Group 1 - Concerns about significant adjustments in the real estate market in the second half of the year are unnecessary [2][3] - Economic growth data for the first half of the year exceeded expectations, but challenges remain for the second half, including external demand pressure and fluctuations in real estate [3][6] - The impact of the real estate sector on the overall macro economy has significantly decreased compared to previous years [3][6] Group 2 - The "old-for-new" policy is expected to stimulate over one trillion yuan in consumption in the second half of the year [4][5] - As of May 31, 2025, the "old-for-new" program has driven sales of 1.1 trillion yuan, with approximately 175 million subsidies issued to consumers [5] - The remaining funds in the second half have the potential to further stimulate consumption due to expanded coverage and local government support [5][6] Group 3 - The current low price phenomenon is related to excessive competition, and measures to address this issue are expected to improve pricing conditions [7][8] - Concerns about a drastic decline in exports are unfounded, as policies and the resilience of exports can maintain the foreign trade balance [8]

｜2025年7月17日 星期四｜ 每经记者｜杨建 每经编辑｜肖芮冬 NO.1 何立峰：中国将做全球产业链供应链互利共赢的推动者 据新华社报道，第三届中国国际供应链促进博览会于7月16日在京开幕。何立峰指出，中国是全球产业 链供应链的重要环节，一直以实际行动保障全球产业链供应链稳定运行，为深化全球产业链供应链合 作、促进世界经济复苏贡献力量。何立峰强调，中国将坚持分工协作、开放包容，做全球产业链供应链 互利共赢的推动者，促进全球产业链供应链数字化、智能化、绿色化转型升级。 NO.2 国常会：研究做强国内大循环重点政策举措落实工作 据央视新闻报道，国务院总理李强主持召开国务院常务会议，研究做强国内大循环重点政策举措落实工 作。会议指出，做强国内大循环是推动经济行稳致远的战略之举。要找准关键着力点，深入实施提振消 费专项行动，系统清理制约居民消费的不合理限制，优化消费品以旧换新政策，顺应居民消费需求增加 多元化供给，扩大新质生产力、新兴服务业等领域投资，把内需潜力充分释放出来，不断增强国内大循 环内生动力。要聚焦突出问题，提高政策精准度和可操作性，加强部门间协同配合，汇聚政策落实的合 力，加快破解制约国内大循环的堵 ...

Macroeconomic Overview - In the first half of 2025, China's GDP grew by 5.3% year-on-year, with a slight slowdown in Q2 at 5.2% compared to 5.4% in Q1, indicating a stable economic performance amidst global economic uncertainties [1][9] - The contribution of consumption, investment, and net exports to growth improved in Q2, with consumption at 52.3%, investment at 24.7%, and net exports at 23.0%, highlighting a better balance between internal and external demand [1][2] Industrial Production - The industrial added value for large-scale industries increased by 6.4% year-on-year in the first half of 2025, with June's growth accelerating to 6.8% [2][16] - Manufacturing output grew by 7.0%, with equipment manufacturing and high-tech manufacturing showing significant growth rates of 10.2% and 9.5%, respectively [2][16] - New energy vehicles and industrial robots saw production increases of 36.2% and 35.6%, respectively, reflecting a trend towards high-end and intelligent manufacturing [2][16] Consumer Market - Retail sales of consumer goods increased by 5.0% year-on-year in the first half of 2025, with a notable acceleration in Q2 [3][16] - The "old-for-new" policy positively impacted sales in categories such as home appliances and communication equipment, with growth rates of 30.7% and 24.1%, respectively [3][16] - Service consumption also showed recovery, with service retail sales growing by 5.3% [3][16] Investment Trends - Fixed asset investment grew by 2.8% year-on-year in the first half of 2025, with manufacturing investment increasing by 7.5% [5][16] - Infrastructure investment rose by 4.6%, while private investment saw a decline of 0.6%, although other private investments excluding real estate grew by 5.1% [5][16] - Investment growth volatility is attributed to fluctuating upstream material prices and reduced capacity utilization in traditional sectors [5][16] Real Estate Market - New housing sales in the first half of 2025 decreased by 3.5% in area and 5.5% in value, although the decline rate narrowed compared to the previous year [6][16] - In June, housing prices in major cities showed a downward trend, with new residential prices in first-tier cities decreasing by 0.3% [6][16] - The government is expected to implement stronger measures to stabilize the real estate market, with policies aimed at boosting demand and supporting housing construction [6][16] Foreign Trade - Total goods imports and exports increased by 2.9% year-on-year in the first half of 2025, with exports rising by 7.2% and imports falling by 2.7% [7][16] - The export of mechanical and electrical products grew by 9.5%, accounting for 60.0% of total exports, indicating a diversification of trade partners and resilience in external trade [7][16] - Trade with countries along the "Belt and Road" increased by 4.7%, providing a buffer against fluctuations in traditional markets [7][16] Financial Sector - The total social financing scale increased by 22.83 trillion yuan in the first half of 2025, with June's new social financing reaching 4.2 trillion yuan [8][16] - The M2 money supply grew by 8.3% year-on-year, indicating improved liquidity and funding support for the real economy [8][16] - The structure of credit also showed positive changes, with stable growth in household loans and a rebound in medium to long-term loans for enterprises [8][16]

2025年中国经济"半年报"有哪些亮点？在中新社国是直通车7月15日举行的"2025年中经济形势分析 会"上，与会专家分别从不同角度进行解读。 "今年以来，面对更趋复杂严峻的外部环境，中国经济展现出强大韧性和活力。"中国宏观经济研究 院经济研究所副所长郭丽岩在分析会上表示，在更好保障和改善民生、更好满足人民美好生活需要过程 中，中国经济寻找到了更多新的增长点和稳定经济运行的着力点。她分析，当前居民家庭对消费品质升 级的诉求日益凸显，对更高品质的绿色、低碳产品以及活跃的文娱、体育、旅游等服务消费的需求明显 增加，这充分表明我国消费结构正不断优化升级。 谈及上半年外贸形势，商务部国际贸易经济合作研究院研究员周密表示，数据已明确展现出中国外 贸的韧性，中国正成为全球外贸体系中重要的稳定性力量，有潜力也有能力继续保持外贸稳定增长。周 密认为，中国在产品结构方面还有很多新的可能性和拓展空间，国内进口也会更加多元化。一些机制性 保障还在不断探索，或将为企业创造更加有效的支撑，减少市场的不确定性，保障贸易的可持续性。 中信证券首席经济学家明明在分析会上表示，上半年中国经济总量稳中向好、结构不断优化，实现 5.3%的增速背后 ...

Core Viewpoint - China's GDP growth in the first half of the year reached 5.3%, exceeding last year's 5.0% and market expectations, laying a solid foundation for achieving the annual target of around 5% [1] Group 1: Economic Growth Contributions - Final consumption expenditure contributed 52% to economic growth, capital formation contributed 16.8%, and net exports contributed 31.2% in the first half of the year [1] - In Q2, final consumption expenditure's contribution rose to 52.3%, while capital formation's contribution was 24.7% and net exports contributed 23% [1] Group 2: Consumer Spending and Policies - Social retail sales reached 24.55 trillion yuan, growing by 5% year-on-year, with Q2 growth accelerating to 5.4% [1] - A series of policies aimed at expanding domestic demand and promoting consumption, particularly the "trade-in" policy, significantly boosted sales in appliances, automobiles, and communication products [1][2] Group 3: Export Performance - In the first half of the year, China's goods trade reached 21.79 trillion yuan, with exports growing by 7.2% year-on-year, marking a historical high of over 13 trillion yuan [2] - Imports totaled 8.79 trillion yuan, down 2.7% year-on-year, but the decline narrowed compared to the first five months of the year [2] Group 4: Investment Trends - Investment growth showed fluctuations, with real estate investment declining further and manufacturing investment growth slowing to 5.1% in June [3] - Fixed asset investment nominal growth was 2.8%, while the actual growth rate, adjusted for price changes, was 5.3% [3] Group 5: Industrial Production Challenges - Industrial producer prices fell by 2.8% year-on-year in the first half, with a 3.6% decline in June [4] - The capacity utilization rate for major industries was 74.0%, down 0.1 percentage points from the previous quarter and 0.9 percentage points from the same period last year [4] Group 6: Market Confidence and Future Outlook - International institutions have raised their growth forecasts for China, reflecting the economy's resilience against external shocks and the growth potential of domestic consumption [4] - The market anticipates continued policy support in the second half of the year to stabilize expectations and confidence, promoting sustainable economic development [4]

Group 1: Core Insights - The article emphasizes the focus of China's decision-making on technology, consumption, employment, foreign trade, and platform economy since the April Politburo meeting, aiming for a multi-dimensional collaboration to strengthen economic recovery [1] - Key areas of investigation include high-end manufacturing technologies, consumer policies, employment stability for specific groups, foreign trade orders, and digital consumption regulation [1] Group 2: Domestic Economic and Industrial Policies - The Central Financial Committee's meeting on July 1 highlighted the importance of building a unified national market and regulating low-price competition among enterprises [2] - Measures to support the high-quality development of innovative drugs were announced by the National Healthcare Security Administration and the National Health Commission [2] - The National Energy Administration held a mid-term meeting on wind and solar energy resource surveys on July 2 [2] - The State Council issued a notice on July 9 to further enhance employment support policies [2] Group 3: Capital Market Policies - The implementation of the new information disclosure management measures for listed companies began on July 1, clarifying industry disclosure requirements [3] - The China Securities Regulatory Commission approved the first batch of 10 technology innovation bond ETFs to guide funds into the technology sector [3] - The People's Bank of China released a draft for public consultation regarding the rules for the cross-border payment system on July 4 [3] Group 4: Global Geopolitical and Economic Tracking - The U.S. Congress passed the "Big and Beautiful" Act on July 3, indicating significant legislative changes [4] - OPEC+ agreed to increase production by 548,000 barrels per day starting in August [4] - The U.S. unemployment rate decreased to 4.1% with 147,000 new jobs added in June, reflecting a slight improvement in the labor market [4]

Core Viewpoint - The strategic cooperation between MIC International Station and Nanjing Postal Company aims to enhance cross-border logistics solutions for Chinese foreign trade enterprises, promoting efficiency and cost-effectiveness in international trade [1][3]. Group 1: Strategic Cooperation - MIC International Station and Nanjing Postal Company signed a strategic cooperation agreement to leverage their core strengths in international logistics, information sharing, and resource integration [1]. - The collaboration is intended to provide more efficient, convenient, and low-cost logistics solutions for Chinese foreign trade enterprises, facilitating their global expansion [1][3]. Group 2: MIC International Station's Role - MIC International Station has established itself as a crucial platform for global buyers seeking quality Chinese suppliers, with a user base of 49.7 million global enterprises and an annual visit count of 2.68 billion by the end of 2024 [3]. - The platform's president emphasized the necessity of efficient logistics as the lifeline of international trade, highlighting the urgent need for reliable logistics solutions among foreign trade enterprises [3]. Group 3: Nanjing Postal Company's Capabilities - Nanjing Postal Company, as a large state-owned enterprise, possesses significant global service capabilities in international logistics, supported by a vast air fleet and a comprehensive network of international exchange hubs [3]. - The company aims to provide smoother and more cost-effective pathways for foreign trade enterprises, particularly those in Jiangsu province, through this partnership with MIC International Station [3]. Group 4: Future Collaboration - Both parties plan to explore innovative cooperation models by utilizing their respective advantages in platforms, technology, networks, and services to support Chinese foreign trade enterprises in their international endeavors [3].

Core Insights - China's total import and export value reached 21.79 trillion yuan in the first half of the year, marking a year-on-year growth of 2.9%, and setting a historical high for the same period, with continuous growth for seven consecutive quarters [1] Group 1: Export Performance - The total export value for the first half of the year was 13 trillion yuan, with a notable growth rate of 7.2%. Mechanical and electrical products accounted for 7.8 trillion yuan, representing a 9.5% increase, solidifying over 60% of the export base [2] - High-tech products have maintained growth for nine consecutive months, with exports of high-end machine tools, ships, and marine engineering equipment exceeding 20% growth. The share of self-owned brands in high-tech product exports rose to 32.4%, and industrial robot exports surged by 61.5% [2] - The "new three types" of green products saw a growth of 12.7% from January to June, with significant increases in exports of wind power equipment and lithium batteries, reflecting a shift towards quality in foreign trade [2] Group 2: Import and Export Enterprises - A record 628,000 enterprises engaged in import and export activities in the first half of the year, with private enterprises making up 547,000 of this total, contributing to a 7.3% growth rate [3] - Private enterprises have shown resilience against external challenges, achieving continuous growth for 21 consecutive quarters, becoming a crucial support for China's foreign trade [3] Group 3: Trade Partnerships - China's trade relationships have diversified, with growth in imports and exports to over 190 countries and regions. Emerging markets, particularly ASEAN, Africa, and Central Asia, contributed significantly, with double-digit growth in trade with Africa and Central Asia [3] - Trade with countries and regions involved in the Belt and Road Initiative grew by 4.7%, accounting for over half of the overall foreign trade [3] Group 4: Economic Environment - The strong performance of foreign trade is attributed to China's increasingly complete industrial system, efficient infrastructure, and continuously optimized business environment, alongside the determination of numerous foreign trade enterprises [4] - With the further release of various policies to stabilize foreign trade, China is expected to inject stronger "Chinese power" into the global economic recovery [4]

全球市场波动中，外贸人既要迎战挑战，也要把握新机遇。本文将为外贸从业者带来最新的国际国内要闻、市场动态及风险预警，涵盖经济、政治、金融等 多个领域。 最新！美国对多国加征"对等关税"详细总表！最高50%，你出口的国家中招了吗？ 中国制造网 Global Pay Pro 上一交易日17:00美元兑人民币： 7.1651（市场参考价：7.1514） 1. 特朗普宣布对欧盟、墨西哥征收30%关税。 2. 特朗普称将对未接到关税函的国家征收15%或20%"统一关税"。 3. 韩国拟对华石油树脂征收反倾销税。 4. 从8月1日起，越南低于100万越南盾的进口商品将自动缴纳增值税。 5. 欧盟延长对美关税反制暂停期至8月初，欧洲议会国际贸易委员会主席提出质疑。 6. 关税-——①特朗普：如果俄罗斯在50天内无法达成俄乌冲突协议，将对俄罗斯征收100%二级关税。美国官员：特朗普指的是若50天内无法达成协 议，除了对俄征收100%关税，亦会对购买俄油的国家实施二级制裁。 ②巴西副总统否认巴西要求美国将关税降低至30%以及推迟关税期限90天的消 息。巴西将公布有关美国关税的对等反制法令。 ③欧盟准备对720亿欧元美国商品征收反 ...

"凌晨3时打印原产地证书，白天不耽误装船，还节省了快递和人工跑腿成本。"7月14日，南京友扬 辉贸易有限公司负责人尤其昂站在江北新区市民中心24小时自助区，指着一台政务一体机感慨地说。 此刻，尤其昂的从容在过去几乎不敢想象。 这项改革，也让南京成为全国首个试点自助签发原产地证书的城市。 "以前最怕周末和节假日，窗口不开，急单只能干瞪眼。"尤其昂说，碰上人多排队，万一资料有 误，一天就耗进去了。 去年，"友扬辉"一份参与信用证交单的产地证需紧急改证，但政务中心已下班，只能等到次日。 今年，同样的问题再现。当时，尤其昂抱着试试看的心态，凌晨3时赶到江北新区市民中心，在政 务一体机上仅用5分钟完成证书修改打印，当天顺利交单。 变化背后，是南京把企业痛点当成改革支点的决心。 长期以来，外贸型企业办理原产地证书存在一定不便。传统办理模式下，企业需提前准备发票等相 关材料，往返于线下办事窗口，耗费大量时间和精力。同时，窗口办理受办公时间限制，若材料不全或 填写有误，还需多次奔波，不仅影响企业出货周期，还可能因延误导致订单违约，错失国际市场机遇。 记者了解到，虽然市贸促会驻政务服务中心的原产地签发服务已经实现了企业端自主打 ...