Core Viewpoint - The article emphasizes the importance of maintaining a "reasonable proportion" of the manufacturing industry within China's economy, as outlined in the "14th Five-Year Plan" to strengthen the foundation of the real economy [1]. Group 1: Definition of "Reasonable Proportion" - The "reasonable proportion" refers to the share of manufacturing value added in the GDP, which is influenced by both manufacturing and other sectors like services [2]. - Over the years, as China's economy has grown and evolved, the proportion of manufacturing in GDP has decreased, while the service sector has increased, with service value added surpassing secondary industry for the first time in 2012 [2]. - The historical trend shows that while the absolute size of manufacturing is growing, its relative share in GDP cannot be excessively high, reflecting a common pattern in the development of other economies [2]. Group 2: Importance of Maintaining Manufacturing's Proportion - Manufacturing plays a crucial role in daily life, providing essential goods and services that meet basic needs [3]. - It serves as a solid foundation for the development of other industries, including agriculture and services, and is vital for job creation, employing over 100 million people, which accounts for 24.4% of the workforce in secondary and tertiary industries [3]. - The stability and growth of the economy, technological strength, and overall national power are closely tied to the health of the manufacturing sector [3]. Group 3: External Factors and Challenges - In the context of increasing international competition, manufacturing is a critical area for nations to focus on [4]. - Despite being the world's largest manufacturing country, China faces challenges from new technological revolutions and rising protectionism, which threaten global supply chains [4]. - To navigate these challenges, it is essential to focus on the real economy, enhance core technologies, and strengthen the resilience and competitiveness of supply chains [4]. Group 4: Strategies to Maintain Reasonable Proportion - The "14th Five-Year Plan" outlines specific tasks to build a modern industrial system centered on advanced manufacturing, optimize traditional industries, and cultivate emerging sectors [6]. - The goal is to enhance the quality and strength of manufacturing, with projections indicating that by 2024, China's manufacturing value added will account for nearly 30% of the global total [7]. - Addressing existing shortcomings, such as insufficient innovation capabilities and technological gaps, is crucial for advancing towards a manufacturing powerhouse [7].

Core Viewpoint - The article emphasizes the importance of maintaining a "reasonable proportion" of manufacturing in China's economy as part of the "14th Five-Year Plan" to strengthen the foundation of the real economy [1] Group 1: Definition of "Reasonable Proportion" - The proportion of manufacturing value added in GDP is influenced by both manufacturing itself and other sectors like services [2] - Over the years, as China's economy has grown and its structure has upgraded, the share of manufacturing in GDP has decreased, while the service sector has increased [2] - Data shows that in 2012, the value added by the service sector surpassed that of the secondary industry for the first time, and by 2013, it accounted for over 50% of GDP [2] - The shift in industrial structure from 2010 to 2024 indicates a trend where manufacturing's share is decreasing, which aligns with global economic patterns [2] Group 2: Importance of Maintaining Manufacturing's Proportion - Manufacturing plays a crucial role in daily life, providing essential goods and services [3] - It serves as a solid foundation for the development of other industries, including agriculture and services [3] - The manufacturing sector is a significant source of employment, with over 100 million people employed in manufacturing, accounting for 24.4% of employment in secondary and tertiary industries [3] Group 3: External Factors and Challenges - In the context of increasing international competition, manufacturing remains a critical area for nations [4] - China has been the world's largest manufacturing country for many years, but it faces challenges from new technological revolutions and industrial changes [4] - The rise of unilateralism and protectionism globally poses threats to the stability of global supply chains [4] Group 4: Strategies to Maintain Reasonable Proportion - The "14th Five-Year Plan" outlines specific tasks to build a modern industrial system centered on advanced manufacturing, optimize traditional industries, and cultivate emerging industries [6] - The focus is on enhancing quality and strength in manufacturing, with China accounting for nearly 30% of global manufacturing value added by 2024 [7] - Despite achievements, challenges such as insufficient innovation capabilities and technological gaps in key industries remain [7] - The plan aims to promote the upgrading of key industries, digital transformation of manufacturing, and the development of new pillar industries [7]

中国人民银行发布的2025年第三季度中国货币政策执行报告显示，今年以来，适度宽松的货币政策持续 发力，在金融总量较快增长的同时，信贷结构也在不断优化，有力支持了重点领域、重大战略和经济结 构的转型升级。9月末，我国科技贷款、绿色贷款、普惠贷款、养老产业贷款、数字经济产业贷款分别 同比增长11.8%、22.9%、11.2%、58.2%、12.9%，均高于全部贷款增速。总体看，适度宽松货币政策效 果在不断累积，对实体经济的支持效果还会逐步显现。 今年以来，中国人民银行综合运用数量、价格、结构等多种货币政策工具，为经济回升向好和金融市场 稳定运行创造了适宜的货币金融环境。数据显示，截至9月末，支持做好金融"五篇大文章"的结构性货 币政策工具余额达3.9万亿元。 报告提出，下阶段，要实施好适度宽松的货币政策。综合运用多种工具，保持社会融资条件相对宽松， 同时继续完善货币政策框架，强化货币政策的执行和传导，保持流动性充裕，使社会融资规模、货币供 应量增长同经济增长、价格总水平预期目标相匹配。 （文章来源：人民日报） ...

简阳市融媒体中心 "双十一"不仅是线上购物的高峰，也为实体经济发展带来机遇。近日，记者走访简阳市多家商场，商家通过各类促销活动吸引顾客，彰显本地实体经济活 力。 在百伦百货一楼美妆专区，各类品牌化妆品琳琅满目。一家知名化妆品专柜前，"双十一"促销标牌格外醒目，销售人员热情介绍新品、邀请顾客试用，不 少消费者驻足咨询产品信息与优惠。 某化妆品品牌柜员 薛娟： 我们线上线下活动是同步的，价格都是相差不大。但是我们线下购买有更多的优势，比如说你可以亲身体验，还可以享受后期的护理服务。 在苏宁易购简阳旭海时代广场店，市民夏女士正在挑选家电。店长介绍，门店实行与线上同价的促销策略，在价格持平的基础上，线下沉浸式的购物体验 成为吸引消费者的关键。 苏宁易购成都简阳旭海时代广场店 店长 马东群： 苏宁"双十一"补贴不停，"双十一"期间购物可以抽大奖，电视、冰箱、洗衣机等生活家电，不同品牌有满减和至高补贴20%，样机折扣价低于5折，还有 更多爆款。 市民 夏女士： 我想给我的女儿买洗衣机、冰箱，这里的服务很好。今天在搞活动，想亲自摸一摸、看一看，这里的折扣还是很好。 "双十一"期间，市商务局联合多家企业推出一系列促消费活动。 ...

Group 1 - The Jingchang Wide Plate Project in Donglian Town, Tongling City, Anhui Province, has a total planned investment of 5.6 billion yuan and aims to be a top global green and intelligent wide plate factory [1] - The project has successfully developed low-alloy high-strength structural steel and marine engineering structural steel, with its ship plate products certified by five national classification societies [1] - The project has recently entered the international supplier list for high-quality ship plate steel [1] Group 2 - Donglian Town has transitioned from a traditional agriculture-based economy to a high-level industrial development model, focusing on steel, energy, and fine chemicals [2] - By 2024, the number of regulated enterprises in the town is expected to reach nearly 20, with industrial output value projected to be 23.7 billion yuan, marking significant economic growth [2] - The town has established the first township-level "Enterprise Development Service Center" in Anhui, implementing a proactive service mechanism to support local businesses [2]

Core Viewpoint - The China Everbright Bank Hohhot Branch is committed to supporting the real economy through various financial services, aiming to enhance the quality of regional economic development by increasing credit approvals and expanding industry coverage [1][4]. Group 1: Financial Support and Growth - In 2025, the bank achieved a significant increase in the number of newly reported and approved corporate clients, with the proportion of general credit public clients reaching 37.38% [2]. - The bank has focused on small and micro enterprises, technology-driven companies, and green enterprises, with a notable increase in the number of clients in these key areas [2]. - The bank's support for small and micro technology enterprises has led to a 41.38% growth in the number of clients, with loans accounting for 22.21% of the total, an increase of 2 percentage points since the beginning of the year [2]. Group 2: Green Finance Initiatives - The bank has expanded its green finance services to include emerging fields such as green transportation and smart transportation system construction, in addition to traditional areas [3]. - The overall growth of green loans reached 7.53%, with specific sectors like resource recycling and energy transition seeing increases of 51.77% and 10.61%, respectively [3]. - The bank successfully approved its first loan for "environmentally friendly railway construction," establishing a replicable model for green finance innovation [3]. Group 3: Support for Private Economy - The bank actively collaborates with local government departments to address the needs of the private economy, hosting events to connect financial services with private enterprises [3]. - Innovative cross-border financial tools have been utilized to facilitate access to low-cost foreign funds for high-quality domestic private enterprises [3]. - The bank has implemented measures to optimize credit approval processes and reduce financing costs for traditional industries, supporting their transformation towards high-end, intelligent, and green development [3][4]. Group 4: Overall Strategy and Future Outlook - The bank has enhanced its precision and coverage in serving the real economy, expanding its client base and increasing support for small and micro enterprises [4]. - The dual strategy of upgrading traditional industries while nurturing emerging sectors has been established, creating a balanced growth model [4]. - The bank plans to continue expanding its service coverage and improving service precision to direct more financial resources towards key areas of the real economy in Inner Mongolia [4].

Group 1 - The robust development of the real economy relies on a large and dynamic group of small and micro enterprises [1] - Lionbridge Financing Leasing (China) Co., Ltd. focuses on serving small and micro enterprises, becoming a solid partner in their growth journey [1] Group 2 - Unlike traditional credit, the financing lease model of "asset-based financing" better meets the actual needs of small and micro enterprises and individual operators [3] - Lionbridge provides financing support for key assets such as production equipment and transportation tools, effectively addressing the funding challenges faced by these enterprises in their early development [3] - This process is not merely a financial transaction but a construction of a symbiotic industrial ecosystem, where Lionbridge connects closely with numerous small and micro enterprises, achieving both social and commercial value [3]

初冬，辽宁沈阳铁西区。1905文化创意园内，大量年轻人到此"打卡"，他们在一家家特色店铺中穿梭，购买心仪好物，拍照留念。 脚下是起重机行车梁，身旁的钢铁装饰是车间通风管道……走在创意园内，参观者可直观感受到被完整保留下来的工业遗址原貌。 1905文化创意园前身是沈阳重型集团下属二金工车间的一部分，始建于1937年。沈重集团整体搬迁后，这里一度闲置，在2012年被重启为现代 化文创园区。 从辉煌到沉寂、再到蝶变新生的过程，是东北老工业基地沈阳市铁西区的一个发展缩影。 这是位于沈阳的1905文化创意园。新华社记者刘力航 摄 铁西区扎实践行人民城市理念，精准谋划、统筹优化城市生产、生活、生态空间，不断完善升级公共服务供给能力，越来越多人选择留在铁 西。数据显示，目前铁西区常住人口已超过137万人。 党的二十届四中全会提出，坚持把发展经济的着力点放在实体经济上，坚持智能化、绿色化、融合化方向，加快建设制造强国、质量强国、航 天强国、交通强国、网络强国，保持制造业合理比重，构建以先进制造业为骨干的现代化产业体系。 "面向'十五五'，我们将继续完整准确全面贯彻新发展理念，扎实推进产业发展、城市发展、社会发展。"郭忠孝说， ...

Core Viewpoint - The debate over whether China's GDP surpasses that of the United States has intensified amid growing competition between the two nations, with claims that China's GDP has already exceeded that of the U.S. when calculated using different methodologies [1][7]. Economic Comparison - According to U.S. calculations, the U.S. remains the leader in GDP, but this is challenged by claims of a more accurate representation of China's economic strength [1]. - Paul Krugman, a Nobel laureate, criticized the U.S. economy for relying on statistical manipulation to create an illusion of prosperity without corresponding production capacity [2]. Contribution to GDP - The contribution of intellectual property to the U.S. GDP is reported at 41%, while financial transactions contribute 12.7% and healthcare spending accounts for 17.6% [2][3]. - The high costs of healthcare in the U.S. are highlighted, with examples of significant expenses for basic medical needs, indicating inefficiencies in the system [3]. Energy Consumption as a Productivity Indicator - China's electricity generation increased by 42% from 2019 to 2024, reaching 10.1 trillion kilowatt-hours, while the U.S. saw only a 4.9% increase to 4.3 trillion kilowatt-hours, suggesting a weaker U.S. real economy [5]. - The energy consumption of a country is presented as a key indicator of its productivity, with China's growth in this area outpacing that of the U.S. [5]. Purchasing Power Parity - When using purchasing power parity (PPP) for comparison, China's economy is estimated to exceed the U.S. by $10 trillion, and by $15 trillion when using U.S. calculation methods [7]. - The metaphor of a balloon versus a solid ball is used to illustrate the perceived superficiality of U.S. economic strength compared to the tangible assets of China's economy [7].

Core Insights - The 18th China Financing Leasing Annual Conference was held in Beijing on November 6, 2025, focusing on the "14th Five-Year Plan" and discussing market access, policy interpretation, market expansion, industry transformation, strategic upgrades, and model innovation [1][3] - Haier Financing Leasing was awarded the "Annual Company Award" in the 2025 China Financing Leasing List, reflecting the industry's recognition of its comprehensive strength [1][3] Industry Overview - The China Financing Leasing Annual Conference has been a significant event since its inception in 2007, gathering professionals, scholars, and executives to discuss cutting-edge industry topics and promote healthy development [3] - The conference serves as a platform for deep dialogue within the industry and aims to foster collaboration and value co-creation [3] Company Profile - Haier Financing Leasing is a leading domestic financing leasing company that adheres to the business philosophy of "Finance for Industry," focusing on serving the real economy and various sectors such as intelligent manufacturing, healthcare, education, and agriculture [5] - The company has invested over 120 billion in supporting the real economy, served more than 9,000 clients, and manages assets exceeding 24 billion [5] - Haier Financing Leasing plans to continue its commitment to the "Finance for Industry" philosophy, leveraging its professional advantages in "financing + asset management" to enhance service models and contribute to regional economic development and the modernization of the industrial system [5]