中央城市工作会议时隔十年再召开；特朗普正式签署《GENIUS法案》｜每周金融评论（2025.7.14-2025.7.20）

Group 1: New State-Owned Enterprise and Energy Project - The establishment of China Yajiang Group and the commencement of the Yarlung Tsangpo River downstream hydropower project will significantly promote national energy transition, regional economic development, and create long-term employment opportunities [6][7] - The hydropower project has a total investment of approximately 1.2 trillion yuan, with an annual contribution of over 20 billion yuan to Tibet's fiscal revenue, which is about 70% of Tibet's expected fiscal income in 2024 [7][8] - The project is expected to create hundreds of thousands of jobs during the construction phase and support the development of green mining, data centers, and specialty agricultural processing industries in Tibet [8] Group 2: Central Urban Work Conference - The Central Urban Work Conference, held from July 14 to 15, 2025, is a milestone event marking the transition of China's urban development paradigm from "incremental expansion" to "quality improvement of existing stock" [9] - The conference emphasizes urban renewal as a national strategic tool, indicating a shift in focus from construction to sustainable operation of cities [9] - It introduces a new model for real estate development, aiming to detach real estate from its financial attributes and return to its roles in livelihood and industrial chain functions [9] Group 3: Foreign Investment Policies - The National Development and Reform Commission and seven other departments issued a notice to encourage foreign investment enterprises to reinvest domestically, outlining 12 measures to facilitate this process [10] - The measures include enhancing project service guarantees, optimizing land allocation, simplifying processes for establishing new enterprises, and improving access to financing [10] - This initiative reflects China's commitment to attracting long-term foreign investment and addressing the concerns of foreign investors in the Chinese market [10] Group 4: Economic Indicators - In the first half of 2025, the total social financing increased by 22.83 trillion yuan, which is 4.74 trillion yuan more than the same period last year, marking a record high for this timeframe [14] - The increase in social financing is primarily driven by government bond issuance, which contributed 90% of the total increase, while credit growth remained modest [14] - The structure of financing shows a significant reliance on government bonds, with a notable decrease in corporate bond financing, indicating a shift in the financing landscape [14]