Core Viewpoint - The article emphasizes the transition of sustainable development from a strategic concept to a critical measure of high-quality economic growth in China, particularly highlighting 2025 as a pivotal year for deepening practical implementation of sustainability initiatives [3]. Group 1: Policy and Regulatory Framework - The Chinese government has introduced several policies, including the "Central Enterprise ESG Special Action Guidelines (2025)" and the "Management Measures for Information Disclosure of Listed Companies," mandating the integration of sustainable development into corporate governance and shifting from optional to standardized disclosure of non-financial information [3]. - Financial institutions are evolving from advocates of sustainability to key actors, embedding ESG principles into their strategies and business processes, and promoting green finance and responsible investment practices [3]. Group 2: Case Collection Initiative - Tsinghua Financial Review has launched a "2025 Sustainable Development Case Collection" initiative aimed at creating a high-level platform for sharing best practices in green finance and sustainability governance [4]. - The initiative encourages submissions from various sectors, including banks, insurance companies, asset management firms, and listed companies, focusing on innovative and impactful sustainability practices [6]. Group 3: Submission Themes and Requirements - The case collection is organized around three main dimensions: climate change response, social responsibility, and corporate governance, with specific topics such as pollution control, waste management, and supply chain safety [7][8]. - Submissions must reflect the positive contributions of financial institutions and listed companies to sustainable development, with a focus on authenticity and relevance to future industry pathways [8]. Group 4: Selection and Publication - A selection process will be conducted by an expert panel from Tsinghua Financial Review to identify exemplary cases, which will be published across various media platforms [12]. - Selected case representatives will have opportunities to share their experiences at events hosted by Tsinghua Financial Review, and in-depth reports will be conducted on outstanding cases [12].

Core Viewpoint - The Bank of Japan (BOJ) raised interest rates by 25 basis points, reaching a 30-year high of 0.75%, amidst a divergence of opinions between the central bank and the government regarding the necessity of further rate hikes [3][2]. Group 1: Interest Rate Decision - On December 19, the BOJ raised rates to 0.75%, marking a significant increase [3]. - BOJ Governor Kazuo Ueda indicated a gradual approach to future rate hikes, contingent on sustained inflation [3]. - There is a notable disagreement with the government, particularly from former BOJ Deputy Governor Masayoshi Takeda, who advocates for a cautious approach to rate increases, emphasizing fiscal policy over monetary tightening [3]. Group 2: Market Reactions - Following the rate hike, the Japanese yen briefly strengthened against the US dollar, driven by investors repatriating funds [5]. - However, due to Japan's high debt levels, the yen may revert to a weaker position in the long term, with UBS predicting the USD/JPY exchange rate could test 160 by 2026 [5]. - The market's reaction to the rate hike was less severe than in 2024, attributed to three factors: high market expectations, reduced short positions in the yen, and a misalignment in monetary policies between the US and Japan [6]. Group 3: Impact on Global Markets - The Japanese stock market showed a mixed response, with financial stocks benefiting from increased net interest margins, while export stocks faced pressure from yen appreciation [6]. - The US and European markets are experiencing a pullback in high-value tech stocks due to capital outflows, although historical data suggests the S&P 500 tends to rise in the months following a BOJ rate hike [6]. - The liquidity in the bond market is tightening, with potential repatriation of Japanese investments in overseas bonds leading to increased yields on US and European bonds [6]. Group 4: Future Outlook - Attention will be on Governor Ueda's future statements, particularly if he signals a hawkish stance regarding further rate hikes in 2026, which could lead to market volatility [9]. - For the A-share market, domestic economic recovery and policy outlook remain crucial, with historical trends indicating limited impact from the BOJ's rate hike [9]. - The current rate hike is viewed as a "ripple" rather than a "tsunami," suggesting that while short-term fluctuations are expected, global markets are likely to remain resilient [9].

# 读者福利 ， 欢迎留言互动， 12 月 26 日前，平台随机从留言中选取 1 位读者获赠本期推 荐好书！ 《变局与定力》 郑永年 著 中信出版集团 出版 内容简介 在嘈杂的时局变化下，厘清大国博弈核心逻辑，剖析有效战略与发展路径 启发理性 + 凝聚共识 + 激发信心 全球局势动荡不安，大国博弈日益激烈。 当代危机的根源究竟是什么？如何应对？ 中国如何与美国打交道？ 人工智能时代，我们应向何处？ …… 如何回应和管理西方的"对华恐惧"？ 中国如何走出经济内卷？ 著作在嘈杂的时局变化下，厘清大国博弈的核心逻辑，剖析中国在复杂国际形势 下的战略选择与发展路径，能够帮助读者更好地理解国家战略规划和政策制定， 对于凝聚共识，激发信心，启发理性认知。同时整本书内容丰富、视角多元，对 于理解当下全球变局、中国的发展路径以及应对策略具有重要的参考价值，无论 是对国际关系、经济领域还是教育领域的研究者和关注者来说，都是一部值得研 究的深度分析之作。 作者简介 郑永年 香港中文大学（深圳）校长学勤讲座教授、公共政策学院院长、前海国际事务研 究院院长，华南理工大学公共政策研究院学术委员会主席，广州粤港澳大湾区研 究院理事长，上 ...

Core Viewpoint - The establishment of the Academic Committee by the China Capital Market Society is a significant step to enhance theoretical research and leverage its think tank role, aiming to support high-quality development of the capital market and participate in global financial governance [3]. Group 1: Importance of Theoretical Research - Strengthening theoretical research in the capital market is essential for understanding the development laws of the capital market and aligning with Xi Jinping's important discourse on financial work [3]. - The focus will be on creating a theoretical framework that adheres to market principles while being tailored to China's realities, addressing key issues such as market inclusivity, pricing efficiency, financial technology, and legal construction [3]. Group 2: "14th Five-Year" and "15th Five-Year" Planning - The "14th Five-Year" period has seen a stable and healthy development of the capital market, and the "15th Five-Year" period is viewed as crucial for enhancing quality and efficiency [4]. - Experts provided forward-looking suggestions for the "15th Five-Year" planning, including improving the inclusivity and adaptability of listing and trading systems, expanding patient and strategic capital supply, and enhancing the governance and regulation of artificial intelligence in the capital market [4]. Group 3: Regulatory Focus and Implementation - The China Securities Regulatory Commission (CSRC) will implement the "15th Five-Year" planning while focusing on risk prevention, strengthening regulation, and promoting high-quality development [4]. - Continuous deepening of comprehensive reforms in capital market financing and gradually expanding high-level institutional openness are key priorities for better serving economic development and modernization [4].

Core Viewpoint - The Central Economic Work Conference emphasizes the importance of domestic demand and outlines key tasks for economic work in 2025, focusing on innovation, reform, and risk management [3][4]. Group 1: Economic Overview - The conference highlights that 2025 will be a significant year for China's economy, facing both old and new challenges, including external environmental changes and domestic supply-demand imbalances [3]. - It acknowledges the resilience and vitality of the economy while addressing the need to confront existing problems and challenges [3]. Group 2: Key Tasks for Economic Work - Eight key tasks for 2025 include: 1. Prioritizing domestic demand and building a strong domestic market 2. Accelerating innovation to foster new growth drivers 3. Enhancing high-quality development through reform 4. Promoting cooperation and win-win outcomes through openness 5. Coordinating development to promote urban-rural integration and regional collaboration 6. Leading with "dual carbon" goals to drive green transformation 7. Focusing on people's livelihoods to improve public services 8. Safeguarding against risks in key areas [3]. Group 3: Consumption and Market Development - The government plans to boost consumption as a direct reflection of people's needs for a better life, which is crucial for economic growth and high-quality development [4]. - The focus will be on enhancing consumer capacity through improved income distribution, stable employment, and increased public service investment [5]. Group 4: Policy Direction - The economic policy for 2025 will emphasize stability and quality improvement, integrating existing and new policies to enhance macroeconomic governance [8]. - A more proactive fiscal policy will be implemented, maintaining necessary fiscal deficits and optimizing expenditure structures [9]. - A moderately loose monetary policy will be adopted to support economic stability and reasonable price recovery, with potential adjustments in reserve requirements and interest rates [9]. Group 5: Future Economic Outlook - The outlook for 2025 suggests a moderate growth trajectory for the global economy, with China's economic fundamentals remaining strong despite challenges [12]. - The advantages of China's socialist system, large market, complete industrial system, and rich talent resources will become more pronounced, supporting sustained economic development [12].

Core Viewpoint - The article emphasizes the importance of integrating artificial intelligence (AI) into various industries, particularly in the financial sector, to enhance service quality and operational efficiency while ensuring inclusivity and security in AI applications [3]. Group 1: AI Models - The choice between open-source and closed-source models is not just a technical issue but has profound implications for application. Open-source models promote equality and cost savings but may have slower iteration rates and higher error rates, while closed-source models offer stability and reliability but limit customization and transparency [4]. - The financial industry should focus on "AI+" rather than solely on building large models, combining the advantages of both open-source and closed-source models to enhance service quality and internal management efficiency [4]. Group 2: Decision-making AI vs. Generative AI - Decision-making AI excels in scenarios requiring high interpretability and accuracy, dominating over 80% of current applications in finance, particularly in risk assessment and fraud detection. In contrast, generative AI is more suited for creative tasks and is primarily used in non-core areas like customer service [5]. - The trend indicates that as the capabilities of large models improve, generative AI may see exponential growth and work in tandem with decision-making AI, blurring the lines between the two [5]. Group 3: AI Inclusivity and Computing Power - The demand for GPU computing power is expected to remain in a "tight balance" as AI becomes more widespread, necessitating efforts to optimize existing resources and expand capacity [8]. - Companies should adopt engineering methods to reduce operational costs and enhance resource efficiency while building high-performance computing centers to support AI applications [8]. Group 4: Safety and Security in AI Applications - As AI inclusivity increases, the stability and security of AI applications must be prioritized to protect public interests. This includes establishing safety measures and enhancing data quality to build trust in AI systems [9]. - There is a need to prevent model resonance to mitigate systemic risks, as the concentration of mainstream models may lead to vulnerabilities across institutions. Developing a reliable knowledge base and differentiated model training is essential for enhancing the resilience of the financial system [9].

Core Viewpoint - The article emphasizes the transition of sustainable development from a strategic concept to a critical measure of high-quality economic growth in China, particularly highlighting 2025 as a pivotal year for deepening practical implementation of sustainability initiatives [3]. Group 1: Policy and Regulatory Framework - The Chinese government has introduced several policies, including the "Central Enterprises ESG Special Action Guidelines (2025)" and the "Management Measures for Information Disclosure of Listed Companies," mandating the integration of sustainable development into corporate governance [3]. - The shift from "optional disclosure" to "standardized disclosure" of non-financial information is being driven by regulatory bodies such as the State-owned Assets Supervision and Administration Commission and the China Securities Regulatory Commission [3]. Group 2: Role of Financial Institutions - Financial institutions, including banks, insurance companies, and asset management firms, are evolving from advocates of sustainability to key actors by embedding ESG principles into their strategies and business processes [3]. - These institutions are focusing on developing green finance, innovative sustainable financial products, responsible investment practices, and enhancing environmental risk management to support the green and low-carbon transition of the real economy [3]. Group 3: Case Collection Initiative - Tsinghua Financial Review has launched a "2025 Sustainable Development Case Collection" to create a high-level platform for sharing best practices in green finance, social responsibility, and sustainable governance [4]. - The initiative aims to identify and showcase exemplary cases that reflect the positive contributions of financial institutions and listed companies towards sustainable development [4]. Group 4: Submission Guidelines - The case collection is open to banks, insurance companies, securities firms, asset management institutions, and listed companies, focusing on innovative and impactful sustainable development practices [6]. - Submissions should cover various themes, including climate change response, pollution control, waste management, and social contributions, among others [7][8]. - Cases must demonstrate the submitting entity's positive impact on sustainable development and include comprehensive data and evidence of effectiveness [8].

Core Viewpoint - China's macroeconomic operation continues to show overall stability and progress, with a projected growth rate of around 5% for the year, laying a solid foundation for the 14th Five-Year Plan and 2026 [2][17]. Economic Performance - The industrial added value maintained a stable and relatively fast growth, with a year-on-year increase of 4.8% in November and 6.0% from January to November [4]. - Fixed asset investment is on a downward trend, with a total of 444,035 billion yuan from January to November, a year-on-year decrease of 2.6%. Excluding real estate development investment, fixed asset investment grew by 0.8% [4][6]. - Real estate investment saw a significant decline of 15.9% year-on-year from January to November, with the decline expanding compared to the previous month [12]. Consumption Trends - Social retail sales totaled 43,898 billion yuan in November, with a year-on-year growth of 1.3% and a cumulative growth of 4.0% from January to November [7]. - Consumption patterns show steady growth in basic and some upgraded goods, with significant increases in food, communication equipment, and cultural office supplies [7]. Export Resilience - Exports showed strong resilience, with a year-on-year increase of 5.9% in November, reaching a record high of 330.35 billion USD for the year [9]. - Exports to the US stabilized, while growth rates for exports to ASEAN and the EU remained robust, compensating for the decline in exports to the US [9]. Financial Indicators - Social financing maintained good growth, with a total of 2.49 trillion yuan in November, a year-on-year increase of 1,597 billion yuan [14]. - The Consumer Price Index (CPI) rose to 0.7% year-on-year in November, indicating a steady upward trend in prices [14]. Future Economic Outlook - The central economic work conference indicated that achieving the 5% growth target for 2025 is highly likely, with a focus on stabilizing employment, enterprises, and market expectations for 2026 [17][18]. - Fiscal policy is expected to maintain an expansionary stance, with a projected deficit rate of 4%-4.2% and an increase in special government bond issuance to support key areas [21]. - Monetary policy will remain flexible, with potential small-scale adjustments to interest rates and reserve requirements to ensure liquidity and support economic growth [22].

Core Viewpoint - The 2025 Central Economic Work Conference emphasizes the need for a stable economic environment while addressing challenges and opportunities for growth, focusing on a resilient and high-quality development path for the economy [4][5]. Economic Performance and Outlook - The overall economic operation is stable, with a projected GDP growth of around 5% for 2025, leading to an economic total of approximately 140 trillion yuan [5]. - Employment remains stable, with significant growth in foreign trade and diversified exports [5]. - The economy is expected to face challenges, including external environmental changes and domestic supply-demand imbalances, but the long-term positive trends and advantages of the Chinese economy remain intact [8]. Modern Industrial System and Innovation - Continuous progress in building a modern industrial system is noted, with advancements in new productive forces and significant achievements in technology innovation, particularly in AI, biomedicine, and robotics [6]. Reform and Opening Up - New steps in reform and opening up are highlighted, including the deepening of the national unified market and active capital market [7]. - Positive progress in risk resolution in key areas, such as local government debt management and the completion of housing delivery tasks, is acknowledged [7]. Social Welfare and Employment - Enhanced social welfare measures, including childcare subsidies and free education for one year before primary school, are being implemented [8]. - The employment situation is stable, with over 12 million new urban jobs created by November, achieving the annual target ahead of schedule [29]. Macroeconomic Policy - The continuation of a proactive fiscal policy and a moderately loose monetary policy is planned for the next year, focusing on maintaining fiscal sustainability and enhancing the effectiveness of financial support for the real economy [9][12]. - Emphasis on expanding domestic demand as a priority task, with measures to boost consumption and investment [13][14]. Regional Development and Coordination - The conference outlines strategies for promoting regional coordinated development, focusing on the integration of urban and rural areas and enhancing the development capabilities of major economic provinces [24][26]. Green Transition and Carbon Neutrality - The commitment to achieving carbon neutrality is reinforced, with plans to advance carbon peak strategies and develop a new energy system [27][28]. Real Estate Market Stability - The need for a stable real estate market is emphasized, with strategies to balance supply and demand, support enterprise transformation, and establish a new development model for the sector [31][33].

Group 1 - The unemployment rate in the U.S. rose to 4.6% in November, the highest level since October 2021, with 7.83 million unemployed individuals, significantly higher than 7.1 million a year ago [2] - The number of individuals unemployed for less than 5 weeks increased by 316,000 to 2.5 million, while long-term unemployment rose by 100,000 to 1.9 million, accounting for 24.3% of total unemployment [2] - The labor force participation rate was 62.5% in November, slightly up from 62.4% in September [2] Group 2 - Non-farm payrolls added 64,000 jobs in November, exceeding market expectations of 40,000, while October's non-farm employment was revised down by 105,000 [2] - Job growth in November was primarily driven by the healthcare, construction, and social assistance sectors, with increases of 46,000, 28,000, and 18,000 jobs respectively [2] - The transportation and warehousing sector saw a decrease of 18,000 jobs, and federal government employment fell by 6,000, largely due to a significant drop of 162,000 jobs in October [2] Group 3 - The average hourly earnings for employees increased by 0.1% month-over-month and 3.5% year-over-year in November [3] - Due to a partial government shutdown caused by budget constraints, the Labor Department was only able to release the non-farm employment data for October on the same day, without publishing the unemployment rate for that month [3]