Core Viewpoint - The article emphasizes the importance of expanding high-level opening-up as a strategic approach to promote deep reform and high-quality development in China, positioning the country as a significant player in the global market [2][8]. Group 1: Theoretical Foundations - The concept of high-level opening-up is rooted in Marxist theory, highlighting the impact of the world market and international division of labor on human society, and asserting that openness is a vital driver of human civilization and global prosperity [4]. - The importance of openness is also derived from traditional Chinese culture, which values inclusivity and mutual benefit, as exemplified by historical trade routes like the Silk Road [5]. Group 2: Practical Experience - The article discusses various local governance practices that have contributed to China's opening-up strategy, emphasizing the need for a comprehensive approach that integrates both domestic and international elements [6]. Group 3: Current Trends and Future Directions - The article outlines the current global landscape, noting the rise of unilateralism and protectionism, and stresses the necessity for China to maintain an open door policy to attract global resources and enhance its economic development [7]. - It highlights China's achievements in trade, including being the world's largest goods trader for eight consecutive years, with exports consistently around 14% of global share and imports projected to reach 10.4% by 2024 [9]. Group 4: Policy Initiatives - The article details various initiatives aimed at enhancing China's openness, such as the establishment of free trade zones, the removal of restrictions on foreign investment in manufacturing, and the promotion of cross-border e-commerce [10]. - It also emphasizes the importance of high-quality cooperation in global markets, with initiatives like the Belt and Road Initiative contributing to significant trade volumes and investments with partner countries [11]. Group 5: Security and Risk Management - The article stresses the need to balance openness with security, advocating for a robust export control system and mechanisms to address trade disputes and risks [12][17]. Group 6: Future Goals - The article concludes with a call for a more profound understanding of the requirements for high-level opening-up, aiming to create a new economic system that benefits both China and the global community [13].

Core Viewpoint - The article emphasizes the importance of stabilizing the real estate market in China to support the overall economy and prevent systemic risks, as highlighted in the Central Economic Work Conference held at the end of 2025 [2][3]. Group 1: Current Market Conditions - China's real estate market is undergoing significant adjustments, with some projects and cities experiencing oversupply, leading to a notable decline in sales and prices, which impacts the demand side of the economy and financial institutions [3][5]. - The real estate sector is crucial for the national economy, contributing to employment and involving numerous related industries such as steel, cement, and home appliances, with its value added accounting for 13% of GDP in 2024 [6]. Group 2: Historical Context and Development - Since the early 1980s, China has transitioned from welfare housing to a market-oriented housing system, significantly improving living conditions over 20 years, with urban per capita housing area reaching 38.6 square meters by 2020 [4]. - The "14th Five-Year Plan" anticipates a cumulative sales area of approximately 5 billion square meters of commercial housing, with urban per capita housing area projected to reach around 41 square meters by the end of 2024 [4]. Group 3: Challenges and Structural Changes - The real estate market is shifting from a phase of housing shortage to a phase of balance, with structural supply issues, particularly in affordable housing for new citizens and young people [5][7]. - There is a growing demand for quality housing, with residents increasingly focused on the quality of living rather than mere availability [5]. Group 4: Policy Measures and Future Outlook - The Central Political Bureau meeting in September 2024 called for measures to stabilize the real estate market, including a combination of policies aimed at risk prevention and promoting transformation [8]. - The government is implementing various initiatives to enhance housing supply, including the construction of affordable housing and the renovation of old residential areas, with a focus on meeting the high-quality living needs of the population [8][9]. Group 5: Market Dynamics and Expectations - Despite overall stability in the real estate market, some cities are experiencing fluctuations, and real estate development investment continues to decline, indicating a need for time to adjust and stabilize market dynamics [9][10]. - The article stresses the importance of maintaining policy consistency and effectively managing supply to support the transition to a new development model in the real estate sector [10][11].

"十五五"规划即将实施。规划强调科技创新是"十五五"的核心动力，旨在 解决"卡脖子"技术问题，培育新质生产力，重点方向包括人工智能、量子 信息、生命科学等。2 026 年我国资本市场有望延续慢牛、长牛行情，其 中科技创新领域将受到关注。 2025年我国经济、科技基本情况及政策前景 文/ 前海开 源基金 首席经济学家 杨德龙 在货币政策方面，美联储预计将继续降息。美联储降息往往会引发其他央行跟随降息，而我国央行此前已经通过降准、降息提供了较为宽松的货币环境。 预计 2026年美联储可能降息两次。我国利率水平本身已经处于较低位置，降息空间相对有限，但仍可通过下调 LPR 利率、MLF 利率等方式降低资金成 本。这将为推动 A 股和港股进一步走强奠定基础。 在美元指数逐步回落的背景下，人民币汇率有望继续回升。人民币升值将吸引更多外资流入中国资产，这对于推动中国资产估值回升具有积极意义。 2025年前十一个月，我国货物贸易顺差突破 1万亿美元，创造了历史记录。在中美签署贸易协定之后，我国出口贸易有望保持平稳增长态势，并在这一基 础上实现进一步提升。当前我国出口"新三样"，即新能源汽车、锂电池和光伏产品，具备较强的国际 ...

Core Viewpoint - The article emphasizes the importance of integrating finance and technology to support sustainable forestry development in China, aligning with the "Two Mountains" concept and recent government policies aimed at promoting ecological civilization and high-quality development in the forestry sector [2][3]. Group 1: Policy Background - The establishment of the "Financial + Technology" column in Tsinghua Financial Review responds to the joint notice issued by the People's Bank of China, financial regulatory authorities, and the National Forestry and Grassland Administration, which outlines 15 measures to enhance financial support for high-quality forestry development [2]. - The "Two Mountains" concept has evolved over the past 20 years, becoming a fundamental national strategy and a key component of Xi Jinping's ecological civilization thought, influencing major party reports and policies [2]. Group 2: Column Objectives - The column aims to explore pathways for transforming "green mountains and clear waters" into "golden mountains and silver mountains" through financial and technological innovations, fostering collaboration among the finance, technology, and forestry sectors [3]. - It seeks to create a platform for deep integration and interaction among various stakeholders, including financial institutions, technology firms, and the forestry industry, to enhance information sharing and promote technology transfer [3]. Group 3: Implementation Strategies - The column will provide in-depth analyses of central and local policies, helping readers understand key policy implications and opportunities, effectively serving as a "policy decoder" [4]. - It will compile and analyze innovative practices from various institutions in implementing these policies, aiming to create replicable and scalable case studies for financial and technological support in forestry [4]. - The column will address core challenges such as historical issues in forest rights confirmation and the valuation of ecological products, proposing actionable solutions to improve the financial and technological service framework for forestry [4].

Core Viewpoint - The article emphasizes the implementation of a more proactive fiscal policy in 2026, focusing on maintaining necessary fiscal deficits, total debt scale, and overall expenditure while enhancing the effectiveness of fund utilization [2][22]. Group 1: Fiscal Policy Implementation - The national fiscal work meeting highlighted six key areas for a more proactive fiscal policy in 2026, ensuring necessary expenditure intensity and optimizing the government bond tool combination [2][12]. - The meeting underscored the importance of maintaining a strong fiscal stance to support economic growth and social stability, particularly in the context of the "14th Five-Year Plan" [10][22]. Group 2: Key Tasks for 2026 - The meeting outlined several priority tasks for 2026, including: - Focusing on domestic demand to support a robust domestic market and boost consumption through targeted actions [13]. - Supporting technological and industrial innovation by increasing fiscal investment in technology and enhancing the management of technology funding [6][18]. - Promoting urban-rural integration and regional coordination to expand development space [14]. - Strengthening basic social security and improving public services to enhance the welfare of residents [7][19]. - Advancing green transformation in economic and social development to build a beautiful China [14][19]. - Enhancing international financial cooperation and supporting high-level opening-up [14][19]. Group 3: Fiscal Management and Risk Prevention - The meeting emphasized the need for comprehensive fiscal management, including the implementation of zero-based budgeting reforms and enhancing the efficiency of fiscal governance [15][20]. - It highlighted the importance of preventing and mitigating local government debt risks, ensuring that no new hidden debts are created, and establishing a long-term regulatory framework for local government debt management [20][22]. Group 4: Enhancing Fiscal Effectiveness - The article stresses the need to improve the effectiveness of fiscal spending by optimizing expenditure structures and enhancing the efficiency of transfer payments to local governments [12][22]. - It calls for a focus on timely fiscal resource allocation to maximize the impact of fiscal policies on economic growth and social welfare [23].

Core Viewpoint - The article emphasizes the importance of income distribution reform in enhancing residents' income and consumption, which is crucial for economic growth and achieving common prosperity in China [2][3]. Group 1: Policy Evolution - The shift from a focus on low- and middle-income groups to a comprehensive urban and rural resident income increase plan indicates a significant upgrade in policy approach, moving from principles to actionable plans [3]. - The new policy aims to cover all urban and rural residents, reflecting a broader scope compared to previous measures that primarily targeted low- and middle-income groups [3]. Group 2: Structural Issues in Income Distribution - The current income distribution structure is a significant constraint on consumption growth, with labor compensation and residents' income as a percentage of GDP being lower than in most developed economies [4]. - The urban-rural income disparity remains substantial, with a ratio of 2.34:1, indicating persistent inequality that affects overall consumption patterns [4]. Group 3: Economic Development and Consumption - A well-structured income distribution system is essential for forming a consumption-driven development model, which is critical for China's modernization efforts [5]. - The low proportion of residents' income in national income and the large income gap among different groups hinder the expansion of consumer spending [5]. Group 4: Recommendations for Income Improvement - Increasing labor income through better wage growth mechanisms and enhancing market vitality are essential for improving income levels [7]. - The government should also focus on stabilizing asset prices and improving social security measures to support low-income groups [7]. Group 5: Redistribution Mechanisms - Strengthening redistribution efforts is crucial, as current measures are less effective compared to major economies, impacting the government's ability to adjust income disparities [8]. - Optimizing tax structures and enhancing social security contributions are recommended to improve the effectiveness of income redistribution [8]. Group 6: Comprehensive Policy Framework - A multi-faceted approach involving initial distribution, redistribution, and third distribution (charitable contributions) is necessary to effectively address income inequality [9][12]. - Policies should focus on improving employment, tax systems, and social welfare to create a more equitable income distribution landscape [9][12].

Core Viewpoint - The article emphasizes that the digital renminbi (e-CNY) is transforming the digital financial landscape and facilitating the internationalization of the renminbi through technological upgrades and institutional innovations [10]. Group 1: Digital Renminbi Development - The digital renminbi has transitioned from a cash equivalent (M0) to a fully functional legal digital currency, marking a new paradigm in digital finance and the internationalization of the renminbi [10]. - The People's Bank of China has established three principles for the digital currency: "no loss, compliance, and interoperability," which serve as fundamental guidelines for building cross-border infrastructure [5][6]. - As of November 2025, the digital renminbi has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital renminbi app [6]. Group 2: Cross-Border Payment System - The digital renminbi is positioned to enhance domestic payment efficiency and promote financial inclusion while reshaping the cross-border payment landscape [7]. - Traditional cross-border payment systems face challenges such as high costs and inefficiencies, which the digital renminbi aims to address through point-to-point payments and real-time settlement mechanisms [7]. - The implementation of a partial reserve system for the digital renminbi will create new issuance channels and enhance user retention by allowing interest payments on digital currency held in wallets [8]. Group 3: Strategic Importance and Challenges - The digital renminbi's unique characteristics present new challenges for issuers, operators, and users, necessitating enhanced technical capabilities and security measures [9]. - The widespread application of the digital renminbi will impact the central bank's monetary policy transmission and macroeconomic regulation, requiring a comprehensive approach to development and security [9]. - The establishment of an international operational center and the expansion of the "mBridge" network will position the digital renminbi as a "digital bridge" connecting more countries [8].

Group 1 - The global economy is experiencing a shift towards more accommodative monetary policies, with central banks expected to enter a rate-cutting cycle in 2024, except for Japan [6] - The resilience of the US economy is attributed to effective macroeconomic policies and the collaboration between fiscal and monetary measures, which have helped avoid recession despite aggressive interest rate hikes [5][6] - The US GDP has shown unexpected growth, with a 2.9% increase in 2023 and a projected 2.8% growth in 2024, largely supported by excess savings accumulated during the pandemic [5] Group 2 - The article emphasizes the need for a new development model in China's real estate sector to stabilize the market and promote high-quality economic growth, as highlighted in recent central government meetings [9][10] - The current real estate model has led to high debt levels among companies, necessitating a shift towards a more sustainable approach that addresses both supply and demand issues in the housing market [10][11] - Key focus areas for the new real estate model include improving housing supply systems, enhancing financial services for homebuyers, and reforming sales systems to stabilize the market [11][12] Group 3 - The article discusses the challenges and opportunities presented by low interest rates in China, suggesting that a combination of proactive fiscal policies and accommodative monetary policies is essential for economic stability [40][41] - It highlights the importance of addressing structural issues in the economy, such as improving public services and enhancing the efficiency of resource allocation [41][42] - The financial sector is urged to adapt to the low interest rate environment by providing innovative financial products and services that meet the evolving needs of consumers and businesses [43] Group 4 - The rise of digital assets is reshaping the global financial landscape, with significant developments in regulatory frameworks and market structures [55][56] - Digital assets, including central bank digital currencies and cryptocurrencies, are becoming mainstream, prompting major economies to establish strategic frameworks for their development [55] - Challenges remain in terms of technology, regulation, and market liquidity, necessitating careful consideration of the future direction of digital assets [56][57]

Core Viewpoint - The article emphasizes the importance of integrating finance and technology to support sustainable forestry development, highlighting the role of financial services in enhancing ecological value and promoting high-quality growth in the forestry sector [2][3]. Group 1: Financial and Technological Integration - The "Financial + Technology" initiative aims to leverage financial and technological collaboration to inject new momentum into forestry development, facilitating the quantification of ecological value and promoting sustainable development cycles [3][4]. - The initiative is supported by the Chongqing Manzhai Industrial Group, a key player in ecological restoration and forestry-related industries, which underscores the importance of industry collaboration [2][3]. Group 2: Policy and Regulatory Framework - In August 2025, a joint notice from the People's Bank of China, the Financial Regulatory Bureau, and the National Forestry and Grassland Administration outlined 15 measures to enhance financial support for high-quality forestry development, addressing barriers between finance, collective forest rights reform, and comprehensive forest management [2][3]. - The article highlights the significance of Chongqing as a pilot area for collective forest rights reform and green finance innovation, showcasing its unique role in exploring financial and technological support for forestry [4]. Group 3: Future Directions and Expert Contributions - The first issue of the "Financial + Technology" column will be published in January 2026, focusing on Chongqing's systematic exploration of digital forest rights, ecological value quantification, and financial product diversification [4]. - The column aims to gather insights from experts in finance, technology, and forestry to discuss innovative trends and policy recommendations for enhancing financial empowerment in the forestry sector [4].

导语： 2025年，黄金价格创下历史性涨幅，全年累计上涨超70%，并逾50次刷新历史纪录，年末单月涨幅更突破7%，显示出强劲的上涨动 能。 这一突出的市场动态使得黄金价格的形成机制与未来走势再度成为学术与政策研究关注的焦点。鉴于此，本文旨在系统梳理现有研 究，主要从黄金的多重属性、核心价格决定因素以及对2026年市场的最新预测三个方面展开综述。 黄金的多重属性： 中信建投证券董事总经理、首席策略官 陈果 黄金的四大属性是其价格变动的底层逻辑 当下黄金追平内在价值，黄金重回货币属性，后续利率影响或将放大。 金价追平内在价值，即金价追平美元币值，可间接理解为 当下美元币值已进入稳定阶段，短时间内有望看到金价对实际利率敏感度的提升。 影响黄金价格的多重因素： 世界黄金协会中国区CEO 王立新 2025金价上涨的底层逻辑：美元信用危机 根据世界黄金协会的归因模型，影响金价的因素主要分为四大类：一是重要的政治经济政策，特别是以美元实际利率为代表的美联 储货币政策，这也是最重要的变量；二是国际地缘政治冲突；三是全球买卖方的市场势能和供需基本面；四是其他特殊因素。 在2025年，影响黄金最大的因素可能是 美元的信用危机 ， ...