国家发改委：经济运行仍存挑战，将适时加力实施宏观政策 国家发改委：新型政策性金融工具共5000亿元，全部用于补充项目资本金 9月29日，国家发展改革委政策研究室副主任、新闻发言人李超表示，为促进金融更好地服务实体经济，推动 扩大有效投资。国家发展改革委会同有关方面积极推进新型政策性金融工具相关工作，新型政策性金融工具规 模共5000亿元，全部用于补充项目资本金。国家发展改革委正在会同有关方面，抓紧把新型政策性金融工具资 金投入到具体项目上，后续将督促各个地方推动项目加快开工建设，促进经济平稳健康发展。 责编：罗晓霞 校 对：高源 百万用户都在看 9月29日，国家发展改革委政策研究室副主任、新闻发言人李超表示，8月份，在宏观政策持续发力等因素的带 动之下，我国经济运行总体平稳。从供给侧看，生产平稳增长，制造业、服务业的重点领域增势良好；从需求 侧看，政策效能持续显现，展现出较强的韧性和抗压能力。在消费方面，以旧换新相关零售额继续保持较快的 增长。不过，当前经济运行当中依然面临着不少的风险和挑战，外部环境仍然严峻复杂，经济回升向好的基础 仍需进一步巩固。下一步，国家发展改革委将持续发力，适时加力实施宏观政策。同时 ...

北京商报讯（记者 和岳）9月29日，国家发展改革委政策研究室副主任、新闻发言人李超在新闻发布会 上表示，为促进金融更好地服务实体经济，推动扩大有效投资，会同有关方面积极推进新型政策性金融 工具相关工作，新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。国家发展改革委正在 会同有关方面，抓紧把新型政策性金融工具资金投入到具体项目上，后续将督促各个地方推动项目加快 开工建设，促进经济平稳健康发展。 ...

国家发改委表示，正在会同有关方面，抓紧将新型政策性金融工具资金投放到具体项目，后续将督促各 地方推动项目加快开工建设，尽快形成更多实物工作量，推动扩大有效投资，促进经济平稳健康发展。 9月29日，国家发展改革委政策研究室副主任、新闻发言人李超在新闻发布会上表示，为贯彻落实党中 央、国务院决策部署，促进金融更好服务实体经济，推动扩大有效投资，国家发展改革委会同有关方面 积极推进新型政策性金融工具有关工作。新型政策性金融工具规模共5000亿元，全部用于补充项目资本 金。 ...

Economic Overview - In August, China's economy showed overall stability, supported by continuous macro policies and strong resilience in demand [1][5] - Manufacturing and service sectors experienced steady growth, with key areas performing well [5][6] - The added value of major industries such as equipment manufacturing and high-tech manufacturing grew by 8.1% and 9.3% year-on-year, respectively [5][6] Policy Initiatives - The National Development and Reform Commission (NDRC) is implementing macro policies to maintain economic stability and achieve annual targets [1][7] - A notification was issued to promote the regular application of Real Estate Investment Trusts (REITs) in infrastructure, aiming to support private investment [3][4] Artificial Intelligence Development - The "Artificial Intelligence+" initiative aims for over 70% application penetration of new intelligent terminals and agents by 2027 [8][9] - The initiative emphasizes the importance of AI in enhancing productivity across various sectors, including manufacturing and services [8][9] Investment Trends - In the first eight months, manufacturing investment increased by 5.1%, with significant growth in information services and aerospace sectors [6][7] - The total import and export volume in August rose by 3.5% year-on-year, indicating a diversified trade performance [7] Environmental Initiatives - The "Three Norths" project, a long-term ecological restoration initiative, has been revised to set more ambitious goals for forest coverage and land management by 2050 [10][12] - The establishment of the China-Shanghai Cooperation Organization Green Industry Cooperation Platform aims to enhance international collaboration in green technology and finance [21][22]

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting new policy financial tools to enhance financial services for the real economy and expand effective investment, with a total scale of 500 billion yuan allocated for project capital supplementation [1] Group 1 - The NDRC is working with relevant parties to ensure that the new policy financial tool funds are allocated to specific projects promptly [1] - There is an emphasis on accelerating project commencement to generate more tangible work volume, thereby promoting effective investment and supporting stable economic development [1]

"为了贯彻落实党中央、国务院的决策部署，促进金融更好地服务实体经济，推动扩大有效投资，我委 会同有关方面积极推进新型政策性金融工具的相关工作。"李超说，"我们正在会同有关方面，抓紧把新 型政策性金融工具资金投入到具体项目上。后续将督促各个地方推动项目加快开工建设，尽快形成更多 实物量，推动扩大有效投资，促进经济平稳健康发展。" 新华财经北京9月29日电（记者余蕊）国家发展改革委政策研究室副主任、委新闻发言人李超29日在该 委新闻发布会上表示，新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。 （文章来源：新华财经） ...

Group 1 - The core viewpoint of the article emphasizes the promotion of new policy financial tools to better serve the real economy and expand effective investment, with a total scale of 500 billion yuan allocated for project capital supplementation [2] - The National Development and Reform Commission (NDRC) is actively working to channel the new policy financial tool funds into specific projects and will urge localities to accelerate project construction to promote stable and healthy economic development [2] - In August, China's economic operation remained generally stable, supported by macro policies, with steady production growth and strong momentum in key sectors of manufacturing and services [2] Group 2 - On the demand side, the effectiveness of policies continues to show resilience, with retail sales related to trade-in programs maintaining rapid growth [2] - Despite the overall stability, the economy still faces numerous risks and challenges, with a complex external environment and a need to further consolidate the foundation for economic recovery [2] - The NDRC plans to continue implementing macro policies and enhance economic monitoring, forecasting, and early warning systems, preparing policies based on changing circumstances [2]

（文章来源：中国新闻网） 9月29日，国家发展改革委政策研究室副主任、新闻发言人李超在新闻发布会上表示，为贯彻落实党中 央、国务院决策部署，促进金融更好服务实体经济，推动扩大有效投资，国家发展改革委会同有关方面 积极推进新型政策性金融工具有关工作。新型政策性金融工具规模共5000亿元，全部用于补充项目资本 金。我们正在会同有关方面，抓紧将新型政策性金融工具资金投放到具体项目，后续将督促各地方推动 项目加快开工建设，尽快形成更多实物工作量，推动扩大有效投资，促进经济平稳健康发展。 ...

Macroeconomic and Policy Environment - The Federal Reserve faces challenges in balancing employment and inflation due to the contradiction between economic resilience and a gradual decline in employment, leading to ambiguity in future interest rate cuts [2][3] - The Eurozone shows signs of improvement in economic indicators following multiple interest rate cuts by the European Central Bank, with low policy rates and stable inflation supporting domestic demand [3] Domestic Economic Conditions - Domestic demand has weakened in the second half of the year, influenced by diminishing policy effects, extreme weather, and high base effects, while external demand has exceeded expectations [3] - Infrastructure investment is expected to provide more certainty for domestic demand in Q4, with policies aimed at promoting consumption, stabilizing real estate, and expanding investment requiring time for validation [3][4] Domestic Policy Environment - The central bank has expressed a commitment to implementing detailed monetary policy, with current macro and micro liquidity remaining relatively ample [4] - Fiscal policy is under pressure due to the pre-issuance of government bonds, but there are indications of available fiscal resources for smooth transitions into the next year [4] Industry Developments - The National Organization for Drug Procurement has released the 11th batch of centralized procurement documents, indicating a shift towards using anchor prices rather than simply selecting the lowest bid, reflecting a trend against excessive competition in the pharmaceutical industry [8][9] - Recent approvals and clinical trials in the pharmaceutical sector include the launch of a subcutaneous formulation of Pembrolizumab and the initiation of Phase III trials for a new drug by Zai Lab [8][9] Market Performance - The Shanghai Composite Index rose by 0.56% and the Shenzhen Component Index increased by 2.83%, while the pharmaceutical and biological sector saw a decline of 1.68% during the week of September 19-25, 2025 [9] - The price-to-earnings ratio for the pharmaceutical and biological industry was reported at 31.13 times, with a valuation premium of 146% relative to the CSI 300 index [9] Investment Strategy - The upcoming IPOs in the pharmaceutical sector, including the successful listing of Jinfang Pharmaceutical, indicate an opening window for new listings [9] - Investment strategies should focus on opportunities arising from interest rate cuts, innovation in drug development, and the benefits of optimized procurement rules in the pharmaceutical and medical device sectors [9]

Group 1: Climate and Energy Policy - President Xi Jinping announced that by 2035, China's greenhouse gas emissions will decrease by 7%-10% from peak levels, with non-fossil energy consumption exceeding 30% of total energy consumption[2] - The total installed capacity of wind and solar power is targeted to exceed six times that of 2020, aiming for 360 million kilowatts[2] - The national carbon trading market will cover major high-emission industries, enhancing China's contribution to global climate governance[2] Group 2: Economic Measures and Financial Tools - A new policy financial tool with an initial scale of 500 billion yuan is set to support projects across eight key sectors, aimed at stabilizing growth amid economic pressures[3] - The State Council emphasizes China's commitment to multilateral trade systems, countering rising unilateralism and protectionism in global economic cooperation[2] Group 3: Energy Market Performance - In August 2025, the national electricity market transaction volume reached 655 billion kilowatt-hours, a year-on-year increase of 11.6%[4] - From January to August 2025, cumulative electricity market transactions totaled 4,344.2 billion kilowatt-hours, accounting for 63.2% of total electricity consumption, up 1.3 percentage points year-on-year[4] Group 4: Corporate Developments - Alibaba's CEO announced a significant investment of 380 billion yuan in AI infrastructure, positioning the company as a leader in AI technology development[4] - The National Energy Administration is promoting the upgrade of the photovoltaic industry to address "involution" competition, indicating a potential improvement in supply-demand dynamics[4] Group 5: Market Trends - The latest 10-year government bond yield is 1.897%, with a change of 1.98 basis points, while the DR007 rate is at 1.586%, changing by 11.10 basis points[5] - The USDCNH exchange rate is currently at 7.1379, reflecting a 0.34% increase, and the US dollar index stands at 97.87, up by 0.65%[7]