Core Viewpoint - China has significant potential for expanding domestic demand, driven by its status as the world's second-largest economy and a population of over 1.4 billion people [1] Group 1: Consumption Potential - The total number of automobiles in China is 353 million, and the ownership of major household appliances exceeds 3 billion units, indicating a substantial annual demand potential in the consumption sector [3] - The investment demand for equipment updates is projected to exceed 5 trillion yuan annually as high-quality development progresses, with the net value of total social equipment assets around 40 trillion yuan [3] - The artificial intelligence industry in China is expected to surpass 700 billion yuan in 2024, maintaining a growth rate of over 20% for several consecutive years, indicating expanding investment opportunities [3] Group 2: Policy Measures for Domestic Demand - The government aims to enhance domestic demand by increasing the income of middle and low-income groups, boosting consumption, and expanding effective investment [4] - A total of 1.6 billion yuan has been allocated for the second batch of consumption subsidies, with an additional 1.4 billion yuan expected to be distributed based on local payment progress [5] - New policies will support the development of the service consumption sector and the elderly care industry, alongside targeted measures for specific consumer groups [5] Group 3: Automotive Sector Initiatives - The Ministry of Commerce is focusing on automotive consumption reform, including the promotion of vehicle trade and the optimization of purchase restrictions to meet consumer demand [6] - The implementation of the vehicle trade-in policy has reportedly stimulated consumption by over 720 billion yuan, benefiting numerous foreign trade and investment enterprises [7] - More than 120 million individuals have received direct subsidies from the trade-in policy, promoting the adoption of smart, green, and fashionable consumer products [7]

Economic Performance - Baotou's GDP reached 109.13 billion, growing by 7.1%, maintaining the highest growth rate in the region for four consecutive quarters, exceeding the national average by 1.7 percentage points [1] - The city added 88 new industrial enterprises, with industrial added value increasing by 13%, marking 55 consecutive months of double-digit growth [1] - The new strategic industries' added value grew by 15.7%, accounting for 24.9% of the industrial added value, an increase of 4.8 percentage points compared to the same period last year [1] Investment and Projects - A total of 57 new industrial projects with investments over 100 million were initiated, an increase of 29 projects year-on-year, with fixed asset investment rising by 20.9%, surpassing national and regional averages by 16.7 and 0.9 percentage points respectively [4] - The city is focused on enhancing consumption and integrating cultural and tourism sectors to stimulate demand, with social retail sales reaching 21.61 billion, a year-on-year increase of 7.4%, higher than national and regional averages by 2.8 and 0.7 percentage points [4] Employment and Social Welfare - Baotou implemented employment promotion actions, with a total of 57.7 billion allocated for livelihood spending, a growth of 7.3%, representing 60.5% of the general public budget expenditure [5] - Urban employment increased by 10,200, achieving 27% of the target ahead of schedule, with urban and rural residents' incomes growing by 4.3% and 4.1% respectively [5]

Core Viewpoint - The National Development and Reform Commission (NDRC) is set to guide cities with purchase restrictions to issue targeted car purchase quotas for families that have been long waiting in the lottery and for car-less households [1][2]. Group 1: Policy Initiatives - The issuance of additional car purchase quotas is not a new concept, as it was mentioned in the "Special Action Plan to Boost Consumption" by the Central Committee and the State Council, which aims to gradually reduce consumption restrictions and shift from purchase management to usage management [2]. - The NDRC and other departments previously encouraged cities with purchase restrictions to relax vehicle purchase limits and issue additional quotas [2]. Group 2: Specific Measures in Beijing - Beijing will issue targeted additional quotas for car-less families for two consecutive years in 2024 and 2025, with a total of 40,000 new energy vehicle quotas planned for 2025 [3][4]. - The allocation of these additional quotas will be based on a ranking system according to family points, with the top 40,000 car-less families receiving the quotas after the regular allocation of 58,400 new energy vehicle quotas [4]. Group 3: Broader Context and Impact - The lack of car purchase quotas is identified as a significant barrier to automotive consumption, which is crucial for stimulating economic growth, as the automotive industry accounts for approximately 10% of China's GDP and retail sales [7]. - The Ministry of Commerce is also promoting reforms in automotive circulation consumption, supporting local innovations across various segments of the automotive market, and encouraging regions to optimize purchase and traffic restrictions to better meet consumer demand [7].

在扩大投资方面，将工业软件等更新升级纳入"两新"政策支持范围，加快消费基础设施、社会领域投 资，制定实施充电设施"倍增"行动，支持城区常住人口300万以上的城市特别是超大特大城市建设停车 位。力争6月底前下达2025年"两重"建设和中央预算内投资全部项目清单，同时设立新型政策性金融工 具，解决项目建设资本金不足问题。 在畅通循环方面，加快建设全国统一大市场，开展为期半年左右的市场准入壁垒清理整治行动，加快出 台民营经济促进法，帮助外贸企业拓内销；同时，加快科技创新和产业创新深度融合，设立国家创业投 资引导基金，推进人工智能与60个重点行业方向、700个基础场景深度融合。 作为全球第二大经济体和拥有14亿多人口的大国，我国扩大内需有巨大的潜力和空间，而且都是非常现 实的需求。赵辰昕表示，消费领域，我国汽车保有量3.53亿辆，冰箱、洗衣机、空调等主要品类家电保 有量超过30亿台，按照正常周期更新换代，每年能创造数万亿元的需求。投资领域，我国全社会设备存 量资产净值约40万亿元，随着高质量发展深入推进，每年的设备更新换代投资需求将超过5万亿元。据 机构测算，2024年中国人工智能产业规模突破7000亿元，已连续多年 ...

Group 1: Economic Policies and Measures - The Chinese government will implement several measures to stabilize employment and the economy, focusing on high-quality development [1][5] - The National Development and Reform Commission (NDRC) aims to establish a childcare subsidy system and create special re-lending tools to support service consumption and the elderly care industry [1][6] - The government plans to issue additional car purchase quotas for key groups such as families with long-term lottery registrations and those without cars [1][6] Group 2: Employment and Job Creation - In the first quarter, 3.08 million new urban jobs were created nationwide [2] - Policies will be accelerated to support enterprises in expanding job positions [2][6] Group 3: Consumer and Investment Support - The implementation of the old-for-new consumption policy is expected to boost consumption by over 720 billion yuan [2] - The government will allocate approximately 1.4 trillion yuan in funds for consumption upgrades in the near future [1][11] Group 4: Financial and Monetary Policy - The People's Bank of China (PBOC) reported a 7% year-on-year growth in M2 money supply, with social financing stock increasing by 8.4% [13][14] - The PBOC will maintain a prudent monetary policy and may adjust interest rates and reserve requirements as needed [13][15] Group 5: Domestic Demand and Market Potential - The potential for expanding domestic demand is significant, with the automotive market alone having a potential demand of several trillion yuan due to the current vehicle ownership of 353 million [10][11] - The government emphasizes the importance of increasing income for low- and middle-income groups to stimulate consumption and effective investment [11][12]

【导读】四部门发声，介绍稳就业稳经济推动高质量发展政策措施有关情况 4月28日上午，国务院新闻办公室举行发布会，国家发展改革委副主任赵辰昕、人力资源社会保障部副部长俞家栋、商务部 副部长盛秋平、中国人民银行副行长邹澜出席发布会，介绍稳就业稳经济推动高质量发展政策措施有关情况，并答记者 问。 国家发改委： 将出台稳就业稳经济推动高质量发展的若干举措 国家发展改革委副主任赵辰昕表示，4月18日，国务院常务会议已对稳就业稳经济推动高质量发展的若干举措进行了研究。 具体包括五方面内容： 在支持就业方面，主要包括鼓励企业积极稳定就业、加大职业技能培训力度、扩大以工代赈等支持、加强就业公共服务等 几项具体举措。 在稳定外贸发展方面，主要包括一业一策、一企一策加大支持力度，帮助出口企业规避风险，扩大服务产品"出海"，鼓励 外资企业境内再投资等几项具体举措。 在促进消费方面，主要包括扩大服务消费，强化失能老年人照护，推动汽车消费扩容，构建技能导向的薪酬分配制度等几 项具体举措。 在积极扩大有效投资方面，主要包括完善消费基础设施、大力提振民间投资积极性、设立新型政策性金融工具等几项具体 举措。 赵辰昕表示，一季度，中国经济交出 ...

智通财经APP获悉，4月28日，国务院新闻办公室于上午举行新闻发布会，国家发展改革委副主任赵辰 昕、人力资源社会保障部副部长俞家栋、商务部副部长盛秋平、中国人民银行副行长邹澜介绍稳就业稳 经济推动高质量发展政策措施有关情况，并答记者问。国家发展改革委副主任赵辰昕表示，我国将出台 实施稳就业稳经济推动高质量发展的若干举措，包括五方面内容。分别涉及就业、外贸发展、促进消 费、扩大有效投资以及营造稳定发展的良好环境。 具体来看，在支持就业方面，主要包括鼓励企业积极稳定就业、加大职业技能培训力度、扩大以工代赈 等支持、加强就业公共服务等举措; 在稳定外贸发展方面，主要包括一业一策、一企一策加大支持力度，帮助出口企业规避风险，扩大服务 产品"出海"，鼓励外资企业境内再投资等举措; 在促进消费方面，主要包括扩大服务消费，强化失能老年人照护，推动汽车消费扩容，构建技能导向的 薪酬分配制度等举措; 在积极扩大有效投资方面，主要包括完善消费基础设施、大力提振民间投资积极性、设立新型政策性金 融工具等举措; 在营造稳定发展的良好环境方面，主要包括持续稳定和活跃资本市场、持续巩固房地产市场稳定态势、 加大对实体经济的金融支持等举措 ...

Core Viewpoint - The implementation of several measures will provide strong support for the economy, promoting stable and healthy development while maintaining social stability [2] Group 1: Economic Policies - The Chinese government will accelerate the implementation of more proactive macro policies in response to increasing external shocks [2] - Key measures include supporting employment, stabilizing foreign trade, promoting consumption, expanding effective investment, and creating a stable development environment [2] - These measures are designed to enhance the sense of gain for enterprises and the public, with a focus on practicality and operability [2] Group 2: Domestic Demand Expansion - A significant focus is on boosting consumption and expanding domestic demand to counter the complex international environment [4] - Specific strategies include increasing the income of middle and low-income groups, promoting consumption, and expanding effective investment [4] - The government has allocated over 160 billion yuan for the second batch of consumption subsidies, with additional funds planned for various consumer sectors [4] Group 3: Employment Support - The employment situation remains stable, with 3.08 million new urban jobs created in the first quarter, an increase of 50,000 year-on-year [6] - The unemployment rate averaged 5.3% in the first quarter, below the expected control target [6] - Policies are being implemented to support job creation, particularly for vulnerable groups affected by external shocks [6] Group 4: Foreign Trade Support - Measures will be introduced to help foreign trade enterprises cope with external risks, including accelerating the integration of domestic and foreign trade [7] - The 137th Canton Fair saw participation from 224,000 overseas buyers, indicating strong international interest [7] - The government will enhance public information services for foreign trade enterprises, providing insights into international business environments and market conditions [7]

Group 1 - The core focus of the recent Central Political Bureau meeting is to enhance the income of low- and middle-income groups and to significantly develop service consumption to boost economic growth [1][2] - The issuance of special long-term government bonds, including 500 billion yuan for 20-year bonds and 710 billion yuan for 30-year bonds, aims to support consumption and stimulate domestic demand [1][2] - The total social financing scale increased by 15.18 trillion yuan in the first quarter of 2025, which is 2.37 trillion yuan more than the same period last year, indicating a strong financial support for consumption [2] Group 2 - Expanding service consumption is viewed as a systematic project that requires a multi-faceted approach, including demand expansion, supply optimization, and environmental improvement [3] - Policies need to be coordinated across various sectors, including fiscal, financial, and industrial policies, to effectively stimulate consumption [3] - Financial institutions are encouraged to develop tailored financial products to meet the diverse needs of consumers, particularly in new consumption scenarios such as digital and green consumption [6]

■赵忠秀 日前召开的中共中央政治局会议指出，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩大高水平对外开放，着力稳就业、稳企 业、稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性。 当前，基于美国最新关税措施的实施，全球贸易紧张局势已显著升级，关税战和贸易战不断升级，严重损害以规则为基础的多边贸易体制和国际经贸秩 序，对全球贸易和产业链、供应链稳定造成了严重扰动，导致国际经贸秩序碎片化加剧。在此背景下，全球贸易增长动能明显不足，贸易不确定性大幅上 升。全球经济面临贸易流动扭曲、供应链梗阻、全球产业链碎片化等重大挑战。加征关税将加剧贸易紧张局势，同时，关税冲击压缩了贸易额，严重削弱 消费者、企业和投资者的信心，推高了市场波动率，对全球经济发展前景造成不利影响。经过多年的实践和发展，中国已经积累了丰富的应对关税冲击的 经验和能力，可以有效将贸易战带来的负面影响降至最低。中国作为全球第二大经济体和最大货物贸易出口国，肩负着维护全球贸易稳定以及承担起稳定 全球经济的重大责任，完全能够以更加主动的战略姿态，统筹国内国际两个大局，积极应对经济全球化分裂与贸易体系受损的风险。 关税博弈冲 ...