Core Viewpoint - The importance of the real economy is emphasized as a foundation for China's economic development and international competitiveness, particularly in the context of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" [1][2][3]. Group 1: Importance of the Real Economy - The real economy is described as the foundation of a major country, with a strong emphasis on not allowing the economy to become detached from reality [2][3]. - The real economy serves as a "ballast" for economic operations, with significant labor demand across manufacturing, construction, agriculture, and services, absorbing over 400 million jobs, which accounts for 53% of the national employment population [3]. - Manufacturing is highlighted as a crucial pillar of the national economy, directly related to national strategic security, with China maintaining the world's largest manufacturing scale for 15 consecutive years, providing resilience against external uncertainties [3][4]. Group 2: Strategic Tasks for the "15th Five-Year Plan" - The strategic tasks for the "15th Five-Year Plan" include four main areas: 1. **Solid Foundation and Upgrading**: Optimizing and upgrading traditional industries, which account for over 80% of manufacturing, aiming to create approximately 10 trillion yuan in new market space over the next five years [4]. 2. **Innovation and New Industries**: Cultivating and expanding emerging and future industries, focusing on strategic emerging industries like new energy and new materials, and planning for quantum technology and biomanufacturing, with a goal of creating a scale equivalent to a new high-tech industry in the next decade [4]. 3. **Service Industry Development**: Promoting high-quality and efficient development of the service industry, enhancing the integration of modern services with advanced manufacturing and modern agriculture to meet people's needs and open new economic growth spaces [4]. 4. **Infrastructure Modernization**: Accelerating the construction of a modern infrastructure system, ensuring coordinated planning and development of new infrastructure to enhance connectivity and safety [5]. Group 3: Response to External Challenges - The real economy is positioned as a key element for navigating external uncertainties, with a call for leveraging technological advantages to transform into industrial strengths, ensuring that China's economy can withstand challenges and explore broader horizons [5].

Core Viewpoint - The forum emphasizes the importance of economic development, focusing on the real economy, domestic market, reform and innovation, and improving people's livelihoods as key points for the "14th Five-Year Plan" period [1][3][4]. Economic Development as the Main Theme - From now until 2035, there are only 10 years left, and the first five years are crucial for establishing a solid foundation for future growth. The goal is to maintain an average annual GDP growth rate of around 5% and a nominal growth rate of about 7% [3]. Focus on the Real Economy - The central task is to build a modern industrial system and strengthen the foundation of the real economy. The emphasis is on intelligent, green, and integrated development while maintaining a reasonable proportion of manufacturing [3]. Domestic Market as the Main Battlefield - A strong domestic market is essential for China's modernization. Efforts should be made to boost consumption, expand effective investment, and improve the structure of government investment, particularly in people's livelihoods [4]. Reform and Innovation as the Driving Force - There is a need to enhance original innovation and tackle key core technologies. The integration of technological and industrial innovation is crucial, along with supporting the development of high-tech enterprises and small and medium-sized technology firms [4]. Improving People's Livelihoods as the Starting and Ending Point - High-quality employment, a fair income distribution system, and a robust social security system are essential. Specific measures include supporting the development of innovative drugs and medical devices, as well as optimizing policies to support childbirth [4].

Core Viewpoint - The forum emphasizes the importance of economic development, focusing on the real economy, domestic market, reform and innovation, and improving people's livelihoods as key points for the "14th Five-Year Plan" period [1][2] Group 1: Economic Development - The target for average annual GDP growth over the next five years is set at around 5%, with a nominal growth rate of about 7% to accommodate reasonable price level recovery [1][2] Group 2: Real Economy - The strategic task of building a modern industrial system and consolidating the foundation of the real economy is prioritized, with a focus on intelligent, green, and integrated development while maintaining a reasonable proportion of manufacturing [1][2] Group 3: Domestic Market - Strengthening the domestic market is seen as a strategic support for modernization, with initiatives to boost consumption, expand effective investment, and enhance the role of private enterprises in major projects [2] Group 4: Reform and Innovation - Emphasis is placed on original innovation and tackling key core technologies, promoting deep integration of technological and industrial innovation, and supporting the development of high-tech enterprises and small and medium-sized technology firms [2] Group 5: Improving People's Livelihoods - The focus is on promoting high-quality employment, improving income distribution, enhancing education and social security systems, and advancing health and population quality development [2]

Group 1 - The core objective of the "15th Five-Year Plan" is to achieve significant results in high-quality development, emphasizing quality and efficiency over mere speed and scale expansion [4] - The plan indicates a shift in China's economic development stage, focusing on transforming development methods, optimizing economic structure, and converting growth drivers [4] - Resources will be directed towards innovation, industrial upgrading, green low-carbon initiatives, and improving people's livelihoods, aiming for sustainable development [4] Group 2 - The plan emphasizes building a modern industrial system and strengthening the foundation of the real economy, with a focus on intelligent, green, and integrated development [5] - It highlights the importance of the manufacturing sector in driving overall industrial advancement and enhancing the self-sufficiency of supply chains [5] - The strategy aims to address structural contradictions in development and improve the adaptability of the supply system to domestic demand [5] Group 3 - The "15th Five-Year Plan" promotes a dual approach of supporting both state-owned and private enterprises, enhancing the legal framework for private sector development [6] - The implementation of the Private Economy Promotion Law aims to ensure fair competition and protect the rights of private enterprises [6] - Special emphasis is placed on supporting small and medium-sized enterprises, which are crucial for the vitality of the private economy [7] Group 4 - The plan identifies expanding domestic demand as a strategic foundation for modernization, highlighting the importance of the domestic market [9] - It aims to enhance the resilience of the industrial chain and promote a dynamic balance between supply and demand through sustained domestic demand [9] - The strategy also seeks to optimize income distribution and improve public services, ensuring equitable access to development outcomes [9] Group 5 - The plan advocates for high-level opening up while simultaneously building a strong domestic market, indicating a complementary relationship between the two [10] - It emphasizes the need for internal and external market integration to stimulate domestic demand and enhance supply quality [11] - The plan outlines measures for expanding institutional openness and engaging in global economic governance, reflecting China's commitment to economic globalization [12][13]

现在全球格局里，最让人琢磨不透的不是大国之间吵得多凶，而是以前的"全球中心"欧洲，现在慌得跟 没头苍蝇似的。 你看冯德莱恩，高调说欧洲和美国是"价值观同盟"，谢夫乔维奇还专门跑华盛顿，送上俩大礼，对美汽 车关税再砍10到20个百分点，再加三年多买500亿立方米美国液化天然气。 这不就是明摆着递投名状嘛，还有欧盟，主动把海上协同那套从欧洲弄到印太，每一步都透着"怕丢了 靠山"的慌劲儿。 10月26日，中美在马来西亚的会谈中，贝森特部长表示，美国不会再对中方加征100%的关税，达成了 这样实质性的协议后，中美之后的关系会朝着怎样的方向发展呢？ 欧洲为啥陷入战略困局？ 欧洲除了赶紧搞第19轮对俄制裁，封俄油俄气，就只能求美国送军火，自己呢，把压箱底的60多年前的 豹一坦克翻出来，结果保养太差，发动机打不着，炮也开不了，连一战时的马克沁机枪都拿出来了，乌 军直接当"破烂"退回去，你说丢人不丢人。 欧洲这焦虑，说到底就是"走惯了老路，不知道咋走新路"的悲剧，五百年霸权让它习惯了靠抢过日子、 靠抱大腿自保，现在让它当"二等玩家"，根本接受不了，可自己又没能力独立发展。 一边拿中俄贸易当借口制裁中企，一边又因为中国管稀土放 ...

Group 1 - The core viewpoint of the article emphasizes the strategic planning and goals outlined in the "15th Five-Year Plan" for China's economic and social development, focusing on high-quality growth and modernization [1][10][27] - The plan aims to enhance the quality of economic growth while de-emphasizing specific growth rate targets, allowing for more flexibility in macroeconomic policy [4][5] - Key objectives include significantly improving the consumption rate, advancing self-reliance in technology, and fostering a robust domestic market [5][21] Group 2 - The plan highlights the need to improve the capital market's functions, ensuring better coordination between investment and financing, and supporting innovation and green development [6][7] - It signals a shift from a financing-led approach to a balanced investment and financing model, focusing on quality over quantity [6][7] - The development of direct financing methods, such as equity and bond markets, is emphasized to provide more investment options and reduce financial product risks [8] Group 3 - The plan outlines the goal of building a financial powerhouse, with a focus on enhancing the central bank's role and improving the monetary policy framework [9][11] - It stresses the importance of a comprehensive macro-prudential management system to prevent systemic risks in the financial sector [12][14] - The optimization of the financial institution system is crucial for meeting the diverse needs of the real economy [13] Group 4 - The plan prioritizes the strengthening of the real economy, emphasizing the construction of a modern industrial system and maintaining a reasonable proportion of manufacturing [15][16] - It encourages the development of emerging industries and future industries, focusing on intelligent, green, and integrated growth [16][17] - The integration of traditional and new industries is essential for ensuring a stable industrial foundation while pursuing innovation [16][20] Group 5 - The plan calls for accelerating high-level technological self-reliance, which is seen as vital for supporting modernization and enhancing national innovation capabilities [18][19] - It emphasizes the need for deep integration of technological and industrial innovation to achieve high-quality development [19][20] - Key areas for focus include artificial intelligence, quantum information, and advanced materials, which are critical for future economic growth [19][20] Group 6 - The plan identifies the development of a strong domestic market as a strategic foundation for modernization, promoting a virtuous cycle between consumption and investment [21][22] - It outlines measures to boost consumption, including the establishment of management frameworks for new consumption models and enhancing service consumption [22] - The removal of barriers to building a unified national market is also a priority to ensure smooth economic operations [22] Group 7 - The plan emphasizes enhancing fiscal sustainability through active fiscal policies and improved budget management [23][24] - It advocates for a balanced macro tax burden and the establishment of a long-term mechanism for government debt management [24] - The focus is on ensuring that fiscal resources support both strategic national tasks and basic livelihood needs [23][24]

《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》28日公布。其中，"建设现代 化产业体系，巩固壮大实体经济根基"被摆在战略任务的第一条，彰显实体经济对我国发展至关重要的 作用，要在接续推进中国式现代化进程中牢牢把握。 实体经济是国家发展的本钱，构筑发展战略优势的重要支撑。"十四五"以来，我国工业增加值从 31.3万亿元增至40.5万亿元。我国经济经受住世纪疫情严重冲击，有效应对一系列重大风险挑战，实体 经济功不可没。 大国之大，必有大国之重。没有坚实的物质技术基础，就不可能全面建成社会主义现代化强国。特 别是在"十五五"这个"夯实基础、全面发力"的关键时期，我国发展环境面临深刻复杂变化，经济增长需 要保持适当速度，维护国家安全需要厚植发展韧性，科技创新需要抓住时间窗口乘势而上……这些都要 求我们坚持把发展经济的着力点放在实体经济上，以建设现代化产业体系笃"实"夯基、向新而进。 新华社北京10月28日电 题：巩固壮大实体经济根基 新华社记者张辛欣、周圆 "建设现代化产业体系，巩固壮大实体经济根基"是一个系统工程。《建议》提出"坚持智能化、绿 色化、融合化方向""推动重点产业提质升级"等一系列举措，不 ...

Core Viewpoint - The importance of building a modern industrial system and consolidating the foundation of the real economy is emphasized as a strategic task for China's development, highlighting the critical role of the real economy in the country's progress towards modernization [1][2]. Group 1: Economic Growth and Real Economy - Since the beginning of the 14th Five-Year Plan, China's industrial added value has increased from 31.3 trillion yuan to 40.5 trillion yuan, demonstrating the resilience of the real economy in withstanding significant challenges such as the pandemic [1]. - The real economy is identified as the foundation for national development and a crucial support for strategic advantages, underscoring the need to focus on it during the 15th Five-Year Plan period [1]. Group 2: Modern Industrial System - The construction of a modern industrial system is described as a systematic project that includes initiatives such as promoting intelligent, green, and integrated directions, and upgrading key industries to enhance competitiveness and foster a good innovation ecosystem [2]. - Advanced manufacturing is positioned as the backbone of the modern industrial system, with a focus on developing new pillar industries and implementing industrial innovation projects to create new economic growth points [2]. Group 3: Implementation and Policy Support - The successful realization of the modern industrial system requires concrete actions and effective implementation of the central government's directives, with an emphasis on policy guidance, resource allocation, and ensuring the necessary factors for supporting the real economy [2]. - There is a call for strong measures to create a social atmosphere that values industry and encourages innovation, thereby enhancing the sense of gain from deepening industrial efforts [2].

（原标题：产业放在首位、金融强国升维，这些"十五五"增量信息值得关注） 10月28日，新华社受权发布二十届四中全会审议通过的《中共中央关于制定国民经济和社会发展第十五 个五年规划的建议》和习近平主席《关于<中共中央关于制定国民经济和社会发展第十五个五年规划的 建议>的说明》。 另一方面，"金融强国"的建设可以实现"定价权"与"财富效应"的双重突破，既要掌握核心资产的定价自 主权，防止定价权旁落；也要让股市成为居民财产性收入的重要来源，可以进一步切实增强民众的消费 底气。 新兴产业要成为支柱，未来产业重在"前瞻布局"。前者是新旧动能转换的重点，在新能源、新材料、航 空航天、低空经济等方面形成产业集群；后者重在抢得先机、占据主动，重点布局量子科技、生物制 造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等。 华创证券研究所副所长、首席宏观分析师张瑜表示，从产业来看，得益于"十四五"时期对现代化产业体 系、实体经济以及制造业的重视，未来五年中国权益资产投资将具备非常丰富的可选择投资赛道与品种 及增长空间。 张瑜认为，通过建设现代化产业体系以巩固壮大实体经济根基主要具备三大优势：第一，承接以房地产 为代表的旧经 ...

Group 1 - The core viewpoint of the article emphasizes the significant achievements in high-quality development during the "14th Five-Year Plan" and outlines the guiding principles and main objectives for the upcoming "15th Five-Year Plan" period [1][2] - The "15th Five-Year Plan" aims to continue de-emphasizing specific economic growth targets while focusing on enhancing the quality of economic development, allowing for greater flexibility in macroeconomic policy [2][3] - The plan sets goals for significantly improving the resident consumption rate and advancing self-reliance in technology, indicating a shift towards policies that enhance income levels and consumption capabilities [3][5] Group 2 - The plan prioritizes the construction of a modern industrial system and the strengthening of the real economy, establishing a clear path for high-quality industrial development [5][6] - It outlines three major development directions: intelligent, green, and integrated, promoting both traditional and emerging industries through dual-track strategies [6][7] - The focus is on fostering new pillar industries and implementing innovation projects to enhance the quality and competitiveness of key industries [5][6] Group 3 - The "15th Five-Year Plan" emphasizes accelerating high-level technological self-reliance and innovation as a foundation for new quality productivity [8][9] - It highlights the importance of integrating technological and industrial innovation to enhance the overall effectiveness of the national innovation system [9][10] - Key areas for development include artificial intelligence, quantum information, and advanced manufacturing, with a focus on strengthening original innovation and addressing core technological challenges [10] Group 4 - The plan identifies a strong domestic market as a strategic foundation for modernization, emphasizing the need for a virtuous cycle between consumption and investment [11][12] - It proposes a series of measures to boost consumption, including actions to adapt to new consumption patterns and improve the management of emerging business models [12][13] - The plan aims to eliminate barriers to building a unified national market, addressing issues of disorderly competition and local protectionism [13] Group 5 - The plan calls for enhancing fiscal sustainability through active fiscal policies and improved budget management, ensuring support for major strategic tasks and basic livelihood needs [13][14] - It emphasizes the need for a long-term mechanism for government debt management to mitigate risks associated with local government debt [14][15] - The plan also aims to optimize the allocation of resources in the market, enhancing the efficiency of various factor markets [15] Group 6 - The "15th Five-Year Plan" proposes accelerating the construction of a financial powerhouse, with a focus on improving the central bank's system and monetary policy framework [16][17] - It emphasizes the need for a comprehensive macro-prudential management system to prevent systemic risks in the financial sector [17][18] - The plan aims to enhance the financial institution system, ensuring that various financial entities focus on their core businesses and improve governance [18][19] Group 7 - The plan seeks to improve the inclusiveness and adaptability of the capital market, enhancing its functions to coordinate investment and financing [19][20] - It emphasizes the importance of developing direct financing methods, such as equity and bond markets, to support the financing needs of small and medium-sized enterprises [21] - The plan outlines a roadmap for the gradual expansion of futures, derivatives, and asset securitization markets to provide more investment options and reduce financial product risks [21]