智通财经6月27日电，中国人民银行货币政策委员会2025年第二季度（总第109次）例会于6月23日召 开。会议强调，按照党中央、国务院的决策部署，牢牢把握高质量发展首要任务，扎实推进中国式现代 化，完整准确全面贯彻新发展理念，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 筹好总供给和总需求的关系，增强宏观政策协调配合，用好用足存量政策，加力实施增量政策，充分释 放政策效应，扩大内需、稳定预期、激发活力，推动经济持续回升向好。 央行：把做强国内大循环摆到更加突出的位置 ...

Core Viewpoint - The Long Triangle G60 Science and Technology Innovation Corridor is positioned as a crucial platform for advancing the national strategy of integrated development in the Yangtze River Delta region, emphasizing innovation collaboration and high-quality development [1][2]. Group 1: Strategic Importance - The Long Triangle G60 Science and Technology Innovation Corridor is a key initiative for achieving high-level technological self-reliance and promoting higher quality integration in the Yangtze River Delta [2]. - The initiative is part of a broader national strategy personally planned and promoted by President Xi Jinping, highlighting its significance in national development [1]. Group 2: Collaborative Efforts - Cities within the Long Triangle G60 corridor will adhere to the principles of "consultation, construction, sharing, and integration" to enhance innovation collaboration and achieve notable results in various sectors [2]. - The focus will be on creating a technology innovation source, building a modern industrial system, expanding open cooperation, and deepening institutional reforms [2]. Group 3: Upcoming Events - A series of events are planned, including a technology achievement docking and transformation conference, a low-altitude economy docking meeting, and the fourth Long Triangle G60 Science and Technology and Industry Innovation Competition [3].

Core Viewpoint - The development blueprint for Henan, as outlined by General Secretary Xi Jinping, emphasizes "high-quality development and high-efficiency governance" as fundamental principles for advancing modernization in the region, serving as a guide for action and a reflection of China's broader modernization narrative [1][2][3] Group 1: Significance of "Two Highs and Four Focuses" - The "Two Highs and Four Focuses" framework is a strategic directive for Henan's modernization, reflecting Xi Jinping's concern and emphasis on the province's development path [2][3] - This framework is designed to address the complex social issues arising from Henan's large population and economic significance, guiding the province's approach to modernization [3][4] Group 2: Strategic Orientation - China's modernization is characterized by five key features, including a large population and a focus on common prosperity, which dictate the direction and values of modernization efforts [3][4] - High-quality development is deemed essential for achieving modernization, requiring confidence and a commitment to addressing employment, enterprise stability, and market expectations [3][4] Group 3: Development and Governance - The relationship between development and governance is crucial, with a focus on integrating innovation and sustainability into various sectors to enhance economic growth and competitiveness [4][5] - High-quality development is interlinked with efficient governance, which is necessary for achieving sustainable growth and addressing social challenges [4][5] Group 4: Action Guidelines for Modernization - Building a modern industrial system and a strong agricultural province is essential for addressing structural economic issues and ensuring sustainable development [5][6] - Improving livelihoods and enhancing social governance are key to fostering social stability and ensuring that development benefits the population [5][6] Group 5: Ecological and Cultural Development - Environmental protection is a critical aspect of sustainable development, with a focus on green practices and improving ecological quality [6][16] - Promoting cultural prosperity is vital for enhancing social cohesion and driving economic growth, leveraging Henan's rich cultural heritage [18][19] Group 6: Implementation of "Two Highs and Four Focuses" - The "Two Highs and Four Focuses" framework provides a comprehensive approach to balancing development with stability, reform with openness, and efficiency with equity [20][21] - Emphasizing the need for a strategic vision that integrates immediate actions with long-term goals is essential for Henan's modernization efforts [22][23]

Core Viewpoint - The concept of "common prosperity" encompasses both material and spiritual wealth for the people, emphasizing the need to promote spiritual life as a response to the evolving social contradictions in the new era and as a requirement for Chinese-style modernization [1] Economic Development - To achieve common prosperity in spiritual life, it is essential to advance high-quality economic development, establishing a solid material foundation [2] - The new development philosophy should guide the construction of a modern economic system, leveraging innovation as the primary driving force and ensuring the coordination of material and spiritual civilization [2][3] Cultural Supply Mechanism - Optimizing the cultural service and product supply mechanism is crucial to meet the cultural needs for common prosperity in spiritual life [4] - The focus has shifted from merely having enough cultural resources to ensuring their quality, necessitating reforms to enhance the cultural supply system [5] Core Values - Practicing the core socialist values is fundamental to solidifying the value foundation for common prosperity in spiritual life [6] - Education and public engagement are vital for internalizing these values into people's actions and fostering a shared moral framework [7] People-Centric Approach - Cultural development must prioritize the people, ensuring that cultural growth is for the people, by the people, and shared by the people [8] - Understanding the diverse cultural preferences of different demographic groups is essential for providing high-quality spiritual nourishment [9]

Core Viewpoint - The article discusses the transformation of the Chinese economy, highlighting the emergence of "small-scale" businesses that are proving to be more valuable and effective in the current economic landscape, driven by quality, efficiency, and innovation [2][4][5]. Group 1: Economic Transformation - The shift towards "mini" retail formats and smaller product sizes reflects a broader trend of reducing costs and increasing efficiency, which helps stimulate consumer demand [2][3]. - The service retail sector has shown a growth rate of 5.2% in the first five months of the year, indicating a stronger performance compared to traditional goods retail [4]. - The "small-scale" businesses are not merely downsizing but are strategically enhancing their operations to better match supply and demand, thus activating local economic cycles [3][4]. Group 2: Innovation and Market Dynamics - The rise of "small giants" in strategic emerging industries, which represent only 3.2% of the total number of industrial SMEs, contributes to 10.9% of the profits, showcasing their significant impact on the economy [4]. - The integration of AI and collaborative international strategies in small-scale businesses, such as those in Yiwu, demonstrates how small products can generate substantial market flows [4]. - The article emphasizes that the focus on quality and efficiency in various sectors, including rural development and technological innovation, is crucial for China's transition from a follower to a leader in multiple fields [5][6]. Group 3: Sustainable Development - The deployment of distributed solar energy systems illustrates how small-scale initiatives can lead to significant environmental benefits, such as reducing coal consumption and carbon emissions [5]. - The article highlights the importance of new development concepts that promote innovation, coordination, and sustainability, which are essential for unlocking the potential of small-scale enterprises [5][6]. - The overall narrative suggests that the combination of traditional and modern practices, along with a focus on quality, is vital for fostering a vibrant and resilient economy [6].

Core Points - The meeting emphasized the importance of Xi Jinping's important speech during his inspection of Henan, which serves as a fundamental guide for the province's economic and social development [4][5][10] - The meeting outlined the goals and tasks for the second half of the year, focusing on high-quality development, effective governance, and the implementation of national strategies [5][9] Summary by Sections Economic Development - The meeting called for a focus on high-quality development, aiming for significant progress in economic structure optimization and continuous improvement in economic strength, technological capability, and comprehensive strength [5][6] - It highlighted the need to implement actions to boost consumption, expand effective investment, and enhance foreign trade policies [6] Governance and Social Management - The meeting stressed the importance of strengthening social governance and enhancing the capabilities of local party organizations to manage risks effectively [7] - It called for a comprehensive approach to improve the legal environment, business environment, and social stability [7] Environmental Protection - The meeting underscored the commitment to ecological protection, emphasizing the need to combat pollution and promote green transformation [6][7] Cultural Development - The meeting highlighted the importance of cultural prosperity and the need to protect cultural heritage while promoting cultural industries [6] Party Leadership - The meeting reinforced the necessity of strict party governance and adherence to the central party's regulations, aiming to build a clean and responsible cadre team [7][9]

Core Viewpoint - The article emphasizes the necessity of fully implementing the new development concept as a key to achieving high-quality development and realizing Chinese-style modernization, amidst various new challenges and contradictions in the new journey ahead [2][3][20]. Group 1: New Development Concept - The new development concept is identified as the most important theoretical innovation in the political economy of socialism with Chinese characteristics, guiding the direction and focus of development in the new era [2][3]. - It is crucial for addressing external pressures and challenges, particularly in the context of rising unilateralism and protectionism from Western countries [4][5]. Group 2: High-Quality Development - High-quality development is deemed the primary task in building a modern socialist country, with the new development concept serving as the guiding principle [3][6]. - By 2035, it is projected that China's per capita GDP will reach the level of moderately developed countries, highlighting the need for significant advancements in economic strength and technological capabilities [3]. Group 3: Reform and Opening Up - The implementation of the new development concept is essential for deepening reforms and expanding high-level opening up, which involves adjusting various interest relationships and overcoming resistance [5][6]. - A comprehensive reform framework is necessary to support the new development concept, ensuring that it is integrated into the design of reform plans [5]. Group 4: Common Prosperity - The article stresses that shared development is a fundamental requirement of socialism, aiming to ensure that all people benefit from development and move towards common prosperity [6][14]. - The focus is on addressing disparities in wealth and ensuring that development outcomes are equitably distributed among the population [6]. Group 5: Risk Prevention - The need to prevent and mitigate major risks is highlighted, with the new development concept seen as a means to enhance economic stability and resilience against systemic risks [7][15]. - The article points out that risks often stem from low-quality development practices, underscoring the importance of high-quality development in risk management [7]. Group 6: Innovation and Coordination - Innovation is identified as the primary driving force for development, with a call for a modern industrial system supported by high-level technological independence [8][11]. - Coordinated development is emphasized as a strategy to address imbalances and promote sustainable growth across regions and sectors [11][12]. Group 7: Green Development - The article advocates for a comprehensive green transformation of economic and social development, aligning with ecological sustainability goals [12][13]. - It stresses the importance of integrating environmental considerations into economic planning and development strategies [12]. Group 8: Open Development - Open development is framed as a distinctive feature of Chinese-style modernization, with a focus on enhancing international cooperation and market access [13][14]. - The article calls for a balanced approach to utilizing both domestic and international resources to improve the quality of international circulation [13]. Group 9: Correct Performance View - The necessity of establishing a correct performance view is highlighted, advocating for a pragmatic approach to economic development that prioritizes stability and quality over speed [18][19]. - The article warns against superficial achievements and emphasizes the importance of addressing real economic conditions and needs [18][19].

Core Viewpoint - China's foreign trade demonstrates strong resilience and vitality amid external pressures, with policies effectively supporting enterprises and achieving both quantity and quality growth in trade [1][2]. Group 1: Trade Performance - In the first five months of this year, China's total goods trade value reached 17.94 trillion yuan, a year-on-year increase of 2.5% [2][4]. - Private enterprises accounted for 10.25 trillion yuan of the total trade, growing by 7% and representing 57.1% of China's foreign trade value, an increase of 2.4 percentage points compared to the same period last year [1][6]. - In May alone, the total goods trade value was 3.81 trillion yuan, reflecting a growth of 2.7% [2]. Group 2: Market Diversification - China's trade with emerging markets has contributed significantly to growth, with imports and exports to Belt and Road countries increasing by 4.2%, ASEAN by 9.1%, and Africa by 12.4% [2][3]. - Trade with African countries reached a historical high, with imports and exports totaling 963.21 billion yuan, accounting for 5.4% of China's total trade [2][3]. Group 3: Product Quality and Innovation - The export of electromechanical products reached 6.4 trillion yuan, a year-on-year increase of 9.3%, making up 60% of total exports [4]. - High-tech and high-value-added products are becoming increasingly competitive, with integrated circuits growing by 18.9% and electric vehicles by 19% [4]. Group 4: Role of Private Enterprises - Private enterprises have become a crucial force in China's foreign trade, with their exports growing by 8% and accounting for 65.4% of total exports [6][7]. - The number of private enterprises engaged in foreign trade has surpassed 609,000, marking a significant increase in their participation [6][7]. Group 5: Government Support and Local Initiatives - The government emphasizes policies to stabilize foreign trade, including financial support and market expansion initiatives [7][8]. - Local governments are actively launching programs to enhance the capabilities of foreign trade enterprises, such as Sichuan's "Hundred Enterprises Navigation" initiative and Shandong's "Ten Thousand Enterprises Going Global" plan [8].

Core Viewpoint - The article highlights the stable growth of China's economy in May 2025, driven by effective macroeconomic policies and a focus on high-quality development, despite external uncertainties and domestic demand challenges [1]. Group 1: Industrial Production - In May, the industrial added value of large-scale enterprises increased by 5.8% year-on-year and 0.61% month-on-month, with manufacturing growing by 6.2% [2]. - Equipment manufacturing and high-tech manufacturing sectors saw significant growth, with increases of 9.0% and 8.6% respectively, outpacing overall industrial growth by 3.2 and 2.8 percentage points [2]. - The manufacturing purchasing managers' index was at 49.5%, indicating a slight improvement, while the business activity expectation index rose to 52.5% [2]. Group 2: Service Sector - The service sector production index grew by 6.2% year-on-year in May, with notable increases in information transmission, software, and IT services at 11.2% [3]. - The business activity index for the service sector was at 50.2%, indicating stable growth, while the business activity expectation index reached 56.5% [3]. Group 3: Market Sales - The total retail sales of consumer goods reached 41,326 billion yuan in May, growing by 6.4% year-on-year, with urban retail sales increasing by 6.5% [4]. - The sales of home appliances and communication equipment surged due to the "trade-in" policy, with growth rates of 53.0% and 33.0% respectively [5]. Group 4: Fixed Asset Investment - From January to May, fixed asset investment (excluding rural households) totaled 191,947 billion yuan, with a year-on-year growth of 3.7% [6]. - Manufacturing investment grew by 8.5%, while real estate development investment declined by 10.7% [6]. Group 5: Trade and Employment - In May, the total value of goods imports and exports was 38,098 billion yuan, with exports increasing by 6.3% [7]. - The urban surveyed unemployment rate was 5.0% in May, showing a slight decrease from the previous month [8]. Group 6: Consumer Prices - The Consumer Price Index (CPI) fell by 0.1% year-on-year in May, with core CPI rising by 0.6% [9]. - The prices of food and beverages increased slightly, while transportation and communication prices saw a significant decline of 4.3% [9]. Group 7: Producer Prices - In May, the producer price index for industrial producers decreased by 3.3% year-on-year, indicating ongoing deflationary pressures in the industrial sector [10].

Economic Overview - In May, under the strong leadership of the Central Committee, the national economy maintained stable operation, with steady growth in production and demand, and overall employment stability [2][10] - The economic performance reflects resilience and vitality, although external uncertainties and the need to enhance domestic demand remain challenges [10] Industrial Production - In May, the industrial added value of enterprises above designated size increased by 5.8% year-on-year and 0.61% month-on-month [3] - The equipment manufacturing industry and high-tech manufacturing industry saw significant growth, with increases of 9.0% and 8.6% respectively, outpacing the overall industrial growth by 3.2 and 2.8 percentage points [3] - The manufacturing purchasing managers' index was at 49.5, up 0.5 percentage points from the previous month [3] Service Sector - The service production index grew by 6.2% year-on-year in May, accelerating by 0.2 percentage points from the previous month [4] - Key sectors such as information transmission, software, and IT services saw growth rates of 11.2%, 8.9%, and 8.4% respectively, exceeding the overall service production index growth [4] Consumer Market - The total retail sales of consumer goods reached 41,326 billion yuan in May, marking a year-on-year increase of 6.4% [5] - The sales of home appliances and communication equipment surged by 53.0% and 33.0% respectively, driven by the "replace old with new" policy [5] - Online retail sales amounted to 60,402 billion yuan, growing by 8.5% year-on-year, with physical goods accounting for 24.5% of total retail sales [5] Fixed Asset Investment - From January to May, fixed asset investment (excluding rural households) totaled 191,947 billion yuan, up 3.7% year-on-year [6] - Manufacturing investment grew by 8.5%, while real estate development investment declined by 10.7% [6] Trade Performance - In May, the total value of goods imports and exports reached 38,098 billion yuan, a year-on-year increase of 2.7% [7] - Exports rose by 6.3% to 22,767 billion yuan, while imports fell by 2.1% to 15,331 billion yuan [7] Employment Situation - The urban surveyed unemployment rate was 5.0% in May, a decrease of 0.1 percentage points from the previous month [8] - The average weekly working hours for employees were reported at 48.5 hours [8] Price Trends - The Consumer Price Index (CPI) fell by 0.1% year-on-year in May, with core CPI rising by 0.6% [9] - The Producer Price Index (PPI) for industrial producers decreased by 3.3% year-on-year [9]