Core Viewpoint - The Chinese economy has shown resilience and positive growth in the first half of the year, with GDP growth of 5.3%, exceeding initial market expectations and leading to upgraded forecasts from international institutions [1][2]. Economic Performance - Major macroeconomic indicators have performed well, with GDP growth of 5.3% year-on-year, an increase of 0.3 percentage points compared to the same period last year [1]. - The production and business activity expectation index for July was 52.6%, indicating stable optimism in the manufacturing sector [1]. - The urban unemployment rate averaged 5.2%, a decrease of 0.1 percentage points from the first quarter, with 6.95 million new urban jobs created, achieving 58% of the annual target [1]. Economic Resilience - Domestic demand contributed 68.8% to economic growth, continuing to be the main driver [2]. - The total import and export scale reached 20 trillion yuan, with exports growing by 7.2% [2]. - The added value of the equipment manufacturing industry grew by 10.2%, while the information transmission, software, and IT services sector grew by 11.1% [2]. Development of New Drivers - Emerging industries such as artificial intelligence, domestic CPUs, and innovative pharmaceuticals are rapidly developing [2]. - The added value of high-tech manufacturing increased by 9.5%, outpacing the overall growth of regulated industries by 3.1 percentage points [2]. Future Economic Work - The National Development and Reform Commission will implement existing policies and strategies to expand domestic demand and promote high-level technological self-reliance [3]. - There will be a focus on enhancing economic monitoring and forecasting, as well as developing a toolbox for policies aimed at stabilizing employment and expanding domestic demand [3].

Group 1 - The State Council emphasizes the need to enhance the sense of responsibility and mission for economic work in the second half of the year, focusing on consolidating and expanding the economic recovery momentum [1] - The government aims to boost the effectiveness of macro policies and tackle challenges to ensure the implementation of the Central Committee's decisions [1] - There is a strong emphasis on stimulating the internal driving force of economic development and deepening reforms in key areas, such as building a unified national market and optimizing the business environment [1] Group 2 - The meeting approved the implementation of the "Artificial Intelligence+" initiative, aiming to promote large-scale commercial applications of AI and leverage China's complete industrial system and large market scale [2] - The government plans to optimize the AI innovation ecosystem by enhancing computing power, algorithms, and data supply, while also increasing policy support and talent development [2] - A personal consumption loan interest subsidy policy and a service industry loan interest subsidy policy were discussed to lower credit costs and stimulate consumption potential [2] Group 3 - The meeting discussed and approved the draft of the "Law on Cultivated Land Protection and Quality Improvement," emphasizing the need for strict protection of cultivated land and the restoration of its ecological functions [3]

目前，新政已平稳运行半年有余，税务部门运用税收大数据和信息技术，从操作上实现异地申报缴税 的"全国通办"，证券机构可以一次申报、一次缴税。今年上半年，发生涉税业务的3500余家证券机构累 计代扣代缴申报个人所得税超百亿元，税款均已入库至上市公司所在地。原来相关制度漏洞被堵住，招 商引资地区"无税可返"，也就无法通过奖补开展不当竞争，限售股转让中所涉及的个人所得税地方留成 部分从原来被返还给个人转换为地方真正可支配财力。 国家税务总局所得税司有关负责人表示，调整限售股转让个人所得税纳税地点，对保障地方财力、促进 资本市场健康发展等都具有积极意义。下一步，税务部门将持续跟踪政策落地效果，确保相关措施平稳 有序实施，助力加快建设高效规范、公平竞争、充分开放的全国统一大市场。 2024年12月27日，国家税务总局会同财政部、证监会制发公告，将个人转让上市公司限售股纳税地点由 证券机构所在地调整为上市公司所在地。这意味着，通过固化税款入库地点，从制度上防止出现上述情 况，有效防止税源的不合理跨区域转移。 新京报讯(记者姜慧梓)记者从国家税务总局获悉，去年底，我国将限售股转让纳税地点由证券机构所在 地调整为上市公司所在地 ...

Group 1: Investment and Economic Measures - The National Development and Reform Commission (NDRC) has fully allocated the 800 billion yuan "two heavy" construction project list, with 735 billion yuan of central budget investment also largely disbursed [1] - A fourth batch of 690 billion yuan for consumer goods replacement will be allocated in October, completing the annual plan of 300 billion yuan [2] - The NDRC aims to enhance domestic demand and support new consumption development while preventing blind following and excessive competition in emerging sectors [3][4] Group 2: Policy Implementation and Economic Monitoring - The NDRC plans to maintain policy continuity and stability while enhancing flexibility and foresight to stabilize the economy and employment [4] - The NDRC will conduct regular economic monitoring and policy research to ensure timely responses to actual needs [4] - The NDRC is focused on optimizing the artificial intelligence ecosystem and promoting its large-scale commercial application [5][6] Group 3: Logistics and Trade - The logistics cost as a percentage of GDP has decreased to 14%, achieving the lowest level since records began, saving over 130 billion yuan in logistics costs [7] - Trade cooperation with Belt and Road Initiative countries has seen a 4.7% increase in imports and exports, totaling 11.29 trillion yuan in the first half of the year [9] Group 4: Infrastructure and Energy - The highest cross-regional electricity transmission reached 148 million kilowatts, marking a new historical high [10] - The NDRC is working on a plan to deepen the construction of a unified national market, with inter-provincial trade sales accounting for 40.4% of total sales revenue [11][12] Group 5: Market Regulation and Competition - The NDRC is committed to regulating disorderly competition among enterprises and will implement measures to clean up market access barriers [13][15] - The NDRC plans to accelerate the implementation of significant reform measures to enhance economic stability and consumer confidence [15] Group 6: Consumer Services and Economic Growth - The NDRC will focus on enhancing consumer capacity and promoting service consumption in areas such as culture, tourism, and healthcare [16] - The NDRC aims to foster a positive cycle of consumption and investment by improving infrastructure and promoting domestic products [16]

Group 1 - The National Development and Reform Commission (NDRC) will continue to implement various policy measures to stabilize employment, enterprises, markets, and expectations, adapting to external environmental changes [1][3] - The NDRC has allocated a total of 800 billion yuan for "two new" construction projects and will ensure the timely distribution of 690 billion yuan in funding for consumer goods replacement programs [2][7] - The NDRC emphasizes the importance of a normalized communication mechanism with private enterprises to promote their healthy and high-quality development [8] Group 2 - The NDRC is focused on expanding domestic demand and enhancing the resilience of the domestic circulation, with a commitment to high-quality implementation of "two new" construction [7] - The NDRC is working on a comprehensive action plan to advance the establishment of a unified national market, including the development of a list to prevent behaviors that hinder market unity and fair competition [5][6] - The NDRC is set to implement the "Artificial Intelligence+" initiative to promote the large-scale commercialization of AI applications across various sectors [4]

他强调，下一步国家发改委将围绕以下内容，落实好纵深推进全国统一大市场建设各项部署。 一是抓总体推进。国家发改委将发挥好牵头部门作用，研究制定纵深推进全国统一大市场建设行动方 案，统筹协调各方面，压茬推进重点任务落实。 中新社北京8月1日电 (记者 刘亮)前不久，中央财经委员会第六次会议对纵深推进全国统一大市场建设 作出部署。中国国家发改委体制改革综合司司长王任飞1日在北京举办的新闻发布会上透露，中国将研 究制定纵深推进全国统一大市场建设行动方案，落实好各项部署。 四是抓问题整治。依法依规治理企业无序竞争，推进重点行业产能治理，规范招标投标，加强对中标结 果的公平性审查，规范地方招商引资行为，加强招商引资信息披露，扎实开展市场准入壁垒清理整治行 动。同时，还将建立健全常态化的问题征集、核查、约谈、通报机制，对典型负面案例将进行通报，对 性质恶劣的将转有关方面严肃问责。(完) 王任飞介绍，近年来，中国加快建设全国统一大市场，取得积极成效。今年1至4月，全国省际贸易销售 额占全部销售收入比重为40.4%，较上年同期提高0.6个百分点；今年上半年，全国跨省区交易电量同比 增长18.2%，占市场化交易电量比例同比提高2 ...

31省份经济半年报 向上积蓄拔节的力量 编者按行至年中，地区经济走势备受关注。经济大省稳挑大梁、产业升级向新向优、对外贸易多元共进、经营主体趋稳向好……31个省区市经济"半年 报"日前已全部出炉，其中谁在领跑、谁在猛追、谁在掉队？面对严峻复杂的国际国内环境，下半年各地如何聚焦重点、向新求质、顶压奋进？ ■中国经济时报记者 王彩娜 风浪越大，愈显地区经济强大韧性与旺盛活力。 经济大省稳挑大梁、政策效应不断显现、产业升级向新向优、对外贸易多元共进、经营主体趋稳向好……31个省区市经济"半年报"日前已全部出炉，各地 基本实现"时间过半、任务过半"的目标。定力、活力、动力、潜力，汇聚成地区经济向新向好的韧性曲线。 看经济增速，今年上半年，20个省份超过全国增速（5.3%），贵州、天津与全国增速持平，9个省份低于全国增速。其中，西藏以7.2%的增速领跑全国， 甘肃以6.3%的增速位居全国第2，湖北以6.2%的增速紧随其后，宁夏、四川、新疆、湖南等中西部省份经济增速居于前列。 看经济总量，今年上半年，广东、江苏稳居"6万亿俱乐部"，山东突破5万亿元大关，浙江超过4.5万亿元，四川、河南两省跨越3万亿元门槛，共有13个省 ...

Core Viewpoint - The National Development and Reform Commission (NDRC) is committed to implementing policies aimed at stabilizing employment, expanding domestic demand, and promoting high-quality development in response to external pressures and economic challenges [1][4]. Group 1: Economic Policies and Initiatives - The NDRC has allocated a total of 800 billion yuan for "two new" construction projects, with 735 billion yuan of central budget investment already distributed [3]. - A total of 3,000 billion yuan is planned for the "old for new" consumption support program, with the fourth batch of 690 billion yuan set to be released in October [3]. - The NDRC emphasizes the need for continuous policy implementation to stabilize the economy, enhance flexibility, and ensure a reasonable recovery in price levels and employment stability [4][8]. Group 2: Artificial Intelligence Development - The NDRC has approved the "Artificial Intelligence+" action plan, aiming to promote large-scale commercial applications of AI across various sectors [5][6]. - The focus will be on optimizing the AI innovation ecosystem and enhancing policy support to facilitate the integration of AI technologies into the economy [6]. Group 3: Market Regulation and Competition - The NDRC is working on a comprehensive action plan to advance the construction of a unified national market, which includes establishing a list of behaviors that hinder market unity and fair competition [7]. - Efforts will be made to standardize government actions and improve the regulatory framework to support fair competition and market access [7]. Group 4: Communication with Private Sector - The NDRC has established a regular communication mechanism with private enterprises, conducting numerous meetings to gather feedback and address challenges faced by the private sector [9]. - This initiative aims to enhance the health and quality of development of the private economy by ensuring that policies are informed by real-world business conditions [9].

Group 1 - The National Development and Reform Commission (NDRC) is focusing on stabilizing employment, expanding domestic demand, and ensuring economic growth through a comprehensive policy toolbox [1][2] - The NDRC plans to distribute a fourth batch of 690 billion yuan in subsidies for consumption, completing the annual target of 3000 billion yuan [2] - The NDRC emphasizes the importance of artificial intelligence (AI) in enhancing productivity and efficiency across various industries, with a focus on commercializing AI applications [3] Group 2 - The central government is addressing issues of low-price disorderly competition and is committed to regulating such practices to ensure fair market competition [4][5] - The NDRC is revising the pricing law to clarify standards for identifying unfair pricing behaviors, particularly targeting predatory pricing below cost [5] - The NDRC aims to combine effective market mechanisms with proactive government intervention to improve market order and encourage high-quality competition [5]

Focus Events - Zhuhai Tainuo Maibo Pharmaceutical Co., Ltd. has become the first company to have its IPO application accepted under the reactivated fifth listing standard of the Sci-Tech Innovation Board, focusing on innovative biopharmaceuticals for blood product alternatives [1] - Joy City Property plans to repurchase shares at HKD 0.62 per share, with a total amount of approximately HKD 29.32 billion, and will apply for the cancellation of its listing status on the Hong Kong Stock Exchange [3] - Microsoft has surpassed a market capitalization of USD 4 trillion, becoming the second company globally to achieve this milestone [3] Macro News - The National Development and Reform Commission emphasizes the need to deepen the construction of a unified national market and eliminate "involution" competition [8] - The Ministry of Commerce states that China and the U.S. will continue to promote the extension of previously suspended tariffs and countermeasures for 90 days, aiming to stabilize economic relations [10] Industry Dynamics - The domestic gaming market in China achieved a sales revenue of RMB 168 billion in the first half of 2025, marking a year-on-year growth of 14.08% and setting a historical record [10] - The National Medical Insurance Administration supports high-level innovative drugs by establishing a price stability period to ensure reasonable returns during the initial market phase [10] Company Focus - Sanhui Electric has signed a framework sales contract for robot products with Zibo Blue Ribbon Health Management Co., Ltd., with a commitment to sell at least 50 units in 2025 and 450 units by 2027 [12] - Henan Shuanghui Investment Development Co., Ltd. has signed a cooperation agreement with Henan Huirun Food Co., Ltd., expecting an annual output value of RMB 1.7 billion from the project [12] - Wukuang Securities has appointed Zheng Yu as the new chairman, who will also serve as the general manager, consolidating leadership roles [13] - Sinopec expects a net profit of RMB 20.1 billion to RMB 21.6 billion for the first half of 2025, impacted by falling international oil prices and competitive market conditions [14] - Shanying International plans to establish a partnership enterprise with a capital contribution of RMB 2.977 billion, aiming to attract long-term investors [15] - Shima Holdings intends to acquire a 10.27% stake in Nylon Chemical for RMB 952 million, increasing its ownership from 61.79% to 72.06% [18] - Ju Yi Technology has successfully won a bid for the Xiaopeng Huitian flying car factory project, applying innovative technologies for production [20]