I. Global and Regional Economic Development in 2025

Better-Than-Expected Performance amid External Headwinds  8

Tech-driven Exports and Investment Bolstered CJK Resilience  10

Diverging Inflation Trends and Monetary Policy Paths in CJK  12

II. Trade in a Shifting Regional Landscape

Trade Performance in 2025  16

Structural Shifts in Regional Trade  18

III. Outlook and Risks

Framing the Outlook  26

Short-term Risks

Navigating the AI Boom  28

Tariff Dynamics and CJK Economic Impacts  32

Middle East Conflict Spillovers  36

Long-term Trend

Slower Growth and the Productivity Challenge  38

Vanguard of the Aging Shift  40

Advancing Greener Economies toward Sustainable Growth  44

List of Figures and Tables  48

References  49