据曼谷邮报8月12日报道,泰财政部正在准备推出刺激措施，以抵消美国关税的 负面影响，同时也在加紧实施监管改革，以提高国家的竞争力。财政部总干事 表示，该部计划实施刺激措施，以补偿出口放缓可能带来的负面影响。如果净 出口收入下降并影响经济增长，政府准备考虑采取措施刺激国内消费和投资来 支持经济。这些措施可能包括加快对各类基础设施项目的公共投资预算的支 付，以刺激经济活动和创造国内就业机会；引入税收政策鼓励消费（例如对国 内旅游或购物的税收减免计划），以抵消外国需求的放缓；以及支持旅游和服 务行业，这些是泰国经济的关键引擎。 （原标题：泰财政部准备刺激措施以应对关税） ...

齐鲁晚报·齐鲁壹点 王赟 上交所信息显示，菏泽市城市发展投资（集团）有限公司2025年面向专业投资者非公开发行绿色公司债券（第一期）（品种一）于8月12日起在上交所 挂牌，并采取点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"G25菏发1"，证券代码为"259587"。 从目前股权结构来看，青岛中青储持股40%，城投资源公司持股35%，许群一持股25%。其中，青岛中青储由许群一全资控股。许群一为陆港跨境控股 股东、实际控制人，并担任公司法人、执行董事兼总经理。 企查查显示，菏泽市城市发展投资（集团）有限公司成立于2005年1月25日，注册资本30亿元。 记者注意到，由菏泽市城市发展投资（集团）有限公司控股的菏泽城投城市资源开发有限公司（下称"城投资源公司"）转让山东陆港跨境电子商务有 限公司（下称"陆港跨境"）35%国有股权项目正在山东产权交易中心挂牌，转让底价240.079万元，挂牌截至8月13日。 值得注意的是，陆港跨境除此次转让的部分股权以外，剩余股权均由拥有优先受让权的自然人实控人持有。此次转让后，国有资本将实现退出。 陆港跨境成立于2020年4月，公司注册资本1000万元，位于青岛 ...

Economic Overview - In 2025, China's economy faces a more complex external environment, with increased trade protectionism prompting the government to enhance counter-cyclical adjustments and implement more proactive fiscal and moderately loose monetary policies [1] Construction Steel Demand - In the first half of 2025, demand for construction steel continues to decline, with the real estate sector stabilizing while infrastructure investment plays a stabilizing role [2] - Infrastructure investment growth has slowed, with a fiscal deficit rate planned at around 4%, increasing the deficit scale to 5.66 trillion yuan, and public budget expenditure rising to 29.7 trillion yuan [3] Infrastructure Investment - Infrastructure investment (including electricity) grew by 8.9% year-on-year in the first half of 2025, while investment excluding electricity grew by 4.6% [3] - The government plans to issue 4.4 trillion yuan in special bonds for local governments, an increase of 500 billion yuan from the previous year, focusing on investment construction and debt repayment [3] Real Estate Market - The real estate market shows initial signs of stabilization, with various indicators of decline narrowing, although real estate investment still decreased by 11.2% year-on-year [4][6] - New housing starts fell by 20.0%, with the rate of decline narrowing by 3.0 percentage points compared to the previous year [6] Future Outlook for Steel Demand - In the second half of 2025, construction steel demand is expected to stage a temporary recovery, supported by strong domestic demand policies and increased infrastructure investment [9] - The issuance of special bonds is accelerating, with 28.02 billion yuan issued by August 7, 2025, which is 63.7% of the annual total, indicating a potential increase in infrastructure investment growth [9] Overall Market Trends - The real estate sector is expected to continue a "weak recovery, slow stabilization" trend, with new construction and completion indicators likely to see reduced year-on-year declines but not achieve positive growth [10] - Infrastructure investment is anticipated to accelerate, becoming a key driver for economic growth, although upward potential remains limited due to local fiscal constraints [10]

Core Viewpoint - The issuance of local bonds in the first quarter reached 1.58 trillion yuan, with new special bonds accounting for 634.12 billion yuan, effectively supporting funding needs in key areas [1][2]. Funding for Key Areas - In the first quarter, local governments issued 1.58 trillion yuan in bonds, with new special bonds making up over 40% of this total [2]. - The top three areas for the allocation of new special bond funds were municipal and industrial park infrastructure, transportation infrastructure, and public services, totaling 287.36 billion yuan, which represents 71.27% of the total [2]. - The National Development and Reform Commission (NDRC) plans to optimize the structure of central budget investments and expand the scope of local government special bonds to enhance funding efficiency [2]. Issuance Rhythm - The issuance pace of new special bonds in the first quarter was slower compared to the previous year, attributed to the 1 trillion yuan of national bonds issued in the fourth quarter of the previous year [3]. - As of March 29, 2024, 25 provinces and 3 municipalities have disclosed plans to issue local bonds totaling 1.8095 trillion yuan from April to June, including 1.0873 trillion yuan in new bonds [3]. Support for Infrastructure Investment - In addition to new special bonds, the issuance of 1 trillion yuan in national bonds and the upcoming issuance of 1 trillion yuan in ultra-long-term special bonds will support infrastructure investment [4]. - The NDRC has completed the allocation of the 1 trillion yuan in national bonds to 15,000 specific projects, with a mechanism established to monitor project progress [4]. Positive Start for Infrastructure Investment - Infrastructure investment grew by 6.3% in January and February, an increase of 0.4 percentage points compared to the previous year [5]. - The implementation of effective investment policies and accelerated construction of major projects are expected to maintain stable growth in investment [5].

作为实体经济的根基，制造业获得信贷支持，有助于推动产业升级，提高创新能力和国际竞争力；而基 础设施建设关乎国计民生，对拉动经济增长、改善投资环境具有重要意义。 从居民端来看，信贷结构同样亮点突出。上半年，住户贷款增加1.17万亿元。其中9239亿元流向了经营 性贷款，占比近八成，表明金融机构积极支持个体工商户和小微企业主的生产经营活动。 个体工商户、小微企业是经济运行的"毛细血管"，也是社会就业的"蓄水池"，更是激活市场经济的"一 池春水"。金融机构对他们源源不断地支持，将进一步激发市场活力，促进就业、稳定民生、推动创 新。 在这张资金流向热力图上，行业投向的脉络同样清晰可辨。上半年，新增贷款主要投向制造业、基础设 施业等重点领域。6月末，制造业中长期贷款余额同比增长8.7%，上半年增加9207亿元；基础设施业中 长期贷款余额同比增长7.4%，上半年增加2.18万亿元。 ■ 刘 琪 7月14日，中国人民银行公布了今年上半年的信贷"成绩单"——上半年，人民币贷款新增12.92万亿元； 6月末，人民币贷款余额268.56万亿元，同比增长7.1%。在金融总量合理增长的同时，信贷结构也在持 续优化。这种结构演变既是经 ...

Core Viewpoint - Local governments in China have significantly increased their borrowing this year, primarily through the issuance of local government bonds, to stabilize the economy and mitigate risks [1][2]. Group 1: Bond Issuance and Utilization - In the first seven months of this year, approximately 67,037 billion yuan of local government bonds were issued, representing a year-on-year increase of about 60% [1]. - More than half of the bond proceeds are allocated to repay old debts, while nearly half is invested in major project construction [1]. - Of the 67,037 billion yuan issued, about 34,000 billion yuan were refinancing bonds, a 65% increase year-on-year, and approximately 33,000 billion yuan were new bonds, up about 55% year-on-year [1]. Group 2: Debt Management and Financial Relief - The average interest cost of replaced hidden debts has decreased by over 2.5 percentage points, significantly alleviating repayment pressure and releasing fiscal space for development and public welfare [2]. - New bonds are primarily used for major public welfare projects, with 28,000 billion yuan of new special bonds issued in the first seven months, a 57% increase year-on-year, accounting for over 60% of the total annual issuance of 44,000 billion yuan [2]. Group 3: Project Funding Allocation - Nearly 20,000 billion yuan of new special bond funds were allocated for project construction, with approximately 26.37% directed towards municipal and industrial park infrastructure, 17.63% towards transportation infrastructure, and 13.03% towards land reserve [3]. - A notable increase in land reserve special bonds issuance, exceeding 2,600 billion yuan, aims to recover idle land and stabilize the real estate market [3]. Group 4: Government Initiatives and Future Projections - The Central Political Bureau has called for accelerated issuance and utilization of government bonds to enhance funding efficiency, with expectations to complete the issuance of 44,000 billion yuan in new special bonds by the end of October [4]. - Research forecasts a local bond issuance scale of 35,000 billion yuan in the third quarter, with a net financing scale of 22,000 billion yuan [5]. Group 5: Debt Management and Safety - The State Council has relaxed restrictions on the use of special bond funds, allowing for greater flexibility and autonomy in project funding, while maintaining overall debt levels within safe limits [6]. - As of June 2025, the total local government debt is 51.95 trillion yuan, below the debt ceiling of approximately 57.99 trillion yuan, with an average remaining maturity of 10.2 years and an average interest rate of 2.93% [6].

Core Viewpoint - The article discusses the significant increase in local government borrowing in China, primarily through the issuance of local government bonds, to stabilize the economy and manage risks amid financial pressures [3][4]. Group 1: Local Government Bond Issuance - In the first seven months of this year, approximately 67,037 billion yuan of local government bonds were issued, representing a year-on-year increase of about 60% [3]. - The bond issuance in June and July exceeded 10,000 billion yuan each, indicating a rapid acceleration in local government borrowing [3]. - Of the 67,037 billion yuan issued, about 34,000 billion yuan were refinancing bonds, which are used to repay old debts, while approximately 33,000 billion yuan were new bonds for major project construction [4]. Group 2: Debt Refinancing and Management - Refinancing bonds are primarily used for "borrowing new to repay old" debts, addressing the significant fiscal imbalance faced by local governments [5]. - The central government has implemented a plan to replace hidden debts with 10 trillion yuan in local government bonds, with 6 trillion yuan allocated for refinancing existing hidden debts [5]. - As of the end of July, nearly 19,000 billion yuan of the 20,000 billion yuan quota for hidden debt replacement had been issued, leading to a reduction in average interest costs by over 2.5 percentage points [6]. Group 3: Use of New Bonds - New bonds are mainly allocated for public welfare projects to stabilize investment and address shortfalls in the economy [6][9]. - In the first seven months, approximately 28,000 billion yuan of new special bonds were issued, accounting for over 60% of the annual target of 44,000 billion yuan [6]. - A significant portion of the new special bonds, about 8,000 billion yuan, is designated for resolving existing hidden debts and addressing overdue payments to enterprises [6]. Group 4: Project Funding Allocation - Nearly 20,000 billion yuan of new special bond funds were directed towards project construction, with 26.37% allocated to municipal and industrial park infrastructure, 17.63% to transportation infrastructure, and 13.03% to land reserve projects [9]. - The issuance of land reserve special bonds has surged, exceeding 2,600 billion yuan, aimed at recovering idle land and stabilizing the real estate market [9]. Group 5: Future Expectations and Debt Management - The Central Political Bureau has called for accelerating the issuance and utilization of government bonds to enhance funding efficiency [10]. - Experts predict that local government bond issuance will reach 35,000 billion yuan in the third quarter, with a net financing scale of 22,000 billion yuan [11]. - As of June 2025, the total local government debt was 51.95 trillion yuan, remaining below the debt ceiling of approximately 57.99 trillion yuan, indicating that local debt risks are generally manageable [12][13].

Core Viewpoint - Local governments in China have significantly increased their borrowing this year to stabilize the economy and mitigate risks, with a record issuance of local government bonds [1][2]. Group 1: Bond Issuance and Utilization - In the first seven months of this year, approximately 67,037 billion yuan of local government bonds were issued, marking a year-on-year increase of about 60% [1]. - More than half of the bond proceeds are allocated to repay old debts, while nearly half is invested in major project construction [1]. - Of the 67,037 billion yuan issued, about 34,000 billion yuan were refinancing bonds, up 65% year-on-year, and approximately 33,000 billion yuan were new bonds, increasing by about 55% [1][2]. Group 2: Refinancing and Debt Management - Refinancing bonds are primarily used for "borrowing new to repay old" debts, addressing the significant fiscal imbalance faced by local governments [2]. - The central government initiated a plan to replace hidden debts with local government bonds, with a total of 10 trillion yuan allocated for this purpose, of which 6 trillion yuan is through refinancing bonds [2]. Group 3: Project Funding and Special Bonds - New bonds are mainly directed towards major public welfare projects to stabilize investment and address shortfalls [3]. - In the first seven months, approximately 28,000 billion yuan of new special bonds were issued, accounting for over 60% of the total annual issuance target of 44,000 billion yuan [3]. - A significant portion of the new special bonds, around 8,000 billion yuan, is earmarked for resolving hidden debt issues and settling overdue payments to enterprises [3][4]. Group 4: Infrastructure Investment - About 26.37% of the new special bond funds are allocated to municipal and industrial park infrastructure, while 17.63% is directed towards transportation infrastructure [10]. - The issuance of land reserve special bonds has surged, with over 2,600 billion yuan issued in the first seven months, aimed at recovering idle land and stabilizing the real estate market [10]. Group 5: Future Expectations and Debt Management - The central government has emphasized accelerating the issuance and utilization of government bonds to enhance funding efficiency [11]. - Experts predict that local governments will complete the issuance of 44,000 billion yuan in new special bonds by the end of October, with a focus on increasing project initiation rates [11]. - As of June 2025, the total local government debt is projected to be 51.95 trillion yuan, remaining below the debt ceiling of approximately 57.99 trillion yuan [12].

Core Points - The National Development and Reform Commission has allocated an emergency investment of 80 million yuan to support post-disaster recovery in Inner Mongolia [1] - The focus of the investment will be on the restoration of damaged infrastructure and public service facilities, including water conservancy, transportation, and schools [1] - Severe flooding has affected multiple areas in Inner Mongolia, including Hohhot, Baotou, and Ulanqab since July [1] - The National Disaster Reduction and Relief Committee has initiated a Level 4 emergency response for Inner Mongolia [1]

Core Points - Severe flooding disasters have occurred in Inner Mongolia, particularly in cities like Hohhot, Baotou, and Ulanqab, resulting in significant casualties and property damage [1] - The National Disaster Reduction Committee has activated a level four emergency response for disaster relief on August 7 [1] - The National Development and Reform Commission has allocated 80 million yuan (approximately 11.2 million USD) for emergency recovery efforts in Inner Mongolia, focusing on restoring damaged infrastructure such as water conservancy, transportation, and schools [1]