刘晓曙 青岛银行（002948）首席经济学家。清华大学理学博士、厦门大学经济学博士、中国人民大学 金融学博士后。2008年获"中国卓越研究奖"。 在全球经济一体化深度融合的背景下，美国作为世界第一大经济体，其政策动向始终牵动着全球市场的 神经。2017年特朗普政府上台后，将关税政策视为"让美国再次伟大"的核心工具，以"美国优先"为旗 帜，对包括中国、欧盟在内的多个贸易伙伴加征关税，掀起了一轮席卷全球的贸易保护主义浪潮。这一 政策在初期曾被认为能短期提振美国本土产业、吸引制造业回流，但随着时间的推移，其复杂后果逐渐 显现。青岛银行首席经济学家刘晓曙在接受《金融时报》记者专访时表示，种种迹象表明，特朗普的关 税政策并非一剂"强心针"，而是给美国经济乃至全球贸易体系刻下了一道难以愈合的"制度性疤痕"。 关税政策的短期利好与长期隐忧 《金融时报》记者：特朗普政府的关税政策在近期进入关键阶段，对美国经济产生了多方面影响。您认 为关税政策对美国消费者、企业以及整体经济增长和就业的长期影响会是怎样的？ 刘晓曙：特朗普关税政策是为了实现所谓"让美国再次伟大"的政治目标。但是从根本上，贸易保护主义 无法创造繁荣，反而会损害美国 ...

Core Viewpoint - The personal pension wealth management products in China are expanding for the ninth time, with 37 new products being introduced, including two from China Post Wealth Management with minimum holding periods of 18 months and 2 years [1][3]. Product Details - The newly added products are "Tianyi·Hongjin Minimum Holding 2 Years No.1 (Anying Fund)" and "Tianyi·Hongjin Minimum Holding 18 Months No.1 (Anying Fund)" [2]. - Both products have a risk level classified as level two (medium-low) and are primarily fixed-income investments, focusing on bonds with a small allocation to equity and derivative assets [3][5]. Performance Metrics - The performance benchmark for the new products is structured as an index combination rather than a simple range, enhancing transparency and reflecting the relationship between investment strategies and market performance [3][5]. - The benchmark for "Tianyi·Hongjin Minimum Holding 2 Years No.1 (Anying Fund)" is calculated as: personal demand deposit rate * 10% + CSI 300 Index return * 5% + China Bond - New Comprehensive Wealth (1-3 years) Index return * 85% [3]. Market Context - As of August 29, 2023, there are 1,135 personal pension products available, with only 37 being wealth management products, indicating a relative scarcity in this segment [6]. - The current market for personal pension wealth management products is characterized by a high degree of homogeneity, with most products being medium-low risk fixed-income products [6][11]. Investor Sentiment - The average annualized return for personal pension wealth management products has been reported at over 3.4%, with a total return exceeding 3.9 billion yuan for investors [7][11]. - The awareness and acceptance of personal pension wealth management products among individual investors are increasing, with total balances exceeding 151.6 billion yuan, marking a 64.7% growth since the beginning of the year [11].

Core Insights - Digital finance is a core driving force in the digital economy era, reshaping financial service paradigms and injecting strong momentum into new industrialization strategies, effectively addressing structural challenges in traditional financial services [1][14] - The integration of financial technology and industrial internet, along with an increasingly comprehensive multi-level policy support system, will deepen the integration of digital finance into the entire lifecycle of new industrialization [1][14] - Digital finance aims to facilitate China's transition from a "manufacturing giant" to a "manufacturing and financial powerhouse" [1][14] Group 1: Digital Finance as a Tool for New Industrialization - Digital finance utilizes data as a key production factor and technology as a core driving force, leveraging blockchain, artificial intelligence, and cloud computing to reshape the financial service ecosystem [2] - The People's Bank of China and seven other departments issued guidelines to accelerate the construction of a financial powerhouse and a manufacturing powerhouse, marking the improvement of top-level design for financial support in new industrialization [2] Group 2: Mechanisms of Digital Finance Empowerment - Digital finance evolves from a traditional "fund intermediary" role to an intelligent hub for the allocation of industrial factors, activating industrial data asset value and reconstructing credit generation and risk pricing mechanisms [3] - It addresses the challenges of financing information asymmetry, credit assessment difficulties, and low service efficiency faced by manufacturing enterprises [3] Group 3: Multi-layered Collaborative Mechanisms - Digital finance integrates multi-dimensional data to create precise credit profiles and establish dynamic risk control models, alleviating core obstacles of information asymmetry in traditional industrial financing [4] - It provides tailored financial solutions throughout the lifecycle of manufacturing enterprises, adapting to their developmental needs [5] Group 4: Challenges Facing Digital Finance - The presence of industrial data silos and algorithmic bias restricts the effectiveness of digital finance, leading to potential mislabeling of manufacturing enterprises as high-risk due to outdated parameters [7] - Regulatory frameworks are lagging behind the industrial data assetization process, creating legal uncertainties around data ownership and valuation [7] Group 5: Pathways for High-Quality Development - A comprehensive financial support system for innovation can be established, focusing on key technology breakthroughs and the transformation of results [8] - The development of a multi-credit financial model is essential to enhance the resilience of industrial chains, moving beyond traditional credit reliance [9] Group 6: Policy and Institutional Support - Establishing national standards for data sharing and improving regulations around data asset financialization are crucial for fostering innovation [13] - A balanced regulatory framework that encourages innovation while preventing discriminatory credit policies is necessary for the sustainable development of digital finance [13]

全国统一大市场建设必须破立并举。要建立统一的市场基础制度、市场基础设施、政府行为尺度、市场 监管执法以及要素资源市场。如此才能有效破除内部需求扩大时面临的重重阻碍，消除扰乱市场秩序的 内卷式竞争。以"制度统一"夯实发展根基，再辅以进一步扩大对内对外开放，从而有力地纵深推进全国 统一大市场建设。 纵深推进全国统一大市场建设是构建新发展格局的基础支撑和内在要求。7月1日召开的中央财经委员会 第六次会议明确指出，"五统一、一开放"是纵深推进全国统一大市场建设的基本要求。这一要求聚焦于 破除深层次的体制机制障碍，借助系统性的制度集成创新，打通经济循环中的关键堵点，从而为打造高 效规范、公平竞争且充分开放的全国统一大市场奠定坚实基础。在当前高质量发展已成全社会共识之 时，地方保护与市场分割依旧像顽疾一样困扰着市场经济的发展。行政性分权、官员考核和晋升激励制 度，以及要素流动面临的技术性和制度性障碍等因素，成为市场分割最为突出的矛盾所在。鉴于此，全 国统一大市场建设必须破立并举。要建立统一的市场基础制度、市场基础设施、政府行为尺度、市场监 管执法以及要素资源市场。如此才能有效破除内部需求扩大时面临的重重阻碍，消除扰乱市场 ...

随着碳市场不断成熟，以碳排放配额、核证自愿减排量（CCER）等碳资产为核心的金融活动日益 活跃。碳金融作为绿色金融的重要组成部分，本质是在碳市场形成价格发现机制的基础上，将碳资产金 融化，使其具备融资、交易和风险管理等功能，从而服务企业的绿色低碳转型。 作为全国碳市场深化发展的重要支撑，碳金融产品和工具正不断丰富与完善，目前已形成包括碳资 产抵质押贷款、碳债券、碳资产回购等融资类工具，碳远期、碳期货、碳期权等交易类工具，以及碳保 险、碳基金等支持类工具在内的多元产品体系。这些金融工具不仅能够帮助企业降低履约成本，提升市 场流动性和透明度，还能吸引更多社会资本进入绿色产业，推动形成绿色投资与碳交易的良性循环。 在政策支持层面，2021年11月，中国人民银行发布了专门的碳减排支持工具，给予碳减排项目更加 优惠的资金支持。该工具设立3年多来，取得显著成效，有力推动了经济社会向低碳轨道转型。 不少金融机构也积极投身碳金融产品创新实践，涌现出一批特色实践。例如，九江银行聚焦林业碳 汇领域，发放以核证自愿减排量（CCER）林业碳汇收益权为质押的300万元绿色贷款，将生态资源转 化为企业可抵押的"生态资产"；北京银行南京分 ...

Economic Indicators - In August, the Manufacturing Purchasing Managers' Index (PMI) was 49.4%, the Non-Manufacturing Business Activity Index was 50.3%, and the Composite PMI Output Index was 50.5%, showing a slight increase from the previous month [1][2] - The Manufacturing PMI has been below the critical line for five consecutive months, indicating ongoing economic downward pressure [1] Manufacturing Sector - The production index rose to 50.8%, up 0.3 percentage points from last month, while the new orders index increased to 49.5%, up 0.1 percentage points [2] - The recovery in manufacturing is attributed to the easing of adverse weather conditions and the resumption of the third batch of "national subsidies" for durable consumer goods [2][3] - The prices of major raw materials and factory output prices rose to 53.3% and 49.1%, respectively, indicating a continuous improvement in manufacturing market prices [2][3] Service Sector - The Non-Manufacturing Business Activity Index increased to 50.3%, with the service sector index reaching 50.5%, marking a significant recovery [4] - The summer consumption effect has positively impacted sectors such as transportation and hospitality, with related indices remaining above 60.0% [4][5] - The business activity expectation index for the service sector rose to 57.0%, indicating optimism among service enterprises regarding market prospects [5] Construction Sector - The construction sector's business activity index declined due to ongoing rainy weather, although it remains above 53%, indicating sustained growth in infrastructure-related activities [5] - The construction PMI is expected to rise into the expansion zone as weather conditions improve and growth stabilization policies take effect [5]

Core Viewpoint - The six major state-owned banks in China reported stable operating performance and improved asset quality in their 2025 mid-year reports, with a significant focus on supporting technology and other key sectors through credit allocation [1]. Group 1: Credit Allocation and Focus Areas - The six major banks' credit resources are primarily directed towards supporting the "five major financial articles," with a notable emphasis on technology-related sectors [2]. - China Construction Bank (CCB) reported a loan growth of 1.6 trillion yuan in the first half of the year, with technology loans reaching a balance of 5.15 trillion yuan, marking a 16.81% increase from the previous year [2]. - China Bank (BOC) highlighted technology finance as a strategic priority, with technology loans exceeding 30% of corporate loan balances, leading the industry in supporting small and specialized enterprises [2]. Group 2: Performance in Technology Finance - Agricultural Bank of China (ABC) reported a technology loan balance of 4.7 trillion yuan, with over 800 billion yuan added in the first half of the year, achieving a growth rate exceeding 20% [3]. - BOC's green loans, private enterprise loans, and manufacturing loans showed significant growth, with increases of 17.21%, 12.93%, and 12.99% respectively [3]. - CCB's green loan balance reached 5.72 trillion yuan, with a growth of 14.88%, while inclusive small and micro enterprise loans grew by 9.8% to 3.74 trillion yuan [3]. Group 3: Specific Initiatives and Results - Industrial and Commercial Bank of China (ICBC) focused on advanced manufacturing and equipment upgrades, with manufacturing loans exceeding 5.2 trillion yuan, including over 1 trillion yuan for equipment updates [3]. - Postal Savings Bank of China emphasized inclusive finance, with agricultural loans at 2.44 trillion yuan and inclusive small and micro enterprise loans at 1.72 trillion yuan, leading among state-owned banks [4]. - The bank's green loan balance reached 958.639 billion yuan, growing by 11.59%, outpacing the overall loan growth rate [4].

此外，会议同意科威特国民银行加入中阿银联体。这是中阿银联体成立后第一次扩容，进一步扩大了中 阿金融合作的"朋友圈"。 各成员行一致表示，要充分发挥中阿银联体作为中阿合作论坛框架下首个多边金融合作机制的优势作 用，通过建立定期的战略对话机制，加强人才和技术交流，坚定致力于深化中阿务实合作，助推加快构 建面向新时代的中阿命运共同体。 本报讯记者左希报道8月28日，作为第七届中国—阿拉伯国家博览会项下活动之一，中国—阿拉伯国家 银行联合体第三届理事会会议在宁夏回族自治区银川市召开。会议深入落实中阿合作论坛第十届部长级 会议精神，围绕新形势下更好发挥中阿银联体优势，为中阿合作注入更强劲金融动力展开深入研讨。会 议由中阿银联体轮值主席行国家开发银行主办。 国开行表示，中阿银联体成立7年来，秉持"平等相待、相互尊重、互利公平、共同发展"的原则，推动 合作机制不断完善、合作领域不断拓展、合作水平不断提升，在支持中阿经贸合作、促进区域经济发展 等方面发挥了积极作用。下一步，建议中阿银联体充分发挥自身优势，携手深化战略对接、创新服务模 式、深耕绿色金融、强化风险防控、拓展合作网络，为开启中阿命运共同体建设新篇章贡献金融力量。 ...

吴清强调，科学制定和接续实施五年规划，是我们党治国理政一条重要经验，也是中国特色社会主义一 个重要政治优势。"十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，也是资本 市场迈向高质量发展的关键阶段。近年来，资本市场改革开放持续深化，防风险、强监管和高质量发展 扎实推进，为"十四五"收官、"十五五"开局奠定了良好基础。下一步，中国证监会将深入贯彻党中央、 国务院决策部署，高质量谋划好资本市场贯彻实施"十五五"规划相关工作。持续巩固资本市场回稳向好 势头，以深化投融资综合改革为牵引，加快推进新一轮资本市场改革开放，不断增强市场的吸引力和包 容性，积极倡导长期投资、价值投资、理性投资理念。专家学者、学会会员作为资本市场领域的重要研 究力量，希望大家充分发挥专业优势，用好中国资本市场学会平台，加强资本市场重大战略性前沿性基 础性问题研究。 为认真贯彻习近平总书记有关"十五五"规划编制工作的重要指示精神，科学谋划"十五五"时期资本市场 重点任务举措，近日，中国证监会党委书记、主席吴清在北京召开专题座谈会，与部分高校和行业机构 专家学者、中国资本市场学会会员深入交流，充分听取意见建议。中国证监会党委委员 ...

Core Insights - The article highlights the efforts made by Tianjin's financial system to enhance payment services for foreign visitors in preparation for the Shanghai Cooperation Organization summit in 2025 [1][2][10] Payment Infrastructure Enhancements - Tianjin has upgraded payment environments across 80 subway stations, allowing foreign visitors to use major international cards like Visa and MasterCard for ticket purchases [2] - The city has established 20,000 merchants accepting foreign cards and 4,765 self-service devices for foreign card transactions [1] - A total of 1,570 bank branches support foreign currency exchange, with 65 points specifically for currency exchange [1] Currency Exchange Services - The People's Bank of China (PBOC) in Tianjin has set up dual currency exchange points at the Tianjin Binhai International Airport, offering services for 23 currencies [3] - Over 60 star-rated hotels and key tourist locations have been equipped with foreign currency exchange facilities [3] - A bilingual query map has been launched to help both foreign visitors and locals find currency exchange points and ATMs [3] Technological Innovations - Tianjin banks have introduced apps that support multiple languages and provide features like currency exchange and account management [4] - The city has launched electronic wallet services for visitors from Kazakhstan and Pakistan, expanding the range of payment options available [5] Mobile Payment Growth - In the first half of the year, Tianjin processed 1.11 million mobile payment transactions for foreign visitors, amounting to 140 million yuan, reflecting a year-on-year growth of 78% and 81% respectively [6] Cash Management and Accessibility - Banks in Tianjin have introduced "零钱包" (small change bags) with various denominations to facilitate cash transactions in key areas [7] - The PBOC has allocated 172 billion yuan in cash issuance funds to ensure sufficient cash availability during the summit [8] Customer Service Enhancements - Banks have established dedicated service points for foreign visitors, providing multilingual support and simplifying account opening processes [9][10] - A new simplified account opening process for foreign visitors has been implemented across 244 key bank branches in Tianjin [10]