Group 1 - The National Development and Reform Commission (NDRC) is committed to achieving economic and social development goals despite international uncertainties, focusing on domestic priorities [1] - The NDRC is developing a series of measures to stabilize employment and the economy, which will complement previous policies introduced in September and during the Central Economic Work Conference [1] - Key areas of focus include supporting employment, stabilizing foreign trade, promoting consumption, expanding effective investment, and creating a stable development environment [1] Group 2 - The NDRC has allocated over 160 billion yuan for consumption incentives, with additional funds expected to be released, totaling around 140 billion yuan [2] - Investment expansion will include support for industrial software upgrades and infrastructure projects, with a goal to finalize the project list by June [2] - The People's Bank of China plans to adjust monetary policy tools to ensure liquidity and support key areas such as employment and growth [2] Group 3 - The Ministry of Commerce, in collaboration with the NDRC, has introduced a comprehensive policy package to assist foreign trade enterprises in expanding domestic sales and integrating domestic and foreign trade [3] - Financial support measures include increasing government funding, enhancing credit support from financial institutions, and reducing costs for struggling enterprises [3] - The impact of recent fluctuations in the U.S. Treasury market on China's foreign exchange reserves is considered limited due to a diversified investment strategy [3]

商务部副部长盛秋平表示，将推出细化举措，进一步增强消费对经济增长的拉动作用，以强大的国内市 场更好应对外部风险挑战。一是扩围提质实施消费品以旧换新，二是推动汽车流通消费改革，三是实施 服务消费提质惠民行动，四是举办"购在中国"系列活动。 当前，消费品以旧换新取得了积极成效。截至4月27日24时，全国汽车以旧换新281.4万辆，12类家电以 旧换新4941.6万台，手机等数码产品购新3785.5万件，家装厨卫"焕新"4090.6万件，电动自行车以旧换 新超420万台，合计拉动销售额超7200亿元。 对企业加大扩岗支持 人力资源社会保障部副部长俞家栋表示，将加快推出增量政策，对企业加大扩岗支持，对个人加大就业 补贴支持，对受关税影响较大的企业提高失业保险稳岗返还比例等。对已出台的存量政策要全面落实， 加快兑现稳岗返还、担保贷款、就业补贴，延续实施降低失业和工伤保险费率。 （上接1版） 扩内需政策将在二季度加快落地 赵辰昕表示，提振消费专项行动、用好今年国家层面5万亿元投资资金、加快设立国家创业投资引导基 金等政策大部分将在二季度落地。 据悉，在提振消费方面，近期已经下达了今年第二批消费品以旧换新资金，前两批一共下 ...

Group 1 - The Chinese government is actively promoting policies to stabilize employment and the economy, focusing on high-quality development measures [12][13][14] - The government has proposed to reduce consumption restrictions and shift from purchase management to usage management for automobiles, encouraging cities to relax vehicle purchase limits [2][9] - Beijing will issue additional car purchase quotas specifically for families without cars, with 40,000 new energy vehicle quotas planned for 2025 [3][5][6] Group 2 - In 2024, Beijing will allocate 20,000 new energy vehicle quotas to carless families, while Tianjin will provide 30,000 ordinary car quotas for the same demographic [6][10] - Other cities like Guangzhou and Hangzhou are also implementing measures to ease car purchase restrictions for individuals who have participated in the lottery multiple times or belong to specific groups [7][8] - The overall aim is to stimulate automobile consumption, which is crucial for boosting domestic demand and economic growth, as the automotive sector accounts for approximately 10% of China's GDP and retail sales [10][11]

文/《清华金融评论》 周茗一 国务院新闻办公室于2025年4月28日（星期一）上午10时举行新闻发布会，请国 家发展改革委副主任赵辰昕、人力资源社会保障部副部长俞家栋、商务部副部 长盛秋平、中国人民银行副行长邹澜介绍稳就业稳经济推动高质量发展政策措 施有关情况，并答记者问。 国家发展改革委副主任赵辰昕 表示，4月18日召开的国务院常务会议已就稳就业稳经济推动高质量发展的若干举措（下称若干举措），进行了研究。若干 举措与去年9月一揽子增量政策、中央经济工作会议和全国"两会"部署任务形成接续，是应对外部环境变化的重要举措，是落实党中央和国务院决策部署 的具体行动。 具体来看，若干举措具体包括五方面内容。 关于近期美国国债和美元汇率市场出现大幅振荡 中国人民银行副行长邹澜 表示，美国宣布对多个经济体大幅加征关税，严重侵犯各国正当权益，严重损害以规则为基础的多边治理体制，严重冲击全球 经济秩序，破坏全球经济长期稳定增长。同时，也引发了全球金融市场剧烈波动，投资者对美元资产的风险情绪上升，美元指数大幅下行，美债收益率上 升，美国股市波动加剧，全球资产组合在区域间重新配置。 在积极扩大有效投资方面，主要包括完善消费基础设 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is set to guide cities with purchase restrictions to issue targeted car purchase quotas for families that have been long waiting in the lottery and for car-less households [1][2]. Group 1: Policy Initiatives - The issuance of additional car purchase quotas is not a new concept, as it was mentioned in the "Special Action Plan to Boost Consumption" by the Central Committee and the State Council, which aims to gradually reduce consumption restrictions and shift from purchase management to usage management [2]. - The NDRC and other departments previously encouraged cities with purchase restrictions to relax vehicle purchase limits and issue additional quotas [2]. Group 2: Specific Measures in Beijing - Beijing will issue targeted additional quotas for car-less families for two consecutive years in 2024 and 2025, with a total of 40,000 new energy vehicle quotas planned for 2025 [3][4]. - The allocation of these additional quotas will be based on a ranking system according to family points, with the top 40,000 car-less families receiving the quotas after the regular allocation of 58,400 new energy vehicle quotas [4]. Group 3: Broader Context and Impact - The lack of car purchase quotas is identified as a significant barrier to automotive consumption, which is crucial for stimulating economic growth, as the automotive industry accounts for approximately 10% of China's GDP and retail sales [7]. - The Ministry of Commerce is also promoting reforms in automotive circulation consumption, supporting local innovations across various segments of the automotive market, and encouraging regions to optimize purchase and traffic restrictions to better meet consumer demand [7].

Core Viewpoint - Consumption is a key driver for domestic economic circulation and is essential for sustainable economic growth. The government has prioritized boosting consumption and expanding domestic demand as a primary task for 2025, reflecting a strategic focus on new development stages and concepts [1][2]. Group 1: Strengthening Income Growth Measures - Income is the foundation of consumption. The government aims to enhance residents' consumption capacity by focusing on employment, income, and social security, implementing targeted policies to solidify the basis for consumption growth [1][2]. - The distribution system will be gradually optimized to improve disposable income for urban and rural residents, including raising basic pensions and healthcare subsidies for low-income groups [2]. - High-quality employment is crucial for stabilizing and boosting consumption, with efforts to increase job opportunities and enhance service sector development [2]. Group 2: Enriching Quality Supply to Stimulate Consumption Willingness - High-quality goods and services are vital for meeting consumer needs and creating effective demand. The focus will be on service consumption and industrial transformation to enhance consumption quality [3]. - Policies will be implemented to align supply and demand, promoting a shift towards experience-oriented and emotional value-driven consumption [3]. - The government will optimize consumption policies in sectors like automotive and real estate, and expand service consumption in education, healthcare, and tourism to meet diverse consumer needs [3][4]. Group 3: Improving Consumption Environment to Enhance Consumer Confidence - A safe and convenient consumption environment is essential for enhancing consumer satisfaction and market vitality. The government aims to create a structured and comfortable consumption ecosystem [5][6]. - Protecting consumer rights and interests is a priority, with measures to regulate market order and combat fraudulent practices [5]. - Infrastructure improvements, particularly in rural areas, will support the dual circulation of urban and rural consumption markets, enhancing overall consumption dynamics [6].

Group 1 - The core focus of the recent Central Political Bureau meeting is to enhance the income of low- and middle-income groups and to significantly develop service consumption to boost economic growth [1][2] - The issuance of special long-term government bonds, including 500 billion yuan for 20-year bonds and 710 billion yuan for 30-year bonds, aims to support consumption and stimulate domestic demand [1][2] - The total social financing scale increased by 15.18 trillion yuan in the first quarter of 2025, which is 2.37 trillion yuan more than the same period last year, indicating a strong financial support for consumption [2] Group 2 - Expanding service consumption is viewed as a systematic project that requires a multi-faceted approach, including demand expansion, supply optimization, and environmental improvement [3] - Policies need to be coordinated across various sectors, including fiscal, financial, and industrial policies, to effectively stimulate consumption [3] - Financial institutions are encouraged to develop tailored financial products to meet the diverse needs of consumers, particularly in new consumption scenarios such as digital and green consumption [6]

Core Insights - The recent announcement of the "Notice on Further Optimizing the Departure Tax Refund Policy to Expand Inbound Consumption" aims to enhance the quality and level of departure tax refund services for international travelers [1][2] Group 1: Policy Highlights - The policy focuses on three main aspects: expanding the number of tax refund stores, increasing the variety of tax refund products, and improving the overall service experience for travelers [1] - The threshold for departure tax refunds has been lowered from 500 yuan to 200 yuan, allowing travelers to access refunds on a wider range of purchases [1] - The government plans to optimize the layout of tax refund stores and ease the registration conditions for these stores, providing more shopping options for international visitors [1] Group 2: Implementation and Impact - Since the full implementation of the departure tax refund policy in 2015, the government has been working to enhance the convenience of this service through various measures, including improving the smart tax refund process and optimizing the shopping payment environment [2] - The Ministry of Culture and Tourism emphasizes that the departure tax refund policy will not only attract more inbound tourists but also promote the export of high-quality domestic products, particularly those with cultural significance [2][3] - The Ministry of Commerce will collaborate with relevant departments to ensure effective implementation of the new policy, aiming to create a mutually beneficial environment for inbound tourism and departure tax refund shopping [2][3]

4月25日，东营市组织召开"法治政府建设"主题系列新闻发布会第二十二场——市商务局专场，东营市 商务局党组书记、局长张子柱针对提振社会消费方面开展的工作，做简要介绍。 市商务局坚决贯彻落实提振消费决策部署，突出消费带动，加快完善促消费机制，推动商贸流通升级扩 容。2024年，全市实现社会消费品零售总额894.49亿元，增速6.2%。今年一季度，全市社会消费品零售 额总额236.3亿元，同比增长7.6%, 增速列全省第2位，高于全国3个百分点、高于全省2个百分点。 积极开展"以旧换新"工作。加力政策供给，全面推进汽车、家电、家装、电动自行车四大领域以旧换 新，推动更多耐用消费品进入群众生活，激发消费潜能活力，2024年累计发放以旧换新补贴4.8亿元， 带动消费超40亿元，其中汽车补贴4.1亿元、家电补贴0.6亿元，今年已争取首批中央超长期特别国债资 金2.15亿元，接续出台汽车报废更新、汽车置换更新、家电及3C数码、电动自行车、家装厨卫补贴实施 细则，更大力度推进以旧换新。 实施城市商业优化提升行动。以"两圈一街"建设为抓手，打造便民消费场景，提升消费体验，建设商业 项目88个，引入知名品牌店120余家，举办促 ...

·小红书发布全员信：取消员工竞业，取消"大小周"4月24日，小红书发布全员信，宣布将从5月1日起， 不新增现金或期权竞业，原有的现金和期权竞业全部释放。同时，小红书宣布，员工持有的期权，在离 职时除了选择保留，也可以选择以离职时的回购价由公司回购。另外，小红书还宣布取消隔周周六的工 作安排，即业界俗称的"大小周"。详情>> ·一季度广东下达3886万元专项资金，重点支持智能机器人、新能源汽车4月24日，广东省工业和信息化 厅一季度新闻发布会重点介绍了生物医药、先进装备发展情况。南方财经全媒体记者获悉，一季度广东 下达3886万元省级首台（套）重大技术装备专项资金，重点支持智能机器人、新能源汽车等领域。详情 >> ·香港移动号码"丝滑"登录内地应用，大湾区认证登录互联互通加速"五一"假期临近，不少香港市民选 择北上扫货、探亲、打卡，登录内地应用成为香港市民出行必经一环。如今用香港移动号码就可"丝 滑"登录内地电子支付平台、出行交通等APP。详情>> 4月中旬以来，A股消费板块呈现轮动上涨态势，商贸零售（+6.35%）、房地产（+3.20%)、美容护理 （+1.97%）、食品饮料(+1.00%）等内需板块涨幅居前 ...