Core Viewpoint - The 14th China (Guangzhou) International Financial Trading Expo aims to promote high-quality development through digital and intelligent finance, focusing on the integration of policy, academia, and industry perspectives to support economic and financial reform in China [14]. Event Overview - The event will take place on June 27, from 09:30 to 16:30, at the Guangzhou Import and Export Fair Complex [1][2]. - Organized by Tsinghua University Wudaokou School of Finance, the event has been held annually since 2016, attracting over 7,000 participants and reaching an online audience of over one million [14]. Agenda Highlights - The agenda includes a series of keynote speeches and discussions featuring prominent figures such as Ouyang Weimin, former Vice Governor of Guangdong Province, and Wang Zhongmin, former Vice Chairman of the National Social Security Fund [5][6]. - Topics will cover inclusive finance, digital arbitration, and the role of digital finance in enhancing China's productivity [5][6]. Transportation and Access - Attendees can access the venue via Guangzhou Metro Line 8, taxi, or private vehicles, with specific entry points and parking instructions provided [7][8][11].

Core Viewpoint - The article discusses the ongoing trade tensions between the US and China, highlighting the impact of high tariffs on consumer goods and the potential for Japanese companies to explore opportunities in the US market while mitigating risks by diversifying their supply chains [1][4]. Summary by Sections US-China Trade Relations - Despite recent agreements to lower tariffs, the current rates remain significantly higher than before the Trump administration, with the US imposing tariffs as high as 145% on Chinese goods, temporarily reduced to 30% under a 90-day agreement [2][4]. - The actual tariff rate for the US on Chinese goods is approximately 51.3%, while China's effective tariff rate on US goods is around 37.5%, indicating a mutual escalation of tariffs that negatively impacts both economies [4][5]. Impact on the US Economy - The high tariffs have led to shortages of consumer goods in the US, contributing to rising prices and empty shelves, while US exports have decreased significantly, with a reported 30% drop in export volumes at the Port of Los Angeles [5][6]. - The temporary nature of the tariff suspension creates uncertainty for businesses, particularly small and medium enterprises, which struggle to plan for the future amid fluctuating trade policies [5][6]. Japan's Trade Dynamics - Japan's trade has been affected by global economic cycles, with exports experiencing fluctuations due to the pandemic and geopolitical tensions, leading to a trade deficit in recent months [9][10]. - Japan's export structure is heavily reliant on high-value products such as automobiles and semiconductors, while its imports are primarily raw materials and energy, making it vulnerable to global price changes [9][10]. Japan-US Trade Negotiations - The US has imposed a 10% base tariff on all Japanese goods, with specific tariffs of 25% on automobiles and parts, which are critical to Japan's economy [14][15]. - Japan is actively seeking the removal of these tariffs, emphasizing the importance of the automotive sector in its export economy, which constituted 28.3% of total exports to the US in 2024 [14][15]. Recent Trends and Challenges - Japan's exports to the US have seen a decline, with a 1.8% drop reported in April 2025, marking the first decrease in four months, primarily driven by reduced automobile exports [17]. - The strengthening of the yen and the depreciation of the dollar have further complicated Japan's export competitiveness, contributing to the trade imbalance [17][12].

6月25日上午，国务院总理李强在天津出席2 0 2 5年夏季达沃斯论坛开幕式 并致辞。 李强表示，当前国际经贸格局正在发生深刻变化。 中国将继续 积极融入全球市场，为世界经济所需贡献中国经济所能。 来源丨新华社 编辑丨丁开艳 责编丨兰银帆 往期回顾 Review of Past Articles - 01 潘功胜：区域国家团结一致应对美关税冲击｜宏观经济 李强表示，中国将继续积极融入全球市场，为世界经济所需贡献中国经济所能。多年来，中国经济之所 以是世界经济增长的重要引擎，不仅在于自身的稳定性和高成长性，还在于中国经济的开放性和与世界 经济的联动性。中国经济持续稳健增长，将为世界经济加快复苏提供有力支撑。中国市场持续扩容提 质，将为国际经贸扭转颓势创造增量空间。中国创新持续突破跃升，将为全球发展摆脱动能不足注入新 的活力。 李强强调，这次论坛以"新时代企业家精神"为主题，具有重要现实意义。新时代需要企业家们发挥更大 作用、展现更大作为。希望大家多行大道之事，多干开拓之事，多做共赢之事。中国政府将持续打造市 场化、法治化、国际化一流营商环境，也将始终敞开怀抱，热诚欢迎各国企业投资中国、深耕中国，与 中国一起发展 ...

Core Viewpoint - The article emphasizes the importance of enhancing the competitiveness and influence of Shanghai as an international financial center, aligning with national strategies for financial reform and modernization [1][4]. Group 1: Key Initiatives for Financial Center Development - The action plan includes deepening financial market construction, promoting high-quality development of multi-level equity markets, and supporting the establishment of a world-class futures exchange in Shanghai [2]. - It aims to elevate the capabilities of financial institutions by attracting large domestic and international financial organizations and enhancing the global competitiveness of Shanghai's financial sector [2][3]. - The plan also focuses on improving financial infrastructure, including the development of a cross-border payment system and the establishment of a gold market infrastructure [2][3]. Group 2: Financial Openness and Economic Service - The strategy involves expanding high-level financial openness and aligning with international trade rules to facilitate cross-border trade and investment [3]. - It emphasizes the need to enhance services for the real economy, including the establishment of a green finance standard and the development of a unified credit service platform [3]. - The initiative also aims to support the integration of the Yangtze River Delta region through high-quality financial services [3]. Group 3: Financial Security and Regulatory Framework - The article highlights the importance of maintaining financial security under open conditions by utilizing technologies like blockchain and big data for risk assessment [3]. - It calls for the establishment of a monitoring and early warning system for cross-border capital flows and enhancing regulatory collaboration between central and local authorities [3].

Core Viewpoint - The real estate market shows a clear recovery trend in the first quarter of this year, with the future heat of the land market dependent on five key factors: improvement of the financing environment, stability of new housing transaction volume, effective inventory reduction, transformation of sales models under new real estate paradigms, and optimization of land supply rules [1][2][4]. Group 1: Financing Environment - The financing environment directly influences the willingness of real estate companies to acquire land, with a relatively loose financing environment currently aiding market stabilization [6]. - The real estate financing landscape has undergone significant adjustments, transitioning from a high-leverage model to a more regulated environment, with a focus on standardized financing methods [6][7]. - As of the end of April 2024, the balance of real estate development loans was 13.56 trillion yuan, showing a year-on-year increase of 3.2%, supported by both the extension of existing financing and new investments from the urban real estate financing coordination mechanism [7]. Group 2: New Housing Market Transaction Volume - The new housing market serves as a barometer for the land market, with a notable recovery in the first quarter of 2025, where new housing transaction area in major cities increased by 6% year-on-year [8]. - However, the momentum in the new housing market weakened in the second quarter, leading to potential pressure on the land market's continued growth [8][9]. - In the first five months of 2025, cities like Guangzhou and Shenzhen saw significant year-on-year increases in new housing transaction areas, with growth rates of 13% and 106%, respectively [8]. Group 3: Real Estate Market Inventory - The total inventory of commercial housing remains high, with a pending sale area of 77.427 million square meters as of May 2025, although it has decreased by 7.15 million square meters over three months [10]. - Different cities exhibit varying inventory clearance cycles, with cities like Hangzhou and Shanghai having a clearance cycle of less than 12 months, indicating a more active land market [10]. Group 4: New Sales Models - The implementation of a current housing sales system is a crucial reform aimed at enhancing product quality and optimizing market supply-demand dynamics [11][12]. - The shift towards current housing sales is expected to lower purchasing risks for buyers and test the financial strength and product quality of real estate companies [12]. Group 5: Land Supply Rules - Land supply is being adjusted through total volume reduction, structural optimization, and innovative rules to align with market changes and promote high-quality industry development [13][14]. - Many cities have significantly reduced land supply plans, with some cities like Dongguan and Yantai seeing reductions exceeding 40% [13]. - Innovations in land transaction rules, such as flexible payment options and streamlined approval processes, are being piloted in various regions to enhance the attractiveness of land development [14].

Core Viewpoint - The article discusses the recent phenomenon of banks offering Labubu toys as incentives for deposits, highlighting the regulatory issues and market implications of such practices [1][3][8]. Group 1: Labubu's Popularity and Market Impact - Labubu, a product under Pop Mart, has gained immense popularity globally, particularly among the Z generation, leading to significant price increases for its products [2][4]. - Prices for Labubu products surged dramatically, with blind boxes increasing from an original price of 99 yuan to 200-600 yuan, and some rare items fetching prices over 1 million yuan at auctions [2][4]. Group 2: Banks' Marketing Strategies - Some banks, including Ping An Bank, initiated promotional activities offering Labubu toys for new deposit accounts, aiming to alleviate pressure on deposit acquisition [4][5]. - The promotional strategy required new customers to deposit over 50,000 yuan for six months to receive Labubu products, effectively turning bank branches into promotional hubs [5][6]. Group 3: Regulatory Response - The promotional activities faced regulatory scrutiny, leading to a halt in such campaigns due to violations of regulations against using gifts to attract deposits [7][8]. - Regulatory bodies emphasized the need for banks to cease these practices and outlined a timeline for the orderly exit of such products by the end of 2025 [8]. Group 4: Long-term Implications for Banks - Experts warn that such promotional strategies could disrupt the normal deposit market and further compress banks' net interest margins, exacerbating existing financial pressures [9][8]. - The article suggests that banks should focus on enhancing their financial services rather than relying on gimmicky promotions to attract deposits [8][9]. Group 5: Future Marketing Strategies - The article advocates for a more sustainable approach to "IP + finance" marketing, encouraging banks to explore deeper collaborations rather than superficial promotions [18]. - Potential strategies include co-branded credit cards and unique financial services tailored to the interests of younger consumers, ensuring compliance with regulations while meeting market demands [18].

随着全球化进程的深入和数字经济的蓬勃发展，世界经济格局正经历变革。党的二十届三中全 会提出，要"健全因地制宜发展新质生产力体制机制"，"催生新产业、新模式、新动能"。当前 数字经济成为推动全球经济转型的核心力量之一，"数字化+智能化"深度融合的数智金融的发 展，在实现普惠金融、提升资金流动效率、促进商业模式创新等方面正发挥着重要的"助推 器"作用。 2025年6月27日（星期五） ，清华大学五道口金融学院受邀在第14届中国(广州)国际金融交易· 博览会上举办主旨会议，会议的主题为 "新产业 新技术 新模式 新动能——数智金融助力高质 量发展" ，本次会议由清华大学五道口金融学院主办，北京清控金媒文化科技有限公司和广州 金交会投资管理有限公司具体承办。 新产业 新技术 新模式 新动能 ——数智金融助力高质量发展 第14届中国（广州）国际金融交易 · 博览会 主旨会议 6月27日 期待您的到来！ 基本信息 会议时间 6月27日（星期五） 09:30-16:30 会议地点 广州·中国进出口商品交易会展馆A区二层4.2馆 主办单位 清华大学五道口金融学院 承办单位 北京清控金媒文化科技有限公司 广州金交会投资管理有限 ...

Core Viewpoint - The article emphasizes the critical role of stablecoins in the contemporary international monetary and financial landscape, highlighting the need to clarify their essence, impact, and relationship with sovereign currencies [1][2]. Summary by Sections Nature of Stablecoins - The core value of stablecoins lies in their efficient payment and settlement functions, which are based on blockchain technology, offering significant advantages in payment efficiency and cost [3]. - Unlike volatile cryptocurrencies like Bitcoin, stablecoins maintain value stability by anchoring to real assets, primarily US dollar assets, with leading stablecoins like USDT and USDC having over 90% of their assets in short-term US Treasury bonds and repurchase agreements [3]. - The push for stablecoin legislation in the US aims to modernize dollar payments, strengthen the dollar's international position, and create trillions in new demand for US Treasury bonds, effectively extending the influence of the dollar into the digital realm [3]. China's Dual Approach - In response to the stablecoin trend, China must advance on two fronts: promoting the internationalization of the Renminbi (RMB) as a core task while recognizing the irreversible trend of integration between stablecoins, cryptocurrencies, and traditional financial systems [4]. - Efforts to enhance the use of the RMB in international trade, expand currency swap agreements, and improve cross-border payment systems should continue steadfastly [4]. - The integration of stablecoins, cryptocurrencies, and central bank digital currencies (CBDCs) is expected to improve payment efficiency and lower costs, reshaping the global payment system and fostering decentralized finance (DeFi) [4]. Development Pathways - China should leverage Hong Kong's financial center status to develop offshore RMB stablecoins, creating controllable international payment channels, with Tether already issuing offshore RMB stablecoins with a circulation exceeding 20 million [5]. - The rise of stablecoins represents a technological upgrade and extension of the US dollar system in the digital age, highlighting the importance of payment and settlement functions [5]. - Strengthening the economic foundation, solidifying the sovereignty of the currency, and pragmatically advancing RMB internationalization are essential for maintaining monetary and financial security [5].

Financial Weekly 每周金融评论 目录 CONTENTS 十六出出 热点聚焦 FOCUS ◎ 跨境支付通6月22日正式上线,全国首笔业务落地深圳 重大会议 MEETINGS ◎ 陆家嘴论坛:潘功胜、李云泽、吴清、朱鹤新发声 重大政策 POLICIES ◎ 上交所:对于投资者的撤销指定交易申请，券商要在当日办结 重大事件 ◎ 周小川:美元稳定币或推动美元化,必须保持警惕 重大 会议 陆家嘴论坛：潘功胜、李云泽、吴清、朱鹤新发声 01 6月18日，为期两天的2025陆家嘴论坛开幕。本届论坛以"全球经济变局中的金融开放合作与高质量发展"为主题，在开幕式暨全 体大会一环节，中国人民银行行长潘功胜、国家金融监督管理总局局长李云泽、证监会主席吴清、国家外汇管理局局长朱鹤新发 表主题演讲，并发布一揽子重要金融政策。 《清华金融评论》观察 热点 聚焦 跨境支付通6月22日正式上线，全国首笔业务落地深圳 在中国人民银行和香港金融管理局共同推动下，跨境支付通6月22日正式上线。这标志着内地与香港快速支付系统实现互联互 通，今后两地居民可实时办理跨境汇款。当日，全国首笔跨境支付通内地居民南向、港人北向汇款业务落地深圳 ...

建设数字中国是推进中国式现代化的重要引擎，数智金融作为数字经济的高级形态和关键组成 部分，正成为推动经济高质量发展的重要力量。 数智赋能产业新生态 当前，以人工智能为代表的新技术蓬勃发展，数字产业正迈向深化应用、规范发展的新阶段。 在此背景下，数智金融与产业生态的融合发展呈现出全新图景——通过"技术驱动+场景落地 +制度适配"的发展路径，金融与数字技术深度融合，不仅赋能科技创新、绿色金融等关键领 域，更推动着产业生态的数字化转型。当数字化制造进入全面扩展普及新阶段，探索数智金融 如何更好地服务产业生态，实现普惠共享，已成为数字经济发展的重要命题。 数智金融发展现状 清华大学五道口金融学院财富管理研究中心研究专员张艺伟等曾在《清华金融评论》撰文表 示，随着人工智能技术的飞速发展，我国金融行业正经历着深刻的智能化变革。银行、券商、 保险等各类金融机构纷纷积极引入和训练大模型，并探索其在金融领域的实际应用。大语言模 型凭借强大的自然语言理解能力、精准的数据分析功能和高效的自动化处理能力，为金融投 资、智能投研、风控管理等多个领域提供强力支持。 与此同时，大语言模型凭借其强大的自然语言处理能力，提升了金融服务的效率和 ...