Core Viewpoint - The strong performance of consumption in May has significantly contributed to the stability and progress of China's national economy, showcasing the immense potential of the Chinese market [1][9]. Consumption Performance - In May, China's total retail sales of consumer goods reached 41,326 billion yuan, a year-on-year increase of 6.4%, which is 1.3 percentage points higher than the previous month and the highest growth rate since early 2024 [1][2]. - The growth rate of 6.4% exceeded market expectations, which were around 5% [1][2]. - The month-on-month growth rate was 0.93%, marking the highest rate since May 2023 [1]. Factors Driving Consumption Growth - Several factors contributed to the acceleration of consumption in May, including the "old-for-new" policy for consumer goods, the "6·18" online shopping promotion, and favorable holiday consumption trends [2]. - During the "May Day" and "Dragon Boat Festival" holidays, domestic tourism increased significantly, with a 6.4% year-on-year rise in the number of travelers during the "May Day" holiday [2]. - Retail sales of major household appliances and communication equipment saw substantial year-on-year growth, with increases of 53%, 33%, 30.5%, and 25.6% respectively, contributing 1.9 percentage points to the total retail sales growth [2]. Economic Stability Indicators - From January to May, the retail sales of services increased by 5.2%, with May's service production index growing by 6.2% year-on-year [4]. - The unemployment rate in urban areas was 5% in May, a slight decrease of 0.1 percentage points from the previous month, indicating a stable employment situation [8]. - The Consumer Price Index (CPI) showed a slight year-on-year decrease, but the core CPI, excluding food and energy, indicated a stable market supply and demand relationship [8]. Industrial Production and Trade - In May, the industrial added value for large-scale enterprises grew by 5.8% year-on-year, maintaining a relatively high growth rate despite a slight decrease from the previous month [6][7]. - The total import and export volume in May increased by 2.7% year-on-year, with exports growing by 6.3%, reflecting the diversified development of foreign trade [6]. Future Economic Outlook - The overall economic operation is expected to remain stable in the first half of the year, with GDP growth projected to exceed 5.0% in the second quarter [10]. - The government is advised to implement more proactive macroeconomic policies to stimulate investment and consumption growth [10][11].

Core Viewpoint - The economic data for May indicates a mixed performance, with supply-side growth remaining strong while demand-side indicators show signs of slowing down, particularly in investment and real estate sectors [1][5]. Supply Side: Strong Support - In May, the industrial added value for large-scale enterprises grew by 5.8% year-on-year, slightly above the market expectation of 5.7% [6]. - The manufacturing sector saw a marginal slowdown, with high-tech industries maintaining robust growth rates of 8.6% [6]. - The service sector production index increased by 6.2%, driven by recovering consumer demand and increased holiday travel [9]. Fixed Asset Investment: Real Estate Drag - Fixed asset investment grew by 3.7% year-on-year, below the expected 4.1%, with infrastructure and manufacturing growth rates declining [10]. - Real estate investment saw a significant decline of 10.7%, indicating ongoing challenges in the property market [10][14]. - The construction sector is under pressure due to local government debt and slow issuance of special bonds for projects [10][11]. Consumption: Accelerating Beyond Expectations - Social retail sales increased by 6.4%, significantly higher than the market expectation of 4.8%, with both goods and catering consumption reaching new highs for the year [19]. - The increase in consumption is attributed to policy effects, pre-scheduled shopping festivals, and high demand for electronics and home appliances [19][22]. Outlook: Stabilizing with Localized Pressure - The impact of tariff changes on the economy is expected to weaken, with the second quarter growth likely to exceed earlier market expectations [24]. - However, persistent low prices may continue to erode corporate profits and delay improvements in consumer expectations [24].

Core Viewpoint - The economic resilience and potential of China continue to manifest, with stable economic operation and sustained growth in foreign trade despite external pressures [1][10]. Economic Performance - In May, China's total import and export value increased by 2.7% year-on-year, with exports growing by 6.3% [10]. - The retail sales of consumer goods reached 41,326 billion yuan, marking a year-on-year growth of 6.4%, the highest growth rate since last year [1][9]. Industrial Growth - The industrial added value of enterprises above designated size grew by 5.8% year-on-year in May, supported by policy measures and active adjustments by enterprises [4][8]. - The added value of the equipment manufacturing industry increased by 9%, contributing 54.3% to industrial production [8]. Service Sector Expansion - The service production index rose by 6.2% year-on-year in May, with growth accelerating by 0.2 percentage points compared to the previous month [8]. - Retail and accommodation sectors showed significant growth, with production indices increasing by 1.6 and 0.9 percentage points, respectively [9]. Domestic Demand and Consumption - The growth of retail sales accelerated, particularly in the service sector, with a year-on-year increase of 6.4% in May, up by 1.3 percentage points from the previous month [9]. - Policies promoting consumption, such as trade-in programs and online sales promotions, contributed to the increase in market sales [8]. Innovation and New Growth Drivers - The high-tech manufacturing industry saw an added value growth of 8.6%, while the digital product manufacturing industry grew by 9.1%, both outpacing the overall industrial growth rate [9][12]. - The production of new energy vehicles and solar batteries increased by 31.7% and 27.8%, respectively, indicating robust growth in emerging industries [9]. Employment and Price Stability - The urban unemployment rate in May was 5%, a slight decrease of 0.1 percentage points from the previous month [8]. - The Consumer Price Index (CPI) saw a slight year-on-year decline, while the core CPI, excluding food and energy, showed an expanded increase, indicating stable market supply and demand [8]. Policy Support and Future Outlook - The macroeconomic policies have been effective in stabilizing the economy, with a focus on expanding domestic demand and promoting high-quality development [11][12]. - The policy toolbox is well-stocked, allowing for dynamic adjustments to respond to changing circumstances, ensuring continued support for economic stability [12].

Core Viewpoint - In May, the national service industry production index experienced a year-on-year growth of 6.2%, accelerating by 0.2 percentage points compared to the previous month [1] Industry Breakdown - The information transmission, software, and information technology services sector saw a year-on-year production index increase of 11.2%, which is 5.0 percentage points higher than the overall service industry production index [1] - The leasing and business services sector reported a year-on-year growth of 8.9%, exceeding the overall service industry production index by 2.7 percentage points [1] - The wholesale and retail sector experienced a year-on-year production index growth of 8.4%, surpassing the overall service industry production index by 2.2 percentage points [1]

Economic Overview - In May, the overall economic operation remained stable with signs of improvement, showcasing strong resilience and vitality in China's economy [1][2] - The retail sales of consumer goods in May increased by 6.4% year-on-year, accelerating by 1.3 percentage points compared to the previous month [1] - The industrial production saw a year-on-year increase of 5.8% in May, with a month-on-month growth of 0.61% [1] Service Sector - The service sector's production index grew by 6.2% year-on-year in May, which is an acceleration of 0.2 percentage points from the previous month [1] Fixed Asset Investment - From January to May, the total fixed asset investment (excluding rural households) reached 191,947 billion yuan, reflecting a year-on-year growth of 3.7% [1] Real Estate Market - The real estate market is stabilizing, with the price decline in new residential properties continuing to narrow in May [3][4] - The sales area and sales volume of new commercial housing from January to May decreased by 2.9% and 3.8% year-on-year, respectively, remaining stable compared to the previous four months [3] - The inventory of unsold commercial housing decreased by 7.15 million square meters in May, marking three consecutive months of decline [3] Policy Measures - The implementation of proactive macroeconomic policies has effectively enhanced consumption vitality and supported production growth [5] - The policy toolbox is well-stocked, allowing for dynamic adjustments to respond to changing circumstances, ensuring continued economic stability [6]

2025.06. 16 二、服务业增长加快，现代服务业增势良好 5 月份，全国服务业生产指数同比增长 6.2% ，比上月加快 0.2 个百分点。分行业看，信息传输、 软件和信息技术服务业，租赁和商务服务业，批发和零售业生产指数同比分别增长 11.2% 、 8.9% 、 8.4% ，分别快于服务业生产指数 5.0 、 2.7 、 2.2 个百分点。 1-5 月份，全国服务业生产指 数同比增长 5.9% 。 1-4 月份，规模以上服务业企业营业收入同比增长 7.2% 。 5 月份，服务业 商务活动指数为 50.2% ，比上月上升 0.1 个百分点；服务业业务活动预期指数为 56.5% ，上升 0.1 个百分点。其中，铁路运输、航空运输、邮政、电信广播电视及卫星传输服务、互联网软件及信 息技术服务等行业商务活动指数位于 55.0% 以上较高景气区间。 三、市场销售明显回升，以旧换新相关商品快速增长 本文字数：2780，阅读时长大约4.5分钟 据国家统计局网站，5 月份，在以习近平同志为核心的党中央坚强领导下，各地区各部门认真贯彻落 实党中央、国务院决策部署，坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构 ...

Core Viewpoint - The overall economic operation in May is stable, with some indicators continuing to improve, showcasing strong resilience and vitality in China's economy [1] Economic Performance - In May, the total retail sales of consumer goods increased by 6.4% year-on-year, accelerating by 1.3 percentage points compared to the previous month [1] - From January to May, the service retail sales grew by 5.2%, which is an acceleration of 0.1 percentage points compared to the period from January to April [1] Sectoral Insights - The acceleration in consumption, particularly in service consumption, has positively impacted related service industries, with production index growth in wholesale and retail, as well as accommodation and catering sectors, all accelerating compared to the previous month [1] - New growth drivers such as high-end manufacturing, digital economy, and new energy industries are continuously expanding, effectively promoting industrial transformation and ensuring stable economic operation [1]

Core Viewpoint - The service industry in China is experiencing accelerated growth, with a notable increase in the modern service sector, as indicated by the production index and various sub-sector performances [1] Industry Performance - In May, the national service production index grew by 6.2% year-on-year, an acceleration of 0.2 percentage points compared to the previous month [1] - The information transmission, software, and IT services sector saw a production index increase of 11.2%, while leasing and business services, and wholesale and retail sectors grew by 8.9% and 8.4% respectively, outperforming the overall service production index by 5.0, 2.7, and 2.2 percentage points [1] - From January to May, the national service production index recorded a year-on-year growth of 5.9% [1] Revenue and Business Activity - For the first four months, revenue from large-scale service enterprises increased by 7.2% year-on-year [1] - The service business activity index for May was at 50.2%, rising by 0.1 percentage points from the previous month, while the business activity expectation index stood at 56.5%, also up by 0.1 percentage points [1] - Specific sectors such as railway transport, air transport, postal services, telecommunications, and internet software and IT services reported business activity indices above 55.0%, indicating a high level of economic activity [1]

Core Viewpoint - The article discusses the criteria and guidelines for companies to apply for the R&D expense super deduction policy, emphasizing the importance of correctly identifying eligible R&D activities and expenses. Group 1: R&D Activities Not Eligible for Super Deduction - Activities that do not qualify for the tax deduction include regular upgrades of products or services [7] - Direct application of existing research results, such as using publicly available new processes or materials [7] - Technical support provided to customers after commercialization [8] - Simple or repetitive changes to existing products, services, or processes [9] - Market research, efficiency studies, or management research [10] - Routine quality control, testing, analysis, or maintenance activities [11] - Research in social sciences, arts, or humanities [12] - Therefore, market research activities are not eligible for the super deduction [13] Group 2: Industry Scope for R&D Expense Deduction - Industries not eligible for the super deduction include: - Tobacco manufacturing - Accommodation and catering - Wholesale and retail - Real estate - Leasing and business services - Entertainment - Other industries as specified by the Ministry of Finance and the State Administration of Taxation [16] Group 3: R&D Expense Classification - Companies must clearly differentiate between R&D expenses and operational expenses [18] - R&D expenses must be accurately recorded and categorized by project to qualify for the super deduction [18] - Companies under a simplified tax assessment cannot enjoy the super deduction policy [19] Group 4: Specific R&D Expense Categories - Eligible R&D expenses include: - Personnel costs for R&D staff, including salaries and social insurance [22] - Direct input costs, depreciation, and amortization of intangible assets [25] - Costs related to new product design, new process development, clinical trials for new drugs, and field tests for exploration and development [25] - Depreciation for instruments and equipment used in R&D is eligible, but depreciation for buildings is not [27] Group 5: Concurrent Tax Benefits - Companies meeting the criteria for the R&D expense super deduction can also enjoy other tax benefits as stipulated by the corporate income tax law [28] Group 6: Policy References - The article cites several policy documents that provide the legal framework for the R&D expense super deduction [29][30]

Core Insights - The fifth national economic census in Zhengzhou has been successfully completed, revealing significant growth in the secondary and tertiary industries over the past five years, with improvements in asset scale, revenue, and technological innovation capabilities [1] Group 1: Growth in Legal Entities - The number of legal entities in the secondary and tertiary industries reached 566,000 by the end of 2023, an increase of 181,000 or 46.9% compared to the end of 2018 [2] - The number of industrial activity units was 599,000, up by 186,000 or 45.1% [2] - The number of individual businesses rose to 783,000, an increase of 284,000 or 57.0% [2] Group 2: Employment Trends - By the end of 2023, the secondary and tertiary industries employed 6.125 million people, an increase of 1.138 million or 22.8% since 2018, with 2.279 million being female workers [3] - Employment in the tertiary industry increased by 1.2 million or 39%, while employment in the secondary industry decreased by 62,000 or 3.2% [3] - The top three sectors for employment in the secondary and tertiary industries were wholesale and retail (1.042 million), construction (889,000), and manufacturing (786,000) [3] Group 3: Digital Economy Development - By the end of 2023, there were 60,000 legal entities in the core digital economy sector, employing 587,000 people and generating revenue of 868.06 billion [4] - The digital product manufacturing sector had 857 entities, employing 140,000 people and generating revenue of 605.01 billion [4] - The high-tech manufacturing sector had 259 entities, achieving revenue of 629.28 billion, while the high-tech service sector had 1,027 entities with revenue of 131.14 billion [4]