Domestic News - The Political Bureau of the Central Committee of the Communist Party of China held a meeting on July 30, emphasizing the need to continuously prevent and resolve risks in key areas, particularly local government debt risks, and to strictly prohibit new hidden debts [2] - The Ministry of Commerce's Minister Wang Wentao met with a delegation from the US-China Business Council, discussing the China-US economic relationship and the development of US-funded enterprises in China, highlighting China's commitment to further opening its market [2] - The Ministry of Foreign Affairs expressed hope for the US to work with China to enhance the China-US economic consultation mechanism based on the consensus reached by the two heads of state [3] Economic Data - As of July 29, the financing balance on the Shanghai Stock Exchange reached 1 trillion yuan, marking a new high since July 8, 2015, with an increase of 10.939 billion yuan from the previous trading day [4] - The National Development and Reform Commission is soliciting public opinions on guidelines for government investment funds, focusing on supporting key areas and enhancing high-end production capacity [4] International News - Boeing reported a net loss of $612 million for Q2 this year, a reduction from a loss of $1.439 billion in the same period last year [6] - The Eurozone's Q2 GDP year-on-year growth was initially reported at 1.4%, exceeding expectations of 1.2% [7]

文/王兆寰 编辑：麻晓超 据新华社最新消息，中共中央政治局7月30日召开会议，会议分析研究当前经济形势，部署下半年经济 工作。会议强调，增强国内资本市场的吸引力和包容性，巩固资本市场回稳向好势头。 同时，会议表示，持续防范化解重点领域风险。落实好中央城市工作会议精神，高质量开展城市更新。 积极稳妥化解地方政府债务风险，严禁新增隐性债务，有力有序有效推进地方融资平台出清。 ...

Core Viewpoint - The meeting of the Central Political Bureau emphasizes the need to continuously prevent and resolve risks in key areas, particularly focusing on urban renewal and local government debt management [1] Group 1: Risk Management - The meeting highlights the importance of actively and prudently addressing local government debt risks, with a strict prohibition on the creation of new hidden debts [1] - There is a call for effective and orderly advancement in the clearing of local financing platforms [1] Group 2: Capital Market - The meeting stresses the need to enhance the attractiveness and inclusiveness of the domestic capital market [1] - It aims to consolidate the positive momentum of the capital market's recovery [1]

Core Viewpoint - The meeting of the Central Political Bureau emphasizes the need to continuously prevent and mitigate risks in key areas, particularly focusing on urban renewal and local government debt management [1] Group 1 - The meeting highlighted the importance of implementing the spirit of the Central Urban Work Conference to conduct high-quality urban renewal [1] - There is a call for proactive and prudent measures to resolve local government debt risks, with a strict prohibition on the creation of new hidden debts [1] - The meeting stressed the need to effectively and orderly advance the clearing of local financing platforms [1] Group 2 - The meeting aims to enhance the attractiveness and inclusiveness of the domestic capital market to consolidate the positive momentum of market stabilization [1]

智通财经APP获悉，7月30日，财政部部长蓝佛安在学习时报刊文表示，用好用足更加积极的财政政 策，加大财政逆周期调节力度。加快发行和使用超长期特别国债、地方政府专项债券，尽早形成实物工 作量。发挥财政资金引导和带动效应，推动各项政策效能不断释放。落实好助企帮扶各项财税政策，有 效改善经济微观循环。统筹运用专项资金、税收优惠、政府采购和政府投资基金等政策工具，支持传统 产业改造提升、新兴产业发展壮大和未来产业前瞻布局。指导督促地方做好隐性债务置换工作，积极稳 妥化解地方政府债务风险。 蓝佛安表示，推动税收制度改革，关税、增值税立法取得积极进展，优化离境退税政策，出台实施境外 投资者以分配利润直接投资有关税收优惠政策，研究明确海南自由贸易港全岛封关后税收制度。建立促 进高质量发展转移支付激励约束机制，激发地方发展产业、涵养税源的内生动力。构建更加科学高效的 政府投资基金管理体系，提升专业化市场化运作水平，促进政府投资基金高质量发展。 蓝佛安提到，以促消费为重点支持扩大内需，进一步释放国内市场潜力。不断完善支持养老、育幼、文 化、旅游等服务消费的政策体系。完善免税店政策，推动免税商品零售业务健康有序发展。强化财政与 ...

Core Viewpoint - The Ministry of Finance emphasizes the need for a more proactive fiscal policy to enhance counter-cyclical adjustments and improve the microeconomic cycle [1] Group 1: Fiscal Policy Measures - The government plans to accelerate the issuance and utilization of ultra-long special bonds and local government special bonds to create tangible work volume as soon as possible [1] - There is a focus on leveraging fiscal funds to guide and stimulate economic policies, ensuring continuous release of policy effectiveness [1] Group 2: Support for Industries - The implementation of various fiscal and tax policies aimed at assisting enterprises is crucial for improving the microeconomic cycle [1] - The government will utilize special funds, tax incentives, government procurement, and investment funds to support the transformation of traditional industries, the growth of emerging industries, and the forward-looking layout of future industries [1] Group 3: Debt Management - The Ministry of Finance will guide and supervise local governments in replacing hidden debts and actively and prudently resolving local government debt risks [1]

Core Viewpoint - The Minister of Finance, Lan Fang'an, emphasizes the need for a more proactive fiscal policy and increased counter-cyclical fiscal regulation to enhance economic stability and growth [1] Group 1: Fiscal Policy Measures - The government plans to accelerate the issuance and utilization of ultra-long-term special government bonds and local government special bonds to quickly generate tangible work output [1] - There is a focus on leveraging fiscal funds to guide and stimulate economic activities, ensuring that various policy effects are continuously released [1] Group 2: Support for Enterprises - The implementation of tax and fiscal policies aimed at assisting enterprises is crucial for effectively improving the microeconomic cycle [1] - The government will utilize special funds, tax incentives, government procurement, and investment funds to support the transformation of traditional industries, the growth of emerging industries, and the forward-looking layout of future industries [1] Group 3: Debt Management - The government will guide and supervise local authorities in managing hidden debt replacement, actively and prudently addressing local government debt risks [1]

Core Viewpoint - The appointment of Li Yanbin, former Vice President of Jinshang Bank, as the Deputy Mayor of Yangquan City, reflects a growing trend of financial professionals transitioning into government roles, particularly in the context of local economic restructuring and development [1][2][3]. Group 1: Appointment Details - Li Yanbin, born in February 1979, has a strong educational background with a master's degree in economics and a bachelor's degree in management, along with extensive experience in the financial sector [2]. - His previous roles include positions at the Bank of Communications and various leadership roles in financial management and capital operations, culminating in his appointment as Vice President of Jinshang Bank in June 2022 [2][3]. - As of June 2024, he was officially appointed as a member of the Yangquan City Government Party Group before being announced as Deputy Mayor [3]. Group 2: Economic Context - Yangquan City is undergoing significant economic restructuring and transformation, and Li's expertise in energy finance and capital operations is expected to help direct financial resources towards emerging industries and small to medium-sized enterprises [3]. - The city has a population of approximately 1.3 million and covers an area of 4,559 square kilometers, positioning it as a key industrial center in eastern Shanxi Province [3]. Group 3: Trend of Financial Professionals in Government - In the past six months, at least eight financial officials have been appointed as "financial deputy mayors," indicating a rapid increase in this trend, with Li Yanbin being the ninth [4]. - The new "financial deputy mayors" predominantly belong to the "70s" and "80s" generations, with diverse backgrounds in financial regulatory bodies, state-owned banks, and local financial institutions [4]. - The involvement of financial professionals in local government is seen as crucial for addressing local government debt risks and coordinating financial management efforts [5].

Core Viewpoint - The article discusses the increasing trend of financial officials being appointed as deputy mayors in various cities across China, highlighting the significance of their financial backgrounds in local governance and debt risk management [1][25]. Group 1: Recent Appointments - Xu Jihua, currently the Director of the Investigation Division at the Financial Regulatory Bureau, is proposed as a deputy mayor candidate for a city in Liaoning Province [2][5]. - In the past six months, at least eight financial officials have taken on the role of "financial deputy mayor," with many having prior experience in local financial regulatory systems [3][15]. - Notable recent appointments include Yu Songmiao as deputy mayor of Baoding, Hebei, and Shi Shengli as deputy mayor of Pingxiang, Jiangxi [16][17]. Group 2: Background of Appointees - The majority of the newly appointed financial deputy mayors are from the "70s" and "80s" generations, with backgrounds in financial regulatory agencies, state-owned banks, and local banks [26][27]. - For instance, Li Dan, the deputy mayor of Dalian, previously held significant positions in the China Export-Import Bank [12][13]. Group 3: Trends in Financial Governance - The trend of appointing financial officials to local government positions is becoming more common, with these officials typically overseeing finance, state-owned assets, and debt risk management [25][26]. - Regions such as Yunnan, Guangdong, and Henan have a relatively high number of financial deputy mayors, indicating a strategic approach to local governance [28][29]. - The article notes that many financial deputy mayors are appointed on a temporary basis, often returning to their financial institutions after their tenure [29][30].

Core Insights - Local government bond issuance is accelerating, with a total of approximately 45,322 billion yuan issued as of June 15, representing a 55% increase compared to 29,171 billion yuan in the same period of 2024 [1] - The increase in bond issuance indicates a more proactive fiscal policy aimed at optimizing debt structure and enhancing effective investment [1] Group 1: Local Government Bonds - The issuance of new special bonds reached 16,479 billion yuan, accounting for about 36% of total local bond issuance, which is a 39% increase from 11,871 billion yuan in the same period last year [1] - The issuance of replacement bonds has also progressed rapidly, with approximately 16,835 billion yuan issued, achieving about 84% of the 20,000 billion yuan quota for the year [2] - The issuance of land reserve special bonds has surpassed 1,000 billion yuan, contributing to stabilizing the real estate market [2][3] Group 2: Economic Impact - The funds from new special bonds and infrastructure investments are expected to attract significant social capital, driving effective investment and promoting related industry development [2] - The acceleration of replacement bond issuance is expected to alleviate local government debt risks and repayment pressures, leading to a more stable fiscal and economic environment [2] - The government plans to issue 4.4 trillion yuan in special bonds, an increase of 500 billion yuan from the previous year, focusing on investment construction, land acquisition, and settling local government debts [2] Group 3: Future Outlook - The second quarter is expected to see a high volume of local bond issuance, with June alone projected to reach around 10,000 billion yuan, including 5,364 billion yuan in new bonds [3] - The overall pace of local bond issuance is anticipated to accelerate, with a focus on infrastructure projects to stabilize economic growth and support related industries [3] - Local bonds are becoming a crucial tool for ensuring moderate investment growth and stabilizing local economic growth rates, with continued high issuance expected in the second half of the year [3]