扩内需政策加码 夯实经济向好之基

Economic Overview - In 2025, China's domestic demand expansion policies are significantly strengthened, becoming a key driver for stable economic growth [1] - The first half of the year shows resilience and vitality in the economy, with a focus on consumption, investment, foreign trade, and market dynamics [1] Consumption Policies - From January to May, the total retail sales of consumer goods increased by 5.0% year-on-year, with service retail sales up by 5.2% [2] - A series of consumption support policies have been implemented, including the "old-for-new" policy and the "Special Action Plan to Boost Consumption" [2][3] - The financial support for consumption has been significantly increased, with the People's Bank of China establishing a 500 billion yuan quota for service consumption and elderly care refinancing [3] Investment Trends - From January to May, fixed asset investment (excluding rural households) grew by 3.7% year-on-year, with infrastructure investment up by 5.6% and manufacturing investment by 8.5% [4] - The issuance of special bonds and long-term bonds has accelerated, with local governments issuing approximately 1.93 trillion yuan in new special bonds by June 25 [4][5] - Private project investment (excluding real estate) increased by 5.8% year-on-year, with over 3 trillion yuan in new projects introduced to private capital [6] Policy Impact on Economic Stability - Expanding domestic demand is crucial for stabilizing economic operations and responding to external shocks [7] - The focus on enhancing consumption and optimizing investment is expected to activate market potential and promote industrial upgrades [7] - Experts suggest that future consumption vitality will depend on the continuous expansion of supportive policies, particularly in service consumption [7]