Manufacturing PMI Insights - In September 2025, China's Manufacturing PMI rose to 49.8%, an increase of 0.4 percentage points from August, exceeding market expectations[1] - The New Orders Index increased by 0.2 percentage points to 49.7%, while the Production Index surged by 1.1 percentage points to 51.9%, marking a six-month high[2] - Seasonal recovery, improved consumer demand due to policy incentives, and positive outcomes from the China-US trade talks contributed to the PMI increase[2] Price and Economic Trends - The Producer Price Index (PPI) is expected to narrow its year-on-year decline to approximately -2.3% in September, influenced by last year's lower base[3] - The Manufacturing PMI for high-tech sectors stood at 51.6%, while the Equipment Manufacturing PMI rose significantly by 1.4 percentage points to 51.9%[4][5] - The Consumer Goods Manufacturing PMI also increased by 1.4 percentage points to 50.6%, supported by government subsidies and stable export growth[5] Service and Construction PMI - The Services PMI decreased to 50.1%, down 0.4 percentage points from August, reflecting seasonal trends and the impact of the upcoming Mid-Autumn Festival[6] - The Construction PMI was at 49.3%, up 0.2 percentage points, but remained in contraction territory due to a cooling real estate market and weak infrastructure investment[7] Economic Outlook - The overall macroeconomic environment shows slight improvement, with a projected GDP growth rate of around 4.7% year-on-year for Q3, a decrease of 0.5 percentage points from Q2[7] - Looking ahead, the Manufacturing PMI is expected to slightly decline to approximately 49.6% in October, influenced by high tariffs and ongoing adjustments in the real estate market[8]

央视网消息：国家发展改革委9月29日举行新闻发布会，发布会上相关负责人介绍，8月份，我国经济运行总体平稳，有信心实现全年目标 任务。 商务部欧洲司副司长王宇鹏称："其中，瑞典、丹麦对华投资额均超过50亿美元，位居欧洲国家的前列。北欧企业普遍看好中国经济发展 的前景，看重中国超大规模市场的潜力。" 商务部：去年中国与北欧贸易额达531.7亿美元 商务部9月29日举行专题新闻发布会，商务部相关负责人介绍，2024年中国与北欧国家的贸易额达到531.7亿美元，增长8.5%。 今年1至8月，中国与北欧5国的贸易额达到379.6亿美元，同比增长7.1%，增速是同期中欧贸易的两倍多。北欧企业持续加码在华投资，截 至目前，北欧5国累计对华直接投资超过了150亿美元。 国家发展改革委新闻发言人李超介绍，从供给侧看，生产平稳增长，制造业、服务业的重点领域增势良好。从景气程度看，工业企业利润 明显改善。从需求侧看，以旧换新相关商品零售额继续保持较快增长，服务消费潜力不断释放，信息服务业，航空、航天器及设备制造业等投 资较快增长，有力支撑产业升级发展。 国家发展改革委新闻发言人李超称："下一步，我们将持续加强经济监测预测预警，做好 ...

（文章来源：新华财经） 新华财经北京9月29日电（记者余蕊）国家发展改革委政策研究室副主任、委新闻发言人李超29日在该 委新闻发布会上表示，随着各项政策效应充分释放，有信心继续保持经济平稳健康发展，有信心实现全 年目标任务。 李超介绍，从景气程度看，工业企业利润明显改善。1-8月，规模以上工业企业利润增速由负转正，从 1-7月的同比下降1.7%转为增长0.9%，单月增速由7月份的下降1.5%转为8月份增长20.4%。 "从需求侧看，政策效能持续显现，展现出较强的韧性和抗压能力。"她说，消费方面，以旧换新相关商 品零售额继续保持较快增长，前8个月全国乘用车新能源市场零售量同比增长超过20%；服务消费潜力 不断释放，前8个月服务零售额增长5.1%。投资方面，前8个月制造业投资增长5.1%，信息服务业，航 空、航天器及设备制造业，计算机及办公设备制造业投资同比分别增长34.1%、28.0%、12.6%，有力支 撑产业升级发展。外贸方面，8月份货物进出口总额同比增长3.5%，出口和进口连续三个月实现双增 长，对共建"一带一路"国家出口增长12.8%，贸易多元化成效持续显现。 李超表示，当前经济运行依然面临不少风险挑战 ...

9月25日，上海市政府新闻办举行"实干绘答卷 接力新蓝图"上海"十四五"规划成果系列第六场新闻 发布会，围绕"在打造人民城市最佳实践地中干在实处、走在前列"主题，杨浦区委书记薛侃介绍杨浦 区"十四五"期间建设发展成果，杨浦区委副书记、区长周海鹰，杨浦区委副书记周嵘，杨浦区委常委、 常务副区长尼冰，杨浦区委常委、副区长徐建华共同出席新闻发布会，并回答记者提问。 在提升创新产业竞争力方面，立足杨浦的资源禀赋和产业基础，着力构建以数字经济为核心主 导，"人工智能+""互联网+"为两个重点方向，在线新经济、智能制造、创意设计三大千亿级产业集群， 科技服务、人工智能、生命健康、绿色低碳四大新兴产业的"1+2+3+4"创新型现代化产业体系。如今， 互联网"大厂"、"独角兽"、"专精特新"小巨人等一大批数字经济企业在杨浦链式集聚、拔节生长。 在激发创新生态生长力方面，持续促进人才、资本、技术、数据等各类要素自由流动、高效配置， 为创新主体提供充足的"阳光雨露"。比如，加快建设上海高水平人才高地核心区，吸引了一大批拔尖人 才纷至沓来，区域内的两院院士、海外高层次人才等数量位居全市前列。主动承接上海建设全球技术交 易枢纽的重大 ...

Core Insights - Beijing is set to become the second city in China to surpass a GDP of 5 trillion yuan, following Shanghai, marking a significant milestone in the urban economic landscape of China [1][14] - The achievement is attributed to long-term high-quality development and continuous optimization of the economic structure, with a projected GDP of 49,843.1 billion yuan in 2024, reflecting a growth of 5.2% year-on-year [3][14] Economic Growth and Structure - Beijing's economic growth is driven by the optimization of its industrial structure, with the information service industry emerging as the largest pillar, contributing significantly to GDP [4] - The financial sector in Beijing has assets exceeding 220 trillion yuan, accounting for about half of the national total, with a growth rate of 7.6% in 2024 [5] - The city has seen a robust increase in technology innovation, with over 2,400 AI companies and a core AI industry scale surpassing 300 billion yuan [5] Consumption and Investment - Consumer spending has been stimulated by various events, with an expected market total consumption exceeding 3 trillion yuan by 2025 [6] - Fixed asset investment is projected to surpass 1 trillion yuan, indicating strong investment activity in the city [6] Regional Development and Collaboration - The "Beijing-Tianjin-Hebei coordinated development" strategy has been pivotal in driving regional economic growth, with over 4,000 Beijing-based enterprises establishing operations in Xiong'an New Area [7][8] - Transportation infrastructure improvements have facilitated better connectivity within the region, enhancing economic interactions [9] Future Outlook - The competition among cities is shifting from total economic volume to quality, with a focus on technological innovation, industrial upgrades, and regional collaboration as key competitive advantages [14][15] - The number of trillion-yuan cities is expected to increase, with cities like Tangshan and others on the verge of breaking into the trillion-yuan GDP club [15]

杨秀玲介绍，2021-2024年地区生产总值年均增长5.2%，"这一增速是在各种风险挑战冲击下实现 的，是在减量发展背景下取得的，为我国超大城市转型发展蹚出了一条新路子"。北京五年的经济增量 约1.4万亿，相当于新增了一个海淀区的经济总量。北京2024年人均地区生产总值3.2万美元，全员劳动 生产率44.4万元/人、居各省区市首位，万元地区生产总值能耗、水耗、碳排放等多项指标都为全国最 优水平。 北京市发展改革委副主任林剑华，用"基础策源力更加雄厚""经济支撑力更加突出""技术竞争力更 加强劲""创新引领力更加充沛"形容北京这座创新之城——在人工智能等新技术的支撑下，信息服务业 已成为北京第一大产业，信息服务业、科技服务业、先进制造业占GDP的比重由2020年的32.7%提升至 2024年的38.8%。 林剑华介绍，在北京，每天有300多家科技企业诞生，密度超越硅谷。截至2024年年底，北京市拥 有独角兽企业115家，专精特新"小巨人"企业1035家，均居全国城市首位；北京市人工智能企业数量超 2400家，约占全国一半，北京成为名副其实的"人工智能第一城"。 中青报·中青网记者 尹希宁 "各项指标进展顺利"" ...

Core Viewpoint - The global service trade is increasingly becoming a key driver of trade growth, with a notable resilience in the trade system despite multiple economic challenges. Service trade is expected to grow by 9% in 2024, maintaining its growth rate from 2023, while all major service sectors are projected to experience growth [2][3][24]. Group 1: Global Service Trade Growth - The global service trade is projected to grow by 9% in 2024, with all major service sectors achieving growth, including transportation (8%), tourism (13%), and other commercial services (8%) [3][10][24]. - The total value of global goods trade is expected to reach $24.43 trillion in 2024, with a 2.9% increase in goods trade volume [3][10][24]. - Digital delivery service exports are anticipated to grow by 8.3%, reaching $4.64 trillion, accounting for 14.5% of total global goods and services exports [3][10][24]. Group 2: Regional Trade Performance - In 2024, Asia is expected to see the strongest growth in service trade at 13%, while Africa's service trade growth is projected at only 3% [4][10][24]. - North America is also expected to exceed import growth expectations, while Europe is experiencing a trade contraction [4][10][24]. Group 3: Inclusive Development in Service Trade - The demand for inclusive development in global service trade is on the rise, with digitalization playing a positive role in promoting this development [5][26]. - The "Global Service Trade Inclusive Development Trends Report 2025" outlines eight strategic recommendations to enhance inclusive service trade development, including improving digital infrastructure and supporting developing countries [6][26][27]. Group 4: China's Service Trade Dynamics - China's service trade is entering a phase of rapid development, with a focus on high-quality and diversified services, particularly in sectors like information services and finance [16][21][29]. - In the first seven months of 2023, China's service trade reached a total of 45,781.6 billion yuan, reflecting an 8.2% year-on-year growth [10][30][31].

Economic Growth Overview - In August, the industrial added value of large-scale enterprises increased by 5.2% year-on-year, while the total retail sales of consumer goods grew by 3.4% year-on-year. From January to August, fixed asset investment (excluding rural households) rose by 0.5% year-on-year [1] - The spokesperson from the National Bureau of Statistics indicated that the economic growth remains stable, and macro policies will focus on stabilizing employment, enterprises, markets, and expectations, while promoting steady and healthy economic development [1] Domestic Demand Expansion - The effects of policies aimed at expanding domestic demand continue to manifest, with the third batch of consumption upgrade policies being implemented, leading to a rapid increase in sales of related goods [2] - In August, retail sales of household appliances, furniture, and cultural office supplies maintained double-digit growth [2] - The production sector is also benefiting from these policies, with significant year-on-year increases in the manufacturing of boilers and electric motors at 11.9% and 14.8%, respectively [2] Innovation and New Growth Drivers - Policies promoting innovation are enhancing new growth drivers, with the "Artificial Intelligence+" initiative gaining traction and digital economy development showing positive trends [3] - The stock market in August saw increased activity, which is beneficial for improving market expectations and enhancing development vitality [3] Private Investment Growth - A series of supportive measures for the development of the private economy are optimizing the environment for private investment, leading to significant growth in high-tech industries [4] - From January to August, private investment in the information service industry grew by 26.7%, while professional technical services saw a 17.6% increase [4] - Private capital is steadily participating in major national infrastructure projects, with private investment in infrastructure rising by 7.5%, outpacing overall infrastructure investment growth by 5.5 percentage points [4] Future Outlook - Despite challenges faced by some private enterprises, the future development space for the economy remains broad, supported by the growth in green industries and the implementation of the Private Economy Promotion Law [5] - The continuous implementation of macro policies is expected to maintain a steady and progressive economic trend in the third quarter [6]

Core Viewpoint - The economic indicators for August show a marginal improvement compared to July, indicating a gradual recovery in the macroeconomic environment, supported by ongoing policy efforts aimed at achieving annual economic and social development goals [1][6][13]. Economic Indicators - The manufacturing PMI for August is at 49.4%, a slight increase of 0.1 percentage points from the previous month, indicating a less severe contraction [3]. - The industrial added value growth rate for August decreased by 0.5 percentage points to 5.2%, a smaller decline than the 1.1 percentage points drop in July [3]. - Retail sales growth for social consumer goods fell by 0.3 percentage points to 3.4%, again a smaller decline than the previous month's 1.1 percentage points [3]. - Fixed asset investment growth for January to August is at 0.5%, slowing by 1.1 percentage points compared to January to July, which is less than the 1.2 percentage points decline from the previous month [3]. Export and Service Sector Performance - Exports maintained resilience with a year-on-year growth of 4.4% in August, down from 7.2% in July, but still reflecting a two-year compound growth rate of 6.5% [3][4]. - The service sector showed strong performance, with the service production index falling only 0.2 percentage points to 5.6% in August, and the business activity index rising to 50.5%, the highest this year [4]. New Growth Drivers - New growth drivers are performing strongly, with the added value of equipment manufacturing and high-tech manufacturing increasing by 8.1% and 9.3% year-on-year, respectively [4]. - Investment in information services and aerospace manufacturing grew significantly, with year-on-year increases of 34.1% and 28.0% [4]. Price Trends - The CPI for August showed a year-on-year decrease of 0.4%, while the core CPI increased by 0.9%, marking the highest growth in 18 months, indicating a release of service consumption potential [4]. - The PPI remained flat month-on-month, ending an eight-month decline, with a year-on-year decrease of 2.9%, narrowing from 3.6% in the previous month [4]. Monetary and Fiscal Policy - The loan balance growth in August was 6.8%, slightly down from 6.9% in July, while the social financing stock grew by 8.8%, down from 9.0% [5]. - The government issued 1.4 trillion yuan in new debt in August, a decrease of 251.9 billion yuan year-on-year, indicating a reduced support role for government debt in social financing [10]. Policy Coordination - The coordination between fiscal and monetary policies is expected to strengthen, with discussions on financial market operations and government bond issuance management [11]. - New policies aimed at promoting consumption and stabilizing the real estate market are being introduced, including measures to enhance service consumption and support housing market recovery [12]. Overall Economic Outlook - The current macroeconomic policy is characterized by a gradual and supportive approach, with potential for more robust counter-cyclical adjustments if economic pressures increase [13].

"十四五"期间，北京市坚持稳中求进、系统施策，精准有力实施逆周期调节，针对性出台系列稳增长举 措，经济实力实现大幅跃升，预计地区生产总值连续跨越4万亿元、5万亿元两个台阶，五年的经济增量 约1.4万亿元。发展质效也显著提升，2024年人均地区生产总值3.2万美元，全员劳动生产率44.4万元/ 人，居各省区市首位，万元地区生产总值能耗、水耗、碳排放等多项指标也都是全国最优水平。2021— 2024年地区生产总值年均增长5.2%，北京市发改委主任杨秀玲表示："这一增速是在各种风险挑战冲击 下实现的，是在减量发展背景下取得的，为我国超大城市转型发展蹚出一条新路。" 据北京市发展改革委副主任、新闻发言人张鑫介绍，从北京国民经济前三大支柱行业看，信息服务业增 加值突破万亿元，成为全市第一大支柱产业，规模稳居全国首位，自启动全球数字经济标杆城市建设以 来，信息服务业保持每年至少跨越一个千亿级台阶的速度；金融业资产规模超220万亿元，约占全国的 一半，国家金融管理中心功能不断强化，金融"五篇大文章"有力支撑实体经济发展；制造业向新优化、 向高攀升，集成电路、新能源汽车等165个重大产业项目落地显效，2024年集成电路产量较 ...