来源：金融界AI电报 《中共北京市委关于制定北京市国民经济和社会发展第十五个五年规划的建议》提到，扩大有效投资。 保持投资合理增长，提高投资效益，促进投资与消费良性互动。坚持投资于物和投资于人紧密结合，优 化投资结构，强化城市更新、科技创新、新兴产业和未来产业、新型基础设施等领域投资，增加民生改 善型和消费升级型投资，加强人力资源开发和人的全面发展投资。加强项目储备和要素保障，实施一批 标志性重大项目。深化投融资体制机制改革，统筹用好各类政府投资，完善民营企业参与重大项目建设 长效机制，发挥政府投资引导带动作用，激发民间投资活力。 ...

近日召开的国务院常务会议指出，要把"两重"建设放在"十五五"全局中谋划和推进，推动国家 重大战略深入实施、重点领域安全能力稳步提升。在当前经济转型升级的关键时期，"两重"建 设已超越传统基建投资的范畴，正成为扩大有效投资、培育新质生产力的战略抓手。 一方面，"两重"建设成为稳增长与促创新深度融合的交汇点，展现出精准施策的鲜明特征。 通过系统布局重大项目和精准引导有效投资，有望在优化经济结构、增强发展韧性、推动高质 量发展方面发挥关键作用，为中国式现代化建设筑牢坚实基础。 "两重"建设最显著的特征在于将国家重大战略实施与重点领域安全能力建设有机融合，在全球 格局深刻变革的背景下，通过重大工程项目系统性地提升关键领域的安全保障能力。在能源领 域，大型清洁能源基地与智能电网建设同步推进，既优化能源结构，又强化能源安全保障；在 粮食领域，高标准农田建设与种业振兴工程协同实施，共同筑牢粮食安全根基；在产业链领 域，关键基础设施建设与核心技术攻关统筹推进，增强产业链供应链韧性。 在"两重"建设实施过程中，需要构建科学系统的推进机制，重点把握两个维度的平衡关系。一 是政府与市场的协同共生。项目融资上实现政府资金与社会资本的 ...

一方面，"两重"建设成为稳增长与促创新深度融合的交汇点，展现出精准施策的鲜明特征。通过系统布 局重大项目和精准引导有效投资，有望在优化经济结构、增强发展韧性、推动高质量发展方面发挥关键 作用，为中国式现代化建设筑牢坚实基础。 未来"两重"建设在用好国债资金的基础上，将着力构建更加多元化的投融资体系。通过精准把握项目建 设进度与资金拨付节奏，强化项目与资金的匹配度，有效撬动超长期信贷、政策性金融等配套资金，积 极引导民间资本参与项目建设。这将显著放大"两重"建设的投资乘数效应，为民营企业创造更广阔的市 场空间。这也是深化"放管服"改革、优化营商环境的重要实践，有效激发市场主体活力，形成政府与市 场协同发力、互促共进的良性发展格局。 在"两重"建设实施过程中，需要构建科学系统的推进机制，重点把握两个维度的平衡关系。一是政府与 市场的协同共生。项目融资上实现政府资金与社会资本的优势互补，同时明确政府与市场的权责边界， 既保障社会资本的合理收益，又确保公共利益的实现。二是短期效益与长期价值的统筹兼顾。要注重项 目建设与区域发展规划的衔接，建立全生命周期成本效益评估体系，避免片面追求短期效益而牺牲长期 价值。 近日召开 ...

要把"两重"建设放在"十五五"全局中谋划和推进——11月14日召开的国务院常务会议研究深入实 施"两重"建设有关工作，并作出了一系列部署。专家分析，今年以来，"两重"建设加快推进，重点领域 基础设施投资较快增长。持续高质量推进"两重"建设，实施一批重大标志性工程，将有助于扩大有效投 资，推动经济向上向好。 "我们加快推进高标准农田建设，统筹推进大中型灌区等重大水利建设，强化农田、水利设施衔接 配套，切实提高水旱灾害防御能力。"国家发展改革委政策研究室副主任李超说，2024年以来，累计安 排"两重"等中央资金4000多亿元，支持建设改造高标准农田1.8亿亩。 中国宏观经济研究院投资研究所上述负责人表示，"两重"建设着力破解发展急需、依靠传统的常规 手段解决不了的难点问题，如发展新质生产力、推进高水平科技自立自强等。同时，全力推进多年想干 而未能干、需要由中央层面推动的跨区域、跨流域、跨行业、跨领域，事关国家安全和长远发展基础的 重大工程，如长江流域生态保护修复、三峡水运新通道建设、西部陆海新通道建设等。 "两重"建设的推进在扩大有效投资方面发挥着积极作用。国家统计局投资司首席统计师罗毅飞分 析，今年以来，重点领 ...

《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（"十五五"规划建议）为中国未来五 年的发展擘画了蓝图。 11月14日举行的第九届雄安新区投融资发展论坛上，中国社会科学院学部委员高培勇、中国财政科学院研究员 贾康、清华大学国家金融研究院院长田轩，以及国家发展改革委投资研究所研究员吴亚平等多位宏观专家分享 了学习和研究的体会。 响应投早、投小、投硬科技的政策号召，活动上，财达资本、华北制药集团、浙江陆恒签署了发起科创基金的 意向协议，相关资金将依托华北制药的医药行业龙头地位，重点投资创新药物、医工交叉、医药技术创新平台 等领域项目和企业，赋能行业创新。同期，《中国地方政府投融资平台转型发展2025》正式对外发布。 论坛由财达证券股份有限公司、北京丽泽金融商务区管理委员会、河北金融学院、远东资信评估有限公司联合 主办。 高培勇：以一流营商环境激发经营主体发展新质生产力活力 中国社会科学院学部委员高培勇表示，推动高质量发展要以因地制宜发展新质生产力为主线，以各类经营主体 作为发展新质生产力的战略基点，以持续优化营商环境作为发展新质生产力的战略方针。 高培勇表示，推动新质生产力发展、实现高质量发展，必须优 ...

据介绍，定安集中开工项目23个、投产项目5个，包括海口羊山大道至定安母瑞山公路(定安段)交 通安全隐患治理项目、龙门学校高中教学楼项目、津斗云新能源产业投资项目、美宜佳(海南)产业园项 目、鹭燕医药海南总部基地项目、海友乐糟粕醋项目和海南新台胜实业有限公司厂区项目(新建冷库及 加建厂房)等，涵盖产业发展、基础设施、公共服务等领域。 据了解，下一步，定安将坚持项目为王，持续优化营商环境，精准谋划项目，坚定不移扩大有效投 资，用心护航项目建设，储备项目蓄积发展动能，确保明年工作开局就有"开门红"，起步就能"加速 跑"。 定安28个重点项目集中开工投产 总投资19.65亿元 海南日报定城11月14日电(海南日报全媒体记者 李豌 通讯员 胡雄飞)11月14日，定安县2025年四季 度重点项目集中开工投产仪式举行，集中开工、投产项目共28个，涉及投资19.65亿元，全力拼经济、 促发展，加快推进"五强兴县"。 ...

Core Viewpoint - The report emphasizes that since 2025, China's fiscal policy has become more proactive, focusing on stabilizing employment, businesses, markets, and expectations, while enhancing coordination with other policies to promote sustained economic recovery [2][3]. Fiscal Policy Execution - The fiscal operation in the first half of 2025 was generally stable, with good budget execution and a continuous recovery in fiscal revenue, particularly in tax income [3]. - The central government allocated 300 billion yuan for long-term special bonds to support consumption, alongside 7.279 billion yuan for service industry development, aimed at stimulating consumption in rural areas [4]. Investment and Consumption - The fiscal policy has been working to boost consumption and expand investment, with the issuance of long-term special bonds starting in April, completing 42.7% of the annual issuance target in the first half, which is 17.7 percentage points faster than the previous year [4]. - A new special debt limit of 4.4 trillion yuan was fully allocated to local governments by April, achieving 49.1% of the annual limit in the first half, which is 11 percentage points faster than the previous year [4]. Foreign Trade and Investment - The Ministry of Finance has effectively utilized tariff adjustments to stabilize foreign trade and investment, implementing temporary import tariff rates lower than the most-favored-nation rates on 935 items since January 1, 2025 [5]. - The expansion of high-standard free trade zones and cooperation with trade partners on tax reductions has been highlighted as a strategy to enhance market confidence [5]. Fiscal Management Pilot - The Ministry of Finance has initiated a pilot program for fiscal management in 12 provinces, focusing on improving resource allocation and budget management, with 11 key tasks set to achieve breakthroughs in two years [7][8]. - A national platform for the sharing of state-owned assets has been established, facilitating over 200 asset adjustments and saving more than 40 million yuan in budget funds [8]. Future Fiscal Policy Directions - The report outlines six key areas for future fiscal policy, including the effective use of proactive fiscal measures, support for employment and foreign trade, fostering new growth drivers, improving living standards, risk prevention, and enhancing fiscal governance [11][12][13].

Group 1: Core Strategy on Domestic Demand - The article emphasizes the importance of expanding domestic demand as a strategic foundation during the 14th Five-Year Plan period, focusing on enhancing consumer spending and optimizing the consumption environment [1][4] - Key measures include removing unreasonable restrictions in the consumption sector and improving mechanisms for paid leave to address the issue of "difficulties in taking leave" [1][4] - The long-term goal is to increase residents' consumption capacity and raise the proportion of residents' income in national income distribution [1][4] Group 2: Investment Expansion - The article outlines the need to actively expand effective investment, optimizing the investment structure to stimulate private investment and enhance government investment's role [2][7] - It highlights the importance of improving investment efficiency and addressing issues of "heavy investment, light returns" in certain sectors [2][9] - The focus is on deepening investment and financing system reforms, utilizing new policy financial tools, and enhancing the role of public-private partnerships [2][9] Group 3: Investment in People and Infrastructure - The article discusses the integration of investment in physical assets and human capital, emphasizing the need for investment in education, healthcare, and skills training to enhance human capital [3][4] - It points out that while there is still significant potential for investment in physical assets, the urgency of investing in human capital is increasing due to declining returns on physical capital investments [4][6] - The article stresses the necessity of addressing the needs of a diverse population and improving the quality of life through targeted investments in services like elderly care and healthcare [4][5] Group 4: Government and Private Investment Dynamics - The article calls for a clear delineation between government and private investment roles, aiming to enhance the effectiveness of both [7][9] - It suggests that government investment should focus on public service shortfalls and strategic areas, while also stimulating private investment through improved market conditions [8][12] - The need for a supportive environment for private enterprises is highlighted, including fair competition and risk management assistance [11][12]

Core Viewpoint - The article emphasizes the importance of a strong domestic market as a strategic foundation for China's modernization, highlighting the need to expand domestic demand and enhance the interaction between consumption and investment [1] Group 1: Domestic Market Development - The "15th Five-Year Plan" aims to boost consumption, expand effective investment, and eliminate barriers to building a unified national market as key strategies for strengthening the domestic market [1] - The National Development and Reform Commission stresses the need to understand domestic market development laws and enhance the role of domestic demand in economic support [1] Group 2: Investment Strategies - The article discusses the need to stimulate private investment and clarify investment directions for both central and local governments, focusing on high-quality projects that meet development needs [2] - It highlights a strategic shift in investment from quantity expansion to quality improvement, emphasizing precise allocation of limited funds to enhance national competitiveness and promote social equity [2] Group 3: Major Projects and Infrastructure - The implementation of significant landmark projects in urban renewal, strategic transportation corridors, new energy systems, and major water conservancy projects is outlined as a means to sustain infrastructure investment growth [3] Group 4: Unified Market Construction - The establishment of a unified national market is crucial for facilitating a smooth domestic circulation of resources, with ongoing efforts to reduce market access barriers and streamline regulations [4] - The article notes that the number of market access negative list items has decreased from 328 to 106, indicating progress in removing obstacles to resource flow [4] Group 5: Consumer Spending and Economic Growth - The focus on boosting consumer spending includes optimizing the environment, innovating consumption scenarios, and enhancing residents' consumption capacity [5] - The article stresses the importance of increasing residents' income and improving social security systems to support consumption growth [5] Group 6: Role of Capital Markets - Capital markets are identified as key players in expanding domestic demand, with expectations for a bull market to amplify consumer spending [6] - The article suggests that consumer growth should reach 5% to 6% during the "15th Five-Year Plan" period, with a target for final consumption to account for over 60% of GDP by 2030 [6]

Core Viewpoint - The article emphasizes the importance of boosting consumer spending as a strategic focus for the next five years, highlighting measures to encourage residents to consume confidently and willingly [1]. Group 1: Current Focus on Boosting Consumption - The government plans to enhance consumer spending through direct policies aimed at consumers, increasing government funding for social welfare, and removing unreasonable restrictions on consumption in sectors like automobiles and housing [3][4]. - Key strategies include optimizing the consumption environment, innovating consumption scenarios, and reducing limitations, while also expanding the supply of quality consumer goods and services [4]. Group 2: Long-term Strategies for Enhancing Consumer Capacity - The focus is on increasing residents' consumption capacity by synchronizing income growth with economic growth, emphasizing stable employment and income distribution [5]. - Measures will include enhancing the proportion of residents' income in national income distribution and improving labor remuneration in initial distribution [5]. Group 3: Expanding Effective Investment - The government aims to optimize investment structures and stimulate private investment by addressing barriers in market access, resource acquisition, and legal enforcement [6]. - Future plans include implementing significant flagship projects in urban renewal, strategic transportation corridors, new energy systems, and major water conservancy projects [7].