Economic Overview - In August, the national industrial added value increased by 5.2% year-on-year, with a slight month-on-month growth of 0.37%, supported by high growth in equipment manufacturing and high-tech manufacturing [1] - The total retail sales of consumer goods reached 39,668 billion yuan in August, growing by 3.4% year-on-year, while the growth rate of commodity retail decreased by 0.4 percentage points to 3.6% [1] - Fixed asset investment from January to August was 326,111 billion yuan, with a year-on-year growth of 0.5%, reflecting a decline in real estate development investment and a slight decrease in infrastructure and manufacturing investment [1] Foreign Trade - In August, exports grew by 4.4% year-on-year, down from 7.2% in the previous month, with strong performance in electromechanical products and ship exports [2] - High-tech products, integrated circuits, and ship exports contributed 4.1 percentage points to the overall export growth [2] Policy Measures - A comprehensive policy initiative was announced on September 16 to stimulate service consumption, including 19 specific measures aimed at enhancing supply and demand [3] - The initiative focuses on increasing the supply of high-quality services and reducing consumption barriers through fiscal incentives and innovative credit options [3] - The Ministry of Commerce has introduced over 30 policies to establish a "1+N" policy system for service consumption, with plans for further targeted documents to promote high-quality development in the accommodation sector and integration of railways and tourism [3] Real Estate and Fiscal Policy - Major cities like Beijing, Shanghai, and Shenzhen have implemented new policies to relax purchase and loan restrictions in the real estate sector, with more measures expected to stabilize the market [4] - The Ministry of Finance emphasized maintaining continuity and stability in fiscal policy while enhancing flexibility and foresight to support high-quality economic development [4] Market Outlook - The stock index has shown a fluctuating upward trend driven by valuation, with economic fundamentals and corporate earnings not significantly impacting the index [4] - Future improvements in economic fundamentals and A-share profitability are anticipated, supported by coordinated policy efforts and a low base effect from the previous year [4]

Group 1: Central Enterprises' Development - During the "14th Five-Year Plan" period, central enterprises' total assets increased from less than 70 trillion yuan to over 90 trillion yuan, with total profits rising from 1.9 trillion yuan to 2.6 trillion yuan, achieving annual growth rates of 7.3% and 8.3% respectively [2] - The operating income profit margin improved from 6.2% to 6.7%, and labor productivity per employee increased from 594,000 yuan to 817,000 yuan, indicating significant enhancements in quality and efficiency [2] - Central enterprises have played a crucial role in national economic growth and technological innovation, successfully tackling key technologies in fields such as integrated circuits and industrial software [2] Group 2: Contribution to National Goals - Central enterprises contributed over 10 trillion yuan in taxes and transferred 1.2 trillion yuan of state-owned equity to social security funds during the "14th Five-Year Plan" [3] - They are responsible for approximately 80% of crude oil, 70% of natural gas, and 60% of electricity supply, playing an irreplaceable role in energy security and logistics [3] - Central enterprises have engaged in over 6,000 overseas investment cooperation projects related to the Belt and Road Initiative, supporting major national strategies [3] Group 3: Expansion of Service Consumption - The Ministry of Commerce and other departments introduced 19 measures to boost service consumption, highlighting the importance of service consumption in driving economic growth [4] - Service consumption accounted for 46.1% of per capita consumption expenditure last year, contributing 63% to overall consumption growth [4][5] - There is a notable shift in consumer spending towards services such as dining and tourism, indicating a transition to a service-oriented consumption structure [5]

Core Viewpoint - The Ministry of Commerce, along with other government departments, has introduced a set of policies aimed at expanding service consumption to stimulate economic growth and enhance the quality of the economy [1] Group 1: Economic Context - Domestic demand is identified as the fundamental driving force for economic development, with a focus on boosting consumption to expand domestic demand and create a virtuous cycle in the national economy [1] - In 2024, domestic demand is expected to contribute 69.7% to China's economic growth, with final consumption expenditure contributing 44.5%, indicating a gap compared to the international average of 50% [1] Group 2: Service Consumption Trends - China has the largest and most dynamic middle-income group globally, shifting their consumption needs from goods to services, yet there exists a structural mismatch in service supply [2] - The service consumption supply is characterized by an oversupply of low-end and homogeneous services, while there is a lack of specialized and personalized offerings [2] Group 3: Quality of Service Supply - Enhancing the quality of service supply is crucial to meet and stimulate new consumer demands, as the unique characteristics of service consumption, such as localization and high operational costs, contribute to supply challenges [3] - The policies propose relaxing entry barriers and regulatory measures in sectors like telecommunications, healthcare, and education to attract more foreign and private investment [3] Group 4: Trust Mechanisms in Service Consumption - Addressing trust issues in service consumption is essential, as the simultaneous production and consumption of services lead to reliance on reputation and reviews, which can deter consumer willingness if information costs are high [4] - Long-term growth potential in service consumption is anticipated to be a major driver for future consumption growth, necessitating systemic reforms to promote professionalism and standardization in the service industry [4]

Core Viewpoint - The Chinese government has introduced a series of policies aimed at expanding service consumption, which is seen as a crucial driver for economic growth and improving living standards. The measures focus on addressing barriers to service consumption development and enhancing the quality and variety of service offerings [1][2][3]. Group 1: Policy Measures - The policies emphasize a combination of improving people's livelihoods and promoting consumption, including initiatives for high-profile sports events, long-term care insurance, and early childhood education [1]. - The measures advocate for a dual approach of optimizing supply and stimulating demand, proposing pilot projects for new consumption models and enhancing consumer credit support [2]. - The government aims to balance external openness and internal deregulation, encouraging foreign investment in service sectors while reducing market entry barriers for domestic and foreign businesses [2]. Group 2: Market Performance - In the first half of the year, over 19 million foreign visitors entered China, marking a 30% increase year-on-year, with visa-free entries rising by 54% [3]. - The number of duty-free shops has tripled compared to the end of 2024, with a 248% increase in the number of people benefiting from duty refunds and a 98% rise in refund sales [3]. Group 3: Service Quality Enhancement - The government plans to enhance service supply quality by promoting innovation in service sectors, integrating various consumption formats, and increasing the availability of skilled service personnel [4]. - The Ministry of Culture and Tourism aims to improve tourism services and experiences through initiatives like the "Strong Foundation Renewal Action" for tourist attractions and promoting diverse tourism products [5]. Group 4: Financial Support - The People's Bank of China has established a 500 billion yuan fund to support service consumption and elderly care, with significant loan applications already submitted by financial institutions [5]. - As of July, the loan balance in key service consumption sectors reached 2.79 trillion yuan, reflecting a year-on-year growth of 5.3% [5].

Core Viewpoint - The Chinese government has introduced a series of policies aimed at expanding service consumption, which is seen as a key driver for high-quality economic development in the country [1] Group 1: Service Consumption Expansion - Service consumption is defined as the exchange of money for intangible products, contrasting with tangible goods consumption [2] - The current focus on expanding service consumption aligns with China's development stage, as service consumption typically becomes dominant when GDP per capita exceeds $15,000 [2] - China's per capita GDP is currently around $13,000, with service consumption growth outpacing that of goods consumption in recent months [2] Group 2: Impact of School Holidays on Service Consumption - The introduction of spring and autumn breaks for students is expected to enhance service consumption by providing more leisure time for families [3] - The effectiveness of this policy depends on whether parents also have time off, which will determine its impact on service consumption growth [3] Group 3: New Market Opportunities - Emerging consumption trends, such as "Village BA" and "Su Chao," indicate new market opportunities driven by quality content and innovative service offerings [4] - The interaction between new demand and supply is crucial, as quality content and innovative experiences can significantly enhance consumer engagement [4] Group 4: Challenges in Service Consumption - Despite the growth in service consumption, the overall consumption-to-GDP ratio in China remains low, indicating a need for improvement [6] - Addressing this issue requires coordinated efforts on both the supply and demand sides, particularly by enhancing public services and social security for low-income groups [6]

盛秋平表示，《政策措施》以推动扩大服务消费为主要目标，着力解决制约服务消费发展的堵点卡点问 题，提出了一些让经营主体有真切获得感的增量政策，主要体现为"三个坚持"，坚持惠民生和促消费相 结合，坚持优化供给和激发需求相结合，坚持对外开放和对内放开相结合。例如，《政策措施》提 出"打造一批具有较高知名度的精品赛事、职业联赛以及具有自主知识产权的体育竞赛表演品牌"，提 出"加快推进长期护理保险制度建设，扩大长期护理保险制度覆盖面"，还提出"支持有条件的幼儿园招 收2—3岁幼儿，发展社区嵌入式托育、家庭托育点"等举措，托起居民"家门口"的幸福，这些举措既满 足了人民群众所急所需所盼，提高生活品质，又能推动释放消费潜力。 此外，《政策措施》提出，要开展消费新业态新模式新场景试点城市建设。商务部服务贸易和商贸服务 业司司长孔德军表示，下一步，我国将通过竞争性评审方式在全国选择50个左右人口基数大、带动作用 强、发展潜力好的消费新业态新模式新场景试点城市，增加优质消费供给，创新和丰富多元化消费场 景，推动新的消费业态不断涌现、消费活力进一步提升，更好满足人民群众多样化、差异化消费需求， 为经济高质量发展提供有力支撑。 （文 ...

Core Viewpoint - The Chinese government has introduced a series of policy measures aimed at expanding service consumption, which is seen as a crucial driver for economic growth and improving living standards [1][2][3]. Group 1: Policy Measures - The policies focus on addressing bottlenecks in service consumption development, emphasizing the combination of improving people's livelihoods and promoting consumption [1]. - Key initiatives include the establishment of high-profile sports events, expansion of long-term care insurance, and support for early childhood education [1]. - The measures aim to enhance both supply and demand by promoting new consumption models and increasing quality service resources in sectors like culture and tourism [2]. Group 2: Economic Impact - In the first half of the year, over 19 million foreign visitors entered China, marking a 30% increase year-on-year, with visa-free entries rising by 54% [3]. - The number of duty-free shops has tripled compared to the end of 2024, and the number of people benefiting from duty-free refunds surged by 248% [3]. - The Ministry of Commerce is working to create a diverse consumption environment and enhance high-quality consumption offerings [3]. Group 3: Service Supply Enhancement - The government plans to improve service supply quality and capacity by fostering innovation and integrating various consumption sectors [4]. - Initiatives include the implementation of "AI+" actions to enhance service consumption and the establishment of training bases to increase skilled service personnel [4]. - A focus on creating a fair market environment for all enterprises, especially small and medium-sized ones, is also emphasized [4]. Group 4: Cultural and Tourism Development - The Ministry of Culture and Tourism aims to enhance tourism services and experiences through various initiatives, including the revitalization of tourist attractions and promoting new economic models [5]. - The introduction of tailored tourism products for inbound visitors and the effective implementation of duty-free policies are also part of the strategy [5]. Group 5: Financial Support - The People's Bank of China has allocated 500 billion yuan for service consumption and elderly care loans, encouraging financial institutions to increase lending in key service sectors [6]. - As of July, the loan balance in key service consumption areas reached 2.79 trillion yuan, reflecting a year-on-year growth of 5.3% [6].

在培育服务消费促进平台方面，政策首次提出"消费新业态新模式新场景试点城市建设"，支持优质消费 资源与知名IP跨界合作，打造商旅文体健融合的消费新场景。 "培育服务消费三新（新业态、新模式、新场景），是适应消费升级趋势、激发经济新动能的关键举 措。"国务院发展研究中心市场经济研究所研究员陈丽芬对中新社国是直通车表示，试点城市将率先探 索服务消费创新模式，通过"科技赋能+场景融合"推动消费结构升级，形成"需求牵引供给、供给创造需 求"的良性循环。 专家表示，此时出台系统性政策，既是短期稳增长的关键举措，更是中长期践行新发展理念、推进高质 量发展的重要布局。 五维部署破局服务消费 此次政策突出系统性施策，从供给、需求、环境三端协同发力。 转自：北京日报客户端 从文博创新办展到中小学春秋假探索，从扩大医疗开放到支持普惠托育，一揽子政策措施正瞄准中国服 务消费。 由商务部等9个部门联合印发的《关于扩大服务消费的若干政策措施》近日对外公布。19条具体举措， 从培育消费平台、丰富服务供给、激发新增消费、加强财政金融支持、健全统计监测五个方面系统部 署，勾勒出服务消费扩容提质的实施路线图。 在丰富高品质服务供给方面，政策着力 ...

谈及科技创新和技术改造再贷款，杨虹表示，2024年4月，人民银行设立5000亿元科技创新和技术改造 再贷款，激励引导银行加大对重点领域设备更新项目的信贷支持，今年扩大规模至8000亿元，符合条件 的服务消费领域设备更新项目也可以享受政策优惠。今年上半年，科技创新和技术改造再贷款支持住宿 餐饮、文体教育、旅游领域等项目近100项，签订贷款合同约119亿元。 在消费领域信贷投放方面，杨虹介绍，今年以来，人民银行出台多项政策，指导金融机构完善内部业务 流程，创新支持消费的产品和服务，聚焦食、住、行、游、购、娱等重点消费领域，从供需两端特别是 从供给端发力，扩大高质量信贷供给，加大对消费行业经营主体的首贷、续贷、信用贷、中长期贷款支 持力度，强化金融支持提振和扩大消费的促进作用。截至7月末，全国服务消费重点领域贷款余额2.79 万亿元，同比增长5.3%，比年初新增1642亿元，前7个月的新增贷款比去年全年新增贷款还要多630亿 元。 信贷产品与服务创新同步推进。央行指导金融机构聚焦"食、住、行、游、购、娱"等重点消费领域，从 供需两端发力完善业务流程，加大对消费行业经营主体首贷、续贷、信用贷及中长期贷款支持。 服务消 ...

Core Viewpoint - The article emphasizes the importance of service consumption in improving people's livelihoods and driving economic growth, highlighting recent policy measures aimed at expanding service consumption in China [1]. Group 1: Policy Highlights - The policy measures are characterized by three main principles: combining benefits for people's livelihoods with consumption promotion, optimizing supply while stimulating demand, and balancing domestic and foreign openness [2]. - Specific measures include accelerating the establishment of long-term care insurance, increasing the supply of quality resources in cultural tourism and sports, and expanding pilot programs in telecommunications, healthcare, and education [2]. - The initiative to develop pilot cities for new consumption formats aims to enhance high-quality service supply and stimulate consumer demand through innovative scenarios and models [2]. Group 2: Supply and Demand Dynamics - The approach focuses on enhancing service quality and expanding consumer demand by promoting innovation, improving service levels, and creating a conducive environment for market activities [3]. - Key areas of consumer demand include culture, tourism, elderly care, childcare, and sports services, with a strong emphasis on community-based services [3]. - The cultural and tourism sector is highlighted as a significant component of service consumption, with initiatives to improve tourist attractions and develop new economic models [3]. Group 3: Financial Support for Service Consumption - Financial support is crucial for expanding service consumption, with the People's Bank of China implementing measures to enhance credit availability for service sectors [4]. - A specific fund of 500 billion yuan has been established to guide financial institutions in increasing credit for key service consumption areas and the elderly care industry [5]. - As of July, the loan balance for key service consumption sectors reached 2.79 trillion yuan, reflecting a year-on-year growth of 5.3% [5]. Group 4: High-Quality Development of Service Consumption - Service consumption accounted for 46.1% of per capita consumption expenditure last year, contributing 63% to overall consumption growth, indicating its increasing dominance [6]. - The government plans to foster integrated consumption scenarios and enhance urban convenience through various initiatives, including cultural and tourism events [6]. - There is significant potential for growth in inbound consumption, with plans to optimize visa policies and enhance the experience for international tourists [6]. Group 5: Upcoming Initiatives in Cultural and Tourism Consumption - The Ministry of Culture and Tourism is set to launch a national cultural and tourism consumption month, offering over 330 million yuan in consumer subsidies [7]. - A three-year action plan for cultural and tourism consumption will be initiated, including measures like discount vouchers and incentives for inbound tourism [7].