政策双周报：落实“反内卷”整治工作，“对等关税”延期-20250713

1. Report Industry Investment Rating No information provided in the content. 2. Report's Core View The report comprehensively analyzes various policies and regulatory measures across multiple sectors, including macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. It details the government's efforts in promoting economic development, stabilizing the market, and enhancing regulatory efficiency. For example, the government is promoting "anti -内卷" governance, advancing "two - heavy" construction projects, adjusting fiscal and monetary policies, and making targeted adjustments in the real estate and financial sectors. 3. Summary by Relevant Catalogs 3.1 Macro -基调 - Central government deploys "anti -内卷" governance in multiple industries, with various departments taking actions. A total of 4218 policies hindering unified market and fair competition have been cleared [8][9][13] - 8000 billion yuan of "two - heavy" construction project lists have been fully released, covering both "hard investment" in key fields and "soft construction" reform measures [9] - The government increases support for employment stability and raises the basic pension for retirees. The unemployment insurance stabilization and job - expansion return ratio for small, medium, and large enterprises is adjusted, and the pension for retirees is increased by 2% [10] - The "Child - Rearing Subsidy System Implementation Plan" is announced, with a subsidy of 3600 yuan per child per year [11] 3.2 Fiscal Policy - Fiscal incremental reserve policies are expected to be introduced in a timely manner, aiming to promote trade and investment liberalization and facilitation. Possible measures include issuing ultra - long - term special treasury bonds and establishing new policy - based financial instruments [14] - The Ministry of Finance adjusts the issuance rhythm of treasury bonds in the third quarter. Some varieties' issuance time is advanced, and the scale of some ultra - long - term special treasury bonds is adjusted [15] - The scope of special bonds' investment expands, from traditional infrastructure to public services, industrial upgrading, and debt resolution. Three departments allow local special bonds to be used for zero - carbon park construction [16] 3.3 Monetary Policy - The "moderately loose" monetary policy remains unchanged. Despite the stable economic performance in the first half of the year, the central bank will continue its supportive stance due to external challenges, insufficient domestic demand, and the real - estate market adjustment [19] - In June, the central bank did not conduct treasury bond trading but actively injected liquidity through multiple tools at the end of the quarter, with a total injection of 6560 billion yuan [19] - The State Administration of Foreign Exchange issues a new batch of QDII quotas worth 3080 million US dollars, and the scope of domestic investors in the Bond Connect "South - bound Link" is expanded to non - banking institutions [20] 3.4 Financial Supervision - The first batch of 10 science and technology innovation bond ETFs are approved and fully subscribed in one day, with a total scale of 30 billion yuan [23] - The "pension loan" product is suspended, and China Merchants Bank is approved to establish a financial asset investment company with a registered capital of 15 billion yuan [24] - Bank wealth management valuation rectification faces a "mid - year assessment", and investors will face net - value fluctuations after the rectification [25] - The long - term assessment mechanism for state - owned commercial insurance companies is improved, with a new 5 - year cycle indicator added to the "net asset return rate" assessment [27] 3.5 Real Estate Policy - Local governments are encouraged to use real - estate regulation policy autonomy to promote the real - estate market's recovery and increase investment in new urbanization using "two - heavy" and "two - new" funds [29] - Guangzhou plans to support "commercial - to - public housing loan conversion" to relieve residents' repayment pressure. When the housing provident fund loan - to - deposit ratio is below 75%, the conversion can be initiated [30] - Jingmen, Hubei promotes the spot - housing sales policy. Newly - transferred high - quality real - estate development land will be preferentially developed using the spot - housing sales model starting from January 1, 2026 [31] 3.6 Tariff Policy - The US lifts the export license requirements for three major global chip - design software suppliers to China [34] - China and the US are accelerating the implementation of the London framework results, and US and Chinese officials are expected to meet in August to discuss trade issues [34] - The US "reciprocal tariff" is postponed to August 1. The US plans to impose tariffs on multiple countries, with rates ranging from 15% to 50%. Starting from August 1, a 50% tariff will be imposed on all imported copper [35][36]