Core Viewpoint - The article emphasizes the importance of implementing the strategic directives outlined by General Secretary Xi Jinping during the National People's Congress, focusing on the government's role in advancing China's modernization efforts and addressing significant economic challenges [3][4]. Group 1: Strategic Focus - The government is urged to maintain strategic determination and proactively respond to complex external environments and significant reform tasks, with a focus on three key areas: sensitivity to changing circumstances, effective problem-solving, and sustained efforts to address long-term issues [4]. - The government is expected to implement the strategic deployment made by the Central Committee regarding economic and social development, with specific emphasis on key initiatives that can drive significant impact [5]. Group 2: Key Initiatives - Key initiatives include advancing the construction of a unified national market, enhancing the service sector, accelerating the development of new-generation intelligent manufacturing, systematically promoting major infrastructure networks, increasing investment in human resources and public welfare, and better responding to external challenges [5]. - The government is encouraged to integrate the learning and practice of a correct view of performance into its work, emphasizing the importance of scientific decision-making and practical execution [5].

Core Viewpoint - The article emphasizes the importance of implementing the strategic directives from Xi Jinping's speeches during the National People's Congress, focusing on the need for proactive government actions to achieve modernization in China [2][3]. Group 1: Strategic Focus - The government is urged to maintain strategic determination and act proactively in response to complex external environments and significant reform tasks [3]. - Three key areas of focus are identified: 1. Sensitivity to changes in the situation, balancing bottom-line thinking with a proactive mindset [3]. 2. Effectiveness in overcoming challenges through direct engagement and a combination of strategies to strengthen economic resilience [3]. 3. Continuous efforts to address long-term issues related to economic transformation and upgrading [3]. Group 2: Key Initiatives - The government is tasked with implementing several pivotal initiatives, including: 1. Advancing the construction of a unified national market [3]. 2. Promoting the expansion and quality enhancement of the service sector [3]. 3. Accelerating the development of next-generation intelligent manufacturing [3]. 4. Systematically advancing major infrastructure network construction [3]. 5. Increasing investment in human resources and public welfare [3]. 6. Better responding to external shocks and challenges [3]. Group 3: Governance and Education - The article highlights the need for a correct view of performance and emphasizes the integration of educational efforts with government work, focusing on practical outcomes [4][5].

Economic Outlook - The OECD composite leading indicator suggests that China's export growth may further increase in July, with the G7 countries' indicator rising to 1% in February from 0.9% previously, indicating a potential upward trend in China's cumulative export growth [2] - Oil prices have surged due to geopolitical conflicts, with WTI crude oil reaching $98.7 per barrel (up 8.6%) and Brent crude at $103.1 per barrel (up 11.3%) [2] - The decline in residential property sales has narrowed, with the transaction area in 67 cities increasing by 2% compared to the same period last year as of March 13 [2] Demand Analysis - Retail sales of passenger cars have seen a significant decline, with approximately 1.034 million units sold nationwide, down 25.4% year-on-year [3] - The land premium rate has decreased, with a rate of 4.5% as of March 8, down from 7.86% in February [3] - Cement shipment rates remain low, with a rate of 19.6% as of March 13, which is 0.7 percentage points lower than the same period last year [3] Production Insights - Construction activity remains subdued, with the recovery rate of construction sites lower than the same period last year, at 42.5% as of March 11 [3][17] - The operating rate of asphalt plants has continued to decline, standing at 23% as of March 12, which is 3.4 percentage points lower than last year [3][17] Trade Developments - The growth rate of container throughput at ports has significantly decreased, with a year-to-date growth rate of 11% as of March 8, down from 12.4% the previous week [3][23] - The number of container ships from China to the U.S. has seen a year-on-year decline of 15.6% as of March 13, compared to an average decline of 3.3% in January and February [3][25] Price Trends - Commodity prices have risen sharply, with the South China index increasing by 5.2% and the RJ/CRB commodity price index up by 3.9% [3][41] - The price of WTI crude oil has increased by 8.6% to $98.7 per barrel, while Brent crude has risen by 11.3% to $103.1 per barrel [3][41] - The listing prices of second-hand houses have accelerated their decline, with first-tier cities down 1.1% and nationwide down 0.8% as of March 2 [3][44] Interest Rate and Debt - Long-term bond yields have slightly increased, with the 1-year, 5-year, and 10-year government bond yields reported at 1.2768%, 1.5619%, and 1.8143% respectively as of March 6 [3][56] - The government plans to issue 128.2 billion yuan in new local bonds in the week of March 16, with a total of 3.831 trillion yuan in new special bond issuance planned for March [3][47]

Investment Rating - The report maintains a "Positive" outlook for the steel industry [5] Core Viewpoints - The report indicates that cost support is effective and the peak season is gradually being realized, with geopolitical tensions affecting energy prices and iron ore prices rising, providing short-term support for steel prices [11] - The overall supply of iron ore is expected to become more relaxed in the medium term, which may lower production costs and enhance profitability for steel companies [11] - The report highlights that the average iron water cost has slightly increased, while the profitability of steel companies has significantly improved [35] Supply - The average daily output of molten iron is 2.212 million tons, showing a week-on-week decrease of 2.81%, while rebar production has increased significantly by 12.69% [12][14] - The capacity utilization rate for long-process rebar has increased by 1.29 percentage points week-on-week, while short-process rebar utilization has surged by 18.42 percentage points [14] Inventory - Total social and steel mill inventories have slightly increased by 1.17% week-on-week, with a year-on-year increase of 7.94% [20] - The total inventory stands at 1,423 million tons, with rebar inventory at 655 million tons, reflecting a week-on-week increase of 2.63% [20] Demand - The apparent consumption of steel has risen significantly, with a total of 7.98 million tons consumed, marking a week-on-week increase of 15.44% [22][23] - Rebar consumption has seen the highest increase, up by 80.00% week-on-week [22] Cost and Profitability - The average iron water cost is reported at 2,299 yuan per ton, with a week-on-week increase of 0.21%, while the profitability rate of steel companies has risen to 41.13%, up by 3.03 percentage points [35] - The cost of long-process rebar has slightly increased by 0.05%, while short-process costs have risen by 0.61% [37] Steel Prices - The report notes a slight increase in the general steel price index by 1.22%, with the price of hot-rolled steel rising by 1.42% week-on-week [42][43] Sector Performance - The Shanghai Composite Index fell by 0.70% during the week, while the steel sector index dropped by 1.67% [46]

Core Viewpoint - The article discusses the upcoming implementation of a negative list management mechanism for local fiscal subsidies in China, aimed at standardizing subsidy policies and promoting fair competition in the market [2][3]. Group 1: Background and Rationale - The State Council, led by Premier Li Qiang, has emphasized the importance of regulating local fiscal subsidy policies to maintain fair competition and advance the construction of a unified national market [3]. - The establishment of a negative list for local fiscal subsidies signifies a shift from primarily incentivizing policies to a balanced approach that includes both incentives and constraints, marking a significant innovation in fiscal management [3][9]. Group 2: Current Issues with Local Subsidies - Common forms of local fiscal violations include tax rebates like VAT and corporate income tax, exclusive subsidies for specific enterprises, and subsidies tied to local tax revenue increases, which often lead to indirect and hidden practices [4]. - These violations hinder fair competition among market participants and contribute to inefficient "involution" competition in certain industries, negatively impacting high-quality economic development [6]. Group 3: Implications of Regulation - The negative list aims to clarify prohibited subsidy practices, thereby preventing local governments from implementing illegal fiscal subsidies [8]. - While the immediate effect may pressure weaker enterprises reliant on government subsidies, in the long term, it is expected to optimize resource allocation through market mechanisms and reduce local fiscal burdens [9]. Group 4: Broader Strategic Significance - The regulation of local tax incentives and fiscal subsidies is seen as crucial for breaking regional barriers, maintaining market unity, and fostering healthy competition among enterprises [10]. - Future efforts should focus on shifting local government strategies from competing on "policy hard power" to enhancing "comprehensive soft power," improving public service quality, and creating a favorable business environment [10].

Group 1 - The State Council emphasizes the importance of establishing a negative list management mechanism for local fiscal subsidies to maintain fair competition and promote a unified national market [1] - The Ministry of Finance has initiated a special rectification of local fiscal subsidies, highlighting that technological progress and competitive advantages should come from continuous R&D investment rather than subsidies [1][2] - Experts suggest that cleaning up and standardizing various tax incentives and fiscal subsidy policies is crucial to eliminate local protectionism and administrative monopolies, thereby fostering a fair market environment [2] Group 2 - The chief economist of Yuekai Securities points out that excessive competition for tax sources and projects among local governments leads to harmful subsidy practices, which exacerbate regional development disparities [2] - Recommendations include focusing on tax incentive policies that have achieved their temporary goals and those that lead to "involution" competition, while also eliminating behaviors that create "tax havens" [2]

Core Viewpoint - The article discusses the recent meeting chaired by Premier Li Qiang, focusing on the establishment of a negative list management mechanism for local fiscal subsidies and the importance of standardizing these policies to promote fair competition and a unified national market [2][3]. Group 1: Government Initiatives - The State Council has approved the "Key Work Division Plan for 2026," emphasizing the need for departments to enhance urgency and execution in implementing key tasks outlined in the government work report [2]. - A negative list for local fiscal subsidies will be developed to clarify specific situations where local governments are prohibited from implementing fiscal subsidies, aiming to maintain fair market competition [2][3]. Group 2: Expert Opinions - Zhang Lianqi, a member of the National Committee of the Chinese People's Political Consultative Conference, highlighted that breaking local protectionism and administrative monopolies is crucial for building a unified national market [3]. - Luo Zhiheng, Chief Economist at Yuekai Securities, pointed out that excessive competition for tax sources and projects among localities leads to harmful subsidy practices, which can exacerbate regional development disparities [3]. - The article suggests that the focus of cleaning up tax incentives should be on those that have achieved their temporary goals or have led to "involution" competition, while still retaining and strengthening "strategic" tax incentives [3].

Core Viewpoint - The article discusses China's ongoing efforts to regulate and standardize tax incentives as part of the broader initiative to build a unified national market and promote fiscal sustainability [3][4]. Tax Incentive Regulation - The regulation of tax incentives is not a new trend, but the intensity of policy adjustments has significantly increased this year [4]. - The implementation of the VAT Law on January 1, 2024, has led to a series of related regulations, with some tax incentives being retained while others have been canceled [4][5]. - New tax incentives have been introduced, such as the reduction of the personal income tax rate on home sales from 5% to 3% to support housing consumption [4]. Changes in Specific Tax Policies - Certain VAT incentives have been canceled, including the exemption for profit-making medical beauty institutions and the 1% tax rate for companies with sales exceeding 5 million [5]. - The Ministry of Finance has extended and adjusted several tax incentives, including those related to personal income tax for housing purchases and VAT policies for foreign institutions investing in government bonds [6]. Expert Opinions on Tax Incentives - Experts highlight the fragmented nature of current tax incentives, with over 846 effective tax reduction policies covering various tax types, leading to instability and unpredictability for taxpayers [7]. - There is a consensus among experts that tax incentives should adhere to the principle of tax legality, and local governments should not create their own tax incentives beyond legal authorization [7][8]. Fiscal Sustainability and Tax Policy - The removal of outdated tax incentives is seen as beneficial for fiscal sustainability, as excessive and disorganized tax incentives can increase fiscal pressure [9]. - Data indicates that in 2025, national public budget revenue decreased by 1.7%, while expenditure increased by 1%, highlighting the growing fiscal imbalance [9]. - The article emphasizes that regulating tax incentives is not merely about reducing them but involves systematic governance to create a fair and transparent tax system [10].

Core Viewpoint - The article discusses the approval of the 14th National People's Congress's resolution on the 15th Five-Year Plan, emphasizing its significance for China's economic and social development in the coming years [2]. Economic Reform and Development - Economic system reform is crucial for driving high-quality development and addressing existing challenges such as unbalanced growth and insufficient effective demand [4][5]. - The need to break down systemic barriers in the market-oriented allocation of resources is highlighted, with a focus on enhancing the role of the market while ensuring effective government involvement [6][8]. Policy and Regulatory Framework - Strengthening the policy and regulatory framework is essential for deepening economic reforms, including enhancing property rights protection, market access, fair competition, and social credit systems [9][10]. - The article emphasizes the importance of legislative suggestions from representatives to support the development of new productive forces and deepen economic reforms [10].

ii / 206全国两会 ad 12 特别报道 k 发 2026全国两会 一图看懂 特别报道 at the 今年将通过政府立法着力解决"内卷式"竞争! 司法部、自然资源部、生态环境部 负责人回应热点问题 十四届全国人大四次会议 第三场"部长通道"集中采访活动要点速览 2026年3月12日下午闭幕会后,在人民大会堂北大厅举行十四届全 国人大四次会议第三场"部长通道"集中采访活动，邀请部分列席 会议的国务院有关部门主要负责人接受采访。 司法部部长 贺 荣 * 今年政府立法工作将重点突出几个方面,其 中之一是突出优化营商环境,制定全国统一 大市场建设条例,着力解决大家关心的地方 保护、不当设一些准入条件,还有"内卷 式"竞争等问题。 * 人工智能是今年两会的"高频词"。今年 将加快研究人工智能、低空经济等领域立 法,修订道路交通安全法、制定空域管理 条例等。 * 今年司法部将在全国统一推行行政检查"扫 码入企"，企业一扫码,谁来检查、检查什 么,一目了然。 关志廖 自然资源部部长 * 近期要加快推进不动产登记"跨省通办" 实事求是解决林耕矛盾等历史遗留问题。 * 我们的蓝色家底变得更加厚实,2025年海洋 生产总值 ...