Core Viewpoint - The article discusses the global competition and cooperation among major powers over the past 500 years, focusing on wealth creation and institutional innovation as key themes in the rise and fall of nations [2]. Group 1: Economic Interpretation of Major Powers' Rise and Fall - Qian Chengdan defines "world powers" as countries that significantly impact global development and changes in the world order since the formation of the capitalist world system [4]. - The nine world powers over the past 500 years are categorized into four types: mercantilist powers (Portugal, Spain, Netherlands), early industrialized powers (UK, France), capitalist powers (Germany, Japan), and 20th-century superpowers (Soviet Union, USA) [4]. - Each type of power is analyzed for its economic model innovations, with Portugal and Spain relying on early overseas exploration and colonial plunder, while the Netherlands emphasized commercial trade and financial innovation [4]. Group 2: Institutional Innovation as the Fundamental Driver - The rise of Western powers is attributed to the development model of "nation-state + mercantilism," with Portugal being the first world power to adopt this model [6]. - The UK's industrial revolution was facilitated by a favorable political and social environment post-Glorious Revolution, allowing individuals to pursue diverse interests [6]. - Germany and Japan's rise involved a different industrialization model, emphasizing effective resource allocation through state power, providing valuable lessons for developing countries [6]. Group 3: Historical Lessons on Overexpansion and Institutional Rigidity - The book analyzes the common causes of decline among major powers, such as overexpansion (e.g., Spanish Empire), institutional rigidity (e.g., late Soviet Union), and technological stagnation (e.g., Netherlands) [8]. - The rise and fall of major powers are closely linked to era changes, with the loss of leadership capacity leading to a decline in status [8]. - The current status of the USA can be summarized as "absolute advantage, relative decline," offering a historical perspective on future global economic growth [8]. Group 4: Insights for Chinese Modernization - The book provides insights for Chinese readers on modernization, emphasizing the need to build a modern state, develop a modern economy, and construct a modern society [10]. - It suggests that latecomer countries should not simply replicate Western paths but should explore innovative routes that align with their unique characteristics [10]. - In the context of the 21st century's "new world changes," four paths converge, forming a significant transformation not seen in a century [10].

Group 1 - The meeting emphasized the importance of implementing Xi Jinping's important speech during his visit to Shanghai, focusing on better serving the national reform and development landscape through systematic and integrated reforms [1][2] - The authorization to formulate regulations for the Pudong New Area is a significant decision by the Party Central Committee, aimed at promoting high-level reform and opening up, and creating replicable institutional innovations [2] - The meeting highlighted the need to enhance the legislative work quality and efficiency, aligning with major reform pilot tasks and addressing the demands of new technologies, new industries, and new models [2][3] Group 2 - The meeting discussed the importance of deepening the integration of education, science, and talent development, ensuring that higher education aligns with national and regional development needs [3] - It was noted that a dynamic optimization of policies is necessary to enhance the collaboration between education and industry, improving the mechanisms for student recruitment, training, and employment [3] - The meeting called for the cultivation of a cadre team with insights into industry development and a global perspective to effectively improve reform capabilities [2][3]

Core Viewpoint - Hunan Free Trade Zone is leveraging institutional innovation to enhance its role as a strong engine for expanding openness, focusing on unique regional characteristics and strategic positioning to drive economic growth and reform [1][2]. Group 1: Institutional Innovation and Economic Impact - The Hunan Free Trade Zone has established a digital protection platform for trade secrets, benefiting 664 enterprises and creating over 10.77 million records of innovation, which aids in legal protection and has been replicated nationwide [1]. - Over the past five years, the Hunan Free Trade Zone has seen the establishment of more than 54,000 new enterprises and attracted 575 major projects with a total investment of 767.37 billion yuan, resulting in 109 institutional innovation achievements, 51 of which are nationally pioneering [2][4]. Group 2: Regional Collaboration and Trade Facilitation - The zone has implemented a "cross-border lock" rapid customs clearance model, improving logistics efficiency by approximately 50% and reducing logistics costs by 15% for businesses in the region [3]. - The introduction of a new regulatory model for imported transshipment goods at the Yangtze River ports has led to significant cost savings for enterprises, with annual reductions in freight costs exceeding 30 million yuan [3]. Group 3: International Trade and Cooperation - Hunan has established cooperation mechanisms with 28 African countries, positioning itself as a unique strategic player in deepening China-Africa economic and trade cooperation [4]. - From 2021 to 2024, Hunan's trade with Africa has maintained an average annual growth rate of 14.3%, with a total import and export value of 38.44 billion yuan in the first eight months of this year, reflecting a year-on-year increase of 13.2% [5].

Core Points - The revised "Regulations on the China (Shanghai) Pilot Free Trade Zone" will officially take effect on September 29, 2025, marking the 12th anniversary of the Shanghai Free Trade Zone [1] - The revision aims to provide a solid legal guarantee for the development of a higher-level Shanghai Free Trade Zone, reflecting the need for comprehensive updates due to significant changes in the zone's coverage, management system, and external environment over the past decade [2][3] Summary by Sections Legislative Background - The original regulations, implemented in August 2014, played a crucial role in promoting innovative reforms and served as a model for other free trade zones across the country [2] - The legislative update is seen as a systematic integration of over a decade's worth of reform and innovation measures [2] Key Features of the Revised Regulations - The regulations solidify mature institutional experiences such as foreign investment negative list management, overseas investment filing management, customs facilitation, and the construction of an international trade "single window" [3] - New institutional arrangements are made for emerging trade formats, cross-border trade digitization, and pilot projects for mandatory product certification exemptions [3] Financial and Economic Development - The regulations support the development of technology finance, green finance, and digital finance, tailored to the characteristics of the Shanghai Free Trade Zone [3] - They outline the development direction for key industries such as biomedicine and artificial intelligence [3] Data and Digital Economy - A data security compliance mechanism combining negative lists and operational guidelines will be established to facilitate cross-border data flow [3] - The regulations aim to enhance the digital economy's advantages by promoting data product intellectual property registration and building an international data economic industrial park [6] Business Environment Optimization - The regulations clarify institutional measures in government procurement, intellectual property protection, and ecological environmental protection to improve the business environment [3] - They align with the latest World Bank assessment indicators for the business environment [3] Future Directions - The Shanghai Free Trade Zone will deepen investment openness and trade facilitation, including the implementation of a national and pilot version of the cross-border service trade negative list [4][5] - There will be a focus on developing new trade formats and promoting trade transformation and upgrading [5] - The zone aims to enhance the gathering and radiating capabilities of strategic elements, particularly in the financial sector [5][6] Innovation and Industry Development - The regulations encourage foreign investment in R&D centers and support multinational companies in establishing regional headquarters with R&D functions [7] - They emphasize the importance of integrating innovation across the entire industry chain, particularly in key sectors like integrated circuits and high-end manufacturing [7]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is witnessing a significant shift in foreign investment sentiment towards Chinese assets, moving from a stance of avoidance to one of necessity, driven by China's policy stability and technological advancements [1][3]. Group 1: Investment Trends - Foreign capital is increasingly viewing Chinese assets as essential, with a notable change in investment logic from "Anything But China" to "Buy China" [3]. - In the first half of the year, HKEX reported a new stock financing amount of HKD 1,094 billion, reclaiming the top position among global exchanges [2]. - The average daily trading volume in the securities market reached HKD 2,402 billion, a year-on-year increase of 118% [2]. Group 2: Supply and Demand Dynamics - The supply side is robust, with over 200 companies currently processing IPO applications, nearly half of which are technology firms [2]. - A significant highlight on the demand side is the substantial return of foreign capital, with foreign investors participating in 70-80% of certain IPOs [2][3]. - The shift in global asset allocation strategies, influenced by geopolitical tensions and trade protectionism, is prompting investors to diversify away from USD assets towards Hong Kong stocks [2][3]. Group 3: Institutional Innovation - HKEX is committed to optimizing its institutional framework to meet diverse financing needs, exemplified by the introduction of the 18A and 18C listing rules, which allow biotech and specialized technology companies to go public [5]. - The 18C rule has already seen three companies listed and over ten applications submitted, indicating growing market acceptance [5]. Group 4: Market Connectivity - The "A+H" listing model has created a positive feedback loop, with average trading volume for "A+H" companies in A-shares increasing by approximately 15% this year [6]. - HKEX aims to enhance its product offerings in fixed income, foreign exchange, and commodities to better compete with global markets [6]. - Future plans include expanding the range of products available through the Stock Connect, including ETFs and bonds, to facilitate greater market integration [6][7].

Core Viewpoint - The "14th Five-Year Plan" period has seen significant achievements in China's financial industry, particularly in the development of a multi-layered and comprehensive capital market system, highlighted by the establishment of various market platforms and innovative financial products [1][2]. Group 1: Capital Market Developments - The capital market has become more complete with the advancement of the Sci-Tech Innovation Board, the Growth Enterprise Market reforms, and the establishment of the Beijing Stock Exchange [1][2]. - In August, the total market value of A-shares surpassed 100 trillion yuan, marking a significant milestone [1]. - The bond market has seen a diversification of products, including public REITs, Sci-Tech bonds, and asset securitization, contributing to the richness of financial instruments available [1]. Group 2: Challenges and Future Directions - Despite the expansion of the market, structural challenges remain, such as the need for improved market scale and liquidity in the Beijing Stock Exchange compared to the Shanghai and Shenzhen exchanges [2]. - There are shortcomings in innovative products like public REITs regarding asset revitalization and pricing mechanisms [2]. - Future efforts should focus on optimizing market-making mechanisms, enhancing derivative tools, and strengthening ongoing supervision to balance development and risk control [2].

Group 1: Core Perspectives - The mainland market presents significant opportunities and advantages for Taiwanese businesses, emphasizing the need for collaboration in technology and industry innovation to address challenges and explore new avenues for development [1][2] - The forum highlighted the importance of seizing development opportunities in emerging industries, with a call for Taiwanese enterprises to actively participate in China's modernization efforts and benefit from the new round of reform and opening-up [2][4] - The forum serves as a crucial platform for cross-strait economic and technological cooperation, focusing on key areas such as new energy vehicles, artificial intelligence, and biomedicine to enhance international competitiveness [3][4] Group 2: Industry Collaboration - There is a strong emphasis on mutual benefits and collaboration between the two sides, with Taiwan's strengths in high-end manufacturing and digital networks complementing the mainland's advancements in emerging industries like AI and 5G [4][5] - The forum adopted a "1+4+N" format, featuring various thematic discussions and activities aimed at fostering innovation and collaboration in sectors such as healthcare, technology finance, and smart vehicles [5][6] - The number of Taiwanese enterprises in Beijing has exceeded 3,000, with trade volumes reaching new highs, providing favorable conditions for cooperation and economic integration [5][6]

Group 1 - The National Development and Reform Commission has released four innovative institutional experiences for the Yangtze River Delta Ecological Green Integrated Development Demonstration Zone, focusing on cross-provincial medical practice, gas supply, green service certification, and joint investment promotion [1] - The demonstration zone has established 154 institutional innovations, with 61 experiences ready for nationwide replication [1] - A cross-provincial medical consortium has been established to facilitate the sharing of quality medical resources among Shanghai Qingpu, Jiangsu Wujiang, and Zhejiang Jiashan, allowing physicians to practice across provinces without additional registration procedures [1] Group 2 - The demonstration zone is promoting a standardized evaluation system for green services, launching a joint certification directory for five key areas, including green exhibitions and zero-carbon tourism [2] - Joint investment promotion activities are being organized by Qingpu, Wujiang, and Jiashan to enhance regional industrial collaboration, focusing on high-tech industries and computing economy [2] - In 2023, the developer conference in the demonstration zone signed six industrial projects in smart manufacturing and new materials, with a total investment of 8.72 billion [2] Group 3 - The demonstration zone aims to further enhance the institutional innovation mechanism under the guidance of central authorities, focusing on common issues and targeted exploration of integrated institutional innovations [3]

9月17日，记者从省商务厅获悉，近日商务部印发的自贸试验区第六批"最佳实践案例"中，河南的"整板 货物空陆联运模式""通关物流组合申报智选模式""空运进出境货物'区港直达直装'模式"3项案例入选并 获全国推广。 制度创新是自贸试验区的核心价值和生命力所在。中国（河南）自由贸易试验区设立8年多来，已累计 形成626项创新成果，其中29项在全国推广。"随着改革进入'深水区'，制度创新难度也将加大。下一 步，我们将聚焦难点、痛点，在探索对接国际高标准经贸规则、抓实产业、探路融入服务全国统一大市 场建设等方面发力，助力我省扩大高水平对外开放。"省商务厅有关负责人表示。（记者 王歌） 责任编辑： 何山 "通关物流组合申报智选模式"根据企业需求，智能匹配最优"通关+物流"组合模式。"原来企业对'提前 申报''两步申报''铁路快通''进口转关'等通关模式运用不足，导致无法享受最大优惠政策。这一模式能 够通过数字化手段，智能匹配企业通关物流组合申报，帮助企业最大程度享受政策红利。"郑州海关有 关负责人说。 "空运进出境货物'区港直达直装'模式"在放大区域叠加优势、促进区港一体化融合发展方面进行了探 索。该模式将郑州新郑综保区 ...

昨天（9月19日），国家发展改革委官网发布长三角一体化示范区4项制度创新经验，包括：统筹推 进跨省域医联体医师便利执业，管道燃气跨省域供应，跨省域共推绿色服务认证，跨省域联合招商。 为发挥绿色认证对示范区绿色低碳高质量发展的支撑引领作用，共同构建企业绿色服务标准化评价 体系，进一步激活绿色消费市场，示范区执委会会同两省一市市场监管等部门跨省域共同推动绿色服务 联合认证。选取绿色会展、绿色餐饮、零碳旅游景区、公共机构绿色数据中心、乡村民宿等5个领域， 联合发布跨省域绿色服务认证目录，推动有关行业组织、企业、科研院所等先行研制绿色服务评价标 准，由两区一县组织实施。联合组织开展宣贯培训，指导企业依据目录对标开展绿色服务认证。 为吸引更多优质经营主体投资兴业，示范区执委会会同两区一县探索开展联合招商。举办示范区招 商活动，由示范区执委会向社会解读示范区建设政策措施和重点任务，由两区一县推介重点片区并错位 发布招商需求。组建示范区开发者联盟并持续扩容，累计集聚央国企、民企等88家成员单位，为新兴产 业发展导入优质资源。聚焦示范区跨省域高新技术产业开发区等重点区域、算力经济等细分领域，联合 发布政府需求、企业协同需求、 ...