新 ¥ 社 主管主办 39 % H国亚米芬网 上海证券报推出"'四稳'看落实"栏目，通过梳理中央和地方的系列举措，展现政策落实、落地、落细的进展与实效。 7月底召开的中央政治局会议强调"着力稳就业、稳企业、稳市场、稳预期"，以"四稳"定调下半年宏观政策的重要目标。上海证券报推出"'四稳'看落实"栏 目，通过梳理中央和地方的系列举措，展现政策落实、落地、落细的进展与实效。 扫码阅读详情 "四稳"看落实� 新 3 社 主管主办 多措并举加大扩投资力度 有效激发 4 扫码阅读详情 "四稳"看落实必 政策举措密集落地 多维度赋能 生产力发展 F 扫码阅读详情 "四稳"看落实必 新 > 社 主管主办 Shanghai Securities News 着力巩固资本市场回稳 crop Organ LTNO DVer - III 2016 463 NA THOUS LOB H @ TOD I BOUG Argencial Di TOTAL IN ORE UTI SEID UT HE de il tes proce III. GOOD DINE I II ISTUNITIAL TEDIDAD 扫码阅读详情 "四稳"看落实必 新 ...

Group 1 - The meeting emphasized the importance of aligning actions with the analysis and decisions made by General Secretary Xi Jinping regarding the current situation, focusing on stabilizing employment, enterprises, markets, and expectations [1] - The meeting highlighted the need to actively participate in the construction of a unified national market, implement special actions to boost consumption, and cultivate emerging pillar industries [1] - The meeting discussed the importance of high-level opening up and the continuous prevention and resolution of risks in key areas, ensuring the completion of annual targets and the successful conclusion of the 14th Five-Year Plan [1] Group 2 - The meeting addressed the need for a concentrated effort to rectify corruption and improper conduct affecting the public, emphasizing the importance of deepening special rectification in key areas [2] - The meeting pointed out the necessity to improve mechanisms for advancing key livelihood projects, aiming to enhance efficiency and increase the sense of gain, happiness, and security among the people [2] Group 3 - The meeting included a study of the "Regulations on the Promotion of Development of Small and Micro Enterprises in Henan Province" and discussed other matters [3]

Economic Outlook - The meeting emphasized the need to maintain strategic determination and focus on domestic issues amidst increasing international uncertainties[13] - China's GDP grew by 5.3% year-on-year in the first half of 2025, indicating a resilient economic performance despite structural challenges[15] - The overall goal for the next five years is to achieve qualitative improvements and reasonable quantitative growth, promoting comprehensive development and common prosperity[14] Policy Implementation - The focus for the second half of 2025 will be on "four stabilizations": stabilizing employment, enterprises, markets, and expectations[17] - Policies will prioritize the effective implementation of existing measures rather than introducing new incremental policies[17] - Emphasis on enhancing the flexibility and predictability of macroeconomic policies while maintaining continuity and stability[18] Consumer and Investment Strategies - The government plans to boost consumer demand through direct subsidies and expanding basic public services, particularly in education and childcare[20] - Fixed asset investment is projected to grow at a cumulative year-on-year rate of 2.8% in Q2 2025, reflecting ongoing investment challenges[19] Capital Market Focus - The meeting highlighted the importance of enhancing the attractiveness and inclusivity of the domestic capital market to sustain its recovery[25] - The capital market has shown resilience, rebounding since September 2024, and is expected to continue improving with supportive policies[26]

Economic Overview - The actual GDP growth in the first half of 2025 was 5.3%, laying a solid foundation for achieving the annual target of 5.0%[3] - Fixed asset investment in infrastructure and manufacturing maintained a high growth rate, contributing significantly to economic performance[3] Policy Recommendations - Emphasis on maintaining policy continuity and stability while enhancing flexibility and foresight to stabilize employment, enterprises, markets, and expectations[3] - The need for a more proactive fiscal policy and moderately loose monetary policy was highlighted, including accelerating government bond issuance and promoting a decline in social financing costs[3] Domestic Demand and Consumption - The report stresses the importance of implementing special actions to boost consumption and cultivating new growth points in service consumption, particularly through recently introduced childcare subsidies[4] - Focus on effective investment and the implementation of policies to optimize market competition and regulate local investment attraction behaviors[4] Risk Management - Key areas for risk prevention include addressing risks in the real estate sector, managing local government debt, and enhancing the attractiveness and inclusivity of domestic capital markets[4] - The report identifies several external risks, including uncertainties from U.S. tariff policies and geopolitical tensions, which could impact economic expectations[3] Strategic Outlook - The upcoming Fourth Plenary Session of the 20th Central Committee will focus on formulating the 15th Five-Year Plan, marking a critical transition period for economic strategy[2] - The meeting acknowledged the complex and changing development environment, emphasizing the need to leverage domestic advantages while adapting to external challenges[2]

Group 1 - The Henan provincial government has introduced 36 measures to promote economic stability and growth in the second half of 2025, focusing on boosting consumption and expanding investment [1] - The government aims to leverage its large population to enhance market scale, implementing special actions to stimulate consumption and launching summer consumption activities in various sectors such as dining, tourism, and retail [1] - Efforts will be made to address enterprise issues and optimize the business environment, including establishing a feedback mechanism for enterprises at provincial, municipal, and county levels to reduce operational costs [1] Group 2 - The province plans to deepen integration into the national unified market, addressing ten key issues including market access barriers and building a monitoring platform for the unified market [2] - Initiatives will include enhancing the "Silk Road" construction and improving international logistics infrastructure to expand foreign trade opportunities [2] - In terms of public welfare, Henan will implement various programs aimed at improving education, healthcare, and urban infrastructure, including safety enhancements and housing renovations [2]

Group 1 - The article emphasizes the importance of addressing external uncertainties by focusing on domestic initiatives, such as promoting innovation, stabilizing consumption, and enhancing the unified market [1] - The adjustment of basic pensions, effective from January 1, 2025, aims to increase the average monthly pension for retirees by 2%, with a focus on those with lower pension levels [1][2] - The adjustment method combines fixed increases, linkage adjustments, and appropriate tilting towards lower pension groups, ensuring that not all retirees receive the same percentage increase [1] Group 2 - The pension policy adjustment reflects a new approach to promoting consumption and ensuring social equity, shifting from solely focusing on investment to enhancing consumption, particularly for low-income groups [2] - The State Council's recent notice on employment support policies aims to reduce burdens on businesses while promoting job stability, with measures such as expanding special loans and increasing unemployment insurance [2][3] - The employment support initiatives specifically target vulnerable groups, including young unemployed individuals and those facing long-term unemployment, to enhance their job security and basic consumption [3][4] Group 3 - The overarching goal of stabilizing the economy involves ensuring income stability for those most in need of work, which is fundamental for promoting consumption [4] - The article suggests that effective fiscal spending should prioritize areas that require the most support, thereby maximizing the efficiency of consumption promotion [4]

Core Viewpoint - The State Council's notice emphasizes policies to stabilize employment, enterprises, markets, and expectations to promote high-quality economic development [1] Group 1: Employment Stabilization Policies - The notice proposes expanding the scope of special loans for job stabilization and increasing the intensity of unemployment insurance policies [1] - The unemployment insurance refund ratio for small and micro enterprises is raised from a maximum of 60% to 90%, while for large enterprises, it is increased from 30% to 50%, effective until December 2025 [2] - Companies facing operational difficulties can apply for a temporary deferral of social insurance payments without incurring late fees during the deferral period [2] Group 2: Incentives for Job Creation - Companies hiring unemployed youth aged 16-24 and meeting certain conditions can receive a one-time job expansion subsidy of up to 1,500 yuan per person, effective until December 2025 [3] - Small and micro enterprises in key industries that sign contracts with specific groups for over a year can receive a social insurance subsidy of 25% of the individual's contribution for one year, with applications accepted until December 2025 [3] Group 3: Importance of Employment - Employment is identified as the core of China's economy, facilitating a virtuous cycle of employment, income, and consumption [4] - Stable employment is crucial for social stability and is a key indicator of the effectiveness of economic policies [4] Group 4: Skills Training and Employment Services - The notice calls for the release of vocational training demand directories and the provision of differentiated training subsidies in various fields [5] - There is a need to align labor skills with job market demands to address structural employment issues [5] - Enhancing public employment service platforms is essential for better matching supply and demand in the job market [6] Group 5: Government and Enterprise Roles - The government should improve employment guidance to eliminate information asymmetry and connect supply and demand in the job market [7] - Government and state-owned enterprises are encouraged to lead by example in providing more job opportunities [8] - There is a push for educational reforms to align talent cultivation with market needs and promote vocational training [8]

Group 1 - The meeting emphasized the importance of implementing Xi Jinping's important speeches and directives, focusing on stabilizing employment, enterprises, markets, and expectations to ensure overall economic stability and progress [2] - The government aims to identify weaknesses and take targeted actions to achieve the goal of "double over half" in the first half of the year, striving for success in the decisive year [2] - Effective investment will be prioritized through actions such as attracting investment, promoting projects, and accelerating construction progress to increase work volume, physical volume, and investment volume [2] Group 2 - The meeting highlighted the need to boost consumption by implementing special actions and policies to create consumption hotspots and optimize the consumption environment [2] - The focus will be on stabilizing the industrial economy by supporting traditional, emerging, and future industries to foster new growth drivers [2] - Measures will be taken to stabilize foreign trade and foreign investment, including precise support for foreign trade enterprises and expanding overseas markets [2] Group 3 - Agricultural production will be prioritized with a focus on strengthening agricultural infrastructure and addressing key issues in agricultural projects [2] - The government will ensure livelihood security by stabilizing employment and addressing urgent public concerns through increased investment in social welfare [2] - Safety measures will be reinforced to prevent risks in key areas, ensuring the stability of the real estate market and enhancing grassroots governance effectiveness [2]

Core Viewpoint - The Shandong provincial government has released a new policy package aimed at stabilizing the economy and promoting high-quality development, consisting of 26 measures across four main areas, marking the second batch of policies for the year [1] Group 1: Policy Focus - The primary focus of the policy package is on "stability," emphasizing the importance of stabilizing employment, supporting enterprises, boosting market demand, and optimizing expectations [1] - The policy package prioritizes employment, particularly in light of the ongoing graduation season, with initiatives aimed at enhancing job services for graduates and supporting enterprises as key employment providers [1] - Specific measures include targeted support for foreign trade enterprises affected by tariffs, demonstrating Shandong's commitment to stabilizing foreign trade and promoting growth [1] Group 2: Policy Continuity - The policy package exhibits strong continuity and alignment with national macroeconomic policies, particularly the "Four Stabilities" proposed by the Central Political Bureau [3] - The measures are designed to complement existing national policies, with detailed actions outlined to ensure effective implementation and proactive research on upcoming policies [3] - The continuity of the policies is highlighted by the further development of the "Ru Hui Tong" policy platform, which aims to enhance policy execution [3] Group 3: Practical Impact - The effectiveness of the policy package will ultimately be judged by its ability to enhance the experience and satisfaction of enterprises and the public [4] - Key initiatives include clearing overdue payments to enterprises, standardizing administrative law enforcement, and expanding loan support for small businesses and individual entrepreneurs [4] - The goal is to instill confidence in the market and society, thereby promoting high-quality development [4] Group 4: Implementation Assurance - The policy package emphasizes the need for coordinated implementation, with responsible units required to develop supporting measures and enhance policy communication [6] - Regular evaluations and frontline research will be conducted to address any obstacles in policy execution, ensuring effective implementation [6] - The proactive approach aims to provide a safety net for the successful rollout of policies, reflecting the province's commitment to economic stability [7] Group 5: Economic Outlook - Shandong's economy has shown positive signs in the first quarter, with key indicators performing better than national averages, but challenges remain due to a complex external environment [7] - The focus is on stabilizing pressured industries, accelerating the development of emerging sectors, and enhancing the contribution of the service industry [7] - The policy package reflects a determination to address uncertainties and leverage stable policies to drive economic growth [7]

Group 1: Employment Stability - The policy emphasizes stabilizing employment, particularly focusing on youth employment, including college graduates, through various support measures such as subsidies and special loans [3] - The maximum credit limit for small enterprises has been increased from 30 million to 50 million yuan, and individual loans can go up to 10 million yuan [3] - The policy aims to support migrant workers and small and foreign trade enterprises by enhancing job stability and providing targeted services [3][4] Group 2: Business Support - The policy introduces measures to support foreign trade enterprises facing operational difficulties, ensuring they can access loans quickly and fully [4] - A financial service mechanism for private enterprises has been established, aiming to provide over 500 billion yuan in new credit through the "Xinyi Loan" platform by 2025 [4][5] - The policy includes subsidies for insurance related to intellectual property protection to support business operations [5] Group 3: Market Stability - The initiative aims to boost domestic demand by organizing over 1,000 promotional consumption events and providing 50 million yuan in funding for retail and dining vouchers [7] - The policy promotes the integration of various sectors with the aging population economy and supports the development of automotive culture and tourism [7] - Plans are in place to organize over 370 international exhibitions and support over 6,000 enterprises in participating in domestic international exhibitions [7] Group 4: Expectations Management - The policy focuses on enhancing government services and optimizing policy effectiveness, with plans to update 100 service scenarios by the end of the year [8] - It aims to improve coordination between economic and non-economic policies to ensure a unified approach [8] - The policy includes measures to secure land for major infrastructure projects and ensure the availability of necessary resources [8] Group 5: Implementation Timeline - The policies outlined in the document will take effect immediately upon issuance and remain valid until December 31, 2025 [9]