近日召开的国务院常务会议指出，要把"两重"建设放在"十五五"全局中谋划和推进，推动国家 重大战略深入实施、重点领域安全能力稳步提升。在当前经济转型升级的关键时期，"两重"建 设已超越传统基建投资的范畴，正成为扩大有效投资、培育新质生产力的战略抓手。 一方面，"两重"建设成为稳增长与促创新深度融合的交汇点，展现出精准施策的鲜明特征。 通过系统布局重大项目和精准引导有效投资，有望在优化经济结构、增强发展韧性、推动高质 量发展方面发挥关键作用，为中国式现代化建设筑牢坚实基础。 "两重"建设最显著的特征在于将国家重大战略实施与重点领域安全能力建设有机融合，在全球 格局深刻变革的背景下，通过重大工程项目系统性地提升关键领域的安全保障能力。在能源领 域，大型清洁能源基地与智能电网建设同步推进，既优化能源结构，又强化能源安全保障；在 粮食领域，高标准农田建设与种业振兴工程协同实施，共同筑牢粮食安全根基；在产业链领 域，关键基础设施建设与核心技术攻关统筹推进，增强产业链供应链韧性。 在"两重"建设实施过程中，需要构建科学系统的推进机制，重点把握两个维度的平衡关系。一 是政府与市场的协同共生。项目融资上实现政府资金与社会资本的 ...

一方面，"两重"建设成为稳增长与促创新深度融合的交汇点，展现出精准施策的鲜明特征。通过系统布 局重大项目和精准引导有效投资，有望在优化经济结构、增强发展韧性、推动高质量发展方面发挥关键 作用，为中国式现代化建设筑牢坚实基础。 未来"两重"建设在用好国债资金的基础上，将着力构建更加多元化的投融资体系。通过精准把握项目建 设进度与资金拨付节奏，强化项目与资金的匹配度，有效撬动超长期信贷、政策性金融等配套资金，积 极引导民间资本参与项目建设。这将显著放大"两重"建设的投资乘数效应，为民营企业创造更广阔的市 场空间。这也是深化"放管服"改革、优化营商环境的重要实践，有效激发市场主体活力，形成政府与市 场协同发力、互促共进的良性发展格局。 在"两重"建设实施过程中，需要构建科学系统的推进机制，重点把握两个维度的平衡关系。一是政府与 市场的协同共生。项目融资上实现政府资金与社会资本的优势互补，同时明确政府与市场的权责边界， 既保障社会资本的合理收益，又确保公共利益的实现。二是短期效益与长期价值的统筹兼顾。要注重项 目建设与区域发展规划的衔接，建立全生命周期成本效益评估体系，避免片面追求短期效益而牺牲长期 价值。 近日召开 ...

Core Viewpoint - The 15th China-Northeast Asia Expo is being held in Changchun, Jilin Province, showcasing the strong economic cooperation and development momentum in Northeast Asia amidst global economic uncertainties [2]. Group 1: Event Overview - The expo takes place from August 27 to 31, featuring four major theme pavilions: Modern Industry Pavilion, Open Cooperation Pavilion, New Consumption and Services Pavilion, and International and Hong Kong, Macao, and Taiwan Products Pavilion [2]. - Over a thousand enterprises are participating, displaying more than 70,000 domestic and international brand products through both online and offline channels [2]. Group 2: Economic Cooperation - This year marks the 20th anniversary of the China-Northeast Asia Expo, highlighting the sustained deepening of economic and trade cooperation in the region [2]. - The event gathers business representatives from Northeast Asian countries to explore new paths and models for regional cooperation, focusing on supply chain collaboration, fostering new productive forces, and expanding trade and investment [2].

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].