Group 1 - The core viewpoint of the article emphasizes China's commitment to enhancing consumption and trade innovation by 2026, focusing on expanding service sector openness and fostering new growth points in service consumption [1] Group 2 - In 2023, China will accelerate the cultivation of new growth points in service consumption, optimize the implementation of the old-for-new consumption policy, and promote the upgrade of goods consumption [1] - The country aims to create an international consumption environment, develop digital, green, and health consumption, and stimulate consumption in lower-tier markets [1] - The retail industry will be encouraged to innovate, and a modern market and circulation system will be established to advance the construction of a unified national market [1] Group 3 - China will promote trade innovation, enhance the export of Chinese brands, and optimize and upgrade goods trade while significantly developing service trade and encouraging service exports [1] - The focus will also be on innovating digital and green trade, promoting the integration of trade and investment, and creating new advantages for attracting foreign investment [1] - The country plans to deepen "Belt and Road" economic and trade cooperation, develop Silk Road e-commerce, and strengthen overseas project supervision and risk prevention [1] Group 4 - China will align with international high-standard economic and trade rules and push for the construction of open highlands [1] - The comprehensive implementation of the Free Trade Zone (FTZ) enhancement strategy will further improve the level of trade and investment liberalization and facilitation in Hainan Free Trade Port [1] - Multilateral economic and trade cooperation will be actively pursued to expand and enrich the FTZ network [1]

Core Viewpoint - The speech emphasizes the importance of optimizing national income distribution to enhance residents' income, addressing the current economic challenges of strong supply and weak demand, particularly in the context of consumption stagnation [3][38]. Group 1: Economic Background - The current economic situation is characterized by "strong supply and weak demand," with the core issue being weak consumption [3][38]. - The government has implemented measures such as consumer incentives and fiscal subsidies to stimulate consumption, which have shown positive results [3][38]. - To fundamentally resolve consumption issues, income distribution reform is essential, focusing on improving consumption capacity, willingness, and supply-demand adaptability [3][38]. Group 2: Characteristics of National Income Distribution - China's national income distribution exhibits four main characteristics: 1. Residents have the highest income share among the three sectors, followed by enterprises, with the government having the lowest share [6][21]. 2. The share of residents' income is moderately low compared to international standards, primarily due to low property income [12][21]. 3. The enterprise sector's income share is relatively high, ranking fifth among 20 sample economies, influenced by the high proportion of state-owned enterprises [13][21]. 4. The government sector has a low income share and weak redistributive capacity, with a significant reliance on indirect taxes [15][21]. Group 3: Factors Influencing Income Distribution - The income distribution structure is determined by development stages, resource endowments, and industrial structures [22][30]. - The transition from a supply-shortage to a demand-shortage economy necessitates a shift in the income distribution model towards labor compensation [22][30]. - The relationship between industrial structure and income distribution indicates that labor-intensive sectors tend to have higher resident income shares, while capital-intensive sectors do not [22][30]. Group 4: Recommendations for Optimizing Income Distribution - To address the imbalance of low resident income share and high enterprise share, two main strategies are proposed: 1. Increase state-owned enterprise contributions to the fiscal budget to enhance social security benefits for residents [25][30]. 2. Encourage listed companies to increase dividends and implement equity incentives to boost residents' property income [25][30]. - Establish a long-term wage growth mechanism to stabilize employment and promote wage increases through fiscal support for companies that raise salaries [26][30]. - Enhance the direct tax system to improve its redistributive function, including optimizing personal income tax deductions and introducing property taxes [28][30].

面对前所未有的关税战，中国的态度沉着冷静：打，奉陪到底；谈，大门敞开。 面对外部环境变化，中国坚定不移地扩大开放，全球最大自由贸易港如期封关运作。 面对复杂繁重的改革发展任务，中国因地制宜发展新质生产力，纵深推进全国统一大市场建设，审议通 过"十五五"规划建议，中国式现代化建设蹄疾步稳。 ………… 站在新的起点上，跨越年度轴线，我们能够更真切地感受中国经济的脉动，看见现代化征程上的图景， 以及欣欣向荣的中国里我们每个人努力前行的模样。 2025年是很不平凡的一年。我国经济顶压前行、向新向优发展，展现强大韧性和活力。2026年是"十五 五"规划开局之年。在新起点上，一幅通往未来的壮阔画卷正徐徐铺展。为了更好地总结经验，砥砺前 行，从今天起，本报将连续推出"回眸二〇二五""展望二〇二六"系列整版报道，请专栏记者分别围绕宏 观经济、科技创新、财政金融、农业、市场监管、能源、汽车、粮食、文体产业、经济数据、中国制 造、房地产、港澳经济、世界经济14个领域，梳理2025年的发展脉络和热点问题，展望2026年发展趋势 及重点议题。 回望过去一年，中国经济笃行担当、勇毅前行，这份坚定清晰的中国答卷，如同一束灯光，给迷雾中的 ...

Economic Growth Projections - In 2025, Lishui District is expected to achieve a GDP growth of around 6% [1] - General public budget revenue is projected at 7.261 billion, with a growth of 2.7% [1] - Industrial output value for large-scale industries is forecasted to reach 127.7 billion, growing by 7% [1] - Retail trade volume is anticipated to be 97 billion, increasing by 13% [1] - Revenue from the service industry is expected to be 10.57 billion, with a significant growth of 19.6% [1] Industrial Development - The new energy vehicle industry in Lishui achieved an output value of 65 billion, growing by 8.3% [1] - The new pharmaceutical and life health industry, intelligent manufacturing equipment, and smart agriculture industries reported output values of 10.2 billion, 18.1 billion, and 2.42 billion respectively [1] - The numerical control machine tool functional components industry cluster has been recognized as a "national-level" cluster [1] - The precision transmission and electromechanical equipment industry cluster has been selected as a provincial-level characteristic industry cluster for small and medium-sized enterprises [1] Investment and Market Development - Lishui has initiated market-oriented investment promotion and established a district-level investment company [1] - A 3 billion industrial development fund has been set up, leading to the attraction of 100 projects with investments exceeding 100 million and 5 high-energy projects [1] Innovation and Technology Growth - The number of high-tech enterprises is expected to increase by 39, with 1,451 technology-based small and medium-sized enterprises registered [2] - Four national-level specialized and innovative "little giant" enterprises and 83 provincial-level specialized and innovative small and medium-sized enterprises are anticipated to be added [2] - One national-level excellent intelligent factory and ten provincial-level advanced intelligent factories are expected to be recognized, along with eight provincial-level green factories [2] Service Optimization - Continuous improvement of government services is being implemented, including a service commissioner work mechanism [2] - An operational complaint supervision center for the business environment has been established, achieving a satisfaction rate of 96.3% for handling enterprise requests [2]

这八个方面工作涉及消费、流通、贸易、外资、对接国际规则、对外投资、多双边经贸合作、防范化解 风险等领域。 打造"购在中国"品牌、打响"出口中国"品牌、擦亮"投资中国"品牌……2026年是"十五五"开局之年，记 者从1月10日至11日在京召开的全国商务工作会议上了解到，全国商务系统2026年将重点做好深入实施 提振消费专项行动等八个方面工作。 ■据新华社 在吸引外资方面，着力塑造新优势，擦亮"投资中国"品牌。会议提出，有序扩大服务领域自主开放，提 升投资促进水平，健全外资服务保障体系。 会议要求，对接国际高标准经贸规则，更大力度推进开放高地建设。全面深入实施自贸试验区提升战 略，进一步提高海南自由贸易港贸易投资自由化便利化水平，提升开放平台质效，办好重点展会。 随着中国企业"走出去"步伐加快，会议提出，有效实施对外投资管理，引导产供链合理有序跨境布局。 健全海外综合服务体系，深化"一带一路"经贸合作，发展丝路电商，加强境外项目监管和风险防范。 会议还就积极开展多边经贸合作，扩大和丰富自贸区网络，完善涉外法治体系，完善出口管制和安全审 查机制等作出部署。 具体来看，"深入实施提振消费专项行动"是重点工作之首，将着 ...

报告来源 2025年消费行业复盘：经济疲弱叠加外部冲击对消费行业的影响，已经在2025年四季度充分体现。 通过跟踪消费核心指标——社零数据（全国+一线城市）、 全国重点零售和餐饮企业销售额、就业数据、人均可支配收入、消费者信心指数等，基本面数据大多已在四季度触底，2025年消费行业呈现"企稳回升、结构 优化、信心修复"的特征。支撑端主要来自服务消费复苏及基础消费韧性，1-11月服务消费（文化娱乐、餐饮、教育）同比增长5.4%，必选消费（食品、日用 品）韧性凸显，成为行业复苏核心动力。 2026年消费复苏方向：中国经济增长动力由"商品消费驱动"转向"服务消费驱动"，2026年消费市场复苏弹性取决于价格（CPI驱动），从价格传导机制来看， 复苏弹性呈现"服务业 >大众品 >高端消费"的排序。 ①服务业：作为2026年消费复苏的核心引擎，服务业凭借"供给弹性低、需求刚性强"的特征，有望率先受 益于CPI回升与需求释放，文旅服务、健康服务、教育服务等细分领域值得重点关注；②大众品：食品、日用品等作为居民生活不可或缺的必需品，"需求刚性 强、消费频次高"的属性使其在CPI回升周期中具备较强的成本转嫁能力，同时扩内需政策 ...

Economic Growth - Vietnam's GDP is projected to grow by 8.02% in 2025, reaching approximately 12.847 trillion VND (about 514 billion USD), which is an increase of 38 billion USD year-on-year [1] - The per capita GDP is expected to be around 1.255 million VND (approximately 5,026 USD), reflecting a year-on-year increase of 326 USD [1] Sector Contributions - Agriculture, forestry, and fishery sectors are expected to grow by 3.78%, contributing 5.3% to GDP [1] - The industrial and construction sectors are projected to grow by 8.95%, contributing 43.62% to GDP, achieving the highest growth rate since 2019 [1] - The services sector is anticipated to grow by 8.62%, contributing 51.08% to GDP [1] Trade and Consumption - Final consumption is expected to grow by 7.95%, while asset accumulation is projected to increase by 8.68% [1] - Exports of goods and services are expected to grow by 16.27%, with imports increasing by 17.12% [1] Labor Productivity - Labor productivity is estimated at 2.45 million VND per person (approximately 9,809 USD per person), with a year-on-year increase of 626 USD [2] - When calculated at constant prices, labor productivity is expected to grow by 6.83%, primarily due to improvements in worker skill levels [2] Future Economic Goals - For 2026, the government aims for a double-digit GDP growth while maintaining macroeconomic stability and controlling inflation, which presents a significant challenge requiring collective efforts from the government, businesses, and the public [2]

Economic Activity Index - The China High-Frequency Economic Activity Index (YHEI) as of January 6, 2026, is 1.13, an increase of 0.05 from December 30, 2025, driven by a rise in the coastal coal freight index [1][3] - The "import dry bulk freight index" remained stable at 1.15, indicating consistent shipping costs [1][3] Manufacturing Sector - The manufacturing PMI for December 2025 is 50.1%, up 0.9 percentage points from the previous month, marking a return to expansion for the first time since April 2025 [17] - High-tech manufacturing, equipment manufacturing, and consumer goods sectors saw PMIs of 52.5%, 50.4%, and 50.4%, respectively, all above the neutral line [17] - New orders index rose from 49.2% to 50.8%, and the production index increased by 1.7 percentage points to 51.7% [2][17] - The procurement volume index also returned to expansion at 51.1%, indicating increased demand for raw materials [2][17] Non-Manufacturing Sector - The non-manufacturing business activity index for December 2025 is 50.2%, up 0.7 percentage points, indicating a return to expansion [18] - The construction and service sectors reported indices of 52.8% and 49.7%, respectively, with construction rebounding after four months of contraction [18] Price Trends - The producer price index increased by 0.7 percentage points to 48.9%, while the main raw material purchase price index remains high at 53.1% [2][17] Financial Market Indicators - The central bank's net cash withdrawal through open market operations was 695.9 billion yuan, with a reverse repurchase rate of 1.4% [5] - The overnight interbank rate decreased by 1 basis point to 1.33%, while the seven-day repo rate fell by 66 basis points to 1.49% [8] Real Estate Market - In the week ending January 6, 2026, new and second-hand home transaction areas in first-tier cities fell by 48.57% and 38.95%, respectively [30] - Second-tier cities saw a decline of 59.67% and 23.04% in transaction areas for new and second-hand homes [30] Consumer Behavior - The average daily box office for movies reached 154 million yuan, an increase of 78.64 million yuan from the previous week [32]

在经历去年不确定的经济环境后，欧元区劳动力市场展现出强劲韧性，11月失业率录得七个月来首次下 滑，意外打破了持续半年的平稳态势。 欧盟统计局周四公布的数据显示，欧元区11月失业率从10月的6.4%微降至6.3%，这是自去年4月以来的 首次下降。此前自5月以来，该数据一直维持在6.4%的水平。这也是自2024年11月创下6.2%的历史低点 以来，该失业率首次处于如此低的水平。 此次失业率的意外下降表明，尽管近期经济活动增长乏力，欧元区就业市场依然保持紧俏。这一数据不 仅好于市场预期，也与本周早些时候发布的私营部门就业前景改善迹象相吻合，进一步巩固了市场对该 地区劳动力市场稳定性的信心。 受此消息影响，分析师对未来一年的就业前景持谨慎乐观态度。Capital Economics 首席欧洲经济学家 Andrew Kenningham 指出，尽管整体经济增长缺乏亮点，劳动力市场的紧张局面并未改变，预计2026年 全年失业率将不会出现大幅波动。 就业数据意外改善 根据 Eurostat 的具体数据，11月欧元区失业人数较10月减少了7.1万人。这一环比改善是在去年经济环 境充满不确定性的背景下实现的，凸显了企业用工需求 ...

最新统计数据显示，美国企业上月宣布的裁员人数减少，同时计划增加招聘，这可能缓解经济学家们对于美国劳动力市场更急剧放缓的 负面担忧情绪。与此同时，该数据边际上显著强化了"软着陆"叙事，美国劳动力市场呈现"裁员缓和+招聘意向回升"的组合，基本上符合 经济软着陆轨迹所需的"增长放缓但不失速"的就业画像。 在美国市场，12月的多项就业市场统计数据显示，在经历了2025年的明显招聘放缓步伐之后，劳动力市场在进入新的一年之际呈现出一 定程度的乐观增长势头，对于美国2026年经济增长前景无疑是积极消息。 根据美国就业安置机构Challenger,Gray&Christmas Inc.的统计数据(即美国挑战者企业裁员人数)，美国企业在12月宣布裁减35,553个岗 位，意外创下2024年7月以来最低水平，且较此前两个月的高位裁员水平显著下降。此外，调查数据显示，美国雇主们计划新增近10,500 个岗位，大超市场一致预期，并且为2022年以来任何一个12月的最高水平。值得注意的是，该数据在被Challenger网站爬虫访问到之后， 提前于原定的美东时间晨间8:30发布。 尽管12月通常是裁员规模相对较少的月份，但裁员公告的下降 ...