Core Viewpoint - The Beijing government has made significant progress in the construction of the "Two Zones" over the past five years, focusing on high-level opening-up and reform to drive development [3][4]. Group 1: Achievements in "Two Zones" Construction - The establishment of the National Service Industry Expansion Comprehensive Pilot Zone and the China (Beijing) Free Trade Pilot Zone has been a major policy supported by President Xi Jinping [3]. - Over the past five years, Beijing has implemented more than 400 reform and opening-up tasks approved by the State Council, with over 70 national breakthrough policies and 80 innovative achievements replicated nationwide [4]. - Beijing has created an international first-class technology innovation ecosystem, with over 270 foreign-funded R&D centers established [4]. Group 2: Market Environment and Economic Growth - More than 9,000 foreign-funded enterprises were established in Beijing in the past five years, with an average annual growth rate of 11.5% in goods trade, reaching a total of 3 trillion yuan [5]. - The city has implemented a full online process for foreign investment enterprise establishment, achieving completion in as little as one day [5]. - Beijing has become the fourth most popular arbitration location globally by 2025, supported by improved legal protections and regulations [5][6]. Group 3: Platform Development and Economic Empowerment - The "Two Zones" have created a diverse open pattern, with key parks accounting for less than 2% of the city's area but gathering nearly 10% of business entities and generating over 20% of revenue from large-scale enterprises [6]. - The actual use of foreign capital in the Beijing Free Trade Zone has increased from less than 10% at its inception to over 40% [6].

"十五五"是夯实基础、全面发力的关键时期，中信期货将深入贯彻落实中央经济工作会议精神，始终以 服务国家战略为己任，在合规经营、服务实体、对外开放等方面持续发力、久久为功，以更高站位、更 强担当、更实举措，助力提升期货市场服务国民经济和配置全球资源的能力，为服务中国式现代化贡献 更多期货力量。 期货频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 一是聚焦主业，服务实体经济提质增效。会议指出，引导金融机构加力支持扩大内需、科技创新、中小 微企业等重点领域。会议确定，明年经济工作将抓好建设强大国内市场、加紧培育壮大新动能、增强高 质量发展动力活力等重点任务。期货公司应当聚焦主责主业，充分发挥期货市场发现价格、管理风险、 配置资源的功能，更好服务实体经济高质量发展，服务构建新发展格局和中国式现代化。中信期货恪守 服务实体经济初心，结合"场内+场外"、"期货+现货"、"境内+境外"推动多元业务板块的产品服务升 级，灵活利用期货、期权等金融工具，并结合期现业务促进传统贸易模式优化升级，为实体经济解决采 购难、价格波动大等现实问题，同时，依托子公司的贸易类业务和资金类业务等实货端业务模式，为产 业客户提供稳定持续 ...

Core Viewpoint - The Ministry of Commerce is preparing for the implementation of the closure policy starting from December 18, 2025, to support the innovative development of Hainan Free Trade Port [1][2] Group 1: Policy Implementation - The Ministry of Commerce aims to leverage the closure operation as an opportunity to promote institutional openness and establish Hainan Free Trade Port as a key gateway for China's new era of opening up [1] - The Ministry will coordinate development and security, ensuring the smooth implementation of the closure policy and aligning trade management policies with "zero tariffs" and tax exemptions for processing and value-added [1] Group 2: Economic Growth - In the first three quarters, Hainan's service trade grew by 23.1%, and actual foreign investment increased by 42.2% [2] - The Ministry supports the establishment of cross-border e-commerce pilot zones across Hainan Island and the implementation of a negative list for cross-border service trade [2] Group 3: Events and Initiatives - The Ministry plans to organize the China International Consumer Products Expo and other events like "Invest in China" and "Export to China" to enhance Hainan Free Trade Port's construction and expand international cooperation opportunities [1]

Group 1 - The core viewpoint of the article is that Hainan Free Trade Port is entering a new phase of full island closure operations, with the Ministry of Commerce announcing support measures for high-standard construction [1][3]. - The Ministry of Commerce is preparing for the implementation of closure policies, including the release of a list of prohibited and restricted import/export goods, and the relaxation of import management for 98 product codes [3][4]. - The Ministry supports innovative development in Hainan by promoting pilot projects for temporary import of repaired and remanufactured products, and establishing cross-border e-commerce pilot zones [3][4]. Group 2 - The Ministry aims to leverage the closure operation as an opportunity to promote institutional openness and make Hainan a key gateway for China's new era of opening up [4]. - There will be a focus on aligning trade management policies with "zero tariffs" and tax exemptions for processing and value-added, to fully release the benefits of openness [4]. - The Ministry plans to enhance market access and open fields, particularly in the service sector, and improve the management system for cross-border service trade negative lists [4].

Core Points - Hainan Free Trade Port will enter a new phase of full island closure operation on December 18, as announced by the Ministry of Commerce [1] - The Ministry of Commerce is preparing for the implementation of closure policies to enhance trade management transparency and openness [2] Group 1: Policy Implementation - The Ministry of Commerce has released a list of prohibited and restricted import and export goods for Hainan Free Trade Port, easing import management for 98 product codes [2] - The Ministry will guide Hainan in developing supporting regulatory measures and conducting simulation exercises to ensure smooth policy execution [2] Group 2: Support for Innovation and Development - The Ministry will promote pilot projects in Hainan that align with international high-standard economic and trade rules, including temporary import of repaired and remanufactured products [2] - Hainan's service trade grew by 23.1% in the first three quarters, with actual foreign investment increasing by 42.2% [2] Group 3: Future Initiatives - The Ministry aims to leverage the closure operation to advance institutional openness and position Hainan as a key gateway for China's new era of foreign trade [2] - Plans include expanding market access in the service sector and improving cross-border service trade management [3]

Core Insights - The Hainan Free Trade Port is set to commence its closure operations on December 18, with the Ministry of Commerce preparing for this significant milestone since 2025, aiming to enhance high-level openness and promote high-standard construction of the port [3][4] Group 1: Policy Implementation - The Ministry of Commerce has released a list of prohibited and restricted import and export goods for Hainan Free Trade Port, easing import management for 98 product codes to improve trade management transparency and openness [3] - Following the release of the list, Hainan will develop supporting regulatory measures and conduct simulation exercises to refine policy execution details and enhance risk identification and prevention [3] Group 2: Support for Innovation and Development - The Ministry is promoting pilot projects in Hainan that align with international high-standard economic and trade rules, including temporary importation for repair and remanufacturing of products [3] - Hainan's service trade grew by 23.1% in the first three quarters, with actual foreign investment increasing by 42.2%, indicating a positive trend in the region's economic development [3] Group 3: Future Initiatives - The Ministry plans to leverage the closure operations to advance institutional openness, aiming to position Hainan Free Trade Port as a key gateway for China's new era of foreign trade [4] - Efforts will focus on integrating trade management policies with zero tariffs and tax exemptions for processing and value-added activities, maximizing the benefits of openness [4] - The Ministry will also enhance market access and open sectors, particularly in services, while organizing significant events like the China International Consumer Products Expo to foster international cooperation opportunities [4]

专题：中央经济工作会议在北京举行 责任编辑：石秀珍 SF183 中央经济工作会议12月10日至11日在北京举行。会议指出，坚持对外开放，推动多领域合作共赢。稳步 推进制度型开放，有序扩大服务领域自主开放，优化自由贸易试验区布局范围，扎实推进海南自由贸易 港建设。推进贸易投资一体化、内外贸一体化发展。鼓励支持服务出口，积极发展数字贸易、绿色贸 易。深化外商投资促进体制机制改革。完善海外综合服务体系。推动共建"一带一路"高质量发展。推动 商签更多区域和双边贸易投资协定。 责任编辑：石秀珍 SF183 专题：中央经济工作会议在北京举行 中央经济工作会议12月10日至11日在北京举行。会议指出，坚持对外开放，推动多领域合作共赢。稳步 推进制度型开放，有序扩大服务领域自主开放，优化自由贸易试验区布局范围，扎实推进海南自由贸易 港建设。推进贸易投资一体化、内外贸一体化发展。鼓励支持服务出口，积极发展数字贸易、绿色贸 易。深化外商投资促进体制机制改革。完善海外综合服务体系。推动共建"一带一路"高质量发展。推动 商签更多区域和双边贸易投资协定。 ...

Group 1 - Beijing has implemented over 400 reform and opening-up tasks approved by the State Council in the past five years, achieving significant results [1] - The city has established the first national pilot zone for rare disease drug security and created a green channel for the import approval of urgently needed clinical drugs and medical devices, benefiting nearly 5,000 patients [1] - Beijing has launched the first national directory for international professional qualification recognition, achieving a breakthrough in mutual recognition of qualifications [1] Group 2 - The "Two Zones" initiative has led to a diverse open pattern, with key parks occupying less than 2% of the city's area but generating over 20% of the revenue from large-scale enterprises [2] - The actual foreign investment in Beijing's free trade zone has increased from less than 10% at its inception to over 40% [2] - The Tianzhu Comprehensive Bonded Zone has ranked first in the country for the import of retail packaged drugs, human vaccines, and rare disease drugs, with import and export volumes exceeding 100 billion for two consecutive years [2]

Group 1: Hainan Free Trade Port - The Hainan Free Trade Port will commence its closure operation on December 18, with the Ministry of Commerce preparing policies to enhance trade management transparency and openness, including the release of a list of prohibited and restricted import goods, and relaxing import management for 98 product codes [3][4] - The Ministry supports innovative development in Hainan by implementing pilot projects for temporary import of repaired and remanufactured products, establishing a cross-border e-commerce comprehensive pilot zone, and expanding service trade, contributing to a 23.1% growth in service trade and a 42.2% increase in actual foreign investment in the first three quarters [3][4] Group 2: Foreign Trade Development - In the first eleven months, China's total goods import and export value reached 41.21 trillion yuan, with a year-on-year growth of 3.6%, showcasing resilience in foreign trade despite global uncertainties [8] - The Ministry plans to implement various policies to stabilize foreign trade, promote market diversification, and support new business models such as cross-border e-commerce and overseas warehouses [8] Group 3: Second-Hand Goods Market - The second-hand goods market in China is expanding, with a projected transaction value of 1.69 trillion yuan in 2024, reflecting a 28% year-on-year growth and a 12% compound annual growth rate over the past six years [6][7] - The Ministry aims to enhance the second-hand goods circulation system by establishing high standards, promoting new business models, and integrating digital technologies to drive innovation in the sector [7]

Core Insights - The Jiangsu Provincial Committee has officially released recommendations for the 15th Five-Year Plan, emphasizing the enhancement of strategic emerging industries such as new generation information technology, new energy, new materials, biomedicine, and high-end equipment [1][2] Group 1: Industry Development - The plan aims to cultivate new growth engines in aerospace and low-altitude economy while maintaining a strong manufacturing sector [2] - It emphasizes the need for traditional industries to upgrade and for the development of strategic emerging industries, ensuring a balanced approach [2] - The focus is on high-quality development of key industrial chains and strengthening traditional industries like metallurgy, chemicals, textiles, and machinery [2] Group 2: Technological Innovation - The recommendations call for significant breakthroughs in core technologies in fields such as integrated circuits, high-end instruments, and biomanufacturing [4] - There is a push for a comprehensive innovation system that integrates technology and industry, with a focus on establishing a network of laboratories to support research and development [4] Group 3: Digital Economy - The plan includes initiatives to deepen the development of a digital economy, aiming to create a national digital economy innovation development pilot zone [5] - It emphasizes the importance of artificial intelligence and its integration into various sectors, promoting a comprehensive digital transformation [5] Group 4: International Cooperation - The recommendations advocate for high-level openness and the establishment of a two-way open hub to enhance international cooperation and resource allocation [7] - There is a focus on expanding trade and investment, promoting new business models, and enhancing the service system for foreign investment [8] Group 5: Future Industries - The plan encourages the exploration of future industries such as third-generation semiconductors, hydrogen energy, and quantum technology, aiming to transform these into productive forces [3] - It highlights the need for innovative regulatory approaches and investment mechanisms to support the growth of these industries [3]