#中国智造惠全球# #广交会# #CIEF# #China# #世界经济看中国# #中国进出口商品交易会# On October 15, the 140th China Import and Export Fair (Canton Fair) opened to the public. Merchants from across the globe gathered for this 70th anniversary of China’s No.1 exhibition. President Xi Jinping of the People’s Republic of China sent a congratulatory message, which has resonated strongly among Chinese and foreign business participants. Xi Jinping noted: “Over the 70 years since its founding, the Canton Fair has played an important role in boosting trade between China and the rest of the world. It has become an effective platform for China to advance high-level opening-up and foster an open world economy. Under the new circumstances, China stands ready to work with all countries to uphold the multilateral trading system, keep global industrial and supply chains stable and unimpeded, expand space for mutually beneficial international economic and trade cooperation, advance inclusive and accessible economic globalization, and continuously inject fresh impetus into world development and prosperity.” 10月15日，第140届中国进出口商品交易会（广交会）正式开展，万商齐聚，共赴这场“中国第一展”的七十年之约。中国国家主席习近平发来贺信，在参会的国内外客商中引发强烈反响。习近平说：“广交会创办70年来，在促进中外贸易往来方面发挥了重要作用，已成为中国扩大高水平对外开放、推动建设开放型世界经济的有效平台。新形势下，中国愿同世界各国携起手来，共同维护多边贸易体制，保障全球产业链供应链稳定畅通，拓展国际经贸互利合作空间，推进普惠包容的经济全球化，为世界发展繁荣持续注入新动力。”

【Bloomberg Asia Centric Podcast】 China has long relied on massive infrastructure spending and an unstoppable export engine, leading to a record $1.2 trillion trade surplus last year. However, this investment-heavy strategy is testing its limits as global trading partners increasingly push back, making Beijing's transition toward a consumption-based economy more critical than ever. But how achievable is this transition, and how long will it take? Hao Hong, Chief Economist and Chief Investment Officer at Lotus Asset Management, joins John Lee on the Asia Centric podcast to weigh in. He also breaks down the current regime shift in raw materials, explaining why the global economy is entering a new commodity supercycle driven by Western supply chain investments, AI infrastructure demands and a decade of severe industry underinvestment. 长期以来，中国去年创纪录的人类历史上最大的1.2万亿美元贸易顺差。然而，随着全球贸易摩擦升温，之前以投资为重的战略正在考验其极限，向以消费为基础的经济的转型比以往任何时候都更加重要。但这种转型何时实现？ 我还讨论了当前原材料行业的模式转变，解释了为什么全球经济正在进入由供应链投重构、人工智能基础设施需求和十年严重的大宗商品原材料行业投资不足而驱动的大宗商品超级周期。 我还讨论了从一个“全球最受关注之一的经济学家”（彭博社主持人原话）到“一个成功的对冲基金经理”（彭博社主持人原话）的转变。