截至1月27日，年初以来全国已发行地方债券5847亿元；其中新增专项债券1962亿元，占比33.6%。与 此同时，多地已公布的一季度地方债券发行计划规模累计超过2.5万亿元，创近三年来同期最高水平。 2026年继续实施更加积极的财政政策，财政支出将继续扩大，地方债券发行规模预计也将扩大。基于财 政政策趋势以及一季度地方债券发行计划，2026年地方债券发行和使用将呈现出多个特征。 发行节奏上，体现出靠前发力、提前布局特征。财政部之前表示，将尽早提前下达2026年新增地方政府 债务限额，以支持各地做好与年度预算编制的衔接，满足重点项目在一季度的建设资金需求。这将有助 于各地提前做好"十五五"开局阶段的项目储备与前期准备，确保重点项目及时开工、资金高效到位，尽 快形成实物工作量。这也体现了积极财政政策稳定市场预期、加强政府投资的明确导向，从而为一季度 实现经济"开门红"乃至全年平稳增长奠定基础。 债券结构上，一季度计划发行的新增专项债券与再融资专项债券分别为7644亿元、12106亿元，这两类 债券占总体发行计划比例分别达到29.5%、46.7%，合计超过75%。其中，新增专项债更加注重项目质 量，资金将重点投向前 ...

新华社香港1月22日电（奚天麒）香港特区立法会22日通过关于"制订香港特区发展愿景，主动对接国 家'十五五'规划"的议案。议案强调，融入国家发展大局是确保香港未来实现可持续高质量发展的必然 要求，促请特区政府积极制订中长期发展愿景，主动对接国家"十五五"规划，并争取将相关发展愿景纳 入国家规划体系。 ...

智通财经APP获悉，1月22日，香港财经事务及库务局副局长陈浩濂在立法会会议上就议员动议的"制订 香港特区发展愿景，主动对接国家'十五五'规划"议案发言指出，香港财库局已制定中长期愿景，推动 金融业融入和服务国家发展大局，重点有巩固提升市场优势、助力实体经济高质量发展、深化内外联动 以及守护金融安全四大方面。 第一，巩固提升市场优势。香港市场高度开放和国际化，监管接轨海外、法治稳健、人才汇聚、基建完 善、资金和资讯自由流通。香港财库局会继续提升股票市场竞争力，便利中概股回归、强化离岸人民币 业务枢纽，提升流动性和产品工具，并会继续吸引家族办公室落户，优化税制，以加强资产管理业务的 竞争力。 第三，深化内外联动。香港财库局会以沪深港通、债券通、跨境理财通等为基础，在"十五五"时期将继 续拓展互联互通，包括推动房地产投资信托基金纳入"互联互通"、推出离岸国债期货、推进人民币柜台 纳入港股通、优化快速支付系统互联等，用好大湾区政策"试验田"。 香港也会发挥"超级联系人"角色，助力内地企业"走出去"、把海外企业和国际资金"引进来"，吸引企业 在港设立财资中心及专属自保公司，并透过亚洲金融论坛、裕泽香江高峰论坛等金融盛 ...

Economic Growth Outlook - Hong Kong's economy is projected to grow by 3.2% in 2025, slightly higher than earlier forecasts, marking the third consecutive year of growth [1] - Key drivers of economic growth include strong export performance, solid fixed capital investment, and a stable consumption environment [1] Asset Market Performance - The Hong Kong stock market has shown significant improvement, with an average daily trading volume of nearly 260 billion HKD in the first 11 months of the year [1] - Initial Public Offering (IPO) fundraising has reached over 270 billion HKD, ranking first globally, with four listings among the top ten new stocks worldwide [1] - Follow-up financing for listed companies exceeded 510 billion HKD during the same period [1] - Net inflow of funds into Securities and Futures Commission-recognized funds registered in Hong Kong surpassed 41 billion USD in the first nine months, more than 1.5 times last year's total [1] Real Estate Market Trends - The residential property market remains active, with nearly 57,000 transactions recorded in the first 11 months, a year-on-year increase of approximately 16% [2] - Residential property prices rose by about 3%, while rental prices increased by around 4%, with positive market sentiment regarding the residential sector [2] - The office market also showed improvement, with transaction volume increasing by 74% in the first ten months compared to the previous year, and a slight decrease in vacancy rates for Grade A offices [2] Export and Investment Performance - Overall exports from Hong Kong performed well in the first three quarters of the year, with fixed capital investment rising by 2.5% during the same period [2] - Private consumption increased by 0.9% in the first three quarters, reversing the decline seen in the same period last year, benefiting from the recovery in the asset market and improved market sentiment [2] Future Economic Development - The outlook for Hong Kong's economy remains positive, with expectations of continued momentum into 2026, coinciding with the start of the national "14th Five-Year Plan" [2] - Hong Kong aims to enhance its role as an international financial center, accelerate the development of a world-class innovation and technology hub, and improve its international trade center functions [2] - The integration into national development strategies is expected to yield better development outcomes for Hong Kong, creating more quality job opportunities and benefiting the public [2]

Group 1 - The core viewpoint is that Hong Kong's development will be driven by three key engines: finance, innovation and technology, and trade [1][3] Group 2 - Hong Kong aims to enhance its advantages in the financial market by improving stock market competitiveness and attracting quality companies to list [3] - The government plans to diversify the financial market by exploring new opportunities in bulk commodity trading and international gold trading [3] - There is a focus on accelerating the development of a world-class innovation and technology hub, particularly in collaboration with cities in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The strategy includes attracting more world-class pharmaceutical companies and medical research institutions to establish a presence in Hong Kong, along with implementing a "first-tier approval" mechanism for drug and medical device registration [3] Group 3 - In terms of trade, Hong Kong will continue to play the role of a "super connector" and "super value adder" to support mainland Chinese enterprises in their international expansion [3] - The economic outlook for Hong Kong is positive, with expectations of moderate expansion in the global economy and continued support from mainland China and the broader Asian region [3] - Market expectations of interest rate cuts are anticipated to improve the business and investment climate [3]

Group 1 - President Xi Jinping's meeting with Macau Chief Executive Ho Iat Seng emphasized the importance of Macau's integration into national development, encouraging various sectors to seize opportunities for growth [1][2] - The Macau government plans to align its "13th Five-Year Plan" with the national "14th Five-Year Plan," focusing on economic diversification and the development of Hengqin [1][2] - Financial institutions in Macau are expected to support the government's initiatives by enhancing their roles in promoting economic stability and modern financial industry development [2][3] Group 2 - Various sectors, including labor unions and youth organizations, expressed commitment to supporting the government and contributing to national development, highlighting the importance of innovation and entrepreneurship [3][4] - The commentary from the Macau Daily emphasized the need for Macau to leverage its unique position to overcome development challenges and expand its growth potential [4]

Core Viewpoint - The Central Propaganda Team conducted three sessions in Hong Kong to promote the spirit of the 20th Central Committee's Fourth Plenary Session, emphasizing the importance of Xi Jinping's speech and the recommendations from the session [1] Group 1: Central Committee's Fourth Plenary Session - The Central Propaganda Team provided a comprehensive interpretation of the significant implications of the Fourth Plenary Session, focusing on the major achievements during the "14th Five-Year Plan" period and the guiding principles for the upcoming "15th Five-Year Plan" [1] - The sessions highlighted the main goals, strategic tasks, and significant measures for economic and social development in the "15th Five-Year Plan" [1] Group 2: Hong Kong's Role - Participants from various sectors in Hong Kong expressed their commitment to learning and implementing the spirit of the plenary session, aiming to seize the major opportunities presented by the "15th Five-Year Plan" [1] - The unique advantages of Hong Kong, being connected to the mainland and the world, were emphasized as crucial for better integration and service to the national development agenda, contributing to long-term prosperity and stability in Hong Kong [1] Group 3: Engagement and Interaction - The Central Propaganda Team engaged in discussions with staff and representatives from enterprises in the Northern Metropolis area, indicating a focus on practical collaboration and feedback [1]

Core Insights - The Central Propaganda Team's presentation of the spirit of the 20th Central Committee's Fourth Plenary Session in Macau has helped the local community gain a deeper understanding of the session's implications for Macau's development direction [1][2] Group 1: Government Perspectives - The Secretary for Economy and Finance of the Macau SAR Government, Dai Jianye, emphasized that the presentation allowed various sectors in Macau to comprehensively understand the guiding principles and main goals of the national "14th Five-Year Plan" [1] - The Secretary for Social Culture of the Macau SAR Government, Ke Lan, noted that the presentation combined theoretical insights with local realities, aiming to transform learning outcomes into actionable plans for developing Macau's international tourism and cultural sector [1] Group 2: Industry and Development Strategies - Legislative Council member Huang Jialun stated that the presentation provided valuable insights for Macau's future development, particularly in guiding the planning of the technology industry park [2] - Liu Jiachong, Executive Director of the Macau Development Strategy Research Center, mentioned that the national "14th Five-Year Plan" offers a macro strategic guide and clear blueprint for Macau's development, urging the region to align with national strategies and market trends [2] - Cheng Jiawen, Director of the Youth Committee of the Macau Federation of Trade Unions, highlighted that the presentation pointed the way for Macau's youth to engage with national policies and contribute to long-term development [2]

Core Viewpoint - Hong Kong's Chief Executive, John Lee, emphasized China's commitment to high-quality development, contributing over one-third to global economic growth, and highlighted Hong Kong's unique position as a hub for international business and investment opportunities [1][2] Group 1: Economic Contributions and Growth - China has achieved breakthroughs in high-quality development, contributing over one-third to global economic growth [1] - Hong Kong's exports continued to grow in Q3 this year, with steady expansion in domestic demand, indicating robust economic performance despite global economic turbulence [1] - Positive factors such as moderate global economic growth, active financial markets, U.S. interest rate cuts, and increasing visitor numbers to Hong Kong support further economic growth [1] Group 2: Strategic Initiatives and International Standing - The preparation for China's 14th Five-Year Plan has begun, with new policy proposals aimed at reinforcing China's role as a source of global economic stability and opportunities [1] - Hong Kong ranked third in the World Competitiveness Yearbook, improving two positions from last year, and has been recognized as the world's freest economy by the Fraser Institute, enhancing investor confidence [1] - Over 2,600 mainland enterprises established operations in Hong Kong last year, and a new initiative was launched to help these enterprises leverage Hong Kong's financial and professional services to connect with global markets [2]