Core Insights - The Chinese government is actively enhancing the construction of international consumption center cities to boost international influence and consumption capacity [1] - In the first half of the year, over 19 million foreign visitors entered China, marking a 30% year-on-year increase, with 13.64 million entering visa-free, a 54% increase [1] - By the end of August, the number of tax refund shops for departing travelers exceeded 10,000, three times the number projected for the end of 2024 [1] - From January to August, the number of people enjoying tax refunds increased by 248%, and the tax refund sales amount grew by 98% [1] - The government aims to create a more convenient and enjoyable shopping experience for global consumers, emphasizing an open, inclusive, and innovative China [1]

Core Insights - The latest data from the National Taxation Administration shows that as of the end of August this year, the number of duty-free shops for outbound tourists in China has exceeded 10,000, with a year-on-year increase of 247.8% in the number of tax refund beneficiaries and a 97.5% and 96.9% increase in sales and tax refund amounts respectively [3][4]. Group 1: Policy Implementation and Impact - On September 1, Jilin Province officially implemented the outbound tourist shopping tax refund policy, with 54 companies, including Changchun Eurasia Group, becoming the first batch of tax refund shops in the province [3]. - The Ministry of Commerce and six other departments issued a notice to further optimize the tax refund policy and expand inbound consumption, emphasizing the need to enrich market supply and improve tax refund services [4]. Group 2: Consumer Behavior and Trends - The tax refund policy has stimulated consumption demand among inbound tourists, with a diverse range of products from silk, tea, and cultural creative products to electronic items like smartwatches and mobile phones being included in the "China Purchase" list [4]. - The Ministry of Commerce plans to take multiple measures to further expand inbound consumption, including building an international first-class consumption environment and optimizing the layout of tax refund shops [5].

Core Viewpoint - The Ministry of Finance is actively supporting the consumption upgrade through various initiatives, with significant financial backing leading to substantial increases in sales and retail figures [1] Group 1: Financial Support and Impact - As of the end of August this year, the national finance has allocated approximately 420 billion yuan, which has driven sales of various goods exceeding 2.9 trillion yuan [1] - Since the beginning of the 14th Five-Year Plan, retail sales of consumer goods in rural areas have increased by 24% [1] Group 2: Specific Initiatives - The government has introduced direct subsidies such as childcare and elderly care subsidies, and provided interest subsidies for personal consumption loans and loans to relevant industry operators [1] - A special fund has been arranged to support county-level commercial construction actions, aimed at unleashing rural consumption potential [1] Group 3: Policy Optimization - The Ministry is working on improving the duty-free shop policy system to encourage more domestic products to go global [1] - The outbound tax refund policy is being optimized to further lower the threshold for refunds and increase cash refund amounts, promoting the expansion of inbound consumption [1]

中国证券报：扩大服务消费若干政策举措有望近日推出。为顺应居民消费结构升级的趋势，新政策举措将着力增加高品质服务供给，包括扩大入境消费，推出更多优质入境旅游线路和服务；推动互联网、文化等领域有序开放；推动将露营、民宿、物业服务、“互联网+医疗”等服务消费条目纳入鼓励外商投资产业目录等。 ...

Group 1 - The introduction of the "one-click tax refund" service in Hangzhou significantly simplifies the tax refund process for departing travelers, enhancing consumer experience and promoting inbound consumption [1][2] - The number of tax refund stores in China exceeded 7,200 in the first half of the year, with the number of people enjoying tax refunds increasing by 186%, and sales and tax refund amounts growing by 94.6% and 93.2% year-on-year, respectively [1] - The "immediate purchase and refund" policy has been expanded nationwide, further facilitating inbound consumption and stimulating market activity [1][3] Group 2 - The "one-click tax refund" service automates the tax refund process, allowing travelers to self-apply and merchants to issue invoices with a single click, thus improving efficiency [2] - There is a call for local areas to adopt similar practices to enhance service convenience, including real-time mobile applications and electronic invoice data sharing [2] - The continuous optimization of the tax refund policy is expected to significantly boost inbound consumption, transforming tourism enthusiasm into consumer spending [3]

Core Insights - The number of inbound foreign visitors exceeded 19 million in the first half of the year, representing a 30% year-on-year increase [1] - The number of tax refund stores has increased significantly, with tax refund sales rising by 95% year-on-year [1] Group 1: Inbound Consumption - Inbound consumption is identified as a crucial area for expanding overall consumption, with significant growth potential [1] - The Ministry of Commerce is actively working with relevant departments to address challenges and focus on key areas to continuously expand inbound consumption [1] Group 2: Policy and Environment - The Ministry of Commerce plans to further enhance the inbound consumption environment by developing international first-class consumption settings and accelerating the establishment of international consumption center cities [1] - There will be efforts to optimize tax refund policies and improve the layout of tax refund stores, as well as enhance the variety of goods and service levels [1] Group 3: Promotional Activities - The Ministry of Commerce aims to create iconic "Shopping in China" activities and organize diverse promotional events to attract more foreign visitors [1] - The integration of business, travel, culture, and sports into consumption scenarios is encouraged to enhance the appeal of "Shopping in China" [1]

转自：新华财经 •城市高质量发展"路线图"公布 到2035年现代化人民城市基本建成 支持京津冀、长三角、粤港澳大湾区打造世界级城市群 •商务部：进一步扩大入境消费 推动离境退税政策落实落细 •寒武纪发布股票交易风险提示公告 存在脱离当前基本面风险 后续未有新产品发布计划 •8月28日，《中共中央 国务院关于推动城市高质量发展的意见》对外公布。意见提出，到2030年，现代化人民城市建设取得重要进展；到2035年，现代化 人民城市基本建成。意见提出，大力推动城市结构优化、动能转换、品质提升、绿色转型、文脉赓续、治理增效，牢牢守住城市安全底线，走出一条中国特 色城市现代化新路子。意见指出，发展组团式、网络化的现代化城市群和都市圈，构建布局合理的现代化城市体系。支持京津冀、长三角、粤港澳大湾区城 市群打造世界级城市群，推动成渝地区双城经济圈、长江中游城市群等成为高质量发展增长极。（新华财经） •截至6月30日，五家A股上市险企持有的股票资产金额超1.8万亿元，较上年末增超4000亿元，增幅达28.7%，远超投资资产增幅，入市明显提速。上市险企 持有的股票和基金合计金额亦呈现较快增长。截至6月30日，中国人寿、中国平安 ...

Group 1: China-Africa Cooperation - The "Ten Partnership Actions" proposed by President Xi Jinping at the China-Africa Cooperation Forum in September 2024 have received high praise and broad response from African countries, indicating a strong direction for deepening practical cooperation between China and Africa [2][3] - In the first seven months of this year, China's imports from the least developed African countries reached $39.66 billion, a year-on-year increase of 10.2%, showcasing the growing trade ties and the entry of various African specialty products into the Chinese market [3] - Chinese enterprises are enhancing investment quality and efficiency in Africa through overseas economic and trade cooperation zones, contributing to the industrialization of Africa and increasing the local processing rate from 15% to 45% [3][4] Group 2: Inbound Consumption - The number of duty-free shops for outbound tax refunds has increased significantly, exceeding 7,200, reflecting a growing focus on inbound consumption as an important area for expansion [5][6] - In the first half of this year, over 19 million inbound foreign visitors were recorded, a 30% year-on-year increase, with tax refund sales growing by 95%, indicating a robust recovery in inbound consumption [6] - The Ministry of Commerce plans to enhance the international consumption environment and promote various consumer activities to attract more foreign visitors and Chinese residents to experience shopping in China [6] Group 3: China-U.S. Trade Relations - China's trade negotiation representative, Li Chenggang, is set to visit Washington for discussions, emphasizing the importance of dialogue in maintaining healthy and stable China-U.S. trade relations [7] - The Ministry of Commerce is committed to supporting foreign trade enterprises in maintaining orders and expanding markets, focusing on policy support and assistance for enterprises facing various challenges [8] - Efforts will be made to help enterprises explore diversified international markets and utilize trade promotion activities effectively [8]

Core Points - The Ministry of Commerce held a routine press conference on August 28, 2025, with no new information announced [1][2] - The press conference included discussions on the implementation of the "Ten Partnership Actions" proposed by President Xi Jinping at the 2024 China-Africa Cooperation Forum, highlighting the deepening economic and trade cooperation between China and Africa [4][5] Group 1: China-Africa Economic Cooperation - The "Trade Prosperity" initiative has led to closer ties, with China supporting the least developed African countries through zero-tariff treatment on 100% of product categories, resulting in a 10.2% year-on-year increase in imports from these countries, totaling $39.66 billion from January to July [5] - The "Industrial Chain Cooperation" has enhanced investment quality and efficiency, with Chinese companies investing in various sectors in Africa, contributing to a rise in local processing rates from 15% to 45% [5] - The "Green Development" initiative has fostered cooperation in emerging fields, with Chinese companies implementing numerous clean energy projects in Africa and promoting digital economy collaboration [6] Group 2: Domestic Consumption and Trade Policies - The number of duty-free shops for inbound tourists has increased significantly, exceeding 7,200, with a 95% year-on-year growth in tax refund sales [7][8] - The Ministry of Commerce is focused on expanding inbound consumption by enhancing the shopping environment and optimizing tax refund policies, aiming to attract more foreign visitors [8] - The Ministry is also working on supporting foreign trade enterprises through policy reinforcement, financial assistance, and market diversification strategies [10]

Core Insights - The number of inbound foreign visitors exceeded 19 million in the first half of the year, representing a 30% year-on-year increase [1] - The number of tax refund stores has increased significantly, with tax refund sales rising by 95% year-on-year [1] Group 1: Inbound Consumption - Inbound consumption is identified as a crucial area for expanding overall consumption, with significant growth potential [1] - The Ministry of Commerce is actively collaborating with relevant departments to address challenges and focus on key areas to continuously expand inbound consumption [1] Group 2: Policy and Environment - The Ministry of Commerce is promoting the revitalization of key urban commercial areas and upgrading business formats to enhance the "Shopping in China" experience [1] - There are ongoing efforts to optimize tax refund policies and broaden foreign currency and card payment channels, contributing to the rising popularity of "China Tours" and "China Shopping" [1] Group 3: Future Plans - The Ministry of Commerce plans to further expand inbound consumption by fostering an international first-class consumption environment and accelerating the development of international consumption center cities [1] - Future initiatives include implementing localized tax refund policies, optimizing the layout of tax refund stores, enriching product offerings, and enhancing service levels [1] - The Ministry will guide localities in creating signature "Shopping in China" events and organizing diverse promotional activities to innovate consumption scenarios that integrate travel, culture, and sports [1]