Market Performance - The Shanghai Composite Index rose by 0.21% to close at 3387.57 points, while the Shenzhen Component increased by 0.44% and the ChiNext Index gained 0.83%[1] - The Hang Seng Index in Hong Kong closed up 0.62% at 23827.78 points, with the Hang Seng Tech Index rising by 0.51% and the Hang Seng China Enterprises Index up 0.84%[1] Economic Indicators - The 30-year U.S. Treasury yield surged to 5.1%, nearing a 20-year high, due to concerns over the fiscal impact of the Trump tax reform plan[8] - The U.S. stock market saw all three major indices decline, with the Dow Jones falling by 1.91%, the S&P 500 down by 1.61% to 5844.61 points, and the Nasdaq decreasing by 1.41%[1] Legislative Developments - The Trump tax reform plan remains stalled, facing opposition from hardline conservative members despite gaining support from high-tax state legislators[11] - The House of Representatives is expected to vote on the tax reform bill soon, amid pressure from the White House on Republican lawmakers[11] Consumer and Investment Initiatives - Shanghai has launched a special action plan to boost consumption, which includes subsidies for digital products and measures to enhance consumer protection[8] - The plan aims to increase the availability of bond-related products suitable for individual investors[8]

【环球网财经综合报道】上海市人民政府办公厅于5月21日正式发布《上海市提振消费专项行动方案》 （简称《专项行动方案》），部署了六大行动方案及完善支持政策等共32项措施，为进一步激发消费潜 力，推动经济高质量发展。 《专项行动方案》聚焦城乡居民增收、消费能力保障、服务消费提质升级、大宗消费更新、新型消费培 育和消费环境提升六大领域，全面发力提振消费市场。 城乡居民增收行动方面，《专项行动方案》明确提出实施就业优先战略，推进技能培训教育提质增效， 并落实重点领域就业支持计划。同时，完善工资决定机制，引导工资分配向基层一线劳动者倾斜，增加 适合个人投资者投资的债券相关产品，以促进收入合理增长。 消费能力保障支持行动方面，《专项行动方案》部署了加大生育养育保障力度、优化养老服务供给等措 施。落实上海市建设生育友好型社会的若干措施，加快出台育儿补贴和产假社保补贴政策，探索增加育 儿假和配偶陪产假。健全养老金融服务保障体系，制定相关方案以推动银发经济高质量发展。 服务消费提质升级行动方面，《专项行动方案》要求打造文化消费高地，大力发展演艺经济，支持举办 具有影响力的大型演艺活动，并持续引进中外经典剧目。推动文旅商体展深度 ...

Group 1 - The State Financial Supervision Administration and seven other departments issued measures to support financing for small and micro enterprises, emphasizing the establishment of a coordination mechanism for financing support [1] - The measures include conducting extensive visits to small and micro enterprises to assess their operational status and financing needs, facilitating direct access to bank credit [1] - There is a focus on addressing the operational difficulties faced by small and micro enterprises and encouraging support for key sectors such as foreign trade, private enterprises, technology, and consumption [1] Group 2 - In May 2025, a total of 130 domestic online games were approved by the National Press and Publication Administration [2] Group 3 - The State Council announced the removal of Wang Jianjun from the position of Vice Chairman of the China Securities Regulatory Commission [3] Group 4 - The Shanghai Municipal Government issued a plan to boost consumption, which includes measures to promote reasonable income growth and improve wage distribution mechanisms [4] - The plan aims to enhance the minimum wage adjustment mechanism and support the development of the rural economy and new business models [4] Group 5 - Shanghai is accelerating the introduction of childcare subsidies and maternity social security subsidies as part of its efforts to build a family-friendly society [5] - The city plans to explore increasing parental leave and spouse's paternity leave while enhancing the quality of public kindergartens [5] Group 6 - The Ministry of Foreign Affairs stated that China has the capability and confidence to handle external risks, including tariff wars, as evidenced by a 2.4% year-on-year increase in total goods import and export in the first four months of the year [6] - Exports grew by 7.5%, indicating strong international competitiveness despite high tariff barriers [6] Group 7 - The Ministry of Foreign Affairs expressed strong opposition to the EU's unilateral sanctions against Chinese companies, emphasizing the need for fair trade practices [8] - The ministry highlighted that normal business interactions between Chinese and Russian companies should not be disrupted by these sanctions [8] Group 8 - The Dalian Commodity Exchange announced trading arrangements for the Dragon Boat Festival period, with a market closure from May 31 to June 2, 2025, and a return to normal trading on June 3 [9] Group 9 - Heng Rui Pharmaceutical set the issuance price for its H-shares at HKD 44.05 per share [11] - Xinyuan Technology plans to issue H-shares and list on the Hong Kong Stock Exchange [11] - The company Guokai Microelectronics is planning a major asset restructuring, leading to a suspension of its stock from May 22 [11]

Domestic News - The National Financial Supervision and Administration, along with eight other departments, issued measures to support small and micro enterprises in financing, allowing eligible companies to list on the New Third Board and subsequently on the Beijing Stock Exchange after standard growth [1] - The National Press and Publication Administration approved 130 domestic online games and 14 imported online games in May [1] - The Shanghai Municipal Government released a special action plan to boost consumption, promoting automobile sales and introducing new subsidies for digital products such as mobile phones, tablets, and smartwatches, while also supporting green home appliances and home decoration consumption [1] - A luxury residential project in Huangpu, Shanghai, achieved an average price of 185,000 yuan per square meter, becoming the first single project in the country to exceed 10 billion yuan this year [1] International News - OpenAI's largest data center secured $11.6 billion in financing, indicating strong investor confidence in AI infrastructure [2] - U.S. House Speaker Johnson announced an agreement on a $40,000 cap for state and local tax deductions, which may impact tax strategies for individuals and businesses [2] - Bitcoin surged to record levels driven by optimistic expectations regarding U.S. regulatory policies [3]

Core Viewpoint - The Shanghai Municipal Government has launched a "Special Action Plan to Boost Consumption" aimed at transforming the economic development model and enhancing the role of consumption in economic growth [1] Group 1: Enhancing Consumer Capacity - The plan prioritizes enhancing consumer capacity by focusing on stabilizing employment, improving skills, and increasing income to stimulate consumer willingness [5] - An employment-first strategy will be implemented, including support plans for key sectors and small businesses, as well as one-time job expansion subsidies [5] - Skills training will be improved in key industries such as AI and elderly care, with policies to enhance vocational skills and support for high-skilled talent development [5] - Measures will be taken to promote reasonable income growth, including collective wage negotiations and improved wage distribution mechanisms [5] Group 2: Targeting Potential Consumption - The plan aims to improve the quality of consumption supply, focusing on service consumption, bulk consumption, and new consumption types [7] - In service consumption, initiatives include developing cultural consumption, supporting major performance events, and enhancing tourism and sports event economies [7] - For bulk consumption, policies will support trade-in programs for vehicles and appliances, as well as new subsidies for digital products [8] - New consumption will be fostered through the application of advanced technologies like AI and VR, and by catering to the elderly demographic with tailored services [8] Group 3: Strengthening Policy Coordination - The plan emphasizes the coordination of consumption policies with macroeconomic policies to ensure consistency and effectiveness [10] - A three-year action plan will be implemented to optimize the consumption environment, including improved consumer rights protection and efficient complaint handling mechanisms [10] - Statistical monitoring will be established for service consumption, silver economy, and new consumption models to support data-driven policy adjustments [10]

5月21日，上海市人民政府办公厅正式发布《上海市提振消费专项行动方案》（以下简称：《行动方案》）， 推出提振消费六大行动，旨在切实转变经济发展方式，进一步增强消费对经济增长的拉动作用。 提振消费，上海行动! 《行动方案》还把提升消费供给质量作为主攻方向，推动服务消费、大宗消费、新型消费提质升级，让居民 既"拥有更多"，也"体验更好"。 激发居民消费意愿 《行动方案》把提升消费能力放在优先位置，着力稳就业、提技能、增收入，激发居民消费意愿。 一是实施就业优先战略。落实重点领域、重点行业、城乡基层和中小微企业就业支持计划，稳定和扩大就业规 模。实施一次性扩岗补助政策。统筹用好各类政策资金促进就业，将稳岗扩岗作为奖励、补贴的重要因素。统 筹优化高校毕业生等青年群体就业支持政策，加大就业、创业和安居支持力度。 二是推进技能培训教育提质增效。实施人工智能、智能制造、家政服务、养老护理等重点行业技能人才培养计 划。以促就业稳就业为导向，完善职业技能提升补贴政策。加强新职业标准开发，畅通高技能人才与专业技术 人才职业发展通道。加快优化高校学科布局，推进应用型人才培养改革试点等。 三是多措并举促进收入合理增长。积极推行工资集 ...

图：2024年618消费数据弱于2023年 5月13日，一年一度的"618"年中大促提前开始。作为二季度重要的刺激消费事件，"618"活动中各大电商平台的促消动作和 消费数据也成为了市场关注的焦点。 所谓"618"年中大促，就像一场全民参与的"网购狂欢节"，原本是某电商平台为庆祝成立日而发起的促销活动，后来逐渐演 变成全行业参与的消费盛典。它的核心逻辑很简单：用真金白银的优惠吸引大家集中消费，既让老百姓省钱买好货，又帮商 家清库存、冲销量，最终有望让整个消费市场热起来。 今年"618"尤其特殊，因为它被放在了"提振消费年"的大背景下（2025《政府工作报告》将"提振消费"列为九大重点任务之 首）。通过这类大促活动，有望拉动工厂生产、商家卖货、物流运转，形成"消费热带动生产旺"的良性循环。比如今年多个 平台推出"国家补贴+平台优惠"叠加政策，像手机、家电等大件商品最高可能降价上千元，让原本犹豫的消费者果断下单， 这就相当于用折扣撬动了消费潜力。 活动内容上，今年的"618"或许和往年也有一些差异： （1）时间提前到5月13日启动 2024年的"618"活动正式启动于5月20日，今年进一步提前。主要可能是因为三方 ...

Group 1 - Hungary's government, led by Prime Minister Orban, signals a strong commitment to maintaining economic ties with China, resisting U.S. pressure to distance itself from Beijing [1] - Hungary's Economic Minister, Nagy Marton, states that there are currently no U.S. projects that can match the scale of Chinese investments in Hungary, partly due to the absence of a new tax agreement between the U.S. and Hungary [1] - The U.S. trade deficit with the EU remains high, exceeding $160 billion in 2024, indicating ongoing trade challenges despite recent negotiations [3] Group 2 - The EU is encouraged to focus on China's policy measures that promote domestic consumption, which could create broader market opportunities for European products and services [5] - China is expanding its cooperation with Russia beyond resource exchanges, now focusing on agriculture, manufacturing, high-tech, and green industries, adapting to geopolitical changes and evolving development models [6] - The EU and China are urged to enhance mutual understanding and overcome distrust to maintain global economic stability, as trade wars could lead to systemic economic collapse [8]

Group 1 - The core focus of the Shenzhen Stock Exchange's 2025 Global Investor Conference is to promote cross-border investment opportunities in the Greater Bay Area, emphasizing the digital economy and consumption sectors [1][2] - The collaboration between Shenzhen Securities Information Co. and Hang Seng Index Co. resulted in the launch of the National Index Hang Seng Greater Bay Area Digital Economy Index and the National Index Hang Seng Greater Bay Area Consumption Index, aimed at providing distinctive cross-border investment targets [1][2] - The digital economy index includes 50 companies with high market capitalization and liquidity from sectors such as electronic components, telecommunications equipment, and internet services, featuring major players like Tencent Holdings and ZTE Corporation [2][3] Group 2 - The consumption index also comprises 50 companies from sectors like home appliances and personal care, including industry leaders such as Gree Electric Appliances and TCL Technology [2] - The initiative is seen as a positive innovation practice to enhance the interconnectivity between Shenzhen and Hong Kong's capital markets, facilitating high-level bilateral openness [2][3] - The CEO of Hang Seng Index expressed enthusiasm for the collaboration, highlighting the potential for increased liquidity and dual development between Hong Kong and mainland capital markets [3]

Core Insights - Xi'an is set to launch a series of new commercial complexes from May to the end of the year, aiming to boost consumer spending and enhance the shopping experience [4] - The city has initiated a "Three Cities Linkage" consumption promotion campaign involving Xi'an, Hangzhou, and Kunming, focusing on resource sharing and exploring new consumption pathways [4] - Various promotional activities and policies are being implemented to stimulate consumption, including the "Old for New" program, which has gained significant traction [6][8] Group 1: Consumption Initiatives - The "Old for New" consumption initiative has been reinforced, with businesses offering substantial discounts and government subsidies, resulting in 1.1 billion yuan in consumer subsidies during the "May Day" holiday, benefiting 180,000 consumers and driving 7.74 billion yuan in sales [8] - The city has organized over a hundred promotional events during the "May Day" holiday, showcasing innovative commercial promotions and maintaining high consumer engagement [6][8] - The "One Voucher for All" initiative in Beilin District aims to convert tourism traffic into consumption growth, with a total value exceeding 4.4 million yuan [8][9] Group 2: Diverse Consumer Experiences - Recent events in Xi'an, such as the "Non-Heritage Food Festival" and various themed markets, have attracted significant public interest, blending cultural experiences with shopping [11][12] - The city is focusing on creating multi-scenario consumption experiences, integrating dining, retail, and entertainment to enhance consumer engagement [11][12] - The "West Delight Shopping·Fun Chang'an" series of activities will continue to innovate consumption scenarios and enrich the market offerings throughout the year [4][13] Group 3: Economic Impact - The monitored 49 commercial enterprises in Xi'an reported a sales revenue of 936 million yuan, reflecting a year-on-year growth of 10.84%, with retail sales reaching 899 million yuan, up 11.16% [7] - The combination of government support and business initiatives is expected to inject strong momentum into the local economy, enhancing overall consumer confidence and spending [10][13] - The city's strategy includes a comprehensive framework for consumption promotion, targeting various sectors such as automotive, home appliances, and digital products, to foster a sustainable consumption ecosystem [14]