| 各地通过实施以工代赈 | 累计吸纳低收入群众就近就业 同比增长 | | | --- | --- | --- | | 中央专项投资项目 | 208万名 | 32% | | 同步在各类重点工程项目和〈 | | | | 农业农村基础设施领域中 | 发放劳务报酬 | 同比增长 | | | 223亿元 | 34% | | 大力推广以工代赈 | | | 图为乌厦村村民修建茶园步道。 姚晶权摄（人民视觉） 数据来源：国家发展改革委 制图：张丹峰 烈日炎炎，枝叶低垂，一条建设中的产业路从山脚直抵山顶。 这是贵州省榕江县两汪乡乌厦村白茶产业的配套设施，也是当地的以工代赈项目。 "方便白茶出山，还能在家门口挣钱，大家抢着干，路修得硬实！"脱贫户吴秀华跺了两脚刚硬化完的路 面，黝黑的脸上露出笑意。 村合作社有521亩茶园，农忙时，56岁的吴秀华就跟老伴儿一起，给茶园除草、剪枝，每人每天100元， 一年干3个月；其他时间到工地当小工，一天150元。今年2月，听说要给茶园修产业路，他立马跟村委 会签下用工合同。 这个以工代赈项目为期一年，包括产业路和步道，总投资660余万元。10.41公里的产业路之前是条泥巴 路，路窄、坡陡、弯多 ...

Core Viewpoint - Jiangxi Province's Yichun City Tonggu County focuses on improving the quality and efficiency of "work-for-relief" projects, aiming to inject strong momentum into rural revitalization through a closed-loop management system that emphasizes project reserve, innovative models, precise services, and strict fund management [1] Group 1: Project Reserve Mechanism - The county has established a "three-level linkage" project reserve mechanism led by the Development and Reform Commission, involving industry departments and townships, focusing on key areas such as rural transportation, water conservancy, and living facilities [2] - A total of 20 projects have been reserved for 2023-2024, with a total investment of 90 million yuan, creating a dynamic management model of "planning a batch, reserving a batch, implementing a batch" [2] - Targeted training has been organized to improve the quality of project reserves and the efficiency of applications, covering key personnel in all townships [2] Group 2: Innovative Self-Building Model - An innovative "self-building by the masses + multi-party supervision" mechanism has been implemented in the work-for-relief demonstration project in Sandu Town, where village committees lead the establishment of villagers' councils to participate in procurement and labor organization [3] - This model has saved approximately 200,000 yuan in bidding and material costs and increased the labor remuneration payment ratio to 40% of the budgeted funds, directly benefiting low-income groups [3] - The county promotes a model of "village collective undertaking + community participation," achieving a dual benefit of project implementation and income increase for villagers [3] Group 3: Accelerated Project Initiation - To ensure immediate project initiation upon fund arrival, the county has implemented a dual-track approach for policy services and preliminary procedures, providing clear guidelines for application requirements [4] - An innovative "pre-approval + pre-construction" mechanism allows project units to complete preliminary procedures before funds are allocated, leading to a 30% reduction in average project initiation time since 2024 [4] Group 4: Strict Fund Management - The county has incorporated labor remuneration distribution, training, and project progress into hard indicators for fund disbursement, requiring project units to submit detailed records for verification [5] - In 2024, the labor remuneration payment rate for projects reached 100%, with a strict three-level verification system in place to ensure quality, fund usage, and benefits to the public [5] - These measures have positioned the work-for-relief projects as a key driver for upgrading rural infrastructure and promoting local employment, supporting the consolidation of poverty alleviation achievements and advancing rural revitalization [5]

Core Viewpoint - The bond market experienced significant fluctuations in July, influenced by various factors including stock market performance, liquidity conditions, and economic data releases [3][4][5]. Economic Data - In the first half of 2023, China's GDP reached 660,536 billion yuan, with a year-on-year growth of 5.3%. The first quarter grew by 5.4%, while the second quarter saw a growth of 5.2% [3]. - The industrial added value in June increased by 6.8% year-on-year, surpassing the expected 5.5% [3]. - Fixed asset investment in the first half of the year totaled 248,654 billion yuan, with a year-on-year growth of 2.8%, while private fixed asset investment declined by 0.6% [3]. - Retail sales in June amounted to 42,287 billion yuan, reflecting a year-on-year growth of 4.8% [3]. Policy Developments - The political bureau meeting did not introduce new economic stimulus policies, focusing instead on implementing existing policies [4]. - The Ministry of Industry and Information Technology announced plans to stabilize growth in ten key industries, including steel and non-ferrous metals [4]. - The recent establishment of the Yarlung Tsangpo River hydropower project, with an investment of approximately 1.2 trillion yuan, raised concerns about its impact on the economy and potential new infrastructure policies [4]. Market Conditions - The bond market saw a general upward trend in yields, with the 10Y government bond yield rising by 10 basis points to 1.75% during July [3]. - The central bank maintained a supportive stance on liquidity, with the funding rates decreasing initially but tightening towards the middle of the month due to tax periods [5]. - The yield curve for government bonds showed an increase, with the 10Y yield rising by 5.75 basis points to 1.7044% by the end of July [7]. International Relations - The postponement of US-China tariff negotiations and the easing of export restrictions from the US on certain products to China were seen as positive developments for bilateral trade relations [6][7]. - The third round of US-China economic talks resulted in an agreement to extend certain tariffs for an additional 90 days, aligning with market expectations [7].

Group 1 - The National Development and Reform Commission (NDRC) has allocated an additional 10 billion yuan in central budget investment to promote employment and income generation for key groups through labor-intensive projects, supporting 26 provinces and the Xinjiang Production and Construction Corps with 1,975 projects [1] - The projects aim to create job opportunities for 310,000 key groups, including poverty alleviation populations, returning migrant workers, and other rural laborers, focusing on areas with high labor demand [1] - The labor remuneration from this batch of projects is expected to reach 4.59 billion yuan, with a target of at least 40% of central investment allocated to labor costs, prioritizing labor-intensive projects with low material costs and minimal machinery use [1] Group 2 - As of the end of June, the NDRC, in collaboration with the Ministry of Finance, has allocated a total of 29.5 billion yuan for labor-intensive projects in 2025, supporting nearly 6,000 local projects and expected to create over 700,000 jobs for disadvantaged groups [1] - The NDRC plans to actively guide local authorities to ensure that all allocated investments for labor-intensive projects commence construction, focusing on key aspects such as labor organization and remuneration distribution [2] - The NDRC aims to maintain a rolling reserve of projects to effectively utilize labor-intensive initiatives as a counter-cyclical measure to stabilize employment and promote income growth [2]

Group 1 - In the first half of the year, domestic residents made 3.285 billion trips, representing a year-on-year increase of 20.6% [2] - The total box office for the summer movie season exceeded 6.3 billion yuan, with the film "Nanjing Photo Studio" leading the box office with over 1.1 billion yuan [3] - The "Three New" economy's added value for 2024 is projected to be 24.2908 trillion yuan, a 6.7% increase from the previous year, accounting for 18.01% of GDP [7] Group 2 - The "old for new" program has driven sales exceeding 1.7 trillion yuan this year [4] - The third batch of 690 billion yuan in special bonds to support consumer goods replacement has been fully allocated, with plans for a fourth batch in October [5] - The list of "two重" construction projects totaling 800 billion yuan has been completely allocated this year [6] Group 3 - In the first half of the year, the revenue of large-scale cultural and related industry enterprises reached 71.292 billion yuan, a year-on-year increase of 7.4% [10] - A total of 2.08 million low-income individuals were employed through central special investment projects, with labor remuneration reaching 22.3 billion yuan, marking increases of 32% and 34% respectively compared to the previous year [14]

Core Insights - The National Development and Reform Commission reported that in the first half of the year, the implementation of labor-intensive projects has led to the employment of 2.08 million low-income individuals, marking a 32% increase compared to the same period last year [1] - A total of 22.3 billion yuan in labor remuneration was distributed, reflecting a 34% increase year-on-year [1] Investment and Funding - The National Development and Reform Commission, in conjunction with the Ministry of Finance, has allocated 29.5 billion yuan for labor-intensive projects in 2025, which includes 25 billion yuan from the central budget and 4.5 billion yuan from central financial support [1] - The funding aims to support local initiatives focusing on rural infrastructure projects such as road hardening, road reconstruction, small drainage channel dredging, and ecological protection projects [1] Employment and Training - By the end of June, 275,000 individuals from poverty alleviation programs, returning migrant workers, and other urban and rural employment-challenged groups have been employed through these projects, with labor remuneration amounting to 2.4 billion yuan [1] - The initiative also includes labor skills training and the development of public welfare positions, with a total of 250,000 individuals trained in the first half of the year [1]

Group 1 - Xi Jinping emphasized the importance of political responsibility and detailed flood prevention measures to ensure the safety of people's lives and property [2][8] - The total social logistics in China exceeded 170 trillion yuan in the first half of the year, indicating stable growth [11] Group 2 - The Central Organization Department allocated 140 million yuan from party funds to support flood relief efforts in Beijing, Hebei, Jilin, and Shandong [10] - The sixth National Conference to honor outstanding non-public economic figures was held, highlighting the contributions of private sector leaders to socialism [5]

Group 1 - The Chairman Zhao Leji's visit to Hungary from 24th to 28th aims to strengthen bilateral relations and mutual support, emphasizing China's appreciation for Hungary's adherence to the One China principle [2] - China welcomes more high-quality Hungarian agricultural products in its market and seeks policy support for Chinese investments in Hungary [2] - Hungary's Prime Minister Orban highlighted the significance of President Xi Jinping's state visit last year, marking a milestone in China-Hungary relations and emphasizing Hungary's strategic choice to develop friendly cooperation with China [2] Group 2 - In the first half of the year, China's total social logistics exceeded 171 trillion yuan, showing a year-on-year growth of 5.6%, indicating a stable growth in logistics demand [4] - The contribution of industrial goods logistics to the total social logistics growth was 85%, providing solid support for the stability of the industrial economy and the smooth operation of supply chains [4] - Emerging industries showed strong logistics demand growth, with logistics demand in equipment manufacturing and high-tech manufacturing increasing by 10.9% and 9.7% year-on-year, respectively [4] Group 3 - In the first half of the year, the "work-for-relief" program in China has absorbed 2.08 million low-income individuals for nearby employment, a 32% increase compared to the same period last year [6] - A total of 22.3 billion yuan in labor remuneration was distributed, marking a 34% increase year-on-year, with over 20,000 projects initiated under this program [6] Group 4 - The Ministry of Agriculture and Rural Affairs, along with 10 other departments, has introduced a plan with 23 specific measures to expand new consumption spaces for agricultural products, aiming to meet the evolving consumer demands [7] Group 5 - A new central enterprise automobile group, China Chang'an Automobile Group Co., Ltd., was established in Chongqing, consisting of 117 subsidiaries, focusing on green, low-carbon, and intelligent products to stimulate domestic demand [9]

Core Viewpoint - The Alxa League is committed to establishing a northern demonstration base for desertification prevention and control, focusing on comprehensive management of desertified land in the region where the Badain Jaran and Tengger deserts meet, aiming to strengthen ecological security in northern China [1][2][3]. Group 1: Project Overview - The Jiukoshu desertification control project has completed a management area of 418,300 acres, including 140,400 acres of artificial afforestation and grass planting, and 125,300 acres of engineering sand fixation [1]. - The Alxa League plans to complete a total ecological construction task of 3,253,500 acres by 2024, with a focus on the "He-Ta" area, which includes 9 key projects with an investment of 3.085 billion yuan [2][3]. - By 2025, the league aims to fill the gaps in desert edge protection and implement targeted management measures for different desert overflow areas [2][3]. Group 2: Collaborative Efforts - The Alxa League emphasizes joint prevention and control, forming a collaborative governance model with neighboring regions, and has established deep ecological governance cooperation mechanisms with areas like Wuwei City in Gansu Province [3][4]. - The league is implementing 7 joint prevention and control projects in the Mongolian-Gansu border area, with a construction task of 1,188,700 acres [4]. Group 3: Economic and Social Impact - The league promotes a model of "work for relief" to engage local farmers and herders in project construction, successfully employing over 15,454 laborers [4]. - The ecological construction is expected to enhance local livelihoods, with over 800 households benefiting from the development of specialty sand industries, leading to an annual income increase of 20,000 to 50,000 yuan per person [6]. Group 4: Future Plans - The Alxa League aims to further develop a connection mechanism involving government guidance, enterprise leadership, and local participation to enhance cross-border joint prevention and control efforts [6]. - The league is determined to accelerate project construction to support green development and contribute to ecological security in northern China [6].

Economic Indicators - As of July 20, 2025, the ECI supply index is at 50.13%, down 0.01 percentage points from last week, while the demand index is at 49.91%, also down 0.01 percentage points[8] - The monthly ECI supply index for July is 50.12%, a decrease of 0.04 percentage points from June, and the demand index is at 49.92%, down 0.01 percentage points from June[9] - The ELI index is at -0.91%, up 0.01 percentage points from last week, indicating a potential acceleration in structural policy tool deployment[12] Investment and Financing - In the first half of 2025, China’s bond market issued various bonds totaling 44.3 trillion yuan, a year-on-year increase of 16%[15] - Net financing from bonds reached 8.8 trillion yuan, accounting for 38.6% of the increase in social financing scale[15] - The average issuance rate for corporate credit bonds in June 2025 was 2.08%, down 32 basis points from the previous year[15] Consumer Trends - The average daily sales of passenger cars for the week ending July 13, 2025, was 47,548 units, an increase of 4,218 units year-on-year[22] - Retail sales of passenger cars from July 1-13, 2025, totaled 571,000 units, a 7.0% increase year-on-year, but a 5.0% decrease month-on-month[22] Construction and Real Estate - The area of land supplied in 100 major cities decreased by 18.63% week-on-week, totaling 12.75 million square meters[26] - The transaction area of commercial housing in 30 major cities fell by 15.63% week-on-week, amounting to 1.0916 million square meters[26] Inflation and Prices - The average wholesale price of pork is 20.65 yuan/kg, up 0.04 yuan/kg from last week, while the average price of 28 monitored vegetables remains at 4.38 yuan/kg[38] - Brent crude oil futures settled at $69.05/barrel, down $0.74 from the previous week, while COMEX gold futures rose to $3,351.70/ounce, up $17.62[38]