中经实习记者 孙汝祥 记者 夏欣 北京报道 7月30日，中共中央政治局召开会议。会议指出，要增强国内资本市场的吸引力和包容性，巩固资本市 场回稳向好势头。 会议指出，要坚定不移深化改革。坚持以科技创新引领新质生产力发展，加快培育具有国际竞争力的新 兴支柱产业，推动科技创新和产业创新深度融合发展。纵深推进全国统一大市场建设，推动市场竞争秩 序持续优化。依法依规治理企业无序竞争。推进重点行业产能治理。规范地方招商引资行为。坚持"两 个毫不动摇"，激发各类经营主体活力。 会议强调，要扩大高水平对外开放，稳住外贸外资基本盘。帮助受冲击较大的外贸企业，强化融资支 持，促进内外贸一体化发展。优化出口退税政策，高水平建设自贸试验区等开放平台。 会议指出，要持续防范化解重点领域风险。落实好中央城市工作会议精神，高质量开展城市更新。积极 稳妥化解地方政府债务风险，严禁新增隐性债务，有力有序有效推进地方融资平台出清。增强国内资本 市场的吸引力和包容性，巩固资本市场回稳向好势头。 （编辑：夏欣 审核：何莎莎 校对：张国刚） 会议指出，做好下半年经济工作，宏观政策要持续发力、适时加力。要落实落细更加积极的财政政策和 适度宽松的货币政 ...

中共中央政治局：要扩大高水平对外开放，稳住外贸外资基本盘，优化出口退税政策，高水平建设自贸 试验区等开放平台。 ...

Core Insights - The total social logistics volume in China reached 171.3 trillion yuan in the first half of the year, marking a year-on-year growth of 5.6%, indicating a stable and progressive development in the logistics industry [1] - The logistics volume of industrial products grew by 5.8% year-on-year, contributing 85% to the overall growth of social logistics, which supports the stability of the industrial economy and the smooth operation of supply chains [1] - The logistics demand in the equipment manufacturing sector increased by 10.9%, while the high-tech manufacturing sector saw a 9.7% rise, highlighting these areas as significant growth drivers for logistics demand [1] - The logistics volume for 3D printing equipment and industrial robots exceeded a 20% year-on-year increase, reflecting strong demand in these advanced manufacturing sectors [1] - The import logistics volume of major commodities such as crude oil and iron ore has shown recovery, aided by policies promoting domestic demand and consumption [1] - The logistics volume for consumer goods increased by 6.1% year-on-year, with notable growth in logistics demand for electronic products and travel-related consumption [1] Sector Performance - The logistics volume for renewable resources grew by 17% year-on-year, with an acceleration of 1.2 percentage points compared to the first quarter [2] - There is a developing synergy in logistics across sectors such as automotive and home appliances, with logistics volumes for products like cars, tablets, smartphones, and washing machines all exceeding 10% growth [2]

Core Viewpoint - The logistics industry in China is showing stable growth and improved quality and efficiency, with a total social logistics volume of 171.3 trillion yuan in the first half of the year, reflecting a year-on-year growth of 5.6% [1][3]. Logistics Industry Performance - The total social logistics volume reached 171.3 trillion yuan, with a growth rate of 5.6%, which is 0.3 percentage points higher than the GDP growth rate during the same period, indicating strong support from logistics demand for economic development [1]. - The logistics of industrial products grew by 5.8%, contributing 85% to the total social logistics growth, providing solid support for the stability of the industrial economy and the smooth operation of supply chains [5]. Emerging Industries and Digital Economy - The integration of the digital economy with the real economy has led to strong growth in logistics demand from emerging industries, with logistics demand in the equipment manufacturing sector increasing by 10.9% and high-tech manufacturing by 9.7% [5]. - The logistics volume related to 3D printing equipment and industrial robots saw a year-on-year increase of over 20% [5]. Foreign Trade and Import Logistics - With high-level opening up and diversification of foreign trade, the decline in import logistics volume has narrowed in the second quarter, with a recovery in the logistics volume of major commodities like crude oil and iron ore [7]. - The import of integrated circuits increased by 8.9%, with a growth rate improvement of 0.5 percentage points compared to the first five months of the year [7]. Consumer Logistics - Driven by various policies to expand domestic demand and promote consumption, the consumer market has become more active, with logistics volume for goods transported to units and residents growing by 6.1% in the first half of the year [9]. - Notable growth in logistics demand is observed in consumer goods related to trade-in programs, electronics, and travel, indicating a significant increase in consumer demand [11]. Recycling and Related Sectors - The logistics volume for renewable resources grew by 17%, with an acceleration of 1.2 percentage points compared to the first quarter [13]. - There is a dynamic trend forming in sectors such as automobiles and home appliances, with logistics volume for products like cars, tablets, smartphones, and washing machines all achieving growth rates exceeding 10% [13].

Core Viewpoint - The recent issuance of the "Notice on Implementing Measures to Encourage Foreign Investment Enterprises to Reinvest in China" by seven government departments aims to optimize reinvestment management and services, promoting long-term development of foreign-funded enterprises in the Chinese market [1][2]. Group 1: Measures to Encourage Reinvestment - The "Notice" includes 12 measures focusing on cost reduction, efficiency enhancement, resource expansion, and quality improvement to facilitate foreign reinvestment [1]. - It emphasizes the importance of foreign direct investment (FDI) in advancing high-level opening-up and achieving modernization in China [2]. - The measures are seen as a response to the declining global FDI trends and aim to enhance investor confidence in the Chinese market [2][3]. Group 2: Specific Reinvestment Stages - The "Notice" details encouragement measures across different stages of reinvestment: application, implementation, and evaluation [4]. - During the application phase, it simplifies the process for foreign enterprises to establish new domestic entities if their parent company has existing industry access permits [4]. - The implementation phase encourages local governments to create a project database for foreign reinvestment, allowing eligible projects to receive support [4]. Group 3: Financial and Tax Support - The "Notice" reinforces support for reinvestment through various factors, including land, production materials, funding, and tax policies [4]. - It allows foreign enterprises to reduce land costs through long-term leasing and flexible land transfer terms [4]. - Financial services are emphasized, with measures to facilitate the flow of reinvestment funds and provide tax incentives for foreign investors [6]. Group 4: Streamlining Processes - The "Notice" aims to streamline the application process for foreign-funded enterprises, enhancing efficiency in investment information reporting and inter-departmental information sharing [5]. - It also addresses the need for financial institutions to innovate products and services to support foreign reinvestment [6].

Group 1 - The Qingdao Customs has introduced a policy package consisting of 42 personalized support measures to accelerate the development of the world-class marine port and high-quality integration of "port-industry-city" in Rizhao [1] - The policy focuses on key areas such as port efficiency enhancement, energy trade hub construction, expansion of land-sea intermodal networks, upgrading of port industries, and optimization of the port business environment [1] - The goal is to establish Rizhao as a core node of the Yellow River land-sea corridor and an important gateway for northern China's opening up [1] Group 2 - The construction of land-sea intermodal transport channels is being expedited, with support for the opening of new sea-rail intermodal routes such as "Central Asia - Zhengzhou - Rizhao Port - Guangdong" and "Rizhao - Incheon" [2] - The business environment is continuously improving, with the replication of intelligent supervision models from Qingdao Port to Rizhao, enabling streamlined inspection processes [2] - Measures also support the establishment of a trillion-level grain and oil industry cluster and a new energy equipment export base in Rizhao, as well as the cultivation of new low-altitude economy sectors [2]

Group 1 - The core viewpoint emphasizes the significant increase in foreign investment in research and development (R&D) in China, with R&D expenditure growing over 86% and the number of effective invention patents increasing by 336% over the past decade [1] - Foreign-funded enterprises in China are seen as crucial to the country's technological innovation system, attracting high-end talent and advanced technologies, which contribute to economic restructuring and industrial upgrading [1][2] - The report highlights that foreign enterprises are increasingly integrating into China's economic system, benefiting from the country's large consumer market and complete manufacturing supply chain [2][3] Group 2 - The Chinese economy is undergoing a transformation focused on quality over quantity, with foreign investment in high-end services and manufacturing continuing to grow despite global economic challenges [3] - Specific sectors such as e-commerce services, aerospace manufacturing, and pharmaceuticals have seen substantial foreign investment growth, indicating the increasing importance of the Chinese market [3] - The shift of foreign enterprises from market-driven to innovation-driven models in China enhances their competitiveness in both domestic and global markets [3][4]

这些举措让金融市场的国际化水平不断提升，为高水平对外开放搭建起更畅通的桥梁。 金融为高水平对外开放"铺路"，体现在制度突破上。从取消外资持股比例限制到"互换通"机制升级，从 跨境融资便利化试点到QDLP、QFLP试点，这一系列举措，正在构建起与高水平开放发展相适应的金 融制度环境，为对外开放扫清要素跨境流动、市场规则衔接等多方面制度性障碍，让开放之路越走越 宽。 这些制度性创新措施的落地也获得了市场的认可。以业务量持续上升的"互换通"为例，据中国人民银行 数据，截至2025年4月末，20家境内报价商与79家境外投资者累计达成人民币利率互换交易超1.2万笔， 名义本金总额约6.5万亿元人民币。 2018年批复建设、2022年项目开工、2025年封关运作，扮演着制度型开放关键角色的海南自贸港，如今 迈向了加快构建开放型经济新体制，打造引领我国新时代对外开放重要门户的新发展节点。 "全岛封关是海南自贸港建设新的起点。"7月23日，国家发展改革委副主任王昌林在国新办举行的新闻 发布会上如是表示。 自建设之初，各界就对海南自贸港封关之后的聚集全球要素、配置全球资源、促进产业发展、加快对外 开放充满期待。根据相关方案安排 ...

Economic Growth and Resilience - In the first half of 2025, China's economy demonstrated resilience and stable growth despite increasing external pressures, showcasing its strong capacity to withstand challenges [1] - Major international investment banks, including Deutsche Bank, Morgan Stanley, Goldman Sachs, and Barclays, have raised their economic growth forecasts for China this year [1] Green Development Initiatives - China is a key player in promoting global green transformation, with significant efforts in environmental protection and green development [2] - In Huzhou, Zhejiang, a series of incentives for green finance have led to an annual growth of 41% in green credit, with green loans accounting for over 33% of total loans [2] - China's green industries, including wind power, photovoltaics, and electric vehicles, have seen substantial growth, with production of new energy vehicles and lithium-ion batteries increasing by 36.2% and 53.3% year-on-year, respectively, in the first half of 2025 [3] Foreign Investment and Market Opportunities - China is increasingly viewed as an attractive destination for foreign investment, with a market space that offers significant opportunities for multinational companies [4][5] - In the first half of 2025, foreign enterprises in China achieved an import and export volume of 6.32 trillion yuan, marking a 2.4% year-on-year increase [5] - The Chinese government is actively optimizing the business environment, simplifying approval processes, and enhancing intellectual property protection to attract foreign investment [5] Technological Innovation and Economic Transformation - "Technology-driven" and "innovation-driven" have become new growth models for the Chinese economy, with significant advancements in sectors such as renewable energy and artificial intelligence [7][8] - In the first half of 2025, the added value of China's high-tech manufacturing industry grew by 9.5%, with production of 3D printing equipment and industrial robots increasing by 43.1% and 35.6%, respectively [9] - China's focus on new quality productivity is creating new opportunities for cooperation with African nations, particularly in renewable energy solutions [9] High-Level Opening Up and Global Cooperation - China is deepening its participation in global industrial division and cooperation through high-level opening up, enhancing trade and investment opportunities with other countries [10][11] - In the first half of 2025, China's total goods trade volume exceeded 21 trillion yuan, setting a historical record for the same period [11]

Economic Growth - President Xi Jinping emphasized seven key tasks for urban development, including optimizing modern urban systems and promoting high-quality urban renewal[9] - Premier Li Qiang highlighted the importance of strengthening domestic circulation and enhancing consumer demand through diversified supply[9] Infrastructure and Industry - The Yarlung Tsangpo River downstream hydropower project has commenced with a total investment of approximately CNY 1.2 trillion[10] - 16 central enterprises signed investment agreements for 75 industrial projects in Tibet, amounting to CNY 317.5 billion[10] Consumer Policy - The National Development and Reform Commission revised the Price Law for the first time in 27 years, addressing issues related to irrational price wars and unfair pricing practices[14] - Regulatory bodies have urged major platforms like Ele.me, Meituan, and JD.com to standardize promotional activities and engage in rational competition[14] Financial Regulation - The China Securities Regulatory Commission is pushing for listed companies to enhance investment value and implement major asset restructuring management[16] - The People's Bank of China and the State Administration of Foreign Exchange proposed a unified currency pool policy framework[16] Trade Relations - New high-level economic talks between China and the U.S. are set to begin, focusing on mutual economic concerns[18] - The Hainan Free Trade Port will implement zero-tariff policies for certain goods starting December 18, 2025[19] Risk Warning - There is a persistent divergence in domestic and foreign monetary policies, with domestic policy execution falling short of expectations[25]