Issue 5

Failures in Global Investment Governance: Manifestations, Causes and Responses

KONG Fanwei and SU Zihan

Global investment governance is experiencing certain failures, manifested as US and EU investment protectionist policies, declining influence of multilateral investment dispute settlement mechanisms, and weak constraints on multinational corporations’ social responsibilities. These failures are attributed not only to the less formal and underdeveloped global investment governance system but also to certain countries’ policies and strategies. China can contribute to improving the global investment governance system by adjusting and upgrading existing bilateral and multilateral investment agreements, expanding the coverage of certain institutional frameworks, and participating in corporate social responsibility legislation at an international level. For details, please refer to page 16-19 of Issue 5 of Overseas Investment & Export Credits,2025.
　　

International Tax Regime in the Context of Digitalization: Construction, Conflicts and Solutions

CHEN Yu and NING Wenxiu

With the integration of economic globalization and digital economy, traditional international tax regime based on physical presence are facing the risk of losing effectiveness, while global base erosion and profit shifting are becoming increasingly severe. By reviewing the historical evolution of international tax regime, this article provides an in-depth analysis of the core conflicts in current multilateral regulations regarding governance philosophy, rule-making and implementation, and examines the divergent reform practices among major economies. In the BEPS 2.0 era, China faces not only the risks of profit reallocation and tax revenue loss triggered by Pillar One and the pressure of tax sovereignty transfer brought by Pillar Two, but also the dual challenge of insufficient inclusivity in multilateral rules and tax revenue loss due to outward corporate investments. It is suggested that the spirit of the global governance initiative of “upholding fairness and justice and improving global governance” should be implemented to build a unilateral system in defense of China’s national interests, deepen the alignment of domestic and international laws, strengthen China’s voice in multilateral frameworks, and ensure the competitiveness of enterprises, so as to participate in and lead the optimization and restructuring of international tax regime with systematic strategies. For details, please refer to page 20-24 of Issue 5 of Overseas Investment & Export Credits, 2025.

Reflection on Global Trends in Official Export Finance

QIN Jiameng and WANG Jue

In recent years, the scale of global official export finance continues to grow, reaching its highest level in the past five years in 2024. Official export credit agencies in developed countries such as Italy and Germany have been providing more flexible and proactive financing support by innovating transaction models, expanding the scope of support and launching specialized products. These trends indicate that official export credit agencies have become an important policy tool for countries to address complex external challenges and achieve diverse strategic objectives. For details, please refer to page 25-28 of Issue 5 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.

Analysis of Chinese Enterprises’ Participation in Overseas Photovoltaic Projects

JIAO Jing, HUANG Juan, LIU Qian and WANG Zheng

In recent years, the participation of Chinese enterprises in overseas photovoltaic projects has become increasingly systematic and large-scale. From a global perspective, the overall growth rate of photovoltaic power generation has experienced a slowdown, particularly within the traditional European market where this decline is pronounced. The dynamism of development has shifted towards emerging market countries, leading to significant regional disparities in photovoltaic return rates across the globe. Thanks to policy support and falling cost, the economic viability of photovoltaic power has become prominent in emerging markets, making these markets a key focus for the global expansion of Chinese photovoltaic enterprises. In light of this context, it is advised that Chinese enterprises put emphasis on risk prevention and control from the strategic planning phase of projects, with a dedicated focus on enhancing political sensitivity, technical agility, and management innovation to effectively address the external risks and challenges. For details, please refer to page 29-34 of Issue 5 of Overseas Investment & Export Credits, 2025.
　　

Progress in and Suggestions for the Application of AI in Cross-Border E-Commerce

TAN Lu


　　Artificial intelligence (AI), as an important technology for enhancing the efficiency and resilience of foreign trade, is rapidly integrating into the entire chain of cross-border e-commerce. It is being widely used in various aspects, including product selection optimization, intelligent marketing, customer service automation, compliance operation, and after-sales support. However, due to challenges such as high technical barriers, fragmented tools, and inadequate training and support, AI has not been widely adopted in cross-border e-commerce by small and medium-sized enterprises (SMEs), which requires further improvement. It is recommended to take multiple measures to promote the systematic empowerment of AI, and reduce the access barriers and operational costs for SMEs, thereby helping them stabilize orders and realize development. For details, please refer to page 35-37 of Issue 5 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.

Enhancing the Resilience and Security of U.S. Industrial and Supply Chains: Logic, Measures and Implications

YAN Meng, SONG Kaijie and CONG He

In recent years, the U.S. has continuously reinforced the strategic positioning of enhancing the resilience and security of its industrial and supply chains. It has rolled out not only foundational policies to improve organizational safeguards and assessment procedure, but also defensive policies aimed at leveraging strengths and addressing weaknesses. Additionally, offensive policies have been implemented to contain competitors and establish exclusive alliances. It is advised to keep up with the latest developments in U.S. industrial and supply chain policies, enhance research and analysis, optimize policy mechanisms, and stay committed to opening-up and cooperation, so as to ensure the security and stability of China’s industrial and supply chains. For details, please refer to page 38–43 of Issue 5 of Overseas Investment & Export Credits,2025.
　　

Transition in U.S. and EU Foreign Development Assistance: Progress, Impacts and Chinese Solutions

ZHENG Haizhen

In recent years, the U.S. and Europe have systematically promoted the transformation of their foreign development assistance as follows: firstly, enhancing the instrumental nature of aid and reinforcing transactional logic; secondly, institutionally reshaping the aid system through downsizing and restructuring aid agencies in order to streamline the range of implementing bodies; thirdly, refocusing on priority issues according to their own needs. These changes have undermined the influence of the U.S. and Europe, triggered new humanitarian crises in recipient countries, and disrupted the existing multilateral development and cooperation system. Under such circumstances, China should deepen the implementation of the Global Development Initiative, optimize the portfolio of foreign aid instruments, take active steps to promote the reform of multilateral institutions, and manage international public opinion appropriately so as to avoid falling into the narrative trap of “replacing the West”. For details, please refer to page 44–48 of Issue 5 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.
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