Core Viewpoint - Expanding domestic demand is a strategic foundation for constructing a new development pattern, with a focus on enhancing the domestic market and supporting key areas such as consumption, technological innovation, and small and micro enterprises [1][2]. Financial Support for Domestic Demand - Financial services play a crucial role in supporting the real economy, and the effectiveness of these services directly impacts the success of expanding domestic demand [1]. - The transition from scale-driven financial support to quality and efficiency-driven support is necessary as the economy shifts from high-speed growth to high-quality development [2][3]. Structural Issues in Financial Support - There are structural issues in financial support for expanding domestic demand, including inadequate mechanisms to promote consumer confidence and willingness to spend [4]. - For enterprises, there is a gap in the supply of medium- and long-term funds necessary for effective investment, leading to mismatches in financing needs [5]. - Financial institutions face challenges in lending and risk management, which affects their ability to support consumer and small business loans effectively [6]. Systemic Reforms Needed - Systemic reforms are required to enhance the quality and efficiency of financial services, focusing on long-term support for manufacturing upgrades and innovative consumption scenarios [7]. - Strengthening the collaboration between fiscal and monetary policies is essential to improve the effectiveness of financial support for expanding domestic demand [8]. Enhancing Financial Institutions' Capabilities - Financial institutions need to shift from collateral-based lending to credit-driven models, utilizing comprehensive data systems to create digital credit profiles [9]. - There is a need for innovative financial support mechanisms that integrate with rural revitalization and local economic development [10].

Group 1 - The core viewpoint of the news is that the Chinese government is implementing a comprehensive policy package to boost domestic demand through coordinated fiscal and financial measures, addressing the current economic challenges of strong supply and weak demand [1][2] - The focus is on promoting consumption and expanding investment as the two main lines of action, with specific policies aimed at optimizing interest subsidies for personal and business loans to stimulate consumer spending and support service industry growth [2][3] - The government plans to further optimize policies in 2026, including enhancing personal consumption loan subsidies and increasing support for service industry loans, creating a positive feedback loop between consumer demand and quality supply [3][4] Group 2 - The policy measures include a set of tools aimed at reducing financing costs for market entities, such as implementing loan interest subsidies for small and micro enterprises and establishing risk-sharing mechanisms for private enterprise bonds [3][4] - Supporting small and micro enterprises through loan interest subsidies is crucial for stabilizing employment and ensuring consumer confidence, thereby providing a foundation for sustained economic growth [4] - Future efforts will focus on enhancing the collaboration between fiscal and financial policies to effectively channel resources into key areas for expanding domestic demand and addressing economic weaknesses [4]

中央经济工作会议把"坚持内需主导，建设强大国内市场"摆在2026年经济工作重点任务的首位，并提 出"深入实施提振消费专项行动，制定实施城乡居民增收计划"。 提振消费需要金融体系提供全方位支持，以激发消费潜力、优化消费供给并培育新兴消费模式。近日， 商务部、中国人民银行、金融监管总局联合印发《关于加强商务和金融协同 更大力度提振消费的通 知》，围绕商品消费、新型消费、消费场景、县域消费等领域部署了多条政策措施，进一步丰富消费金 融产品和服务。 紧扣中央经济工作会议部署，各金融机构结合自身优势，进一步明确信贷支持举措，着力促消费、扩内 需。例如，建设银行提出，加快升级产品服务体系，深入推进消费金融专项行动，更好满足人民群众多 样化、差异化金融需求。中国银行表示，将积极配合实施好提振消费专项行动和城乡居民增收计划，全 方位满足居民多元消费需求。 2025年以来，多家银行配合地方迅速响应促消费政策，通过加大信贷投放、创新服务模式、提供财政贴 息等多种方式，为消费市场注入源源不断的金融活水。例如，工商银行推动消费贷款财政贴息政策落地 见效。自该政策实施至2025年11月末，工行累计发放个人消费贷款近1000亿元；累计签 ...

Group 1 - The core focus of recent development and reform meetings across various provinces in China is to expand effective demand, build a unified national market, and optimize the business environment [1][2] - Local governments are prioritizing the expansion of domestic demand, with Fujian province emphasizing the implementation of strategies to boost consumption and investment in key projects [1][2] - Investment strategies are shifting from a focus on physical assets to a balanced approach that includes human capital, with an emphasis on improving investment efficiency [1][2] Group 2 - The restructuring of local investment logic is moving towards a dual focus on both physical and human capital, which is expected to support stable growth in domestic demand, investment, and consumption [2] - The introduction of policies to stimulate consumption, such as the "old-for-new" program, is a key task for 2026, with various provinces outlining specific measures to enhance service consumption [2] - Deep reforms are being planned alongside the expansion of domestic demand, with a focus on advancing the construction of a unified national market and optimizing the business environment [2][3] Group 3 - Challenges remain in the construction of a unified national market, including local protectionism and market segmentation, which hinder progress [3] - Provinces like Shandong and Fujian are taking steps to improve their integration into the national market by standardizing investment attraction practices and addressing issues in the bidding process [3] - There is a need for fiscal and tax reforms to reshape local government incentives and reduce inappropriate market interventions, which are currently obstructing the development of a unified national market [3]

（来源：新华日报） □ 本报记者 洪叶 许愿 2025年，全省新增企业22万户，新增线下实体店无理由退货承诺商户2.6万家……全省市场监管工作会 议日前在南京召开，会上晒出的一组组"成绩单"令人振奋。这份厚重而温暖的答卷，见证了过去我省市 场监管部门在激发经营主体活力、维护市场秩序、守护民生安全上的坚实步伐。站在新起点，面对高质 量发展与人民更高期盼，如何将既有成果转化为持久动能，在巩固中提升、在创新中突破？ 良性竞争，激发市场活力 扩大优质商品与服务供给，对于扩大内需、提振消费具有重要意义。下一步，如何培育更多叫得响的江 苏品牌？今年，全省市场监管部门将坚持质量与品牌建设两手抓，健全省长质量奖、"江苏精品"等梯次 培育机制，加快打造一批口碑好、影响力强的江苏品牌。鼓励各地积极参与质量强县培育建设创新试点 和百城质量提升活动，"一县一品"打造质量提升品牌，增强区域质量发展优势。统筹开展标准国际化跃 升和认证认可"走出去"行动，加快推进省国际标准化服务平台建设，持续深化标准海外应用试点，为企 业出海提供从"合规准入"到"品牌增值"的全链条支撑。 牢守安全，丰富监管形式 2026年，全省市场监管部门将不断提升"三 ...

新年伊始，人民日报连推六篇"钟才平"，传递什么信号？ 2026年1月7日，"钟才平"这个名字首次出现在人民日报。至1月12日，"钟才平"共推出6篇，均在人民日 报头版重要位置见报。 与党的二十届四中全会前连续刊发的8篇"钟才文"一样，这组"钟才平"文章甫一亮相，即引发各界广泛 关注。 有读者看出其时机关键——在"十五五"开局之年的新年伊始刊发，为的是凝聚共识、坚定信心、引导预 期。有业内人士读后认为"释放出多重值得高度关注的政策信号"。 细读内容，"钟才平"站在"十五五"开局的重要节点，深刻回答了当前中国经济"怎么看、怎么干"的重大 理论和实践问题。 怎么看？ 从中国看世界。《向新向优发展，中国经济向好》从国际国内两方面深入解析中国经济发展成就，指 出"中国经济底盘坚实、韧性强劲，完全能够经受住风高浪急甚至惊涛骇浪的重大考验"。 从世界看中国。《持续扩大开放，为世界提供新机遇》站在全球角度，深刻阐释中国发展的世界意义， 条分缕析地告诉人们中国发展带给世界的是源源不断的宝贵机遇。 怎么干？ 要坚持科学方法。"力戒在政绩上搞急功近利、弄虚作假、盲目蛮干那一套""防止在落实中选择性执 行、打折扣、搞变通""不能急于 ...

Core Viewpoint - The recent adjustment of export tax rebate policies for photovoltaic and battery products signifies a shift in China's fiscal strategy, moving from "subsidizing production" to "empowering residents" as a fundamental narrative for economic growth [1][2]. Group 1: Policy Adjustments - As of April 1, 2026, the Ministry of Finance and the State Taxation Administration will cancel the VAT export tax rebate for photovoltaic products and reduce the battery export tax rebate from 9% to 6%, eventually eliminating it by January 1, 2027 [1]. - The policy affects 249 items in the photovoltaic sector and 22 items in the battery sector, marking a significant change following the previous reduction from 13% to 9% in 2024 [1]. Group 2: Economic Implications - The adjustment is part of a broader strategy to restructure the sources of economic growth, particularly in the context of the "14th Five-Year Plan," emphasizing the need to enhance domestic demand [2][4]. - The photovoltaic industry faces intense competition, leading to a "volume increase, price decrease" scenario, which has resulted in profit losses for domestic companies and increased risks of international trade disputes [2][4]. Group 3: Financial Sustainability - The reduction or cancellation of export tax rebates is expected to help stabilize foreign market prices and reduce trade friction risks, while also alleviating the fiscal burden on the government [4]. - In 2025, China's trade surplus reached a record high of $1.07 trillion, with export tax rebates amounting to 1.9 trillion yuan, highlighting the unsustainability of the current model [4]. Group 4: Strategic Shift - The policy aims to guide industries like photovoltaic and lithium batteries from relying on price subsidies to competing based on technology, brand, and service quality, which could lead to the elimination of outdated production capacities [4][5]. - The saved fiscal resources from tax rebate adjustments are intended to be redirected towards enhancing consumer spending and investment, particularly in social security measures for low-income groups [5][6]. Group 5: Market Opportunities - The adjustment of export tax rebates is seen as a catalyst for a new economic narrative, shifting the focus from production subsidies to empowering residents and fostering innovation to stimulate domestic demand [6][7]. - Companies in the photovoltaic sector may experience price increases for solar panels, potentially reshaping global green energy installation cost curves, with market expectations favoring leading firms like JinkoSolar and LONGi Green Energy [7].

Core Viewpoint - The Fujian Provincial Government has issued a set of measures aimed at achieving a strong economic and social development start in the first quarter of 2026, focusing on boosting consumption, expanding effective investment, and supporting the real economy among other areas [1]. Group 1: Boosting Consumption - The measures emphasize the dual engines of consumption and investment to stimulate domestic demand, with specific policies to enhance spring consumption, upgrade service consumption, and promote trade-in programs for consumer goods [2]. - A budget of 15 million yuan is allocated for key consumption promotion activities, and 30 million yuan is designated for subsidies on new passenger vehicle purchases [2]. - Initiatives include cultural and sports events to drive consumer engagement, alongside simplifying subsidy application processes to ensure efficient delivery of benefits to businesses and consumers [2]. Group 2: Expanding Effective Investment - The measures outline goals for the first quarter, including completing 300 billion yuan in investments and starting over 500 key projects, with encouragement for continuous work during the Spring Festival [3]. - Plans include promoting over 600 projects with a total investment exceeding 600 billion yuan, focusing on infrastructure, modern industries, and public services [3]. - The government aims to enhance land use guarantees and streamline the approval process for key projects and public welfare initiatives [3]. Group 3: Supporting the Real Economy - The measures aim to stabilize and strengthen the industrial sector, with incentives for manufacturing enterprises that increase electricity consumption by over 6% year-on-year [4]. - Financial rewards are set for companies participating in supply-demand matching activities, and support is provided for the real estate sector to enhance housing quality and service [4]. Group 4: Enhancing Trade and Investment - The measures include strategies to support foreign trade enterprises in expanding markets and attracting foreign investment, with initiatives like full subsidies for exhibition fees for outbound trade groups [7]. - The government plans to conduct joint investment promotion activities during the Spring Festival, targeting overseas Chinese and business communities [8]. - Policies are also in place to stabilize agricultural production and ensure social welfare, with specific projects aimed at boosting employment and supporting rural communities [8].

Core Viewpoint - Consumption is identified as a key driver, stabilizer, and ballast for economic growth, with significant support for economic development. The proposal by Zhu Jiangliu aims to stimulate consumption potential and promote market recovery through various measures in Huangpu District [2]. Group 1: Consumption Initiatives - Huangpu District has developed a comprehensive year-round consumption promotion activity system, featuring four major themes: "Spring Initiation Huangpu: Auspicious New Year," "Summer Ignition Huangpu: All-Time Excitement," "Autumn Gathering Huangpu: Golden Chapters," and "Winter Joy Huangpu: Warm Welcome to the New Year" [4]. - The district has successfully organized over 300 consumption promotion events throughout the year, including significant activities like the "2025 Shanghai Launch" and the "Five-Five Shopping Festival" [5]. Group 2: Integration of Culture, Tourism, and Commerce - Huangpu District is enhancing the integration of cultural, tourism, and commercial sectors to convert traffic into consumption growth, exemplified by the "Flower Blooming New World" theme event linked to the 2025 Shanghai International Flower Exhibition [7]. - The district is leveraging sports events, such as the Huangpu Half Marathon, to create a "Sports + Consumption" ecosystem, fostering deep integration between sports experiences and commercial settings [7]. Group 3: Policy Incentives - The district's Business Committee has introduced a series of targeted measures to stimulate market vitality, including innovative consumption voucher distribution models during major consumption events [9]. - Efforts to enhance the nighttime economy include establishing popular landmarks in key areas and encouraging traditional brands to extend operating hours, thereby significantly increasing weekend foot traffic and sales [9]. - Continuous optimization of the consumption environment and service quality is being pursued, focusing on areas like tax refunds for outbound tourists and multilingual services, aiming to build the "Huangpu Trusted Shopping" brand [9].

Group 1 - The central economic work meeting emphasizes the importance of expanding domestic demand as a key task for 2026, highlighting its significant role in economic growth [1] - Domestic demand has been the main driver of economic growth since 2025, contributing 71% to economic growth in the first three quarters [1] - There is a notable contradiction between strong supply and weak demand, with industrial and service sector growth rates exceeding GDP growth [1] Group 2 - Consumption is increasingly becoming a fundamental force driving economic growth, necessitating multi-channel income increases for urban and rural residents to enhance consumption capacity [2] - The shift from goods consumption to a balanced focus on both goods and service consumption is underway, with strong demand in service sectors like healthcare and tourism [2] - To stimulate consumption, it is essential to remove unreasonable restrictions and implement policies that enhance public services and social welfare [2] Group 3 - Investment and consumption are interrelated, with investment being a quicker variable that can achieve rapid growth, while consumption growth is slower and dependent on income expectations [3] - Despite a decline in fixed asset investment growth, there remains significant potential for investment in traditional industries and public services [3] - The government is expected to play a crucial role in guiding investment through various financial instruments and projects, particularly in strategic areas [3] Group 4 - Investment structure optimization is necessary, with a focus on increasing government investment in public welfare projects and aligning investments with consumption upgrades [4] - There is a call for increased investment in technology innovation, public services, and consumer infrastructure to support consumption growth [4] - The need for investment in green transformation and safety capabilities is highlighted to address external uncertainties and risks [5]