Core Insights - The report emphasizes the strengthening of industrial innovation and technology supply, focusing on advancing key core technology breakthroughs and actively nurturing emerging and future industries [1] - It highlights the continuous promotion of manufacturing transformation and upgrading, along with improving the allocation and management of fiscal science and technology funds to enhance the effectiveness of technological investments [1] - There is a significant push to support the digital transformation of small and medium-sized enterprises (SMEs), encouraging more SMEs to develop specialized and innovative capabilities [1] - The report also mentions the deepening of the construction of a unified national market, ensuring equal treatment of various business entities in fiscal subsidies and government procurement to create a favorable environment for business development [1]

Core Viewpoint - The article emphasizes the importance of expanding domestic demand as a strategic foundation during the "14th Five-Year Plan" period, aligning with the central government's decisions to promote modernization and national rejuvenation [1] Group 1: Enhancing Consumer Spending - The focus is on boosting resident consumption by optimizing the environment, innovating scenarios, and reducing restrictions, while integrating consumption expansion with the development of new productive forces [2] - Measures include canceling unreasonable restrictions in the consumption sector, improving mechanisms for paid leave, and enhancing service consumption through relaxed access and brand leadership [2] - Long-term strategies aim to increase residents' consumption capacity and rates by improving income distribution and labor remuneration, alongside expanding social security systems to support consumption [2] Group 2: Expanding Effective Investment - The strategy includes optimizing investment structures to stimulate private investment and addressing barriers in market access and rights protection [3] - Emphasis is placed on enhancing investment efficiency by ensuring that investments yield greater economic and social value, particularly in infrastructure and public services [3] - The reform of investment financing systems is highlighted, utilizing new policy financial tools to invigorate investment [3] Group 3: Major Landmark Projects - The plan involves implementing significant landmark projects that align with national strategies, focusing on urban renewal, energy systems, and major technological infrastructure [4] - Infrastructure investment is to be maintained at a sustainable level while addressing the needs of an aging population and promoting service consumption in health and education [4] Group 4: Unified National Market Construction - The initiative aims to establish a unified market by standardizing institutional rules and eliminating barriers to resource allocation and government actions [5] - Efforts will be made to enhance market competition through legal frameworks against unfair practices and to streamline logistics costs across the economy [5]

11月5日，全省服务和融入全国统一大市场建设工作会议在济南召开。省委常委、常务副省长张海 波出席会议并讲话，副省长王桂英主持会议。 王桂英指出，各级各部门要切实扛牢政治责任，聚焦"六个加力"重要任务，抓好工作谋划，凝聚发 展合力，全力推进各项任务落实。要结合制定"十五五"规划，进一步完善体制机制，补齐工作短板，更 大力度推进统一大市场建设，为奋力谱写中国式现代化山东篇章作出新的更大贡献。 各市和省有关部门、单位负责同志参加会议。（记者 陈晓婉） 张海波强调，纵深推进全国统一大市场建设，是党中央作出的重大决策部署。各级各部门要切实提 高站位，抢抓机遇，聚焦"五统一、一开放"基本要求和"六个着力"重点任务，在完善市场制度规则、畅 通市场基础设施、规范政府行为尺度、优化市场监管执法、提升要素资源配置效率和扩大对内对外开放 联通上持续加力，加快打造服务和融入全国统一大市场建设"省域典范"，为全省高质量发展持续注入强 劲动能。 ...

记者丨柳宁馨 实习生蒋瑛芙 编辑丨周上祺 长三角GDP约占全国四分之一，产业新动能、消费新潜力持续涌现。 今年前三季度，江苏、浙江、上海、安徽四地GDP总量达251797.17亿元，约占全国GDP总量的25%， 经济稳中向好。 前三季度，浙江以5.7%的GDP增速领跑，上海、江苏、安徽紧随其后，分别为5.5%、5.4%、5.4%，三 省一市经济增速均跑赢全国平均。 从规模看，前三季度，江苏以102811亿元的GDP总量在长三角三省一市排在第一，浙江排第二，GDP为 68495亿元，上海GDP总量为40721.17亿元，安徽则为39770亿元。 江苏省社科院社会政策所所长张春龙告诉21世纪经济报道记者，先进制造业是江苏经济的"压舱石"，筑 牢了GDP规模与增速优势，其支撑作用体现在产业结构优化与抗风险能力提升上，为经济增长提供稳定 动能。 "在全球需求波动背景下，江苏制造业的技术沉淀、产业链完整性与数字转型优势显著，叠加国内市场 支撑，只要持续强化创新与供应链韧性，'硬核制造'优势将进一步放大，巩固长三角经济龙头地 位。"张春龙说。 同期，长三角41座城市中，31座城市经济增速跑赢全国平均（5.2%），14座城 ...

Core Points - The central theme of the articles is the commitment to eliminate obstacles in the construction of a unified national market in China over the next five years, as outlined in the recent guidelines from the Central Committee [1][2]. Group 1: National Market Construction - The guidelines emphasize the need to standardize local government economic promotion behaviors and address "involution" competition, aiming to create a fair and competitive market environment [1][2]. - Specific measures include improving foundational institutional rules for the unified market, enhancing property rights protection, market access, information disclosure, social credit, mergers and acquisitions, and market exit systems [1][2]. - The focus is on eliminating barriers related to resource acquisition, qualification recognition, bidding, and government procurement, as well as regulating local government economic promotion behaviors to dismantle local protectionism and market segmentation [1][2]. Group 2: Competition Policy and Local Government Behavior - The guidelines link competition policy with the construction of a unified national market, indicating that deficiencies in existing fiscal and assessment systems may hinder market development [2][4]. - There is a historical context where local governments have provided tax incentives and subsidies to attract investment, which, while beneficial in some aspects, disrupts market order and fair competition [2][3]. - The need for effective regulation of local government economic promotion behaviors is highlighted, as past neglect has led to issues such as "involution" competition, where local governments' financial incentives encourage unhealthy price competition among businesses [4][5]. Group 3: Regulatory Framework and Future Directions - The articles reference previous attempts to regulate tax incentives, noting that a 2014 directive aimed to clean up such policies but was ultimately postponed [3][4]. - The guidelines call for a comprehensive review and elimination of policies that promote local protectionism and market fragmentation, with a focus on ensuring fair competition [5][6]. - The introduction of the Fair Competition Review System is seen as a critical step in preventing local governments from issuing preferential policies that distort competition [6][7].

Core Viewpoint - The article emphasizes the importance of breaking down barriers to the construction of a unified national market in China over the next five years, as outlined in the recent guidelines from the Central Committee [3][8]. Summary by Sections National Unified Market Construction - The recent guidelines highlight the need to standardize local government economic promotion behaviors and address "involutionary" competition, aiming to create a more unified market environment [3][4]. - The guidelines call for the establishment of unified market foundational systems, including property rights protection, market access, information disclosure, social credit, mergers and acquisitions, and market exit regulations [3][5]. Local Government Economic Promotion - There is a focus on regulating local government economic promotion behaviors, which have historically led to market disorder and hindered the establishment of a unified market system [5][6]. - The article discusses the past issues with local governments providing tax incentives and subsidies to attract investment, which, while beneficial in the short term, disrupts fair competition [6][7]. Involutionary Competition - The article addresses the phenomenon of "involutionary" competition, where local governments' financial incentives lead to unhealthy price competition among businesses [7][8]. - The guidelines aim to rectify this by promoting fair competition and eliminating local protectionism and market fragmentation [8][9]. Future Directions - The article outlines four key areas for addressing involution: controlling local government subsidies, ensuring product and service quality, encouraging bankruptcy restructuring, and enhancing antitrust enforcement [9][10]. - The introduction of the Fair Competition Review System is highlighted as a crucial step in preventing local protectionism and ensuring a level playing field for all businesses [9][10].

同时，要综合整治"内卷式"竞争。统一市场监管执法，加强质量监管，完善行政裁量权基准制度，强化 反垄断和反不正当竞争执法司法，形成优质优价、良性竞争的市场秩序。 面向"十五五"，应认识到反内卷并非简单地涨价。 未来五年，"坚决破除阻碍全国统一大市场建设卡点堵点"将成为重要任务。 近期，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称《建议》）全文公 开，其中在全国统一大市场建设方面，提到要"规范地方政府经济促进行为""综合整治'内卷式'竞争""完 善有利于统一大市场建设的统计、财税、考核制度"等，中国纵深推进全国统一大市场建设的决心显 著。 "十四五"规划曾提出"加快构建国内统一大市场"的目标，要求对标国际先进规则和最佳实践优化市场环 境，促进不同地区和行业标准、规则、政策协调统一，有效破除地方保护、行业垄断和市场分割。 对比上述表述，《建议》则针对阻碍全国统一大市场建设的卡点堵点，提出了更具体的要求与规划：统 一市场基础制度规则，完善产权保护、市场准入、信息披露、社会信用、兼并重组、市场退出等制度， 消除要素获取、资质认定、招标投标、政府采购等方面壁垒，规范地方政府经济促进行为，破除地方保 ...

Core Viewpoint - The article discusses the nomination of Luo Dongyuan, the current Vice President of Guotai Haitong Securities, for a key managerial position in a state-owned enterprise in Shanghai, highlighting his extensive experience in the securities industry and the recent strong performance of Guotai Haitong Securities [2][3][4]. Group 1: Company Background - Luo Dongyuan has over 20 years of experience in the securities industry, having held various senior positions at Guotai Junan Securities before becoming Vice President of Guotai Haitong Securities [3]. - Guotai Haitong Securities recently underwent a name change and restructured its management team, with Luo being appointed as Vice President in July [3]. Group 2: Recent Performance - In the third quarter of 2025, Guotai Haitong Securities reported a record revenue of 22.02 billion yuan, a year-on-year increase of 136.0%, and a net profit attributable to shareholders of 9.02 billion yuan, up 102% [4]. - For the first three quarters of 2025, the company achieved a total revenue of 45.89 billion yuan, a year-on-year growth of 101.6%, and a net profit attributable to shareholders of 22.07 billion yuan, reflecting a 131.8% increase [5]. - The company's total assets exceeded 2 trillion yuan, marking a 91.7% increase from the previous year, with net capital and net assets maintaining the industry's leading position [5].

Group 1: Economic and Social Development Planning - The 20th Central Committee's Fourth Plenary Session approved the suggestions for the 15th Five-Year Plan, outlining systematic planning and strategic deployment for China's economic and social development [1] - Emphasis on promoting the deep integration of technological and industrial innovation, enhancing the inclusiveness and adaptability of capital market systems, and expanding high-level opening-up [1][2] Group 2: Technological Innovation - The Ministry of Science and Technology aims to achieve decisive breakthroughs in key core technologies through a full-chain approach, integrating innovation and industrial chains [2][3] - Focus on original innovation and tackling key technologies in areas such as integrated circuits, advanced materials, and biomanufacturing [2][3] Group 3: Consumer Spending and Economic Growth - The National Development and Reform Commission emphasizes the need to boost domestic consumption and optimize the environment for consumer spending [6][7] - Measures include removing unreasonable restrictions in consumption and enhancing residents' income to increase consumption rates [6][7] Group 4: Investment Strategies - The government aims to optimize investment structures and enhance the effectiveness of investments, particularly in infrastructure and consumer-related sectors [8][9] - Plans to implement significant landmark projects that align with national strategic needs and promote a unified national market [9][11] Group 5: Market Regulation and Competition - The State Administration for Market Regulation is focused on establishing a unified market system, eliminating barriers to competition, and addressing "involution" in market practices [10][11] - Emphasis on strengthening anti-monopoly and fair competition regulations to ensure a healthy market environment [12][13] Group 6: State-Owned Enterprises and Private Sector - The State-owned Assets Supervision and Administration Commission aims to optimize the layout of state-owned enterprises and enhance their roles in key industries [14][15] - Support for private enterprises through legal protections and policies to stimulate their growth and participation in national projects [16][17] Group 7: Fiscal Policy and Debt Management - The Ministry of Finance outlines a proactive fiscal policy to support high-quality development and manage government debt sustainably [17][19] - Focus on increasing public investment in technology and social welfare while ensuring fiscal discipline and preventing local government debt risks [18][19]

Core Points - The meeting emphasized the importance of implementing the spirit of the 20th Central Committee and ensuring the achievement of economic and social development goals for the year [1][2] - The provincial government is focusing on stabilizing employment, enterprises, markets, and expectations while enhancing policy implementation and structural adjustments [2][3] Economic Performance - The provincial development and reform commission reported on the economic performance for the first three quarters, indicating a steady recovery but highlighting structural issues that need addressing [1][2] - The government aims for qualitative improvements and reasonable growth in the economy during the fourth quarter [2][3] Policy Implementation - There is a call to utilize policy resources effectively to address execution bottlenecks and enhance the impact of existing and new policies on consumption and investment [3] - The government plans to strengthen economic operation monitoring in key regions and industries, focusing on stabilizing agriculture, industry, construction, and services [3][5] Safety and Stability - Emphasis on maintaining safety in development, ensuring social stability, and addressing risks in finance, ecology, and social governance [3][4] - The government is committed to safeguarding livelihoods and enhancing grassroots support [3][5] Leadership and Accountability - Local leaders are urged to enhance their sense of responsibility and ensure the effective implementation of the 20th Central Committee's spirit [4] - The provincial leadership is focused on monitoring, guiding, and supporting economic recovery efforts [5]