Group 1 - The consumer sector is experiencing strong gains, with the Consumer 80 Index rising over 0.8% [1] - Several stocks, including Baili Tianheng and Ailis, have seen significant increases, with Baili Tianheng up over 7% and Ailis up over 5% [1] - The recent 1 trillion yuan reverse repurchase operation by the central bank has improved liquidity and is expected to benefit sectors related to domestic demand [3] Group 2 - The central bank's liquidity injection is aimed at stimulating consumption and investment, aligning with the government's focus on prioritizing the recovery and expansion of consumption [3] - Sectors such as home appliances, automobiles, and services like tourism and dining are expected to benefit from favorable policies [3] - The Consumer ETF (SH510150) offers comprehensive coverage across various consumption sectors, including food, beverage, and healthcare, making it a strategic investment option [5] Group 3 - The pig farming sector has seen a decline in prices, with the average price dropping to 14.05 yuan per kilogram as of June 6, indicating a continued downward trend [7] - The reduction in pig prices and weights suggests a potential decrease in profitability for pig farming, leading to a slowdown in production capacity growth [9] - The livestock farming ETF (SH516670) includes a significant proportion of stocks related to pig farming, making it a relevant investment vehicle in the current market [5]

Core Viewpoint - The event "Foreign Trade Quality Products China Tour Jiangsu Station" aims to boost consumption and expand domestic demand, aligning with the needs of the populace for a better quality of life [4][9]. Group 1: Event Overview - The Jiangsu Station event took place from June 6 to 9, attracting nearly 300 foreign trade enterprises and over 280 time-honored brands from both within and outside the province [4]. - The event included a traditional brand expo, showcasing a variety of products and traditional craftsmanship, which drew significant interest from younger consumers [8]. Group 2: Government Insights - Officials emphasized the importance of integrating domestic and foreign trade, promoting connections between trade channels, brands, production, and sales [9]. - The government aims to support enterprises in leveraging both domestic and international markets, enhancing the supply of high-quality goods and services [9]. Group 3: Focus on Time-Honored Brands - The event highlighted the strong brand, economic, and cultural value of time-honored brands, with a call for these enterprises to innovate and adapt to changing consumer demands [8][9]. - There is a push for these brands to create more appealing domestic products that resonate with younger consumers, thereby revitalizing their market presence [8][9].

Core Viewpoint - The meeting emphasized the importance of comprehensive deepening of reforms in relation to implementing new development concepts and constructing a new development pattern, aiming for deeper reforms and more precise policy measures to achieve these goals [1][2][3] Group 1: Reform Objectives - The meeting highlighted the need to deepen reforms to achieve high-level self-reliance and strength, focusing on enhancing the leadership system for scientific and technological work and breaking through institutional barriers that hinder technological competitiveness [3][4] - It was noted that reforms should facilitate smooth economic circulation, improve fair competition systems, and enhance market vitality while optimizing industrial and supply chains [3][4] - The meeting called for reforms to expand domestic demand, establish a complete domestic demand system, and ensure effective connections between poverty alleviation and rural revitalization [3][4] Group 2: Specific Reform Measures - The meeting approved several key documents, including opinions on improving price regulation mechanisms for essential livelihood goods and promoting high-quality development of public hospitals [1][5] - It emphasized the need for a management position promotion system for grassroots institutions to enhance the quality of personnel and expand career development opportunities [5][6] - The meeting also stressed the importance of strengthening drug regulatory capabilities and establishing a mechanism for realizing the value of ecological products, promoting sustainable development [6][7] Group 3: Governance and Legal Framework - The meeting underscored the necessity of integrating reforms systematically and ensuring effective implementation, focusing on political judgment and innovative thinking [4][7] - It highlighted the importance of preemptive legal measures to reduce litigation and enhance the resolution of disputes at their source [7][8]

Core Viewpoint - The central government plans to allocate over 20 billion yuan to support urban renewal actions in 20 selected cities, including Beijing and Guangzhou, aiming to establish a sustainable urban renewal mechanism and address infrastructure deficiencies [1][2]. Group 1: Urban Renewal Significance - Urban renewal is essential for enhancing the quality of life for residents and promoting high-quality economic and social development [1]. - With an urbanization rate of 67.0% in 2024, China is transitioning to a phase focused on improving existing urban stock [1]. - Urban renewal is positioned as a key strategy for boosting investment and consumer potential amid macroeconomic efforts to expand domestic demand [1][2]. Group 2: Financial Support and Mechanisms - The central government has innovated funding methods, providing fixed subsidies for urban renewal to 15 cities starting in 2024, with an expansion to 20 cities this year [2]. - Selected cities have strong foundations for renewal, established benchmark projects, and positive market feedback, which will enhance the effectiveness of financial and policy support [2]. - The focus is on addressing infrastructure weaknesses and investing in key areas with high potential and demand, such as underground networks and consumer-oriented infrastructure [3]. Group 3: Long-term Mechanism Development - The establishment of long-term mechanisms is highlighted, including the use of central funds for project preparation, financial support, and land approval processes [3]. - Cities are encouraged to leverage funding and reform to explore sustainable new models and improve regulatory frameworks for urban renewal [3]. Group 4: Continuous Urban Renewal Efforts - Urban renewal is an ongoing process that requires collaboration between government, market forces, and citizens to enhance urban charm and quality of life [4].

贯彻落实中央政治局会议精神，相关部门加快推出稳就业稳经济推动高质量发展的若干举措，有力有效 应对外部冲击，国民经济顶住压力稳定增长，延续向新向好发展态势。 6月5日，新华社推出第十八期"中国经济圆桌会"大型全媒体访谈节目，邀请国家发展改革委综合司副司 长丁琳、人力资源社会保障部就业促进司副司长陈勇嘉、中国人民银行金融研究所所长丁志杰，共 话"四稳"最新进展。 各项举措加快出台实施，对经济形成有力支撑 "稳就业稳经济推动高质量发展的若干举措，是应对外部环境变化、做强国内大循环的重要举措。在一 季度实现良好开局的基础上，我国经济延续了稳中向新向好的发展态势。"丁琳在接受"中国经济圆桌 会"访谈时说，目前，各项举措正在加快出台实施，政策组合效应不断释放： 经济有韧性——尽管外部环境复杂严峻，但工业生产、服务业发展、国内需求、对外出口等都保持了较 快增速。 内需有潜力——前4个月家电、通讯器材等商品零售额保持20%以上增速，设备工器具购置投资增长 18.2%，"两重""两新"政策效应持续显现。 创新有活力——4月份高技术制造业增加值同比增长10%、比全部工业快近4个百分点，新能源汽车、人 工智能大模型、人形机器人等产 ...

Core Viewpoint - The People's Bank of China has established a 500 billion yuan "Service Consumption and Elderly Refinance" initiative to encourage commercial banks to increase credit support for service consumption and the elderly care industry [1][2] Group 1: Financial Support for Service Consumption - The initiative aims to direct funds towards key service consumption sectors such as accommodation, catering, cultural and entertainment, and education, addressing financing difficulties and stimulating industry vitality [2][3] - Financial institutions have actively responded to the policy, with banks quickly approving loans to support relevant sectors, demonstrating a commitment to enhancing credit supply [1][2] Group 2: Impact on Employment and Economic Growth - The policy is expected to not only boost economic growth but also improve social welfare by enhancing service quality and expanding service consumption supply, directly benefiting the public [3][4] - The accommodation and catering industry is highlighted as a significant contributor to job creation and economic activity, with a strong potential to drive related sectors such as agriculture and logistics [2][4] Group 3: Support for Cultural and Entertainment Industries - The cultural and entertainment sector is recognized as a vital area for high-quality service consumption growth, with increasing demand for diverse recreational activities among consumers, particularly the younger demographic [4][5] - Financial institutions are focusing on promoting consumption through targeted loans to businesses in the cultural and entertainment sectors, enhancing their operational capabilities [5] Group 4: Education and Elderly Care Financing - The initiative includes substantial financial support for the education sector, exemplified by a 126 million yuan loan to a new research-oriented university, aimed at enhancing research and talent development [6][7] - The elderly care industry is also prioritized, with long-term, low-cost funding provided to meet the diverse needs of the aging population, exemplified by a 19 million yuan loan to a smart elderly care technology company [7]

Group 1 - Indonesia's government has launched an economic stimulus plan worth 24.44 trillion Indonesian rupiah (approximately $1.5 billion) aimed at boosting consumption and economic growth during the school holiday period from June to July [1] - The stimulus plan includes five key policies: transportation discounts, social assistance, wage subsidies, and toll road incentives, with the goal of maintaining a 5% economic growth rate in the second quarter [1] - Economic challenges are evident, with GDP growth projected at 4.87% in Q1 2025, down from 5.04% in Q4 2023 and 5.02% in Q4 2024, alongside rising unemployment and declining consumer purchasing power [2] Group 2 - The summer economic stimulus plan has sparked discussions domestically, reflecting the government's confidence in achieving the 5% growth target, and emphasizing a long-term strategy to expand domestic demand as a growth engine [3] - The plan aims to enhance the overall investment attractiveness of the Southeast Asian region, showcasing economic resilience, consumer vitality, and industrial upgrades [3] - However, the plan faces challenges due to poor inter-departmental coordination, with several relevant departments unaware of the policy, potentially undermining its effectiveness [3]

刚刚过去的端午假期，我国文旅消费市场火热延续。端午节叠加"六一"儿童节，以家庭为单位的"亲子 游"助推文旅消费新热潮，与此同时，以非遗为主题的出游需求同样大幅增加。相关数据显示，今年端 午假期，本异地出行市场供需两旺，"周边游"成主流，民俗文化游热度高涨。 文旅消费的持续火热离不开金融的保驾护航。近几年，银行业发挥金融力量，用好用足中国人民银行等 金融管理部门支持政策，积极创新金融产品和服务模式，助力文旅融合新业态和消费新业态蓬勃发展， 带动消费提质扩容。 落实好再贷款政策 支持消费升级与扩容 5月7日，中国人民银行行长潘功胜在国新办举行的新闻发布会上提出，央行将设立5000亿元"服务消费 与养老再贷款"，引导商业银行加大对服务消费与养老的信贷支持。 "当前，我国经济政策的着力点在于扩大国内需求，大力提振消费，其中，服务消费是消费升级扩容的 重要着力点。"潘功胜表示。 据悉，"服务消费与养老再贷款"工具将重点引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费 重点领域和养老产业的金融支持，并与财政及其他行业政策协同配合，更好地满足群众消费升级的需 求。 "服务消费加快增长是经济转型的必然趋势，也是未来扩大内 ...

Haibin Zhu Chief China Economist +852 2800 7039 haibin.zhu@jpmorgan.com JPMorgan Chase Bank N.A., Hong Kong Grace Ng Greater China Senior Economist +852 2800 7002 grace.h.ng@jpmorgan.com JPMorgan Chase Bank N.A., Hong Kong Economic Research May 2025 US-China Tariff De-escalation 1 {[{xTcfaSlj-ZSQMv-ljRpIMwGzXxb6rqz1qfzQpSq_KChQSSrQEzvkmQ}]} Three themes to understand the Chinese economy in 2025 Pro-growth Policy ⚫ Policy shift since September 2024: Entering the second half in 2025 ⚫ Boosting domestic demand ...

Group 1 - The core viewpoint highlights the dramatic decline in housing prices in Xianghe, which once thrived under the "Beijing-Tianjin-Hebei integration" plan, but fell back to the thousand-yuan range after policy changes, reflecting the fragility of county-level real estate markets reliant on external benefits [1][4] - The article discusses the historical context of China's economic response during the 2008 financial crisis, emphasizing the low leverage of the household sector as a buffer against the global downturn [3][4] - It notes that the stimulus measures, including the "four trillion" plan, led to increased household leverage through long-term mortgage loans, which initially boosted consumption and economic growth but have now revealed deeper contradictions as consumer confidence wanes [4][11] Group 2 - The current economic climate is characterized by a "cautious winter" mentality among ordinary people, leading to three survival strategies: preserving primary jobs, developing side incomes, and exercising extreme caution in large purchases [6][9] - The importance of diversifying income sources through side jobs is emphasized, as relying solely on a primary job is increasingly risky in an unstable job market [7][8] - The article warns against unnecessary large expenditures, advocating for a mindset of delayed gratification to safeguard against potential future crises [9][11]