Core Viewpoint - The release of the "Encouragement Directory for Foreign Investment Industries (2025 Edition)" aims to attract and utilize foreign investment more effectively, focusing on advanced manufacturing, modern services, high-tech, and energy-saving sectors, particularly in the central and northeastern regions of China [2][4][8]. Summary by Sections Overall Changes - The 2025 edition of the directory includes a total of 1,679 entries, an increase of 205 entries and 303 modifications compared to the 2022 edition [3][4]. - The directory is divided into two parts: a national directory applicable nationwide and a regional directory for the central and northeastern regions [3]. Encouragement of Foreign Investment - The national directory continues to prioritize advanced manufacturing, adding new categories such as the development and production of nucleic acid drugs, smart detection equipment, and underwater robots for deep-sea operations [4][6]. - The modern services sector is also emphasized, with new entries for platforms related to new materials, high-end shipping services, and pet care services [4][6]. Regional Focus - The directory aims to direct more foreign investment to the central and northeastern regions, with specific new entries for various provinces, including cruise tourism services in Liaoning and ice and snow equipment manufacturing in Heilongjiang [5][6]. Incentives for Foreign Investment - Foreign investment in the encouraged sectors can enjoy several benefits, including tax exemptions on imported self-use equipment and reduced corporate income tax rates in western regions and Hainan [7][8]. - The directory outlines four main incentives for foreign investors, including support for advanced manufacturing and modern services, as well as specific encouragement for investments in the central and northeastern regions [6][7]. Implementation and Future Steps - The 2025 edition will take effect on February 1, 2026, with the 2022 edition being abolished simultaneously [11]. - The National Development and Reform Commission plans to enhance the investment environment and improve foreign investor satisfaction through various initiatives, including establishing platforms for international investment cooperation [8][9].

Core Insights - The EU service sector has shown a significant recovery, with production levels increasing by 16.4% compared to February 2020, outperforming industrial production growth of only 2.3% [1] - Trade (+0.1%) and construction (+0.2%) have nearly returned to pre-pandemic levels, but their growth remains weak [1] Economic Impact - The EU economy faced severe disruptions during the COVID-19 pandemic, with historical declines in various sectors: industrial production fell by 27.3%, construction by 26.7%, trade by 22.3%, and services by 17.0% from February to April 2020 [1] - Following the initial downturn, the EU economy entered a recovery phase, with major economic sectors generally returning to pre-pandemic production levels about a year later [1] Sectoral Divergence - Since early 2022, a trend of divergence among sectors has emerged, with industrial, construction, and trade sectors stagnating or slightly declining, while the service sector continues to grow, becoming the main support for the EU's economic recovery [1]

Busy day for data and we're getting a little bit more right now out of Conference Board. Let's get back to Rick Santelli. Hey Rick.Yes indeed, Carl. December consumer confidence from conference board expected to come in around 91 is a disappointment. Comes in at 89.1%.However, last month's 88.7% shoots all the way up to 92.9%, which makes this number at 89.1% the biggest since the revision of last month. And last month's revision at 92.9% will be the best since the month before that October when it was 95 a ...

点 击 蓝 字 关 注 我 们 本文全文共 1662 字，阅读全文约 5 分钟 前11个月全国一般公共预算收入同比增长0.8% 前11个月全国一般公共预算收入同比增长0.8% 2025年1-11月我国电子商务发展情况 2025年1-11月全国吸收外资6931.8亿元人民币 A 0.8% 其中,前11个月 全国税收收入 全国非税收入 164814 亿元 35702 亿元 ▼ 3.7% A 1.8% 分中央和地方看,前11个月 中央一般公共 地方一般公寓 预算收入 预算本级收入 88464 亿元 1.12052 亿元 A 2.2% V 1% 财政支出方面,前11个月 全国一般公共 预算或出 248538 亿元 A 1.4% 分中央和地方看 网络零售提品质释放内需潜力。 深入实施《关于大力发展数字消费共创数字时代美好生活的指导意 见》，数字消费、线上服务成为增长牵引力。据国家统计局数据，1-11月全国网上零售额增长9.1%。商务 部重点监测平台数字产品增长8.2%，其中智能穿戴、智能机器人分别增长22.1%和19.4%，线上服务消费 增长21.7%。网络零售带动快递业务量快速增长，据国家邮政局数据，截至11月30日 ...

Group 1: Economic Overview - US inflation for October and November was significantly lower than expected, with a potential rebound in December. The focus of the Federal Reserve has shifted towards addressing weak employment under a K-shaped recovery, maintaining an overall accommodative policy stance, and market expectations for interest rate cuts next year have increased [1][11] - In China, November data on consumption and investment showed weakness, indicating that domestic demand still needs stabilization. However, the recovery in export growth has supported industrial production, while retail sales were affected by the decline in government subsidies and the "Double Eleven" shopping festival [1][11] Group 2: Market Strategy - In the bond market, the funding environment remained stable, with short-term yields declining and mid to long-term yields showing volatility. The central bank is expected to implement substantial easing to lower bank funding costs ahead of potential interest rate cuts [2][12] - For A-shares, the framework indicates a bottoming of profits, but liquidity and risk appetite remain negative. The rapid decline in US CPI has raised expectations for interest rate cuts, positively impacting the offshore market [2][13] - The Hong Kong stock market is currently in a phase benefiting from liquidity but facing weak fundamentals. The improvement of the price level in 2026 will be crucial for market performance [2][13] Group 3: Commodity Insights - In the oil market, global economic fundamentals indicate weak demand, continuous supply release, and inventory accumulation, leading to sustained price pressure [3][14] - For gold, the reduction of uncertainties due to easing US-China trade tensions and a shift in focus from trade to domestic policy may lead to a gradual decrease in risk premiums, potentially slowing the pace of gold price increases while maintaining a positive long-term outlook [3][14]

12月22日，省委经济工作会议在郑州召开，深入贯彻党的二十届四中全会和中央经济工作会议精 神，认真落实习近平总书记在河南考察时重要讲话精神和关于河南工作的重要论述，总结今年经济工 作，分析当前经济形势，部署明年经济工作，确保"十五五"开好局、起好步。省委书记刘宁出席并讲 话，省长王凯作总结讲话，省政协主席孔昌生出席。 刘宁要求，各级党委（党组）要坚持学思想、讲协同、抓落实，坚决维护党中央权威和集中统一领 导，完善党中央重大决策部署落实机制和党领导经济工作体制机制，树立和践行正确政绩观，各负其 责、协同联动，因地制宜、实事求是，始终站稳人民立场，坚决反对形式主义，营造风清气正的政治生 态和干事创业的良好环境，形成齐心协力推动高质量发展高效能治理的强大合力。 刘宁要求，临近岁末年初，各地各部门要抓紧谋划部署明年工作，推动各项工作早安排、早启动、 早见效。要加强小麦田间管理，关心困难群众生产生活，做好重要民生商品保供稳价，统筹安排好春运 工作，加强值班值守和应急保障，守牢安全稳定底线，确保群众温暖过冬、平安过节。 王凯在总结讲话中指出，要深刻认识做好明年经济工作的重大意义，认真学习领会省委关于明年经 济工作的总体要 ...

南方财经21世纪经济报道记者和佳、实习生倪缤缤曼谷报道 "当前，中国正推动高质量发展，着力发展新质生产力，聚焦生物科技、新能源、人工智能等重点领 域。而泰国持续推进的'工业4.0'战略，与中国发展战略高度契合，为两国在这些领域的合作奠定了基 础。"近日，中国泰国商会副会长兼秘书长、泰国驻中国大使馆前商务公使庄派吉(Phaichit Viboontanasarn)在曼谷接受21世纪经济报道记者专访时称。 今年适逢中泰建交50周年，泰国国王哇集拉隆功11月对中国进行了国事访问，这是两国建交以来泰国国 王首次访华，成为双边关系发展的里程碑。 多年来，中泰经贸合作持续深化，中国已连续12年成为泰国最大贸易伙伴。中方数据显示，今年上半 年，中泰双边贸易额达761亿美元，同比增长17%。中国作为泰国第二大出口市场，吸纳了泰国40%以 上的农产品出口。 许多中国企业深耕泰国市场，践行"在泰为泰"的本地化理念，其投资布局紧密对接泰国国家发展战略， 已在电动汽车、数字经济、绿色经济等重点领域取得显著合作成效。 展望未来，庄派吉指出，日前公布的"十五五"规划建议清晰指明了中国未来的发展路径，如扩大高水平 对外开放、全面深化改革， ...

Core Insights - The article emphasizes the high-quality development strategy of Qianxinan Bouyei and Miao Autonomous Prefecture, focusing on economic growth, infrastructure investment, and social welfare improvements during the "14th Five-Year Plan" period [1][2][8] Economic Development - The GDP of Qianxinan is projected to increase from 132.2 billion yuan at the end of the "13th Five-Year Plan" to 147.9 billion yuan by 2024, indicating a solid economic foundation for the "15th Five-Year Plan" [2] - Average annual growth rates for infrastructure and industrial investments are 12.3% and 6.4%, respectively [2] - Per capita disposable income for urban and rural residents is expected to rise to 43,248 yuan and 15,459 yuan by 2024, reflecting annual growth rates of 5.3% and 7.8% [2] Reform and Opening Up - Comprehensive reforms and opening-up initiatives are enhancing development momentum, with the number of business entities increasing from 246,700 at the end of the "13th Five-Year Plan" to 322,200 by 2024 [3] - The region is actively integrating into national strategic frameworks, such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Western Land-Sea New Corridor [3] Industrial Development - The first industry is growing steadily, with significant advancements in tea, vegetables, and other specialty products, and the agricultural product processing rate is expected to rise from 49% to 58% by 2024 [4] - The second industry is thriving, with coal production increasing from 122 million tons to 149.4 million tons by 2024, and electricity generation expected to rise from 34 billion kWh to 44 billion kWh [4] - The service sector's contribution to GDP is projected to increase from 50.4% to 53.3% by 2024, highlighting its role as a key driver of economic growth [4] Tourism Development - The region is focusing on becoming a "health and wellness destination," with an annual growth rate of 14.82% in overnight tourist arrivals [5] - The completion of the world's highest bridge, the Huajiang Grand Canyon Bridge, and the establishment of a national 5A-level tourist attraction at the Wanfenglin Scenic Area are expected to boost tourism [5] Social and Environmental Initiatives - The region is committed to maintaining five key bottom lines, including poverty alleviation, food security, ecological protection, public welfare, and safety stability [7] - Significant achievements in poverty alleviation have been noted, with 17,600 households and 73,000 individuals successfully removed from poverty risk [7] - The forest coverage rate has reached 63.19%, and the air quality has maintained a high standard, with over 99% of days classified as good [7]

Core Viewpoint - The article discusses the challenges and strategies for achieving a reasonable recovery in prices in China, emphasizing the importance of stabilizing economic growth and employment as key policy goals [1][2]. Group 1: Price Trends and Economic Context - The current cycle of low prices in China began in 2012, with PPI entering negative territory and CPI fluctuating between 0-1% since 2022, raising concerns about economic stability [2][5]. - From May 2012, China's PPI diverged from that of Europe and the US, remaining negative for over four years until October 2016, primarily due to structural issues in the economy and a decline in global commodity prices [2][5]. - The increase in China's manufacturing value added as a percentage of global totals from 8.6% in 2004 to 22.3% in 2012 has contributed to an oversupply of goods, while the population share has been declining [2][5]. Group 2: Government Policies and Economic Reforms - In response to diminishing policy stimulus effects post-2012, local governments increased debt levels from 16.3% in 2011 to 23.9% in 2015, leading to an oversupply in the market and necessitating supply-side structural reforms [5][7]. - The years 2016-2017 saw significant supply-side reforms aimed at reducing excess capacity in key sectors like steel and coal, which were identified as major contributors to the prolonged low PPI [5][7]. Group 3: Recent Economic Challenges - The trade tensions initiated by the US in 2018 and the COVID-19 pandemic in 2020 further exacerbated the situation, leading to a renewed decline in PPI as domestic demand weakened [7][10]. - The current downturn in PPI since October 2022 is marked by a shift from household balance sheet expansion to contraction, indicating a downturn in the real estate sector, which has compounded the issues of oversupply and insufficient demand [10][13]. Group 4: Structural Issues and Future Outlook - The article highlights that the persistent low inflation reflects deeper structural, cyclical, and systemic issues within the economy, necessitating a comprehensive approach to fiscal policy and income distribution reform [13][35]. - The need for targeted fiscal measures to boost consumer demand and stabilize the real estate market is emphasized, as these are critical for achieving a reasonable price recovery [35][50]. - The article concludes that merely relying on monetary policy will not suffice; a strategic overhaul of fiscal spending and income distribution is essential to address the underlying issues of low consumer demand and economic stagnation [53][54].

Core Insights - The article highlights the successful employment initiatives in Jishishan County, where 16,000 individuals from resettlement points have secured jobs through various methods, ensuring their stability and potential for wealth creation [1][2]. Employment Initiatives - Jishishan County has established a comprehensive employment service system, referred to as "1+16," which includes one labor market and 16 labor stations, facilitating job placements for the resettled population [1]. - A total of 46 recruitment events have been conducted, offering 8,754 job positions and achieving flexible employment for 8,247 individuals [1]. Training and Skill Development - Targeted training programs have been implemented for resettled individuals, covering practical skills such as Chinese pastry making, domestic services, and agricultural work, with 15 training sessions completed and 630 participants trained [2]. - Post-training, 289 individuals found employment, resulting in an employment rate of 46% [2]. Labor Transfer and Employment Support - The county has successfully transferred 9,981 surplus laborers to various industries, including mining, manufacturing, construction, services, and building materials, contributing to stable income growth [2]. - Local employment factories have absorbed 759 individuals, with an average monthly income increase of 2,200 yuan [2]. Public Welfare Positions - Jishishan County has developed 781 public welfare positions aimed at providing stable employment for vulnerable groups, prioritizing those unable to work outside or lacking fixed income [2].