Current Economic Situation - China's economy showed resilience in the first half of the year, with GDP growth of 5.3% year-on-year, stable employment, prices, and residents' income [2] - Domestic demand contributed 68.8% to economic growth, and the import-export scale reached 20 trillion yuan [2] National Market Construction - The construction of a unified national market has made positive progress, with a 18.2% year-on-year increase in cross-provincial electricity transactions in the first half of the year [3] - The proportion of inter-provincial trade sales to total sales revenue increased by 0.6 percentage points to 40.4% [3] Consumer Expansion - Social retail sales of consumer goods grew by 5% in the first half of the year, with a 0.4 percentage point increase from the first quarter [4] - Notable growth in retail sales of home appliances and communication equipment, with increases of 30.7% and 24.1% respectively, and a 40.3% rise in new energy vehicle sales [4] Electricity Supply Stability - National electricity supply remains stable, with measures in place to ensure adequate energy supply during peak summer demand [6] - The government will focus on ensuring source supply, enhancing peak capacity, and optimizing demand-side management [6] Reform Initiatives - The government aims to deepen reforms to stimulate high-quality development and address economic challenges, including promoting service consumption and digital economy [7] - Efforts will be made to unify government actions and prevent unfair competition in the market [7]

新华社北京8月1日电题：保持政策连续性、稳定性常态化开展政策预研储备——国家发展改革委解读当 前经济形势 新华社记者魏玉坤、张晓洁 上半年中国经济运行态势如何？下半年宏观调控政策如何发力？针对当前经济形势和经济工作，国家发 展改革委1日举行新闻发布会，国家发展改革委有关负责人进行了分析解读。 上半年我国经济稳中有进、好于预期 国家发展改革委国民经济综合司司长周陈表示，上半年我国经济稳中有进、好于预期，高质量发展取得 新成效。 周陈表示，上半年消费有三个主要特点：一是增速加快，社会消费品零售总额累计增长5%，增速较一 季度提高0.4个百分点；二是亮点增多，限额以上家电、通讯器材零售额同比增长30.7%、24.1%，新能 源汽车销量同比增长40.3%；三是环境更优，各部门围绕落实提振消费专项行动，出台了多项重大政 策，举办形式多样的促消费活动。 主要宏观指标表现良好，经济运行彰显强大韧性。上半年，国内生产总值（GDP）同比增长5.3%，就 业、物价和居民收入总体稳定。内需对经济增长的贡献率达68.8%，进出口规模站上20万亿元台阶。 "关于下一步经济工作，7月30日召开的中央政治局会议已作出全面部署，国家发展改革 ...

关于下一步经济工作，周陈表示，7月30日召开的中央政治局会议已作出全面部署，国家发展改革委将 坚决抓好贯彻落实，努力完成全年经济社会发展预期目标和"十四五"规划各项任务，为"十五五"良好开 局打下基础。 新华财经北京8月1日电（记者陆宇航余蕊）在8月1日举行的国家发展改革委新闻发布会上，国家发展改 革委国民经济综合司司长周陈表示，上半年我国经济在顶住外部压力、消化累积风险的情况下，稳中有 进、好于预期，高质量发展取得新成效，发展的"含金量"不断提高，体现为三个突出特点。 首先是主要宏观指标表现良好。上半年GDP同比增长5.3%，比去年同期和全年均提高0.3个百分点，我 国经济顶住了外部压力，明显好于年初市场普遍预期。"近期，多家国际机构上调今年全年我国经济增 速预测，国际货币基金组织前几天大幅上调了预测，表明对我国经济发展前景充满信心。"周陈说。 7月份，生产经营活动预期指数为52.6%，在荣枯线上持续保持扩张。"这说明制造业企业市场信心较为 稳定乐观。"周陈表示，同时，就业、物价和居民收入总体稳定，上半年全国城镇调查失业率均值为 5.2%，比一季度下降0.1个百分点，城镇新增就业695万人，完成全年目标58 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) reported that China's economy showed resilience and performed better than expected in the first half of the year, achieving new results in high-quality development [1][2]. Group 1: Economic Performance - Major macroeconomic indicators performed well, indicating a stable economic environment despite external pressures [1]. - The economy demonstrated strong resilience, effectively absorbing accumulated risks [1]. - New growth drivers are accelerating in development and expansion [1]. Group 2: Future Economic Work - The NDRC aims to implement policies to achieve annual economic and social development targets and tasks outlined in the 14th Five-Year Plan, laying a foundation for a good start to the 15th Five-Year Plan [2]. - There will be a continued focus on expanding domestic demand and promoting high-level technological self-reliance, alongside deepening reform and opening up [2]. - The NDRC plans to enhance economic monitoring and forecasting, ensuring policy continuity and flexibility to adapt to external changes [2].

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the importance of achieving economic and social development goals for the year, highlighting the need for continuous policy implementation and adjustments to stabilize the economy and enhance internal demand [1] Economic Strategy - The NDRC plans to implement existing policies effectively while promoting a strategy of expanding domestic demand and advancing high-level technological self-reliance [1] - There will be a focus on deepening reform and opening up, as well as building a unified national market [1] Employment and Economic Stability - The NDRC aims to introduce measures to stabilize employment and the economy, ensuring policy continuity and stability while enhancing flexibility and foresight [1] - The goal is to transform external pressures into internal driving forces to maintain economic stability [1] Monitoring and Policy Adjustment - The NDRC will strengthen economic monitoring, forecasting, and early warning systems, and will regularly conduct policy research and reserves [1] - Policies will be adjusted in response to changes in the external environment, with a focus on stabilizing employment, enterprises, markets, and expectations [1] Economic Growth and Price Stability - The NDRC aims to achieve a reasonable recovery in price levels, maintain stability in the overall employment situation, and optimize the combination of economic growth [1]

央视网消息：8月1日（星期五）上午，国家发展改革委召开国家发展改革委新闻发布会，解读当前经济 形势和经济工作。 国民经济综合司司长周陈介绍，今年以来，在以习近平同志为核心的党中央坚强领导下，我们积极应对 急剧变化的外部环境，打好政策"组合拳"，去年9月26日一揽子增量政策以及今年出台的稳就业稳经济 若干举措接续发力，上半年我国经济在顶住外部压力、消化累积风险的情况下，稳中有进、好于预期， 高质量发展取得新成效，发展的"含金量"不断提高。 关于下一步经济工作，7月30日召开的中央政治局会议已作出全面部署，国家发展改革委将坚决抓好贯 彻落实，努力完成全年经济社会发展预期目标和"十四五"规划各项任务，为"十五五"良好开局打下基 础。 一方面，持续发力、适时加力实施好已部署的各项政策举措，坚定不移实施扩大内需战略，坚定不移推 动高水平科技自立自强，深化改革开放，加力建设全国统一大市场，特别是继续推动稳就业稳经济若干 举措陆续出台实施，保持政策连续性、稳定性，增强灵活性、预见性，将外部压力转化为内生动力，稳 住经济大盘。 另一方面，加强经济监测预测预警，常态化开展政策预研储备，不断完善稳就业扩内需政策工具箱，根 据外部 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) emphasizes the importance of implementing economic policies to achieve the annual development goals and the tasks outlined in the 14th Five-Year Plan, laying a foundation for a strong start to the 15th Five-Year Plan [1] Group 1: Economic Policy Implementation - The NDRC will continue to implement previously deployed policies and measures, focusing on expanding domestic demand and promoting high-level technological self-reliance [1] - There will be a push for deepening reform and opening up, along with efforts to build a unified national market [1] - The NDRC plans to introduce measures to stabilize employment and the economy, ensuring policy continuity, stability, and enhancing flexibility and foresight [1] Group 2: Economic Monitoring and Forecasting - The NDRC will strengthen economic monitoring, forecasting, and early warning systems, conducting regular policy research and preparation [1] - There will be a focus on timely policy adjustments based on changes in the external environment, ensuring coordination of policies and work between this year and next [1] - The aim is to stabilize employment, businesses, markets, and expectations, while achieving a reasonable recovery in price levels and maintaining overall stability in social employment and economic growth [1]

Core Viewpoint - The implementation of a moderately loose monetary policy is crucial for promoting sustained economic recovery and high-quality development in the face of a complex and changing internal and external economic environment [1][2][8]. Economic Environment - The global economy is experiencing a slowdown, with the World Bank lowering its 2025 global growth forecast from 2.7% to 2.3% and international trade growth forecast from 3.4% to 1.8%, marking the slowest growth since the 2008 financial crisis [3][4]. - China's economy is under pressure from insufficient domestic demand and low price levels, necessitating a stronger emphasis on expanding domestic demand and implementing a moderately loose monetary policy [2][8]. Domestic Economic Performance - In 2025, China's GDP grew by 5.4% year-on-year in the first quarter, with retail sales increasing by 5.0% from January to May, and fixed asset investment rising by 3.7% [7][8]. - Despite positive growth indicators, challenges remain, including a negative GDP deflator for eight consecutive quarters and a consumer price index (CPI) increase of only 0.1% in June, indicating persistent low demand [8][15]. Monetary Policy Characteristics - Monetary policy serves as a tool for total demand management and counter-cyclical adjustment, aiming to restore balance between total supply and demand while maintaining price stability [9][10]. - A moderately loose monetary policy involves dynamic adjustments based on economic conditions, including lowering interest rates and increasing money supply to reduce financing costs and stimulate demand [10][11]. Policy Implementation and Effects - Since 2025, the People's Bank of China has lowered policy rates, resulting in a reduction of corporate and personal housing loan rates by approximately 50 and 55 basis points, respectively, leading to historically low financing costs [15][16]. - The total social financing (TSF) increased by 2.29 trillion yuan in May, with a year-on-year growth of 8.7%, indicating robust credit growth [16]. Strategic Focus Areas - The implementation of moderately loose monetary policy should focus on three aspects: total volume, price, and structure, to ensure sustained economic growth and stability [17][18]. - Emphasis on optimizing financial resource allocation, enhancing the efficiency of financial services to the real economy, and supporting key sectors and vulnerable areas through targeted monetary policy tools [18].

Core Viewpoint - The Ministry of Industry and Information Technology emphasizes the implementation of the strategy to expand domestic demand and strengthen the industrial economy's foundation [1] Group 1: Strategic Actions - A new round of ten key industries' growth stabilization actions will be implemented to leverage the leading role of major industrial provinces [1] - An action plan will be developed to enhance the adaptability of consumer goods supply and demand to support consumption expansion [1] Group 2: Technological Development - The promotion and application of technologies such as artificial intelligence terminals, ultra-high-definition video, smart wearables, and drones will be accelerated [1]

Core Viewpoint - The article emphasizes the strategic importance of constructing a new development pattern in China, focusing on high-quality economic development and self-reliance as a response to both domestic and international challenges [1][2]. Group 1: Understanding the New Development Pattern - The new development pattern is characterized by a domestic major circulation as its main body, addressing the need for a strong domestic market to enhance economic resilience [3][4]. - It is an open dual circulation model that connects domestic and international markets, aiming to utilize global resources while enhancing domestic economic capabilities [4][5]. Group 2: Advantages of the New Development Pattern - The strategy reflects the central leadership's deep understanding of China's economic and social development, leading to significant progress in policy implementation and institutional improvement [7]. - The domestic major circulation's internal driving force is strengthening, with consumer spending contributing an average of 56.2% to economic growth from 2021 to 2024 [8]. Group 3: Key Components for Implementation - The smooth operation of economic circulation is crucial, requiring a balance between supply and demand, and addressing existing bottlenecks [5][6]. - Emphasis on technological self-reliance is vital for ensuring the stability of domestic circulation and gaining advantages in international circulation [6][11]. Group 4: Enhancing Domestic Demand - The strategy includes expanding effective investment and boosting consumption through various supportive policies, aiming to enhance the overall economic structure [17][18]. - The integration of technology and industry innovation is prioritized to foster new economic growth drivers and improve productivity [18]. Group 5: Regional and International Cooperation - The article highlights the importance of coordinated regional development and the integration of urban and rural economies to optimize the domestic circulation space [19][20]. - It advocates for high-level opening-up to better leverage international circulation, enhancing trade and investment quality [20][21].