智通财经6月27日电，中国人民银行货币政策委员会2025年第二季度（总第109次）例会于6月23日召 开。会议强调，按照党中央、国务院的决策部署，牢牢把握高质量发展首要任务，扎实推进中国式现代 化，完整准确全面贯彻新发展理念，加快构建新发展格局。把做强国内大循环摆到更加突出的位置，统 筹好总供给和总需求的关系，增强宏观政策协调配合，用好用足存量政策，加力实施增量政策，充分释 放政策效应，扩大内需、稳定预期、激发活力，推动经济持续回升向好。 央行：把做强国内大循环摆到更加突出的位置 ...

一个又一个五年的砥砺前行，是建设社会主义现代化国家的一段段征程。根据党的二十大作出的战 略安排，我国将通过"十四五""十五五""十六五"3个五年的努力，到2035年基本实现社会主义现代化。 其中，"十五五"正是承上启下的关键五年。党的二十届三中全会部署的300多项改革任务，都需要在这 五年中加快推进，到2029年完成。中国式现代化出题目，进一步全面深化改革做文章。"十五五"注定是 一个改革含量更高的五年。科学谋划好这关键一程，用好规划指导经济社会发展，将以明确的目标、有 力的指引，凝聚起团结奋斗的磅礴力量。 统筹"两个大局"，坚定不移办好自己的事。当今世界，百年未有之大变局加速演进。把制度优势更 好转化为治理效能，是我们应对变乱交织国际环境的不二选择。习近平总书记强调，"要前瞻性把握国 际形势发展变化对我国的影响，因势利导对经济布局进行调整优化"。把因地制宜发展新质生产力摆在 更加突出的战略位置、加快构建新发展格局、坚定不移扩大高水平对外开放等，都是"十五五"时期的重 要课题。 科学制定和接续实施五年规划，是我们党治国理政一条重要经验。近日，就"十五五"规划编制工作 开展的网络征求意见活动正式结束，有关意见建 ...

Core Viewpoint - The article discusses the key developments and policies announced during the 2025 Lujiazui Forum, emphasizing the integration of technology and industry, financial reforms, and the establishment of Shanghai as an international financial center [3][4][6][12]. Policy Highlights - Premier Li Qiang highlighted the importance of high-end, intelligent, and green development in the engineering machinery industry, advocating for the integration of technological innovation with industrial needs [3]. - Vice Premier He Lifeng encouraged enterprises to focus on their core businesses and innovate in products and technologies while adapting to the new development pattern of dual circulation [3]. Financial Governance - PBOC Governor Pan Gongsheng proposed eight policy measures to enhance global financial governance, including the establishment of a digital RMB international operation center and improvements in cross-border payment systems [4][5]. - The measures aim to strengthen Shanghai's position as an international financial center and improve the international monetary system [4][5]. Financial Regulation - Financial Regulatory Administration Chief Li Yunzhe emphasized the importance of open cooperation in financial reform, supporting foreign investment in green finance, and enhancing the multi-pillar pension system [6][7]. - The administration plans to collaborate with the Shanghai government to promote the development of Shanghai as an international financial hub [6][7]. Capital Market Development - CSRC Chairman Wu Qing announced initiatives to promote the integration of technological and industrial innovation, including reforms to the Sci-Tech Innovation Board and measures to support technology-driven companies [8][9]. - The focus is on enhancing the capital market's role in supporting innovation and improving the financial service system for technology enterprises [8][9]. Foreign Exchange Management - SAFE Chief Zhu Hexin outlined plans for a more convenient, open, secure, and intelligent foreign exchange management system, including reforms to direct investment foreign exchange management and enhancing the foreign exchange market [10][11]. - The goal is to maintain stability in the foreign exchange market while supporting the real economy [10][11]. Shanghai International Financial Center - The Central Financial Committee and the Shanghai government issued opinions to accelerate the construction of Shanghai as an international financial center, focusing on market development, institutional capacity, and financial infrastructure [12][13]. - The plan includes enhancing cross-border trade and investment facilitation and improving the financial service quality for the real economy [12][13]. Hong Kong-Shanghai Cooperation - The signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" aims to enhance cooperation in financial services, infrastructure connectivity, and cross-border payment systems [14][15]. - The action plan includes 38 measures to strengthen collaboration in various financial sectors, including green finance and technology [14][15].

Core Viewpoint - The meeting between the party and government delegation from Bortala Mongol Autonomous Prefecture and Wuhan officials highlights the ongoing cooperation and support between Hubei province and Xinjiang, focusing on economic and social development initiatives [3][4][6]. Group 1: Economic and Social Development - The delegation from Bortala was welcomed by Wuhan officials, who congratulated them on their recent achievements in economic and social development [3]. - The cooperation has deepened in various fields such as industrial development, education, healthcare, and talent exchange, resulting in significant outcomes and strong ties between the regions [4][6]. Group 2: Strategic Importance - Bortala is positioned as a crucial support for the construction of the Silk Road Economic Belt and plays an irreplaceable strategic role in ensuring the safety of national energy imports and international trade channels [6]. - The region's strategic importance is emphasized in the context of the new development pattern of domestic and international dual circulation [6]. Group 3: Future Cooperation - There is a commitment to further deepen strategic alignment and development collaboration between Bortala and Wuhan, focusing on creating a bridge for western openness and enhancing Hubei's inland open highland [7]. - The aim is to promote high-quality development in the aid work, transitioning towards mutual cooperation and win-win outcomes [7].

Group 1 - The core viewpoint emphasizes the need for high-quality development to address uncertainties in the external environment, as highlighted in recent statements from the Central Political Bureau and President Xi Jinping [1][2][3] - The article discusses the importance of maintaining political direction and stability while focusing on building a new development pattern and enhancing technological self-reliance [1][2] - It asserts that China's economic strength has significantly increased, positioning it as the world's second-largest economy, and is on a path toward more sustainable and equitable development [2][4] Group 2 - High-quality development is supported by the centralized and unified leadership of the Communist Party, which has been crucial for achieving historical economic accomplishments [3][5] - The article notes that China's solid material and technological foundation is essential for addressing various uncertainties, with significant advancements in manufacturing and a robust industrial system [4][5] - It highlights the importance of a scientific and effective institutional framework to ensure the successful implementation of economic policies and strategies [5][11] Group 3 - The article emphasizes the need for a stable and predictable policy environment to boost confidence among businesses and promote high-quality development [11][12] - It discusses the importance of expanding domestic demand as a primary driver of economic growth, with a focus on enhancing consumption and investment [12][13] - The need for improving the quality of the industrial supply system is highlighted, with a call for structural reforms to enhance the efficiency of the economy [13][14] Group 4 - The article stresses the significance of coordinated urban and regional development to enhance overall economic performance and leverage regional advantages [14][15] - It advocates for a comprehensive green transformation of the economy, emphasizing sustainable practices and resource efficiency [15] - The importance of expanding high-level opening-up policies to foster innovation and competitiveness in the global market is also discussed [15][16]

何立峰在山东调研外经贸工作时强调 充分发挥企业竞争优势 持续推动外经贸高质量发展 智通财经6月18日电，中共中央政治局委员、国务院副总理何立峰17日至18日在山东调研外经贸工作时 强调，要认真学习贯彻习近平总书记重要指示精神和党中央、国务院决策部署，加大稳外经贸支持力 度，加强对企业支持服务保障，充分发挥企业竞争优势，持续推动外经贸高质量发展。何立峰先后来到 德州、青岛，实地走访多家外贸出口商品生产企业，深入了解企业接单、生产、技术创新和开拓国际市 场情况，听取企业主要关切诉求。何立峰指出，今年以来面对复杂严峻的国际环境，我国外经贸制造企 业克服诸多困难，展现出顽强韧性，扛住了压力、顶住了冲击，生产经营稳定增长，以质高价优的出口 产品享誉国际市场，不仅有力支撑了国内经济发展，同时也有利于进一步增强世界经济的稳定性，有效 维护了全球产业链供应链的稳定畅通。希望广大企业敢于直面问题，善于迎难而上、应变求变，充分发 挥自身优势，继续专注主业，深耕国际市场，不断推动产品、技术和业态创新升级，主动积极融入以国 内大循环为主体、国内国际双循环相互促进的新发展格局，注重内外贸一体化结合发展，将拓展外贸与 服务内需市场有机结 ...

Core Viewpoint - The article emphasizes the importance of using medium- and long-term planning to guide economic and social development, highlighting the need for accurate understanding of the requirements during the "14th Five-Year Plan" period and focusing on national strength and modernization goals [2][33]. Group 1: Development Philosophy - The development philosophy is seen as a precursor to action, guiding overall direction and long-term strategies. The five development concepts proposed are innovation, coordination, green development, openness, and sharing, which reflect the party's new understanding of development laws [3][15]. Group 2: Planning Implementation - There is a strong emphasis on leadership in compiling the "13th Five-Year Plan" and ensuring that the proposed development concepts and goals are effectively implemented. Local plans should be realistic and avoid excessive demands [5][19]. Group 3: Historical Context - Since 1953, China has implemented 13 five-year plans, with eight since the reform and opening up, which have significantly contributed to economic growth and social stability [7][21]. Group 4: People's Aspirations - The article stresses that policies and plans should align with the people's aspirations for a better life, advocating for grassroots research and public participation in the planning process [9][13]. Group 5: Future Goals - The "14th Five-Year Plan" aims for high-quality development, addressing the evolving social contradictions and focusing on improving development quality and efficiency. The overall goal by 2035 is to achieve significant advancements in economic and technological strength [15][24]. Group 6: Strategic Arrangements - The strategic arrangement for building a modern socialist country involves two phases: achieving basic modernization by 2035 and becoming a leading modern socialist power by the middle of the century [24][25]. Group 7: Continuous Improvement - The article highlights the need for continuous improvement in planning and implementation, ensuring that the planning process is dynamic and responsive to changing circumstances and public input [19][29].

Core Viewpoint - The article discusses the significance and impact of China's five-year plans, particularly focusing on the upcoming "15th Five-Year Plan" and its preparation process, emphasizing the importance of public participation and the integration of long-term and short-term goals [1][3][5]. Group 1: Importance of Five-Year Plans - Five-year plans are crucial for China's economic and social development, reflecting a long-term strategic thinking that is a political advantage of socialism with Chinese characteristics [3][4]. - The global interest in China's five-year plans has increased as the country continues to achieve economic breakthroughs, showcasing the plans' significant role in this success [3]. Group 2: Planning Cycle and Methodology - The five-year cycle is chosen to balance short-term adjustments and long-term visions, allowing for continuous policy updates and alignment with major national goals [4][7]. - Market participants should focus on long-term opportunities within the plans rather than just new terminologies, as continuity in development goals is essential for identifying sustainable investment opportunities [4][8]. Group 3: Changes in Internal and External Environment - The "15th Five-Year Plan" faces a more complex internal and external environment compared to the "14th Five-Year Plan," including intensified great power competition and a rapidly changing global economic landscape [8][9]. - The domestic economic challenges, such as population issues and external risks, require a more nuanced approach in the upcoming plan [8][10]. Group 4: Focus Areas in the "15th Five-Year Plan" - The plan will emphasize expanding domestic demand, particularly through boosting consumption and addressing long-term challenges in areas like population and employment [10][14]. - Major engineering projects will be prioritized, focusing on traditional sectors like energy and infrastructure while also enhancing "soft construction" related to human capital development [16][17]. Group 5: Reform and Policy Alignment - The "15th Five-Year Plan" will align with the broader reform agenda set by the 20th National Congress, focusing on implementing over 300 reform measures to enhance market economy foundations [19][20]. - Key areas for reform include improving macroeconomic governance and managing market expectations, which are critical for maintaining economic stability [21][22].

Core Viewpoint - China's foreign trade demonstrates strong resilience and vitality amid external pressures, with policies effectively supporting enterprises and achieving both quantity and quality growth in trade [1][2]. Group 1: Trade Performance - In the first five months of this year, China's total goods trade value reached 17.94 trillion yuan, a year-on-year increase of 2.5% [2][4]. - Private enterprises accounted for 10.25 trillion yuan of the total trade, growing by 7% and representing 57.1% of China's foreign trade value, an increase of 2.4 percentage points compared to the same period last year [1][6]. - In May alone, the total goods trade value was 3.81 trillion yuan, reflecting a growth of 2.7% [2]. Group 2: Market Diversification - China's trade with emerging markets has contributed significantly to growth, with imports and exports to Belt and Road countries increasing by 4.2%, ASEAN by 9.1%, and Africa by 12.4% [2][3]. - Trade with African countries reached a historical high, with imports and exports totaling 963.21 billion yuan, accounting for 5.4% of China's total trade [2][3]. Group 3: Product Quality and Innovation - The export of electromechanical products reached 6.4 trillion yuan, a year-on-year increase of 9.3%, making up 60% of total exports [4]. - High-tech and high-value-added products are becoming increasingly competitive, with integrated circuits growing by 18.9% and electric vehicles by 19% [4]. Group 4: Role of Private Enterprises - Private enterprises have become a crucial force in China's foreign trade, with their exports growing by 8% and accounting for 65.4% of total exports [6][7]. - The number of private enterprises engaged in foreign trade has surpassed 609,000, marking a significant increase in their participation [6][7]. Group 5: Government Support and Local Initiatives - The government emphasizes policies to stabilize foreign trade, including financial support and market expansion initiatives [7][8]. - Local governments are actively launching programs to enhance the capabilities of foreign trade enterprises, such as Sichuan's "Hundred Enterprises Navigation" initiative and Shandong's "Ten Thousand Enterprises Going Global" plan [8].

Core Viewpoint - The article highlights the stable growth of China's economy in May 2025, driven by effective macroeconomic policies and a focus on high-quality development, despite external uncertainties and domestic demand challenges [1]. Group 1: Industrial Production - In May, the industrial added value of large-scale enterprises increased by 5.8% year-on-year and 0.61% month-on-month, with manufacturing growing by 6.2% [2]. - Equipment manufacturing and high-tech manufacturing sectors saw significant growth, with increases of 9.0% and 8.6% respectively, outpacing overall industrial growth by 3.2 and 2.8 percentage points [2]. - The manufacturing purchasing managers' index was at 49.5%, indicating a slight improvement, while the business activity expectation index rose to 52.5% [2]. Group 2: Service Sector - The service sector production index grew by 6.2% year-on-year in May, with notable increases in information transmission, software, and IT services at 11.2% [3]. - The business activity index for the service sector was at 50.2%, indicating stable growth, while the business activity expectation index reached 56.5% [3]. Group 3: Market Sales - The total retail sales of consumer goods reached 41,326 billion yuan in May, growing by 6.4% year-on-year, with urban retail sales increasing by 6.5% [4]. - The sales of home appliances and communication equipment surged due to the "trade-in" policy, with growth rates of 53.0% and 33.0% respectively [5]. Group 4: Fixed Asset Investment - From January to May, fixed asset investment (excluding rural households) totaled 191,947 billion yuan, with a year-on-year growth of 3.7% [6]. - Manufacturing investment grew by 8.5%, while real estate development investment declined by 10.7% [6]. Group 5: Trade and Employment - In May, the total value of goods imports and exports was 38,098 billion yuan, with exports increasing by 6.3% [7]. - The urban surveyed unemployment rate was 5.0% in May, showing a slight decrease from the previous month [8]. Group 6: Consumer Prices - The Consumer Price Index (CPI) fell by 0.1% year-on-year in May, with core CPI rising by 0.6% [9]. - The prices of food and beverages increased slightly, while transportation and communication prices saw a significant decline of 4.3% [9]. Group 7: Producer Prices - In May, the producer price index for industrial producers decreased by 3.3% year-on-year, indicating ongoing deflationary pressures in the industrial sector [10].