Britain’s non-pensioner benefits bill this year is 4.8% of GDP, according to our calculations. This is roughly in line with the 30-year average.But beneath that calm surface lie two opposing currents https://t.co/LaDYQWl0FX https://t.co/7hGiAdTNbU ...

Economic Overview - Ningbo's GDP for the first three quarters of 2025 reached 1,349.29 billion yuan, with a year-on-year growth of 5.0% at constant prices [1] - The primary industry added value was 30.11 billion yuan, growing by 3.6%; the secondary industry added value was 573.65 billion yuan, growing by 4.3%, with industrial output at 526.20 billion yuan, growing by 5.6%; the tertiary industry added value was 745.53 billion yuan, growing by 5.5% [1] Comparative Analysis - Ningbo's GDP growth rate of 5.0% is lower than the national average of 5.2% and the provincial average of 5.7% [2] - The secondary industry's added value growth of 4.3% is also below the national and provincial levels by 0.6 and 0.9 percentage points, respectively [2] - The city's fixed asset investment saw a significant decline of 18.1%, contrasting with a national decrease of 0.5% and a provincial decrease of 3.8% [2] Foreign Trade Performance - Ningbo's total import and export volume exceeded 1 trillion yuan, reaching 1,092.26 billion yuan, with a year-on-year growth of 3.7%, which is below the national growth of 4.0% and provincial growth of 6.2% [3] - The city's foreign trade dependency is notably high at 78.3%, significantly above the national average of 32.5% and the provincial average of 58.4%, indicating greater vulnerability to external shocks [3] Future Outlook - Ningbo aims to achieve a GDP of over 2 trillion yuan by 2025, with a current GDP of 1,814.77 billion yuan in 2024, indicating a close competition with Nanjing [1] - The city faces challenges in maintaining economic momentum and is urged to enhance efforts in stabilizing and improving economic conditions [3]

Economic Overview - The European Central Bank (ECB) has cut interest rates eight times in a year to achieve an inflation target of around 2% and is now prepared to address any sudden economic changes [1] - A rigorous economic health-check is scheduled to assess the impact of US tariffs on growth and inflation as policymakers meet to set interest rates [1] GDP and Economic Growth - The initial reading of the euro zone's gross domestic product (GDP) for the third quarter is expected to show a minimal expansion of 0.1%, consistent with the previous quarter [2][3] - National reports from major economies in the region will provide additional insights into economic performance [3] Inflation and Monetary Policy - October's inflation reading is anticipated to dip to 2.1% from 2.2% in the previous month, which will be crucial for the ECB's monetary policy decisions [4] - The ECB will also release its Bank Lending Survey to evaluate the effectiveness of monetary policy in the real economy [4] Economic Activity and Consumer Confidence - The first half of 2025 was marked by volatility, with initial growth followed by a contraction in Germany's output by 0.3% in the second quarter due to the impact of US tariffs [5] - Consumer confidence remains low despite a strong labor market, raising concerns about the anticipated recovery in private consumption [6] Investment and Future Outlook - There are risks that investment activity may only recover gradually due to weak domestic demand and low capacity utilization in the manufacturing sector [6] - The ECB is expected to maintain borrowing costs at 2% during its meeting in Florence, Italy, with forecasts suggesting a potential economic rebound towards the end of the year [7]

Economic Performance - In September, industrial production increased significantly with a year-on-year growth of 6.5%, up 1.3 percentage points from the previous month[12] - The GDP for the third quarter was 4.8%, a decrease of 0.4 percentage points from the second quarter[4] - Fixed asset investment (excluding rural households) for January to September was 371,535 billion yuan, a year-on-year decline of 0.5%[12] Investment Trends - Manufacturing investment grew by 4.0%, but the growth rate decreased by 1.1 percentage points, contributing 1.0 percentage points to total investment growth[19] - Infrastructure investment increased by 1.1%, down 0.9 percentage points, contributing 0.2 percentage points to total investment growth[19] - Real estate development investment from January to September was 67,706 billion yuan, down 13.9%, with the decline accelerating by 1 percentage point[20] Consumer Behavior - Retail sales of consumer goods in September totaled 41,971 billion yuan, with a year-on-year growth of 3.0%, a decrease of 0.4 percentage points from the previous month[22] - Excluding automobiles, retail sales grew by 3.2%[12] - The decline in consumption was influenced by a drop in dining consumption, indicating a broader slowdown in consumer spending[26] Future Outlook - The company anticipates that investment will stabilize and grow, supported by infrastructure projects and policies aimed at stabilizing the real estate market[30] - The overall economic performance in the first three quarters suggests a solid foundation for achieving annual targets, with a GDP growth of 5.2%[30] Risk Factors - Potential risks include worsening geopolitical events, changes in the international financial landscape, and unexpected shifts in U.S.-China policies[31]

Core Insights - The article emphasizes the importance of both "Chinese economy" and "Chinese people economy" in the context of China's economic development, indicating a paradigm shift towards a more open and high-quality growth model [2][3] - The focus on GNI (Gross National Income) alongside GDP (Gross Domestic Product) reflects a comprehensive approach to measuring national strength and wealth, highlighting the significance of overseas investments and income [2][3] Group 1: Economic Indicators - GDP is highlighted as a core indicator of domestic production, showcasing the local foundation of the "Chinese economy" and the importance of attracting foreign investment to strengthen economic growth [2] - GNI represents the total income generated by residents of a country, including overseas investment profits and cross-border labor income, which are crucial for expanding national wealth [2] Group 2: Global Investment Strategy - By 2024, China's foreign investment stock is projected to exceed $3 trillion, maintaining a position among the top three globally for eight consecutive years, with enterprises established in 190 countries and regions [2] - The "Chinese people economy" is seen as a means to diversify global investments, effectively mitigating risks associated with reliance on a single market [3] Group 3: High-Quality Development - The transition from being the "world's factory" to a "global value creator" is essential for domestic companies to ascend the value chain, thereby injecting sustainable momentum into high-quality development [3] - The dual investment policy aims to enhance both the "investment in China" brand and the orderly cross-border layout of supply chains, fostering a win-win cooperation model [3]

Core Viewpoint - The article emphasizes the importance of both "Chinese economy" and "Chinese people's economy" in the context of high-level openness and high-quality development, indicating a paradigm shift in China's open economy development model [1][2]. Summary by Sections Economic Indicators - GDP and GNI are highlighted as two sides of the same coin reflecting a country's comprehensive strength. GDP showcases the domestic production foundation, while GNI includes overseas investment profits and cross-border labor income, contributing to national wealth [1]. - By the end of 2024, China's foreign investment stock is projected to exceed $3 trillion, maintaining a position among the top three globally for eight consecutive years [1]. Global Investment Strategy - The focus on "Chinese people's economy" allows for a diversified global layout, effectively hedging against risks from a single market. In the first three quarters, China maintained stable trade relations with over 240 countries and regions [2]. - The transition from being the "world's factory" to a "global value creator" is essential for domestic companies to ascend the value chain, injecting sustainable momentum into high-quality development [2]. Policy Implications - The dual investment policy serves as a practical path connecting the two economic dimensions. The "14th Five-Year Plan" aims to enhance the "Invest in China" brand while guiding the rational and orderly cross-border layout of production and supply chains [2]. - This approach not only shapes new advantages for the Chinese economy but also offers a Chinese solution for global economic governance that balances efficiency and fairness [2].

Core Insights - The emphasis on both "Chinese economy" and "Chinese people's economy" reflects a paradigm shift in China's open economy development, moving beyond a singular focus on GDP growth [1][2] - The dual focus on GDP and GNI highlights the importance of both domestic production and the income generated by Chinese citizens globally, indicating a comprehensive approach to economic strength [1][2] Group 1: Economic Indicators - GDP is highlighted as a core indicator of domestic production, showcasing the local foundation of the "Chinese economy" and the importance of attracting foreign investment [1] - GNI, which includes income from overseas investments and cross-border labor, is positioned as a critical driver for national wealth, with projections indicating that China's foreign investment stock will exceed $3 trillion by the end of 2024 [1] Group 2: Investment Strategy - The strategy of dual-direction investment is presented as a practical pathway to connect the two economic dimensions, aiming to enhance the "Invest in China" brand while facilitating orderly cross-border supply chain layouts [2] - The ongoing trade relations with over 240 countries and regions serve as evidence of the effectiveness of the "Chinese people's economy" in reinforcing local economies abroad [2] Group 3: Development Goals - Transitioning from being the "world's factory" to a "global value creator" is essential for domestic companies to ascend the value chain, thereby injecting sustainable momentum into high-quality development [2] - The approach aims to create new advantages for the Chinese economy and provide a fair and efficient solution for global economic governance [2]

Economic Overview - Hangzhou's economy shows a stable and positive trend with a GDP of 16,900 billion yuan, growing by 5.4% year-on-year [2][3] - The primary industry added value reached 241 billion yuan, growing by 3.2%, while the secondary industry added value was 4,098 billion yuan, growing by 4.9%, and the tertiary industry added value was 12,561 billion yuan, growing by 5.6% [2][3] Agricultural Performance - The total output value of agriculture, forestry, animal husbandry, and fishery reached 395 billion yuan, with a year-on-year growth of 3.5% [3] - Specific growth rates for various sectors include planting (3.6%), forestry (6.7%), and fishery (3.4%) [3] Industrial Growth - The added value of industrial enterprises above designated size was 3,425 billion yuan, with a year-on-year increase of 6.3% [3] - High-tech industries, strategic emerging industries, and equipment manufacturing saw added value growth rates of 7.7%, 9.5%, and 9.4%, respectively [3] - Notable growth in specific sectors includes computer communication and other equipment manufacturing (14.5%) and automobile manufacturing (33.0%) [3] Market Sales - The total retail sales of consumer goods reached 6,819 billion yuan, growing by 5.1% year-on-year [4] - Significant growth in retail sales for new energy vehicles (16.3%), communication equipment (33.6%), and home appliances (62.8%) [4] Investment Trends - Fixed asset investment decreased by 4.8%, but excluding real estate development, it grew by 6.4% [5] - Industrial investment increased by 5.3%, and infrastructure investment surged by 14.4% [5] Service Sector Performance - The added value of the service industry was 12,561 billion yuan, with a year-on-year growth of 5.6% [5] - Revenue from large-scale service enterprises reached 14,635 billion yuan, growing by 9.1% [5] Export Dynamics - The total import and export value reached 6,743 billion yuan, with exports at 4,812 billion yuan, growing by 10.7% [6] - Notable export growth in mechanical and electrical products (12.3%) and high-tech products (11.7%) [6] Income and Price Trends - The per capita disposable income of residents reached 64,041 yuan, growing by 4.2% [6] - Consumer prices remained stable with a year-on-year decrease of 0.3% [6]

Core Insights - The Chinese government emphasizes the importance of both "Chinese economy" and "Chinese people's economy" as part of its high-level opening-up and high-quality development strategy, indicating a paradigm shift in China's open economy development [1][2] - The focus on GDP and GNI reflects a comprehensive approach to measuring national strength, with GDP highlighting domestic production and GNI encompassing global income from overseas investments and labor [1][2] Summary by Sections Economic Strategy - The strategy aims to expand bilateral investment cooperation, enhancing both domestic and international economic dimensions [1][2] - The shift towards GNI as a guiding metric allows for better risk management through diversified global investments, reducing reliance on domestic economic cycles [2] Investment Landscape - By the end of 2024, China's outbound investment stock is projected to exceed $3 trillion, maintaining a position among the top three globally for eight consecutive years [1] - Chinese enterprises are established in 190 countries and regions, with overseas asset returns becoming a significant driver of GNI growth [1] Global Economic Integration - The interaction between "Chinese people's economy" and local economies abroad strengthens mutual benefits and promotes high-quality development [2] - The transition from being the "world's factory" to a "global value creator" is essential for domestic companies to ascend the value chain [2] Policy Implementation - The dual investment policy serves as a practical pathway to connect the two economic dimensions, promoting a win-win cooperation model [2] - The initiative aims to enhance China's economic advantages while contributing to global economic governance with efficient and equitable solutions [2]

Britain’s non-pensioner benefits bill this year is 4.8% of GDP, according to our calculations. This is roughly in line with the 30-year average.But beneath that calm surface lie two opposing currents https://t.co/KU1gX5UkWW ...