analyzing the characteristics of trade structures—The Report briefly introduces thecharacteristics of foreign trade structure of the world’s five major economies. By analyzingthe import and export data in recent years, it objectively predicts the future economic situationof these countries and its influencing factors.
◆ Looking ahead to the future of Chinese enterprises—The Report provides a detailedexplanation of the current state of Chinese enterprises around the world, and provides an indepth analysis of their strengths, weaknesses, and risks.
◆ Providing reasonable policy recommendations—The Report makes specific, reasonable,and operational policy recommendations to Chinese enterprises for the transformation andupgrading in light of their characteristics based on the current economic situation.
On Aug. 19, Liu Zhiqin, said in an interview with Shenzhen TV that from the situation in Hong Kong, the United States may impose financial sanctions on some individuals and enterprises, etc., to restrict the receipt and payment of funds through SWIFT, but to kick the whole Hong Kong out of SWIFT completely is very complex and sensitive, almost impossible. Because Hong Kong belongs to the most important re-export trade and international financial center in Asia, the US has huge economic, trade and financial interests in Hong Kong, and excluding Hong Kong from SWIFT will not only affect Chinese institutions and Hong Kong, but also all international institutions in Hong Kong will be seriously affected.