(活力中国调研行)制度型开放推动海南外向型经济蓬勃发展 中新网海口9月23日电 (记者 贾靖峰 张茜翼)自2020年以来，海南实际使用外资1025亿元，年均增长 14.6%；新设外资企业8098家，年均增长43.7%；境外直接投资97.8亿美元，年均增长97%；货物贸易、 服务贸易年均增长31.3%和32.3%。 在正于此间举行的"活力中国调研行"海南主题采访活动上，海南省商务厅副厅长余翔披露的上述统计数 据显示了海南外向型经济的蓬勃发展。 图为多架进境维修飞机正在海南自贸港一站式飞机维修产业基地内进行全面检修。 中新网记者 骆云飞 摄 "176个国家和地区在琼投资，经济外向度提高到35%。"余翔表示，正是在一系列开放制度的推动下， 海南外向型经济实现了蓬勃发展。 2020年6月1日发布的《海南自由贸易港建设总体方案》提出，聚焦贸易投资自由化便利化，建立与高水 平自由贸易港相适应的政策制度体系。为此，海南自贸港5年来着力推进制度型开放。 作为海南首创性政策，加工增值货物内销免关税政策2021年在洋浦保税港区试点，现已逐步推广至海南 自贸港全岛实施。具体而言，此项政策就是对海南自由贸易港内鼓励类产业企业生产的含 ...

21世纪经济报道特约记者 庞华玮 "十四五"收官，中国资本市场交出了一份沉甸甸的开放"成绩单"。 "中国资本市场的'朋友圈'越来越大。"9月22日，在国务院新闻办公室"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会主席吴清介绍了在"十 四五"期间中国资本市场对外开放情况。 "'十四五'期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值3.4万亿元，269家企业境外上市。"吴清说。 此外，证监会持续拓展外商可投资期货期权特定品种范少围，拓展ETF互联互通机制，丰富跨境投资产品，持续为境外投资者提供良好监管环境。 度型开放"为核心的深层次变革，正推动中国资市场扩大开放、与全球市场实现"双向奔赴"。 从外资机构抢滩布局到中资企业扬帆出海，一场以"制 制度型开放 过去五年，"十四五"规划下的中国资本市场开放以制度型开放为核心，从市场准入到规则对接，对外开放的步伐不断加大。 "资本市场高水平制度型开放稳步扩大。统筹开放与安全，稳妥有序推进市场、产品和机构双向开放。"吴清指出。 吴清介绍，"十四五"期间全面取消行业机构外资持股比例限制，完善合格境外投资者制度，优化沪深港通、沪伦通、基金 ...

Group 1 - The Ministry of Commerce emphasizes the integration of long-term rectification matters with the new deployment and requirements of the 20th Central Committee's Third Plenary Session regarding business work [1] - The ministry is conducting investigations into issues that hinder the establishment of a unified national market, aiming to enhance the construction of this market with more effective measures [1] - There is a focus on enriching the legal and regulatory standards in the commercial circulation sector and promoting the introduction of economic policy documents [1] Group 2 - The ministry aims to strengthen the national digital service export base and enhance the international competitiveness of digital trade enterprises [1] - There is an increased effort to implement foreign investment policies and optimize the evaluation of foreign investment promotion effectiveness [1] - The ministry is actively pursuing bilateral and multilateral economic and trade cooperation, including the process of joining CPTPP and DEPA [1] Group 3 - The ministry is committed to advancing strict governance within the party, ensuring adherence to Xi Jinping's thoughts, and updating the integrity risk list at the ministerial level [1] - There is a focus on improving the accountability mechanisms for leadership and conducting regular warning education to enhance work style [1] - The goal is to build a high-level, professional team for foreign trade and investment with strong political integrity and capabilities [1]

21世纪经济报道记者周潇枭 北京报道 9月21日，由中国人民大学国家发展与战略研究院、中国人民大学 经济学院、中诚信国际信用评级有限责任公司联合主办的"中国宏观经济论坛（CMF）"季度论坛在京举 行。 （中国社会科学院世界经济与政治研究所副所长张明现场图，主办方供图） 中国社会科学院世界经济与政治研究所副所长张明在论坛上重点围绕稳经济、稳楼市、应对债务问题等 分享了他的看法。 张明首先表示，当前需要高度重视债务问题。费雪提出的"债务-通货紧缩"理论指出，债务负担过高， 会损害微观主体的资产负债表，家庭会减少消费、企业会减少投资，进而加剧物价下行；物价下行又会 带动实际利率提升，导致债务负担进一步放大，由此形成恶性循环。因此，打破低物价循环很重要的在 于降低债务，修复微观主体的资产负债表。 （原标题：张明：宏观政策应强化物价目标，财政政策应加力帮助地方化债） 张明表示，对于中国而言，要走出当前低物价循环，第一，要推动债务置换和债务重组。近几年，在中 央政府的批准下，地方省级政府通过发行债券来置换低层级政府的债务，这是债务置换；另外，还可以 考虑对本金进行削减，即债务重组。第二，推动房地产市场止跌回稳，是应对当前 ...

Group 1: Overview of Nanjing's Economic Development - Nanjing is hosting the 36th Golden Autumn Economic and Trade Fair, which serves as a significant platform for global investment and development opportunities [1] - The fair has historically attracted substantial foreign investment, with over 10 billion USD invested by companies like Celanese [2][3] - In 2024, 48 major projects were signed at the fair, totaling an investment of 67.7 billion CNY, focusing on key industries such as software, smart grids, and new energy vehicles [2] Group 2: Foreign Investment and Corporate Development - Multinational companies like Bosch and Honeywell have established significant operations in Nanjing, integrating their R&D and manufacturing processes within the local economy [3][4] - Honeywell has expanded its investment in Nanjing, citing strong industrial support and a competitive supply chain as key factors for its continued presence [4] - LG Group has invested over 8 billion USD in Nanjing, creating a robust industrial ecosystem that includes over 40 supporting enterprises [6][7] Group 3: Digital and Technological Advancements - Nanjing is developing a digital trade service standard to align with international practices, enhancing its appeal to foreign investors [8][9] - The establishment of the BASF Digital Center in Nanjing marks a significant step in the city's digital transformation and its role as a global digital service provider [7][8] - The city has implemented a digital trade dispute resolution mechanism, improving its capacity to handle international trade issues and attracting more foreign investment [13][14] Group 4: Community and Cultural Integration - Nanjing's diverse cultural environment fosters a sense of belonging for expatriates, enhancing the city's attractiveness as a business hub [10][12] - The local government actively engages with businesses, providing support and resources to facilitate their growth and integration into the community [14]

Core Viewpoint - Zhengzhou is enhancing its international trade capabilities and positioning itself as a hub for global commerce through innovative policies and strategic initiatives aimed at boosting foreign trade and investment [1][2][4]. Group 1: International Trade and Economic Growth - Zhengzhou's foreign trade has shown significant growth, with a total import and export value of 3634.9 billion yuan in the first eight months of the year, representing a year-on-year increase of 27.7% [4]. - The city has successfully attracted foreign investment, with foreign-invested enterprises achieving an import and export value of 779.1 billion yuan in the first half of the year, a year-on-year increase of 83.2% [5]. Group 2: Policy Innovations and Institutional Reforms - Zhengzhou has implemented a series of institutional innovations, with 394 innovation results formed in the past eight years, 14 of which have been replicated nationwide [2][3]. - The city is focusing on optimizing the business environment at ports and enhancing cross-border trade facilitation through new models such as "zone-port integration" [3]. Group 3: Global Connectivity and Partnerships - Zhengzhou has established trade relations with 226 countries and regions, with the EU, ASEAN, Japan, India, and the US being the top five trading partners [7]. - Recent international cooperation initiatives include trade negotiations with Brazil and Chile, and the signing of 13 key cooperation projects during the "Air Silk Road" forum in Kuala Lumpur [7][8]. Group 4: Infrastructure and Logistics Development - The city is enhancing its logistics capabilities with new transportation models that reduce cargo damage and improve transfer efficiency at air cargo stations [2]. - Zhengzhou is actively integrating into global supply chains and enhancing its logistics infrastructure to support its growing trade activities [6].

Group 1 - The core viewpoint of the articles highlights a significant influx of global capital into China, driven by the anticipated interest rate cuts by the Federal Reserve, marking a new chapter of "open profit bull" for Chinese assets [1][9] - As of the end of August, the average price-to-earnings ratio of the Chinese A-share market stands at 12.2 times, indicating a notable "valuation gap" compared to major global markets, which has historically attracted substantial capital during periods of global liquidity easing [2][3] - The current capital inflow is not solely based on attractive valuations but is significantly supported by the improving profitability of Chinese companies, with over 60% of A-share industries reporting double-digit net profit growth as of mid-2025 [2][3] Group 2 - China's financial opening has entered a new phase characterized by "institutional opening," with diversified mechanisms such as ETF connectivity and bond connect enhancing the appeal of Chinese markets to foreign capital [4][6] - Major international index providers like MSCI and FTSE Russell are increasing the inclusion factors for A-shares, necessitating that passive foreign funds gradually increase their allocations to Chinese equities [6] - The current influx of capital is marked by resilience, with sustained net buying trends and a shift in investment focus from large-cap blue chips to sectors with higher growth potential, such as technology and green energy [8] Group 3 - The dual support of institutional opening and stable currency exchange rates provides a robust foundation for Chinese assets, alleviating investor concerns about currency depreciation amidst market gains [6] - The current market dynamics suggest that the ongoing rally is not a short-term speculative bubble but rather a long-term strategic positioning based on the quality of Chinese assets and policy consensus [8] - The anticipated interest rate cuts by the Federal Reserve are viewed as a new starting point for global asset revaluation, emphasizing the importance of maintaining a rational and strategic perspective towards the Chinese market [9]

记者 张骏 会议指出，要按照习近平总书记重要指示精神和党中央部署要求，认真践行人民城市理念，不断深 化养老服务体系建设，丰富养老服务供给，提高养老服务质量，让老年人有更多获得感、幸福感、安全 感。坚持党委领导、政府主导、社会参与，全面落实各方责任，拓宽全社会特别是慈善公益组织参与养 老服务工作的渠道。要聚焦裉节问题改革创新，进一步丰富普惠养老政策供给，统筹优化医养服务资 源，提升养老服务队伍专业能力，深入做好"银发经济"这篇大文章，让老年人享有"老有颐养"美好生 活，全力打造养老服务的"上海样板"。 会议还研究了其他事项。 市委常委会昨天下午举行会议，传达学习习近平总书记致第二十五届中国国际投资贸易洽谈会和 2025年中国国际服务贸易交易会的贺信精神，审议通过《关于深化养老服务改革发展的实施意见》。市 委书记陈吉宁主持会议并讲话。 会议指出，要深入学习贯彻习近平总书记重要贺信精神，坚定扩大高水平对外开放的信心和决心， 更好落实国家战略、维护国家利益、保障国家安全。要持续深化落实扩大开放战略举措，稳步扩大制度 型开放，充分发挥浦东、临港、虹桥等重点区域先行先试作用。加快推动贸易转型升级，持续优化贸易 主体、贸易 ...

Core Insights - The core viewpoint of the articles is that China's financial industry has transitioned from "opening the door" to "restructuring rules" during the "14th Five-Year Plan" period, with significant institutional breakthroughs achieved in financial openness, and the focus is now on deepening these reforms in the upcoming "15th Five-Year Plan" period [1][6]. Summary by Sections Institutional Breakthroughs - The "14th Five-Year Plan" has marked a historic shift in China's financial openness, moving from market access to rule alignment, with key breakthroughs in three main areas: the implementation of the negative list and national treatment framework, upgrades in factor mobility and infrastructure connectivity, and improvements in financial legal systems and macro-prudential frameworks [1][3]. Market Access and Foreign Investment - Restrictions on foreign ownership in key sectors such as securities, funds, futures, and life insurance have been completely lifted, allowing major international investment banks to establish wholly-owned subsidiaries in China. This includes firms like JPMorgan, Goldman Sachs, and Standard Chartered [2]. - By the end of 2024, foreign ownership of A-shares is projected to reach approximately 3.4 trillion yuan, accounting for 4.3% of the total market, an increase of 1.8 percentage points from the end of the "13th Five-Year Plan" [2]. Interconnectivity Mechanisms - Significant progress has been made in interconnectivity mechanisms, expanding from the Shanghai-Hong Kong Stock Connect to include the Shenzhen-Hong Kong Stock Connect, Bond Connect, and others, facilitating a broader range of investment products [2][4]. - The Bond Connect's "southbound" channel has officially opened, and the integration of QFII and RQFII systems has been completed, further broadening cross-border investment channels [2]. Financial Demand and Opportunities - The growing wealth management needs of Chinese residents, driven by the accumulation of financial assets, present substantial opportunities for foreign financial institutions. The total scale of entrusted assets in trust, wealth management, and insurance asset management is expected to reach 154 trillion yuan by the end of 2024, with an annual growth rate of 10.4% [3][4]. Challenges for Foreign Institutions - Foreign financial institutions face significant localization challenges, including insufficient retail network presence and lagging digitalization. Their average net interest margin is 0.6 percentage points lower than that of domestic banks [5]. - The complexity of regulatory compliance and the need to adapt to China's unique regulatory environment pose additional challenges for foreign entities [5]. Future Directions for Financial Openness - The "15th Five-Year Plan" is expected to focus on deepening interconnectivity and aligning rules, with an emphasis on optimizing interconnectivity systems through expanded product offerings and improved risk management tools [6][8]. - Experts suggest further reducing the negative list for financial services and establishing consistent licensing standards for both domestic and foreign institutions to attract high-quality foreign entities [9]. Data Governance and Cross-Border Compliance - Data governance and cross-border compliance are anticipated to be major focuses in the "15th Five-Year Plan," with calls for establishing clear rules for financial data circulation and enhancing cross-border regulatory cooperation [10]. Renminbi Internationalization and Exchange Rate Reform - The internationalization of the renminbi and reforms in the exchange rate mechanism have made substantial progress, with the renminbi's role in global trade settlements and cross-border investments steadily increasing [11][12]. - Future efforts will likely focus on expanding the renminbi's use in energy and commodity settlements, enhancing offshore renminbi centers, and promoting the application of digital renminbi in cross-border transactions [13].

Core Viewpoint - The Shanghai government is focused on enhancing the service capabilities and levels of the Lingang New Area, aiming to create a high-value advanced manufacturing base that is capital and technology-intensive [1][4]. Group 1: Government Initiatives - The Shanghai government is committed to deepening institutional innovation and increasing investment attraction in the Lingang New Area, achieving new progress and results in various sectors over the past year [2]. - The establishment of the Shanghai International Reinsurance Registration and Trading Center marks a significant step in developing national financial infrastructure within the Lingang New Area [2]. - The government emphasizes the importance of manufacturing development, advocating for a more specialized industrial park and improved service capabilities to enhance competitiveness [4]. Group 2: Innovation and Entrepreneurship - The Lingang New Area aims to attract young innovators and entrepreneurs by providing comprehensive support and favorable policies, aligning with the entrepreneurial aspirations of the younger generation [3][5]. - There is a focus on identifying key support areas and aggregating resources such as market, capital, technology, and talent to enhance innovation density and intensity [5]. - The government plans to optimize policies and services to address the pain points of innovation and entrepreneurship, ensuring that entrepreneurs experience convenience [5][6]. Group 3: Economic Development Strategy - The government aims to establish the Lingang New Area as a special economic zone and a comprehensive coastal city, striving to be at the forefront of national reform and opening up [6]. - The strategy includes enhancing the industrial level by focusing on key sectors such as smart vehicles, high-end equipment, integrated circuits, civil aviation, and the digital economy [6]. - There is a commitment to deepening institutional openness and exploring offshore finance and cross-border data flow to achieve significant and leading outcomes [6].