Core Viewpoint - Shenzhen's economy showed steady growth in the first half of 2025, with a GDP of 18,322.26 billion yuan, reflecting a year-on-year increase of 5.1% [2]. Economic Performance - The primary industry added value was 10.33 billion yuan, growing by 2.8% - The secondary industry added value was 6,505.56 billion yuan, growing by 3.3% - The tertiary industry added value was 11,806.37 billion yuan, growing by 6.1% [2]. Industrial Growth - The industrial output value above designated size increased by 4.3% year-on-year, with mining growing by 0.5%, manufacturing by 4.2%, and utilities by 11.8% - Notable growth in general equipment manufacturing (17.1%), instrument manufacturing (8.8%), and electrical machinery (8.2%) [2][3]. High-tech Product Production - High-tech product output saw significant increases, with civilian drones up by 59.0%, industrial robots by 38.0%, and 3D printing equipment by 35.8% [3]. Service Sector Performance - The service sector's added value reached 11,806.37 billion yuan, with a year-on-year growth of 6.1% - Financial services grew by 10.9%, transportation and warehousing by 9.0%, and IT services by 8.1% [3]. Investment Trends - Fixed asset investment decreased by 10.9%, with real estate down by 15.1% - However, industrial technology renovation investment surged by 47.1%, and investments in IT services and transportation grew by 47.7% and 32.5%, respectively [4]. Consumer Market Dynamics - Retail sales of consumer goods totaled 4,948.68 billion yuan, with a year-on-year increase of 3.5% - Notable growth in household appliances (55.7%) and online retail (19.4%) [5]. Foreign Trade Overview - Total import and export value was 21,675.45 billion yuan, down by 1.1%, with exports at 13,086.81 billion yuan (down 7.0%) and imports at 8,588.64 billion yuan (up 9.5%) - High-tech product exports increased by 8.0% [5]. Financial Sector Stability - By the end of June, the balance of deposits in financial institutions was 141,600.14 billion yuan, up by 5.7% - The balance of loans was 98,469.91 billion yuan, reflecting a growth of 3.5% [5]. Consumer Price Trends - Consumer prices rose by 0.1% year-on-year, with food and tobacco prices up by 0.5% and clothing by 1.3% - Prices for transportation and communication fell by 2.4% [6]. Future Outlook - Shenzhen aims to maintain steady economic growth while addressing external uncertainties and domestic demand issues, focusing on high-quality development [6].

Core Viewpoint - Shenzhen's economy showed steady growth in the first half of 2025, with a GDP of 18,322.26 billion yuan, reflecting a year-on-year increase of 5.1% at constant prices [2][12]. Group 1: Industrial Production - The industrial added value of large-scale enterprises in Shenzhen increased by 4.3% year-on-year, with a slight acceleration of 0.1 percentage points compared to the first quarter [3]. - The manufacturing sector grew by 4.2%, while the electricity, heat, gas, and water production and supply industry saw an increase of 11.8% [3]. - High-tech product output experienced rapid growth, with civil drones, industrial robots, and 3D printing equipment increasing by 59.0%, 38.0%, and 35.8% respectively [3]. Group 2: Service Industry - The added value of the service industry reached 11,806.37 billion yuan, growing by 6.1% year-on-year, with a 0.1 percentage point increase from the first quarter [4]. - Key sectors such as finance, transportation, and information technology services reported growth rates of 10.9%, 9.0%, and 8.1% respectively [4][5]. Group 3: Fixed Asset Investment - Fixed asset investment in Shenzhen decreased by 10.9% year-on-year, with real estate development investment dropping by 15.1% [6]. - However, infrastructure investment grew by 7.7%, and industrial technological transformation investment surged by 47.1% [6]. Group 4: Market Sales - The total retail sales of consumer goods reached 4,948.68 billion yuan, with a year-on-year growth of 3.5%, marking a 0.4 percentage point acceleration from the first quarter [7]. - Significant growth was observed in the sales of home appliances and audio-visual equipment, which increased by 55.7%, and cultural office supplies, which rose by 32.9% [7][19]. Group 5: Trade - The total import and export volume was 21,675.45 billion yuan, showing a year-on-year decline of 1.1%, but the decline was narrower by 1.7 percentage points compared to the first quarter [8]. - Exports amounted to 13,086.81 billion yuan, down by 7.0%, while imports increased by 9.5% to 8,588.64 billion yuan [8]. Group 6: Financial Sector - By the end of June, the balance of deposits in financial institutions (including foreign capital) reached 141,600.14 billion yuan, a year-on-year increase of 5.7% [9]. - The balance of loans in financial institutions (including foreign capital) was 98,469.91 billion yuan, reflecting a year-on-year growth of 3.5% [9].

日本央行副行长内田真一说，除了协议本身仍存在的一些疑问外，美国与其他国家达成贸易协议的速 度、关税对日本国内外经济的影响，以及多久能在硬数据中看到关税的效应，都将在未来左右央行决 策。 在8月1日所谓的特朗普"关税大限"前，美日达成贸易协议，会对今年下半年日本经济产生何种影响？ 综合新华社与央视新闻报道，一周前，美国总统特朗普在社交媒体上发文称，美国与日本达成贸易协 议。特朗普称，根据这项协议，日本将向美国投资5500亿美元，美国将获得投资利润的90%。日本将向 美国开放汽车、卡车、大米及某些其他农产品和商品市场，美国将对日本输美产品征收15%的关税。日 本首相石破茂随后也回应称，日本与美国就关税问题达成一致。 牛津经济研究院（Oxford Economics）日本首席经济学家长井滋人（Nagai Shigeto）也认为，尽管日美 达成贸易协议，但依旧看空日本经济增长的预期，"黯淡的出口前景和全球关税的高度不确定性使我们 维持之前的判断。特别是对日本来说，围绕全球贸易政策的不确定性增加将意味着对资本货物的需求降 低。"牛津经济研究院认为，日本经济今年将保持0.8%的增长，明年为0.4%。 长井表示，作为降低关 ...

Economic Overview - China's GDP exceeded 66 trillion yuan in the first half of the year, growing by 5.3% year-on-year, laying a solid foundation for the annual target of around 5% [1][4] - The economy showed resilience with a 5.2% growth in Q2, supported by unexpected export performance and a series of incremental policies that boosted consumption [1][4] Export Performance - Exports grew by 5.9% year-on-year in the first half, outperforming expectations despite pressures from U.S. tariffs, indicating a shift towards a more competitive and innovative export structure [6][4] - The export sector is expected to face challenges in the second half due to uncertainties in U.S.-China trade negotiations, but the overall impact may be less severe than anticipated [6][4] Investment Trends - Investment growth has slowed, with declines in real estate and infrastructure investments, necessitating stronger policy support to stabilize investment levels [7][4] - Industrial profits and profit margins have decreased compared to the previous year, indicating a need for enhanced investment policies [7][4] Consumption Outlook - Consumption is projected to maintain steady growth, supported by policies such as the 1.38 billion yuan "old-for-new" subsidy and potential increases in social security and income [7][4] - The long-term strategy for boosting consumption involves addressing supply bottlenecks and improving income distribution [15][4] Fiscal and Monetary Policy - A more proactive fiscal policy and moderately loose monetary policy are essential to stimulate demand and support economic recovery [10][4] - The broad fiscal expenditure increased by 8.9% year-on-year in the first half, contributing significantly to economic growth [10][4] Real Estate Market - The real estate market is experiencing increased sales area and sales volume declines, necessitating stronger measures to stabilize the market [16][4] - Policies aimed at improving liquidity for real estate developers and addressing debt issues are expected to be introduced in the second half [17][4] Anti-"Involution" Measures - Efforts to combat "involution" in competitive sectors are crucial for restoring market equilibrium and improving investment returns [18][4] - Regulatory measures are needed to prevent irrational pricing behaviors and ensure fair competition in the market [19][4]

截至7月28日，31省份（不含港、澳、台）公布了2025年上半年经济运行情况。经济大省在成功挑起经 济增长大梁的同时，个别省份的经济数据也出现了波动。 前八大经济省份中，除广东外，其余七个省份上半年GDP增速均超过全国平均增速（5.3%），且均在 5.6%及以上。在31省份中，上半年广东GDP增速为4.2%，与海南并列倒数第三。 具体来看，上半年有20个省份的GDP增速超过了全国平均增速。其中，西藏、甘肃、湖北的GDP增速 位居全国前三，且均在6%以上。 上半年，湖北GDP总量位于全国第七，增速达6.2%，较全国高出0.9个百分点，这一增速也超出了湖北 过去三年的全年GDP增速。 湖北统计局在解读上半年经济运行情况时称，上半年湖北交出了一份成色好、分量足的成绩单。这是在 二季度外部压力明显加大的背景下取得的成绩，得来不易，需要倍加珍惜。但也要看到，外部不确定不 稳定因素较多，内部结构性矛盾还没有根本缓解。 GDP总量位居全国第二、第三的江苏和山东，年初将GDP增速目标设定为5%以上。今年上半年江苏的 GDP增速达5.7%，山东达5.6%，彰显出经济大省的增长韧性。 整体而言，不少省份经济增长超出预期。2025 ...

新加坡金融管理局强调，当前的货币政策立场与中期物价稳定的目标相符，因此决定维持现有的货币政 策设置不变，以支持经济平稳过渡并应对可能出现的挑战。 （文章来源：新华财经） 新华财经北京7月30日电新加坡金融管理局（MAS）表示，将继续维持新加坡元名义有效汇率政策区间 的现行升值幅度不变，同时保持货币区间的宽度和中点稳定。 新加坡金融管理局指出，尽管全球和新加坡本地经济展现出一定的韧性，但随着前期投资活动效应的逐 渐消退，预计经济增长势头将在2025年下半年有所放缓。此外，贸易冲突、金融或地缘政治冲击的潜在 升级也可能进一步拖累全球经济，并影响新加坡的增长前景。 对于通胀预期，新加坡金融管理局预测2025年全年核心通胀率和消费者物价指数（CPI）通胀率将平均 保持在0.5%至1.5%之间。短期内，通胀压力应能得到有效控制，然而未来几个季度的通胀前景仍面临 上行和下行风险。 ...

上半年全省经济运行总体平稳、稳中有进，较好完成"双过半"目标任务。全省地区生产总值近6.7 万亿元、占全国比重超过1/10，同比增长5.7%、高于全国0.4个百分点。对照年初省人代会确定的41项 计划指标，22项指标进展顺利，其中地区生产总值、规上生产性服务业营业收入等7项指标快于序时进 度；外贸进出口总额、高新技术产业产值占规模以上工业产值比重等15项指标达到或基本达到序时进度 要求。 在促消费稳投资方面，报告指出，"苏超"前六轮比赛监测的旅游、出行、餐饮、住宿、体育五个场 景合计实现服务营收379.6亿元、同比增长42.7%。省人大财政经济委员会在《关于江苏省2025年上半年 经济运行情况的调研报告》中也肯定了"苏超"赛事激发活力的做法，并透露，在近380亿元服务营收 中，出行、餐饮场景的省外游客支付占比分别达28.8%、19.7%。省人大财经委建议，继续打造更多集 观赛、美食、互动娱乐等于一体的"第二现场"，组织开展老字号、外贸优品等展销活动，更好发挥赛事 撬动作用。 7月28日，省十四届人大常委会第十六次会议听取省政府办公厅关于江苏省2025年上半年国民经济 和社会发展计划执行情况的报告。"半年报"显 ...

欧洲央行管委马赫鲁夫：美国对欧盟商品征收15%的关税将抑制经济增长，但不确定性的减少将部分抵 消影响。 ...

欧洲央行管委马赫鲁夫：经济增长广泛发展，符合预期。 ...

匈牙利经济部：下半年经济将按年增长1%至2%。 ...