《征求意见稿》明确，将加强政府投资基金投向调控，按照要求，政府投资基金不得投资于《产业结构 调整指导目录》中的限制类、淘汰类产业，以及其他有关规划和政策文件中明确要求调控限制的产业领 域。同时，设立政府投资基金要落实建设全国统一大市场部署要求，不以招商引资为目的，鼓励降低或 取消返投比例。 本报讯 据国家发展改革委30日消息，为更好发挥政府投资基金在服务国家战略、推动产业升级、促进 创新创业等方面的积极作用，国家发展改革委会同有关方面起草了《政府投资基金布局规划和投向工作 指引（公开征求意见稿）》和《加强政府投资基金投向指导评价管理办法（公开征求意见稿）》（下称 《征求意见稿》），向社会公开征求意见。 另外，政府投资基金不得通过明股实债等方式变相增加地方政府隐性债务，除并购重组、定向增发、战 略配售外不得从事公开交易类股票投资，不得直接或间接从事期货等衍生品类交易，不得为被投资企业 之外的企业或项目提供担保，不得开展承担无限责任的投资。（鲍仁） ...

Core Viewpoint - The article emphasizes the confidence and capability to achieve the economic and social development goals for the year, despite the tight timeline and heavy tasks ahead, as outlined in the Central Political Bureau meeting [1] Economic Performance - The economic total grew by 5.3% year-on-year in the first half of the year, indicating a stable trend with summer grain production remaining robust [1] - High-tech manufacturing industries saw an increase in added value by 9.5% year-on-year, reflecting the emergence of new growth drivers [1] Policy Implementation - The implementation of "two heavy" and "two new" policies has strengthened investment in fixed assets and released domestic demand potential [1] - Efforts to eliminate "involution" competition and accelerate the establishment of a unified national market have effectively stimulated market vitality [1] Challenges and Confidence - The article highlights the importance of proactive measures and overcoming challenges, asserting that the centralized and unified leadership of the Party is fundamental to effective economic work [1] - There is a strong belief in the ability to consolidate and expand positive momentum, turning development plans into reality [1]

要实现"十四五"圆满收官，做好下半年经济工作至关重要。 中共中央政治局7月30日召开会议，分析研究当前经济形势，部署下半年经济工作。会议明确，着力稳 就业、稳企业、稳市场、稳预期，强调"保持政策连续性稳定性，增强灵活性预见性""努力完成全年经 济社会发展目标任务"，并作出一系列重要部署，释放了多重信号。 ◎本报记者集体采写 看点1 宏观政策 要持续发力、适时加力 宏观政策是经济保持平稳运行的重要推动力。7月30日中央政治局会议提出，宏观政策要持续发力、适 时加力。要落实落细更加积极的财政政策和适度宽松的货币政策，充分释放政策效应。 本次会议重申坚持稳中求进的工作总基调，延续了4月中央政治局会议"加紧实施更加积极有为的宏观政 策"的表述，同时提到"保持政策连续性稳定性，增强灵活性预见性，着力稳就业、稳企业、稳市场、稳 预期"。 粤开证券首席经济学家兼研究院院长罗志恒表示，"适时加力""增强灵活性预见性"意味着：一方面，延 续前期政策，落实既定的财政货币金融政策，做好政策接续，不搞大拐弯，让经营主体有稳定的政策预 期和市场预期，推动经济持续平稳运行；另一方面，也要看到政策的连续性，同时根据形势变化做出灵 活调整， ...

Core Insights - The National Development and Reform Commission (NDRC) has released draft guidelines for government investment funds aimed at enhancing management and promoting high-quality development to better serve national strategies and industrial upgrades [1][2][3] Group 1: Government Investment Fund Guidelines - The guidelines emphasize the need for government investment funds to support key areas, focusing on modernizing industries, tackling core technology challenges, and major cross-regional projects [1][2] - National-level funds are encouraged to collaborate with local funds, particularly in cutting-edge technology and critical industry chain segments, to leverage local resources through joint sub-funds or contributions to local funds [1][2] - Local funds should identify their positioning based on regional financial capabilities, industrial resources, and debt risks, focusing on local特色优势产业 and supporting small and micro enterprises as well as technology innovation [1][2] Group 2: Investment Focus and Restrictions - Government investment funds are directed to enhance high-end capacity supply, focusing on industrial technology innovation and addressing critical technology bottlenecks [2] - Investment in restricted or eliminated industries as per the "Industrial Structure Adjustment Guidance Catalog" is prohibited, and funds should avoid investing in sectors with structural contradictions [2] - The establishment of government investment funds should align with the goal of building a unified national market, discouraging investment solely for attracting capital [2] Group 3: Evaluation and Management - The management guidelines highlight the importance of incentive and constraint mechanisms to optimize industrial layout and strengthen industrial regulation [3][4] - An evaluation system will be established to assess fund direction, operational management, and compliance with national policies, incorporating both quantitative and qualitative metrics [3] - Funds exhibiting negative behaviors as per the established blacklist will not undergo evaluation for that year, and existing funds not aligning with the new guidelines are encouraged to exit upon expiration [4]

Core Viewpoint - The Central Political Bureau meeting emphasizes the need for continuous and flexible macroeconomic policies to address current economic challenges while promoting growth and stability in the second half of the year [1][3][5]. Group 1: Economic Outlook - The meeting assesses that China's economy has shown strong vitality and resilience in the first half of the year, with a GDP growth rate of 5.3%, surpassing market expectations [2]. - However, there are ongoing risks such as insufficient effective demand, low price levels, and challenges from trade conflicts that may persist into the next five-year plan [2][4]. - The economic cycle is still in the destocking phase, necessitating targeted incremental policies to stimulate various sectors [2]. Group 2: Policy Implementation - The meeting calls for sustained and timely macroeconomic policies, focusing on more proactive fiscal policies and moderately loose monetary policies to fully unleash policy effects [5][6]. - Emphasis is placed on the effective implementation of existing policies, with a focus on structural and targeted support rather than broad-based measures [5][6]. - The government aims to accelerate the issuance and utilization of government bonds to enhance funding efficiency, with over 2.2 trillion yuan in new local government bonds issued by mid-2023 [5]. Group 3: Domestic Demand and Consumption - The meeting highlights the importance of effectively releasing domestic demand potential, particularly through boosting consumption and fostering new growth points in service consumption [8]. - Service consumption is identified as a key driver for stabilizing employment and expanding domestic demand, with recent policies aimed at improving living standards to further stimulate consumption [8]. Group 4: Market Competition and Industry Governance - The meeting stresses the need to promote a unified national market and optimize market competition order, addressing issues of disorderly competition and excess capacity in key industries [9][10]. - Specific measures include controlling new capacity in traditional industries and supporting innovation in emerging sectors to avoid administrative overreach [9]. Group 5: Foreign Trade and Investment - The meeting emphasizes the need to stabilize foreign trade and investment, providing support to affected foreign trade enterprises and optimizing export tax rebate policies [11]. - Policies will be introduced to assist foreign trade companies in exploring non-U.S. overseas markets and to facilitate the transition of export goods to domestic sales [11]. Group 6: Local Government Debt Management - The meeting reiterates the importance of managing local government debt risks and prohibits the creation of new hidden debts, aiming for a clear separation between government and enterprise financing [12]. - The focus is on a gradual and effective approach to clearing local financing platforms while ensuring risk control [12]. Group 7: Capital Market Development - The meeting calls for enhancing the attractiveness and inclusiveness of the domestic capital market to support stable growth [13][14]. - Suggestions include improving investment return expectations, increasing financing convenience, and expanding the range of financial tools available to support market stability [13][14].

Group 1 - The meeting emphasized the need for macro policies to continue to exert force and be appropriately strengthened, focusing on effective release of domestic demand potential and deepening reforms [1][4] - The current economic situation is characterized by strong resilience, with GDP growth in the first half of the year reaching 5.3%, surpassing market expectations [2] - The meeting highlighted the importance of maintaining policy continuity and flexibility to stabilize employment, enterprises, and market expectations [3] Group 2 - The meeting called for accelerating government bond issuance and improving fund utilization efficiency, with over 2.2 trillion yuan in new local government special bonds issued by the end of June [5] - Emphasis was placed on structural support in monetary policy, particularly for small and micro enterprises, to stabilize employment and residents' income [5][6] - The focus on expanding domestic demand is centered on promoting consumption, particularly in the service sector, which is expected to play a significant role in stabilizing employment and expanding demand [6] Group 3 - The meeting proposed to deepen the construction of a unified national market and optimize market competition order, addressing issues of disorderly competition [7] - There is a need for timely support policies for foreign trade enterprises affected by external uncertainties, including financial support and optimizing export tax rebate policies [8][9] - The meeting emphasized the importance of effectively and orderly addressing local government debt risks and prohibiting the addition of new hidden debts [10] Group 4 - The meeting aimed to enhance the attractiveness and inclusiveness of the domestic capital market, focusing on improving investment return expectations and resource allocation [11] - Suggestions were made to lower operational thresholds for capital market support tools and to create new financial instruments to stabilize the capital market [11]

Core Viewpoint - The meeting of the Central Political Bureau emphasizes the importance of economic work in the second half of the year to achieve the goals set for the "14th Five-Year Plan" and focuses on stabilizing employment, enterprises, markets, and expectations [1] Macro Policy - Macro policies need to continue to exert force and be adjusted as necessary, with a focus on maintaining policy continuity and stability while enhancing flexibility and foresight [2] - The meeting reiterates the need for a more proactive fiscal policy and moderately loose monetary policy to fully unleash policy effects [2][3] Fiscal Policy - The meeting calls for accelerating the issuance and utilization of government bonds to improve fund efficiency and ensure the "three guarantees" at the grassroots level [3] - As of the end of June, the budget for special bonds has reached 658.3 billion yuan, indicating a strong push for fiscal policy [3] Monetary Policy - Monetary policy should maintain ample liquidity and promote a decline in overall financing costs [4] - The meeting does not mention new structural monetary policy tools but emphasizes the effective use of existing ones to support small and micro enterprises, consumption, and foreign trade [4][5] Domestic Demand - The meeting highlights the need to effectively release domestic demand potential, with domestic demand contributing 68.8% to GDP growth in the first half of the year [6] - Measures to boost consumption include implementing special actions to stimulate consumption and expanding service consumption [6][7] Investment - The meeting stresses the importance of high-quality investment in infrastructure and stimulating private investment through reduced market access barriers and financial support [7] Technological Innovation - The meeting emphasizes the integration of technological innovation and industrial innovation as a core strategy for high-quality development [8] - Focus areas include strategic emerging industries and future industries, with a goal of fostering new supply to create new demand [8][9] Foreign Trade and Investment - The meeting underscores the need to stabilize foreign trade and foreign investment, with policies to support affected foreign trade enterprises [10][11] - The foreign trade sector showed resilience, with imports and exports maintaining a scale of over 20 trillion yuan in the first half of the year [11] Capital Market - The meeting calls for enhancing the attractiveness and inclusiveness of the domestic capital market to consolidate the positive momentum [12] - Reforms should focus on market-oriented, rule-of-law, and internationalization to improve capital allocation efficiency [12] Unified National Market - The meeting proposes deepening the construction of a unified national market to optimize market competition order and address current market pain points [13][14] Urban Renewal - The meeting emphasizes high-quality urban renewal as a means to ensure stable economic development, with a focus on transforming old urban areas and improving existing housing stock [15][16] - Urban renewal is seen as a key driver to stimulate housing demand and mitigate risks in the real estate sector [16]

政府投资基金迎来两大重磅文件。 《每日经济新闻》记者获悉，7月30日，国家发改委向社会公开征求《政府投资基金布局规划和投向工 作指引》（以下简称《指引》）和《加强政府投资基金投向指导评价管理办法》（以下简称《办法》） 意见。 其中，《指引》提出政府投资基金应聚焦政策目标、避免同质化竞争和挤出效应；规定基金需投向鼓励 类产业（如符合国家级产业目录），国家级基金侧重国家层面重大项目和关键技术攻关，地方基金聚焦 区域特色产业；强调投向调控，禁止投资限制类、淘汰类产业，避免重复设立和变相增加隐性债务等。 《办法》则指出，严防地方政府通过政府投资基金变相补贴产能过剩领域，防止重复投资和无序竞争。 国家发改委会同有关部门，建立突出基金投向政策取向评价、覆盖基金运营管理全流程、定量和定性相 结合的评价指标体系，并动态调整。 有业内人士对记者分析称，两大重磅文件的发布，是对今年1月《国务院办公厅关于促进政府投资基金 高质量发展的指导意见》（国办发〔2025〕1号，以下简称《指导意见》）的贯彻落实。可以预见，政 府投资基金作为产业发展的"助推器"，将在2025年进一步规范，更高效地吸引更多的资本带动产业转型 和科技创新，培育并 ...

Group 1: Summer Economic Activities - The summer economy is revitalizing consumption with unique cultural and tourism activities, such as the martial arts-themed attractions in Kaifeng, which saw a 230% increase in visitor numbers compared to last year [2][3] - Various regions are promoting differentiated cultural tourism activities, leading to a surge in summer travel, with new projects enhancing visitor experiences [3] Group 2: National Unified Market Development - The construction of a national unified market is advancing, with initiatives like the seamless migration of businesses across provinces, exemplified by a company moving from Chongqing to Yibin [4] - The Central Economic Committee has outlined plans to deepen the national unified market, with multiple regions implementing measures to facilitate this integration [4][5] Group 3: Acceleration of Major Projects - Major infrastructure projects are being expedited, including the completion of a 750 kV power transmission project around the Tarim Basin and the production commencement of the world's largest single green ammonia facility in Jilin [6][7] - The government has allocated 800 billion yuan for construction projects, supporting 1,459 initiatives to stimulate economic growth [6] Group 4: Expansion of High-Level Opening Up - High-level international exhibitions are being successfully held, showcasing innovations and attracting significant foreign participation, such as the third Chain Expo with 172 overseas delegations [8][9] - China's commitment to expanding high-level opening up is evident through various foreign investment projects, including the opening of the largest LEGO park in Shanghai and the launch of a major ExxonMobil project [9][10]

Group 1: Summer Economic Activation - The summer economy is revitalizing consumer spending, with unique cultural and tourism activities driving increased visitor numbers, such as a 230% year-on-year increase in visitor traffic at a themed attraction in Henan [5][10] - Various regions are launching differentiated cultural tourism activities to boost summer travel, including adventure sports and cultural festivals, contributing to a rise in tourism consumption [5][10] Group 2: National Unified Market Development - The construction of a national unified market is progressing, with initiatives to facilitate business migration and streamline administrative processes, exemplified by a company relocating with reduced bureaucratic hurdles [11][14] - Collaborative agreements among regions, such as the Yangtze River Delta, are enhancing market integration and regulatory cooperation, supporting the establishment of a unified market [11][14] Group 3: Acceleration of Major Project Construction - Major infrastructure projects are being expedited, with significant milestones achieved, such as the completion of a 4,197 km power transmission project and the production commencement of a large-scale green ammonia facility [17][20] - The government has allocated 800 billion yuan for construction projects, supporting 1,459 initiatives, which is crucial for stabilizing the economy and boosting domestic demand [17][20] Group 4: Expansion of High-Level Opening Up - High-level international exhibitions are being successfully held, attracting increased participation and showcasing innovations, which reinforces China's commitment to opening its markets [23][26] - Foreign investment cases, such as the opening of the largest LEGO park in Shanghai and significant projects by multinational corporations, highlight the ongoing expansion of China's openness to global business [23][26]