Issue 2_The Export-Import Bank of China

News

Issue 2

Trump 2.0: The New Landscape of China-US Economic and Trade Relations Under the “Three Pillars” of Tariffs, Export Controls and Investment Restrictions

GONG Bing

Following Trump’s return to presidency in 2025, the U.S. policy towards China featuring confrontation and economic decoupling has significantly expanded in scope and intensity compared to both Trump’s first term and the Biden administration, with more aggressive policy packages expected to arrive to suppress China’s economy. The more aggressive Trump 2.0 China policy may impact China’s foreign trade and financial market in the short term, and Washington’s unilateralist andisolationist foreign policy could also disrupt the global economic governance, increasing the costs and risks for China’s international cooperation efforts. In the face of the U.S. government’s escalated suppression, China must respond calmly by maintaining stable foreign trade, accelerating domestic economic reforms, expanding domestic demand, and promoting a dual-engine growth model driven by both domestic and external demand. In the meantime, China can leverage the strategic opportunities to expand the global influence of its economy, foreign trade, and currency. For details, please refer to pages 3-5 of Issue 2 of Overseas Investment & Export Credits, 2025.
　　

Progress and Impact of the Lobito Corridor Development

GAO Fang and XIE Lincan

The U.S. in collaboration with relevant countries launched the Lobito Corridor in 2023, aiming to establish a key strategic passage and trade corridor spanning Central and Southern Africa while actively advancing project cooperation and financing arrangements. The development of the Lobito Corridor is anticipated to be a priority of the new U.S. administration’s Africa policy, with profound implications for the geopolitical and economic landscape of involved countries. China should keep up with its latest developments, steadily implement the outcomes of the Forum on China-Africa Cooperation (FOCAC), deepen collaboration in the mining industry chain, and proactively expand partnerships to unite the Global South, thereby forging a new model of China-Africa cooperation. For details, please refer to pages 6–11 of Issue 2 of Overseas Investment & Export Credits, 2025.
　　

Trends in U.S. Investment Policy

PAN Yuanyuan

The Presidential Memorandum on America First Investment Policy distinguishes between welcomed and restricted investment types by the U.S., which will impose stringent restrictions on investments originating from or linked to China while strengthening the Committee on Foreign Investment in the United States (CFIUS)’s authority to restrict technology investments, limit negotiable terms and enhance outbound investment screening. While policy implementation still faces constraints, the underlying trends require close attention. With the uncertainty of some Chinese investments and assets in the U.S. increasing, it is imperative to mitigate protectionist constraints through domestic economic growth while strengthening international cooperation to address U.S. policy shifts. For details, please refer to pages 12-15 of Issue 2 of Overseas Investment & Export Credits, 2025.
　　

Trends and Impacts of U.S. Humanitarian Aid Policy

CHEN Xiaoning and XU Jiamin

In early 2025, the Trump Administration’s comprehensive freeze on U.S. foreign aids under the pretext of ‘efficiency review’ has forced the shutdown of the U.S. Agency for International Development (USAID), triggering chain reactions across the international humanitarian assistance system. This U.S. move led to the erosion of its international leadership and moral credibility, while traditional European donor states also cut their aids, exacerbating operational crises in multilateral institutions like the United Nations. In response to the narrative that China will fill the void, this article proposes solutions including multilateral institutional synergy, technological innovation, supply chain system optimization and experience sharing on humanitarian aid, which emphasizes the avoidance of passive gap-filling and advocates for a sustainable global humanitarian governance architecture. For details, please refer to pages 16-18 of Issue 2 of Overseas Investment & Export Credits, 2025.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.

Foreign Direct Investment in 2024: A Year in Review and 2025 Outlook

WU Fang

In 2024, global cross-border direct investment declined by 8%, among which greenfield investments saw a slight decrease, cross-border mergers and acquisitions remained stable, and international project financing continued to be weak. China's outbound investments achieved stable development overall, with a slight decline in greenfield investments, rapid growth in productive service industry investments, and deepening international cooperation in industrial and supply chains. Looking ahead, global cross-border direct investment is expected to achieve moderate growth. China's high-level opening-up will continue to advance, with favorable government policies being introduced, creating broad space for outbound investment. Geopolitical risks worldwide, as well as the unilateralism, trade protectionism, and economic hegemony pursued by some countries, will also pose severe challenges to Chinese enterprises investing abroad. It is recommended to continuously improve the systems for promoting, protecting, managing, and serving outbound investment, strengthen multilateral and bilateral cooperation, enhance public service capabilities, and promote innovative development in outbound investments. For details, please refer to pages 19-24 of Issue 2 of Overseas Investment and Export Credits, 2025.

Carbon Border Adjustment Mechanism: A Case Study of the Steel Industry (Part II)

Wu Qi, Li Yanfei and Yin Liang

This article analyzes the practical challenges posed by the EU Carbon Border Adjustment Mechanism (CBAM), including its unilateral nature, carbon accounting methodologies and standards, discriminatory impacts on developing countries, and infringement on the data sovereignty of exporting nations. It puts forward policy recommendations across multiple dimensions, such as engaging in global governance, strengthening carbon management capacity building, accelerating green and low-carbon industrial transformation, and enhancing full-process financial support. For details, please refer to pages 25-28 of Issue 2 of Overseas Investment and Export Credits, 2025.
　　

Exploring Enhanced Cooperation Models for New Quality Productive Forces under the Belt and Road Initiative

QIAO Jingyu

It has become increasingly important to strengthen the cooperation on new quality productive forces under the Belt and Road Initiative (BRI). Through technology transfer, joint research and development, and talent development, China has made remarkable achievements in new quality productive forces cooperation with BRI partner countries. However, challenges persist in terms of policies, technologies and funds. Therefore, it is advised to promote standards alignment, enhance project planning and design, innovate cooperation models, establish sci-tech platforms, expand talent cultivation, and deepen financial cooperation, so as to foster stronger cooperation on new quality production forces under the Belt and Road Initiative and jointly build a global sci-tech comunity. For details, please refer to pages 29-32 of Issue 2 of Overseas Investment & Export Credits, 2025.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.

The Role of Inclusive Financial Services in Boosting Export Competence of Micro and Small Enterprises

ZHOU Zhengming, ZHOU Shupeng and ZHENG Xinru

Small and micro enterprises (SMEs) often face challenges such as capital shortages, information asymmetry, and market access barriers when exporting. By lowering financing thresholds and optimizing cross-border services, inclusive finance has become an important driving force for enhancing export capabilities of SMEs. This article explores specific strategies for how inclusive finance can strengthen SMEs’ export capacity, aiming to provide references for unlocking new growth opportunities. For details, please refer to pages 33-34 of Issue 2 of Overseas Investment & Export Credits, 2025.
　　

Lessons and Insights from Multilateral Development Banks’ Climate Finance Practices

LIANG Haijian, LI Xiping and SHAO Jiamin

Climate finance is a crucial tool for addressing the climate crisis and achieving global climate goals. Multilateral development banks (MDBs) serve as one of the mian funding sources for climate finance, possessing unique advantages in supporting developing countries and emerging economies to address climate change, and playing a pivotal role in global cliamte governance. This article examines the characteristics of climate finance provided by MDBs, summarizes typical practices, analyzes related challenges, and puts forward recommendations such as unlocking climate financing potential and improving climate finance information disclosure, aiming to provide reference for Chinese financial institutions in advancing climate finance work. For details, please refer to pages 35-41 of Issue 2 of Overseas Investment & Export Credits, 2025.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.

Evolution and Prospects of the Cooperation Mechanism between China and Central and Eastern European Countries

CHEN Yitian

The Cooperation Mechanism between China and Central and Eastern European Countries (China-CEEC Cooperation) is a mutually beneficial platform established on the principles of openness, transparency, consultation and voluntarism. It has made significant contributions to bilateral relations, especially economic and trade development. For over a decade, China-CEEC Cooperation has evolved through multiple phases-from initial exploration and advancement, to stabilization and transition, and now to a stage characterized by both challenges and opportunities. Currently, amid intensifying major-power rivalry and deteriorating geopolitical tensions, China-CEEC Cooperation is facing increased instability and uncertainty. Both sides should uphold the principles of seeking common ground while shelving differences and win-win cooperation, strengthen practical collaboration, and ensure the steady and sustained cooperation. For details, please refer to pages 42-44 of Issue 2 of Overseas Investment & Export Credits, 2025.
　　

Investment Barriers and Risk Mitigation Measures for State-owned Enterprises in the Philippines’ Public Service Sector

XU Shang

In recent years, the enactment of amendments to the Philippines’ Public Service Act and related implementing rules has created new opportunities to foreign capital into the country’s public services sector. State-owned enterprises investing in this sector still face multiple challenges including investment barriers, political risks, policy uncertainties, regulatory hurdles and inadequate protection mechanisms. Suggested coping strategies include improving bilateral investment agreements, actively safeguarding the legitimate rights and interests of enterprises, strengthening investment risk controls, and promoting localized operations and cooperation. For details, please refer to pages 45-48 of Issue 2 of Overseas Investment & Export Credits, 2025.
　　

Disclaimer: The articles in this section solely represent the personal views of the author and are not related to the positions of the Export-Import Bank of China.