Newsletter By 2025-08-18
As the global stablecoin market accelerates its expansion, multiple countries and regions are actively advancing stablecoin legislation. The difference in issuance logic between the United States and Hong Kong lies in the fact that U.S. stablecoins represent a technological reinvention of asset pools to strengthen the dollar’s dominance in the digital space and alleviate its enormous domestic debt pressure. On the other hand, Hong Kong stablecoins focus on the diversified reconstruction of credit assets to help relieve pressure on the linked exchange rate system, provide a global window for the digital yuan, and consolidate its status as an international financial center, according to
Xia Ri, Industry Researcher at ANBOUND.
>>As the U.S. "tariff matrix" comes into focus, countries must reassess their trade arrangements with the U.S. and the EU. For China, it is crucial to be alert of the EU potentially adopting a U.S.-style negotiation model towards it in the future, to proactively plan for export alternatives, market diversification, and supply chain security strategies in the context of a "de-surplus" scenario. Global trade is increasingly becoming a complex multidimensional game of power, interests, and institutional rules, rather than just a simple game of "comparative advantage + cost optimization", writes
Zhou Chao, Research Fellow for Geopolitical Strategy programme at ANBOUND.
>>Jerome Powell, the current Chair of the Federal Reserve, in his monetary policy decisions, clearly listens more to the voices of large financial institutions on Wall Street, prioritizing the stability of financial markets, while giving insufficient attention to the needs of the real economy and the general public. From Trump’s perspective, Powell’s disregard for the broader economic strategy, focusing only on safeguarding the interests of the financial elite, is a deviation from the nation’s economic goals. The conflict of Trump and Powell shall be viewed as a concentrated manifestation of the clash between national development strategy and the interests of financial capital, analyzed
Peng Maosheng, a researcher at ANBOUND.
>>Fine manufacturing is defined by treating every product as if it were a luxury item and is built on seven key dimensions: culture, art, branding, quality, consumer segment, technology, and education. It moves beyond industrial imitation by combining technical precision with aesthetic and cultural value, aiming for long-term innovation and premium market positioning. Companies like Lofree demonstrate this by avoiding saturated, price-driven domestic markets and instead focusing on differentiated, high-quality products for international consumers. As China's industries face the challenges of "involution", the only sustainable path forward is to fully advance fine manufacturing, noted
Yang Xite, Research Fellow at ANBOUND.
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