With the development of global digital economy, data is becoming increasingly important, while security risks brought by cross-border data flow also looming large. As a result, there is an urgent need today to formulate a set of rules on global data governance. As countries are playing games around data governance and enacting relevant laws to strive for dominance in the global development pattern of digital economy, China needs to seize opportunities under such circumstances to improve domestic administrative regulations, strengthen self-discipline of the industry, and improve the governance of data flow. China should also promote international cooperation with other countries, seek support from developing countries, formulate inclusive, shared and unified governance rules on cross-border data flow, and contribute to forming a new pattern of data governance featuring multi-governance around the world. For details, please refer to Overseas Investment & Export Credits, Issue 1, 2023, pages 3-7.
Upholding justice while pursuing shared interests and adhering to true multilateralism and a community of shared future, China’s third-party market cooperation emphasizes on complementing the advantages of developed countries while meeting the needs of developing countries to drive local development. Since 2015, the third-party market cooperation of China has followed a “practice-concept-practice” process and is closely in line with the Belt and Road Initiative (BRI), during which, technical cooperation has worked as an important path, financial cooperation and project cooperation complementing each other, laws and mechanisms being continuously improved, and the digital trend being significantly strengthened. Going forward, it is suggested that the innovation of cooperation models and areas, mechanism for cooperation, risk management and international communication of China’s third-party market cooperation should be further improved. For details, please refer to Overseas Investment & Export Credits, Issue 1, 2023, pages 8-13.
In the era of great changes, recipient countries represented by African countries have increasing demand for international development assistance, more equal treatment from donor countries, and more assistance in capacity building so as to achieve sustainable development. Over the years, China has provided a lot of assistance to the agricultural sector of African countries. Since 2006, over 20 agricultural demonstration centers have been built, achieving notable results. Among these projects, the Agricultural Demonstration Center in Burundi stands out. Going forward, facing changes unseen in a century, it is important to keep leveraging the role of assistance cooperation with recipient countries at the core and concerted efforts from all levels, so as to promote sustainable economic and social development of recipient countries. For details, please refer to Overseas Investment & Export Credits, Issue 1, 2023, pages 14-17.
The Report to the 20th National Congress of the CPC calls for accelerating China’s transformation into a trader of quality. In recent years, as profound progress was achieved in the pursuit of the Belt and Road Initiative (BRI), the international railway freight transportation represented by the China Railway Express has embraced new development opportunities, and the demand for railroad waybills as transport documents to proceed with the international L/C business is increasing. However, there are differences between railroad waybill and marine bill of lading in terms of applicable convention, circulation efficiency and legal effect, which should be taken into account by financial institutions in their business operations. Based on the characteristics of railroad waybill and the case analysis of relevant financial services, this paper proposes suggestions for banks in doing international L/C business using railway waybills as transport documents. For details, please refer to Overseas Investment & Export Credits, Issue 1, 2023, pages 18-22.
Since the outbreak of COVID-19, many countries have been facing increasing fiscal and balance-of-payments pressure. As an important international organization providing financial assistance, the International Monetary Fund (IMF) is now rendering assistance much more often to a surging number of recipient countries, with the outstanding balance reaching a record high. Increases in expenditure have further exposed problems in IMF’s funding sources, including a sharp decline in the proportion of available quota resources in recent years and an over-reliance on loan commitments. IMF needs to pay attention to the potential shortage of funds, expand sources of quota through reforms, and better leverage the role of special drawing rights (SDRs). For details, please refer to Overseas Investment & Export Credits, Issue 1, 2023, pages 28-32.
As China’s automobile exports enter a period of rapid growth, automobiles have become key products in supporting the high-quality development of foreign trade. The new paradigm of opening up on all fronts have brought a number of new opportunities, including more significant advantages of auto industrial chains, more promising prospects in the overseas new energy vehicle market and greater potential to be released in China’s auto exports. However, China’s auto exports may face constraints as the EU is about to enter a transition period for the implementation of carbon tariffs, and Europe and the U.S. are tightening their supervision on cross-border data flow and pursuing independent auto industrial chains in the context of tight shipping capacity. In this regard, multiple measures should be taken to promote the integration of auto enterprises into global auto industrial and supply chains so as to enable greater breakthroughs in auto exports. For details, please refer to Overseas Investment & Export Credits, Issue 1, 2023, pages 39-42.
The U.S. began to provide Nepal with economic aid since 1951, but Nepal was not a priority for U.S. foreign assistance. As the U.S. government pushes ahead with its Indo-Pacific strategy, it is paying increasing attention to the strategic value of South Asian countries. In 2004, the U.S. established the Millennium Challenge Corporation (MCC), a bilateral foreign assistance agency providing economic assistance to developing countries. In 2017, the U.S. and Nepal signed the Millennium Challenge Cooperation Compact, which served as an important tool to speed up the Indo-Pacific Strategy in Nepal. The Compact came into force on February 27, 2022 due to the diplomatic pressure exerted by the U.S. government, and its impact on China-Nepal economic cooperation and trade is worth noting. For details, please refer to Overseas Investment & Export Credits, Issue 1, 2023, pages 43-48.