过去一年，面对复杂多变的国际环境，我国进出口仍然实现较快增长。 海关总署1月14日发布数据显示，2025年， 我国货物贸易进出口总值 45.47万亿元，同比增长3.8% ，自2017年起连续9年保持增长。 其中，出口顶住逆风逆流，规模达到26.99万亿元，同比增长6.1%；进口18.48万 亿元，规模创历史新高，同比增长0.5%，将连续17年成为全球第二大进口市场。2025年是"十四五"收官之年，回顾"十四五"时期我国外贸发展， 累计进出口规模突破200万亿元，比"十三五"时期增长四成，年均增长7.1%。 具体来看，有以下5个特点： 一是规模再创新高。 全年进出口总值迈上新台阶，超过45万亿元，创历史新高，我国将继续保持全球货物贸易第一 大国地位。 二是市场更加多元。 我国与240多个国家和地区有贸易往来，与190多个国家和地区进出口实现增长。其中对共建"一带一路"国家进 出口23.6万亿元，增长6.3%，占进出口总值的51.9％。对东盟、拉美、非洲分别进出口7.55万亿元、3.93万亿元、2.49万亿元，增长8％、6.5％、 18.4％。 三是出口向新向优。 我国高技术产品出口5.25万亿元，增长13.2％ ...

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 sustainable 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].

20 26年1月12日，第六篇"钟才平"署名文章发布。2 02 6年1月7日，《人 民日报》开始在头版重要位置刊发署名为"钟才平"的评论文章，这是"钟 才平"这个名字首次出现在《人民日报》上。此前5篇评论分别为《因地制 宜做 好经济工 作》《 向 新 向优 发 展， 中国 经济 向好 》《 发挥 政策 集 成效 应， 提升宏观 经济治 理 效 能》 《 统筹 促消 费和 扩投 资， 建设 强大 国 内市 场》以及《以惠民生为牵引，打开发展新空间》。 第六篇：《持续扩大开放，为世界提供新机遇》 钟才平 开放是中国式现代化的鲜明标识。中央经济工作会议强调"坚持对外开放，推动多领域合作共赢"，并对2026年扩大高水平对外开放作出系列具体部署。在 当前国际环境深刻复杂变化的情况下，这彰显出坚持开放合作、互利共赢的大国自信和担当，宣示了以中国高质量发展为世界提供新机遇的强烈信号。 中国大市场持续扩容升级，将为世界提供市场开拓新机遇。市场是当今世界最稀缺的资源。中国市场有着巨大的规模。中国有14亿多人口包括规模庞大的 中等收入群体，2025年社会消费品零售总额有望超过50万亿元。中国市场有着可观的潜力。预计未来10多年， ...

Key Points - The Shanghai Composite Index achieved a 17-day consecutive rise, marking the longest streak since its establishment, closing at 4165.29 points on January 12, 2026, with a trading volume exceeding 3 trillion yuan [8][9]. - The National Foreign Exchange Administration is deepening foreign exchange facilitation reforms and promoting high-level institutional opening [9][10]. - The China Securities Regulatory Commission has significantly increased the rewards for whistleblowers reporting securities and futures violations, with the maximum reward rising from 100,000 yuan to 1 million yuan for serious cases [12][13]. - The insurance industry reported a premium income of 5.76 trillion yuan for the first 11 months of 2025, reflecting a year-on-year growth of 7.6%, driven by strong performance in life insurance [14]. - The People's Bank of China has increased its gold reserves for 14 consecutive months, indicating a strategic response to global financial changes and a shift in reserve asset structure [15]. - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, the highest level since March 2023, driven by increased consumer demand and rising food prices [16][17].

Core Viewpoint - The article discusses the criminal investigation of Federal Reserve Chairman Jerome Powell, initiated by the U.S. Department of Justice, which raises concerns about the independence of the Federal Reserve and has led to global market volatility [1][3]. Group 1: Background of the Investigation - The investigation was triggered by the renovation of the Federal Reserve headquarters, with the budget increasing from $1.9 billion to $2.5 billion, and accusations of Powell making "false statements" regarding the project [3]. - The deeper issue lies in the ongoing conflict over monetary policy, particularly after Trump returned to the White House in January 2025, where he pressured the Fed for significant interest rate cuts to reduce government debt costs and stimulate economic growth [3][4]. Group 2: Political Implications - The investigation appears politically motivated, approved by a Trump ally, and coincides with Trump's plans to announce Powell's successor in early 2026 [4]. - Powell has responded strongly, claiming the investigation is a "political pressure tactic" aimed at forcing the Fed to comply with demands for interest rate cuts [4]. Group 3: Trump's Motivations for Rate Cuts - Trump seeks rapid interest rate cuts for political gain, to create an appearance of economic prosperity ahead of the 2026 midterm elections, and to alleviate debt pressures, as U.S. national debt exceeded $37.7 trillion by the end of 2025 [5]. - A 1% reduction in interest rates could save the government nearly $400 billion annually in interest payments, which is significant given that interest expenses accounted for about 27% of federal revenue in 2025 [5]. - Additionally, rate cuts are seen as a way to mitigate the negative impacts of tariffs on U.S. businesses and consumers, thereby stabilizing the economy and capital markets [5]. Group 4: Market Reactions - Following the announcement of the investigation, safe-haven assets surged, with gold prices rising 1.88% to over $4,600 per ounce, and silver increasing by over 4% to reach historical highs [8]. - The U.S. dollar and stock markets faced pressure, with the dollar index dropping 0.3% and S&P 500 futures declining by 0.5% [8]. Group 5: Potential Global Impact - If the independence of the Federal Reserve is compromised, it may lead to irrational interest rate cuts, potentially increasing U.S. inflation and affecting global bond pricing [9]. - The dollar's reserve status could be questioned, accelerating the trend of de-dollarization globally [9]. - The upcoming Federal Reserve meeting on January 27-28, 2026, will be a critical point to observe for market reactions [9].

1月12日，国家发展改革委会同财政部、科技部、工业和信息化部联合发布了《关于加强政府投资基金布局规划和投向指导的工作办法》（以下 简称《工作办法》），国家发展改革委还同步出台了《政府投资基金投向评价管理办法》（以下简称《管理办法》）。中国宏观经济研究院经济 所研究员 刘国艳对此进行了解读： 一、政策出台背景与总体导向 近年来，政府投资基金作为财政支出方式的重要创新，在撬动社会资本、支持创新创业、培育新兴产业、推动产业升级等方面发挥了积极作用。 为构建更加科学高效的政府投资基金管理体系，2025年1月，国务院办公厅发布了《关于促进政府投资基金高质量发展的指导意见》（国办发 〔2025〕1号，简称1号文件），提出政府投资基金管理要"突出政府引导和政策性定位，按照市场化、法治化、专业化原则规范运作"，要"完善 分级分类管理机制，合理统筹基金布局，防止同质化竞争和对社会资本产生挤出效应"。 为落实好1号文件精神，国家发展改革委会同有关部门出台了《工作办法》和《管理办法》两份文件，旨在构建"规划先行、投向明确、评价科 学、管理规范"的全链条管理体系。两项文件的总体导向是：强化战略统筹、聚焦政策目标、健全评价机制、提升运 ...

Core Viewpoint - The article emphasizes the importance of enhancing the coordination between investment and financing in the capital market, highlighting the need for a supportive regulatory environment and improved investor confidence. Group 1: Investment and Financing Coordination - The China Securities Regulatory Commission (CSRC) aims to improve the institutional environment for long-term investments, encouraging various types of medium- and long-term funds to increase their market participation. As of the end of last year, medium- and long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year [3]. - Investment and financing are fundamental functions of the capital market that are interdependent. A lack of financing capabilities undermines the market's ability to serve the real economy, while insufficient investment capabilities jeopardize sustainable market development [5][6]. Group 2: Regulatory Effectiveness and Investor Protection - The CSRC plans to enhance the effectiveness of regulatory enforcement and improve the investor education and protection system. This includes strict regulation and punishment of severe violations, aiming to boost investor trust and confidence [4]. - The article highlights the need for a dynamic adjustment process in investment and financing coordination, rather than a static balance, to mitigate market volatility and vulnerabilities [6]. Group 3: Quality of Listed Companies - Improving the quality of listed companies is crucial for promoting investment and financing coordination. High-quality companies attract stable long-term investments, creating a positive cycle of investment returns and efficient financing [7]. - If the quality of listed companies is inadequate, even temporarily inflated stock prices will not be sustainable, ultimately damaging investor confidence and hindering the financing function [7]. Group 4: Support for Technological Innovation Enterprises - The CSRC will enhance its services for technology innovation enterprises, advancing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, and improving the multi-tiered capital market system [8].

Group 1 - The core viewpoint emphasizes the importance of improving people's livelihoods as a driving force for economic development, highlighting the need to expand domestic demand and create a strong domestic market as a foundation for economic growth [3][4][5]. - The article discusses the significant potential for high-quality development in the real estate sector, noting that while urban housing stock is substantial, many residents still have unmet housing needs, particularly in terms of quality and location [4][5]. - It highlights the changing consumer preferences towards service consumption, with a notable increase in per capita service consumption expenditure from 5,000 yuan to 13,000 yuan between 2013 and 2024, indicating a shift towards experiential and emotional consumption [5][6]. Group 2 - The article outlines the necessity of creating a virtuous cycle of employment, income, consumption, and investment, emphasizing the importance of stabilizing employment and increasing income to boost consumption [7]. - It stresses the need for coordinated efforts to promote both consumption and investment, suggesting that they are interdependent and should work together to enhance the domestic market's growth and stability [8][9]. - The article calls for increased investment in sectors that align with new consumer demands, such as healthcare and cultural tourism, to better meet the needs of the population [10][11]. Group 3 - The article discusses the implementation of more proactive macroeconomic policies, including fiscal and monetary measures, to support economic stability and growth, with a focus on enhancing the effectiveness of these policies [25][26]. - It emphasizes the importance of precise and effective fiscal policies, advocating for increased government spending on key projects and social welfare to stimulate economic activity [26][27]. - The article also highlights the need for flexible monetary policies that adapt to changing economic conditions, ensuring liquidity and supporting the real economy [28][29].

Core Viewpoint - The article discusses the transformation of the international payment system against the backdrop of a rapidly changing global financial landscape, emphasizing the historical evolution of the international monetary system over the past 150 years and its reflection of shifts in global monetary power and technological frameworks [3]. Group 1: Gold Standard and Early International Payment System (Mid-19th Century to 1930s) - The gold standard established a stable and singularly anchored international payment system, with cross-border payments primarily relying on physical gold and credit instruments tied to it. London emerged as the global payment and clearing center, making the British pound the dominant currency for cross-border trade [5]. - Post-World War I, the gold standard faced severe challenges, leading countries to abandon it due to limited gold exports and rising trade protectionism. The Great Depression in the 1930s further diminished gold's role in cross-border transactions, transitioning it from a medium of exchange to a reserve asset, marking the end of the gold standard [5]. Group 2: Rise of Dollar Payments in the Bretton Woods System (1944-1971) - The Bretton Woods system established a "dollar-gold exchange standard," creating a multi-tiered anchoring structure of gold, dollars, and national currencies, with the dollar becoming the central currency for international payments. The U.S. strengthened its monopoly over the international payment system through control of key infrastructure like the Fedwire and CHIPS [7]. - To maintain system stability, G10 central banks intervened in the market through a "gold pool" and currency swap networks starting in 1961. However, increasing domestic inflation and pressures on foreign exchange and gold led to the U.S. unilaterally terminating its gold convertibility in 1971, resulting in the collapse of the system and the shift to floating exchange rates [7]. Group 3: Globalization of Payments under Floating Exchange Rates (1971-2008) - The floating exchange rate, capital liberalization, and financial innovation significantly expanded cross-border capital flows, necessitating a more efficient payment system. In 1973, SWIFT was established to connect global banks and enhance the speed and reliability of cross-border payments [9]. - By the early 2010s, SWIFT had nearly 9,000 member institutions across over 200 countries, becoming a cornerstone of global finance. The U.S. solidified its position as the international settlement center through Fedwire and CHIPS, while Europe developed TARGET for eurozone clearing. Despite the dominance of the dollar and SWIFT, challenges from the euro and emerging technologies began to rise [9]. Group 4: Diversification of the International Payment System Post-Financial Crisis (2008-2020) - The 2008 financial crisis highlighted the vulnerabilities of global dependence on the dollar, prompting many countries to explore autonomous and regional payment systems, leading to a new phase of turbulence in the global monetary system. The geopolitical implications of payment systems became more pronounced, especially after the West considered weaponizing SWIFT against Russia in 2014 [11]. - This situation spurred the development of alternative systems like Russia's SPFS and China's CIPS to enhance direct clearing capabilities for the yuan. Additionally, the rapid growth of e-commerce and mobile payments, along with the emergence of fintech companies like PayPal and Alipay, significantly reduced the costs of small cross-border payments, leading to the formation of new cross-border payment models. While the international payment system still relies on traditional infrastructures like SWIFT, the trends of regionalization and digitization have become increasingly prominent, driving rapid diversification and multipolarity in the international payment landscape [11].

Group 1 - The core viewpoint of the article emphasizes the implementation of a coordinated fiscal and financial policy to stimulate domestic demand as a crucial measure for expanding effective demand and innovating macroeconomic regulation [2][3]. - The meeting highlighted the need to strengthen the synergy between fiscal and financial policies, effectively guiding social capital to participate in promoting consumption and expanding investment [3]. - Specific measures include optimizing loan policies for service industry operators and personal consumption, enhancing the supply of quality services, and increasing residents' consumption capacity [3]. Group 2 - The meeting discussed the promotion of basic public services provided by the place of residence, which is beneficial for advancing the equalization of basic public services and supporting a people-centered new urbanization [4]. - It aims to address urgent issues faced by non-registered residents, such as improving education policies for migrant children and expanding public rental housing guarantees [4]. - The revision of the Natural Protection Zone Regulations aims to provide strong legal support for high-quality natural protection zone construction, ensuring ecological protection while enhancing public service functions [4].