Core Points - The establishment of the Guangdong Provincial World Economic Society marks a significant moment in the economic field of Guangdong Province, with nearly 300 experts and scholars from over 30 universities attending the inaugural meeting [1] - The society aims to respond to national strategic needs and enhance the international competitiveness of Guangdong's modern industrial system, focusing on research related to global industrial chain restructuring and top-level design for institutional openness [6] Group 1 - The Guangdong Provincial World Economic Society was officially approved by the Guangdong Provincial Social Science Federation, emphasizing the need for effective organization and the contribution of social science wisdom to the province's development [4] - The society's first council consists of 75 members, with key positions filled by representatives from various universities, including the honorary president from Guangzhou Business School and the president from Sun Yat-sen University [4][6] - The society will focus on integrating academic resources and conducting research on economic theories and real-world issues, particularly in the context of the Guangdong-Hong Kong-Macao Greater Bay Area [9] Group 2 - The president of the society outlined a vision for creating a long-term academic exchange platform that aligns with provincial and national strategies, aiming to enhance the theoretical and practical exploration in the economic field [6] - The society plans to innovate and create brand activities while promoting interdisciplinary research, particularly in artificial intelligence and financial technology [6] - The honorary president highlighted the importance of collaboration in addressing issues related to global industrial chains and value chains, aiming to elevate the society's academic influence and social service capabilities [9]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 报告摘要 （四）关税相关 ： 6 月 12 日，商务部举行新闻发布会。记者就中美伦敦经贸会谈内容提问，" 中美 已达成协议，美国将对华征收 55% 的关税，中国将对美征收 10% 的关税，并且中国将和之前一样向 美国出口磁体和稀土材料 "。商务部发言人表示，中国"依法依规对稀土相关物项出口许可申请进行审 查，已依法批准一定数量的合规申请，并将持续加强合规申请的审批工作"。 风险提示： 政策更新不及时。 近一周，对外开放继续推进，主要涉及前沿地区试点及经验推广。 （一）试点经验推广 。 6 月 13 日，总理主持召开国常会，部署中国（上海）自由贸易试验区试点措 施复制推广工作。会议提出，"要在守住风险底线的前提下，更大力度开展制度型开放试验，加快构建 更高水平开放型经济新体制"。 （二）试点地区扩大开放 。 6 月 11 日，中办、国办印发关于深入推进深圳综合改革试点深化改革创 新扩大开放的意见， 在金融、低空经济、数据、医药等领域，赋予深圳新 ...

Core Viewpoint - The State Council of China has initiated the replication and promotion of pilot measures from the China (Shanghai) Free Trade Zone (FTZ) to enhance institutional innovation and high-level opening-up, aiming for deep reforms and high-quality development [1] Group 1: Institutional Innovations - The Shanghai FTZ has implemented 80 pilot measures that have largely been established over the past year, focusing on aligning with international high-standard trade rules [1] - Since its establishment in 2013, the Shanghai FTZ has served as a "testing ground" for national reform and opening-up, creating replicable and promotable experiences [1] - The FTZ has made significant progress in investment management, trade facilitation, financial innovation, and government function transformation, gradually establishing a regulatory system that aligns with international trade rules [1][2] Group 2: Investment Management - The Shanghai FTZ introduced the first negative list for foreign investment in China, transitioning from a "positive list + post-entry national treatment" model to a "pre-entry national treatment + negative list" model, significantly reducing the negative list from 190 items to 27 [2] Group 3: Trade Facilitation - The establishment of an international trade "single window" has enabled data sharing among customs, inspection, and tax departments, reducing import clearance time by 41.3% and export time by 36.8% [2] - The FTZ allows goods to enter the zone before customs clearance, greatly enhancing logistics efficiency [2] Group 4: Government Function Transformation - Local government departments have adopted a "service-oriented" approach, reducing the time to establish a business to four working days through the integration of multiple licenses into a "single window" [3] - A credit scoring system for enterprises has been established, improving regulatory efficiency through combined oversight of various departments [3] Group 5: Future Directions - The State Council emphasizes the need for localized adaptation of the Shanghai FTZ's experiences, encouraging innovation based on local economic and cultural characteristics [4][5] - Recommendations include leveraging AI and blockchain technologies to enhance digital processes and risk monitoring systems, aiming to improve the economic security of the FTZ [5]

Policy Developments - The Chinese government is promoting institutional opening-up measures, particularly in the Shanghai Free Trade Zone, to establish a higher-level open economy system[2] - Shenzhen is tasked with new reform initiatives in finance, low-altitude economy, data, and pharmaceuticals, including allowing companies from the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange[4] - The Ministry of Commerce plans to revise and expand the "Encouraging Foreign Investment Industry Catalog" to facilitate foreign investment and reinvestment in China[3] Economic Stability Measures - The State Council emphasizes stabilizing expectations, activating demand, optimizing supply, and mitigating risks in the real estate market to prevent further declines[5] - The government aims to improve social security and public services, including increasing minimum wage standards and enhancing educational resources[6] International Trade Relations - A recent agreement between China and the U.S. involves a 55% tariff on Chinese goods and a 10% tariff on U.S. goods, with China continuing to export magnets and rare earth materials to the U.S.[21] - The Ministry of Commerce is working to expand market access for foreign investments in sectors like cloud computing and biotechnology, while ensuring fair competition for foreign enterprises[22]

Group 1 - The People's Bank of China and the Central Bank of Turkey have renewed a bilateral currency swap agreement with a scale of 350 billion RMB / 189 billion Turkish Lira, valid for three years [1] - A memorandum of cooperation was signed to establish a RMB clearing arrangement in Turkey [1] - The Shanghai Free Trade Zone's pilot measures will be replicated and promoted on a larger scale to enhance institutional innovation and drive high-quality development [1][3] Group 2 - The Guangdong-Hong Kong-Macao Greater Bay Area public computing power service platform has been launched, with plans to officially go live in August this year [4] - This platform will serve as a core support for the national integrated computing power network and will enable market-oriented operation of computing power resources [4] - The platform will allow enterprises and research institutions to access computing power resources like an e-commerce platform, facilitating precise matching of supply and demand [5]

Group 1 - The core viewpoint of the articles emphasizes that despite the pressures from US-China trade tensions, most American companies operating in China do not intend to withdraw from the market, reflecting a "realistic" decision-making logic focused on market orientation and efficiency [1] - The narrative of "decoupling" between the US and China is increasingly challenged by the actions of American business executives who are visiting China and increasing investments, indicating a belief that "cooperation outweighs differences" in US-China economic relations [1][2] - China's comprehensive manufacturing system, complete infrastructure, and efficient logistics network provide unique advantages that are difficult for other countries to replicate, supporting the notion that "local manufacturing and local sales" are crucial for multinational companies seeking sustainable growth [1] Group 2 - China's innovation system is continuously improving, making it a significant destination for global companies' R&D investments, with many US firms establishing R&D centers in China to engage in local innovation ecosystems [2] - The Chinese government is committed to institutional openness and optimizing the business environment, which includes enhancing market transparency and reducing the negative list for foreign investment, thus providing foreign companies with broader development opportunities [2] - In the face of global economic recovery pressures and structural adjustments, American companies recognize that intentional "decoupling" contradicts market principles and undermines their competitiveness in the global market, advocating for pragmatic cooperation instead [2]

"自贸试验区建设的初衷之一，就是为对接国际高标准经贸规则积累经验，成熟一批、推广一批。当前 我国稳步扩大制度型开放，主动对接国际高标准经贸规则更加迫切。"商务部国际贸易经济合作研究院 副院长崔卫杰说，复制推广上海自贸试验区全面对接国际高标准经贸规则的试点经验，正是落实党的二 十届三中全会关于稳步扩大制度型开放的重要举措，也是实施自贸试验区提升战略的重要着力点，将有 助于以点带面在更大范围释放制度创新红利。 ...

Group 1: Institutional Innovation and Open Economy - The State Council emphasizes the importance of leveraging the pilot experiences from the China (Shanghai) Free Trade Zone to promote institutional innovation and high-level opening-up, aiming for deeper reforms and high-quality development [1][2] - In June 2023, the State Council issued measures to promote institutional opening-up in free trade zones, with pilot programs initiated in Shanghai, Guangdong, Tianjin, Fujian, Beijing, and Hainan [2][3] - The pilot measures cover six areas: goods trade, service trade, personnel entry, digital trade, business environment, and risk prevention, with 17 measures to be replicated across all free trade zones [2] Group 2: Real Estate Market Stabilization - The meeting highlights the need to establish a new model for real estate development to ensure stable and healthy growth in the sector, focusing on long-term strategies and systematic policy support [3][4] - The real estate market is experiencing a decline, with new residential sales area down by 2.1% and sales revenue down by 1.9% in early 2025, although the decline is less severe than in previous months [4] - The focus is on stabilizing expectations, activating demand, optimizing supply, and mitigating risks to promote recovery in the real estate market [3][4] Group 3: Credit Repair Mechanism and Healthcare Policies - The meeting calls for the establishment of a unified and efficient credit repair mechanism to assist entities in rebuilding their credit, emphasizing the need for standardized rules and data sharing [5] - There is a push for the standardization and institutionalization of drug and consumable procurement policies, aiming to enhance the quality and accessibility of healthcare services [5]

在国家层面复制推广的302项自贸试验区制度创新成果中，有145项源自于上海首创或同步进行了先行先 试。 据新华社报道，国务院总理李强6月13日主持召开国务院常务会议，部署中国（上海）自由贸易试验区 试点措施复制推广工作。 会议指出，要用好中国（上海）自由贸易试验区全面对接国际高标准经贸规则的试点经验，在更大范围 释放制度创新红利，以高水平开放推动深层次改革、高质量发展。要因地制宜做好复制推广工作，充分 考虑各地实际情况，重点推进企业和群众急需的试点举措，做好与其他改革开放试点措施的相互协调、 相互衔接。要在守住风险底线的前提下，更大力度开展制度型开放试验，加快构建更高水平开放型经济 新体制。 这也意味着，《全面对接国际高标准经贸规则推进中国（上海）自由贸易试验区高水平制度型开放总体 方案》（下称《总体方案》）中提出的多项措施，将复制推广到更多地方。 该文同时表示，下一步，商务部将会同有关方面持续推进试点措施全面落地见效，拓展更多应用场景， 形成更多制度创新成果，进一步释放政策红利。对于具备条件的试点措施，及时复制推广至更大范围， 推动规则、规制、管理、标准相通相容，以高水平开放促进深层次改革、推动高质量发展。 ...

Group 1 - The meeting emphasized the importance of constructing a new model for real estate development to promote a stable, healthy, and high-quality real estate market [2] - It was highlighted that the "good housing" initiative should be integrated into urban renewal mechanisms, with policy support in planning, land, finance, and other areas [2] - The need for a unified, standardized, and efficient credit repair mechanism was discussed, aiming to help dishonest entities rebuild their credit [2][3] Group 2 - The meeting called for an acceleration in the evaluation of drug and consumable procurement policies, aiming for standardized and institutionalized practices [3] - It was noted that there should be a focus on the quality supervision of the entire chain of drug and consumable production, circulation, and use [3] - The importance of enhancing the compensation mechanism for public hospitals and supporting pharmaceutical companies to improve innovation capabilities was also mentioned [3]