Core Insights - The transportation sector in China is projected to exceed 3.6 trillion yuan in fixed asset investment, with cross-regional passenger flow expected to surpass 66 billion trips and freight volume exceeding 58 billion tons, all reflecting a year-on-year growth of approximately 3.5% [1] - The overall performance of the transportation industry has been stable and progressive, successfully meeting annual targets [1] Investment and Infrastructure Development - Significant infrastructure developments include the addition of over 2,000 kilometers of high-speed rail, approximately 8,000 kilometers of highways, and about 900 kilometers of high-grade waterways, along with the certification of five new civil transport airports [1] - The total fixed asset investment in transportation reached 18.8 trillion yuan, with substantial improvements in comprehensive capacity and operational efficiency [3] Service Enhancement and Capacity Growth - The transportation sector has seen a remarkable increase in service capabilities, with record passenger numbers during peak travel periods, including 9 billion trips during the Spring Festival and over 2.4 billion during the National Day holiday [2] - The port's foreign trade container throughput grew by approximately 9.6%, while international air freight increased by 20% and express delivery volume rose by about 13.5% [2] Technological Advancements - The introduction of artificial intelligence (AI) in transportation projects, such as the Guangzhan High-Speed Railway, showcases the integration of smart construction systems and AI applications, enhancing efficiency and safety [5][6] - The Ministry of Transport plans to implement AI across various transportation sectors, aiming to establish a national comprehensive transportation information platform and promote innovative applications in logistics and smart ports [6] Consumer Experience and New Market Opportunities - The transportation sector is expanding consumer scenarios, particularly in self-driving travel and cruise tourism, with cruise passenger transport reaching 1.265 million, a year-on-year increase of 27.8% [7][8] - The small and micro car rental market is projected to grow significantly, with an estimated annual growth rate of around 15% during the 14th Five-Year Plan period [8]

今年以来，全球汇市波动加剧，而人民币对美元走势稳中偏强。从人民币对美元汇率中间价来看，年内 涨幅超过1500个基点，并于近日升至2024年9月以来最高。这引发市场广泛讨论，其间不乏"人民币会继 续升值"的猜想。就此，记者采访了有关专家。 "中长期来说，经济是汇率的基本盘，汇率走势在根本上取决于经济基本面。短期来看，汇率的影响因 素则比较多元，比如，经济增长、货币政策、金融市场、地缘政治、风险事件等。"国家金融与发展实 验室特聘高级研究员庞溟表示，本轮人民币升值的直接推动力，来自美元环境的转变。伴随美联储开启 降息，市场预期美元长期走势将受进一步压制，为人民币提供了外部升值空间。 接下来，人民币汇率是否会呈现单边升值态势？专家认为，对此还需客观、理性看待。"美联储面临通 胀和就业的艰难平衡，进一步降息面临的约束不少，并不像部分媒体所说的明年会超预期大幅降息，目 前市场预期明年会降息2次。近期美元指数跌幅较大，未来存在回调走升的可能。"中国民生银行首席经 济学家温彬说。 作为货币之间的比价，汇率双向波动是常态。温彬提醒，未来人民币汇率走势仍存在较大不确定性，企 业和金融机构切忌盲目跟风、赌汇率走势，要坚持风险中性 ...

Core Viewpoint - The implementation of the VAT Law marks a new phase for the largest tax category in China, enhancing its role in fiscal revenue collection, economic regulation, and income distribution adjustment, contingent on the refinement of supporting details and strict enforcement [1][2][3]. Group 1: VAT Law Implementation - The VAT Law will officially take effect on January 1, 2026, transitioning from a provisional regulation to a formal legal framework, which is expected to better fulfill its roles in fiscal revenue, economic regulation, and income distribution [1][2]. - The VAT system, characterized by its value-added base and multi-stage collection method, is designed to avoid double taxation and enhance administrative efficiency, making it a widely adopted tax model globally [1][2]. - In 2024, China's VAT revenue is projected to be approximately 6.57 trillion yuan, accounting for 38% of total tax revenue, highlighting the significant role of VAT in the national tax system [1]. Group 2: Historical Context and Development - The introduction of the VAT system in China began in 1979, with the provisional regulations established in December 1993, leading to a series of reforms including the "business tax to VAT" transition and tax rate simplification [2][3]. - The completion of VAT legislation is a critical step in implementing the principle of tax law, contributing to a fair and unified tax environment, with 14 out of 18 current tax types having completed legislation [3]. Group 3: Implementation and Compliance - The effective implementation of the VAT Law requires detailed supporting regulations to clarify legal provisions, ensuring certainty and operability within the tax system [3]. - The State Council has approved implementation regulations that detail various provisions, creating a cohesive VAT system that ensures taxpayers have legal guidance and tax authorities have enforcement standards [3]. - Continuous efforts are needed to uphold the principle of tax law and advance tax law construction, with ongoing reforms in other tax categories like consumption tax still pending [4].

俄罗斯中央银行在12月19日举行的2025年最后一次董事会上决定继续降息，同时向金融市场发出维持较 紧缩货币政策的信号。市场预计，若俄经济形势保持平稳，俄央行有望在明年初延续降息。 一段时间以来，市场对俄央行采取的紧缩性货币政策持反对意见，俄央行受到较大舆论压力。俄罗斯总 统普京近日表示，俄央行面临持续压力，尤其是在关键利率方面，但根据现行法律，监管机构独立运 作。总体而言，俄央行不仅能应对当前经济问题，而且正在采取负责任的行动。 连续降息回应了政府部门与市场对降低融资成本的期待。俄罗斯国家杜马金融市场委员会主席阿纳托利 ·阿克萨科夫表示，监管机构的决定基于积极的通胀放缓态势，放缓速度超预期使第5次下调利率成为可 能，这将有助于降低企业信贷成本，从而支持经济增长。 不过，监管机构对货币政策基调仍持谨慎态度。普京表示，信贷市场的动态变化要求央行谨慎行事，防 止通货膨胀飙升，以避免再次提高利率。 纳比乌琳娜强调，俄央行将维持紧缩货币政策，以使通胀率降到目标水平，这意味着紧缩政策将持续较 长时间。未来的利率决策将取决于通胀放缓的可持续性以及通胀预期的动态变化。 俄央行认为，仅凭当前数据尚不能断定通胀放缓已成长期趋势 ...

2025年，拉美经济仍受困于"低增长能力陷阱"，面临的长期结构性困境始终未得到根本性改善，又遭遇 短期外部不利冲击。展望2026年，拉美仍将承压前行，亟需通过多元化分散风险。 联合国贸易和发展会议近期发布2025年度《贸易与发展报告》指出，全球经济处于"脆弱韧性"状态，在 强不确定性中持续弱复苏。在此背景下，拉丁美洲和加勒比地区（以下简称"拉美"）经济依旧受困 于"低增长能力陷阱"，暂未爆发重大系统性危机，但未来或将面临较大的经济放缓风险，地区多数国家 仍需探索新的发展路径。 经济略有改善 联合国拉丁美洲和加勒比经济委员会（以下简称"拉加经委会"）预测，2025年拉美地区经济将增长 2.4%，略高于2024年的增长水平。这一改善主要源自三重动力：一是宏观基本面良好，消费贡献了地 区经济增长的近一半，年度新增就业继续改善、总体通货膨胀率得到有效控制，多数国家得以降低利 率，这些促使地区私人消费持续上升，支撑国内生产总值(GDP)增长；二是前期经济调整在部分国家收 获成效，阿根廷、厄瓜多尔、玻利维亚、牙买加等国恢复经济增长；三是贸易条件略有改善，地区出口 商品价格指数小幅上涨0.2%，特别是农产品价格指数上涨2. ...

Core Viewpoint - The issuance of the "Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor" by the People's Bank of China and eight other departments aims to enhance the financial service system for the corridor, promoting high-quality development through 21 key measures focused on financing and settlement functions [1][2][3]. Financial Support Measures - The "Western Land-Sea New Corridor" connects Guangxi Beibu Gulf and the Indian Ocean to the south, and Central Asia to Europe to the west, serving as a critical node in the Belt and Road Initiative [2]. - The corridor has reached 583 ports in 127 countries and regions, with over 1,300 types of goods transported, indicating its growing influence and importance [2]. - The "Opinions" emphasize a development line of "corridor drives logistics, logistics drives trade, trade drives industry," focusing on problem orientation, multi-cross collaboration, and integrated development [2][4]. Multi-Cross Collaboration - The "Opinions" propose measures for integrated credit granting among financial institutions along the corridor, establishing joint credit and syndicate loan mechanisms, and a unified service network for domestic and foreign branches [4]. - A high-quality financial circulation system is essential for supporting the construction of the corridor, logistics, industry, and trade, with a focus on developing tailored financial products and integrated financial solutions [4]. Innovation in Financial Products - The introduction of railway transport document financial services is highlighted as a significant innovation in logistics financial products, aligning with the corridor's development positioning [5]. - Financial institutions are encouraged to provide more support and favorable terms for enterprises based on the authenticity of trade backgrounds and risk mitigation through railway transport documents [5]. Capital Market Contributions - The capital market offers diverse financing channels, including stock exchanges, corporate bonds, asset securitization, and real estate investment trusts (REITs) [6]. - In the first 11 months of the year, enterprises along the corridor issued nearly 700 billion yuan in corporate bonds, enhancing financing channels and reducing costs [6]. Cross-Border Financial Services - The "Opinions" introduce measures to optimize the cross-border settlement system, aiming to create a more convenient and secure foreign exchange service environment [7]. - There is a push for higher levels of trade and investment in renminbi settlement, with an emphasis on utilizing digital renminbi for payment and settlement [7]. Implementation and Monitoring - The People's Bank of China plans to establish a collaborative mechanism to ensure the effective implementation of the "Opinions," including dynamic monitoring and evaluation of financial services [8]. - A financial service center for the corridor is set to be established in Chongqing, aiming to enhance cooperation among financial institutions along the corridor [8].

"十四五"时期，党中央把解决好"三农"问题作为全党工作的重中之重，深入实施乡村振兴战略，坚持农 业农村优先发展，出台了一系列强农惠农富农政策，推动农业农村发展取得历史性成就。5年来，我国 持续夯实粮食安全根基，有效巩固拓展脱贫攻坚成果，乡村活力不断释放，农业农村工作稳中有进，成 为经济社会发展的亮点。 粮食安全根基持续夯实 在贵州的苗寨，"村超"的激情呐喊点燃乡村的夜晚；在陕西的果园，红彤彤的苹果甜透老乡的心；在黑 龙江的沃野，无人收割机助力颗粒归仓。这些生动图景，共同见证了乡村新貌。农业强、农村美、农民 富的乡村振兴蓝图正加快变为现实。 无人机巡田、智能农机播种、卫星监测长势……在全国大豆种植面积最大的地级市——黑龙江省黑河 市，一场农业科技与粮食安全的双向奔赴正在上演。今年，黑河交出了一份令人振奋的成绩单：全市各 作物平均单产突破近年最高值，大豆高产地块实收亩均单产超600斤，全年粮食总产预计突破120亿斤。 全国来看，2025年粮食总产量14298亿斤，比2024年增加168亿斤，连续2年超过1.4万亿斤。国家统计局 农村司司长魏锋华说，国家着力健全粮食生产支持政策体系，启动实施中央统筹下的粮食产销区省 ...

在天津，像这样源自一线的"小革新"还有很多。冬日午后，东丽区刘台小学的教室里暖意融融，智慧能 源平台显示室内始终保持在体感舒适的温度。 "过去供热靠经验，现在靠数据。"国网（天津）综合能源服务有限公司暖通设计管理专责卢德志告诉记 者，系统能根据天气、使用时间自动调节供热策略，实现"按需供热"，避免能源浪费。 相较于传统供暖方式，国网（天津）综合能源公司为刘台小学打造的空气源热泵清洁供暖方式，如同高 效的能量搬运工，能效大幅提升。仅刘台小学一个项目，每年就可节约标准煤约140吨，减排二氧化碳 约360吨，供热成本也随之下降。 今年9月，国网（天津）综合能源服务有限公司凭借技术、模式等优势，成功中标东丽区首批10个公共 机构能源托管项目，供热面积突破24万平方米，预计年减排二氧化碳超5000吨，是天津地区首批区级全 域能源托管项目。 近日，记者在天津市西青区110千伏雄年一二线电缆改造现场看到，第四代高压电缆接头自动剥切打磨 机器人缓缓旋转，通过夹具抱紧电缆，旋转刀具实现对绝缘层和半导电层的精准高效剥切。 "过去两个工人4个小时的工作，这台机器人只需1.5小时，而且电缆剥切和打磨的精度更高。"全国劳动 模范、国网 ...

Core Viewpoint - The revised Foreign Trade Law draft emphasizes the support and encouragement of digital trade development, providing legal guarantees for its growth, which is seen as a crucial engine for high-quality foreign trade development in China [1][2]. Group 1: Digital Trade Development - Digital trade is characterized by data as a key production factor, digital services as core content, and digital ordering and delivery as main features, encompassing various sectors such as digital services, digital products, and cross-border e-commerce [1]. - During the "14th Five-Year Plan" period, China has achieved significant expansion, structural optimization, and system improvement in digital trade, enhancing its cultural soft power and international influence through competitive advantages in cloud computing and artificial intelligence [1][2]. Group 2: Policy Framework and Legal Basis - The digital trade policy framework is gradually being established with the introduction of laws and regulations like the "Data Exit Security Assessment Measures" and "Regulations on Promoting and Regulating Cross-Border Data Flow," which strengthen the legal foundation for digital trade [2]. - Core digital trade carriers such as free trade pilot zones and national digital service export bases are addressing systemic barriers and creating replicable experiences that stimulate the potential for digital trade development [2]. Group 3: Challenges and Solutions - Current challenges in China's digital trade include intensified competition for global digital trade rule dominance, insufficient core technology innovation capabilities, and lagging intellectual property protection mechanisms [3]. - To address these issues, a multi-faceted approach is needed, focusing on innovation-driven development, enhancing digital infrastructure, and supporting key technology research in areas like high-end chips and AI algorithms [3][4]. Group 4: Regulatory and Institutional Enhancements - There is a need to accelerate the legislative process in the digital trade sector, improving foundational systems related to data property rights, transaction rules, and security guarantees [4]. - A modern regulatory framework that aligns with digital trade forms should be established, utilizing technologies like big data and blockchain for smart regulation [4]. Group 5: Global Integration and Influence - China aims to actively integrate into the global digital trade system, enhancing its rule-making power and influence in global digital trade governance, transitioning from a rule participant to a rule builder [5]. - Strengthening the construction of standardization technical organizations and fostering influential industry associations are essential for expanding the space for digital trade development [5].

本报北京12月28日讯（记者曾金华）记者从全国财政工作会议获悉，今年财政工作取得新成效，为推动 完成全年经济社会发展目标任务发挥了重要作用。明年，我国将继续实施更加积极的财政政策。 据了解，明年更加积极的财政政策包括五方面重点举措。一是扩大财政支出盘子，确保必要支出力度。 二是优化政府债券工具组合，更好发挥债券效益。三是提高转移支付资金效能，增强地方自主可用财 力。四是持续优化支出结构，强化重点领域保障。五是加强财政金融协同，放大政策效能。 据介绍，"十四五"时期，我国财政实力进一步增强，财政宏观调控更加科学有效，财税体制改革接续推 进，财政统筹能力明显增强，财政发展与安全的基础不断夯实，对外财经交流合作广度和深度持续提 升，财政在中国式现代化建设中的支撑和保障作用越来越强。 （文章来源：经济日报） 会议还明确了明年财政工作的六大任务，包括坚持内需主导，支持建设强大国内市场；支持科技创新和 产业创新深度融合，加快培育壮大新动能；推进城乡融合和区域联动，拓展发展空间；进一步强化保基 本、兜底线，切实加强民生保障；推动经济社会发展全面绿色转型，加快建设美丽中国；加强国际财经 交流合作，支持扩大高水平对外开放。 ...