Core Viewpoint - The article emphasizes the importance of implementing proactive fiscal policies to support China's economic development and modernization goals during the 14th Five-Year Plan period, highlighting the need for effective macroeconomic management and governance [2][3][4]. Group 1: Implementation of Proactive Fiscal Policies - The central government has continuously adjusted fiscal policies in response to changing economic conditions, focusing on targeted support for key sectors and weak links to ensure stable economic growth [3][4]. - The average economic growth rate in China is projected to be around 5.5% from 2021 to 2024, with over 12 million new urban jobs created annually [4]. - The total public budget expenditure during the 14th Five-Year Plan period is expected to exceed 136 trillion yuan, supporting various national strategies such as rural revitalization and regional coordinated development [4]. Group 2: Key Strategies for Fiscal Policy - The article outlines several key strategies for effective fiscal policy implementation, including: 1. Coordinating counter-cyclical and cross-cyclical adjustments to enhance long-term development potential [5]. 2. Balancing supply-side and demand-side management to foster a dynamic equilibrium between supply and demand [5]. 3. Innovating fiscal tools and reforming the fiscal and tax system to improve policy effectiveness [5]. 4. Strengthening policy coordination and integrating fiscal policies with national development plans [5]. 5. Managing expectations to enhance market confidence through transparent and predictable policy measures [5]. Group 3: Addressing Challenges and Risks - The article identifies the complex domestic and international challenges facing fiscal policy, including geopolitical tensions and economic uncertainties, necessitating a proactive approach to enhance fiscal effectiveness and governance [6][9]. - Emphasis is placed on the need for a robust fiscal framework to manage local government debt risks and ensure sustainable fiscal development [13]. Group 4: Focus on Social Welfare and Development - The article stresses the importance of directing fiscal resources towards social welfare, ensuring that public finance serves the needs of the people and addresses their diverse demands [7][10]. - It highlights the commitment to improving living standards, supporting education, healthcare, and social security systems, and promoting rural revitalization [11][12]. Group 5: Future Directions - The article outlines future directions for fiscal policy, including expanding domestic demand, supporting technological self-reliance, and enhancing urban-rural integration [10][11][12]. - It calls for deepening reforms in fiscal management and supervision to improve governance efficiency and ensure that fiscal policies effectively contribute to high-quality development [12][13].

Core Viewpoint - The recent US-China economic negotiations mark a new phase in their trade relationship, characterized by a shift from cautious responses to strategic interactions, although significant structural challenges remain [5][7][12]. Summary by Sections Negotiation Outcomes - The US has made key concessions, including the cancellation of the 10% "fentanyl tariff" on Chinese goods and the suspension of 24% retaliatory tariffs for one year [8][10]. - The US will also pause the implementation of the 50% export control rule and the 301 investigation into China's maritime and logistics sectors for one year [8][9]. China's Response - China has adjusted its retaliatory measures, including suspending the 10% and 15% tariffs on US agricultural and energy products, and halting new export controls on rare earth materials for one year [9][10]. - Both sides have reached agreements on fentanyl cooperation, expanding agricultural trade, and addressing specific corporate cases [9]. Unresolved Issues - Despite the concessions, the US retains a 10% tariff and has not fully resolved the 20% cumulative tariffs imposed since the fentanyl issue began [10][11]. - The average tariff rate on US imports from China remains high, with estimates around 30% during the negotiation period [10][11]. Strategic Dynamics - The trade conflict resembles a repeated prisoner's dilemma, where both sides benefit from cooperation but risk mutual loss from conflict [13]. - The US's reliance on Chinese agricultural products and rare earth materials creates vulnerabilities that China can exploit in negotiations [15]. Future Outlook - The ongoing negotiations are expected to be prolonged and challenging, with significant differences in tariff and non-tariff barriers complicating discussions [17]. - China's economic resilience and technological advancements provide it with leverage in future negotiations, emphasizing the importance of internal strength in mitigating external pressures [18].

文/ 清华大学五道口金融学院不动产金融研究中心高级研究专员 郭翔宇 ，共青 团深圳市龙华区委员会书记 刘永元 中国城市发展正从大规模增量扩张阶段转向以存量提质增效为主的阶段， 形成以城市更新为核心、 "市场+保障"双轨并行的发展新模式，已成为当 前关键战略。本文探讨城市更新的战略意义，指出城市更新面临的挑战， 并在此基础上分析构建城市更新的系统性金融支持。 随着中国城镇化进程进入 "S"形曲线的后半段，房地产市场正经历从增量高速扩张转向存量优化提质的关键转型期。这一进程伴随着深 刻的结构性变化：一方面，房价结束长期上涨进入下行周期，部分城市商品房库存高企，供给过剩；另一方面，大量城中村与老旧小区 存在基础设施落后、安全隐患突出、居住环境较差等问题，居民对改善居住环境的需求日益迫切。增量开发动力持续减弱与存量改善需 求不断扩张，构成了当前市场的核心矛盾。2025年7月，中央城市工作会议明确提出"加快构建房地产发展新模式，稳步推进城中村和危 旧房改造"，这一战略部署标志着国家顶层设计已为房地产行业发展指明方向。 这一转型也深刻反映出传统开发模式难以持续的深层次问题。自 20世纪末的房改以来，中国房地产市场经历了二 ...

Core Viewpoint - The article emphasizes the importance of accelerating the construction of a financial power as a fundamental requirement for building a modern socialist country, highlighting the need for a strong financial system to support China's modernization efforts [4][5]. Group 1: Significance of Accelerating Financial Power Construction - The 20th Central Committee's Fourth Plenary Session has made strategic deployments for accelerating the construction of a financial power during the "14th Five-Year Plan" period, which is seen as a significant blueprint for the development of China's financial sector [4][6]. - The construction of a financial power is essential for achieving high-quality development and addressing major strategic tasks, such as supporting technological independence and promoting common prosperity [5][6]. Group 2: Principles and Theoretical Framework - The article outlines the necessity of adhering to the "six persistences" principle during the construction of a financial power, which reflects the party's deepening understanding of economic and social development [8]. - The leadership of the Communist Party is identified as the most essential characteristic of China's financial development path, ensuring that financial work progresses in the right direction [8][9]. Group 3: Key Tasks and Measures for Financial Power Construction - The article lists several key tasks for the "14th Five-Year Plan" period, including improving the central bank system, enhancing financial support for technological innovation, and promoting the healthy development of capital markets [10][11]. - Specific measures include optimizing the financial institution and infrastructure system, constructing an international financial center, and strengthening financial regulatory capabilities [11][12].

Core Viewpoint - The seminar on "Analysis of the Path to Enhance the Influence of Policy Financial Journals" emphasizes the importance of high-quality development of journals in promoting cultural prosperity and the strategic significance of enhancing their international influence and technological empowerment [2][4]. Group 1: Seminar Overview - The seminar was held at Tsinghua University and organized by the editorial team of "Tsinghua Financial Review," supported by the university's "Double High Plan" [1]. - Key representatives from journal associations, publishers, and various journals participated in discussions on the development of the journal industry [1]. Group 2: Importance of Policy Financial Journals - The "14th Five-Year Plan" highlights the need for cultural development, positioning journals as key carriers for cultural transmission and knowledge dissemination [2]. - The journal industry is undergoing significant transformation, requiring content innovation and a shift from mere information dissemination to policy guidance and thought leadership [4]. Group 3: Enhancing International Influence - To improve the international influence of domestic journals, it is essential to establish English-language publications and leverage international digital publishing platforms [9][19]. - The demand for authoritative policy interpretations is increasing among international audiences, necessitating the development of journals that focus on policy analysis [19]. Group 4: Recommendations for Development - Journals should focus on vertical specialization in key policy areas, enhancing the forward-looking and practical nature of their content [11]. - Establishing a policy journal alliance could facilitate collaborative development among similar journals, creating a robust and influential journal ecosystem [11][21]. Group 5: Achievements and Future Directions - "Tsinghua Financial Review" has been recognized as a leading academic journal, receiving multiple accolades and support from national initiatives [22][23]. - The journal aims to build a comprehensive media platform for economic and financial policy interpretation, providing valuable insights for policymakers and investors [22].

48 脚 स्त्रीय 波 TSINGHUA Financial Review 清华金融评论 144 数据资产化浪潮下的 P65 保险赋能与价值重构 张伟 等: 我国寿险业高质量 发展模式的构想 P73 聂庆平: 全球资本市场面临的 挑战与前景展望 TSINGHUA Financial Review 清华金融评论 封面专题 金融助力科技创新 和产业创新深度融合 闻出版管理 部门认定第一 中国人文社会科学核心期刊 P69 生力值 年第11期 总第144期 1日5日4 ANDELL 30 T. CN 10-1169/F SSN 209 PQ2 王泊: 充分发挥科创板"试验田"作用 助力深化资本市场改革 支持加快高水平科技自立自强 P16 田轩 等: 赋能新质生产力: 资本市场服务科技创新的逻辑与对策 P19 杜春野: 深化科技金融范式创新: 商业银行助力科技企业高质量发展的思考与实践 P23 刘健 等: 打造科技投行, 提升资本市场服务科技创新能力 P27 葛小波 等 关于证券公司服务新质生产力 和推动科技创新的思考 充分发挥科创板"试验田"作用 助力深化资本市场改革 支持加快高水平科技自立自强 文/上海证券交 ...

Core Viewpoints - The article emphasizes the importance of technological innovation as the core driving force for economic growth in China, aligning with the recent Nobel Prize-winning theories on innovation-driven economic growth [4][6][32]. Summary by Sections Nobel Prize Winners' Theories - Joel Mokyr's theory highlights the significance of "useful knowledge" and its role in driving economic growth through the integration of scientific principles and practical knowledge [7][8]. - Philippe Aghion and Peter Howitt focus on the relationship between economic growth and technological innovation, introducing the concept of "creative destruction" where new innovations replace outdated technologies [14][15][16]. "Fifteen Five" Planning Suggestions - The "Fifteen Five" planning document outlines a strategic framework for China's economic and social development, emphasizing high-quality development and technological self-reliance as key objectives [27][28]. - It identifies the need to strengthen original innovation and tackle key core technologies to support the modernization of the economy [29][32]. Technological Innovation as a Core Driver - The planning document positions technological innovation as the primary driver for achieving high-quality development, reflecting a shift from technology catching up to leading in innovation [32][37]. - It stresses the importance of integrating technological innovation with industrial innovation to enhance the efficiency of the innovation chain [33]. New Quality Productivity - The concept of "new quality productivity" is introduced, which is characterized by technological breakthroughs and innovative resource allocation, aiming to enhance overall productivity [34][35]. - The planning document emphasizes the need for a conducive institutional environment to foster innovation, including effective intellectual property protection and a robust financial system [20][21]. Policy Recommendations - The article suggests specific measures to implement the planning document's goals, focusing on enhancing the innovation ecosystem and addressing the challenges of transitioning to a high-quality growth model [45].

Core Viewpoint - The global net-zero action is at a critical turning point, transitioning from framework construction to substantial implementation. Despite progress in multilateral mechanisms, issues such as funding gaps, technological barriers, geopolitical conflicts, and capacity shortcomings still hinder cooperation effectiveness. Strengthening climate finance, promoting technology sharing, building inclusive international frameworks, and enhancing governance capabilities are essential to ensure global emission reduction targets are met by 2030 and to lay a solid foundation for the 2050 net-zero vision [1][2]. Group 1: Progress in Global Net-Zero Actions - International cooperation on net-zero actions is deepening, with significant advancements in China-Europe and China-UK collaborations. Since 2015, Chinese financial institutions have issued over $12 billion in green and sustainable development bonds through the London Stock Exchange. In 2023, Bank of China issued a $600 million green bond, with funds allocated to green credit projects in the UK, France, and the Netherlands [3]. - Developing countries are enhancing climate cooperation, with China emerging as a major climate finance provider through initiatives like the Belt and Road and South-South cooperation. In 2020, China ranked 11th globally in climate funding, providing approximately $34.3 billion from 2013 to 2021 to support the transition to low-carbon economies [3]. - The Glasgow Financial Alliance for Net Zero (GFANZ) aims to encourage financial institutions to commit to net-zero targets, providing a unified framework and tools for developing scientific transition plans. By the end of 2024, 122 member banks are expected to have voluntarily disclosed their net-zero targets [3]. Group 2: Enhancing Technical Cooperation and Standard Coordination - Efforts are underway to unify carbon market standards and enhance transparency. The World Sustainable Development Standards Organization (WSSO) is working on global energy and carbon neutrality standards, while the G20 Sustainable Finance Working Group suggests establishing a universal carbon credit data model [4]. - The International Sustainability Standards Board (ISSB) has released global benchmarks for climate-related disclosures, gaining recognition from the International Organization of Securities Commissions (IOSCO) and being adopted in various regions [4]. - International cooperation through the World Bank and IMF is aimed at enhancing countries' capacities to address climate change, with multiple climate data platforms established to support scientific research and policy-making [4]. Group 3: Challenges and Issues in Global Net-Zero Actions - A significant funding gap exists, with developed countries' climate finance commitments under the Paris Agreement only being met in 2022, providing $115.9 billion, primarily in loans. The UN Climate Change Conference (COP28) anticipates a funding gap of $5.9 trillion for developing countries by 2030 [5]. - The distribution of climate financing is uneven, with regions like Africa receiving only 2% of global clean energy investments despite representing 20% of the population. This imbalance hampers the ability of developing countries to transition to clean energy [5]. - There is a credibility crisis regarding corporate net-zero commitments, with many lacking clarity and relying on low-quality carbon offset projects. Some fossil fuel companies use "net-zero" claims to mask expansion plans, raising concerns about the integrity of these commitments [5]. Group 4: Shortcomings in Awareness and Capacity Among Relevant Entities - Many net-zero targets are voluntary and lack enforceability, with surveys indicating that 28% of companies have no decarbonization plans for the next year, and 23% lack confidence in achieving 2050 targets [7]. - Local financial institutions often lack awareness and initiative regarding net-zero actions, focusing on profit growth rather than understanding national emission reduction goals [7]. - Policy transmission is obstructed, with banks having a stronger influence on small and medium enterprises, which are not major carbon emitters. This limits the effectiveness of banks in promoting net-zero actions [7].

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing appropriate monetary policies to support economic stability and growth, focusing on optimizing credit structure and reducing financing costs for the society [3][5]. Group 1: Monetary Policy Implementation - The PBOC will adjust the intensity and pace of policy support based on domestic and international economic conditions, ensuring effective implementation of various monetary policy tools [3]. - In 2023, the PBOC has adopted a moderately accommodative monetary policy, introducing a series of measures to create a favorable monetary environment for economic development [3]. - Key actions include maintaining reasonable growth in money and credit, promoting a decrease in overall financing costs, and optimizing the structure of credit [3]. Group 2: Support for Hong Kong's Offshore RMB Market - The PBOC has been actively supporting the development of Hong Kong as an international financial center, enhancing the connectivity of financial markets between the mainland and Hong Kong [4]. - Efforts include promoting the construction of the offshore RMB market in Hong Kong and improving cross-border financial services such as account opening and payment systems [4]. - The PBOC aims to deepen cooperation and increase financial support for the Guangdong-Hong Kong-Macao Greater Bay Area, while also enhancing the level of cross-border investment and financing [4]. Group 3: Credit Structure Optimization and Financing Cost Reduction - The PBOC plans to continue using multiple policy tools to ensure that policies are effectively implemented, thereby releasing policy dividends [5]. - Measures include maintaining adequate market liquidity through various operations and lowering policy interest rates by 0.1 percentage points, with structural tools seeing a reduction of 0.25 percentage points [5]. - Specific support includes a 500 billion yuan re-loan for consumption and elderly care, and an additional 300 billion yuan for technological innovation and transformation, alongside the introduction of risk-sharing tools for innovation bonds [5].

Core Viewpoint - The article emphasizes the transition of sustainable development from a strategic concept to a critical measure for 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 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 operations, and promoting green finance and responsible investment practices [3]. Group 2: Case Collection Initiative - Tsinghua Financial Review has launched a "2025 Sustainable Development Typical Case Collection" to create a high-level platform for sharing best practices in green finance and sustainability governance, aiming to establish industry benchmarks and facilitate experience sharing [4]. - The collection targets various institutions, including banks, insurance companies, asset management firms, and listed companies, encouraging them to submit representative and innovative sustainability practices [6]. Group 3: Submission Themes and Requirements - The case collection focuses on 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]. - Submissions must reflect the positive contributions of financial institutions and listed companies to sustainable development, with a requirement for authenticity and a good reputation [8]. Group 4: Selection and Publication - Selected cases will be reviewed by an expert panel from Tsinghua Financial Review, with outstanding examples published across various media platforms and opportunities for case representatives to share their experiences at hosted events [12].