量大面广的中小微企业，是中国经济韧性的重要支撑。 第二十届中国国际中小企业博览会6月27~30日在广州举行。工业和信息化部部长李乐成在开幕致辞中表 示，要加力优化中小企业公平竞争环境，推动建设开放型世界经济，通过消除制度性壁垒、完善市场准入 规则、加强知识产权保护等措施，让中小企业在开放的国际市场中平等获取资源、技术与信息，公平参与 竞争。 李乐成强调，要着力强化中小企业专精特新发展。出台有利政策，支持中小企业聚焦主业、精耕细作，实 现高端化、数字化、绿色化、国际化发展，不断增强创新能力和核心竞争力。引导优质资源向中小企业聚 集，建设更多中小企业特色产业集群。 6月是2025年全国中小企业服务月。当前，从中央到地方正积极部署，围绕市场拓展、融资促进、数字化 转型、技术赋能等多个领域推出系列暖企惠企举措，开展针对性的服务活动，通过精准有力的政策助力中 小企业强信心、稳预期。 2025.06. 29 本文字数：2240，阅读时长大约4分钟 作者 | 第一财经 祝嫣然 中小企业相关指标稳中向好 工信部、国家统计局发布的最新数据显示，今年前5个月，我国中小企业经济运行总体平稳，主要经济指 标保持增长。 前5个月，我国 ...

Core Viewpoint - The People's Bank of China and five other departments have jointly issued guidelines to enhance financial support for consumption, aiming to stimulate high-quality consumption and unlock consumer potential through 19 key measures across six areas [1][2]. Group 1: Financial Support for Consumption - The guidelines emphasize financial support for key areas of consumption, including goods, services, and new types of consumption [2]. - For goods consumption, the focus is on innovating and optimizing consumer credit products to meet diverse consumer needs and enhancing financial support for foreign trade enterprises [2]. - In service consumption, the guidelines propose increased financing support for sectors like retail, hospitality, and elder care, while also promoting innovative financing models in cultural, sports, and educational services [2]. Group 2: Enhancing Financial Supply - The guidelines call for improved professional service capabilities among financial institutions, encouraging them to issue loans to key service sectors to enhance service quality [3]. - A specific loan quota of 500 billion yuan is set for service consumption and elderly care, allowing major financial institutions to apply for refinancing based on the principal of loans issued [3]. - The guidelines also highlight the importance of increasing residents' income levels as a key support for boosting consumption [3]. Group 3: Optimizing Consumption Environment - The guidelines propose that financial institutions focus on enhancing payment convenience across key consumption scenarios, improving compatibility among various payment methods [4]. - There is an emphasis on improving payment services for elderly individuals and foreign visitors, as well as promoting the trial implementation of digital currency in consumption [4].

Core Points - Shenzhen government encourages financing guarantee institutions to expand the scale of financing guarantees for small and micro enterprises in the service industry and individual businesses, while also reducing financing guarantee rates [1] Group 1: Financial Support Measures - The Shenzhen Municipal Government has issued measures to promote high-quality development of service consumption, emphasizing the need for enhanced financial and tax support [1] - There is a focus on guiding social capital investment to support digital transformation, platform construction, and brand promotion for service enterprises [1] Group 2: Specific Industry Support - The measures include increasing credit support for key sectors such as accommodation, catering, cultural and entertainment, and the elderly care industry [1] - Insurance institutions are encouraged to develop commercial health insurance products tailored to different demographics [1]

Core Viewpoint - The People's Bank of China and six other departments have jointly released guidelines to enhance financial support for consumption, aiming to stimulate economic growth through a series of 19 key measures focused on various aspects of consumer finance [1][3]. Group 1: Financial Support Measures - The guidelines propose a comprehensive support system for consumption through financial innovation, creating a virtuous cycle of "policy guidance - financial supply - consumption upgrade" [1]. - Key measures include enhancing consumer capacity, expanding financial supply in consumption sectors, and optimizing the consumption environment [1][3]. - A specific focus is placed on providing 500 billion yuan in low-interest loans (1.5%) to stimulate credit investment in service consumption and elderly care [1][3]. Group 2: Financing Channels - The guidelines emphasize the need to solidify the macroeconomic financial foundation by supporting employment and optimizing insurance coverage [3]. - Financial institutions are encouraged to issue loans to key service sectors such as retail, hospitality, and education, enhancing the quality and efficiency of service consumption [3][4]. - The guidelines also promote diversified financing channels, including bond and equity financing for qualified enterprises in the consumption sector [4]. Group 3: Consumer Potential Release - The new policies are seen as crucial for stabilizing economic growth amid global uncertainties and domestic economic pressures, with consumption being a key driver [5][6]. - Specific areas of focus for financial support include goods consumption, service consumption, and new consumption models [6][7]. - The guidelines advocate for personalized financial products tailored to the unique characteristics of service consumption [7]. Group 4: Strengthening Financial Services - The guidelines call for the optimization of payment services to enhance consumer experience across various payment methods [9]. - A robust credit system is to be established, leveraging national credit information platforms to improve the identification of consumer credit status [9]. - Consumer rights protection mechanisms will be strengthened to ensure transparency and compliance in financial services [9]. Group 5: Long-term Economic Impact - The policies aim to create a synergistic relationship between government guidance and market mechanisms, addressing supply-demand mismatches while facilitating industrial transformation [10]. - The anticipated outcome is a dual upgrade in supply and demand within the consumption market, contributing to high-quality economic development and improved living standards [10].

Core Viewpoint - The article discusses the joint issuance of guidelines by six Chinese government departments, including the People's Bank of China, aimed at enhancing financial support to boost and expand consumption, thereby stimulating economic growth [1][2][3]. Group 1: Overall Requirements - The guidelines emphasize the importance of financial services in supporting the real economy and enhancing consumption, aligning with the principles of Xi Jinping's thought [4]. - The approach combines optimizing supply with expanding demand, integrating the strategy of expanding domestic demand with deepening financial supply-side structural reforms [4]. - Financial innovation is encouraged, with a focus on market-oriented and legal compliance to provide diverse financial services tailored to consumption needs [4]. Group 2: Enhancing Consumption Capacity - The guidelines call for solidifying the macroeconomic foundation to stabilize consumer expectations, emphasizing the need for coordinated financial, fiscal, and industrial policies [6]. - Support for employment and income growth is highlighted, particularly for small and micro enterprises, to enhance consumer confidence [6]. - The development of financial products that cater to retirement and health insurance needs is encouraged to improve consumer willingness to spend [7]. Group 3: Expanding Financial Supply in Consumption - Financial institutions are urged to enhance their organizational structures and professional teams to provide efficient financial services in the consumption sector [8]. - The guidelines promote the use of structural monetary policy tools to support key service consumption sectors, with a specific focus on providing loans to various business entities [9]. - There is a push for increased bond market financing to support cultural, tourism, and educational sectors, as well as consumer finance companies [10]. Group 4: Supporting Key Consumption Areas - Financial institutions are encouraged to facilitate the recycling of consumer goods and provide credit support for essential consumer goods [11]. - The guidelines stress the importance of supporting service consumption, particularly in areas like hospitality, retail, and elder care, with tailored financial products [12]. - New consumption models, such as digital and green consumption, are to be explored, with financial institutions collaborating with merchants to develop suitable financial products [12]. Group 5: Strengthening Financial Infrastructure - The guidelines advocate for financial support in building consumption infrastructure, including facilities for tourism, healthcare, and communication [13]. - Support for the logistics and supply chain sectors is emphasized to enhance the efficiency of the commercial circulation system [14]. Group 6: Optimizing the Consumption Environment - Continuous improvement of payment services is highlighted, focusing on enhancing the compatibility of various payment methods to provide a better consumer experience [15]. - The establishment of a robust credit system in the consumption sector is encouraged to facilitate access to credit for consumers and businesses [16]. Group 7: Organizational Support - The guidelines call for enhanced coordination among local financial management departments and relevant industry authorities to effectively implement the consumption support policies [17]. - Monitoring and evaluation mechanisms are to be established to assess the effectiveness of financial support for consumption [17].

Group 1 - The overall Consumer Price Index (CPI) increased by 0.38% year-on-year for the twelve months ending in May 2025 [1][2] - Significant price increases were observed in categories such as Miscellaneous Goods and Services (+2.41%), Education (+1.9%), and Medical (+1.44%), while Transportation (-2.87%) and Information and Communication (-1.34%) saw declines [2] - The CPI for food and non-alcoholic beverages rose by 0.55% in the first five months of the year, contributing to the overall CPI increase [2] Group 2 - In May 2025, the CPI decreased by 0.05% compared to April, with notable declines in Transportation (-0.56%) and Recreation, Sports, and Culture (-0.42%) [1] - The price index for food and non-alcoholic beverages fell by 0.03% month-on-month, driven by lower prices for fruits, fresh fish, seafood, cooking oil, and vegetables [1] - The price indices for Clothing (+0.71%) and Household Equipment and Services (+0.28%) increased month-on-month [1]

Report Industry Investment Rating No relevant information provided. Core Views - In May 2025, the overall economy stabilized. Industrial production maintained steady growth, with the added value of industrial enterprises above designated size increasing by 6.3% year-on-year. However, Sino-US tariff friction pressured downstream and midstream enterprises. The PPI decreased by 3.3% year-on-year, and the CPI slightly decreased by 0.1% year-on-year. Investment growth slowed marginally, while consumption rebounded, and the real estate sector remained under pressure [3][4]. - Domestic demand showed resilience, but external uncertainties increased. The overall domestic demand in May demonstrated resilience, with consumption reaching a new high for the year. High-end manufacturing led industrial upgrading, and the optimization of the foreign trade structure hedged external risks. However, global differentiation intensified, and the impact of the Israel-Palestine war on upstream raw materials needed further attention [5]. Summary by Directory Growth: Steady Growth - In Q1 2025, China's GDP reached 31.88 trillion yuan, growing by 5.4% year-on-year. The proportion of the tertiary industry increased to 61.2%. In May, the added value of industrial enterprises above designated size increased by 6.3% year-on-year, with high-tech and equipment manufacturing industries maintaining rapid growth. However, Sino-US tariff conflicts affected the growth of private, foreign, and state-owned enterprises [10][11]. Inflation: Continued Pressure - In May 2025, the PPI decreased by 3.3% year-on-year, mainly due to increased international input pressure and loose supply and demand of energy and raw materials. The CPI slightly decreased by 0.1% year-on-year, with significant structural differentiation. Energy and food prices declined, while service prices increased. Future risks included international commodity price fluctuations and geopolitical risks [22][45]. Investment: Marginal Slowdown - From January to May 2025, national fixed - asset investment increased by 3.7% year-on-year, with a marginal slowdown in growth. Manufacturing investment maintained rapid growth, especially in high - tech fields. Infrastructure investment growth slowed, and private investment excluding real estate showed vitality in the service industry [60]. Production: Intensified Differentiation - From January to May 2025, the added value of industrial enterprises above designated size increased by 6.3% year-on-year, with significant industry differentiation. High - tech industries such as the automobile and computer equipment manufacturing industries had high capacity utilization rates, while the upstream raw material industry was weak, and exports were under pressure [65]. Consumption: Policy Effectiveness - In May 2025, the consumer market rebounded strongly, with the total retail sales of consumer goods reaching 4132.6 billion yuan, a year-on-year increase of 6.4%. The "trade - in" policy was effective, and service consumption and new consumption became new drivers. However, consumer confidence needed to be strengthened [78]. Real Estate: Weak and Differentiated - The real estate market continued its weak recovery and deep differentiation. In May 2025, the real estate development climate index was 93.72. Real estate investment decreased by 10.7% year-on-year, and the sales side showed regional differentiation and year-on-year improvement. Policy - driven market structure optimization was underway, but real estate enterprises still faced financial pressure [89]. Appendix - In May 2025, the national economy ran smoothly under pressure, with stable growth in production and demand, stable employment, and the growth of new drivers. Industrial production, service industry growth, market sales, fixed - asset investment, foreign trade, employment, and consumer prices all showed certain characteristics [112].

Group 1 - The core idea of the news is the launch of a consumption promotion activity in Xi'an, themed "One Ticket to Enjoy Chang'an: Experience 'West' and Delight in Shopping," aimed at stimulating local consumption through a "ticket root economy" [1][2] - The initiative is a collaboration between Xi'an's Business Bureau, Cultural and Tourism Bureau, and Sports Bureau, and will run until December 31, 2025, covering large concerts and sports events organized in the city [1][2] - Consumers can enjoy tiered discounts when spending at participating accommodation and dining businesses, with the opportunity to receive consumption vouchers by scanning a QR code at event venues [1][2] Group 2 - The promotion also includes special discount vouchers for cultural, tourism, and sports activities, extending the consumption chain and linking various consumption scenarios from historical sites to modern shopping districts [2] - This innovative model not only provides benefits to consumers but also attracts targeted customer traffic for businesses, enhancing the night economy and promoting the integration of culture, commerce, and tourism [2] - The Xi'an Business Bureau views the "ticket root economy" as a proactive attempt to innovate consumption scenarios in response to the rising "performance economy," with plans to continue developing the "consumption+" model leveraging the city's rich cultural resources [2]

Core Insights - The "Inclusive Finance - Micro and Small Enterprises Index" published by Xinhua Index Research Institute indicates an improvement in the development expectations for micro and small enterprises in Q1 2025, with a significant increase in financing demand and a decrease in financing costs and risks [1][2] - The financing demand index reached 136.67 points, a month-on-month increase of 22.52%, while the financing supply index remained stable at 198.3 points, reflecting a steady rise in financing demand among small enterprises [1] Financing Demand and Supply - The primary financing demand for micro and small enterprises is for liquidity supplementation ranging from 100,000 to 500,000 yuan, with over half of the surveyed enterprises indicating a need for financing [1] - The financing demand index for various industries showed a robust increase, particularly in the scientific research and technical services sector, which saw a 30.45% month-on-month rise [2] Sector and Regional Performance - The hospitality and tourism sectors are experiencing a recovery, leading to increased orders and short-term turnover demand in procurement, inventory, and labor [1] - Among the seven sample regions, Guangdong exhibited the highest increase in financing demand index, rising by 25.22% month-on-month, while Hebei showed the greatest improvement in financing efficiency, increasing by 1.34% [2] Overall Index Performance - The Inclusive Finance - Micro and Small Enterprises Development Index for Q1 2025 reached 52.11 points, indicating a positive trend above the neutral line, with the vitality index at 55.06 points and the confidence index at 57.13 points [2]

近年来，中国人民银行内江市分行（以下简称"人行内江市分行"）积极贯彻落实大力提振消费、扩内需 相关政策，加强政策宣传和场景打造，积极推动相关金融促消费举措落地见效，主动配合财政部门支持 消费贷款贴息，各金融机构纷纷响应，投入"真金白银"提振消费，助力全民消费走出"上行线"。人行内 江市分行的统计数据显示，截至今年3月末，内江市住户消费贷款（不含住房贷款）同比增长17.28%， 高于各项贷款平均增速5.31个百分点。 助力沉寂景点火爆"破圈" 记者了解到，人行内江市分行指导金融机构积极做好"银发经济""烟火经济"的走访对接，为广大市民打 造更贴心的消费场景。全市打造支付适老示范化网点6个，在全省首批实现"一县一点"示范化网点全覆 盖；利用金融工具，引导3家金融机构投放贷款4290万元，支持市县3个养老建设项目，构建康养一体多 维度消费新生态。四川银行、成都银行（601838）等在内江的分支机构发挥支付便利化优势，优化金融 产品服务功能，联合大型商圈、重点乡镇开展综合消费"满减"活动，激活消费市场新动能，激发消费市 场新活力。 "我们内江重新拥有了自己的大草原，特别是大草原的粉红火山看起来太浪漫了。"川南大草原的 ...