新华社北京10月23日电 中国共产党第二十届中央委员会第四次全体会议公报 （2025年10月23日中国共产党第二十届中央委员会第四次全体会议通过） 中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。 出席这次全会的有，中央委员168人，候补中央委员147人。中央纪律检查委员会常务委员会委员和有关方面负责同志列席会议。党的二十大 代表中部分基层同志和专家学者也列席了会议。 全会由中央政治局主持。中央委员会总书记习近平作了重要讲话。 全会听取和讨论了习近平受中央政治局委托所作的工作报告，审议通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》。习近平就《建议（讨论稿）》向全会作了说明。 全会充分肯定党的二十届三中全会以来中央政治局的工作。一致认为，中央政治局认真落实党的二十大和二十届历次全会精神，坚持稳中求 进工作总基调，完整准确全面贯彻新发展理念，统筹推进"五位一体"总体布局，协调推进"四个全面"战略布局，统筹国内国际两个大局，统筹 发展和安全，进一步全面深化改革，扎实推动高质量发展，推进社会主义民主法治建设，加强宣传思想文化工作，切实抓好民生保障和生态 环 ...

Core Viewpoint - The article discusses the exploration of a smart basic income (SBI) system based on national computing power, which aims to address the challenges posed by the integration of AI and traditional economic structures, responding to the national strategy of integrating the real economy with the digital economy [4][6][10]. Group 1: Concept of Smart Basic Income (SBI) - The SBI system transforms computing power into a material basis for social distribution, breaking away from traditional labor value theories and establishing a new paradigm of "computing power value sharing" [4][6]. - Unlike universal basic income (UBI) that relies on tax redistribution, the SBI system utilizes the national ownership and measurable characteristics of computing power resources to achieve "shared production materials for all" [9][10]. Group 2: New Monetary Framework - The SBI system shifts the monetary creation logic from "debt-credit" to "value-distribution," fundamentally changing the nature of currency from a debt certificate to a non-debt value distribution certificate [6][10]. - The currency issued under the SBI system, termed SBI Token, represents collective capital returns for citizens, ensuring that economic growth benefits everyone rather than just capital or technology owners [10][11]. Group 3: Computing Power as a New Value Anchor - In the intelligent era, computing power (GAICP) is identified as the core production material, akin to "digital gold," essential for economic production and the foundation for value creation [7][8]. - The expected scale of China's computing power economy is projected to exceed 4.5 trillion yuan by 2025, with a compound annual growth rate of over 25% [9]. Group 4: Technological Infrastructure and Mechanisms - The SBI system's architecture relies on a national computing power blockchain, creating a distributed infrastructure that ensures data integrity and real-time monitoring of computing power utilization [14][16]. - The operational process of the SBI system involves a closed loop of monitoring, calculating, distributing, and recycling, ensuring efficient and transparent distribution of resources [18][19]. Group 5: Societal Impact and Future Prospects - The implementation of the SBI system is expected to create a fair and stable economic environment, providing unconditional basic income to all citizens and reducing the complexity and costs of existing social security systems [26][27]. - By ensuring that every individual can share in the economic benefits of computing power, the SBI system aims to foster innovation and creativity, allowing people to pursue education, arts, and community service [28][40].

Core Viewpoint - Recent fluctuations in copper prices are driven by supply disruptions, structural demand surges, and macroeconomic and policy influences, with prices remaining at a 15-month high as of October 22 [2][3]. Group 1: Factors Driving Copper Price Increase - Supply-side constraints are significant, with mining accidents leading to production halts, such as the complete shutdown of Indonesia's Grasberg mine, which accounts for 3% of global output. This has resulted in a projected global copper production growth rate of only 1.4% by 2025, significantly lower than the demand growth rate of 3% [5]. - Structural demand surges are primarily driven by the renewable energy sector. For instance, the copper usage in electric vehicles is 83 kg per vehicle, four times that of traditional fuel vehicles, with global sales expected to exceed 30 million units by 2025, leading to an additional copper demand of over 200,000 tons. Additionally, solar power installations require 500 tons of copper per gigawatt, translating to a demand increase of 300,000 tons from 596 GW of new installations [5]. - Macroeconomic and policy factors include a 25 basis point interest rate cut by the Federal Reserve in September, which has weakened the dollar and enhanced the financial attributes of commodities. Geopolitical tensions and trade distortions, such as tariffs, have also influenced copper inventory movements, with COMEX copper trading at a premium of $683 per ton over LME copper [6]. Group 2: Future Price Outlook - Short-term projections for copper prices (by Q4 2025) suggest a trading range of $9,800 to $11,000 per ton for LME copper, influenced by U.S.-China policies and the pace of mine restarts. A potential tariff escalation or inventory accumulation could push prices down to a support level of 83,000 yuan per ton [8]. - In the medium term (2026), if the copper supply gap persists, forecasts indicate a global shortage expanding to between 87,000 tons (UBS) and 300,000 tons (Citi), with price averages potentially rising to $11,000 to $12,000 per ton. Catalysts for this increase may include the implementation of China's "anti-involution" policies, growth in AI infrastructure, and continued interest rate cuts by the Federal Reserve [8]. - Long-term projections suggest that declining ore grades and insufficient capital expenditures, combined with surging demand from AI and renewable energy sectors, could see prices exceed $12,000 to $15,000 per ton by 2027, although economic recession or technological substitution risks should be monitored [8].

Core Viewpoint - The article discusses the transition from the "14th Five-Year Plan" to the "15th Five-Year Plan" in China, emphasizing the need to adapt to significant changes in the external environment and the importance of high-quality development to achieve modernization goals by 2035 [2][24]. Group 1: External Environment Changes - The new round of technological revolution is advancing, with artificial intelligence becoming a core area of competition, leading to increased pressure on China to enhance its independent innovation capabilities [3][27]. - Global supply chains are being restructured, shifting focus from cost and efficiency to security and stability, which presents both opportunities and challenges for China as the largest manufacturing center [3][29]. - The global governance system is undergoing transformation, with emerging multilateral mechanisms playing a significant role in addressing global issues, while traditional mechanisms struggle [3][30]. Group 2: Economic Development Characteristics - Economic growth is converging towards a medium speed, with contributions from labor diminishing due to demographic changes, while quality and efficiency are improving [4][44]. - New industrialization is advancing, with a shift towards digital transformation and intelligent upgrades in traditional industries, leading to the emergence of new manufacturing applications [4][45]. - Urbanization is transitioning from high-speed to medium-speed, focusing on improving the quality of urban life and public services [4][46]. - The green and low-carbon transition is entering a critical phase, with energy consumption growth slowing down and pollution emissions reaching peak levels [4][47]. Group 3: Market Development Strategies - Building a unified national market is essential for unleashing domestic demand potential and promoting high-quality development, requiring the removal of market barriers and the establishment of fair competition [5][10]. - The super-large market size provides significant advantages, including economies of scale, diverse production factors, and enhanced innovation capabilities, which are crucial for maintaining competitiveness [7][8][34]. - The construction of a unified market must address issues such as local protectionism and market segmentation to facilitate smoother resource flow and enhance market advantages [19][21]. Group 4: Challenges in Economic Development - Population decline and aging are accelerating, leading to a decrease in the labor force and impacting consumption demand, which poses a challenge to economic growth [39]. - Technological innovation is not yet aligned with the requirements for high-quality development, with insufficient investment in basic research and a lack of leading talents [40]. - The transition from traditional growth drivers to new ones is challenging, as sectors like real estate face significant adjustments, impacting overall economic performance [41]. - The pressure to shift traditional development methods is increasing, necessitating a focus on consumption-driven growth rather than investment and export-led strategies [42]. Group 5: Future Economic Trends - The "15th Five-Year Plan" period is critical for promoting high-quality development and transforming economic structures, with a focus on enhancing productivity and efficiency [43][49]. - The integration of new technologies and industries will drive economic growth, with strategic emerging industries expected to play a significant role in the future [36][38].

Core Viewpoint - The election of Fumio Kishida as Japan's first female Prime Minister marks a significant historical moment, coinciding with Japan's economic restructuring and cyclical adjustments, leading to high expectations for the new government's policy direction [2][6]. Economic Context - Japan's inflation has gradually moved out of a long-term low zone, with the monthly CPI maintaining a year-on-year growth of 2%-4% since April 2022. Average wage growth from spring negotiations is expected to exceed 5% in 2024 and 2025, the highest in nearly 30 years [6][10]. - Current inflation is primarily driven by short-term factors such as rising food, energy, and import prices, with a CPI growth of 3.1% in July 2025, while the inflation rate excluding energy and food is only 1.6% [7][10]. Economic Policy Framework - Kishida's economic policy, termed "Kishida Economics," continues the macroeconomic policy approach of Abenomics, emphasizing active policy intervention to address structural stagnation. It retains the "three arrows" of Abenomics: accommodative monetary policy, expansionary fiscal policy, and structural reforms [2][10]. - Kishida's approach places greater emphasis on strategic investment and structural orientation, focusing on fiscal spending to guide industrial upgrades and enhance supply chain resilience and technological competitiveness [2][11]. Monetary and Fiscal Policy - The pace of monetary policy normalization in Japan may slow, putting short-term pressure on the yen, but medium to long-term support is expected as the U.S. enters a rate-cutting cycle [3][15]. - Kishida's fiscal policy aims to shift from short-term economic stimulus to long-term development goals, focusing on efficiency in fiscal spending and investing in key sectors like semiconductors and advanced manufacturing [11][14]. Market Implications - The expansionary fiscal policy under Kishida may lead to an increase in net supply pressure on Japanese government bonds, potentially steepening the yield curve if the Bank of Japan slows its monetary policy normalization [14][15]. - Japan's financial market has significant spillover effects on Asian markets, with the performance of Japanese equities often serving as a signal for global funds reallocating to Asian risk assets [3][15].

Core Viewpoint - The stability of the stock market is crucial for boosting consumer confidence and spending, which in turn supports the real economy and enhances economic circulation [4][7][10]. Group 1: Stock Market and Consumer Confidence - The stock market serves as a barometer for economic development, directly affecting household wealth and consumption confidence [5][6]. - As of October 10, the daily trading volume of the Shanghai and Shenzhen stock markets has repeatedly exceeded 2 trillion yuan, with major indices showing significant year-to-date increases: Shanghai Composite Index up 16.27%, Shenzhen Component Index up 28.24%, and ChiNext Index up 45.37% [5]. - The number of new A-share accounts surpassed 20 million by October 13, a year-on-year increase of over 50%, indicating a rise in household financial income [5][6]. Group 2: Mechanisms of Capital Market Impact on Consumption - The relationship between the capital market and consumption is characterized by a dual cycle of "asset appreciation—income growth—enhanced consumption capacity" and "financing support—supply optimization—strengthened consumption willingness" [10][11]. - The wealth effect and confidence effect from asset appreciation lead to increased consumer spending, while a downturn in the capital market can suppress consumption [11][14]. - The capital market can enhance consumption by providing financing to businesses, which in turn can improve product quality and create more job opportunities, thereby increasing consumer purchasing power [12][16]. Group 3: Policy Recommendations for Enhancing Market Stability - To stabilize the stock market, it is essential to improve institutional frameworks, optimize market mechanisms, strengthen investor protection, and enhance policy coordination [7][9]. - Strengthening investor protection through compensation funds and diversified rights protection channels can alleviate psychological burdens on consumers, encouraging them to spend more [9][20]. - Coordinated monetary and fiscal policies are necessary to ensure sufficient liquidity in the capital market and support consumer spending [9][20]. Group 4: Future Directions for Capital Market Development - The capital market should focus on diversifying financial products to meet varying consumer needs and enhance wealth accumulation [19][21]. - Encouraging long-term investments from stable funds like pension funds can help reduce market volatility and support sustainable growth [18][19]. - Developing consumer finance and supporting companies in the consumption sector through bond issuance can stimulate consumer spending and economic growth [20][21].

Core Viewpoint - The article discusses the new changes facing the semiconductor industry chain, analyzing the characteristics of China's semiconductor industry development under these changes, assessing the financial needs of the semiconductor industry chain, and exploring how commercial banks can optimize their financial service models to support the industry [2][3]. Group 1: Current Changes in the Semiconductor Industry Chain - The semiconductor industry chain is experiencing new changes due to factors such as the post-Moore era, geopolitical risks, and tariff policies, leading to a need for commercial banks to optimize their financial services [3][4]. - The global semiconductor industry has undergone multiple shifts since its inception, with significant transitions occurring in the 1970s, 1980s, and 1990s, resulting in a globalized division of labor [5]. - Since 2020, the stability of the semiconductor industry chain has been challenged by the COVID-19 pandemic and geopolitical risks, leading to a trend towards diversification, localization, and regionalization [6]. Group 2: Market Dynamics and Future Projections - The restructuring of global supply chains has led to increased local production, with countries like the U.S., Europe, and South Korea investing heavily in their semiconductor sectors [7][8]. - The semiconductor market is expected to see a significant recovery, with global sales projected to reach $630.55 billion in 2024, a 19.7% increase year-on-year, driven by demand for memory and logic chips [9]. - Long-term forecasts suggest that the global semiconductor market could exceed $1 trillion by 2030, with an average annual growth rate of 8% [9]. Group 3: Technological Advancements - Advances in technology are accelerating in areas such as process architecture, advanced packaging, and materials, with significant developments in transistor technology and new materials like silicon carbide (SiC) and gallium nitride (GaN) [10][11]. Group 4: Characteristics of China's Semiconductor Industry Development - China's semiconductor industry has established a collaborative model in design, manufacturing, and testing, and is actively promoting self-sufficiency in the supply chain amid global challenges [12][13]. - The Chinese government has implemented various policies to support the semiconductor industry, aiming to overcome technological barriers and enhance competitiveness [13][14]. - The domestic semiconductor market has become the largest single market globally, with sales reaching $182.38 billion in 2024, accounting for 29.45% of the global market share [14].

Core Viewpoint - The article discusses the economic performance of China in the third quarter of 2025, highlighting a slight decline in GDP growth, a recovery in consumption, and ongoing challenges in manufacturing and infrastructure investment [4][6][12]. Economic Growth - In Q3 2025, China's GDP grew by 4.8% year-on-year, slightly lower than the previous quarter, with nominal GDP growth at 3.7% [6][10]. - The total GDP for Q3 reached 354.5 trillion yuan, with a quarter-on-quarter growth of 1.1% [6][10]. - For the first three quarters of 2025, GDP growth was 5.2%, exceeding the annual target of 5% [6][12]. Consumption Trends - Overall consumption growth was slightly below expectations, with retail sales increasing by 3.0% in September, down from 3.4% [16][24]. - The retail sector showed structural differentiation, with categories like communication equipment and furniture experiencing significant growth, while home appliances and cultural products saw declines [20][24]. - Consumer spending growth lagged behind income growth, indicating a weak recovery in consumer confidence [24]. Investment Insights - Fixed asset investment for the first three quarters of 2025 totaled 371.5 trillion yuan, down 0.5% year-on-year, with infrastructure investment growing by only 1.1% [29][44]. - Manufacturing investment saw a significant decline, with a 1.1 percentage point drop to 4% year-on-year, marking six consecutive months of decline [33][34]. - Real estate investment dropped by 13.9%, with new housing sales down 5.5% in the first nine months [50][60]. Industrial Production - Industrial value-added saw a substantial rebound in September, growing by 6.5% year-on-year, driven by seasonal production increases and strong export performance [63][69]. - The "golden September and silver October" period contributed to this growth, alongside policies aimed at boosting domestic demand [69][70]. Employment Situation - The urban unemployment rate averaged 5.2% in the first three quarters, with a slight decrease in September [75][76]. - Youth unemployment remains a concern, with rates for individuals aged 18-24 reaching 18.9%, indicating ongoing pressures in the job market [77].

Core Viewpoint - The article highlights the resilience and steady progress of the Chinese economy, as evidenced by the GDP growth of 5.2% in the first three quarters of the year, despite facing various external and internal challenges [3][4][5]. Economic Performance - The GDP for the first three quarters reached 10,150.36 billion yuan, with a year-on-year growth of 5.2%, which is an acceleration of 0.2 and 0.4 percentage points compared to the previous year and the same period last year, respectively [5]. - The economic increment amounted to 3,967.9 billion yuan, which is 136.8 billion yuan more than the previous year [5]. - The third quarter saw a GDP growth of 4.8%, a decrease of 0.4 percentage points from the second quarter, attributed to complex external environments and domestic structural adjustment pressures [9]. Employment and Prices - The average urban unemployment rate for the first three quarters was 5.2%, consistent with the first half of the year [7]. - The Consumer Price Index (CPI) slightly decreased by 0.1%, while the core CPI, excluding food and energy, rose by 0.6%, with a notable increase of 1.0% in September [7]. International Trade and Currency - The scale of goods import and export reached a historical high for the same period, with a gradual increase in growth rate [8]. - As of the end of September, foreign exchange reserves remained above 3.3 trillion USD, and the RMB exchange rate showed a stable upward trend [8]. Policy and Development - A series of macro policies have been implemented to stimulate high-quality development and expand domestic demand, with a focus on innovative production capabilities [10][11]. - The contribution of final consumption expenditure to economic growth reached 53.5%, an increase of 9.0 percentage points compared to the previous year [11]. - Investment in equipment and tools increased by 14.0% year-on-year, contributing to overall investment growth [11]. Innovation and Technology - Significant advancements in technology and innovation have been made, with high-tech manufacturing value added growing by 9.6% year-on-year [12]. - The digital product manufacturing sector also saw a 9.7% increase in value added [13]. Market Dynamics - The construction of a unified national market has improved market competition, leading to increased circulation of goods, personnel, and capital [14]. - The stock market saw a 106.8% increase in trading volume year-on-year, reflecting active capital market policies [14]. Future Outlook - The article emphasizes that despite challenges, the internal logic supporting stable economic development remains unchanged, and achieving the annual growth target of around 5% is still feasible [15][16]. - Recent macroeconomic adjustments and policies are expected to support stable economic operations and foster new growth drivers [16][17].

Group 1: Economic Overview - The Chinese economy is showing steady growth and continues to play a major role as a driver of global economic growth, despite facing challenges from geopolitical tensions and technological changes [7][8]. - China's GDP for the first three quarters of 2025 grew by 5.2% year-on-year, with a third-quarter growth rate of 4.8%, indicating resilience amid external pressures and internal transitions [13]. - The recent CPI data shows a year-on-year decrease of 0.3% in October, with a slight month-on-month increase of 0.1%, reflecting low but improving price levels [6][14]. Group 2: Policy and Regulatory Developments - The Ministry of Finance will continue to advance the new local government debt limit for 2026 to support key projects, with an increase of 1,000 billion yuan compared to the previous year [8][9]. - The China Securities Regulatory Commission (CSRC) has revised the Corporate Governance Code for listed companies, effective January 1, 2026, focusing on enhancing the supervision of directors and senior management, and improving incentive mechanisms [9][10]. - The revisions aim to strengthen regulatory constraints on key stakeholders in listed companies, transitioning governance from mere compliance to effective performance enhancement [10][11]. Group 3: International Relations - Recent communications between Chinese and U.S. officials indicate a mutual desire to resolve trade differences through dialogue, which could positively impact bilateral economic relations and market sentiment [11][12].