宏观经济展望：百炼成钢

Group 1: Global Economic Outlook - The global economy is evolving primarily through the restructuring of globalization rules by the U.S. and China's ongoing efforts to catch up, with both economies accounting for over 40% of global GDP[11] - Since 2015, China's share of global GDP increased by 3.6 percentage points to 18.5% in 2021, while the U.S. share rose to 26.2% in 2024, up 2.1 percentage points from 2021[11] - The competition among major economies is reflected in actual economic growth rates, inflation, and exchange rates, indicating a complex interplay of supply-demand cycles and financial system adjustments[12] Group 2: U.S. Economic Policies and Trends - The U.S. retail sales maintained a high growth rate, with a 3.9% year-on-year increase in July, and an average growth of 4.3% from March to July 2024, despite tariff uncertainties[18] - The "Big and Beautiful Act" is expected to increase fiscal deficits by $3.4 trillion over the next decade, with significant tax cuts for both residents and businesses, potentially stabilizing consumer demand[28] - The Federal Reserve's interest rate cuts may be limited due to rising core inflation, which reached 3.0% in July, indicating persistent inflationary pressures[25] Group 3: China's Economic Challenges and Strategies - China's exports have shown resilience, driven by technological advantages and competitive pricing, but may face pressure in 2026 due to rising tariffs and a high base effect from 2025[61] - The real estate market and household debt cycles are undergoing adjustments, with a need for increased consumer subsidies to stimulate demand[67] - The core CPI in China is stabilizing, influenced by rising gold prices and efforts to counteract local government inefficiencies[67]