政策双周报（1018-1106）：金融街论坛、中美磋商新成果-20251106

Report Industry Investment Rating No relevant content provided. Core Viewpoint of the Report The report comprehensively analyzes various policies and developments from October 18 to November 6, 2025. It includes a comparison of the communiqués of the Fourth Plenary Session of the 20th Central Committee and the Fifth Plenary Session of the 19th Central Committee, and updates on macro - economic, fiscal, monetary, financial regulatory, real estate, and tariff policies. These policies aim to promote economic growth, enhance fiscal sustainability, maintain financial stability, and improve the overall economic environment [1][2][3]. Summary by Directory 1. Comparison of the Communique of the Fourth Plenary Session of the 20th Central Committee and the Fifth Plenary Session of the 19th Central Committee - Previous work evaluation: The Fourth Plenary Session of the 20th Central Committee affirmed the work of the Political Bureau since the Third Plenary Session, with the "14th Five - Year Plan" goals nearly achieved. The Fifth Plenary Session of the 19th Central Committee noted that economic growth was better than expected and people's lives were well - protected [12][15]. - Last five - year plan summary: The Fourth Plenary Session of the 20th Central Committee highly evaluated the "14th Five - Year Plan" achievements, while the Fifth Plenary Session of the 19th Central Committee focused on the decisive achievements in building a moderately prosperous society [12][15]. - Situation analysis: The Fourth Plenary Session of the 20th Central Committee pointed out that the "15th Five - Year Plan" period has both strategic opportunities and risks, while the Fifth Plenary Session of the 19th Central Committee considered China to be in an important strategic opportunity period [12][15]. - Guiding ideology and principles: Both emphasized "seeking progress while maintaining stability" and "high - quality development," but the Fourth Plenary Session of the 20th Central Committee stressed "taking economic construction as the center," and the Fifth Plenary Session of the 19th Central Committee emphasized "supply - side structural reform" [13][15]. - Economic and social development goals: The Fourth Plenary Session of the 20th Central Committee focused on high - quality development and technological self - reliance, while the Fifth Plenary Session of the 19th Central Committee emphasized overall economic development [13][15]. - Long - term goals: Both aimed for significant improvements in economic and other strengths by 2035, but the Fifth Plenary Session of the 19th Central Committee also mentioned income growth [13][15]. - Policy deployment and ranking: The modern industrial system, opening - up, and people's livelihood protection moved up in ranking, while technological self - reliance moved down [14]. 2. Macro - economic Tone: The Proposal for the 15th Five - Year Plan is Released, and Quasi - fiscal Tools are Expected to Drive Investment over 7 Trillion Yuan - Policy release: On October 28, Xinhua News Agency released the proposal, which includes forward - looking layout of future industries, key technology breakthroughs, and consumption boosting [16][20]. - Ministry meetings: Ministries such as the SASAC, NDRC, and MOFCOM held meetings to implement the spirit of the Fourth Plenary Session of the 20th Central Committee, focusing on state - owned enterprise development, project research, and trade promotion [17][19]. - Quasi - fiscal tools: 500 billion yuan of new policy - based financial tools have been fully invested, expected to drive over 7 trillion yuan in total project investment, supporting key areas and weak links [18][20]. 3. Fiscal Policy: Enhance Fiscal Sustainability, and Two Departments Issue Gold Tax Policies - Policy tone: The 15th Five - Year Plan proposal advocates an active fiscal policy to enhance sustainability, including scientific management, resource coordination, and debt management [21][23]. - Gold tax policy: On November 1, the Ministry of Finance and the State Taxation Administration clarified the gold tax policy, with different VAT treatments for different sales channels [22][24]. - Surplus quota use: Of the 500 billion yuan surplus quota, 300 billion is for debt resolution, and 200 billion is for project investment [22][23]. 4. Monetary Policy: The Central Bank Restarts Treasury Bond Trading, with a Net Purchase of 20 Billion Yuan in October - Learning meetings: The central bank held meetings to learn the spirit of the Fourth Plenary Session of the 14th Central Committee, and the governor affirmed the bond market's operation range [25][27]. - Macro - prudential management: The central bank emphasized building a comprehensive macro - prudential management system and a risk prevention and disposal mechanism [25][27]. - Treasury bond trading: The central bank resumed open - market treasury bond trading in October, with a net investment of 20 billion yuan, and there may be more room for future purchases [26][28]. 5. Financial Supervision: Details of the Reform of the Performance Comparison Benchmark for Public Funds are Released, and New Regulations for Asset Management Trusts are Introduced - Banking: Small and medium - sized banks have cut deposit rates, and Postal Savings Bank has been approved to establish a financial asset investment company [29][33]. - Insurance: The insurance industry association held a meeting, and the current research value of the expected interest rate for personal insurance is 1.90% [30]. - Funds: The CSRC solicited opinions on the "Guidelines for the Performance Comparison Benchmark of Publicly Offered Securities Investment Funds," aiming to standardize the benchmark's role [31]. - Trusts: The National Financial Regulatory Administration released a draft of the "Administrative Measures for Asset Management Trusts," covering the whole business chain and setting "red lines" [32]. 6. Real Estate Policy: Promote the Spot - sale System, and the Housing Provident Fund Withdrawal Ratio in Shenzhen is Reduced to 80% - Policy tone: The Minister of Housing and Urban - Rural Development proposed promoting the spot - sale system to achieve high - quality development in the real estate industry [6]. - Housing provident fund: The housing provident fund withdrawal ratio for renting in Shenzhen has been adjusted from 100% to 80% [6]. 7. Tariff Policy: The Chinese and US Presidents Met, Lowering the "Fentanyl Tariff" and Suspending the "Reciprocal Tariff" for One Year - Sino - US meetings: Sino - US economic and trade consultations were held in Kuala Lumpur from October 24 - 27, and the leaders met on the 30th [7]. - Consultation results: The US agreed to cancel the 10% "fentanyl tariff" and suspend the 24% reciprocal tariff for another year [7].