Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasizes the construction of a strong domestic market and the acceleration of a new development pattern, focusing on expanding domestic demand as a strategic foundation [1] Group 1: Domestic Market Development - The session highlights the importance of enhancing domestic consumption and effective investment, aiming to combine investments in goods and people [1] - It advocates for a positive interaction between supply and demand, driven by new needs leading to new supply, and new supply creating new demand [1] Group 2: Policy Implementation - The meeting calls for significant efforts to boost consumption and expand effective investments while addressing obstacles to the construction of a unified national market [1] - It stresses the need to eliminate barriers that hinder the development of a robust domestic market [1]

Domestic News - The 20th Central Committee of the Communist Party of China proposed to build a strong domestic market and accelerate the construction of a new development pattern, emphasizing the importance of expanding domestic demand and promoting consumption and investment [1] - The Ministry of Commerce reported that as of October 22, 2025, the number of applications for the vehicle trade-in subsidy exceeded 10 million, with over 3.4 million vehicles scrapped and more than 6.6 million vehicles replaced [2] - In the first nine months of 2025, the national online retail sales increased by 9.8%, with significant growth in digital products, online services, and instant e-commerce [2] Energy Sector - The National Energy Administration reported that in September, the total electricity consumption reached 8,886 billion kilowatt-hours, a year-on-year increase of 4.5%, with the first industry growing by 7.3% and the second industry by 5.7% [3] - Cumulatively, from January to September, total electricity consumption was 77,675 billion kilowatt-hours, reflecting a year-on-year growth of 4.6% [3] International News - The Bank of Korea decided to maintain the benchmark interest rate at 2.50%, which was in line with market expectations [4] - The U.S. electric vehicle manufacturer Tesla reported third-quarter revenue of $28.1 billion, a 12% increase year-on-year, while net profit decreased by 37% to $1.37 billion [5]

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China will be held from October 20 to 23, 2025, in Beijing, focusing on building a strong domestic market and accelerating the construction of a new development pattern [1] Group 1: Economic Strategy - The meeting emphasizes the strategic basis of expanding domestic demand, integrating the improvement of people's livelihoods and consumption with investment in goods and people [1] - It advocates for new demand to lead new supply, and new supply to create new demand, promoting a positive interaction between consumption, investment, supply, and demand [1] Group 2: Market Development - There is a strong emphasis on boosting consumption and expanding effective investment, while decisively removing obstacles to the construction of a unified national market [1] - The goal is to enhance the endogenous power and reliability of the domestic circulation [1]

Economic Overview - China's economy maintained a steady growth of 5.2% in the first three quarters of the year, reflecting resilience and stability amid challenges [1] - The new development philosophy plays a crucial role in enhancing confidence and addressing issues of unbalanced and insufficient development [1] Technological Innovation - High-quality development is essential for China's modernization, with a focus on technological innovation as a key driver [2] - The success of companies like New Sound Semiconductor in developing high-end RF filters demonstrates the importance of self-reliance in technology [3] Industrial Development - A modern industrial system is the foundation of a modern nation, with innovation being the core engine driving transformation [4] - China invests over 3.6 trillion yuan in R&D, ranking second globally, and has over 14,000 specialized small and medium enterprises [4] Green Development - The transition to a green low-carbon economy is a significant trend, with initiatives like the solar power projects in Inner Mongolia showcasing China's commitment to sustainable development [5][6] - China leads the world in providing over 80% of solar photovoltaic components and aims for peak carbon emissions by 2030 and carbon neutrality by 2060 [6] Open Economy - The establishment of free trade zones and policies like the Hainan Free Trade Port exemplify China's commitment to high-level openness and integration into the global economy [9][10] - The interaction between domestic and international markets is crucial for enhancing economic resilience and creating new opportunities [10] Future Outlook - China's economic foundation remains strong, with advantages in its socialist system, large market, complete industrial system, and rich talent resources [10][11] - The upcoming "Fifteenth Five-Year Plan" aims to further advance China's modernization and economic development [11]

Core Viewpoint - The article discusses the construction of a new development pattern in China, highlighting the growth of the futures market and the performance of key commodities such as stock indices, precious metals, and copper [1][2][3]. Futures Market Overview - As of October 9, 2025, the total funds in China's futures market reached approximately 2.02 trillion yuan, marking a 24% increase from the end of 2024 [1]. - Client equity in futures companies totaled about 1.91 trillion yuan, also reflecting a 24% growth from the end of 2024 [1]. Stock Indices - The U.S. stock indices rose, with the previous trading day seeing a slight recovery led by the communication sector, while the non-ferrous metals sector lagged [2]. - The market turnover was 1.75 trillion yuan, and as of October 17, the financing balance decreased by 27.3 billion yuan to 2.412835 trillion yuan [2]. - The article suggests that the stock indices are entering a phase of directional choice, with domestic liquidity expected to remain loose and external funds likely to flow into the domestic market due to anticipated Fed rate cuts and RMB appreciation [2]. Precious Metals - Gold and silver prices have been strong, although recent upward momentum has slowed [3]. - The article notes that central banks are increasing gold reserves amid rising global tensions and distrust in the financial system, reinforcing gold's status as a safe-haven asset [3]. - Silver's supply-demand imbalance is highlighted, with potential for increased volatility following rapid price increases [3]. Copper Market - Copper prices rose in the night session, supported by tight concentrate supply and high smelting output [3][20]. - The article mentions that investment in the power grid continues to grow, while real estate remains weak, impacting overall demand for copper [20]. - The potential for a global copper supply gap due to mining issues in Indonesia is expected to support copper prices in the long term [20]. Key Commodities Performance - The article provides insights into various commodities, including palm oil, corn, and lithium carbonate, indicating mixed performance and market dynamics influenced by external factors such as trade tensions and supply chain issues [5][22][28]. International and Domestic News - The U.S. and Australia signed an agreement to enhance the production of rare earths and critical minerals, with over $3 billion planned for investment in key mineral projects [6]. - China's LPR remained unchanged for five consecutive months, reflecting stable policy rates and potential for further monetary easing in response to economic conditions [7]. Industry Developments - The Dalian Commodity Exchange announced the listing of new futures contracts for linear low-density polyethylene, polyvinyl chloride, and polypropylene, expanding the range of tradable products [8]. Market Trends - The article notes that the market is currently cautious, with a focus on upcoming trade talks and the potential impact of U.S. fiscal policies on global markets [3][19]. - The overall sentiment in the commodities market is influenced by macroeconomic factors, including inflation expectations and geopolitical developments [3][19].

当世界日益被"动荡"和"不确定性"包围，中国经济却走出一条稳健上升的曲线。 一边，是日趋复杂的外部环境，世界经济陷入低迷，新冠疫情影响深远，经济全球化遭遇逆流；一边， 是中国经济总量连续跨越110万亿元、120万亿元、130万亿元台阶，5年经济增量相当于再造一个世界第 三大经济体。 透过增长看逻辑。回望"十四五"，中国经济做对了什么，才会化挑战为机遇，让不确定成为确定？ 一个关键，在于党中央总揽全局、把航定向 把方向、谋大局、定政策、促改革、保落实。党对经济工作的领导，是我们应对风险挑战、破解发展难 题、保持社会安定的根本保证，为我国经济长期发展提供了"稳定锚"。 前进路上，越是风高浪急，越考验掌舵领航的判断力、决策力、行动力。 9月份，我国进出口总值达4.04万亿元，同比增长8%，为今年以来月度最高增速。面对个别西方国家砸 下的关税大棒，今年上半年我国进出口规模依旧站稳20万亿元台阶，创历史同期新高。 外贸顶住压力、平稳增长，是经济韧性的体现，也与自上而下的及时响应密不可分。从拓展外贸"朋友 圈"，到加快落实党中央对内外贸一体化的部署，再到行业协会、电商、商超等纷纷畅通渠道，推动"出 口转内销"……较短时间 ...

Core Insights - The "14th Five-Year Plan" period is crucial for China's economic and social development, marking the first five years after achieving a moderately prosperous society and setting the stage for the second centenary goal [1] - China's GDP growth averaged 5.5% over the first four years of the "14th Five-Year Plan," with an economic increment expected to exceed 35 trillion yuan, equivalent to recreating a region like the Yangtze River Delta [1] Economic Growth and Stability - China's GDP reached 110 trillion yuan, with projections of 120 trillion and 130 trillion yuan, showcasing resilience against global challenges [1] - The average annual contribution of China to global economic growth from 2021 to 2024 is around 30%, establishing it as a stable and reliable economic driver [2] Quality of Development - The quality and efficiency of development have improved significantly, with advancements in healthcare, renewable energy, and environmental quality [2] - The global innovation index ranking has entered the top ten for the first time, indicating rapid enhancement in innovation capabilities [2] Green Development - China has become a leader in global green transformation, achieving a 4.7% annual growth in energy consumption while maintaining a 5.5% economic growth rate, with a cumulative energy intensity reduction of 11.6% [3] - The country has successfully shifted from a coal-heavy energy structure to a cleaner energy system, with renewable energy generation capacity surpassing that of coal [5] Domestic Market and Consumption - The social retail sales of consumer goods are projected to grow from 39 trillion yuan in 2020 to 48 trillion yuan in 2024, with online retail sales increasing from under 12 trillion yuan to 15.5 trillion yuan [7] - Domestic demand has become a significant driver of economic growth, contributing an average of 86.8% to economic growth from 2021 to 2024 [7] International Trade and Openness - China's goods trade has consistently exceeded 5 trillion and 6 trillion USD during the "14th Five-Year Plan," with an average annual growth rate of 8.1% from 2021 to 2024 [8] - The country has actively expanded high-level openness, reducing the negative list for foreign investment and enhancing trade partnerships [6] Social Development and Welfare - The urban population reached 944 million, with continuous improvements in rural living conditions and social security coverage [6] - The "14th Five-Year Plan" emphasizes social welfare, with over one-third of the 20 major indicators focusing on improving people's livelihoods [6] Future Outlook - The "15th Five-Year Plan" is seen as a critical period for solidifying the foundation for socialist modernization, with a focus on high-quality development and addressing challenges ahead [9] - The upcoming 20th Central Committee meeting is expected to set new historical milestones for China's modernization efforts [9]

出品人：俞岚 制片人：吴庆才 统筹：周锐 策划：王庆凯 文案：李雨昕 摄像：陈庆洋 王岳 灯光：孙红卫 杨思雨 剪辑：陈庆洋 设计：黄蕾 包装：黄蕾 陈庆洋 翻译：冯爽 陈天浩 赵丽 [ 责编：李伯玺 ] 从"鸡毛换糖"的货郎担到"全球直播"的云仓库，义乌的变迁是构建新发展格局的微观注脚。义乌的故事 显示，构建新发展格局不是"关起门来自己玩"，而是"合作共赢、美美与共"。当前，中国的发展离不开 世界，世界的发展也需要中国。中国的高质量发展，不仅是14亿人的机遇，更是全球增长的机遇。 ...

新华社北京10月16日电 题：坚持新发展理念 持续推动高质量发展——"十四五"时期经济社会发展 实践与启示述评之三 科学指引，完整准确全面贯彻新发展理念 10月的乌梁素海，碧波荡漾，海鸥起舞。 这一位于内蒙古自治区的"塞外明珠"，曾一度因环境污染被称为"酱油湖"，通过系统的生态修复治 理，如今变身为"候鸟家园"。 2021年3月5日，"十四五"开局之年，习近平总书记参加十三届全国人大四次会议内蒙古代表团审议 时，谈及乌梁素海治理"还要久久为功"，并在会上提出：新发展理念是一个整体，必须完整、准确、全 面理解和贯彻，着力服务和融入新发展格局。 新华社记者于佳欣、吴雨、任军 发展是解决我国一切问题的基础和关键，高质量发展是体现新发展理念的发展。 习近平总书记深刻指出："我国发展已经站在新的历史起点上，要根据新发展阶段的新要求，坚持 问题导向，更加精准地贯彻新发展理念，举措要更加精准务实，切实解决好发展不平衡不充分的问题， 真正实现高质量发展。" "十四五"时期，在习近平经济思想指引下，全党全国各族人民完整准确全面贯彻新发展理念，加快 构建新发展格局，高质量发展不断取得新成效、迈出新步伐、跃上新台阶。 一个启示愈发 ...

Core Viewpoint - The article emphasizes the importance of economic system reform as a driving force for achieving historical achievements and transformations in China's development since the reform and opening-up, highlighting the strategic decisions made by the central leadership under Xi Jinping to deepen reforms comprehensively [1][2][3]. Summary by Sections Economic System Reform as a Key Focus - The publication of Xi Jinping's works on comprehensive deepening of reforms underscores the significance of economic system reform, with nearly 100 out of 165 important documents focusing on this area [2]. - The Third Plenary Session of the 18th Central Committee marked a new era for comprehensive reform, emphasizing the need for economic system reform to drive other reforms [3]. High-Quality Development - The transition from high-speed growth to high-quality development is highlighted, with the central leadership focusing on overcoming systemic obstacles to achieve this goal [4]. - Xi Jinping's emphasis on integrating reform with development is crucial for enhancing vitality and advantages in development [4][5]. Modernization and Reform - The 20th National Congress established high-quality development as a primary task for building a modern socialist country, with reforms aimed at supporting this goal [6]. - Comprehensive deepening of reforms is seen as essential for advancing Chinese-style modernization and addressing systemic barriers [6]. Market System and Economic Governance - The establishment of a unified, open, and competitive market system is crucial for resource allocation, with reforms aimed at enhancing market efficiency and government roles [11][12]. - The macroeconomic governance system is being improved to ensure effective coordination of various economic policies [12]. Common Prosperity and Green Transition - The focus on common prosperity emphasizes social equity and addressing the needs of the populace, with reforms aimed at reducing disparities [13]. - A comprehensive green transition is being pursued, balancing economic growth with environmental sustainability [14]. Open Economy and International Cooperation - The construction of a higher-level open economy is a strategic move to enhance international cooperation and economic reform [15]. - The central leadership is committed to expanding openness while ensuring national security [15]. Leadership and Reform Implementation - Strong leadership and effective mechanisms are essential for the successful implementation of economic reforms, with a focus on systematic integration and grassroots innovation [16][19]. - The emphasis on practical implementation and accountability in reform efforts is critical for achieving desired outcomes [20].