Group 1 - China's economy achieved expected goals and tasks in 2024, with significant progress in high-quality development despite various uncertainties [1] - The government aims to boost consumption and expand domestic demand as the primary driver of economic growth, especially in response to weak external demand [1][2] - The reliance of China's economy on foreign trade is relatively low, with exports accounting for only 18.9% of GDP in 2024, compared to 34.9% in 2006 [1] Group 2 - China is accelerating the construction of a new development pattern focused on domestic circulation, with strong growth in sectors like artificial intelligence, new energy, and high-end equipment manufacturing [2] - Breakthroughs in generative AI and intelligent driving indicate China's leading position in these fields, supported by a large domestic market and engineering talent [2] - The advancements in technology are expected to lead to a wave of high-quality enterprises with core competitiveness in the global market [2]

服务消费领域同样成为银行发力重点。河南淅川农商银行与当地文旅部门协同创新，搭建"智慧旅游"综 合服务平台，同时推出低利率特色信贷产品，既为旅游从业者提供资金支持，又以优惠利率吸引游客消 费；广发银行依托信用卡业务，聚焦"吃住行游购娱"等旅游消费场景，推出景区门票折扣、餐饮满减等 系列优惠活动，点燃线下消费热情。 5月15日，国务院召开做强国内大循环工作推进会（以下简称"会议"）。会议指出，要围绕加快构建新 发展格局，把做强国内大循环摆到更加突出的位置，统筹实施扩大内需战略和深化供给侧结构性改革， 不断提升经济循环的质量和层次，促进国内市场和国际市场高效联通，以国内大循环更好牵引国际循 环。 近年来，银行业聚焦提振消费、赋能地方特色资源品牌建设等领域，多维度探索服务国内大循环的创新 路径，为经济高质量发展注入强劲金融动能。 深挖消费潜力 激活内需增长新动能 消费是畅通国内大循环的关键环节。银行业精准锚定大宗消费与服务消费两大赛道，通过创新金融产 品、优化服务模式、搭建消费场景等方式，持续释放消费活力。 在大宗耐用消费品领域，多家银行以灵活多元的信贷服务撬动市场潜力。中信银行与头部新能源汽车品 牌深化战略合作，推 ...

Core Viewpoint - The banking sector plays a crucial role in promoting domestic economic circulation and is tasked with providing financial support to both emerging and traditional industries, thereby driving economic growth [1][3]. Group 1: Support for Emerging Industries - Banks should actively innovate financial products and services to provide stable long-term funding for emerging industries such as artificial intelligence and renewable energy, helping them overcome technological bottlenecks and facilitating their industrialization [1]. - Establishing diversified technology financial service models, including intellectual property pledge loans, is essential for supporting enterprises and promoting the transformation and application of technological achievements [1]. Group 2: Support for Traditional Industries - Increased funding for upgrading and transforming traditional manufacturing projects is necessary, focusing on technological upgrades, equipment renewal, and digital transformation to enhance competitiveness [1]. - Banks are encouraged to strengthen credit support for small and micro enterprises to alleviate their financing difficulties, thereby solidifying the foundation for domestic economic circulation [1]. Group 3: Strengthening Supply Chain Stability - Banks are responsible for providing comprehensive financial services to key areas and critical links in the industrial supply chain, ensuring stability and self-sufficiency [2]. - Support for core enterprises is vital to enhance their integration capabilities and collaborative effects within the supply chain, using supply chain financial products to promote the development of upstream and downstream small and medium enterprises [2]. Group 4: Promoting Consumption - Banks should optimize consumer financial products and services, developing personalized and diversified consumer credit products to meet the varied consumption needs of residents and unleash consumption potential [2]. - Collaborating with e-commerce platforms and offline retail enterprises to promote consumption scenarios and new business models is essential for enhancing service consumption [2]. Group 5: Overall Economic Strategy - The banking sector's efforts to support domestic economic circulation align with national strategic responsibilities and are essential for the sector's sustainable development [3]. - By optimizing service models and innovating financial products, banks can provide precise support for emerging industries, empower traditional industries, and promote overall economic stability and growth [3].

Group 1 - The global economic and trade environment is undergoing profound changes, with increasing uncertainty due to high tariffs and rising protectionism, which suppresses corporate investment decisions and innovation [4][5] - The restructuring of the international trade and investment system creates new development opportunities for global South countries, as they can attract more trade and investment due to their competitive advantages in lower costs and tariffs [4][5] - The importance of enhancing domestic circulation in China is emphasized, with suggestions to break down barriers in the unified market, evaluate macro policies effectively, and support the development of the private economy [8][6] Group 2 - The need for China to increase fiscal spending and social security to stimulate domestic demand and achieve economic rebalancing is highlighted [7][6] - The diversification of the global monetary system is anticipated, with more currencies from emerging markets participating in international transactions and an increased focus on digital currencies for cross-border trade [9]

越是外部环境变化，越要集中精力办好自己的事，进一步全面深化改革开放，加快破除阻碍经济循环畅 通的堵点卡点，持续巩固和增强我国超大规模市场优势。 长期成长性，体现在我国经济有持续壮大的增量空间，新需求、新动能将不断形成。我国是全球最具成 长性、最具潜力的内需市场，未来十几年中等收入群体将达到8亿人，对越来越多商品、服务的需求 从"有没有"向"好不好"转变，消费升级动能强劲。我国还有近3亿农业转移人口正在加快市民化进程， 也将在住房、教育、医疗、养老等方面产生大量需求。从投资看，我国在科技创新和产业升级，以及基 础设施、社会民生领域补短板等方面仍有巨大空间。长期成长性还体现在，超大规模市场意味着更多的 创新场景、更低的创新成本和更高的创新收益，可以为不同技术路线、商业模式提供广阔舞台，促进新 质生产力加快壮大，为经济发展持续注入动力和活力。 在改革发力、政策加力的作用下，我国经济依靠内需和创新驱动的新格局正在形成。在大规模设备更新 带动下，1月份至4月份设备购置投资同比增长18.2%，对全部投资增长的贡献率达到64.5%。科技创新 持续赋能新质生产力发展，4月份，规模以上高技术制造业增加值同比增长10%，装备制造 ...

各位记者朋友： 【何咏前】: 大家下午好，欢迎参加商务部例行新闻发布会。今天我首先有一条信息需要向大家通报。 一、2025年1-4月我国对外投资合作情况 2025年1-4月，我国全行业对外直接投资575.4亿美元，同比（下同）增长7.5%，其中对外非金融类直接 投资510.4亿美元，增长5.6%，在共建"一带一路"国家非金融类直接投资127.8亿美元，增长16.4%。 1-4月，我国对外承包工程完成营业额471.1亿美元，增长6.8%；新签合同额765.9亿美元，增长22.4%。 其中，我国企业在共建"一带一路"国家承包工程完成营业额379.9亿美元，增长5.2%；新签合同额645.4 亿美元，增长17.4%。 以上就是我要向大家通报的信息，下面我愿意回答记者朋友提出的问题。 【经济参考报记者】: 5月15日，国务院召开做强国内大循环工作推进会，强调要把发展的战略立足点放在做强国内大循环 上，要深挖潜力提振消费。下一步，商务部在做强国内市场、促进消费方面会有哪些举措？ 【何咏前】: 商务部将认真贯彻落实有关会议精神，突出"加快"、强化"提升"、立足"有效"，更好发挥消费对经济循 环的牵引带动作用，做强国内大循 ...

Economic Overview - The current economic operation in China faces increased challenges due to uncertainties in international circulation, but favorable conditions for long-term economic improvement remain unchanged [1] - The national economy has shown a good start this year, with April maintaining stable growth, laying a foundation for achieving annual targets [2] Consumer and Investment Trends - Domestic demand plays a significant stabilizing role, with final consumption expenditure contributing over 50% to economic growth in Q1 [2] - The implementation of policies such as the trade-in program for consumer goods has boosted retail markets, particularly in appliances and furniture [2] - Fixed asset investment has increased by 4% year-on-year, with manufacturing investment growth close to 9% [2] Industrial Growth and Innovation - The industrial economy has shown positive momentum, with a 6.4% year-on-year increase in the added value of large-scale industries from January to April [2] - High-tech manufacturing sectors have outperformed average industrial growth rates, with significant increases in the production of industrial robots and new energy vehicles [2] Regulatory Environment and Support for Enterprises - New laws and regulations have been implemented to enhance the vitality of various business entities, including the promotion of private economy and fair competition [3] - The government has introduced measures to support industries facing challenges in transformation and export, fostering a more favorable business environment [3] Global Economic Integration - Despite rising protectionism and unilateralism, globalization remains a historical trend, and many multinational companies continue to invest in China, reflecting confidence in the market's potential [3] - China aims to enhance its economic circulation quality and promote efficient connections between domestic and international markets [3] Innovation and Digital Transformation - China is transitioning from being a manufacturing hub to a global innovation center, with multinational companies upgrading their R&D centers in China to focus on digital innovation [4] - The integration of digital technologies with manufacturing and market advantages is being accelerated, promoting opportunities for emerging industries [4] Green Transformation - There is a strong commitment to promoting a comprehensive green transformation in economic and social development, focusing on clean energy utilization and the growth of the renewable energy sector [5]

Group 1 - The core viewpoint is that recent economic indicators for April demonstrate the resilience of China's economy, with some data exceeding market expectations, particularly an 8.1% year-on-year increase in goods exports in USD terms [1] - Despite a decline in exports and imports with the US by 21% and 13% respectively, exports to non-US regions have significantly increased, indicating a need to reassess the impact of tariffs on the economy in May and June [1] - The expectation for further policy easing may need to be re-evaluated based on the stable growth in production and demand, contrary to previous market expectations of economic pressure [1] Group 2 - The next phase will see more proactive fiscal policies and moderately loose monetary policies, with a focus on stabilizing the domestic economic cycle, particularly through the real estate market [2] - From January to April, general public budget expenditure increased by 4.6%, while government fund budget expenditure rose by 17.7%, indicating a broad fiscal expenditure growth of over 7% [2] - The adjustment of micro-policies is crucial, as current low price phenomena are influenced not only by supply relations but also by the micro-market environment and pricing systems [2] Group 3 - The expansion of domestic demand strategy should focus on structural adjustments rather than just short-term stimulus, requiring a shift in understanding macro policies from crisis management to mid-term structural adjustments [3] - A better understanding of the relationship between policy choices, coordination of macro and micro policies, and the balance between short-term policies and mid-term reforms is essential for enhancing economic resilience [3]

今日早参 2025 年 5 月 21 日 4 月财政数据点评 低基数下 4月广义财政（一般公共预算+政府性基金）支出同比进一步上行至 12.9%，显示财政政策总体维持温和宽松态势、但财政扩张动能环比季节性 放缓。一般公共预算支出增速较 3 月略回升至 5.8%，政府性基金支出在低基 数下大幅走高至 44.7%，专项债发行前置推动政府性基金支出持续回升；4 月广义财政收入同比亦转正至 2.7%，主要受政府性基金收入大幅回升的提 振，同时一季度名义增速实现良好开局、亦可能部分体现在财政收入改善层 面。财政支出结构中，城乡社区事务、交通运输、卫生健康等支出同比回 升。4 月广义财政赤字录得 3,367 亿元、较去年同期多增 2,479 亿元、财政 政策保持宽松态势。此外，低基数下财政存款同比从 3 月的 17%上行至 21.5%，或反映政府发债融资前置、但财政资金拨付仍待提速。 风险提示：中美贸易摩擦程度超预期、内需修复力度不及预期。 研报发布日期：2025-05-20 研究员 易峘 SAC:S0570520100005 SFC:AMH263 吴宛忆 SAC:S0570524090005 SFC:BVN199 策略 ...

首席点评： 这边风景独好 中国人民银行行长潘功胜：实施好适度宽松的货币政策，满足实体经济有效融资需求，保持金融总量合 理增长。国际局势：印度和巴基斯坦已同意在五月底前将军队撤至冲突前的位置。伊朗最高领袖哈梅内 伊：我认为与美国的核谈判不会成功。稳定向好的经济环境是发展的基石，对比纷乱的国际局势，坚定 看好国内大循环、大市场走好自己的路。 重点品种： 股指、 国债 、铜 股指： 美国三大指数小幅下跌，上一交易日股指上涨，美容护理板块领涨，国防军工板块领跌，全市 成交额 1.21万亿元，其中IH2506上涨0.45%，IF2506上涨0.63%，IC2506上涨0.58%，IM2506上涨 0.88%。资金方面，5月19日融资余额增加35.97亿元至17984.54亿元。5月7日国新办发布会发布了利好 政策，5月12日中美关税谈判取得阶段性成果，短期利好股市。当前我国主要指数的估值水平仍然处于 较低水平，中长期资金入市配置的性价比仍然较高。从当前走势看，短期暂无持续向上突破的迹象，建 议股指期货先观望，股指期权以卖权为主。 国债： 小幅下跌， 10年期国债活跃券收益率上行至1.665%。央行公开市场操作净投放17 ...