Core Viewpoint - The article emphasizes the importance of expanding service consumption to stimulate economic growth and enhance the quality of domestic demand, highlighting the need for structural improvements in service supply to meet evolving consumer needs [1][3]. Group 1: Economic Context - Domestic demand is identified as the fundamental driver of economic development, with a focus on boosting consumption to create a virtuous cycle within the national economy [1]. - In 2024, domestic demand is projected to contribute 69.7% to economic growth, with final consumption expenditure accounting for 44.5%, indicating a gap compared to the international average of 50% [1]. - The current service consumption rate in China is approximately 46.1%, suggesting significant room for growth given the country's GDP level [1]. Group 2: Service Consumption Trends - China's middle-income group is the largest globally and is shifting from goods consumption to service consumption, indicating a growing demand for higher-quality, personalized, and experiential services [2]. - There exists a structural contradiction in service supply, characterized by an oversupply of low-end and homogeneous services, while specialized and personalized offerings are insufficient [2]. Group 3: Quality of Service Supply - Enhancing the quality of service supply is crucial for stimulating new consumer demand, as the unique characteristics of service consumption, such as localization and high elasticity, create challenges in meeting market needs [3]. - The article suggests that relaxing entry barriers and regulatory policies in sectors like healthcare, education, and telecommunications can attract more investment and improve service quality [3]. Group 4: Trust Mechanisms in Service Consumption - Addressing trust issues in service consumption is essential, as the simultaneous production and consumption of services lead to reliance on reputation and reviews, which can deter consumer engagement if information costs are high [4]. - Promoting professionalization and standardization in the service industry can reduce perceived risks for consumers, while ensuring consumer rights protection can compel businesses to enhance service quality [4]. Group 5: Future Outlook - Service consumption is viewed as a key growth engine for the economy, with the potential to better meet the public's demand for improved living standards [5]. - The article advocates for greater internal and external openness, encouraging innovation and competition to drive high-quality development in the service sector [5].

Core Points - The main objective of the policy measures is to expand service consumption and address the bottlenecks hindering its development [2] - The measures include 19 tasks aimed at optimizing service supply and stimulating new service consumption [1][2] Group 1: Policy Measures - The policy measures focus on five areas: cultivating service consumption promotion platforms, enriching high-quality service supply, and stimulating new service consumption [1] - Specific initiatives include creating well-known sports events and leagues, advancing long-term care insurance, and supporting early childhood education [2] Group 2: Implementation Strategy - The government plans to select around 50 pilot cities with large populations and strong development potential to test new consumption models and scenarios [2] - This initiative aims to enhance quality service supply and innovate diverse consumption scenarios to better meet the varied needs of consumers [2]

【环球网财经综合报道】日前，商务部副部长盛秋平和国家发展改革委、文化和旅游部、中国人民银行 有关负责人介绍扩大服务消费有关政策措施时表示，下一步我国将选择50个左右消费新业态新模式新场 景试点城市；出台住宿业高质量发展、铁路与旅游融合发展等一系列政策文件；推动人工智能在服务消 费等领域加快应用；用好结构性货币政策工具，增强消费领域资金供给。 湖北恩施则宣布启动全国县域商业消费季活动，活动从9月持续至11月份，聚焦流通设施提档升级、服 务业态创新发展和消费场景优化提升，将在全国组织31场重点活动。 四川省中江县也举行活动启动仪式，宣布将打造龙台镇购物新集市，设置展位92个，整合非遗项目11 个、特色产品43个、以旧换新等促消费政策4个。 文化和旅游部产业发展司司长缪沐阳在会上介绍，商务部将于下周启动全国国庆文旅消费月，消费月期 间各地将开展超过25000场文旅消费活动，发放超过3.3亿元消费补贴，各地也陆续出台扩大文旅消费专 项政策。 同日，江苏省泰州市姜堰区举办了以"泰享消费·游购姜城"为主题的现场活动，活动期间设置县域风味 街、苏品苏货、贸通全球、泰美生活、好物姜姜好等"五大主题"活动场景消费区，内容覆盖本 ...

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The A-share market showed a mixed performance on September 17, with the main indexes rising, but individual stocks had a mixed trend. The export chain was active, while the consumer goods sector adjusted. The four major stock index futures contracts all rose, and the Fed's interest rate cut had a certain impact on the market [2][3]. - The bond market sentiment improved, and the central bank's expected bond - buying supported the bond market. However, there were still uncertainties in the market, and the 10 - year Treasury bond yield was expected to fluctuate within a certain range [6]. - The Fed's interest rate cut of 25BP was in line with market expectations, and the precious metals market showed a correction after the market digested the news. Gold was expected to enter a high - level shock, and silver was expected to fluctuate within a certain range [7][9]. - For non - ferrous metals, copper, aluminum, and other metals had different market performances and outlooks. The supply and demand fundamentals and macro - environment affected their prices [12][19]. - In the black metal sector, steel prices were affected by coal supply expectations and demand, and iron ore prices were supported by supply - demand and inventory factors. Coke and coking coal also had their own supply - demand and price trends [40][46][52]. - In the agricultural products sector, the outlook for soybean meal and rapeseed meal was affected by US soybean export expectations, and the pig and corn markets also had their own supply - demand and price characteristics [60][63][65]. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - Market situation: On September 17, the A - share market opened lower and closed higher. The Shanghai Composite Index rose 0.37%, the Shenzhen Component Index rose 1.16%, and the ChiNext Index rose 1.95%. The four major stock index futures contracts all rose, with IF2509 and IH2509 rising 0.80% and 0.20% respectively, and IC2509 and IM2509 rising 1.26% and 1.25% respectively [2][3]. - News: The State Council Information Office introduced policies to expand service consumption, and the Fed cut interest rates by 25 basis points [3]. - Capital: The A - share trading volume increased slightly, with a total turnover of 2.38 trillion yuan. The central bank conducted 4185 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1145 billion yuan [4]. - Operation suggestion: It is recommended to take profit on relevant option call positions after the macro - event is settled [4]. Treasury Futures - Market performance: Treasury futures closed up across the board, with the 30 - year, 10 - year, 5 - year, and 2 - year main contracts rising 0.31%, 0.13%, 0.10%, and 0.04% respectively [5]. - Capital: The central bank conducted 4185 billion yuan of 7 - day reverse repurchase operations, and the tax - payment period was approaching its end, and the capital situation was expected to ease [5][6]. - Operation suggestion: It is recommended to conduct range - based operations and be cautious about chasing up in the short term [6]. Financial Derivatives - Precious Metals - Market review: The Fed cut interest rates by 25 basis points, and the market's interpretation was neutral. Gold and silver prices showed corrections, with gold closing at $3659.55 per ounce, down 0.82%, and silver closing at $41.63 per ounce, down 2.09% [7][9]. - Outlook: Gold was expected to enter a high - level shock, and it was recommended to take profit on the option straddle double - buying strategy. Silver was expected to fluctuate between $40.5 - 42.5, and it was recommended to sell out - of - the - money put options at high prices [9][10]. Financial Derivatives - Container Shipping to Europe No relevant information provided. Commodity Futures - Non - Ferrous Metals Copper - Spot: As of September 18, the average price of SMM electrolytic copper decreased. The consumption was still weak [12]. - Macro: The Fed cut interest rates by 25bp, and the previous easing trading might be basically over [15]. - Supply: The copper concentrate TC was at a low level, and the domestic electrolytic copper production was expected to decline in September [13]. - Demand: The copper rod operating rate was weak in the peak season, and the downstream demand was suppressed [14]. - Inventory: LME copper inventory decreased, while domestic social inventory increased [14]. - Logic: The previous easing trading might end, and the copper price was expected to be affected by the macro - market style shift and US economic data [15]. - Operation suggestion: The main contract was expected to fluctuate between 79000 - 81500 [15]. Alumina - Spot: On September 17, the spot prices of alumina in various regions decreased [16]. - Supply: The domestic alumina production increased in August, and the operating capacity was expected to continue to increase slightly in September [17]. - Inventory: The port inventory decreased, while the warehouse receipt registration increased [17]. - Logic: The market was in a situation of "high supply, high inventory, and weak demand". The supply - side disturbances in Guinea provided short - term support, but the overall supply was still excessive [18]. - Operation suggestion: The main contract was expected to fluctuate between 2900 - 3200, and it was recommended to pay attention to supply - side factors [18]. Aluminum - Spot: On September 17, the average price of SMM A00 aluminum decreased [19]. - Supply: The domestic electrolytic aluminum production increased in August, and the aluminum - water ratio increased [19]. - Demand: The downstream operating rate improved during the peak season [19]. - Inventory: The domestic electrolytic aluminum inventory showed a mixed trend, and the LME inventory remained unchanged [20]. - Logic: The macro - level interest rate cut had a marginal weakening effect on the aluminum price. The supply was high, and the cost support weakened. The inventory reduction was still uncertain [21]. - Operation suggestion: The main contract was expected to fluctuate between 20600 - 21000 [21]. Aluminum Alloy - Spot: On September 17, the spot price of SMM aluminum alloy ADC12 remained unchanged [22]. - Supply: The domestic recycled aluminum alloy ingot production decreased in August, and the operating rate was expected to increase slightly in September [22]. - Demand: The terminal orders improved slightly, but the inventory was still accumulating [22][23]. - Logic: The cost was strongly supported, and the demand was expected to improve during the peak season. The price was expected to remain firm [23]. - Operation suggestion: The main contract was expected to fluctuate between 20200 - 20600, and it was recommended to consider the arbitrage strategy [23]. Zinc - Spot: On September 17, the average price of SMM 0 zinc ingot decreased, and the downstream orders were general [24]. - Supply: The zinc concentrate processing fee was stable, and the global zinc mine production increased. The domestic refined zinc production was expected to decline in September [24]. - Demand: The primary processing industry's operating rate increased during the peak season, but the market was still in a wait - and - see mood [25]. - Inventory: The domestic social inventory increased, while the LME inventory decreased [26]. - Logic: The domestic zinc price was suppressed by the supply expectation, while the LME zinc price was strong. The zinc price was expected to fluctuate [27]. - Operation suggestion: The main contract was expected to fluctuate between 21800 - 22800 [28]. Tin - Spot: On September 17, the price of SMM 1 tin decreased slightly, and the spot market trading was cold [28]. - Supply: The domestic tin ore and tin ingot imports had different trends, and the supply was still tight [28]. - Demand: The solder operating rate increased in August, but the overall demand was still weak [29]. - Inventory: The LME inventory remained unchanged, the SHFE warehouse receipt decreased, and the social inventory increased [29]. - Logic: The supply was tight, and the tin price was expected to remain high and fluctuate. It was recommended to pay attention to the supply recovery [30]. - Operation suggestion: The main contract was expected to fluctuate between 265000 - 285000 [30]. Nickel - Spot: As of September 17, the average price of SMM1 electrolytic nickel decreased [30]. - Supply: The refined nickel production was at a high level, and the monthly production was expected to increase slightly [31]. - Demand: The demand from electroplating and stainless steel was general, while the demand from ternary materials for nickel sulfate improved [31]. - Inventory: The overseas inventory was high, the domestic social inventory increased, and the bonded area inventory decreased [31]. - Logic: The macro - environment was positive, but the supply was expected to be loose in the medium - term. The nickel price was expected to fluctuate within a range [32]. - Operation suggestion: The main contract was expected to fluctuate between 120000 - 125000 [32]. Stainless Steel - Spot: As of September 17, the price of 304 cold - rolled stainless steel decreased slightly [33]. - Raw materials: The nickel ore price was firm, the nickel - iron price was strong, and the chromium - iron price increased [33]. - Supply: The domestic stainless steel production was expected to increase in September [34]. - Inventory: The social inventory decreased slowly, and the warehouse receipt decreased [34]. - Logic: The macro - environment improved, but the downstream demand in the peak season was not as expected. The price was expected to fluctuate within a range [36]. - Operation suggestion: The main contract was expected to fluctuate between 12800 - 13400 [36]. Lithium Carbonate - Spot: As of September 17, the price of battery - grade lithium carbonate increased slightly, while the price of lithium hydroxide decreased slightly [36]. - Supply: The lithium carbonate production increased in August, and the supply was affected by previous production cuts and imports [37]. - Demand: The demand was optimistic, and the orders in September were expected to increase [37]. - Inventory: The overall inventory decreased, with the upstream inventory decreasing and the downstream inventory increasing [38]. - Logic: The policy was favorable, and the supply - demand was in a tight balance. The price was expected to be strong and fluctuate [39]. - Operation suggestion: The main contract was expected to fluctuate around 70000 - 75000 [40]. Commodity Futures - Black Metals Steel - Spot: The steel price decreased slightly, and the basis of rebar was 48 yuan [40]. - Cost and profit: The cost was affected by production restrictions, and the steel profit decreased [40][41]. - Supply: The iron element production increased in the first 8 months, and the steel production showed different trends this week [42]. - Demand: The five - major steel products' apparent demand was basically flat year - on - year, and the export growth was limited [43]. - Inventory: The five - major steel products' inventory increased, mainly due to rebar [44]. - Viewpoint: The steel price was expected to fluctuate within a range, affected by weak demand and coal supply expectations [45]. Iron Ore - Spot: As of September 17, the prices of mainstream iron ore powders were mixed [46]. - Futures: The iron ore 2601 contract rose slightly [46]. - Basis: The basis of different iron ore varieties was different [47]. - Demand: The steel mill's iron - making capacity utilization rate increased, and the profit margin decreased slightly [48]. - Supply: The global iron ore shipment increased, and the port arrival decreased [49]. - Inventory: The port inventory decreased slightly, and the steel mill's inventory increased [50]. - Viewpoint: The iron ore market was in a tight - balance situation, and the price was expected to be bullish. It was recommended to go long on the 2601 contract [51]. Coking Coal - Spot and futures: The coking coal futures fluctuated and fell, and the spot price showed signs of stabilization [52]. - Supply: The coal mine production increased, and the import coal price fluctuated with the futures [56]. - Demand: The iron - making and coking production increased, and the demand was supported [54]. - Inventory: The overall inventory decreased slightly [55]. - Viewpoint: The coking coal market was expected to rebound, and it was recommended to go long on the 2601 contract [56]. Coke - Spot and futures: The coke futures fluctuated and fell, and the second - round price cut by steel mills was implemented [57]. - Supply: The coking production increased due to previous profit increases [59]. - Demand: The steel mill's production increased, and the demand for coke was supported [58]. - Inventory: The overall inventory increased slightly [59]. - Viewpoint: The coke market was expected to bottom out and rebound, and it was recommended to go long on the 2601 contract [59]. Commodity Futures - Agricultural Products Meal - Spot market: The prices of soybean meal and rapeseed meal decreased, and the trading volume was mixed [60]. - Fundamental news: Brazil's soybean production and export forecasts were adjusted, and the US soybean production was uncertain [61]. - Market outlook: The domestic soybean meal market was under pressure, and the support at 3000 for the 01 contract should be noted [62]. Live Pigs - Spot situation: The live pig price decreased slightly [63]. - Market data: The profit of live pig breeding decreased, and the average slaughter weight increased [63][64]. - Market outlook: The supply pressure was high, and the near - month contract was expected to be weak. The 1 - 5 spread arbitrage opportunity should be noted [64]. Corn - Spot price: The corn price in Northeast China was stable, while that in North China decreased [65]. - Fundamental news: The grain inventory in Guangzhou Port changed, with corn inventory decreasing [66]. - Market outlook: The short - term corn market was in a loose supply - demand situation, and the price was expected to be weak. The support at 2150 should be noted [67].

Core Viewpoint - The Ministry of Commerce, along with eight other departments, has issued a set of policy measures aimed at expanding service consumption, focusing on five key areas and 19 specific tasks to unleash the potential of service consumption [1][2]. Group 1: Policy Measures and Framework - The policy measures are part of a broader initiative to promote high-quality service consumption, guided by the "Opinions on Promoting High-Quality Service Consumption" released in August 2024, which establishes a comprehensive framework for service consumption development [2]. - A "1+N" policy system has been established, where "1" refers to the central guiding document and "N" represents various supporting policies from different departments [2][6]. Group 2: Focus on Basic Service Consumption - The Ministry of Commerce emphasizes the importance of basic service consumption, which directly impacts the public's sense of well-being and happiness, by enhancing services for the elderly and children, expanding home service industries, and improving elderly care facilities [3]. - By the end of 2024, the number of elderly care institutions providing accommodation is expected to reach 40,000, alongside initiatives to boost the restaurant industry through various promotional activities [3]. Group 3: Improvement of Service Consumption - The improvement of service consumption, particularly in cultural, tourism, and sports sectors, is highlighted, with a reported 9.8% year-on-year increase in per capita spending on education, culture, and entertainment in 2024 [4]. - The tourism sector is also thriving, with over 1 million tourists transported by special tourist trains in 2024, 80% of whom are elderly, indicating a growing demand for diverse travel experiences [4]. Group 4: New Service Consumption Trends - New service consumption is rapidly developing, driven by digital and green initiatives, with the application of technologies such as 5G, IoT, and AI in everyday life [5]. - The Ministry of Commerce plans to implement health consumption initiatives to promote healthy eating, fitness, and health services as new consumption trends [5]. Group 5: Pilot Programs for New Consumption Models - The Ministry of Commerce is set to launch pilot programs in approximately 50 cities to explore new consumption models and scenarios, aiming to meet the evolving demands of a growing middle-income population [7][8]. - These pilot programs are expected to enhance local industries and stimulate regional economic growth through innovative consumption scenarios and models [8].

Core Viewpoint - The Chinese government has introduced a series of policies aimed at expanding service consumption, which is seen as a crucial driver for economic growth and improving living standards. The measures focus on addressing barriers to service consumption development and enhancing the quality and variety of service offerings [1][2][3]. Group 1: Policy Measures - The policies emphasize a combination of improving people's livelihoods and promoting consumption, including initiatives for high-profile sports events, long-term care insurance, and early childhood education [1][2]. - The measures advocate for optimizing supply and stimulating demand by enhancing quality supply and supporting consumption through credit and promotional activities [2][3]. - The government aims to balance external openness and internal deregulation to attract foreign investment and private capital in high-end service sectors [2][3]. Group 2: Consumption Growth Statistics - In the first half of the year, over 19 million foreign visitors entered China, marking a 30% increase year-on-year, with visa-free entries growing by 54% [3]. - As of August, the number of duty-free shops exceeded 10,000, three times the number projected for the end of 2024, with a 248% increase in the number of people benefiting from duty-free refunds [3]. Group 3: Service Supply Enhancement - The government plans to enhance service supply quality and capacity by promoting innovation in service sectors, integrating various consumption models, and increasing the supply of skilled service personnel [4][5]. - Financial institutions have been encouraged to increase lending to key service sectors, with a special fund of 500 billion yuan established to support service consumption and elderly care [5].

Core Viewpoint - The Chinese government has introduced a series of policy measures aimed at expanding service consumption, which is seen as a crucial driver for economic growth and improving living standards [1][2][3]. Group 1: Policy Measures - The policy measures focus on addressing bottlenecks in service consumption development, emphasizing the combination of improving people's livelihoods and promoting consumption [1]. - Initiatives include creating high-profile sports events, expanding long-term care insurance, and supporting early childhood education to enhance service consumption [1]. - The measures aim to optimize supply and stimulate demand by promoting new consumption models and enhancing consumer credit support [2]. Group 2: Market Dynamics - In the first half of the year, over 19 million foreign visitors entered China, marking a 30% year-on-year increase, with a significant rise in tax refund sales [3]. - The Ministry of Commerce has coordinated with various departments to enhance high-quality consumption supply and develop diverse consumption scenarios [3]. - A "1+N" policy system has been established, with over 30 policy documents released to support service consumption [3]. Group 3: Service Quality Improvement - The government aims to enhance service supply quality by promoting innovation and integrating various consumption sectors [4]. - Initiatives include the establishment of training bases for high-skilled service personnel and implementing a credit system to ensure consumer trust [4]. - The focus is on creating a favorable market environment by removing entry barriers for businesses, particularly small and medium-sized enterprises [5]. Group 4: Financial Support - The People's Bank of China has allocated 500 billion yuan for service consumption and elderly care refinancing, encouraging financial institutions to increase lending in key service sectors [5]. - As of July, the loan balance in key service consumption areas reached 2.79 trillion yuan, reflecting a 5.3% year-on-year growth [5].

Group 1: Federal Reserve and Economic Indicators - The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking the first rate cut since December 2024 [3] - The Fed predicts an additional 50 basis points cut by the end of the year and 25 basis points cuts in each of the following two years [3] - U.S. unemployment remains low but has slightly increased, while inflation is rising and remains above target levels [3] Group 2: Fiscal Revenue and Policy Developments - From January to August 2025, the national general public budget revenue reached 148.198 billion yuan, a year-on-year increase of 0.3% [3] - Tax revenue was 121.085 billion yuan, showing a slight increase of 0.02%, while non-tax revenue grew by 1.5% to 27.113 billion yuan [3] - The Ministry of Commerce has introduced over 30 policies to establish a service consumption policy system [3] Group 3: Automotive and Technology Standards - The Ministry of Industry and Information Technology is seeking public opinion on mandatory national standards for intelligent connected vehicles, focusing on safety requirements for driving assistance systems [3] - The standards aim to establish a safety baseline for intelligent connected vehicle products, ensuring systems activate only under designed operating conditions [3] Group 4: Company News Highlights - CATL plans to achieve mass supply of sodium-ion passenger vehicle batteries next year [6] - Shanghai Construction Group's gold business revenue constitutes a low percentage of total revenue [7] - NIO has secured $1.16 billion in funding [15] - Huazhu Group plans to invest up to 10 billion yuan in financial products [10] - A strategic cooperation agreement has been signed between Xingye Technology and Suzhou Nengsida for the development of flexible electronic skin [12]

Economic Overview - In August, the national industrial added value increased by 5.2% year-on-year, with a slight month-on-month growth of 0.37%, supported by high growth in equipment manufacturing and high-tech manufacturing [1] - The total retail sales of consumer goods reached 39,668 billion yuan in August, growing by 3.4% year-on-year, while the growth rate of commodity retail decreased by 0.4 percentage points to 3.6% [1] - Fixed asset investment from January to August was 326,111 billion yuan, with a year-on-year growth of 0.5%, reflecting a decline in real estate development investment and a slight decrease in infrastructure and manufacturing investment [1] Foreign Trade - In August, exports grew by 4.4% year-on-year, down from 7.2% in the previous month, with strong performance in electromechanical products and ship exports [2] - High-tech products, integrated circuits, and ship exports contributed 4.1 percentage points to the overall export growth [2] Policy Measures - A comprehensive policy initiative was announced on September 16 to stimulate service consumption, including 19 specific measures aimed at enhancing supply and demand [3] - The initiative focuses on increasing the supply of high-quality services and reducing consumption barriers through fiscal incentives and innovative credit options [3] - The Ministry of Commerce has introduced over 30 policies to establish a "1+N" policy system for service consumption, with plans for further targeted documents to promote high-quality development in the accommodation sector and integration of railways and tourism [3] Real Estate and Fiscal Policy - Major cities like Beijing, Shanghai, and Shenzhen have implemented new policies to relax purchase and loan restrictions in the real estate sector, with more measures expected to stabilize the market [4] - The Ministry of Finance emphasized maintaining continuity and stability in fiscal policy while enhancing flexibility and foresight to support high-quality economic development [4] Market Outlook - The stock index has shown a fluctuating upward trend driven by valuation, with economic fundamentals and corporate earnings not significantly impacting the index [4] - Future improvements in economic fundamentals and A-share profitability are anticipated, supported by coordinated policy efforts and a low base effect from the previous year [4]

Group 1: Central Enterprises' Development - During the "14th Five-Year Plan" period, central enterprises' total assets increased from less than 70 trillion yuan to over 90 trillion yuan, with total profits rising from 1.9 trillion yuan to 2.6 trillion yuan, achieving annual growth rates of 7.3% and 8.3% respectively [2] - The operating income profit margin improved from 6.2% to 6.7%, and labor productivity per employee increased from 594,000 yuan to 817,000 yuan, indicating significant enhancements in quality and efficiency [2] - Central enterprises have played a crucial role in national economic growth and technological innovation, successfully tackling key technologies in fields such as integrated circuits and industrial software [2] Group 2: Contribution to National Goals - Central enterprises contributed over 10 trillion yuan in taxes and transferred 1.2 trillion yuan of state-owned equity to social security funds during the "14th Five-Year Plan" [3] - They are responsible for approximately 80% of crude oil, 70% of natural gas, and 60% of electricity supply, playing an irreplaceable role in energy security and logistics [3] - Central enterprises have engaged in over 6,000 overseas investment cooperation projects related to the Belt and Road Initiative, supporting major national strategies [3] Group 3: Expansion of Service Consumption - The Ministry of Commerce and other departments introduced 19 measures to boost service consumption, highlighting the importance of service consumption in driving economic growth [4] - Service consumption accounted for 46.1% of per capita consumption expenditure last year, contributing 63% to overall consumption growth [4][5] - There is a notable shift in consumer spending towards services such as dining and tourism, indicating a transition to a service-oriented consumption structure [5]