Core Viewpoint - The Ministry of Civil Affairs and seven other departments have jointly issued measures to cultivate elderly care service operators and promote the silver economy, focusing on brand building and supply-demand platform development [1] Group 1: Brand Development - The cultivation of trademark brands in elderly care services is crucial for promoting high-quality development of the silver economy [1] - There is a clear policy path to encourage elderly care service operators to enhance and promote their brands, aiming to foster well-known brands in the sector and strengthen leading enterprises [1] Group 2: Supply Optimization - Optimizing the supply of elderly care services and age-friendly products is a key support measure [1] - The development of community-supported home care is encouraged, along with the promotion of products suitable for the elderly, such as cosmetics, food, and dedicated consumption areas [1] Group 3: Competitive Environment - Creating a fair competitive environment and improving government services are essential for supporting stable operations in the elderly care sector [1]

Core Viewpoint - China's service industry is entering a new phase of accelerated opening, which is crucial for economic structure optimization and high-quality development [1][2]. Group 1: Policy and Implementation - The Ministry of Commerce has issued a comprehensive pilot task for expanding service industry openness in nine cities, marking a significant step in implementing high-level opening-up policies [1][2]. - The pilot cities include Dalian, Ningbo, Xiamen, Qingdao, Shenzhen, Hefei, Fuzhou, Xi'an, and Suzhou, with a focus on creating replicable and scalable experiences for national service industry openness [2][3]. Group 2: Opportunities and Challenges - China's large-scale market and the continuous upgrade of consumer spending structure create vast opportunities for service industry openness [2]. - The country is actively pursuing high-standard trade agreements like the CPTPP, which will inject new momentum into the service sector [2]. - Challenges include rising global protectionism, the need to enhance competitiveness in certain service sectors, and the necessity to manage risks in finance and data during the opening process [2][3]. Group 3: Focus Areas and Responsibilities - The pilot tasks should concentrate on key sectors such as telecommunications, healthcare, finance, and digital economy, while also supporting domestic enterprises in international competition [3]. - Innovation in rules and systems is essential, particularly in areas like cross-border data flow and intellectual property protection, to create a stable and transparent business environment [3]. - Pilot cities are expected to take on primary responsibilities, explore boldly, and share successful experiences nationwide to benefit a broader range of stakeholders [3].

Core Insights - The Kaifeng Free Trade Zone aims to enhance market vitality by breaking down administrative barriers and implementing innovative measures such as "22-in-1" certification and integrated service codes [1][2] - The Kaifeng Comprehensive Bonded Zone has successfully commenced operations, significantly reducing the construction period and costs while achieving a remarkable increase in import and export values [2][3] - The initiative focuses on promoting cultural trade and internationalization, establishing a comprehensive service system for cultural goods, and enhancing the efficiency of customs clearance [2][3] Group 1: Market Development Initiatives - The introduction of "22-in-1" certification and integrated service codes has streamlined processes and reduced bureaucratic hurdles, leading to significant cost savings for companies like Chery [1] - The establishment of a dedicated logistics route has improved the efficiency of goods transportation, exemplified by Chery's logistics cost savings of 7 million yuan annually [1] Group 2: Trade and Economic Growth - The Kaifeng Comprehensive Bonded Zone achieved an import and export value of 13.76 billion yuan from January to November 2025, marking a 154% year-on-year increase, the highest growth rate in the province [2] - The implementation of a "7×24 hours" customs clearance system has enhanced the convenience of trade operations, contributing to the overall economic growth of the region [2] Group 3: Cultural Trade and Internationalization - A full-chain trade service system for cultural goods has been established, addressing challenges such as slow customs clearance and high financing costs, with logistics costs reduced by 80% [2][3] - The creation of the first cultural and arts bank in the country and the introduction of specialized financial products have facilitated cultural trade and financing [2][3] Group 4: Future Development Plans - The focus will be on deepening reforms and enhancing the Free Trade Zone's strategic implementation to support the construction of a unified national market [2][4] - Plans include the establishment of an international art exhibition and trading center, and the development of various service platforms to promote cultural and medical tourism [3][4]

大河有水小河满，大河无水小河干。构建全国统一大市场，既要防止各地搞自我小循环，又要加快完善 产权保护、市场准入、公平竞争、社会信用等市场经济基础制度。具体看，需进一步打破行政区域对资 源流动的不合理限制，推动生产要素在全国范围内优化配置，使不同地区的比较优势得到精准匹配与高 效协同。 万物得其本者生，百事得其道者成。"十五五"规划建议提出，坚持扩大内需这个战略基点，坚持惠民生 和促消费、投资于物和投资于人紧密结合。外部环境越是严峻复杂，越要牢牢把握发展主动权。只要把 超大规模市场潜力充分释放出来，就能把规模优势转化为发展胜势，从而为我国经济高质量发展注入强 劲动力。 （文章来源：经济日报） 根据国际经验，一国从中等收入国家迈向中高收入国家过程中，消费结构将从商品消费为主转向服务消 费为主。数据显示，2025年前三季度，我国居民人均服务性消费支出占人均消费支出的比重为46.8%。 扩大服务消费，有利于进一步挖掘消费潜力，打造当前和未来促消费的重要引擎。同时，发展家政服 务、养老托育、文娱旅游、教育体育等服务消费，也是增进民生福祉、满足人民美好生活需要的内在要 求。 作为拉动经济增长的"三驾马车"之一，投资在扩内 ...

Core Insights - Hainan Free Trade Port has successfully operated under full closure for one month as of January 18, 2026, with smooth and efficient customs operations [1] - The duty-free shopping market in Hainan has shown significant growth, with a total shopping amount of 4.86 billion yuan, a year-on-year increase of 46.8% [1] - New adjustments to the duty-free policy have expanded the categories of exempt goods and the beneficiaries, enhancing the attractiveness for international tourists [1] Customs Operations - Since the full closure on December 18, 2025, Hainan's customs has monitored "zero tariff" goods worth 750 million yuan and processed value-added goods worth 85.867 million yuan [1] - The overall operation of customs has been reported as stable and orderly, with efficient port clearance [1] Duty-Free Market Performance - The total amount of duty-free shopping reached 4.86 billion yuan, with 745,000 shoppers participating, marking a 30.2% increase in visitor numbers [1] - The number of items purchased in the duty-free market was 3.494 million, reflecting a 14.6% year-on-year growth [1] Policy Adjustments - As of November 1, 2025, the duty-free policy has been adjusted to include 47 categories of goods, adding electronic products such as digital cameras and drones [1] - The policy now allows departing travelers to enjoy duty-free shopping, which has increased the proportion of international tourists participating in the duty-free market [1] Tourism Growth - The implementation of the full closure has led to a significant increase in the number of tourists from major European and American countries, becoming a highlight of growth for the year [1]

Core Viewpoint - The Ministry of Commerce has issued a task document for nine cities, including Dalian, Ningbo, and Xiamen, to promote the expansion of the service industry and high-quality development through 159 pilot tasks, marking a significant step in China's service sector opening-up strategy [1] Group 1: Expansion of Service Industry - The new pilot cities increase the total number of service industry expansion pilot cities to 20, which are expected to play a crucial role in exploring innovative and high-quality development in the service sector [1] - The "14th Five-Year Plan" emphasizes the importance of promoting high-quality development in the service industry, with actions to enhance service capacity and quality, deepen regulatory reforms, and expand support policy systems [2] Group 2: Institutional Opening and Cooperation - The focus is on institutional opening to enhance competitiveness in the service sector, with a gradual expansion of autonomous opening in service areas and the establishment of a negative list management system for cross-border service trade [2] - The strategy aims to align with international high-standard economic and trade rules, promoting innovation and development potential in the service industry [2] Group 3: Regional Development and Collaboration - Each city is encouraged to develop personalized paths based on its unique advantages, promoting complementary and collaborative development among regions [3] - Dalian, for example, is positioned to leverage its advantages in shipping and logistics to enhance its role as an international shipping center in Northeast Asia [3] - The integration of the service industry with manufacturing, agriculture, and digital industries is highlighted as a means to foster new business models and expand growth boundaries [3]

近日，财政部、国家税务总局、住房城乡建设部发布公告明确，今明两年延续实施支持居民换购住房有 关个人所得税政策。这意味着，居民"卖旧买新"换购住房，将可继续享受个税退税优惠。从促进房地产 市场交易，到降低家庭生育养育教育成本，个人所得税正在持续发挥重要调节功能，有效惠民生、促发 展。 从促进房地产市场交易，到降低家庭生育养育教育成本，个人所得税正在有效惠民生、促发展。扩大综 合所得范围、完善专项附加扣除、优化税率结构等举措，将更好发挥个税各项功能作用。 （文章来源：经济日报） 站在"十五五"起点上，个税制度优化与改革可期。"十五五"规划建议提出，"完善地方税、直接税体 系，健全经营所得、资本所得、财产所得税收政策""加强税收、社会保障、转移支付等再分配调节""发 挥育儿补贴和个人所得税抵扣政策作用，有效降低家庭生育养育教育成本"。 一系列部署，明确了个税制度改革要求。应健全分类与综合相结合的个税制度，适当扩大综合所得征税 范围，更好体现量能负担、税收公平原则。完善专项附加扣除制度，包括项目、范围和标准等。近年 来，完善专项附加扣除有过两次"大动作"：2022年增设3岁以下婴幼儿照护专项附加扣除，2023年大幅 ...

Core Viewpoint - The rapid development of China's green energy industry, particularly in the photovoltaic sector, is being supported by the introduction of relevant futures products, which inject financial momentum into strategic emerging industries [1] Group 1: Price Risk Management - The launch of polysilicon futures marks a significant step in establishing a comprehensive price risk management system for the photovoltaic industry, enabling precise hedging against price fluctuations [1][2] - The introduction of industrial silicon futures in 2022 and polysilicon futures in 2024 has created a full-process price risk management framework, allowing companies across the supply chain to hedge against cost and price risks effectively [2] - By November 2025, 12 and 17 listed companies had issued hedging announcements for polysilicon and industrial silicon futures, respectively, indicating growing market participation [2] Group 2: Expanding Sales Channels - The physical delivery mechanism of polysilicon futures has transformed the sales model from a "point-to-point" direct sales approach to a standardized, cross-regional trading bridge, enhancing the purchasing channels for companies [3] - 67% of products in the industry meet the quality standards for benchmark delivery, and 89% meet the requirements for alternative delivery, indicating a strong alignment with industry needs [3] - By November 2025, the cumulative delivery volume of polysilicon futures reached 10,000 contracts, equivalent to 30,000 tons in the spot market, reflecting deep participation from real enterprises [3] Group 3: Trade Empowerment - Polysilicon futures have redefined the role of traders, allowing them to evolve from traditional intermediaries to risk management service providers within the supply chain [4] - Modern trading models such as price-based and basis trading have gained traction, enabling flexible pricing based on futures prices, thus converting absolute price risks into manageable basis risks [4] - The introduction of innovative products like rights-based trading and over-the-counter options offers customized price protection solutions for enterprises, fostering a collaborative environment within the industry [4] Group 4: Practical Case Studies - A polysilicon production company successfully mitigated inventory devaluation risks by collaborating with a risk management subsidiary to purchase bear market options, enhancing revenue and reducing financial pressure [5] Group 5: Market Development and Ecosystem Building - The "Green to New" industry service plan launched by the Guangzhou Futures Exchange includes five core measures aimed at building a comprehensive service system for industry participation in the futures market [6] - By April 2025, the first batch of 12 "Green to New" industry base enterprises was established, highlighting the critical role of the trading segment in the integration of futures and spot markets [6] - The exchange has conducted over 170 market cultivation activities since 2025, covering more than 20,000 participants, and has provided tailored training for over 100 industry leaders [7] Group 6: Overall Impact and Future Outlook - Since its listing in December 2024, polysilicon futures have become a vital price benchmark and risk management tool, significantly impacting the photovoltaic industry's trading landscape [8] - The synergistic development of polysilicon and industrial silicon futures is not just about the introduction of financial products but represents a crucial financial infrastructure for enhancing the competitiveness of China's photovoltaic industry [8] - As market participation deepens and the integration of futures and spot markets continues to innovate, the futures market is expected to play a more significant role in price discovery and risk management, supporting the high-quality realization of the "dual carbon" goals [8]

自2018年以来，海关总署会同相关部门，每年组织开展促进跨境贸易便利化专项行动，截至2024年已累 计出台便利化措施115项。针对国际贸易环境的最新变化，积极回应进出口企业的诉求，对标国际先进 水平，北京、上海、天津、重庆等25个城市自去年4月起集中开展跨境贸易便利化专项行动。 "为进一步释放政策红利，促进外贸提质增效，助力实现'十五五'良好开局，经总结评估，决定在全国 复制推广其中较为成熟的政策措施，共25项。"海关总署国家口岸管理办公室副主任、一级巡视员谢放 在日前举行的跨境贸易便利化专项行动新闻通报会上说。 浙江宁波创新打造"甬智"AI审单智能体，完成出口报关单全量智能审核应用，在"管得好""管得住"的前 提下，通关效率提升30%。宁波经济技术开发区管委会主任叶苗介绍，宁波率先将AI技术运用在海关机 检查验，智能审图平均识别时间压缩至12秒，查验时间最快缩短至4分钟。在铁矿石、铜精矿等进口口 岸加装高速图像识别、自动采样机器人等设备，平均通关时长压缩15小时以上。宁波将用好港口这个最 大资源，深化智慧海关、智慧口岸建设。 跨境电商是当前发展速度最快、潜力最大、带动作用最强的外贸新业态。越来越多的消费者习 ...

Core Viewpoint - The People's Bank of China (PBOC) has implemented a series of monetary policy measures to support stable economic growth and financial market stability, with a commitment to continue a moderately accommodative monetary policy in 2026 [1][2]. Monetary Policy Measures - In 2026, the PBOC plans to lower the interest rates of various structural monetary policy tools by 0.25 percentage points to enhance support for key sectors [8][9]. - The PBOC will also increase the quotas for specific loans, including an additional 500 billion yuan for agricultural and small business loans and a 1 trillion yuan quota for private enterprises [9][10]. Financial Data Highlights - By the end of December 2025, the balance of RMB loans reached 271.91 trillion yuan, a year-on-year increase of 6.4% [2]. - The total social financing scale for 2025 was 35.6 trillion yuan, an increase of 3.34 trillion yuan compared to 2024, with a year-on-year growth of 8.3% [2]. - The broad money supply (M2) was 340.29 trillion yuan, growing by 8.5% year-on-year [2]. Loan Structure and Support - In 2025, loans to key areas such as technology, green initiatives, and digital sectors saw significant growth, with increases of 11.5%, 23%, and 14.6% respectively [3]. - Direct financing accounted for 46.9% of the total social financing increment, with net financing from government bonds reaching 13.84 trillion yuan [3][4]. Cost of Financing - The average interest rates for new corporate loans and personal housing loans were around 3.1% in December 2025, reflecting a decline of 2.5 and 2.6 percentage points since the second half of 2018 [4]. - The PBOC has made ten interest rate cuts since mid-2018 to lower overall financing costs [4]. Liquidity Management - In 2025, the PBOC conducted net liquidity injections totaling 6 trillion yuan through various open market operations, including a net purchase of 1.2 trillion yuan in government bonds [5][6]. - The PBOC's operations aim to ensure sufficient liquidity and stable short-term interest rates in the market [5][7]. Support for Private Enterprises - The PBOC announced a 1 trillion yuan re-loan specifically for private enterprises to enhance financial support for small and medium-sized private businesses [10][11]. - The focus on private enterprises reflects their critical role in innovation and employment, with ongoing efforts to improve financing conditions for these businesses [9][10].