转自：新华财经 •政府投资基金"投向哪、怎么投、谁来管" 国家首次作出系统规范 提出14项政策举措 •国务院办公厅12日对外发布《"高效办成一件事"2026年度第一批重点事项清单》，包含个人和经营主体事项共13项。新一批清单聚焦企业和个人全生命周 期高频事项，既涵盖科技型企业创新政策扶持、知识产权保护、举办体育赛事活动等赋能发展的"大事"，也包含育儿补贴申领、灵活就业参保等贴近生活 的"小事"，更有外籍来华人员办理电话卡、海船开航等服务开放的"新事"。（新华社） •中共中央政治局委员、国务院副总理何立峰12日在人民大会堂会见美国前财长、华平集团主席盖特纳时表示，中国正全面贯彻落实中共二十届四中全会精 神，按照"十五五"规划建议部署，纵深推进全国统一大市场建设，坚定不移扩大高水平对外开放，促进经济高质量发展。欢迎包括华平集团在内的外资企业 和长期资本继续扩大在华投资，深化对华互利合作。（新华社） •国家发展改革委等部门印发的《关于加强政府投资基金布局规划和投向指导的工作办法（试行）》12日对外发布，《工作办法》围绕政府投资基金"投向 哪、怎么投、谁来管"三方面，提出14项政策举措。在优化基金布局方面，要求基金支 ...

建设全国统一大市场，是提振消费最具牵引力、最可持续的制度抓手。消费不足往往并非"没有需求"， 而是市场分割抬高交易成本、削弱优质供给扩散、放大维权摩擦并加剧预期不稳；只有把统一大市场做 深做实，才能把制度红利转化为居民端的获得感与企业端的成长性。国家统计局数据显示，2025年1— 11月社会消费品零售总额456067亿元、同比增长4.0%，全国网上零售额144582亿元、同比增长9.1%， 线上消费保持活跃，但"敢消费、愿消费"的信心修复仍需要更强的制度支撑。 统一利益协调机制是打破地方保护、确保政策红利直达的制度底座。地方保护往往源于税源、就业和统 计指标的短期竞争，导致对外来供给设置门槛、对本地企业变相护航，最终仍由消费者承担成本。应完 善生产地与消费地之间的利益分享机制，并优化统计、财税与考核制度，把地方竞争引导到营商环境、 公共服务与制度创新上来，推动各地从"政策洼地竞争"转向"改革高地建设"；同时促消费政策要坚 持"统一规则、地方创新、全国可复制"，鼓励夜间经济、首店经济、以旧换新等场景创新，但坚决防止 以补贴和隐性门槛排外，避免政策演化为新的市场分割。 建设全国统一大市场的价值，不在于"再造一个市 ...

Group 1 - The core focus of recent development and reform meetings across various provinces in China is to expand effective demand, build a unified national market, and optimize the business environment [1][2] - Local governments are prioritizing the expansion of domestic demand, with Fujian province emphasizing the implementation of strategies to boost consumption and investment in key projects [1][2] - Investment strategies are shifting from a focus on physical assets to a balanced approach that includes human capital, with an emphasis on improving investment efficiency [1][2] Group 2 - The restructuring of local investment logic is moving towards a dual focus on both physical and human capital, which is expected to support stable growth in domestic demand, investment, and consumption [2] - The introduction of policies to stimulate consumption, such as the "old-for-new" program, is a key task for 2026, with various provinces outlining specific measures to enhance service consumption [2] - Deep reforms are being planned alongside the expansion of domestic demand, with a focus on advancing the construction of a unified national market and optimizing the business environment [2][3] Group 3 - Challenges remain in the construction of a unified national market, including local protectionism and market segmentation, which hinder progress [3] - Provinces like Shandong and Fujian are taking steps to improve their integration into the national market by standardizing investment attraction practices and addressing issues in the bidding process [3] - There is a need for fiscal and tax reforms to reshape local government incentives and reduce inappropriate market interventions, which are currently obstructing the development of a unified national market [3]

Group 1 - The core viewpoint emphasizes the importance of the Party's leadership and strict governance to transform the blueprint outlined in the 20th Central Committee's Fourth Plenary Session into reality [1][2] - The "15th Five-Year" period presents both strategic opportunities and challenges, necessitating strong execution of the Party's decisions to maintain development momentum [1][2] - The implementation of major decisions from the Party Central Committee is crucial for maintaining its authority and ensuring continuous progress in the Party and people's endeavors [1][2] Group 2 - There is a call for enhancing political responsibility and historical mission among Party organizations and members, focusing on serving the people and adhering to the Party's core tasks [2][3] - The need for practical and localized approaches in implementing the Party's decisions is highlighted, warning against blindly following trends without considering local conditions [3][4] - The importance of breaking down barriers to create a unified national market is stressed, with a focus on eliminating local protectionism and market segmentation [3][4] Group 3 - The necessity for creativity in executing the Party's decisions while ensuring alignment with national development goals is emphasized [3][4] - The call for precise positioning and adaptability in various regions and departments to ensure effective implementation of the Party's policies is reiterated [4][5] - A collective effort to unite under the leadership of the Party is seen as essential for overcoming challenges and achieving new victories [5]

办法明确，充分发挥投向评价工作的指导带动作用，引导政府投资基金落实国家产业调控要求，支持现 代化产业体系建设。推动国家级基金与地方基金统筹布局、协同联动，有力有效支持重大战略、重点领 域和市场不能充分发挥作用的薄弱环节。加强激励约束，督促各级基金依据评价结果合理统筹布局、优 化投向，规范完善运营管理和投资决策机制。 办法指出，评价指标主要包括以下内容：一是政策符合性指标，主要评价基金在支持新质生产力发展、 支持科技创新和促进成果转化、推进全国统一大市场建设、支持绿色发展、支持民营经济发展和促进民 间投资、壮大耐心资本、带动社会资本、服务社会民生等方面发挥的作用；二是优化生产力布局指标， 主要评价基金落实国家区域战略、重点投向领域契合度及产能有效利用情况等；三是政策执行能力指 标，主要评价资金效能情况及基金管理人专业水平等。 办法明确，国家发展改革委将最终评价结果以适当方式通报省级政府、有关部门、评价对象和有关金融 机构，并通过登记系统发布。省级发展改革部门将最终评价结果通报至下级政府和具体基金管理部门。 各级发展改革部门会同相关部门，将最终评价结果与基金信用建设等工作有机结合。（魏玉坤） 国家发展改革委印发的 ...

Group 1: CPI Analysis - In December 2025, the Consumer Price Index (CPI) increased by 0.8% year-on-year, marking the highest level since March 2023, with a month-on-month increase of 0.2% [2][3] - The rise in CPI was driven by increased consumer demand due to the upcoming New Year holiday, with prices for communication tools, baby products, entertainment durable goods, and household appliances rising between 1.4% and 3.0% [2] - Food prices contributed significantly to the CPI increase, with a year-on-year rise of 1.1%, particularly driven by fresh vegetables and fruits, which saw price increases of 18.2% and 4.4% respectively [3][4] Group 2: PPI Analysis - The Producer Price Index (PPI) showed a month-on-month increase of 0.2% in December 2025, marking three consecutive months of growth, with the year-on-year decline narrowing to 1.9% [6][7] - The improvement in PPI is attributed to enhanced supply-demand dynamics in the industrial sector, supported by ongoing capacity governance policies and the positive impact of international commodity prices [6][7] - Key industries such as coal mining and lithium-ion battery manufacturing experienced price increases, indicating a recovery in industrial production and demand [6][7] Group 3: Sector-Specific Insights - The prices in the coal mining and washing industry increased by 1.3% and 0.8% respectively, continuing a five-month upward trend, while prices in the new energy vehicle manufacturing sector shifted from decline to increase [6][7] - The digital economy, new materials, and green transition sectors showed strong performance, with prices for external storage devices and components rising by 15.3% and for biomass liquid fuels by 9.0% [7] - Consumer spending in cultural and quality goods has surged, leading to price increases in related manufacturing sectors, such as a 23.3% rise in the price of arts and crafts products [7]

Core Viewpoint - The article discusses the newly released "Work Measures" and "Management Measures" aimed at strengthening the planning and guidance of government investment funds, marking the first systematic regulation at the national level regarding their layout and investment direction [2][3]. Group 1: Work Measures - The "Work Measures" emphasize the need to enhance the planning and guidance of government investment funds, ensuring they play a better role in guiding investments while preventing homogeneous competition and crowding out social capital [2][3]. - It encourages national funds to strengthen collaboration with local funds, particularly in cutting-edge technology and key links of the industrial supply chain, leveraging local resource endowments through joint establishment of sub-funds or contributions to local funds [2][3]. Group 2: Management Measures - The "Management Measures" establish specific requirements for evaluating the investment direction of government investment funds, including a comprehensive evaluation index system that combines quantitative and qualitative assessments [3][4]. - The evaluation index system consists of three primary indicators and 13 secondary indicators, focusing on policy compliance, optimization of productivity layout, and policy execution capability [4]. Group 3: Investment Trends and Changes - The average return multiplier requirement for guiding funds has decreased by over 40% in the past six years, with the current average around 1.5 times, indicating a shift towards more favorable return requirements for sub-funds [4][5]. - The article highlights the transition from a "tax incentive" and "reward" based investment attraction model to a more structured approach, emphasizing the need for government investment funds to not be established solely for the purpose of attracting investments [5][6]. Group 4: Industry Evolution - The government investment fund industry is evolving into a 3.0 version, moving from a "coarse" development model to a more refined approach, focusing on creating clusters of guiding funds and enhancing collaboration among provincial and municipal funds [8]. - The article predicts that government guiding funds will further standardize and efficiently attract more capital to drive industrial transformation and technological innovation by 2025 [8].

Group 1 - The core viewpoint is that China will implement a special action to boost consumption in 2026, promoting innovative trade development and gradually expanding the autonomous opening of the service sector [1] - In 2026, China will accelerate the cultivation of new growth points in service consumption and release the potential of service consumption [4] - The optimization of the old-for-new policy for consumer goods will be implemented to promote the expansion and upgrading of commodity consumption [4] Group 2 - China aims to create an international consumption environment and develop digital, green, and health consumption to stimulate the vitality of the lower-tier market [4] - The country will optimize infrastructure and promote innovation in the retail industry, establishing a modern market and circulation system while advancing the construction of a unified national market [4] - There will be a greater emphasis on aligning with international high-standard economic and trade rules and advancing the construction of open highlands [6] Group 3 - In 2026, China will promote innovative trade development and enhance the "Export China" brand [7] - The focus will be on optimizing and upgrading goods trade, significantly developing service trade, and encouraging service exports [7] - China will also shape new advantages in attracting foreign investment and expand the autonomous opening of the service sector in an orderly manner [7]

Group 1 - The Consumer Price Index (CPI) in December 2025 increased by 0.8% year-on-year, marking the highest level since March 2023, driven primarily by rising food prices [2][3] - The core CPI, excluding food and energy, rose by 1.2% year-on-year, remaining above 1% for four consecutive months, supported by consumer promotion policies and price improvements in appliances and automobiles [3][4] - The Producer Price Index (PPI) increased by 0.2% month-on-month, marking three consecutive months of growth, while the year-on-year decline narrowed to 1.9%, indicating reduced downward pressure on industrial prices [4][5] Group 2 - The increase in CPI was attributed to a combination of effective consumption policies and seasonal demand during the holiday period, leading to a rise in consumer spending [2][4] - The PPI's month-on-month increase was influenced by improved supply-demand dynamics and rising prices in certain industries, particularly in coal mining and processing [4][5] - Experts suggest that the changes in CPI and PPI reflect a stable and improving economic environment in China, with a gradual recovery in demand and ongoing optimization of supply structures [5]

Core Insights - The national business work conference held from January 10 to 11 emphasizes eight key areas for the national business system to focus on by 2026 [1] Group 1: Consumer Spending - The first priority is to implement special actions to boost consumption, creating the "Buy in China" brand. This includes accelerating the cultivation of new growth points in service consumption and releasing the potential of service consumption [1] - The policy for replacing old consumer goods with new ones will be optimized to promote the expansion and upgrading of product consumption [1] - The development of an international consumption environment is highlighted, along with the promotion of digital, green, and health consumption to stimulate the vitality of the lower-tier market [1] Group 2: Market and Distribution System - The second focus is on improving the modern market and distribution system, advancing the construction of a unified national market [1] - Strengthening institutional guarantees and optimizing facility carriers are essential for promoting innovation in the retail industry [1] - The modern commercial circulation system will be enhanced, and pilot city construction will be further advanced, along with the integration of domestic and foreign trade [1] Group 3: Trade Innovation - The third area is to promote trade innovation and establish the "Export China" brand [1] - There will be an emphasis on optimizing and upgrading goods trade while significantly developing service trade and encouraging service exports [1] - Innovations in digital and green trade will be pursued to promote the integration of trade and investment [1]