在经贸领域，越是困难大、挑战多，越能体现我国制度优势、庞大市场和完备产业体系优势，越能展现 我国经济的广阔潜力、强大韧性和强劲活力，越能彰显我国负责任大国的责任担当。 展望"十五五"，我国将持续壮大创新动能，加强国际合作，努力构建开放合作、共同发展、互利共赢的 国际贸易格局。 （文章来源：经济日报） "十四五"以来，我国商务发展顶住一波又一波冲击，经受住历史考验，消费、外贸、外资、对外投资合 作等各领域主要目标指标进展符合预期，商务高质量发展取得显著进展。 消费主引擎和稳定器作用增强。消费规模"扩容"，过去4年，中国社会消费品零售总额年均增速达到 5.5%，全球第二大消费市场地位更加巩固。消费结构"提质"，消费品"以旧换新"，引领智能和绿色成为 生活新风尚。截至上半年，以旧换新带动销售额2.9万亿元，约4亿人次享受补贴优惠。"十四五"期间， 餐饮住宿、家政服务等基础型服务消费快速增长。同时，伴随人口结构和消费理念的变化，改善型服务 消费需求扩展，情绪消费、银发消费等成为新增长点。 消费内容"焕新"，新型消费亮点纷呈。从数字消费、品质电商到首发经济、"人工智能+消费"和"IP+消 费"，消费新场景不断涌现。消费 ...

以消费者实际需求为导向，开发真正能服务用户的AI产品，"人工智能+消费"这片蓝海才能越来越广阔 看供给侧。我国持续加强人工智能基础研究，同时突出应用导向，新技术正不断向具体应用场景渗透。 我国已累计培育400余家人工智能领域国家级专精特新"小巨人"企业，形成覆盖基础层、框架层、模型 层、应用层的人工智能产业体系，让更多AI终端走出实验室，走上流水线。 看需求侧。我国消费者愿意为创新产品买单，造就了人工智能技术落地的"热土"。当技术创新与市场需 求同频共振，一场对于新事物的双向奔赴，正成为激活消费的新动能。未来，随着大模型技术普及应 用，"人工智能+消费"的潜力将得到进一步挖掘，催生出更多个性化需求。 不过，当前一些AI产品脱离用户实际、功能复杂冗余，比如语音助手听不懂指令、图像识别出错，给 消费者增加了一些不必要的负担。让消费者从"用得上AI"到"用得好AI"，相关产业还有很长的路要走。 以消费者实际需求为导向，开发真正能服务用户的AI产品，"人工智能+消费"这片蓝海才能越来越广 阔。 商务部数据显示，截至今年上半年，以旧换新带动销售额2.9万亿元，约4亿人次享受到补贴优惠。暑期 是家电、电子数码产品等销售旺 ...

Group 1 - The core viewpoint emphasizes the importance of expanding domestic demand as a strategic move for economic stability and security, rather than a temporary measure [1] - The recent Central Political Bureau meeting highlighted the need to effectively release domestic demand potential, including fostering new growth points in service consumption and stimulating private investment [1][2] - In the first half of the year, domestic demand contributed 68.8% to GDP growth, with final consumption expenditure accounting for 52%, underscoring the role of domestic demand as a primary driver of economic growth [2][3] Group 2 - The government is implementing measures to boost service consumption in key areas such as elderly care, childcare, cultural tourism, and household services, while also promoting digital consumption and quality e-commerce [3] - The average annual growth rate of service consumption expenditure is projected to be 9.6% from 2020 to 2024, indicating a shift towards service consumption as a major source of household spending [3] - The introduction of a national childcare subsidy has sparked discussions, with 68% of families planning to allocate the funds for professional care services, reflecting strong market demand in this sector [2] Group 3 - The government is actively promoting private investment through initiatives such as the Huangmaoxia Reservoir project, which aims to attract social capital via public offerings [4][5] - Over 300 billion yuan has been allocated to support the third batch of "two heavy" construction projects, with a total of 800 billion yuan planned for this year [4][5] - The "two heavy" construction projects are expected to create new growth opportunities for related upstream and downstream industries [5] Group 4 - Recent policies, including personal consumption loan interest subsidies, aim to stimulate consumption from both supply and demand sides, thereby enhancing service supply [7] - The government is focusing on improving effective supply and addressing bottlenecks to promote effective demand [8] - The integration of advanced manufacturing and modern service industries is being prioritized to enhance income for residents and protect consumer rights [8] Group 5 - The government is committed to deepening reform and opening up to facilitate domestic and international dual circulation, which is essential for sustaining long-term economic momentum [9] - Initiatives to build a unified national market and modern infrastructure systems are underway to enhance economic circulation [9] - The focus on expanding domestic demand is seen as a strategic foundation for constructing a new development pattern and driving high-quality growth [9]

Economic Performance - In the first half of the year, China's GDP grew by 5.3% year-on-year, with domestic demand contributing 68.8% to economic growth and total imports and exports exceeding 20 trillion yuan [2][3] - Employment, prices, and residents' income remained stable overall, indicating strong economic resilience [2] Policy Implementation - The government plans to continue implementing policies aimed at expanding domestic demand and stabilizing employment and the economy, ensuring policy continuity and flexibility [3][5] - There will be a focus on enhancing economic monitoring and forecasting, as well as developing a comprehensive toolbox for policies aimed at stabilizing employment and expanding domestic demand [3] Market Development - The construction of a unified national market has made significant progress, with a 18.2% year-on-year increase in cross-regional electricity transactions in the first half of the year [4] - The proportion of inter-provincial trade sales accounted for 40.4% of total sales revenue, an increase of 0.6 percentage points compared to the same period last year [4] Consumer Trends - Social retail sales of consumer goods increased by 5% in the first half of the year, with notable growth in specific sectors such as home appliances and new energy vehicles, which saw increases of 30.7% and 40.3% respectively [5] - The government aims to enhance consumer capacity and promote new growth points in service consumption, while also implementing measures to reduce consumption restrictions [5] Energy Supply - The national electricity supply remains stable, with measures in place to ensure adequate energy supply during peak summer demand [6] - The government will focus on securing energy supply, enhancing peak capacity, optimizing demand-side management, and strengthening emergency response [6] Reform Initiatives - The government is accelerating the implementation of key reform measures to drive high-quality development and address economic challenges [7][8] - Reforms will focus on expanding domestic demand, addressing prominent economic issues, and fostering new growth drivers through improved market access and regulatory frameworks [8]

主要宏观指标表现良好，经济运行彰显强大韧性。上半年，国内生产总值（GDP）同比增长5.3%，就 业、物价和居民收入总体稳定。内需对经济增长的贡献率达68.8%，进出口规模站上20万亿元台阶。 "关于下一步经济工作，7月30日召开的中央政治局会议已作出全面部署，国家发展改革委将坚决抓好贯 彻落实。"周陈说。 新华社北京8月1日电 题：保持政策连续性、稳定性 常态化开展政策预研储备——国家发展改革委解读 当前经济形势 新华社记者魏玉坤、张晓洁 上半年中国经济运行态势如何？下半年宏观调控政策如何发力？针对当前经济形势和经济工作，国家发 展改革委1日举行新闻发布会，国家发展改革委有关负责人进行了分析解读。 上半年我国经济稳中有进、好于预期 国家发展改革委国民经济综合司司长周陈表示，上半年我国经济稳中有进、好于预期，高质量发展取得 新成效。 周陈表示，一方面，持续发力、适时加力实施好已部署的各项政策举措，坚定不移实施扩大内需战略， 特别是继续推动稳就业稳经济若干举措陆续出台实施，保持政策连续性、稳定性，增强灵活性、预见 性，将外部压力转化为内生动力，稳住经济大盘。另一方面，加强经济监测预测预警，常态化开展政策 预研储备 ...

Group 1: Market Overview - A-shares collectively declined, with consumer ETFs showing a mixed performance, as the Consumption ETF (159928) recorded a net inflow of 1.76 million units, marking the seventh consecutive day of capital inflow, totaling over 1.2 billion yuan [1] - The Consumption ETF (159928) has a current scale exceeding 12.9 billion yuan, leading its peers significantly [1] - The Hong Kong Stock Connect Consumption 50 ETF (159268) also experienced a decline of 0.8%, but has seen net inflows for four consecutive days [1] Group 2: Government Initiatives - The government has allocated 690 billion yuan for the third batch of special bonds to support the consumption of old goods, with plans to release another 690 billion yuan in October, completing the annual target of 300 billion yuan [2] - Officials emphasized that the healthy development of consumption is a result of both enhancing consumer capacity and providing high-quality supply to create new demand [2] Group 3: Consumer Policy and Impact - New policies aimed at supporting families with multiple children are expected to stabilize birth rates and enhance consumer sentiment, particularly in the infant formula sector [4] - The expected increase in newborns to approximately 10 million by 2025 could lead to a total of 28.56 million newborns covered by the subsidy system, with an estimated subsidy amount of 102.8 billion yuan [4] - The release of consumer capacity and expansion of demand base are anticipated to benefit the infant formula industry, as families may upgrade to mid-to-high-end products due to improved disposable income [4] Group 4: Industry Insights - The food and beverage sector is seeing a slight increase in active fund holdings, with a focus on high-demand categories such as beverages and snacks, indicating a potential recovery in consumer spending [5] - The pig farming industry is expected to maintain profitability despite price pressures, with a focus on low-cost producers as the market stabilizes [6] - The Consumption ETF (159928) is noted for its resilience across economic cycles, with top holdings including major liquor brands and dairy companies, indicating strong sector fundamentals [7][8]

Transportation Industry Achievements - During the "14th Five-Year Plan" period, China's high-speed rail operating mileage reached 48,000 kilometers, accounting for over 70% of the world's total high-speed rail mileage [3] - The total length of expressways reached 191,000 kilometers, maintaining the world's largest port capacity for many years [3][4] - The comprehensive transportation system has made breakthrough progress, with the national comprehensive three-dimensional transportation network framework achieving over 90% completion [4] Technological Advancements - Advanced technological equipment has been developed, with the Shenzhen-Zhongshan Bridge setting multiple world records and significant engineering achievements emerging from projects like the Pinglu Canal [6] - The CR450 train set was launched, the first domestically produced large cruise ship began operations, and the C919 large passenger aircraft entered regular commercial operations [6] Global Connectivity - The construction of a global transportation connectivity pattern has accelerated, with the China-Europe Railway Express reaching 229 cities in Europe and over 100 cities in Asia [8] - The "Air Silk Road" has expanded, connecting to 83 countries, and the international shipping route network has spread globally, maintaining the world's highest maritime connectivity for 19 consecutive years [8]

Market Overview - On July 21, A-shares saw collective gains across major indices, with the Shanghai Composite Index rising by 0.72% to 3559.79 points, the Shenzhen Component Index increasing by 0.86% to 11007.49 points, and the ChiNext Index up by 0.87% to 2296.88 points [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 172.71 billion yuan, an increase of 133.9 billion yuan from the previous day, with over 4000 stocks rising and more than 120 stocks hitting the daily limit [2] Sector Performance - The leading sectors included engineering machinery, cement and building materials, steel, electric grid equipment, and new urbanization, all showing significant gains [2] - Conversely, sectors such as cross-border payment, banking, education, and photolithography concepts experienced declines [2] International Market - In the U.S. market, the Dow Jones Industrial Average fell by 0.04% to 44323.07 points, while the S&P 500 rose by 0.14% to 6305.60 points, and the Nasdaq Composite increased by 0.38% to 20974.17 points [4][5] - European markets showed mixed results, with the UK FTSE 100 up by 0.23%, the French CAC40 down by 0.31%, and the German DAX up by 0.08% [4][5] - International oil prices declined, with WTI crude oil falling by 0.21% to $67.20 per barrel and Brent crude down by 0.10% to $69.21 per barrel [4] Regulatory Developments - The State Council of China announced the implementation of the "Housing Rental Regulations" effective from September 15, 2025, aimed at standardizing rental activities and promoting high-quality development in the housing rental market [6][7][8] - The regulations emphasize the need for market-driven and government-guided approaches, encouraging the growth of professional rental enterprises and ensuring compliance with safety standards [6][7] Cross-Border Financial Initiatives - The People's Bank of China and other regulatory bodies released the "Implementation Rules for Cross-Border Asset Management Pilot Business" in Hainan, facilitating foreign investment in financial products within the Hainan Free Trade Port [9] - This initiative aims to enrich cross-border financial product offerings and attract asset management institutions to Hainan, supporting the development of the free trade port [9] Consumption Trends - The Chinese consumption market saw robust growth in new consumption models, with online retail sales of physical goods increasing by 6.0% year-on-year, accounting for 24.9% of total retail sales [10] - Notable growth was observed in green consumption, particularly in the new energy vehicle sector, which saw a retail volume increase of 33.3% [10] Energy Consumption - In June, China's total electricity consumption reached 867 billion kWh, marking a year-on-year increase of 5.4% [11] - Cumulative electricity consumption for the first half of the year was 4841.8 billion kWh, up by 3.7% compared to the same period last year [11] Technological Investment - Hangzhou aims to increase its technological innovation investment to 300 billion yuan by 2027, with a focus on enhancing research and development spending [12] Automotive Industry Regulation - Guangdong and Anhui provinces are implementing measures to regulate competition in the automotive industry, focusing on quality management and fair payment practices to combat "price wars" [14][15]

Group 1 - The core viewpoint of the article highlights the significant growth and transformation of China's consumption market during the "14th Five-Year Plan" period, emphasizing the expansion, quality improvement, innovation, and openness of the market [1][2][4] Group 2 - The consumption market in China is expected to grow from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024, with an average annual growth rate of 5.5%. By the end of this year, the total retail sales are projected to exceed 50 trillion yuan [1] - The retail sales of home appliances have maintained double-digit growth since September last year, and the penetration rate of new energy vehicles reached 50.2% in the first half of this year, with a 5.4-fold increase in ownership compared to 2020 [2] - The service consumption expenditure is expected to grow at an average annual rate of 9.6% from 2020 to 2024, outpacing goods consumption, indicating a shift towards higher quality service offerings [2] - New consumption trends are emerging, with innovative retail experiences being developed, such as integrating museums and entertainment into shopping environments, and the rise of digital consumption and AI-driven retail [3] - The import of consumer goods from 2021 to 2024 is projected to reach 7.4 trillion yuan, showcasing China's role as a significant player in the global market [3][4] - The tourism and shopping experience for international visitors is expected to generate a total expenditure of 94.2 billion USD in 2024, reflecting a 77.8% increase, thus converting tourism traffic into shopping growth [4]

Group 1: Consumption Market - The total retail sales in China are expected to exceed 50 trillion RMB this year, with an annual growth rate of 5.5% from 2020's 39.1 trillion RMB to a projected 48.3 trillion RMB in 2024 [2] - Consumption contributes approximately 60% to economic growth, solidifying China's position as the world's second-largest consumer market [2] - The service consumption expenditure is projected to grow at an annual rate of 9.6% from 2020 to 2024 [2] Group 2: Trade Development - China's goods trade volume has crossed significant milestones, reaching over 6 trillion USD in 2024, marking a 32.4% increase from 2020 [4] - The service trade has also seen growth, with the scale surpassing 1 trillion USD, positioning China as the second-largest globally [4] - The proportion of high-tech product exports in goods trade is expected to reach 18.2% in 2024, indicating an ongoing optimization and upgrade in trade [5] Group 3: Foreign Investment - By June 2023, China had utilized 708.73 billion USD in foreign investment, surpassing the target of 700 billion USD set for the "14th Five-Year Plan" [6] - The proportion of foreign investment in high-tech industries has increased to 34.6% in 2024, up 6 percentage points from 2020 [6] - Over 60 key "Invest in China" events have been held, promoting China as a favorable destination for multinational investments [7]