电态时代：从 “中国制造” 迈向 “中国赋能、中国设计、中国金融”？.pptxVIP

Theelectro-stateera:

fromMadeinChinatoPowered,DesignedFinancedbyChina?

29October2025

Content

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ExecutiveSummary

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Chinaastheworld’sfirstelectro-stateandacriticalprovidertotheworld

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Theperils:fromexporttrapstoJapanification

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Thepolicypillars:AI-ledproductivityanddomesticrebalancing

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TheRenminbi’snextphase:frompropertyshocktocapital-marketopening

AllianzResearch

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•Chinaastheworld’sfirstelectro-state:acriticalproviderandblueprintfortheworldonclean-tech.Chinahasestablisheditselfasaglobal

frontrunnerintheclean-techindustry,channelingthemajorityofits

recordinvestmentsintorenewables.ProjectionsindicatethatChina

coulddoubleitspowergenerationfromrenewableswithinthenextfive

years,displacingfossilfuelswithinelectricitysupply.MassiveinvestmentshavealsopositionedChinaasthegloballeaderincleanenergyrelated

industrialproducts,accountingfor60%ofglobalmanufacturingcapacityinsolar,windandbatterytechnologies.Despiteovercapacityconcerns,

China’scleanenergydevelopmentshavehelpedtodrivedownprices

ofkeyclimatetechnologies(e.g.-80%insolarphotovoltaicmodulein

thepastdecade),enablingdevelopingeconomies(suchasinSouthand

SoutheastAsiaandEastAfrica)toleapfrogdirectlyintorenewables.Whilechallengesremain,China’sclean-techleadershipdemonstratesthatthe

energytransitioncanbebothambitiousandachievablewhenbackedbycoordinatedpolicy,innovationandinternationalcollaboration.

•ButasChinapreparesitsnextfive-yearplan(2026-2030),itseconomicmodelfacesmultiplethreats,fromtheever-fragmentingglobalorder

tothedomesticthreat(orreality)ofJapanification.Followingthe4th

PlenuminBeijingon20-23October,aproposalforthe15thfive-year

plan(2026-2030)hasbeenreleased,mostlyhighlightingpolicycontinuity,withprioritygivento“scientificandtechnological