Core Insights - The article discusses the significance of the 2025 Nobel Prize in Economic Sciences awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to understanding how innovation drives economic growth, particularly in the context of China's current economic challenges [5][6]. Group 1: Innovation Ecosystem - Mokyr's core contribution highlights that an innovation ecosystem, composed of knowledge enlightenment and institutional guarantees, is essential to combat the issue of "involution" in China, which is characterized by ineffective competition and insufficient technological advancement [7][8]. - The historical context provided by Mokyr indicates that the "Bacon Plan" in the 17th century marked a pivotal moment for the role of knowledge in economic growth, emphasizing the importance of knowledge dissemination for technological breakthroughs [7][8]. - The emergence of innovation clusters, such as those in Beijing and Hangzhou, supports Mokyr's assertion that a collaborative environment among academia, capital markets, and government services fosters innovation [8]. Group 2: Competition and Innovation - Aghion and Howitt's theory of the "inverted U-shape relationship" between competition and innovation suggests that there is an optimal level of competition that stimulates innovation, while excessive competition can stifle it [10][11]. - The impact of this theory is evident in China's electric vehicle industry, where excessive competition has led to price wars that diminish profits and reduce R&D investments, highlighting the need for a balanced competitive environment [10][11]. - The commitment of 17 car manufacturers to a 60-day payment term is seen as a positive step towards restoring optimal competition in the industry [10]. Group 3: Creative Destruction - Aghion and Howitt's concept of "creative destruction" is presented as a necessary pathway for China to transition from "stock competition" to "incremental innovation," emphasizing the need to eliminate outdated capacities and explore new markets [12][13]. - The article contrasts the dominance of technology-driven companies in the U.S. with the prevalence of traditional firms in China's stock market, suggesting that the lack of a strong "creative destruction" mechanism hinders innovation [13]. - Policy recommendations include the government acting as a "rule guardian" to foster an innovation ecosystem and ensure that low-quality capacities exit the market, thereby promoting a competitive environment conducive to innovation [13]. Group 4: Conclusion - The insights from the 2025 Nobel Prize in Economic Sciences emphasize that combating "involution" requires not a rejection of competition but a return to a reasonable competitive framework that enhances innovation [15]. - The article outlines three core pathways to achieve this: establishing a supportive institutional framework, regulating competition to stimulate innovation, and encouraging technological and model innovation to shift from saturated markets to new growth areas [15].

Core Viewpoint - The article emphasizes that China's monetary policy has been moderately loose in response to a complex macroeconomic environment, leading to a sustained low interest rate environment. State-owned large commercial banks must focus on serving the real economy and create greater value in the context of high-quality economic development [2][4]. Group 1: Interest Margin Analysis - The net interest margin (NIM) of state-owned large commercial banks has been narrowing significantly due to the continuous decline in market interest rates. From the end of 2018 to the end of 2024, the average NIM of the four major banks is projected to decrease from 2.18% to 1.52%, a drop of 0.66% [6]. - The average loan yield for the four major banks has decreased from 4.34% in 2018 to 3.55% in 2024, a decline of 0.79%. Similarly, the average investment yield has fallen from 3.59% to 3.09%, a reduction of 0.5% [7][8]. Group 2: Cost of Interest-Bearing Liabilities - The average deposit interest rate for the four major banks increased from 1.47% in 2018 to 1.76% in 2024, raising the cost of interest-bearing liabilities by 0.29%. The proportion of deposits in interest-bearing liabilities has decreased from 83.79% to 78.64% during the same period [9]. - The net interest income has shown negative growth as the effect of expanding asset scale to offset the narrowing NIM has diminished. Starting from 2023, the positive scale effect can no longer compensate for the negative rate effect, leading to a decline in net interest income for some banks [10]. Group 3: Future Interest Rate Trends - The article suggests that the low interest rate environment in China may persist for a considerable time due to various internal and external factors, including economic slowdown and structural issues such as technological stagnation and the fading demographic dividend [12]. - Internationally, major developed economies have entered a rate-cutting cycle, with central banks like the Federal Reserve and the European Central Bank reducing rates in response to easing inflation pressures and slowing employment growth [13].

Group 1 - The core viewpoint of the article emphasizes China's stance on trade relations with the U.S., asserting that China is open to dialogue but will respond firmly to threats and restrictions [2][3] - China has clarified its position regarding the U.S. threats of imposing 100% tariffs and highlighted that its export control measures on rare earths are legitimate actions to safeguard national security [2] - The article mentions that China has communicated its export control measures to the U.S. through bilateral dialogue mechanisms before their implementation [2] Group 2 - The article reiterates that both countries have significant common interests and potential for cooperation, suggesting that mutual benefits can be achieved through respectful and equal negotiations [3] - It criticizes the U.S. for its inconsistent approach of seeking dialogue while simultaneously threatening new restrictions, urging the U.S. to correct its actions and engage sincerely in discussions [3] - The article calls for maintaining the achievements of previous negotiations and emphasizes the importance of managing differences through dialogue to promote a healthy and stable development of Sino-U.S. economic relations [3]

si TSINGHUA Financial Review 清华金融评论 商务部:针对美方单边主义行为, 240 | 中方将坚决采取必要措施维护自身权益 倪虹:让老房子通过 改造变成"好房子" Financial Weekly 每周金融评论 .. Financial Weekly 每周金融评论 | 目录 CONTENTS 2025年第41期 总额240期 2025年10月13日 热点聚焦 FOCUS ◎ 商务部：针对美方单边主义行为,中方将坚决采取必要措施维护 自身权益 ◎ 央行连续第11个月增持黄金 重大会议 MEETINGS ◎ 倪虹:正在研究让老房子通过改造变成"好房子" 重大政策 POLICIES ◎ 工信部等七部门近日联合印发《深入推动服务型制造创新发展 实施方案（2025—2028年）》 EVENTS ◎ 财政部 税务总局发布《企业兼并重组主要税收优惠政策指引》 重要数字 DATA ◎ 我国外汇储备规模较8月末上升165亿美元 热点 聚焦 商务部：针对美方单边主义行为，中方将坚决采取必要措施维护自身权益 01 美国宣布计划对中国征收100%关税，商务部回应称，中方明确指出，美方加征100%关税及扩大 ...

文/《清华金融评论》 周茗一 20 25 年 北 京 时 间 1 0 月 1 3 日 晚 ， 诺 贝 尔 经 济 学 奖 得 主 揭 晓 。 乔 尔 · 莫 基 尔 （J oe l Mokyr）、菲利普·阿吉翁（Ph ili ppe Agh i on）和彼得·豪伊特（ Pe t e r Howitt）获得这一奖项，以表彰他们"对创新驱动型经济增长的阐 释"。其中，一半奖金授予莫基尔，以表彰他们"发现了通过技术进步实现 持续增长的先决条件"，另一半奖金则共同授予阿吉翁和豪伊特，以表彰 他们"通过创造性破坏实现持续增长的理论"。 北京时间 10 月 13日 晚，诺贝尔经济学奖得主揭晓。瑞典皇家科学院决定将 2025 年度瑞典中央银行纪念阿尔弗雷德·诺贝尔经济学奖授予乔尔·莫基尔（ Joel Mokyr ）、菲利普·阿吉翁（ Philippe Aghion ）和彼得·豪伊特（ Peter Howitt ），以表彰他们"对创新驱动型经济增长的阐释"。 诺贝尔经济科学奖委员会表示，获奖者以不同的方式展示了创造性破坏如何制造冲突，必须以建设性的方式进行管理。否则，创新将受到老牌公司和利益 集团的阻碍，这些公司和利益集团可 ...

Core Viewpoint - Technology is the primary productive force, and better integration of technology and capital can activate new engines of economic growth, build an efficient financial ecosystem, and strengthen national strategic security [2][4]. Submission Directions - The article invites contributions on the theme of "the dual integration of technology and capital," marking the 6th anniversary of the Science and Technology Innovation Board (科创板) in 2025 [4]. - The editorial team aims to provide a platform for policy makers, business decision makers, academic researchers, and investors through various topics related to economic and financial analysis, policy interpretation, and practical recommendations [4]. Suggested Topics for Submission 1. Achievements and future development directions of the Science and Technology Innovation Board [5] 2. Impact and prospects of new policies on the financing environment for technology enterprises [5] 3. Mechanisms for nurturing patient capital under the deepening of the registration system [5] 4. Regulatory collaborative innovation in the integration of technology and capital [5] 5. Upgrading the low-altitude economy industrial chain driven by patient capital [5] 6. Support logic of the tiered design of the Science and Technology Innovation Board for unprofitable enterprises [6] 7. Institutional optimization of the patient attributes of state-owned capital [7] 8. Artificial intelligence reshaping the full-cycle management of patient capital [8] 9. Actual promotion of industries by the expansion of the fifth set of standards of the Science and Technology Innovation Board [9] 10. Capital pathways in frontier fields [10] 11. How the Science and Technology Innovation Board addresses the pain points of enterprise fundraising, investment, management, and exit [11] 12. International experience in further integrating technology and capital [12] Submission Requirements - Original submissions that have not been published on any platform [5]. - Suggested word count of 4000 to 6000 words, including charts [5]. - Plagiarism check limit of 8% on CNKI [5]. - Submission format includes a Word document, author biography, contact information, and academic resume [5]. - Submission deadline is October 18, 2025, to the specified email [5].

Core Viewpoint - RWA (Real World Assets) represents a new paradigm in asset finance, leveraging blockchain, IoT, and AI technologies to address information asymmetry and risk issues in corporate financing, ultimately enhancing the accessibility and stability of asset financing [4][6][19]. Summary by Sections RWA Definition, Status, and Trends - RWA is defined as the conversion of ownership or income rights of real-world assets into digital tokens on the blockchain, enabling automated operations through smart contracts. The global RWA market has grown from $8.5 million in April 2020 to over $21 billion by April 2025, a growth of over 245 times, with projections of $16 trillion in asset tokenization by 2030 [4][5]. Advantages of RWA - RWA is recognized for four main advantages: asset fragmentation for retail investors, high liquidity, automation of transactions, and increased transparency through on-chain data. However, the true value of RWA lies in its ability to transform corporate financing by focusing on the underlying asset cash flows rather than merely facilitating asset fragmentation [5][6]. Traditional Corporate Financing Issues - Corporate financing faces two primary risks: information problems due to limited and often inaccurate disclosures, and risk issues stemming from the uncertainty of corporate earnings, particularly for SMEs lacking sufficient collateral [9][10]. RWA's Technological Support - RWA relies on the synergistic use of blockchain, IoT, and AI to provide real-time data collection, decentralized monitoring, and dynamic risk assessment, thereby addressing the information asymmetry prevalent in traditional financing [16][17]. RWA's Value and Theoretical Foundation - The true value of RWA is in its ability to create scalable combinations of fragmented asset cash flows and modify risk characteristics, applying Markowitz's portfolio theory to real assets. This allows for the standardization and combination of previously non-standardized cash flows, enhancing risk management and financing scalability [22][19]. RWA Asset Types - RWA can be categorized into four types: stable cash flow-generating assets, assets from companies with poor consolidated performance, fragmented cash flows within a single entity, and larger-scale combinations of cash flows from different entities [22][23]. Challenges and Risks of RWA - Despite its potential, RWA faces challenges such as the need for rigorous asset quality assessments, complex regulatory requirements, and potential operational risks related to smart contracts and data integrity [28]. Conclusion and Outlook - RWA signifies a revolutionary shift in asset finance, moving from company credit-driven models to asset credit-driven frameworks, emphasizing the importance of cash flow quality and legal compliance in fostering a sustainable RWA ecosystem [30].

Core Viewpoint - The article discusses the conflicting goals of the United States regarding the dollar, highlighting the dilemma of maintaining its status as the dominant international reserve currency while also addressing domestic economic challenges [1][6]. Group 1: Global Trade and Currency Connection - The current global trade and tariff disputes are deeply intertwined with currency issues, which can be analyzed through two main channels: exchange rates and savings rate spillover [3][5]. - For smaller countries, exchange rates are effective tools for balancing international payments, but for major economies like the U.S., the impact of exchange rates is limited [3][5]. - The high domestic savings rate in Asia, particularly China, contributes to trade imbalances and strong foreign investment, which is linked to currency dynamics [3][5]. Group 2: U.S. Dilemma with the Dollar - The U.S. faces a dual challenge: promoting a competitive dollar to enhance manufacturing and trade balance while also using the dollar as a geopolitical tool [6][11]. - There is a contradiction in U.S. policy where it desires a weaker dollar for domestic benefits but also aims to maintain its global dominance [6][11]. - Achieving both objectives simultaneously is deemed unlikely, suggesting that the U.S. may have to concede some of its dollar dominance [6][11]. Group 3: Potential Challengers to the Dollar - The euro is the second-largest currency in the SDR basket but faces challenges such as unclear fiscal authority and insufficient market integration [9]. - The renminbi has made strides in internationalization, particularly after the 2008 financial crisis, but still lags in global financial transactions and reserves [10][11]. - The SDR could play a larger role in the international monetary system if it is recognized as a viable alternative to the dollar, promoting a multipolar currency system [13][14]. Group 4: Conditions for Other Currencies - For other currencies to gain prominence, they must meet certain conditions, such as having a significant trade deficit to export currency effectively [18][20]. - The ability to provide stable and secure assets is crucial for any currency aspiring to be a reserve currency, with the dollar currently seen as the most stable option [20][21]. - The global demand for reserve currencies must also be assessed, as the current volume of dollar-denominated assets may not reflect actual reserve needs [22]. Group 5: Opportunities for Reform - The current dilemma facing the dollar presents an opportunity for reform in the international monetary system, contingent on the willingness of the U.S. to adapt its stance [14][16]. - The potential for SDR to take on a more significant role hinges on achieving consensus among major economies and addressing the structural issues within the current system [15][16].

正值四中全会召开前夕，在"十四五"收官、"十五五"将启的历史交汇期。 《人民日报》发表八篇"钟才文"署名文章， 系列文章围绕"经济形势怎么 看、经济工作怎么干"这一核心问题， 深入系统阐述中国经济长期稳定发 展的内在逻辑，以及中国发展之于世界的机遇性和确定性。当前，全球经 济面临诸多不确定性，国内经济转型进入关键阶段。此时此刻，正是需要 厘清认识、凝聚共识、坚定信心的关键时刻。 钟才文： 从全球视角看新时代中国经济的跨越与蝶变 《人民日报》 （ 2025年09月30日 第 01 版） 党的十八大以来，中国特色社会主义进入新时代。面对国际形势风云变幻、地缘政治冲突加剧、世纪疫情叠加世界经济衰退、全球贸易保护主义盛行，在 以习近平同志为核心的党中央坚强领导下，在习近平经济思想指引下，中国经济始终保持战略定力，坚持高质量发展不动摇，着力构建新发展格局，走出 了一条与世界其他主要经济体形成鲜明对比的稳健发展之路，在充满不确定的世界里，展现出强大韧性和活力，实现了历史性的跨越和蝶变。 发展理念深刻转变，引领中国经济发展质量更高。 新时代以来，我们党深刻总结国内外发展经验教训和发展大势，创造性提出创新、协调、绿色、开 放 ...

Core Viewpoint - The article emphasizes the importance of properly managing local government debt to ensure stable economic operation, highlighting that debt resolution strategies should adapt to economic cycles and focus on restoring the balance sheets of local governments to stimulate endogenous economic growth [2][3][4]. Group 1: Local Government Debt and Economic Stability - Local government debt management is crucial for economic stability, as it affects the capacity and willingness of local governments to invest, which in turn influences corporate investment and consumer spending [4][7]. - In the first half of the year, China's economy grew by 5.3%, but faced pressure in the third quarter due to insufficient demand and weakened consumer spending [4][5]. - The relationship between local governments, enterprises, and residents is interdependent, especially during economic downturns, where local governments play a key role in stabilizing expectations and promoting investment [6][7]. Group 2: Debt Management Strategies - The article distinguishes between "debt resolution" and "risk resolution," arguing that simply reducing debt levels can exacerbate risks if it undermines local governments' ability to invest in infrastructure and economic development [11]. - Different debt management strategies should be employed based on economic cycles: "repayment-style debt resolution" during economic upturns and "continuation-style debt resolution" during downturns [12]. - The efficiency and quality of assets corresponding to government debt are critical; thus, the focus should shift from merely controlling debt size to optimizing the structure of debt [13]. Group 3: Structural Issues in Debt Management - There are structural mismatches between the available debt resolution resources and local needs, necessitating a more flexible allocation of debt limits based on actual conditions [18]. - The scale of hidden debts remains unclear, with estimates suggesting that including recognized hidden debts raises the debt-to-GDP ratio significantly, indicating a need for better transparency and management [19]. - The current approach to replacing hidden debts with special bonds does not always align with the underlying asset quality, suggesting a need for a more nuanced strategy [20][21]. Group 4: Policy Recommendations - Short-term recommendations include optimizing debt resolution methods and increasing local debt limits to address immediate financial pressures from real estate adjustments [25][26]. - Long-term strategies should focus on stabilizing the macro tax burden, reforming the fiscal system, and ensuring that financing platforms transition effectively to market-oriented operations [27][28][29].