在居民服务业方面，全省规上居民服务、修理和其他服务业企业营业收入增长12.3%，较1~10月加快0.4 个百分点。汽车修理与维护、计算机和辅助设备修理分别增长36.8%、36.2%。民生相关领域呈现积极 发展态势，理发及美容服务、婚姻服务、清洁服务、托儿所服务等便民生活服务分别增长136.7%、 19.9%、19%和17.1%。 而问题娱乐业多点赋能。数据显示，全省规上文化、体育和娱乐业企业营业收入增长12.7%，较1~10月 加快0.2个百分点。受益于各类文化节、演唱会等活动增多，文化娱乐经纪人、文艺创作与表演分别增 长45.9%、24.6%；电影市场回暖，影视节目制作、电影放映分别增长116.9%和14.9%；各类体育赛事与 健身活动带动体育场地设施管理增长16%，为公众提供更多优质精神文化与健身选择。 其中，商务服务业引领增长。全省规上租赁和商务服务业企业营业收入增长21.2%，较1~10月加快3.6个 百分点，对规上服务业增长贡献率达73.4%，成为核心拉动力。 （来源：市场星报） 星报讯 记者从省统计局获悉，2025年以来，一揽子存量政策和增量政策协同发力、持续显效，全省服 务业发展稳中有升。1~1 ...

Core Insights - The 2025 China Economic Media Conference emphasizes the importance of economic media in connecting economic sectors with the public, highlighting its role in policy interpretation and market information dissemination [1][2] - The conference aims to foster discussions on industry innovation, content quality improvement, and cross-sector integration to enhance the economic media landscape [1] Group 1: Economic Media's Role - Economic media is seen as a crucial bridge for interpreting policy directions and conveying market information, especially in the context of high-quality economic development by 2025 [1] - The need for economic media to maintain professionalism and credibility while innovating communication methods is stressed [1] Group 2: Key Themes and Directions - Two core directions for economic media are proposed: enhancing economic publicity and public opinion guidance, and improving the quality of all-media communication [2] - The focus on service industry development is highlighted as a key area for future economic growth, with an emphasis on understanding trends and dynamics within this sector [2] Group 3: Conference Outcomes - The conference will announce the results of the "Comprehensive Deepening Reform Theme Promotion Excellent Case" collection and introduce the "2025 Economic Reporting Integration Innovation Team (Studio) Top 20" [3] - A short video produced by China Economic Net titled "Unprecedented Strength! Central Heavyweight Positioning! Chinese Assets Soar Collectively" is recognized as an excellent case in the theme of comprehensive deepening reform [3]

11月27日，国家发展改革委召开月度新闻发布会。 国家发展改革委政策研究室副主任李超在新闻发布会上表示，《民营经济促进法》颁布施行以来，国家发展改革委会同各部门、各地方，从 多个方面推动法律实施。在健全配套措施方面，针对民营企业核心关切， 已推出140余项配套制度，推动《民营经济促进法》的各项要求落 实。 "一个案例胜过一打文件"，李超表示，通过把民营经济促进法的相关规定落实到具体案件中，不仅是要解决一家民营企业、一位企业家 的具体问题，更要为广大民营企业和企业家吃下法治的"定心丸"。下一步，国家发展改革委将用更大力度、更实举措、更多办法，持续不断 推动《民营经济促进法》学习宣传和实施。 来源丨国家发展改革委新闻发布会 编辑丨兰银帆 审核丨许晨辉 郑栅洁主任主持召开民营企业座谈会 就"十五五"时期服务业发展听取意见建议 等你来投！《清华金融评论》12月刊 " 黄金投资逻辑：历史周期与趋势演变 " 征稿启事 01 02 (+1) 小媒求你加·> 标 TSINGHUA PBCSF 法 Katal TSINGHUA Financial Revi 往期回顾 Review of Past Articles - 明传送的 ...

Economic Overview - The overall economic operation in the province has been stable and progressing steadily in the first ten months of the year, with key sectors such as industry, consumption, and services showing positive developments [1][2]. Industrial Performance - The industrial economy has maintained a robust growth trend, with the industrial added value of large-scale enterprises increasing by 6.8% year-on-year from January to October. In October alone, the growth rate was 5.8%, with high-end manufacturing sectors like equipment manufacturing, high-tech manufacturing, and digital core product manufacturing growing by 8.0%, 11.7%, and 9.4% respectively, outpacing the overall growth [1]. Consumption Market - The consumption market has shown signs of recovery, with the total retail sales of social consumer goods reaching 38,816.8 billion yuan, a year-on-year increase of 4.0% from January to October. In October, retail sales of household appliances and audio-visual equipment rose by 7.4%, while sales of computers and related products surged by 48%, indicating strong demand for upgraded and digital products [2]. Service Sector - The service sector has maintained a stable development trend, with revenue from large-scale service industries increasing by 7.2% year-on-year from January to September. Notable growth was observed in resident services, rental and business services, and water, environment, and public facility management, with respective increases of 14.2%, 12.7%, and 9.7% [2]. Fixed Asset Investment - Fixed asset investment in the province has decreased by 8.7% year-on-year from January to October, but the investment structure has been optimized. Significant growth was noted in infrastructure investments, particularly in the electricity and heat production and supply industry, which grew by 22.9%, and in loading, unloading, and warehousing, which increased by 27.2% [3].

Group 1 - The fiscal "front-loading" in the first half of 2025 provided significant support to the economy, with broad fiscal expenditure growth reaching 8.9%, surpassing the nominal GDP growth of 4.3% [1][2] - The funding sources for fiscal support primarily relied on government debt and carryover funds, with a record fiscal deficit of -5.3 trillion yuan in June [1] - Key areas of fiscal expenditure included social security and employment, which saw a year-on-year increase of 9.2%, and scientific and technological spending, which grew by 9.1% compared to the previous year [1] Group 2 - The consumption sector showed a cumulative year-on-year growth of 5% in retail sales, with significant increases in "trade-in" related goods such as home appliances and communication equipment, contributing 52% to GDP growth [2] - Manufacturing investment grew by 7.5% in the first half of the year, benefiting from subsidies for equipment updates and fiscal support for cultural and sports activities [2] Group 3 - There is a potential need for increased fiscal measures in the second half of 2025 if economic pressures become evident, with the goal of achieving the annual economic target [3] - The broad fiscal deficit in July was -5.6 trillion yuan, indicating a slight increase from June, while the issuance of new government debt is nearing its end [3] Group 4 - If fiscal measures are increased, two categories of tools may be utilized: incremental policies that do not require budget adjustments and new government debt limits that require approval from the National People's Congress [4] - Historical context shows that significant budget adjustments have been rare, with the last major adjustment occurring in October 2023 [4] Group 5 - The current fiscal focus is on risk prevention, transformation promotion, livelihood protection, and consumption stimulation, with a particular emphasis on addressing hidden debt issues [5] - The government is prioritizing support for emerging industries and services, as well as enhancing service sector openness to stimulate consumption and trade [5] - Specific initiatives include a child-rearing subsidy program with a budget of approximately 90 billion yuan, aimed at enhancing consumer spending [5][6]

Group 1 - The core viewpoint of the article emphasizes the significant role of fiscal policy in supporting economic resilience in the first half of 2025, with a broad fiscal expenditure growth rate of 8.9%, surpassing the nominal GDP growth rate of 4.3% [3][10] - Fiscal expenditures in the first half of 2025 showed a front-loaded rhythm and differentiated allocation, with a focus on debt resolution and rapid implementation of special refinancing bonds, amounting to nearly 1.8 trillion yuan [3][22] - Key areas of fiscal support included social security and employment, with expenditures increasing by 9.2% year-on-year, and scientific and technological spending rising by 9.1% compared to the same period in 2024 [3][22] Group 2 - The necessity and possibility of increasing fiscal measures in the second half of 2025 are highlighted, especially if economic pressures become evident, with potential adjustments to fiscal policies to meet annual GDP targets [5][40] - The article discusses two categories of fiscal tools for potential increases: one involving incremental policies that do not require budget adjustments, and another involving new government debt limits that require approval from the National People's Congress [6][68] - Historical context is provided regarding past adjustments to fiscal budgets, indicating that significant changes have occurred infrequently, with the last major adjustment in October 2023 involving an additional 1 trillion yuan in government bonds [6][68] Group 3 - Current fiscal priorities are identified as risk prevention, transformation promotion, livelihood protection, and consumption stimulation, with a focus on addressing hidden debt issues at the local government level [7][74] - The article notes that new emerging industries and service sector development are key areas of support, as indicated by recent political meetings emphasizing new pillar industries and increased openness in the service sector [7][81] - Specific fiscal measures include the establishment of a childcare subsidy fund with an initial budget of approximately 90 billion yuan, aimed at supporting families with children [7][89]

Group 1 - The core viewpoint of the article emphasizes the significant role of fiscal policy in supporting economic resilience in the first half of 2025, with a broad fiscal expenditure growth rate of 8.9%, surpassing the nominal GDP growth rate of 4.3% [3][10] - Fiscal expenditures in the first half of 2025 showed a front-loaded rhythm and differentiated allocation, with a focus on debt resolution and rapid implementation of special refinancing bonds, amounting to nearly 1.8 trillion yuan [3][22] - Key areas of fiscal support included social security and employment, with expenditures increasing by 9.2% year-on-year, and scientific and technological expenditures rising by 9.1% year-on-year [3][22] Group 2 - The necessity and possibility of increasing fiscal measures in the second half of 2025 are highlighted, especially if economic pressures become evident, with potential adjustments to fiscal policies to meet GDP growth targets [5][40] - The article discusses two categories of fiscal tools for potential increases: one involving incremental policies that do not require budget adjustments, and the other involving new government debt limits that require approval from the National People's Congress [6][68] - Historical context is provided regarding past adjustments to fiscal budgets, indicating that significant changes have been infrequent, with the last major adjustment occurring in October 2023 [6][68] Group 3 - Current fiscal priorities are identified as risk prevention, transformation promotion, livelihood protection, and consumption stimulation, with a focus on addressing hidden debt issues at the local government level [7][74] - The article notes that new emerging industries and service sector development are key areas of support, as indicated by recent political meetings emphasizing new pillar industries [7][81] - Specific fiscal measures include the establishment of a childcare subsidy fund with an initial budget of approximately 90 billion yuan, aimed at supporting families with children [8][89]

Core Viewpoint - The article discusses the importance of industrial structure adjustment in China's 14th and upcoming 15th Five-Year Plans, emphasizing a shift from focusing on the ratio of the three industries to prioritizing technological innovation and R&D investment [3][5][28]. Summary by Sections 1. Importance of Industrial Structure Adjustment - Industrial structure adjustment is a crucial component of China's Five-Year Plans, serving as a key means to achieve core objectives [3][16]. - The 13th and 14th Five-Year Plans have set clear quantitative targets for industrial structure adjustments, focusing on advanced manufacturing and R&D investment [3][5]. 2. Evolution of Industrial Structure Adjustment - The focus of industrial structure adjustment has shifted from the ratio of the three industries to emphasizing technological innovation [5][28]. - The importance of service industry value-added ratios has diminished, while R&D expenditure has become a central indicator [5][28]. - The 14th Five-Year Plan introduced a target for the digital economy's core industries, reflecting a more refined approach to planning [5][28]. 3. Directions for the 15th Five-Year Plan - The primary direction for industrial structure adjustment during the 15th Five-Year Plan is transformation and upgrading, with a focus on technological innovation [7][22]. - Emerging industries such as marine economy, artificial intelligence, and smart vehicles are expected to receive significant attention [7][22]. - The need to address supply-demand mismatches and implement "anti-involution" policies is highlighted as a critical aspect of the upcoming plan [7][8]. 4. Service Industry Focus - The service industry's development is essential for addressing structural unemployment during the transition process and aligns with the requirements of the new era of China's economy [8][47]. - The emphasis has shifted from finance and real estate to information technology, with a growing focus on enhancing the competitiveness of the service sector [6][47]. - The 15th Five-Year Plan is likely to increase the openness of the service industry to stimulate service consumption and trade [8][49]. 5. Manufacturing Sector Changes - The requirements for the manufacturing sector have evolved from focusing on quantity to quality, with an emphasis on high-tech industries [5][30][40]. - The contribution of high-tech industries to economic growth has become increasingly significant, with average growth rates surpassing those of traditional industries [32][44]. 6. Policy Implications - The article outlines that the strategic focus of the Five-Year Plans reflects a broader shift in policy priorities, emphasizing innovation, structural adjustment, and high-quality development [11][13][40]. - The integration of technological advancements into traditional industries is seen as a pathway to enhance competitiveness and sustainability [5][40].

Core Viewpoint - The article emphasizes the importance of local governments in developing distinctive and competitive industrial systems during the "14th Five-Year Plan" period, suggesting a focus on traditional industry transformation, emerging industry expansion, and the integration of manufacturing and services [1][2]. Summary by Sections Current Misconceptions in Local Government Industrial Planning - There are five main misconceptions in local industrial planning, including a disconnect between planning and actual industrial layout, leading to ineffective implementation of policies [2]. - Many regions exhibit a tendency to overly mimic successful models from other areas, resulting in homogenized industrial policies that do not align with local resources and conditions [3]. - There is an excessive focus on high-tech industries at the expense of traditional industries, which are often neglected in favor of new concepts [4][5]. - Industrial planning tends to prioritize manufacturing over service sectors, lacking specific strategies for service industry development [6]. Recent Changes in China's Industrial Development - The industrial landscape is undergoing significant changes, characterized by a "three-stage" structure driven by digital economy advancements [8]. - Traditional, emerging, and future industries are increasingly interchangeable, with traditional industries evolving into new sectors through technological upgrades [9]. - Consumer demand is becoming a crucial driver of industrial development, with final consumption contributing 56.2% to economic growth, up 8.6 percentage points from the previous period [10]. - The competition in industries is shifting towards the management of flows, such as human, logistics, and information flows, which are essential for regional economic development [12]. Key Focus Areas for the "14th Five-Year Plan" - Local governments should prioritize the transformation of traditional industries, leveraging local resources and market demands to create tailored upgrade plans [13][14]. - Emphasis should be placed on developing distinctive industrial chains rather than broad, generalized plans, focusing on areas where local advantages can be maximized [16]. - The service sector should be elevated in importance, with strategies to enhance the functionality and value of service industries [18][19]. - A new approach to attracting investment should be adopted, focusing on creating synergies between manufacturing and service sectors to enhance overall economic growth [21][22]. - Increased participation of enterprises in the planning process is essential to align policies with actual business needs and market conditions [23][24].

Group 1: Core Policy Initiatives - Shandong Province has introduced the third batch of policy measures aimed at promoting economic stability and quality improvement, focusing on service industry development, project construction support, and assistance for enterprises [1][2] - The policy list includes 16 measures that provide direct financial support, including 200 million yuan for service industry development and an additional 100 million yuan for high-growth enterprises [1][2] Group 2: Service Industry Support - The province will enhance the support for the service industry by implementing a 200 million yuan fund to assist newly registered enterprises and key projects in high-end and quality service sectors [1] - There will be a focus on boosting consumer demand through initiatives like the old-for-new consumer goods program and housing market incentives for cities that effectively promote healthy real estate development [1] Group 3: Project Construction Assurance - Shandong aims to expedite the construction of key projects at provincial, municipal, and county levels, ensuring that policy-driven funding reaches enterprises and projects directly [2] - The province plans to issue all local government special bonds by the end of October and will provide additional land use support for cities facing shortages [2] Group 4: Enterprise Assistance and Financing - The province is expanding the coverage of technology achievement transformation loan interest subsidies to all 16 cities, with a maximum subsidy of 500,000 yuan available for qualifying enterprises [3] - Measures to reduce logistics costs include extending the subsidy period for the Xiaoqing River shipping route and providing support for the construction and operation of new energy vessels [3] - The government will address operational difficulties for enterprises by coordinating solutions for raw material supply, financial credit, and market expansion [3]