Group 1 - The meeting of the 14th Municipal People's Congress Standing Committee focused on implementing Xi Jinping's important discourse on common prosperity and the "Ten Million Project" as the first agenda item [1] - The meeting reviewed and approved the draft of the Hangzhou Municipal Health Promotion Regulations, which will be modified based on the review opinions [2] - Reports were heard and discussed regarding the government's efforts to deepen the "Ten Million Project" and reduce the "three major gaps" [2] Group 2 - The meeting included discussions on the planning and construction of the Greater North City, promoting national unity, and the implementation of the decision on building a youth development-oriented city [2] - The meeting assessed the satisfaction of the implementation of the reports on the development of the headquarters economy and the execution of the 2024 government major investment project plan [2] - Personnel matters were voted on and new appointees received their appointment letters, with an emphasis on the importance of the Party's leadership in the work of the People's Congress [3]

Group 1: Economic Trends - Retail sales of passenger cars increased by 24.8% year-on-year as of June 22, compared to 13.3% in May[1] - The Markit Manufacturing PMI for major overseas economies averaged 51.1 in June, up from 50.9 in May, with contributions mainly from Japan, India, and the UK[1] - The land premium rate rebounded to 7.3% in the week of June 22, with a three-week average of 3.2% compared to 4.93% in May[1] Group 2: Consumer Behavior - Subway ridership in 27 cities averaged 77.42 million daily, up 0.5% year-on-year, while domestic flight numbers were 12,700, up 0.7% year-on-year[2] - The sales area of commercial residential properties in 67 cities decreased by 16% year-on-year as of June 27, compared to a 13% decline in May[2] Group 3: Financial Indicators - As of June 30, 2025, new special bonds issued reached 2.16 trillion, accounting for 49.1% of the annual issuance plan, faster than last year's 37.8%[3] - The DR001 rate was 1.3683%, DR007 was 1.6968%, and R007 was 1.9201% as of June 27, with changes of -0.59bps, +20.27bps, and +32.91bps respectively[3]

Group 1 - The core viewpoint of the article highlights Huizhou's plan to issue new bonds amounting to 26.28 billion yuan in 2024, representing a year-on-year increase of 45.1% [2] - A total of 248 bond projects are arranged, primarily focusing on municipal and industrial park infrastructure, social undertakings, transportation infrastructure, and agricultural and water conservancy sectors [2] - By the end of December 2024, all newly issued bonds are expected to be fully allocated and spent, achieving a spending progress rate of 100% [2] Group 2 - The government debt limit for Huizhou is set at 151.39 billion yuan, with a current balance of 150.84 billion yuan, keeping the debt within the prescribed limit [3] - The report indicates that 22.24 billion yuan is allocated to support the "Hundred Million Project," which focuses on rural revitalization and infrastructure development [3] - Approximately 1.5 billion yuan of special bonds are designated as project capital, which is expected to leverage an additional 2 billion yuan in market financing [3] Group 3 - Huizhou has implemented strict controls on debt levels for both the municipal and county levels, ensuring reasonable distribution of new bond quotas to prevent sudden increases in debt [3] - The city has not identified any new hidden debts in 2024, maintaining a "zero growth" status for hidden government debts [3] - A comprehensive risk assessment and early warning system for legal debt is in place, with ongoing monitoring of debt ratio trends to prevent sharp increases in risk levels [3] Group 4 - The Huizhou Municipal People's Congress has established a system for the city government to report on local government debt management, which includes oversight of budget drafts, debt limits, and project arrangements [4] - A multi-departmental collaborative mechanism has been established to manage the entire process of new bond funds, ensuring effective use and risk prevention [5] - The city aims to strengthen fiscal revenue and improve local government bond management while actively accepting oversight from the People's Congress [5]

Core Insights - The report emphasizes the importance of effectively preventing and mitigating major economic risks, ensuring that systemic risks do not occur [1] Group 1: Government Debt Management - The report suggests strengthening government debt management, particularly in coordinating long-term special bonds with other central fiscal funds and local government special bonds [1] - It calls for enhanced oversight of local special bonds through in-depth regulation and strict review of local debt resolution effectiveness [1] - The report recommends dynamically adjusting the list of high-risk debt regions [1] Group 2: Risk Prevention in Key Areas - The report stresses the need to enforce accountability for risk management among local leaders, particularly in addressing risks related to real estate, local debt, and small local financial institutions [1] - It highlights the importance of coordinated supervision between central and local authorities to prevent the interconnection and transmission of risks [1] - The report advocates for a strong crackdown on illegal fundraising and other public risk issues [1]

Group 1 - The Jiangsu Provincial People's Congress held its 15th meeting, focusing on personnel appointments and reports from various government bodies [1] - The meeting included discussions on the work of the provincial supervisory commission regarding corruption and misconduct issues affecting the public [1] Group 2 - The Provincial Legislative Committee reported on the review results of the draft regulations for preventing and resolving conflicts and disputes [2] - The provincial government submitted proposals for the review of several local regulations, including the draft regulations on agricultural machinery management and public libraries [2] - Reports were presented on the management of government debt for 2024 and measures to enhance digital trade and service trade quality [2] Group 3 - A report was provided on the qualifications of individual representatives within the Provincial People's Congress [3] Group 4 - The meeting reviewed 11 legislative proposals submitted by municipal people's congresses for approval [4] - Discussions were held with representatives from various municipal congresses to gather opinions and suggestions on relevant topics [4]

Group 1 - The meeting of the Provincial People's Congress Standing Committee was held in Xi'an, presided over by the Provincial Party Secretary Zhao Yide [1] - 60 members of the Standing Committee attended the meeting, meeting the legal attendance requirement [2] - Reports were presented on various topics including the implementation of science and technology progress laws, government debt management for 2024, and anti-corruption efforts [3] Group 2 - The meeting reviewed multiple legislative drafts including the waste classification management regulations and forest management regulations [4] - Additional reports included the examination of individual representatives' qualifications and various government budget adjustments [4] - A special lecture on hydrogen energy and zero-carbon smart energy systems was delivered by an academic expert prior to the meeting [6]

推动民营经济促进法出台 文/《清华金融评论》 周茗一 2025年3月4日1 2时，十四届全国人大三次会议举行首场新闻发布会，大 会发言人娄勤俭就大会议程和人大工作相关问题回答中外记者提问。 3月4日，十四届全国人大三次会议新闻发布会在人民大会堂举行。大会发言人娄勤俭向中外媒体记者介 绍大会议程及人大相关工作。 十四届全国人大三次会议3月5日上午开幕，3月11日下午闭幕，会期7天，共安排3次全体会议。大会议 程共有七项。 图片来源： 央视新闻 2024年立法工作取得新进展新成效 十四届全国人大三次会议大会发言人娄勤俭表示，十四届全国人大二次会议以来，全国人大常委会充分 发挥人大在立法工作中的主导作用，着力推动中国特色社会主义法律体系与时俱进、发展完善。一年 来，审议法律案39件，通过了其中的24件，包括制定法律6件、修改法律14件，作出有关法律问题和重 大问题的决定4件。 娄勤俭表示，去年12月，民营经济促进法草案由国务院提请全国人大常委会初次审议；上个月又进行了 再次审议。草案第一次将坚持"两个毫不动摇"、促进"两个健康"写入法律，把党中央关于促进民营经济 发展的重大方针、政策举措上升为法律规范，对于保证各种 ...

Core Viewpoint - The National People's Congress (NPC) is taking measures to manage local government debt effectively, including the approval of an increase in the local government debt limit by 6 trillion yuan to replace hidden debts, which is aimed at ensuring stable local fiscal operations and supporting high-quality development [1]. Group 1 - The NPC approved an increase of 6 trillion yuan in local government debt limits to replace existing hidden debts [1]. - By the end of last year, the 2 trillion yuan replacement bond quota for 2024 had been fully issued, with most regions completing the debt replacement [1]. - The issuance work for the 2 trillion yuan replacement bonds for 2025 has already been initiated, which helps to effectively prevent and mitigate local government debt risks [1]. Group 2 - The NPC Standing Committee will enhance supervision of government debt management, particularly focusing on the implementation of the increased local government debt limit for replacing hidden debts [1]. - There is a commitment to further strengthen government debt management and to establish a debt management mechanism that aligns with high-quality development [1]. - These measures are intended to support the sustained and healthy development of the economy and society [1].