Group 1 - Strengthening the domestic circulation is a strategic move to promote stable and sustainable economic growth, focusing on key points such as boosting consumer spending and optimizing policies for trade-ins of consumer goods [2] - The meeting emphasized the importance of audit rectification as a means to enhance government credibility and execution, requiring responsible parties to address issues identified in audits promptly [2] - The meeting highlighted the need for high-quality development in the new energy vehicle industry, addressing irrational competition and promoting industry standards through technological innovation and quality improvement [3] Group 2 - The meeting discussed the need for inter-departmental collaboration to effectively implement policies that support domestic circulation and address existing bottlenecks [2] - It was noted that the government should actively listen to feedback from various stakeholders to optimize policy design and assist localities and enterprises in overcoming challenges [2] - The meeting approved the draft decision to amend the "Regulations on the Administration of Entry and Exit of Foreigners in the People's Republic of China," indicating a regulatory update [3]

国常会：深入实施提振消费专项行动，优化消费品以旧换新政策 金十数据7月16日讯，李强主持召开国务院常务会议，研究做强国内大循环重点政策举措落实工作。会 议指出，做强国内大循环是推动经济行稳致远的战略之举。要找准关键着力点，深入实施提振消费专项 行动，系统清理制约居民消费的不合理限制，优化消费品以旧换新政策，顺应居民消费需求增加多元化 供给，扩大新质生产力、新兴服务业等领域投资，把内需潜力充分释放出来，不断增强国内大循环内生 动力。要聚焦突出问题，提高政策精准度和可操作性，加强部门间协同配合，汇聚政策落实的合力，加 快破解制约国内大循环的堵点卡点。有关部门要进一步优化政策设计，认真听取各方面意见建议，积极 帮助地方和企业解决困难、促进发展，齐心协力推动经济持续向好。 ...

据央视：李强主持召开国务院常务会议，研究做强国内大循环重点政策举措落实工作。 ...

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].

Core Viewpoint - China's economy showed resilience in the first half of the year, with a GDP growth of 5.3% year-on-year, despite external pressures and uncertainties [1][2][6]. Economic Performance - The GDP for the first half of the year reached 66,053.6 billion yuan, with a quarterly growth of 5.4% in Q1 and 5.2% in Q2 [1]. - The unemployment rate remained stable, fluctuating between 5% and 5.4% throughout the year [2]. - Consumer Price Index (CPI) turned positive in June, growing by 0.1%, while the core CPI rose to 0.7% [2]. - The trade balance remained stable, with foreign exchange reserves exceeding $3.2 trillion [2]. Economic Characteristics - The economy demonstrated a "steady" trend, with GDP growth slightly increasing compared to previous years [2]. - Domestic demand contributed 68.8% to GDP growth, with final consumption accounting for 52% [3]. - The high-tech industry saw a value-added growth of 9.5% year-on-year in the first half of the year [4]. Consumption Trends - Retail sales of consumer goods reached 24.55 trillion yuan, growing by 5% year-on-year, with a notable increase in service consumption [5]. - The growth rate of sports goods retail sales was 22.2%, and jewelry sales increased by 11.3% [5]. - New consumption patterns, such as personalized and emotional spending, are emerging [5]. Future Outlook - The economic stability observed in the first half provides a solid foundation for achieving annual targets [6]. - The service sector's contribution to GDP has increased, accounting for 59.1% of GDP, with a contribution rate exceeding 60% [7]. - The government is expected to continue implementing supportive macroeconomic policies to ensure stable economic performance [7][8].

● 本报记者 连润 国家统计局7月15日发布的数据显示，上半年国内生产总值（GDP）660536亿元，同比增长5.3%。 "上半年经济运行总体平稳，稳中有进、稳中向好，是一份含金量非常高的成绩单。这是在二季度以来 国际形势急剧变化、外部压力明显加大的情况下取得的成绩，非常不容易。"国家统计局副局长盛来运 在国新办当日举行的新闻发布会上表示，国民经济顶压前行、稳定运行，主要指标好于预期。 展望下半年，盛来运表示，尽管外部环境还有不少不确定性，内部结构调整的压力较大，但上半年经济 稳中有进的发展态势和成效，为完成全年目标打下了较好基础。多年来高质量发展大势和实践，提高了 经济可持续发展能力。宏观政策协同发力，将为经济稳定运行保驾护航。"基于以上的这些支撑因素， 我们判断中国经济下半年会继续保持稳中有进、稳中向好的发展态势。"盛来运说。 经济"稳"的态势持续 盛来运表示，今年以来，主要指标好于预期，经济保持了稳中有进、稳中向好的发展态势。生产需求稳 定增长，就业形势总体稳定，居民收入继续增加，新动能成长壮大，高质量发展取得新进展，社会大局 保持稳定。 盛来运介绍，初步核算，上半年GDP为660536亿元，按不变价格 ...

Economic Overview - The Chinese economy has shown a stable growth trend with a GDP growth of 5.3% year-on-year in the first half of the year, which is an increase of 0.3 percentage points compared to the same period last year and the entire year [1][3] - The unemployment rate has remained stable, fluctuating between 5.0% and 5.4% throughout the year, while consumer prices have shown signs of recovery with a CPI increase of 0.1% in June [1][3] Economic Characteristics - The economy is characterized by a sustained "stability" with major indicators performing better than expected, including a significant contribution from domestic demand to GDP growth at 68.8% [2][3] - The "progress" in economic transformation and high-quality development is evident, with high-tech industries seeing a value-added growth of 9.5% year-on-year [2][3] - The "new" momentum is accumulating as new industries and technologies continue to develop rapidly, with the share of new industries in GDP expected to reach around 18% by 2024 [2][3] Consumer Market Insights - The consumer market has become more active, with retail sales of consumer goods reaching 24.55 trillion yuan, a year-on-year increase of 5%, indicating a robust market performance [3][4] - The ongoing consumption structure upgrade is crucial, with significant potential in sectors like cultural tourism, healthcare, and elderly care, supported by a large population and market scale [4] Future Outlook - The economic growth target for the year is projected to be around 5.0%, with expectations of accelerated growth in consumption and investment in the second half of the year [5] - The decision-makers are likely to maintain a flexible approach to policy implementation, considering the controllable pressure to achieve the annual goals [5]

Economic Overview - In the first half of 2025, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% [1][3] - The growth rate for Q1 was 5.4% and for Q2 was 5.2%, indicating a steady increase compared to the same period last year [3] Domestic Demand - Domestic demand contributed 68.8% to GDP growth, with final consumption expenditure accounting for 52%, marking it as the main driver of growth [3][4] - High-tech industries saw an increase in value added by 9.5% year-on-year, with "three new" industries expected to account for about 18% of GDP in 2024 [3] Investment Trends - Fixed asset investment potential remains significant, despite fluctuations in investment growth due to external complexities and internal market conditions [5] - The decline in traditional industry investments, particularly in real estate, has increased pressure on overall investment growth [5] Consumer Market - The consumer market showed signs of recovery, supported by policies aimed at expanding domestic demand and promoting consumption [6] - There are optimistic expectations for consumer growth, particularly in sectors like cultural tourism, healthcare, and elder care [6] Real Estate Sector - Real estate development companies saw a narrowing decline in funding, with total funds reaching 50,202 billion yuan, a decrease of 16.4% year-on-year [7][8] - The sales area of new commercial housing decreased by 3.5% year-on-year, but the decline was less severe than in previous periods, indicating a potential market recovery [9][10] Policy Support - Local governments are optimizing housing policies to better meet the reasonable housing needs of buyers, which is expected to enhance market confidence [11]

Group 1 - The total import and export value of goods in China reached 21.7876 trillion yuan in the first half of the year, with a year-on-year growth of 2.9% [1] - Exports amounted to 13 trillion yuan, increasing by 7.2%, while imports were 8.7875 trillion yuan, decreasing by 2.7% [1] - Private enterprises' import and export grew by 7.3%, accounting for 57.3% of the total, an increase of 2.3 percentage points compared to the same period last year [1] Group 2 - The export of mechanical and electrical products grew by 9.5%, making up 60% of total exports [1] - The trade resilience was highlighted despite external shocks, with a diversified trade structure reducing dependence on any single country [1][2] - The international competitiveness of China's high-tech products has led to increased global demand, indicating a strong growth trend in high-tech investments and exports [2] Group 3 - Emerging markets are driving the growth of China's foreign trade, with a continuous expansion of its trade partnerships [2] - The implementation of multilateral cooperation mechanisms like RCEP and the China-EU investment agreement reflects China's strategy to mitigate external risks [2] - The contribution of foreign trade to economic growth is significant, particularly in high-end manufacturing sectors such as electric vehicles and machinery [2][3] Group 4 - There is potential for further growth in foreign trade, especially with countries involved in the Belt and Road Initiative and other emerging markets [3] - Challenges in the foreign trade sector include the need for market diversification, higher quality products, and reducing low-price competition [3] - The macroeconomic policies have shown effectiveness, supporting a stable and positive economic development trend [3]

Economic Performance - China's GDP for the first half of the year reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% [2] - The GDP growth for Q1 was 5.4%, while Q2 saw a slight decrease to 5.2% [2] - Q2 GDP growth on a quarter-on-quarter basis was 1.1% [2] Economic Characteristics - The economic performance is characterized by stability, with steady growth, a stable unemployment rate, low inflation, and balanced international payments [4] - There is a firm commitment to economic transformation and high-quality development, with progress in innovation, coordination, green development, openness, and shared growth [4] - New driving forces are accumulating, with localities developing new productive forces and enhancing technological and industrial innovation [4] - Domestic circulation has been prioritized, with policies introduced to expand domestic demand and improve production [4] Future Outlook - The external environment remains complex, and structural contradictions within the economy have not been fundamentally resolved, necessitating continued efforts in the second half of the year [5] - Experts anticipate that the government will adopt flexible policies to counteract the expected slowdown in export growth and to stimulate domestic demand [8][10] - The high-tech manufacturing sector continues to show robust growth, contributing to the overall economic resilience [12][25] Policy Recommendations - Fiscal policy is expected to be a key focus in the second half, with recommendations for timely implementation of incremental reserve policies and optimizing expenditure structures [15][20] - Monetary policy may see further easing, with potential interest rate cuts and adjustments to housing loan rates [18][20] - The real estate market is seen as a critical area for maintaining economic stability, with calls for measures to boost market confidence [29]