Group 1 - The Beijing International Entrepreneurs Advisory Council's mid-term meeting highlighted the transformation of suggestions into new development momentum for Beijing [1][2] - The council has established a work ledger with 72 suggestions across four areas: expanding service industry openness, cultivating new productivity, enhancing urban management, and promoting sustainable development [1] - The suggestions have led to concrete actions, such as the inclusion of "promoting foreign enterprises' participation in standard-setting" in the Beijing Foreign Investment Regulations and the introduction of a new data cross-border transmission policy [2] Group 2 - The council has attracted interest from international companies, with AstraZeneca and Mizuho Financial Group recently approved as new advisory units [2][3] - AstraZeneca announced a $2.5 billion investment plan to establish Beijing as a key strategic hub for research, production, and ecological innovation [2] - Mizuho Bank has a significant presence in Beijing, being the largest branch of its kind, and aims to contribute to creating a world-class business environment in the city [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The Politburo meeting on April 25, 2025, basically continued the wording of previous meetings but emphasized implementation and accelerating efforts. It showed a policy approach of speeding up the implementation of existing policies while reserving room for incremental policies to deal with "international economic and trade struggles" [2][4]. 3. Summary by Relevant Catalogs 3.1 Policy Overall Tone - The meeting affirmed the 5.4% GDP growth in Q1 and the resilience of the stock market. It adopted an attitude of not rushing to increase policies, focusing on implementing policies from previous meetings. However, it required policies to be "accelerated, intensified, and fully utilized", with accelerated implementation being a practical measure for stable growth [4]. - Although there were not many new incremental policies, the policy - makers were worried about the external situation. They added a paragraph on future policy space, indicating that reserve policies would be introduced according to the actual situation [5]. 3.2 Main Policy Orientations - The overall policy tone and specific measures in the monetary and fiscal fields generally continued from previous meetings, but with an emphasis on accelerating implementation. For example, in the "local government special bonds and ultra - long - term special treasury bonds", the requirement of "accelerating issuance and use" was added [7][8]. 3.3 Outlook on Potential Policy Space Monetary Policy - In terms of aggregate tools, the short - term probability of comprehensive liquidity injection is low as the base money gap is not large. However, if external pressure increases or economic data deteriorates, aggregate monetary policies may be implemented. If the Fed cuts interest rates in the second half of the year, it will open up room for domestic easing [10]. - For structural tools, since the meeting directly mentioned creating new structural monetary policy tools, it is likely to be implemented in Q2, targeting weak areas such as foreign trade and domestic demand [10]. Fiscal Policy - In the first half of the year, the "Two Sessions" announced quotas will be mainly used. In the second half, the annual budget deficit may be increased depending on fiscal revenue and actual deficits, possibly at the NPC Standing Committee meetings in even - numbered months. Fiscal investment is expected to tilt towards foreign trade and consumption. Budget - external fiscal tools may be implemented in Q2 [11]. Real Estate Policy - The meeting basically continued the previous tone, focusing on long - term system construction, acquisitions, and urban village renovation. If domestic economic downward pressure increases, real estate policies are likely to be strengthened [12]. 3.4 Key Areas of Future Work - The meeting put forward "Four Stabilities": "stabilize employment, enterprises, markets, and expectations", with stabilizing employment and enterprises at the forefront. Many employment - stabilizing measures were proposed, and promoting service consumption was also emphasized as a way to increase employment [14]. - The meeting continued to attach importance to technological innovation, mentioning "cultivating new productive forces", key core technology research, and the "AI +" action. It also proposed to launch a "technology board" in the bond market to support key areas [14].