【CGS-NDI跟踪】2025年超长期特别国债发行收官——政策双周报（2025年第7期）

Group 1: High-Level Dynamics - The People's Daily published a series of articles discussing the long-term stability and development logic of the Chinese economy, emphasizing the strong signals for stabilizing expectations and promoting development [1][5] - Xi Jinping attended the Global Women's Summit and delivered a keynote speech, highlighting the importance of women's development and proposing several initiatives to support this cause [10][11] - Premier Li Qiang hosted a State Council study session focused on enhancing standards to promote high-quality economic development [15][16] Group 2: Fiscal Policy - The issuance of 1.3 trillion yuan in ultra-long-term special government bonds was completed, with funds aimed at supporting major national strategies and enhancing safety capabilities in key areas [25][26] - The issuance scale increased by 300 billion yuan compared to 2024, with a faster pace and earlier issuance time to ensure funds are utilized effectively [25][26] Group 3: Monetary Policy - The central bank's financial data for September 2025 showed M1 growth at 7.2% and M2 growth at 8.4%, with a narrowing M2-M1 gap, indicating a shift towards more liquid deposits [31] - New social financing totaled 3.53 trillion yuan, with a year-on-year decrease, reflecting challenges in loan growth for both households and enterprises [31] Group 4: Regional Policy - The Yangtze River Delta region is enhancing urban agglomeration construction, with a focus on coordinated development and infrastructure connectivity [33][39] - A report on global marine city competitiveness highlighted Shanghai's leading position, emphasizing the city's economic vitality and port throughput [34] Group 5: Industrial Policy - Shanghai introduced measures to accelerate the cultivation of future industries, aiming to establish a number of leading enterprises and innovation clusters by 2030 [47][52] - A multi-departmental plan was released to promote service-oriented manufacturing innovation, targeting the establishment of standards and leading brands by 2028 [52][54] - The national industrial and information technology conference emphasized the importance of integrating technological and industrial innovation to enhance competitiveness [54]