第二产业增加值499653亿元，增长4.5%； 1月19日，在国新办举行的新闻发布会上，国家统计局局长康义介绍2025年国民经济运行情况。 初步核算，2025年中国国内生产总值(GDP)达到1401879亿元。按不变价格计算，比上年增长5.0%。 分产业看： 第一产业增加值93347亿元，比上年增长3.9%； 第三产业增加值808879亿元，增长5.4%。 分季度看： 一季度国内生产总值同比增长5.4%， 二季度增长5.2%， 三季度增长4.8%， 四季度增长4.5%。 从环比看，四季度国内生产总值增长1.2%。 2025年，面对国内外经济环境的复杂变化，我国国民经济运行顶压前行、向新向优，高质量发展取得新成效，经济社会发展主要目标任务圆满实现，"十 四五"胜利收官。 "十四五"期间，中国经济总量连续跨越110万亿元、120万亿元、130万亿元、140万亿元关口。 ...

据证监会1月18日消息，证监会对宁波容百新能源科技股份有限公司(以下简称"容百科技")重大合同公告涉嫌误导性陈述立案调查。 2026年1月14日，容百科技披露日常经营重大合同的公告，涉嫌误导性陈述。近日，证监会已对容百科技立案调查。下一步，将在全面调查的基础上依法 处理，切实维护市场健康稳定发展。 1月18日晚，容百科技发布关于收到证监会立案告知书的公告，同时，容百科技回复了上海证券交易所此前对其的问询函。 收到立案告知书 1月18日，容百科技发布关于收到证监会立案告知书的公告。 公告显示，因公司重大合同公告涉嫌误导性陈述等，根据相关法律法规，中国证监会决定对公司予以立案。目前公司各项经营活动和业务均正常开展。立 案调查期间，公司将积极配合中国证监会的相关工作，并严格按照相关法律法规和监管要求及时履行信息披露义务。 当晚，容百科技便收到上交所问询函，被要求核实并补充披露协议相关事项。上交所要求其就信息披露准确性、协议内容、内幕交易防控等事项进行自查 并补充披露，并要求容百科技明确说明是否存在借大额合同进行股价炒作的动机。在问询函中，上交所表示，后续将结合容百科技回复情况启动纪律处分 程序。 "1200亿元大单 ...

本报讯 记者马玲报道 1月17日，中国人民银行、国家金融监督管理总局发布关于调整商业用房购房贷款 最低首付款比例政策的通知，商业用房（含"商住两用房"）购房贷款最低首付款比例调整为不低于 30%。 中国人民银行各省级分行、国家金融监督管理总局各省级派出机构根据辖区各城市政府调控要求，按照 因城施策原则，在全国统一的最低首付款比例基础上，自主确定辖区各城市最低首付款比例下限。 ...

Core Insights - The article emphasizes the strategic importance of Yunnan in promoting high-level opening-up and establishing a radiation center towards South Asia and Southeast Asia, as highlighted by President Xi Jinping's directives [1][13] - The implementation of cross-border digital payment systems, including the use of digital RMB and QR code payments, marks a significant advancement in financial integration between China and Laos, facilitating trade and investment [1][5] Financial Innovations and Developments - The launch of the cross-border direct bus service between China and Laos has introduced digital RMB and QR code payment services, enhancing payment convenience and supporting the internationalization of the RMB [1] - Yunnan's financial system has seen the establishment of over 1,200 cross-border RMB settlement enterprises during the 14th Five-Year Plan, with a total cross-border RMB settlement amounting to 251.35 billion yuan, a 17.3% increase from the previous five-year period [1] Cross-Border Payment Systems - The cross-border payment system allows users from both countries to utilize their domestic payment applications for transactions, significantly improving the convenience for Laotian students and residents in Yunnan [4] - By the end of November 2025, over 58,000 QR codes for aggregated payments had been deployed in Xishuangbanna, covering various life scenarios for foreign visitors [4] Economic Transformation - The border economy is transitioning from a "channel economy" to an "industrial economy," supported by financial services and resources, with loans in key border areas increasing by 8.63% year-on-year [9] - The establishment of a comprehensive payment service system, including support for foreign currency exchange and cash withdrawal ATMs, has enhanced the overall cross-border trade experience [4][9] Cross-Border Trade and Settlement - The establishment of stable cross-border RMB settlement channels between Chinese and Laotian banks has facilitated smoother trade transactions, with significant increases in cross-border RMB settlement volumes [11][12] - The total cross-border RMB settlement in Xishuangbanna reached 28.539 billion yuan during the 14th Five-Year Plan, marking a 3.04 times increase compared to the previous five-year period [12] Future Outlook - Yunnan is positioned as a crucial strategic point in China's dual circulation development pattern, leveraging its unique geographical advantages to enhance financial integration and support the Belt and Road Initiative [13] - Continued financial innovations and supportive national policies are expected to further strengthen Yunnan's role in regional economic development and connectivity [13]

本报讯 记者余嘉欣 孙榕报道 1月15日，金融监管总局召开2026年全面从严治党工作会议暨专题警示教 育会，学习贯彻习近平总书记在二十届中央纪委五次全会上的重要讲话和全会精神，总结2025年金融监 管总局系统全面从严治党工作，安排部署2026年重点任务。金融监管总局党委书记、局长李云泽出席会 议并讲话，驻金融监管总局纪检监察组组长、党委委员杨国瑞主持会议，传达二十届中央纪委五次全会 精神并讲话，金融监管总局党委班子成员出席会议。 会议指出，2025年，金融监管总局党委以习近平新时代中国特色社会主义思想为指导，深入贯彻习近平 总书记关于党的建设的重要思想、关于党的自我革命的重要思想，扎实推进全面从严治党各项工作。坚 决有力抓好中央巡视整改，认真开展深入贯彻中央八项规定精神学习教育，一体推进风腐同查同治，持 续加强金融监管总局系统党的纪律建设，不断推动全面从严治党向纵深发展、向基层延伸。 会议强调，2026年，金融监管总局系统要坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻 党的二十大和二十届历次全会精神，全面落实二十届中央纪委五次全会部署，深刻领悟"两个确立"的决 定性意义，增强"四个意识"、坚定"四个 ...

Group 1 - The overall scale of digital consumption in China exceeds 23.8 trillion yuan, maintaining its position as the world's largest online retail market for 13 consecutive years, reflecting the strong potential of domestic demand and consumption upgrade driven by the digital economy [1] - The central economic work meeting has prioritized "expanding domestic demand and promoting consumption" as a key task for 2026, which is crucial for economic recovery and the construction of a new development pattern [1] - Various government departments are committed to enhancing domestic demand and consumption, with specific actions outlined by the National Development and Reform Commission, Ministry of Finance, Ministry of Commerce, and the People's Bank of China [1] Group 2 - The People's Bank of China emphasizes the need for financial support to expand domestic demand, particularly in key areas such as service consumption and small and micro enterprises, while promoting credit investment in the service consumption sector [2] - Achieving a balance between "demand" and "promotion" is essential for sustainable expansion of domestic demand and quality improvement of consumption, requiring enhanced consumer confidence and the removal of barriers to consumption upgrade [2] - The focus of expanding domestic demand will increasingly shift towards service consumption, elderly consumption, and green consumption, necessitating both policy guidance and market-driven efforts [2] Group 3 - A coordinated policy approach across various sectors, including fiscal, financial, and industrial policies, is necessary to boost consumption and market confidence, with a focus on a supportive monetary policy environment [3] - Financial institutions are encouraged to enhance support for key areas of service consumption and to optimize consumer finance services, thereby improving the payment experience in critical consumption scenarios [3] - Market participants are actively innovating to meet new consumer demands, particularly in high-frequency daily consumption areas such as healthcare, beauty, education, and home improvement [3] Group 4 - The market should leverage technology and innovative models to meet consumer demands for product upgrades and service consumption expansion, fostering a mutually reinforcing relationship between consumption upgrade and industrial transformation [4] - A fair and orderly market environment is essential for optimizing resource allocation and promoting the development of new consumption growth points within the framework of a unified national market [4] Group 5 - Recent initiatives by the Ministry of Commerce and other departments aim to enhance financial support for green consumption loans, encouraging collaboration between financial institutions and trade enterprises [5] - The People's Bank of China plans to expand the support scope of service consumption and elderly re-loans, with potential inclusion of the health industry once standards are established [5] - The collaborative efforts across various sectors are expected to strengthen the foundation for high-quality economic development in China [5]

本报讯记者马玲报道经国务院批准，近日，中国人民银行与加拿大银行(加拿大中央银行)续签双边本币 互换协议，互换规模为2000亿元人民币，协议有效期5年，经双方同意可以展期。 中加双边本币互换协议再次续签，将有助于加强两国金融合作，扩大中加间本币使用，促进双边贸易和 投资便利化，维护金融稳定。 ...

2025年11月，中国人民银行、国家发展改革委、财政部、交通运输部、商务部、金融监管总局、中 国证监会、国家外汇局联合印发《关于金融支持加快西部陆海新通道建设的意见》（以下简称《意 见》），从完善金融组织协作体系、构建高质量资金融通体系、推进制度性改革创新、建设数字金融服 务平台、完善金融开放合作体系、深化跨省跨境金融监管协作等方面提出21条重点举措，推动发挥 好"融资"和"结算"两项金融核心功能，支持西部陆海新通道高质量发展。 成渝地区双城经济圈作为关键枢纽与西部金融中心，其资本市场通过多元化融资渠道拓展、制度供 给优化、产业协同整合及风险防控创新，为西部陆海新通道建设提供了核心支撑。如何将政策红利转化 为区域高质量发展动能，并通过资本市场"科技—产业—金融"良性循环机制，探索金融支持西部陆海新 通道建设的体系化战略路径与创新性实践方案，是巩固和扩大对外开放成果、深入推进两个大循环的重 要举措。 成渝地区的历史性新机遇与新使命 （一）西部陆海新通道建设为成渝地区高质量发展提供了新机遇 《意见》的发布，标志着区域发展战略的金融支持体系进入全方位、制度化的新阶段。该政策明确 提出"强化资本市场功能，支持通道沿线 ...

Core Viewpoint - The 2025 Central Economic Work Conference emphasizes the need for proactive fiscal policies to stabilize and enhance economic growth, focusing on optimizing fiscal management and tax policies to support consumption and investment [1][2]. Fiscal Policy and Economic Growth - The conference highlights the importance of maintaining necessary fiscal deficits and optimizing the structure of fiscal expenditures to enhance macroeconomic governance [1]. - In 2024, China's GDP is projected to reach 134.9 trillion yuan, with a growth rate of 5%, driven by final consumption, capital formation, and net exports [1]. - Domestic demand contributed 70% to economic growth, serving as a stabilizing force [1]. Tax Policy and Consumption - The 2025 conference prioritizes domestic demand and plans to implement actions to boost consumption, including optimizing tax structures and enhancing income distribution [2]. - Tax policies can stimulate household consumption by increasing disposable income, particularly for low- and middle-income groups, who have a higher marginal propensity to consume [2][3]. - Reducing specific goods' tax rates can lower final prices, thereby stimulating consumer demand [4]. Investment and Economic Capacity - The conference calls for measures to stabilize and increase investment, which is crucial for both current demand and future production capacity [5][6]. - Increased investment leads to higher capital stock, enhancing productivity and economic potential [6]. - Tax policies that lower corporate tax burdens can encourage investment by improving after-tax returns [7][8]. Export and International Competitiveness - The conference emphasizes the role of exports in driving economic growth and improving international competitiveness through tax incentives [9][11]. - Export tax rebates and reductions in corporate income tax for export-oriented enterprises can enhance profitability and reinvestment capabilities [11][12]. - Recent improvements in export tax rebate processing times have positively impacted export sales revenue [12]. Structural Reforms and Future Directions - The focus is shifting from broad tax reductions to structural tax optimization, aiming to enhance consumer purchasing power and reduce business costs [16]. - The government plans to implement targeted tax incentives to support innovation and high-tech industries, promoting sustainable economic growth [15][16].

2025复盘与2026趋势预判 《金融时报》记者：2025年全球经济在贸易政策、货币政策等多重因素影响下经历了显著波动，尤 其是美国在特朗普总统上任后推出了一系列备受关注的政策。首先请您整体回顾一下2025年，并展望 2026年全球宏观经济发展趋势。 温彬：2025年随着美国新任总统特朗普的上台，其推出的一系列政策显著增加了全球经济的不确定 性和运行风险。"对等关税"的推出一度对全球贸易产生重大影响，特朗普外交政策的转向也令盟友措手 不及。二季度美元资产的大幅波动削弱了"美国经济例外论"，也令特朗普的政策趋于妥协和缓和。随着 下半年各国与美国贸易谈判落地，贸易政策不确定性下降，全球资产也由"TACO交易"（特朗普总是临 阵退缩）转向美联储的降息交易。 展望2026年，特朗普的政策将沿着"中选为纲，关税调整，注重民生，财货双松"的路径前行；欧洲 将继续在地缘政治夹缝中寻求独立自主；日本则将面临高市经济学的挑战，整体看政策的不确定性将小 于2025年，风险趋向于收敛。美国、欧洲、日本等国家货币政策将继续向中性利率靠拢，其中美国和英 国仍有数次降息空间，欧元区将保持在较为平衡的利率水平，日本则在通胀压力下保持缓慢加 ...