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]

Core Insights - The departure tax refund policy has significantly boosted the consumption vitality of foreign visitors in Shanghai during the "May Day" holiday period [1] - The overall consumption during the holiday saw a double-digit growth, driven by substantial consumer subsidy policies [2] - Various promotional activities and events have contributed to the increase in consumer spending across different sectors [3] Group 1: Consumption Data - From April 30 to May 4, Shanghai's total consumption reached 594.6 billion yuan, a year-on-year increase of 13.1% [1] - Offline consumption accounted for 331.5 billion yuan, growing by 13.2%, while online consumption was 263.1 billion yuan, up by 12.9% [1] - The total foot traffic in 35 monitored shopping districts reached 29.93 million, marking a 12.8% increase year-on-year [1] Group 2: Foreign Visitor Spending - Foreign visitor spending in Shanghai amounted to 4.55 billion yuan, reflecting a remarkable year-on-year growth of 211.6% [1] - The departure tax refund sales during the holiday increased by 120%, with the refund amount also rising by 130% compared to the previous year [1] - The number of companies registered for departure tax refunds in Shanghai has reached 1,013, covering over 3,300 brand merchants [1] Group 3: Promotional Activities and Subsidies - The "May Day" holiday benefited from the largest consumer subsidy policies in six years, with offline sales from 1,000 enterprises and 6,000 stores reaching 1.15 billion yuan, a 32.4% increase from the previous five days [2] - Additional purchase subsidies for vehicles ranged from 1,000 to 10,000 yuan in various districts, further stimulating automotive consumption [2] - Restaurant consumption was boosted by the "Le Pin Shanghai" dining vouchers, leading to a total of 79.903 million yuan in restaurant sales [2] Group 4: Trade and E-commerce Initiatives - Shanghai organized trade fairs and events to promote foreign trade products, enhancing their entry into the domestic market [3] - Initiatives included establishing green channels for foreign trade enterprises and hosting export product exhibitions [3] - E-commerce platforms have also provided support for foreign trade companies, offering online solutions to help them navigate challenges [3]