Core Viewpoint - The Shanghai Municipal Government has launched a "Special Action Plan to Boost Consumption" aimed at transforming the economic development model and enhancing the role of consumption in economic growth [1] Group 1: Enhancing Consumer Capacity - The plan prioritizes enhancing consumer capacity by focusing on stabilizing employment, improving skills, and increasing income to stimulate consumer willingness [5] - An employment-first strategy will be implemented, including support plans for key sectors and small businesses, as well as one-time job expansion subsidies [5] - Skills training will be improved in key industries such as AI and elderly care, with policies to enhance vocational skills and support for high-skilled talent development [5] - Measures will be taken to promote reasonable income growth, including collective wage negotiations and improved wage distribution mechanisms [5] Group 2: Targeting Potential Consumption - The plan aims to improve the quality of consumption supply, focusing on service consumption, bulk consumption, and new consumption types [7] - In service consumption, initiatives include developing cultural consumption, supporting major performance events, and enhancing tourism and sports event economies [7] - For bulk consumption, policies will support trade-in programs for vehicles and appliances, as well as new subsidies for digital products [8] - New consumption will be fostered through the application of advanced technologies like AI and VR, and by catering to the elderly demographic with tailored services [8] Group 3: Strengthening Policy Coordination - The plan emphasizes the coordination of consumption policies with macroeconomic policies to ensure consistency and effectiveness [10] - A three-year action plan will be implemented to optimize the consumption environment, including improved consumer rights protection and efficient complaint handling mechanisms [10] - Statistical monitoring will be established for service consumption, silver economy, and new consumption models to support data-driven policy adjustments [10]

广州：支持符合条件的养老产业企业通过上市、挂牌、发债等方式，扩大直接融资渠道 金十数据5月14日讯，《广州市关于促进养老金融高质量发展若干措施》提到，支持符合条件的养老产 业企业通过上市、挂牌、发债等方式，扩大直接融资渠道。用好区域性股权市场，为非上市养老产业企 业非公开发行、转让证券提供服务。探索养老领域符合条件的 项目 发行基础设施领域不动产投资信托 基金（REITs）。用好外汇管理政策，探索提升养老产业企业跨境投融资便利化水平，支持养老产业企 业在全口径跨境融资宏观审慎模式下自主借用外债，进一步满足养老产业企业的跨境融资需求。 ...

Core Viewpoint - The construction of major engineering projects in China is accelerating, with significant growth in investment and project numbers, indicating a positive trend in infrastructure development and economic activity [4][5][6]. Investment Trends - In the first quarter of 2025, the number of engineering projects reported for work injury insurance increased by 9.4% year-on-year, with total project costs rising by 4.8% [4]. - The number of major projects with a total cost exceeding 1 billion yuan grew by 41.8%, totaling approximately 340 billion yuan, reflecting a 39.1% increase year-on-year [6]. Project Distribution - The highest proportion of major projects is in transportation, with significant projects underway in various provinces, such as the Weifang to Suqian high-speed railway in Shandong and road reconstruction in Jiangxi [7]. - Urban renewal projects are also a focus, with Guangzhou reporting 890,000 square meters of new urban renewal projects started in the first quarter [8]. Focus on New and Green Projects - Investment is shifting towards high-tech and clean energy projects, such as the 2 billion yuan organic light-emitting diode production line in Anhui and various technology parks in Zhejiang and Fujian [9]. - Clean energy projects like the Jiangshan pumped storage power station and the Tianwan Nuclear Power Plant are also progressing, with expected operational dates in 2026 and 2027 [9]. Regional Development - The Chengdu-Chongqing area reported over 5,000 engineering projects in the first quarter, with a total cost of approximately 250 billion yuan, indicating a 14.6% year-on-year increase [10]. - The Beijing-Tianjin-Hebei region saw 750 engineering projects reported, with a total cost of about 440 billion yuan, reflecting a 21.2% increase [10]. Infrastructure Investment Growth - National infrastructure investment grew by 5.8% year-on-year in the first quarter, driven by the accelerated issuance of special bonds and the commencement of major projects [12]. - The focus on "small but beautiful" projects has also emerged, with 17,000 projects costing less than 5 million yuan reported, marking a 4.8% increase [13]. Social Welfare Projects - Many projects are aimed at improving social welfare, including upgrades to educational facilities and the construction of community parks in urban areas [14][15]. - Efforts to enhance elderly care services and improve agricultural infrastructure are also being prioritized, with significant investments in high-standard farmland projects [16][17].

日前，中国人民银行印发《关于设立服务消费与养老再贷款有关事宜的通知》，设立服务消费与养老再 贷款，激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费重点领域和养老产业的金融支 持。 本报记者 谭志娟 北京报道 "服务消费与养老再贷款"工具落地。 从价格与期限来看，服务消费与养老再贷款额度5000亿元，年利率1.5%，期限1年，可展期2次，最长 使用期限不超过3年。 中国银行研究院研究员范若滢在接受《中国经营报》记者采访时表示："随着我国居民生活水平不断提 升，近年来居民对住宿餐饮、文体娱乐、教育培训等服务消费的热情明显增强，但目前我国服务供给方 面仍存在多元化、个性化、品质化服务产品不足的问题，制约了居民服务消费潜力的进一步释放。通过 加大对服务消费的金融支持，将推动服务消费领域加快补短板的步伐。" 设立服务消费与养老再贷款 此次服务消费与养老再贷款的发放对象包括国家开发银行、政策性银行、国有商业银行、中国邮政储蓄 银行、股份制商业银行等21家全国性金融机构和北京银行、上海银行、江苏银行、南京银行、宁波银行 等5家属于系统重要性金融机构的城市商业银行（以下简称"26家金融机构"）。政策执行至2027年年 ...

Core Viewpoint - The "Implementation Plan for Boosting Consumption in Guangdong Province" outlines 31 measures aimed at expanding consumer demand and significantly boosting consumption across various sectors [1] Group 1: Employment and Income Growth - The plan aims to create over 1.1 million new urban jobs by 2025, with initiatives to promote stable wage growth and expand income channels for residents [2][7] - Specific measures include the "Million Talents Gather in Guangdong" initiative to attract 1 million college graduates for employment and entrepreneurship [2][7] - The plan also emphasizes support for families with multiple children through enhanced maternity and childcare services [2] Group 2: Service Consumption Enhancement - The plan focuses on improving services for the elderly and children, including the establishment of senior dining facilities and childcare centers [3][8] - It encourages the development of inbound tourism and service industry openness, particularly in cities like Guangzhou and Shenzhen [3][9] - The initiative aims to enhance the quality of service consumption and promote international consumption center city development [3] Group 3: Large-scale Consumption Support - The plan expands support for vehicle replacement and updates, including subsidies for scrapping older vehicles and promoting the trade-in of household appliances [4] - It outlines plans for the renovation of old residential communities and the upgrade of elevators in residential buildings [4] Group 4: New Consumption Development - The plan promotes new types of consumption, including low-altitude and cruise yacht consumption, and supports the development of the Nansha International Cruise Home Port [5][10] - It encourages flexible vacation policies and the reduction of vehicle purchase restrictions to stimulate consumer spending [5][6]

Group 1 - The origin of the saying "Five poor, six absolute, seven turn around" comes from the Hong Kong stock market in the 1980s and 1990s, indicating a seasonal pattern in stock performance [1] - The saying has been adopted in the A-share market, but its relevance has been questioned due to changes in market structure and investor behavior [1][4] - Historical data over the past 20 years shows that the average performance of the A-share market in May has been positive, with an average increase of 1.52%, despite 55% of the years experiencing declines [2][4] Group 2 - In June, the A-share market has shown an average decline of 1.41%, with 40% of the years experiencing downturns, attributed to tightening liquidity and institutional rebalancing [2][4] - July typically sees a recovery, with an average increase of 2.26% and 40% of the years showing declines, driven by policy expectations and mid-year earnings reports [2][4] Group 3 - The weakening of the calendar effect is noted, as recent policy changes have accelerated, reducing the impact of traditional seasonal patterns [4][5] - The increase in institutional investor participation has led to a diminished effect of short-term sentiment fluctuations, with a greater focus on long-term investment logic [5] Group 4 - Investment strategies should focus on fundamental analysis and policy direction rather than solely relying on historical patterns [6][8] - Suggested strategies include diversifying investments across technology growth and defensive dividend assets to mitigate risks associated with market volatility [7][11] Group 5 - The report emphasizes the importance of focusing on sectors supported by government policies, such as technology and consumer upgrades, which are expected to benefit from recent financial measures [9][10] - The real estate sector is highlighted as having potential recovery opportunities due to improved credit conditions and consumer spending capabilities [10]

Touch JiangsuNowto follow 近日，为贯彻落实《国务院办公厅关于转发商务部、国家发展改革委〈2025年稳外资行动方案〉的通知》，切实做好2025年稳外资工作，加大引资稳资力 度，江苏省正式出台一系列稳外资若干措施，从深化重点领域开放、提高投资促进水平、提升开放平台效能、加大服务保障力度等多个维度精准发力，为 吸引优质外资注入强劲动力。 图源：视觉中国 在深化重点领域开放方面，江苏积极吸引外资深度参与重点产业集群建设。依据"1650"产业体系制定招商图谱，全力招引高质量制造业项目，推动外资企 业融入新型工业化进程，助力产业强链补链延链。同时，提升服务业领域开放水平，加快推进南京服务业扩大开放综合试点，研究制定苏州试点方案，扩 大独资医院领域开放试点，鼓励外资布局养老、文旅等多元服务业态。生物医药领域，积极争取国家支持开展全产业链开放创新试点，扩大研发用物品进 口"白名单"，推进多项创新政策落地，优化采购环境。此外，还出台政策鼓励外资开展股权投资，支持境外资本扩大境内投资规模。 图源：江苏商务 在投资促进工作上，江苏大力加强投资江苏品牌建设，通过举办"跨国公司江苏行"系列活动、企业家太湖论坛 ...

据了解，"龙惠贷"申报对象为注册地在龙华区、正常经营一年以上的各类企业、个体经营户及"三 农"主体，政策明确违法违规经营、特定高风险行业及信用不良的主体将不具备申报资格，确保了资金 的安全与合规使用。 海口龙华区发布"龙惠贷"贷款贴息扶持政策 真金白银助企破解融资难 海南日报讯(海南日报全媒体记者 郭萃 特约记者 萧海山)近日，海口市龙华区发布"龙惠贷"贷款 贴息扶持政策，旨在通过政府引导、政策支持与金融助力相结合的方式，解决企业融资难题，降低融资 成本，进一步激发市场活力，推动龙华区经济高质量发展。 贴息资金将重点支持龙华区内的旅游业、现代金融服务业、高新技术产业等多个重点行业，同时涵 盖餐饮住宿、养老等民生领域。贷款资金必须用于企业经营，严禁用于房地产投资、股票投资等领域， 确保资金的有效利用。 在贴息标准方面，政策根据企业规模设定了三类不同的贴息比例。其中，小微企业贷款额度未超过 300万元的部分，可享受0.6%的贴息补助;中型企业贷款额度未超过3000万元的部分，贴息比例为0.8%; 大型企业贷款额度未超过5000万元的部分，按1%的比例给予贴息补助，且每类型贴息资金池规模均为 1000万元，共计30 ...

Group 1: Monetary Policy and Consumption - The central bank's report emphasizes that boosting consumption is a key point for expanding domestic demand and stabilizing growth, with signs of gradual recovery in consumption growth [2][3] - The central bank plans to increase low-cost funding support for key consumption sectors and develop guiding documents for financial support to enhance consumer finance services [2][3] - The report indicates that China's final consumption expenditure as a percentage of GDP is lower compared to countries like the US and Japan, suggesting significant potential for increasing consumption's contribution to economic growth [2] Group 2: Government Debt and Fiscal Policy - The report highlights that China's broad government total assets are equivalent to 166% of GDP, while total liabilities are 75% of GDP, indicating a net asset position of 91% of GDP [5][6] - The sustainability of government debt is supported by substantial state-owned assets and a relatively low level of government liabilities, allowing for continued debt expansion [6][7] - Increased fiscal support has been noted, with local governments issuing nearly 1 trillion yuan in new special bonds in the first quarter, effectively boosting investment and market confidence [8] Group 3: Supply and Demand Dynamics - The central bank discusses the need to promote reasonable price recovery by balancing supply and demand, with a focus on expanding effective demand [9] - Current low price levels are influenced by multiple factors, including persistent downward pressure on consumption and significant investment contraction in traditional sectors [9][10] - Experts suggest that price management should shift from preventing "price gouging" to preventing "low-price dumping," emphasizing the importance of quality over quantity in competition [11]

5月7日，国家金融部门推出一揽子金融政策，其中，央行设立5000亿元服务消费与养老再贷款引发关 注。服务消费与养老为何成政策"靶心"？5000亿再贷款预计产生多大效力？面对外部关税压力，如何通 过投资消费对冲影响？ 就相关话题，南都湾财社记者专访中国首席经济学家论坛理事长、广开首席产研院院长连平。 连平表示，5000亿再贷款，瞄准住宿餐饮、文体娱乐、教育等市场化服务业及养老领域，兼具扩内需与 惠民生的双重功能，长期或额外推动社会消费品零售总额增长超10个百分点。他测算，若今年完成2500 亿元再贷款投放，叠加"以旧换新"政策，预计撬动居民消费超9000亿元。 面对美国关税施压等外部冲击，连平建议以扩大内需为"压舱石"，通过投资消费双轮驱动对冲外需收 缩，并依托完整产业链优势争取贸易谈判主动权。 连平。 5000亿再贷款，长期可能额外带动社零增长超10% 南都·湾财社：你如何看待央行此次专门针对服务消费和养老领域，创设再贷款工具的战略考量？ 连平：此次5000亿元额度的服务消费与养老再贷款，与此前已设立的400亿额度普惠养老专项再贷款的 投向领域有所不同。前者侧重投向对扩大内需有较大贡献的住宿餐饮、文体娱乐、教 ...