Issue 4_The Export-Import Bank of China

News

Issue 4

Progress and International Impact of Trump's New Digital Asset Policy

SONG Shuang, WANG Yongzhong

　　After taking office in January 2025, Trump developed a digital asset policy focused on deregulation and leveraging the role of the private sector. Over the past six months, significant progress has been made in the United States’ digital asset policy at the levels of the White House, regulatory agencies, and Congress. These developments help strengthen U.S. international leadership, consolidate the dominant position of the U.S. dollar, and enhance the influence of American financial institutions. However, they also pose potential risks to global financial markets. To cope with the impact of the U.S. new policy, it is recommended to support the development of RMB-denominated digital assets in Hong Kong and Shanghai, promote the internationalization of the digital RMB at both wholesale and retail levels, encourage Chinese platform enterprises and financial institutions to explore digital asset businesses, and actively participate in international cooperation on digital asset governance. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2025, pages 3-7.
　　

Difficulties, Challenges, and Responses of Chinese Enterprises in Cross-Border Data Transfers

TAN Lu

　　Currently, the United States, together with its allies, are suppressing China in the field of digital economy, continuously escalating data regulations and scrutiny against Chinese enterprises expanding business overseas, and building a “data iron curtain” against China. In response to the difficulties faced by Chinese enterprises in cross-border data transfers, it is recommended to improve the system of cross-border data regulations, strengthen the alignment with international data rules, promote pilot programs in key areas, improve bilateral dialogues on digital regulation, and foster a new paradigm of high-standard opening-up and international cooperation in data. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2025, pages 8-10.
　　

China’s Diversified Global Supply Chain Layout Amid Global Industrial Chains Restructuring: Drivers, Pathways, and Risk Mitigation

ZHANG Pengyang, WANG Chen, DONG Ruyi

　　Against the backdrop of the profound restructuring of international industrial chains, China’s supply chains are shifting from a singular model towards a more diversified and resilient global layout pattern. It is driven by two major forces: the security-oriented consideration to enhance supply chain resilience and the derivative impact of new technologies and business formats. The strategic transformation from a participatory to a leading role in supply chains can be realized through continuously advancing openness, deepening chain integration, and strengthening innovation-driven development. Facing potential risks such as diminished control over supply chains, increased complexity in supply chain management, and involution-style competition among homogeneous supply chains, it is imperative to build more controllable supply chains while keeping enhancing flexible coordination capabilities and fostering differentiated collaboration among different chains. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2025, pages 11-15.
　　

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.

Three Rounds of Stigmatization in Global Debt Governance and China’s Response

WANG Zhao

　　China has encountered three rounds of stigmatization in global debt governance: the “free-rider” allegation around 2006, the so-called “debt trap diplomacy” narrative in 2017, and the “debt transparency issue” following the COVID-19 pandemic. China has addressed these allegations by making reasoned rebuttals, strengthening communication and coordination, increasing the provision of global public goods, and promoting the reform and improvement of global debt governance. In 2025, with the UN Fourth International Conference on Financing for Development (FfD4) reconvening after a decade and the G20 Leaders’ Summit being held for the first time on the African continent, the importance of the debt issue in major power rivalry and global governance is set to increase further. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2025, pages 16-19.
　　

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 Progress and Main Contradictions of WTO Reform

LI Siqi

　　Against the backdrop of profound changes in the current international political and economic landscape as well as severe challenges faced by the multilateral trading system, WTO reform has once again become an important issue in the transformation of the global economic governance system. After the 13th Ministerial Conference of the WTO, the reform of decision-making mechanisms and development issues have become important, and green trade and digital trade have become hot topics. However, the main contradictions of WTO reform remain prominent, with the continued suspension of the appellate body leading to the weakening of the dispute settlement mechanism, disputes over the legitimacy of multilateral agreements making it difficult to implement negotiation results, and divergent positions between developed and developing members on special and differential treatment issues. As an important member of the WTO, China should play a constructive role in leading WTO reform towards a more inclusive direction. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2025, pages 20-24.
　　

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.

An Analysis of Financial Services Supporting China’s Manufacturing Industry’s Entering into the ASEAN Market

QI Yujia, CHEN Jing

　　With a huge market potential, abundant labor resources and a continuously improving business environment, the ASEAN region is closely linked to China’s industrial and supply chains and has become a major destination for overseas expansion and investment of China’s manufacturing industry. In the meanwhile, the motivations behind China’s manufacturing industry expanding footprint in ASEAN are complex, with enterprises facing challenges such as significant differences in national conditions, rising trade barriers and increased policy uncertainties. Finance should play a supportive and safeguarding role to better serve China’s manufacturing sector in expanding in ASEAN and integrating into global industrial and supply chains, thereby enhancing its international competitiveness and influence. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2025, pages 25-31.
　　

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 U.S.-Led “Lobito Corridor”: Progress, Impact, and Future Direction

LI Xiaoyu

　　The Lobito Corridor is a large-scale integrated infrastructure initiative launched by the Biden administration in collaboration with allies across Africa. It represents a key strategic move to counter China's Belt and Road Initiative and secure access to Africa's critical mineral resources. As the Trump administration intensified strategic competition with China during its second term and introduced a new Africa policy driven by commercial interests, the geopolitical value of the Lobito Corridor has become increasingly prominent. China is actively advancing the revitalization of the Tanzania-Zambia Railway to deepen connectivity cooperation with Africa. Tracking the latest developments of the Lobito Corridor and analyzing its future direction holds significant practical importance for deepening China-Africa cooperation. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2025, pages 32-37.
　　

Positive Effects of the UK-Japan EPA and Its Implications for China

WANG Jinbo

　　The UK-Japan EPA is a high-standard free trade agreement featuring a high level of trade liberalization and broad coverage of issues, exerting positive impacts on the refinement of global industrial chains and the optimization of value chain structures. In the short term, the deepening of economic and trade cooperation between the UK and Japan under the EPA framework may create some substitution effects and impacts on bilateral economic and trade cooperation between China and Japan, as well as between China and the UK. However, the latest developments in international economic and trade rules embodied by this agreement will provide valuable insights for China's participation in regional and international rule-based governance. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2025, pages 38-42.
　　

Canada’s Emission Reduction Mechanisms: Current Status and Implications

WANG Jiayu

　　China’s carbon market is currently undergoing a dual-control transition period. Canada is one of the few countries operating both cap-and-trade and intensity-based control mechanisms simultaneously, whose experience may offer valuable insights for the development of China’s carbon market. The closure of the carbon market in Ontario, Canada, and the related arbitration cases provide lessons and experiences that can serve as a reference for the construction of China’s carbon market and Chinese enterprises’ overseas investments in carbon assets. For details, please refer to Overseas Investment & Export Credits, Issue 4, 2025, pages 43-48.
　　

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.