Economic Overview - The National Development and Reform Commission (NDRC) reported that the construction project list for this year, amounting to 800 billion yuan, has been fully allocated, and the central budget investment of 735 billion yuan has been largely distributed [1] - In the first half of the year, China's economy showed resilience and performed better than expected, with major macro indicators indicating positive trends [1][2] - The contribution rate of final consumption to economic growth reached 52%, with retail sales of consumer goods increasing by 5% year-on-year [1] Consumer Market Dynamics - The "old-for-new" consumption initiative has driven sales exceeding 1.7 trillion yuan, with significant growth in retail sales of home appliances and communication equipment [1] - The NDRC emphasized the importance of enhancing consumer capacity and willingness, alongside high-quality supply to stimulate new demand [2] - The logistics cost as a percentage of GDP decreased to 14%, the lowest on record, saving over 130 billion yuan in logistics expenses [2] Unified National Market Development - The establishment of a unified national market is progressing, with a focus on optimizing resource allocation and reducing market transaction costs [3] - The NDRC plans to implement measures to strengthen domestic circulation and ensure economic stability amid external uncertainties [3][4] - The government aims to enhance employment stability, boost consumption, and expand effective investment as part of its economic strategy [4] Policy and Regulatory Framework - The NDRC has initiated a mechanism for regular communication with private enterprises to gather insights for policy formulation [4] - Ongoing efforts include addressing "involution" competition through legal revisions and policy adjustments [4] - The NDRC is committed to maintaining policy continuity and flexibility to adapt to external pressures while ensuring economic stability [4]

Economic Overview - China's GDP grew by 5.3% year-on-year in the first half of the year, exceeding initial market expectations and improving by 0.3 percentage points compared to the same period last year [2] - The production and business activity expectation index for July was 52.6%, indicating stable and optimistic market confidence among manufacturing enterprises [2] - The urban unemployment rate averaged 5.2%, a decrease of 0.1 percentage points from the first quarter, with 6.95 million new urban jobs created, achieving 58% of the annual target [2] Domestic Demand and Resilience - Domestic demand contributed 68.8% to economic growth, highlighting its role as the main driver [2] - The total import and export scale reached 20 trillion yuan, with exports increasing by 7.2% [2] - High-tech manufacturing value added grew by 9.5%, outpacing overall industrial growth by 3.1 percentage points [3] Policy and Strategic Focus - The National Development and Reform Commission (NDRC) plans to implement policies to expand domestic demand and promote high-level technological self-reliance [3] - Emphasis on strengthening the domestic circulation to mitigate external shocks and uncertainties [4] - The NDRC aims to enhance the effectiveness of domestic circulation by optimizing supply structures and increasing investment returns [6][7] Market and Investment Environment - The proportion of inter-provincial trade sales to total sales increased to 40.4%, up 0.6 percentage points year-on-year [7] - Logistics costs as a percentage of GDP decreased, saving over 130 billion yuan in logistics expenses [7] - The NDRC is focused on improving the market environment for new industries and enhancing the competitiveness of state-owned enterprises [9][11] Reform Initiatives - The NDRC is set to deepen reforms to stimulate consumption and expand effective investment [9] - Plans to standardize government investment behaviors and address issues of disorderly competition in various sectors [10] - The NDRC will promote policies to facilitate market access for new business models and enhance the flow and allocation of production factors [11]

Economic Performance Overview - All 31 provinces in China have reported their economic data for the first half of the year, showing resilience and steady growth despite a complex environment, with 22 provinces achieving growth rates at or above the national average of 5.3% [1][2] - Tibet led the growth with a rate of 7.2%, while several provinces such as Gansu (6.3%), Hubei (6.2%), and Zhejiang (5.8%) also showed strong performance [2] Regional Economic Contributions - The top ten provinces by GDP in the first half of the year include Guangdong (68,725.4 billion), Jiangsu (66,967.8 billion), and Shandong (50,046 billion), with Guangdong maintaining its position as the largest economy [3] - The total import and export value of Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong accounted for 64.1% of the national total, reflecting a year-on-year growth of 4.8% [3] Policy and Investment Trends - Policies aimed at boosting domestic demand and technological upgrades have been implemented, with significant increases in equipment investment in Beijing (99% growth) and retail sales in Zhejiang showing over 60% growth in certain categories [4][5] - The manufacturing sector has seen robust growth, with high-tech manufacturing in Fujian growing by 16.8%, and significant contributions from the aerospace and electronics sectors in Jiangsu [5] Industrial Development and Innovation - In the Northeast, traditional industries are transforming, with significant growth in the manufacturing of transportation equipment in Liaoning [6] - Modern service industries are also thriving, with information technology services in Beijing growing by 11.1% [6] Future Economic Strategies - Provinces are focusing on expanding domestic demand, developing new productive forces, and enhancing reforms to ensure sustainable economic growth in the second half of the year [7][8] - Specific strategies include Guangdong's emphasis on consumption, investment, and export, and Jiangsu's focus on building a unified market and enhancing technological innovation [8][9]

Group 1 - The National Development and Reform Commission (NDRC) has completed the allocation of 800 billion yuan for "two重" construction projects and 735 billion yuan of central budget investment, with plans to distribute an additional 690 billion yuan in special bonds for consumer goods by October [1] - In the first half of the year, China's economy showed resilience, with major macroeconomic indicators performing well and contributing to a solid foundation for achieving annual economic and social development goals [1] - Retail sales of consumer goods increased by 5% year-on-year in the first half of the year, with final consumption contributing 52% to economic growth [1] Group 2 - The NDRC emphasizes the importance of enhancing consumer capacity and willingness, alongside high-quality supply to stimulate new demand [2] - The national unified market construction is progressing, with logistics costs as a percentage of GDP dropping to 14%, the lowest on record, saving over 130 billion yuan in logistics expenses [2] - The NDRC plans to strengthen domestic circulation by stabilizing employment, boosting consumption, and expanding effective investment [3] Group 3 - The NDRC is addressing "involution" competition issues through legal revisions, policy introductions, and industry self-regulation [4] - The NDRC aims to maintain policy continuity and stability while enhancing flexibility and foresight to convert external pressures into internal momentum [4] - Continuous monitoring and forecasting of the economy will be conducted to ensure stability in employment, enterprises, markets, and expectations [4]

以消费和投资扩内需，让国内大循环"大"起来。"两新"政策加力扩围，带旺市场；服务消费、首发经济 等新增长点，燃起消费热情。"两重"建设扎实推进，把项目建设和民生保障结合起来，扩大有效投资。 打通市场堵点和卡点，让国内大循环"转"起来。整治"内卷式"竞争，企业利润有保障；规范政府招商引 资行为，企业竞争站在同一"起跑线"。企业好，就业好，消费才能好。而要扩大投资，也离不开企业， 特别要激发民间投资动力和活力，把好项目推介给民企，才能形成合力。 破除壁垒、统一规则，让更多人共享发展成果，中国经济就能抵御风险、破浪向前。 （文章来源：人民日报） 上半年，我国国内生产总值同比增长5.3%，为实现全年经济社会发展目标任务奠定了基础。 这一成绩是在顶住外部压力、消化累积风险的过程中取得的，来之不易。当前我国经济运行依然面临不 少风险挑战，要把稳中向好的趋势延续好，就要纵深推进全国统一大市场建设，做强国内大循环。 ...

Core Viewpoint - The upcoming economic policies and planning for the 15th Five-Year Plan are crucial as the Central Committee prepares for the fourth plenary session in October, focusing on economic and social development strategies [2][3]. Economic Policy Direction - The macroeconomic policies will continue to exert influence, with an emphasis on releasing domestic demand potential, deepening reforms, expanding high-level opening-up, and ensuring risk prevention in key areas [3][4]. - Key points from Xi Jinping's speech include maintaining stability while seeking progress, enhancing consumer confidence, and promoting domestic circulation to achieve economic goals for the year [3][4]. Consumer Stimulus and Policy Innovations - A significant focus is on boosting consumption and breaking the cycle of "involution," which aims to enhance the quality of supply and shift economic growth towards domestic consumption [4][5]. - The introduction of a new child-rearing subsidy policy, effective from January 1, 2025, will provide annual subsidies of 3,600 yuan per child for families with children under three years old, marking a significant shift in public policy towards direct cash support for families [5][6]. Anticipated Economic Impact - Economists estimate that the child-rearing subsidy could increase retail sales by approximately 0.2 percentage points nationwide, indicating a potential boost in consumer spending [6]. - The political bureau's meeting highlighted plans for implementing consumption-boosting actions and expanding service consumption, suggesting that improving livelihoods will be a key driver for consumption policies in the 15th Five-Year Plan [6].

Economic Policy and Measures - The National Development and Reform Commission (NDRC) is committed to improving policies for stabilizing employment and expanding domestic demand, responding to external environmental changes in a timely manner [3][4] - A total of 300 billion yuan will be allocated for consumption support, with the fourth batch of 69 billion yuan planned for October [4] - The NDRC aims to ensure effective investment and support local governments in creating development highlights while balancing development and safety [4] Artificial Intelligence Initiatives - The State Council has approved the implementation of the "Artificial Intelligence+" initiative to enhance AI applications across various industries [5][6] - The initiative focuses on promoting large-scale commercial applications of AI, leveraging China's complete industrial system and large market scale [6] - The NDRC plans to optimize the AI innovation ecosystem by increasing policy support and enhancing foundational elements such as computing power, algorithms, and talent [6] Competition Regulation - The Central Economic Commission emphasizes the need to regulate low-price and disorderly competition among enterprises [7] - The NDRC is working on revising the pricing law to clarify standards for identifying unfair pricing behaviors, including predatory pricing [7] - Efforts will be made to combine effective market mechanisms with proactive government actions to improve market order and encourage quality products [7]

华夏时报记者于建平见习记者黄蓓北京报道 7月28日，中国汽车技术研究中心有限公司中国汽车战略与政策研究中心教授级高级工程师吴松泉发表专论文章——《吴松泉：是时候全面彻底取消汽车 限购了》。"汽车限购"这个汽车行业的老话题又再次被重新提起。 7月16日，国务院常务会议指出："做强国内大循环是推动经济行稳致远的战略之举""要找准关键着力点，深入实施提振消费专项行动，系统清理制约居民 消费的不合理限制""要聚焦突出问题，提高政策精准度和可操作性，加强部门间协同配合，汇聚政策落实的合力，加快破解制约国内大循环的堵点卡 点"。 吴松泉认为，在当前扩大内需已经成为经济工作的头号任务的情况下，对汽车实施限购，已经不符合当前经济工作的要求，不符合中央关于做强国内大循 环和全方位扩大国内需求的要求。 部分限购城市已具备彻底解限的条件 今年3月，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》：各地区各有关部门要结合实际，及时清理对消费的不合理限制，不得搞"一刀 切"和层层加码。推动汽车等消费由购买管理向使用管理转变，分年限保障"久摇不中"无车家庭购车需求。 自中央政府启动刺激消费政策以来，一些对汽车进行限行限购的城市陆 ...

7月28日，中国汽车技术研究中心有限公司中国汽车战略与政策研究中心教授级高级工程师吴松泉发表 专论文章——《吴松泉：是时候全面彻底取消汽车限购了》。"汽车限购"这个汽车行业的老话题又再次 被重新提起。 7月16日，国务院常务会议指出："做强国内大循环是推动经济行稳致远的战略之举""要找准关键着力 点，深入实施提振消费专项行动，系统清理制约居民消费的不合理限制""要聚焦突出问题，提高政策精 准度和可操作性，加强部门间协同配合，汇聚政策落实的合力，加快破解制约国内大循环的堵点卡 点"。 吴松泉进一步指出，从国际经验和国家治理要求看，简单实施汽车限购，不符合中央"推进国家治理体 系和治理能力现代化"的总体要求，也不符合国际上大城市治理拥堵和大气污染的通常做法。 北京、上海暂不具备彻底放开的条件 吴松泉认为，在当前扩大内需已经成为经济工作的头号任务的情况下，对汽车实施限购，已经不符合当 前经济工作的要求，不符合中央关于做强国内大循环和全方位扩大国内需求的要求。 部分限购城市已具备彻底解限的条件 今年3月，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》：各地区各有关部门要结合 实际，及时清理对消费的不合理限制 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is set to hold a press conference on August 1 to discuss the current economic situation and work plans, indicating a proactive approach to economic management [1]. Economic Performance Summary - In the first half of the year, China's GDP reached 66,053.6 billion yuan, reflecting a year-on-year growth of 5.3% when calculated at constant prices [4]. - By industry, the value added in the primary sector was 3,117.2 billion yuan, growing by 3.7%; the secondary sector's value added was 23,905.0 billion yuan, with a growth of 5.3%; and the tertiary sector's value added was 39,031.4 billion yuan, increasing by 5.5% [4]. - Quarterly analysis shows that GDP growth was 5.4% in Q1 and 5.2% in Q2, with a quarter-on-quarter growth of 1.1% in Q2 [4]. Policy Implications - The NDRC emphasizes that the macroeconomic policies have been effective, leading to a stable and positive economic development trend, showcasing resilience and vitality [4]. - However, it also highlights the presence of external uncertainties and insufficient domestic demand, indicating that the foundation for economic recovery needs further strengthening [4]. - The next steps involve adhering to Xi Jinping's thoughts on socialism with Chinese characteristics, maintaining a stable yet progressive work tone, and accelerating the establishment of a new development pattern to enhance domestic circulation and ensure high-quality development in response to external uncertainties [4].