Economic Performance - In April, China's economy effectively responded to external shocks, maintaining stable growth and showing a positive trend, supported by a solid economic foundation and coordinated macro policies [1] - The total retail sales of consumer goods in April increased by 5.1% year-on-year, driven by the effects of the consumption upgrade policy [2] - Fixed asset investment grew by 4.0% from January to April, with significant contributions from equipment investment, which rose by 18.2% [2] Investment Trends - High-tech service industry investment grew by 11.3% from January to April, with professional technical services and information services increasing by 17.6% and 40.6%, respectively [3] - Manufacturing investment saw a year-on-year increase of 8.8% from January to April, outpacing overall investment growth [2][3] - Infrastructure investment also showed steady growth, with a 5.8% increase year-on-year from January to April [2] Supply Side Developments - The industrial production index for large-scale industries increased by 6.1% year-on-year in April, with over 80% of the 41 major industries experiencing growth [4] - High-tech manufacturing value added grew by 10% in April, significantly faster than the overall industrial growth rate [4] - The production of new energy vehicles surged by 38.9% in April, indicating a strong trend towards smart and green transformation in the industry [4] Foreign Trade Dynamics - China's total goods import and export value increased by 2.4% from January to April, with exports growing by 9.3% in April [7] - The diversification of foreign trade has shown positive results, with imports and exports to ASEAN countries increasing by 9.2% year-on-year [7] - Private enterprises' import and export activities grew by 6.8% from January to April, outperforming the overall foreign trade situation [7] Overall Economic Outlook - The Chinese economy demonstrates strong resilience and international competitiveness, with a solid foundation and effective policies supporting its growth [8][9] - The focus on expanding domestic demand and optimizing supply is expected to maintain a stable and progressive economic trajectory [8]

Economic Performance - In April, China's total import and export value reached 38,391 billion yuan, a year-on-year increase of 5.6%, with exports at 22,645 billion yuan (up 9.3%) and imports at 15,745 billion yuan (up 0.8%) [1] - The resilience of China's manufacturing sector is highlighted by a 9.5% increase in electromechanical product exports, which accounted for 60.1% of total exports [1] Industrial Growth - The industrial added value for large-scale enterprises in April grew by 6.1% year-on-year and 0.22% month-on-month, with equipment manufacturing and high-tech manufacturing sectors seeing increases of 9.8% and 10.0%, respectively [2] - The service sector production index also rose by 6.0% year-on-year, with significant growth in information transmission, software, and financial services [2] Domestic Consumption - China's retail sales of consumer goods totaled 37,174 billion yuan in April, marking a year-on-year increase of 5.1% and a month-on-month increase of 0.24% [2] - The consumption upgrade policies have shown effectiveness, with significant growth in retail sales of home appliances (38.8%), cultural and office supplies (33.5%), furniture (26.9%), and communication equipment (19.9%) [2] Price Trends - In April, the Consumer Price Index (CPI) decreased by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 2.7% year-on-year, indicating a need for further stimulation of consumption and economic vitality [3] Trade Relations - Following the Geneva trade talks, the cancellation or suspension of tariffs between China and the U.S. took effect on May 14, leading to a recovery in trade orders [3] - The domestic tourism sector showed strong performance during the "May Day" holiday, with 314 million domestic trips and total tourism revenue of 1,802.69 billion yuan, reflecting a year-on-year increase of 6.4% and 8.0%, respectively [3]

据参考消息网报道，匈牙利官员日前表示，不会削弱与中国之间的经济联系。这是迄今为止最明确的信号，显示由总理欧尔班领导的匈牙利政府不会屈服于 美国要求其疏远北京的压力。据路透社报道，匈牙利国家经济部长纳吉·马顿在布达佩斯告诉记者，截至目前，匈牙利还没看到能与中国投资规模相匹敌的 美国新项目进入该国，其中一个原因是美国尚未与匈牙利签订新的税收协定。他说："我们看不到美国具备能与中国相媲美的投资潜力。我们的立场非常务 实。" 特朗普（资料图） 冯德莱恩（资料图） 欧方与其执着于建立"贸易流动监管机制"，不如关注中国政府的政策措施动向及其积极影响。中国转向扩大内需和提振消费，同样将为欧洲等世界各国的优 质产品和服务提供更广阔的市场空间。特别是中国正大力推进的服务业扩大开放，聚焦居民消费升级需求，推动医疗健康、文化娱乐等优质生活性服务进 口。在刚刚结束的第五届中国国际消费品博览会上，斯洛伐克首次以国家馆形式参展，具有90年历史的法国联合制药首次进入中国市场。 与此同时，俄罗斯也加快了和中国的合作。如今，中俄贸易已经远远超出"资源换商品"的范畴。虽然能源在两国贸易中仍然占据一席之地，但合作重心已转 向农业、制造业、高科技、 ...

Group 1 - The core viewpoint of the articles emphasizes the proactive measures taken by SPDB Nanchang Branch to stimulate consumer spending and support local businesses through various promotional activities and financial products [1][2][5][7] Group 2 - SPDB Nanchang Branch has launched the "66 Business Circle Activity" to attract customers by collaborating with well-known shopping malls and brand stores during key holidays, offering discounts to enhance customer experience [2] - The bank's employees have taken on the role of "product experience officers," promoting the bank's discount activities through online platforms and increasing exposure for partner merchants [2][4] - The "Puflash Loan" has become one of the bank's four major business brands, serving over 20,000 customers in the province and disbursing nearly 10 billion yuan in consumer loans over the past three years [2] Group 3 - The tourism sector in Jiangxi has seen significant growth, with the Jingdezhen ceramic industry being a cultural highlight, leading to increased attention from local tourism development departments [5] - SPDB Nanchang Branch has provided medium to long-term loans to support the expansion and upgrading of the Taoxichuan Cultural and Creative Street, which is expected to attract over 10 million visitors in 2024 [5] Group 4 - The bank has supported tourism-related enterprises with a credit balance exceeding 1.5 billion yuan and has assisted in issuing debt financing tools totaling 2.1 billion yuan, with an underwriting share of over 1.1 billion yuan [7]

封面专题： "十四五"回顾与"十五五"前瞻 2025年是"十四五"规划收官之年，也是"十五五"规划谋篇布局之年。习近平总书记在党的二十届三中 全会第二次全体会议上强调，要总结评估"十四五"规划落实情况，切实搞好"十五五"规划前期谋划工 作。2024年12月召开的中央经济工作会议提出，要扎实推动高质量发展，高质量完成"十四五"规划目标 任务，为实现"十五五"良好开局打牢基础。 回顾"十四五"，国内外发展环境发生重大深刻变化，面对复杂严峻的国际、国内环境，我国坚持稳中求 进 总基调，强化宏观政策统筹协调，推动高质量发展取得新突破：国内生产总值（GDP）跨过120万亿 元台 阶，内需对经济增长的贡献率提高，居民消费持续恢复增长，投资、贸易、金融领域发展动力和 活力增强， 新质生产力加快形成，数字经济和实体经济深度融合，经济金融领域风险有效化解，经济 社会高质量新发展 格局迈出重要步伐。 前瞻"十五五"，这是我国应对百年变局、塑造战略优势的关键时期，是开启全面建设社会主义现代化国 家 新征程后，为2035年基本实现社会主义现代化进一步夯实基础的重要阶段。在这个关键阶段，要把 稳定经 济增长放在更加突出重要位置，要尽快 ...

Group 1 - The private economy in China is experiencing unprecedented development opportunities, supported by policies that empower the private sector and the implementation of the first Private Economy Promotion Law, providing a solid legal guarantee for its healthy development [1] - The venture capital industry in China has undergone significant growth over the past 30 years, driven by policy, market, and industry forces, but still faces challenges in various stages of fundraising, investment, management, and exit [3] - Female venture capitalists are playing a crucial role in shaping a vibrant ecosystem within the industry, leveraging their unique qualities to capture the social value of enterprises and enhance their resilience against uncertainties [5] Group 2 - The event "Venture Capital and the Empowerment of Women in the Private Economy" was successfully held, highlighting the importance of female leadership and investment in driving innovation and economic growth [1] - The macroeconomic analysis shared during the event emphasized optimism towards technology and consumption as key investment directions, with a focus on domestic substitution in emerging technology sectors and the increasing importance of consumption in the long term [9] - The discussion on female leadership revealed that companies with gender-diverse management teams tend to perform better, showcasing the advantages of empathy, emotional intelligence, and resilience that female leaders bring to the table [11] Group 3 - The application of artificial intelligence in the healthcare sector was highlighted, with successful implementations in various levels of hospitals across China, indicating a promising future for AI in addressing significant health issues [13][16] - The development of China's commercial space sector was discussed, with calls for increased capital investment in space infrastructure, which is expected to bring revolutionary changes to human development [14]

国家统计局表示，从下阶段情况看，经济长期向好的基本面没有改变，各项宏观政策协同发力，各方面 聚力攻坚、积极应变，创新动能继续成长，经济持续回升具有较多有利条件。 国家统计局新闻发言人付凌晖同日在国新办发布会上表示，4月份外部冲击影响加大，但我国经济基础 稳、优势多、韧性强、潜能大，宏观政策协同发力，各方面积极应变、主动作为，国民经济应变克难稳 定运行，发展质量持续提升，进一步增强了我们应对各种风险挑战的信心和底气。但也要看到，国际环 境变数仍多，多重风险交织叠加，国内经济回升向好的基础还需巩固。 5月10日至11日，中美双方在瑞士日内瓦举行中美经贸高层会谈，双方协商同意大幅降低关税。市场对 中国经济走势和前景非常关注。 付凌晖表示，从下阶段情况看，国际环境依然复杂严峻，不稳定、不确定、难预料因素比较多，国内周 期性、结构性矛盾交织，但我国经济长期向好的基本面没有改变，各项宏观政策协同发力，各方面聚力 攻坚、积极应变，创新动能继续成长，经济持续回升具有较多有利条件。 工业增速维持高位 工业生产是经济稳定增长的重要支撑。今年以来，随着存量政策持续显效、增量政策有效落实，政 策"组合拳"效果不断显现。工业生产保持较 ...

Economic Overview - In the first four months of 2023, multiple economic indicators showed a year-on-year growth acceleration compared to Q1, indicating stable growth in production and demand, overall stable employment, and the accumulation of new growth drivers [1][4] - The National Bureau of Statistics reported that the total value of goods imports and exports increased by 2.4% year-on-year, accelerating by 1.1 percentage points compared to Q1 [4] Industrial Growth - In April, the industrial added value of large-scale enterprises increased by 6.1% year-on-year, exceeding market expectations by 0.9 percentage points [2] - Among 41 major industries, 36 experienced year-on-year growth, indicating a broad growth base [2] - High-tech manufacturing added value grew by 10% year-on-year, significantly outpacing overall industrial growth [2][3] New Growth Drivers - In April, production of new energy vehicles and lithium-ion batteries for vehicles surged by 38.9% and 61.8% respectively, showcasing rapid growth in smart products [3] - The manufacturing value added of smart drones and smart vehicle-mounted equipment increased by 74.2% and 29.3% respectively, far exceeding the overall industrial growth rate [3] Employment Situation - The urban surveyed unemployment rate in April was 5.1%, a decrease of 0.1 percentage points from the previous month, marking two consecutive months of decline [7] - The average urban surveyed unemployment rate for January to April was 5.2%, consistent with the same period last year [7] Investment Trends - From January to April, fixed asset investment (excluding rural households) reached 147,024 billion yuan, growing by 4.0% year-on-year, with a 0.10% month-on-month increase in April [5][6] - The focus on improving and safeguarding livelihoods, along with significant regional strategies, is expected to drive sustained investment growth [6]

Group 1 - The core viewpoint is that the tariff impacts from the Trump administration are significant for China's foreign trade and economy, with potential declines in exports to the U.S. and overall export totals [2] - China's exports to the U.S. account for 14.7% of its total foreign trade, and if U.S. importers bear half of the tariff costs, exports to the U.S. could drop by 18%, leading to a reduction in total exports by 2.6% to 5.3% [2] - The IMF has downgraded the global economic growth forecast for 2025 from 3.3% to 2.8%, affecting export-oriented industries such as automotive parts, electronics, and textiles, particularly in coastal provinces like Guangdong and Zhejiang [2] Group 2 - Financial markets are also affected, with increased uncertainty due to the unpredictable nature of Trump's policies, leading to abnormal capital flows and a decline in U.S. stock markets [2] - The potential for further financial sanctions against Chinese companies, including forced delisting and pressure on international financial institutions, poses additional challenges [2] - Despite these challenges, China's capital market shows resilience, with smaller fluctuations compared to other economies, and the potential for strategic opportunities arising from the tariff impacts [2][3] Group 3 - To address these challenges, comprehensive reforms and expanded openness are necessary, focusing on increasing domestic demand, particularly in the service sector, which currently constitutes nearly half of consumer spending [3] - The service industry faces entry restrictions and price controls, indicating a need for reforms to relax these constraints and enhance differentiated service supply [3] - A proposed reform includes linking price increases to wage adjustments to support low-income households, alongside attracting more social capital into infrastructure projects [3]

清华大学国家金融研究院院长田轩接受南方都市报专访。 谈外资： 引入国外投资机构支持科技创新 "外商投资力度不会因为关税措施调整而有所降低，"田轩表示，资本永远流向能带来最高回报的地方， 中国在吸引外资上有着独特的竞争力。目前国内正稳步扩大制度型开放，开放的大门越开越大，同时兼 具稳定的政治、庞大的市场规模和丰富的人力资本等优势。他进一步指出，当前中国资本市场估值处于 低位，为外资长期配置提供了更优选择。 他建议，国内资本市场需要进一步有序开放，引入更多的国外机构投资者，更有利于支持科技创新、发 展新质生产力。"外资投资机构的进入不仅能降低企业融资成本，分散投资风险，同时还能帮助企业优 化治理结构。"他认为，外资已经在制造业"大显身手"，下一步服务业对外开放需要再提速，包括金融 领域等。 谈出海： 走出去是应对不确定性最重要的法宝 "虽然中美开启了贸易谈判，但未来自由贸易化态势仍面临严峻挑战，地缘政治、贸易壁垒、贸易冲突 等风险问题或将常态化，"面对关税加征对外贸中小企业的冲击，田轩提出"短期纾困""长期转型"相结 合的建议。 短期来看，税收减免、贷款展期、政府补贴等举措是具有必要性的，可以帮助企业克服资金问题 ...