There's a lot of excitement because actually we have inflation data today, but that was legal requirement. And then we go back to the shutdown and no data. How does a shutdown end.Yeah, well, nice to be with you. And I think that is the the main question for for us and for our clients as well. You know, our concern was that if the government were to shut down, there would be no natural catalyst to reopen the government.If you recall that the longest full shutdown was back in 2013, that was for 16 days. And ...

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The market's judgment on international relations tends to swing between extreme optimism and extreme pessimism, causing market sentiment to fluctuate. The market has sufficient expectations for slow - changing variables like interest rates but overreacts to fast - changing international relations variables, and market volatility may continue [2] - China's Q3 GDP grew 4.8% year - on - year, meeting expectations. Industrial production rebounded significantly and capacity utilization improved, but household consumption, real estate, and fixed - asset investment were drags [2] - After the Fourth Plenary Session of the 20th CPC Central Committee and the deepening of local state - owned "three - capital" management, the A - share market showed positive performance. A - share trading volume shrank to less than 2 trillion per day, and the margin balance rebounded, with each index rising between 2.9% - 4% on the weekly line [2] - This week, the basis of each variety fluctuated less, and the overall discount narrowed compared to last week. As of Friday, the annualized discounts of IF, IC, and IM converged to around 2.6%, 8.9%, and 11.4% respectively [2] Group 3: Summary by Related Catalogs This Week's Review - International relations news affected market sentiment. For example, the US's signal of easing relations led to a rapid decline in gold prices, and the economic consultations among China, the US, and Malaysia led to a rapid rebound in the A - share market driven by the Hong Kong stock market [2] - China's Q3 GDP growth met expectations. Industrial production and capacity utilization improved, but household consumption, real estate, and fixed - asset investment were negative factors [2] - After the Fourth Plenary Session of the 20th CPC Central Committee and local state - owned "three - capital" management deepening, the A - share market was positive. Trading volume shrank, margin balance rebounded, and each index rose on the weekly line. The ChiNext and STAR Market rebounded strongly [2] - The basis of each variety fluctuated less this week, and the overall discount narrowed compared to last week. The term structure of near - month contracts moved down slightly, with little change compared to last week, and diversified hedging can be maintained [2] Forecast Conclusion - The model predicts that the basis of IH, IF, IC, and IM will move in the directions of weakening, strengthening, weakening, and weakening respectively next week [4]

Core Viewpoint - The article emphasizes the strategic shift in China's economic development philosophy, highlighting the importance of both GDP and GNI, which reflects a transition from a production-oriented approach to a more comprehensive perspective on national wealth and economic well-being [2][3]. Summary by Sections Economic Development Strategy - The 20th Central Committee's Fourth Plenary Session approved the proposal for the 15th Five-Year Plan, focusing on expanding bilateral investment cooperation and emphasizing both GDP and GNI as key indicators of economic health [2]. - The shift from focusing solely on domestic production (GDP) to including national wealth (GNI) signifies a paradigm change in understanding economic performance [2][3]. GNI vs. GDP - GNI, which includes net income from abroad, provides a broader view of national wealth compared to GDP, which is limited to domestic production [3]. - GNI emphasizes the importance of individuals and their global resource allocation capabilities, while GDP focuses on local production [3]. International Investment and Competitiveness - Chinese enterprises have established over 50,000 companies abroad, with foreign investment stock exceeding $3 trillion, maintaining a global ranking in the top three for eight consecutive years [3]. - The growth of overseas assets contributes directly to GNI, aligning with the goal of meeting the people's growing needs and supporting high-level openness [4]. Policy Implications - The dual focus on GDP and GNI is seen as a necessary response to the challenges of globalization, enhancing China's control over global resources and supply chains [6]. - The proposal includes measures to attract foreign investment and support outbound investment, particularly in advanced manufacturing and digital economy sectors [7][8]. Institutional Reforms - The establishment of a more comprehensive institutional framework for high-level openness is anticipated, including aligning with international trade agreements and improving the business environment for foreign investors [7][8]. - The focus on GNI growth may lead to a shift in local government priorities from merely attracting investment to fostering talent and global engagement [8]. Global Economic Governance - The emphasis on both GDP and GNI offers a new model for economic governance, providing a reference for developing countries to balance efficiency and equity [9]. - This approach aims to enhance resilience against market fluctuations and promote inclusive globalization, as seen in projects like the China-Laos railway [9]. Conclusion - The transition from a GDP-centric model to one that values GNI reflects a profound change in development philosophy, positioning China as a global value creator rather than just a manufacturing hub [9].

两者的区别意味着各自的侧重点不同——在分析各国经济增长时，一般更关注GDP；在分析各国贫富差 异程度时，一般更关注GNI或者人均GNI。在反映生产成果、衡量经济增长时更多使用GDP，在分析收 入水平和生活质量时更多使用GNI。把GDP和GNI相提并论，就意味着既重视"中国经济"也重视"中国人 经济"。 上述提法至关重要，对于经济发展水平的评价无疑更科学更准确——既要关注宏观经济发展变化，即总 量的提升；也要注重每个中国人的生活质量，即个体的成长。经济发展归根结底要让具体的人受益，个 人和家庭的收入水平改善，每个中国人生活水平的稳步提升，无疑更能体现经济发展的质量和社会的公 平。 "重视'中国人经济'"的表述强调经济发展需兼顾经济总量增长与民生改善，体现中国式现代化进程中"发 展为了人民"的理念。党的二十届四中全会公报指出，"十五五"时期经济社会发展，坚持以满足人民日 益增长的美好生活需要为根本目的。坚持扩大内需这个战略基点，坚持惠民生和促消费、投资于物和投 资于人紧密结合，以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和需求良性互 动，增强国内大循环内生动力和可靠性。值得注意的是，今年《政府工作 ...

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the importance of high-level opening-up and cooperation, signaling China's commitment to mutual benefit and win-win outcomes in international trade and investment [1] Group 1: Expansion of High-Level Opening-Up - The session approved the suggestions for the 15th Five-Year Plan, focusing on expanding high-level opening-up as a key strategy for economic development [1] - Wang Wentao, Minister of Commerce, outlined four main areas for enhancing foreign openness, including proactive engagement with international trade rules and expanding market access [3][4] Group 2: Trade Innovation and Development - The suggestions include three pillars for trade power: goods trade, service trade, and digital trade, with specific measures to promote each area [3] - For goods trade, there will be an emphasis on expanding intermediate goods trade and green trade, while service trade will see improvements in cross-border service trade management [3] Group 3: Investment Cooperation - The strategy aims to enhance the "Invest in China" brand and create a transparent and stable environment for foreign investment [4] - There will be a focus on both GDP and GNI, indicating a balanced approach to economic growth and the well-being of citizens [4][5] Group 4: Belt and Road Initiative - The initiative is framed as a collaborative effort rather than a unilateral action, with plans to strengthen cooperation with partner countries in various sectors [4] - Emphasis will be placed on integrating major projects with smaller, community-focused initiatives, particularly in green, digital, and AI sectors [4]

一、GDP与GNI的基本概念 国内生产总值（Gross Domestic Product，简称GDP），是指一个国家或地区所有常住单位在一定时 期内生产活动的最终成果，等于所有常住单位创造的增加值之和。可见，GDP强调国内生产，体现的是 增加值的生产创造。 国民总收入（Gross National Income，简称GNI），是指一个国家或地区所有常住单位在一定时期内 收入初次分配的最终结果，等于所有常住单位的初次分配收入之和。1993年以前，这一指标被称为国民 生产总值（Gross National Product，简称GNP）。由于它是一个收入总量衡量指标，叫"生产"总值名 不符实，所以，联合国1993年国民经济核算国际标准（1993年SNA）将其改称为GNI。 二、GDP与GNI的联系与区别 从概念和核算过程看，GDP是核算GNI的基础，先核算GDP，才能核算出GNI。两者的关系可用下列公 式表示： 中共中央今天（24日）上午举行新闻发布会，介绍和解读党的二十届四中全会精神。 商务部党组书记、部长王文涛介绍，关于"十五五"时期开放工作，《建议》部署拓展双向投资合作空 间。我们要擦亮"投资中国"品牌，塑造 ...

中共中央今天（24日）上午举行新闻发布会，介绍和解读党的二十届四中全会精神。 商务部党组书记、部长王文涛介绍，关于"十五五"时期开放工作，《建议》部署拓展双向投资合作空间。我们要擦亮"投资中国"品牌，塑造吸引外资新优 势，落实好"准入又准营"，营造透明、稳定、可预期的制度环境。有效实施对外投资管理，健全海外综合服务体系，引导产供链合理有序跨境布局。我们 既看GDP也看GNI，既重视"中国经济"也重视"中国人经济"。 国家统计局官网2025年1月26日曾发文，《如何理解GDP、国民总收入（GNI）的区别和联系？》，以下是全文—— 从概念和核算过程看，GDP是核算GNI的基础，先核算GDP，才能核算出GNI。两者的关系可用下列公式表示： GNI＝GDP＋来自国外的初次分配收入净额＝GDP＋（来自国外的初次分配收入－付给国外的初次分配收入） 其中，来自国外的初次分配收入是指从国外获得的资本和劳务收入，包括本国对外投资的收入和本国居民在国外工作的劳动报酬；付给国外的初次分配收 入是指对国外支付的资本和劳务收入，包括外国来投资的收入和本国支付给外籍员工的劳动报酬。 GDP与GNI的区别在于，衡量经济总量的角度有所不同。 ...

Core Viewpoint - The article discusses the importance of both GDP and GNI as key indicators for measuring a country's economic status and development level, emphasizing the need for a transparent and stable institutional environment to attract foreign investment [1][2]. Group 1: Definitions of GDP and GNI - Gross Domestic Product (GDP) refers to the total value of all final goods and services produced within a country or region during a specific period, highlighting domestic production [2]. - Gross National Income (GNI) is the total income received by residents of a country or region, including income from abroad, and was previously known as Gross National Product (GNP) until its renaming in 1993 [2]. Group 2: Relationship and Differences between GDP and GNI - GDP serves as the foundation for calculating GNI, with the relationship expressed as GNI = GDP + net income from abroad [3][4]. - The distinction lies in their focus: GDP measures production output, while GNI measures income distribution, accounting for foreign investments and income [3][4]. Group 3: Importance of GDP and GNI - Both GDP and GNI are crucial for international analysis, with GDP being more relevant for assessing economic growth and GNI for evaluating income disparities and living standards [5]. - Organizations like the United Nations and World Bank utilize these indicators differently, with GDP often used for overall economic performance and GNI for classifying countries by income levels [5]. Group 4: Historical Data on GNI and GDP - A table presents historical data from 2013 to 2022, showing GNI, GDP, and the difference between the two, indicating fluctuations in the relationship over the years [6].

RT Charlie Bilello (@charliebilello)US National Debt as % of GDP...1975: 33%1985: 40%1995: 64%2005: 61%2015: 103%2025: 125%2035: ? ...

Group 1 - The core argument of the article is that AI is not merely replacing jobs but is fundamentally undermining the theoretical foundations of the entire economic system [1][2] - The traditional GDP measurement is failing to reflect true human welfare and progress, as it is based on outdated metrics that do not account for the value created by AI and other non-monetary contributions [3][9] - The article highlights that the economic value of human labor is diminishing, with AI performing tasks more efficiently and at a lower cost, leading to a situation where human labor can be seen as a negative value [10][11][12] Group 2 - The pursuit of extreme efficiency in traditional economic systems has led to a lack of buffer, making the system vulnerable to risks, as illustrated by examples in global supply chains and agriculture [15][16][17] - The article discusses the collapse of four foundational assumptions of traditional economics in the AI era, including the scarcity of resources, the inherent value of human labor, the need for resource input for growth, and the monetary measurement of value [22][24][25][26][27][30] - The conclusion emphasizes the need for a new economic framework that values happiness, ecological balance, and the intangible aspects of life that cannot be quantified by money, suggesting that AI may help humanity rediscover what is truly valuable [32][35][37]