新华社伦敦9月24日电（记者赵小娜）由伦敦政治经济学院格兰瑟姆气候变化与环境研究所和全球 可持续发展学院联合主办的中国经济政策专题讲座23日在伦敦举行。 朱民介绍，面对外部环境不确定性上升和内部结构调整压力，中国正主动加快经济发展战略转型， 更加突出扩大内需、科技创新和绿色转型。这一转型既是对现实挑战的积极回应，也是推动中国经济迈 向高质量发展的必然之路。 【纠错】 【责任编辑:施歌】 主持讲座的伦敦政治经济学院政府与经济学教授、格兰瑟姆研究所所长尼古拉斯·斯特恩表示，中 国正在制定的"十五五"规划不仅是中国国内的重大举措，也是全球最受关注的话题之一。中国在历次五 年规划中都展现出"言必信、行必果"的特质。作为全球最大发展中国家，同时也是技术创新最活跃的国 家之一，中国的战略选择和政策执行将深刻影响世界。 此次专题讲座是中国经济学家代表团应邀访问英国和瑞典的重要活动之一。访问期间，代表团计划 在牛津大学、伦敦政治经济学院、瑞典国家贸易署、斯德哥尔摩经济学院等机构开展座谈，并与《经济 学人》《金融时报》等媒体交流。 国际货币基金组织前副总裁朱民聚焦中国经济发展战略转型及其全球影响作专题报告。朱民指出， 美国发动 ...

Core Viewpoint - Fujian is leveraging high-quality supply to create effective demand, showcasing a comprehensive expansion of domestic demand through various innovative and cultural initiatives [2][6]. Economic Performance - In the first half of the year, Fujian's GDP grew by 5.7% year-on-year, with total retail sales of consumer goods reaching 1.256 trillion yuan, marking a 6% increase compared to the previous year, and accelerating by 0.6 percentage points from the first quarter [2]. Technological Innovation - Companies like Panpan Foods are upgrading their production processes through smart technologies such as AI and IoT, achieving precision and automation in food processing. They are also investing in innovative health-oriented products, including low GI baked goods and new Chinese-style health drinks [3]. - The Frog Prince Group is enhancing its children's personal care products through digital transformation and smart upgrades, achieving a production rate of 78 bottles per minute on their automated lines [3]. Cultural and Experiential Offerings - The Pizaihuang Pharmaceutical Company is expanding its product line to include health-related items, reflecting a shift towards a broader health industry while maintaining its traditional product offerings [4]. - The Shunmei Ceramics workshop in Dehua is integrating cultural experiences into its offerings, attracting over 200,000 visitors annually to engage in hands-on pottery making [4]. Tourism and Community Development - Xunpu Village has transformed into a popular tourist destination, attracting over 4.26 million visitors in the first seven months of the year, generating tourism consumption exceeding 860 million yuan through immersive cultural experiences [5]. - The community in Siming District, Xiamen, is enhancing local services with nearly 2,000 shops, improving residents' quality of life and satisfaction through a well-developed local economy [6].

Core Insights - Fujian province is experiencing a robust economic growth with a GDP increase of 5.7% year-on-year in the first half of the year, and a retail sales total of 1.256 trillion yuan, reflecting a 6% increase, which is accelerating consumer-driven economic growth [1] Group 1: Supply and Demand Dynamics - The region is focusing on high-quality supply to stimulate demand, showcasing a diverse range of industries from traditional crafts to modern technology [1] - The integration of traditional techniques with modern technology is evident in companies like Dehua Shunmei Ceramics, which combines cultural creativity with ceramic products, attracting over 200,000 visitors annually [3] Group 2: Technological Advancements - Companies like Jianjiang Panpan Food are leveraging AI, 5G, and IoT technologies to enhance food processing, achieving precision and automation in production [2] - The introduction of innovative health-focused products, such as low GI baked goods and new Chinese-style health drinks, is part of a broader trend towards health-conscious consumerism [2] Group 3: Cultural and Experiential Offerings - The tourism sector in places like Xunpu Village is thriving, with over 4.26 million visitors in the first seven months of the year, generating over 860 million yuan in tourism consumption through immersive cultural experiences [4] - The establishment of community-centric services in Xiamen, including a variety of shops and upgraded electrical infrastructure, enhances residents' quality of life and supports local businesses [4] Group 4: Market Trends and Future Outlook - The emphasis on high-quality supply is seen as a key driver for market demand and economic development, indicating a vibrant and promising future for the Fujian economy [5]

Core Viewpoint - The new policy financial tool, with an initial scale of 500 billion yuan, aims to support projects across eight key sectors, with a portion of the funds allocated specifically for private enterprises, indicating a strong governmental commitment to bolster the private economy [1][3]. Group 1: Financial Tool Characteristics - The new policy financial tool is characterized by its fiscal support nature, with funding potentially sourced from the central bank's pledged supplementary lending (PSL) at a low interest rate of 2%, and possibly even lower than 1% due to central government subsidies [2][3]. - This tool is designed to address the capital shortage in local projects, which has been a bottleneck for the effective use of special bonds [1][2]. Group 2: Investment Potential - The 500 billion yuan financial tool is expected to leverage investments up to 5 trillion yuan, significantly enhancing the funding available for various projects [2][3]. - The tool's implementation could lead to a broad expansion of credit, potentially increasing infrastructure investment growth by approximately 2 percentage points within the year [7]. Group 3: Focus Areas - The financial tool will prioritize eight sectors, including digital economy, artificial intelligence, low-altitude economy, consumer infrastructure, green and low-carbon transition, agriculture, transportation and logistics, and municipal and industrial parks [3][5]. - A specific allocation of 100 billion yuan is designated to support private enterprises, reflecting the government's commitment to fostering private sector growth [3]. Group 4: Implementation Timeline - The preparation for the new financial tool has progressed significantly, with project applications and local government initiatives underway, indicating a potential rollout in the third quarter [6][8]. - If launched in the third quarter, the tool could play a crucial role in stimulating economic growth amid a challenging economic environment [6][7].

Economic Outlook - The biggest uncertainty facing China's economy this year is the extreme pressure from external tariffs, but the first half of the year showed three positive aspects: actual GDP growth of 5.3%, new achievements in technology and consumption, and proactive government measures to mitigate potential shocks [2] - The growth in the first half was primarily driven by resilient external demand, contributing an additional 1 percentage point to GDP growth, while consumption and investment saw declines of 0.3 and 0.4 percentage points respectively [3] - The second half of the year will depend on whether domestic demand can effectively take over, as investment, consumption, and external demand all showed signs of slowing down in August [4] Consumer Behavior and Debt Levels - The decline in household leverage is attributed to multiple factors, including structural changes in consumption behavior due to the pandemic, uncertainties in Sino-US trade relations, and fluctuations in asset prices affecting borrowing demand [5] - The ongoing deleveraging process among households poses challenges for traditional methods of stimulating consumption through increased leverage [5] Policy Recommendations - There is a need for stronger coordination between fiscal and monetary policies, focusing on enhancing the effectiveness of policies aimed at boosting consumption and investment [7] - Continuous monitoring of domestic and international economic conditions is essential to ensure timely policy responses, avoiding delays that could exacerbate economic downturns [7] - Policies should be carefully evaluated for consistency, especially those that may restrict consumption, to avoid counterproductive effects on economic stimulus [8] Currency Exchange Rate Dynamics - The RMB has shown resilience against the USD despite external pressures, with a cumulative appreciation of about 1% as of September 19, 2025, attributed to a combination of internal and external factors [10] - The RMB's exchange rate is influenced by various factors, including the depreciation of the USD and improvements in China's economic fundamentals, suggesting that the RMB is not significantly overvalued [11][12] - The ongoing trade surplus indicates upward pressure on the RMB, while domestic economic conditions suggest that it may be slightly overvalued relative to internal equilibrium levels [12] Market Sentiment and Future Outlook - Despite a net outflow of RMB in cross-border transactions, the overall market does not indicate significant concerns regarding the RMB's valuation [13] - Factors that could positively influence the RMB include potential interest rate cuts by the Federal Reserve and progress in Sino-US trade negotiations [14] - However, uncertainties remain regarding the pace of Fed rate cuts, future trade negotiations, and the impact of domestic economic conditions on consumer demand [14][16]

股债跷跷板未来如何演绎？20250923 摘要 人民币汇率被动升值、中美利差收窄及居民存款转移至股市，共同构成 A 股市场长期支撑，其中 7、8 月居民存款显著减少，非银金融机构存款 增加，资金流向股市趋势明显。 9 月前三周外资净流入超 100 亿美元，看好 A 股，但对港股看法偏弱。 外资流入医药生物、金融、商品材料及消费品能源等板块，科技板块则 出现净流出。 10 年期国债收益率运行至 1.8%引发多空分歧，需关注后续政策及资金 面走向。年初收益率下限为 1.6%，上限为 1.9%，当前水平预示固收产 品面临调整压力。 下半年经济基本面内需不足、修复缓慢，6-8 月经济数据放缓，投资有 下滑趋势。政策托底下，基本面向下定价钝化，向上定价仍较强，对偏 空要素定价敏感。 短期内降准降息必要性不强，货币政策坚持以我为主，兼顾内外平衡。 若经济再度走弱，政策利率和降准仍有空间。关注央行重启国债买卖及 专项债发行高峰结束。 Q&A 如何评价近期 A 股市场的表现及其分化态势？ 上一周，A 股市场整体呈现震荡行情，并且处于分化态势。主要宽基指数，如 深圳指数、创业板指和科创板走势较好，而其他宽基指数表现相对较差。从 ...

活动主办地常德河街人流如织。农业银行在河街状元门，以"金秋庆丰收 悦享惠生活"为主题，联合多方主体签订 县域消费提振合作备忘录，布放"县域生活圈"、家装分期等消费促进主题展板，展播县域专属信用卡产品及重点 合作平台联合优惠举措视频，以多重形式生动展现农业银行金融支持县域消费惠民措施。 政银企多方联动 共绘县域发展新图景 活动现场打造的"农行哇宝寻宝点"成为一大亮点。农行工作人员向往来市民和游客介绍农行信用卡消费优惠权 益，引导客户参与打卡活动，直观感受金融服务县域消费活动成效。此外，在常德澧县万达等商圈同步开展信用 卡消费5折优惠活动，为消费者带来真金白银的实惠。 推出十大惠民措施 激活县域消费潜力 在第八个中国农民丰收节，农业银行联合中国银联在湖南常德启动"中国农业银行·中国银联县域消费提振联合惠 民行动"现场发布活动。此次发布活动紧扣国家乡村全面振兴战略部署，契合农民丰收节主题，汇聚政府部门、金 融机构、合作企业等多方力量，以金融赋能激活县域消费潜力，为乡村振兴注入强劲动能。文化和旅游部产业发 展司相关领导受邀出席，抖音、携程、美团等平台企业代表参加活动。 发布活动上，农业银行推出"信用卡支持县域消费提振 ...

港股消费ETF（159735）跟踪中证港股通消费主题指数，该指数选取港股通范围内流动性较好、市值较 大的50只消费主题相关股票组成指数样本，采用自由流通市值加权，以反映港股通内消费类股票的整体 表现。 消息面上，据人民财讯，据悉，"购在中国·四川站"暨第四届中国（四川）国际熊猫消费节将于9月25日 至11月30日举行，主题为"蜀里安逸·遇见美好"，由商务部、四川省政府共同举办，四川省商务厅、各 市（州）政府承办。消费节期间，四川将统筹4亿元资金发放"蜀里安逸"餐饮、川酒川茶、入川游等消 费券，广泛发动商协会、经营主体等参与，配合开展送券、满减、打折等促销优惠，让利规模超过10亿 元，让老百姓享受"真金白银"消费实惠。 兴业证券表示，扩大服务消费若干政策措施发布，在外部宏观环境不确定的背景下，扩大内需更加成为 经济增长重要抓手，对应政策值得期待。同时各类消费公司持续推动渠道、产品、服务等多重变革，表 现出不同于大盘的优异表现、外部及企业内生变革共振，看好头部大消费公司投资机会。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 9月24日，港股开盘，恒生指数低开 ...

财通证券发布研报称，地产政策放松后或提振购房信心，去库有望打通置换链条，建材需求可能迎来边 际改善。目前，"扩大内需"成为当前政策的聚焦点。内需板块韧性较强，从交易趋势来看，当前已逐步 趋向于防御性板块。 北京商报讯（记者 翟枫瑞）9月23日，装修建材板块午盘下跌，以14740.51点收盘，跌幅为2.58%。受 板块影响，装修建材板块个股出现不同程度下跌。华瓷股份午盘以15.25元/股收盘，跌幅为7.41%，领 跌装修建材股。公元股份午盘以4.42元/股收盘，跌幅为6.75%，跌幅位列装修建材股第二。雅博股份午 盘以1.71元/股收盘，跌幅为6.56%，跌幅位列装修建材股第三。除此之外，美克家居午盘以2.44元/股收 盘，涨幅为9.91%，领涨装修建材股。瑞泰科技午盘以15.50元/股收盘，涨幅为2.51%，涨幅位列装修建 材股第二。蒙娜丽莎午盘以16.93元/股收盘，涨幅为1.93%，涨幅位列装修建材股第三。 ...

Group 1 - The core viewpoint of the articles highlights the persistent low inflation in China as a significant challenge for the economy, affecting both macroeconomic stability and microeconomic sentiment [1][8][9] - The Consumer Price Index (CPI) has shown a positive trend, with the core CPI rising by 0.9% year-on-year in August, marking the highest level since February 2024, indicating potential recovery in prices [1][4][3] - The industrial producer price index (PPI) has also shown signs of improvement, with a year-on-year decline of 2.9% in August, a narrowing of the decline by 0.7 percentage points from the previous month [6][8] Group 2 - Experts emphasize the need for a combination of short-term policies and long-term reforms to stabilize prices, suggesting a target CPI growth of 2% as a long-term goal for the 14th Five-Year Plan [11][12] - The "anti-involution" policy is seen as a crucial measure for structural adjustment in the economy, aimed at reducing excess capacity and optimizing supply structures [12][10] - The current economic environment is characterized by insufficient demand, which is expected to continue influencing price trends during the 14th Five-Year Plan period [9][8]