会议强调，要按照"聚焦现代、突出重点、集约投入、确保实效"的总体要求，精准落实好试点重点领域 任务。一是以一刻钟便民生活圈、乡镇商业改造为抓手，加快完善城乡商贸流通网络。二是以供应链集 成服务、数字化转型为抓手，推动批发零售业转型升级。三是以数智供应链、物流标准化为抓手，畅通 商贸物流和供应链，降低物流成本。四是要以批发市场和区域冷链物流基地为抓手，健全农产品现代流 通体系，促进产销对接。五是以多功能分拣中心、"互联网+回收"等新模式为抓手，打通堵点卡点，完 善城乡再生资源回收体系。六是统筹商贸流通体系和生活必需品保供体系建设，做好平急转换。会议还 提出，要抓好组织领导、协同配合、资金安全、总结推广等工作，确保政策落地见效。 上海、浙江、湖北、江西、四川、宁夏、宁波等7个首批试点工作业务负责同志作交流发言。有关省市 商务部门业务处室线上参加会议。 会议指出，现代商贸流通体系试点工作是打造扩内需长效机制的基础支撑，是做强国内大循环的重要载 体，是加快商贸流通转型升级的重要契机，要充分认识开展试点建设的重要意义，切实把这项工作抓紧 抓好。2024年试点启动以来，工作取得积极成效，有力推进城乡商业布局优化，有效引领 ...

Group 1 - The Inclusive Finance Prosperity Index reached 49.03 points in June 2025, an increase of 0.07 points from May, indicating a continued recovery in the financing sector and stable support from finance to the real economy [1] - The financing prosperity index was 54.47 points in June, up 0.53 points month-on-month, driven by the implementation of employment and economic stability policies, which improved social expectations and released effective credit demand [1] - The operating prosperity index for small and micro enterprises was 47.96 points in June, a slight decrease of 0.04 points from May, with the operating performance index for small and micro enterprises dropping by 0.23 points [1] Group 2 - Among nine major industries, four showed an upward trend while five experienced a decline in operating prosperity in June, with wholesale and retail, information services, real estate, and social services showing signs of recovery [1] - The prosperity index for seven major regions showed three increases and four decreases, with North China, Central China, and Southwest regions seeing improvements, scoring 45.72, 46.39, and 47.51 points respectively [2] - The Inclusive Finance Prosperity Index is jointly launched by several organizations, including the China Economic Information Service and the China Banking Association, with participation from various banks [2]

Group 1: Economic Growth and Consumer Market - The total retail sales of consumer goods in China is expected to exceed 50 trillion yuan by 2025, with an average annual contribution rate of 60% to economic growth during the 14th Five-Year Plan period [3][5] - China's retail sales are approximately 80% of the US in absolute terms, but in terms of purchasing power, China's retail sales have surpassed that of the US [5] - The social consumption retail total has grown at an average rate of 5.5% over the past four years, highlighting the robust domestic market [3] Group 2: Trade and Foreign Investment - During the 14th Five-Year Plan, China's goods trade volume has crossed significant milestones, reaching 6.16 trillion USD in 2024, a 32.4% increase from the end of the 13th Five-Year Plan [12][21] - The actual use of foreign capital in China reached 708.73 billion USD by mid-2025, achieving the target set for the 14th Five-Year Plan six months ahead of schedule [18] - China's service trade is projected to exceed 1 trillion USD for the first time in 2024, ranking second globally [22] Group 3: Retail and Logistics Development - The value added by the wholesale and retail industry is expected to grow by 40% compared to the end of the 13th Five-Year Plan, reaching 13.8 trillion yuan in 2024 [27][25] - The logistics costs in China have decreased, with the total logistics costs as a percentage of GDP dropping from 14.7% to 14.1% over five years [28] - The number of legal entities in the wholesale and retail sector has surpassed 10 million, indicating a diversification and expansion of the retail landscape [29]

Economic Performance - Hubei province achieved a GDP of 29,642.61 billion yuan in the first half of 2025, with a year-on-year growth of 6.2% [1] - The growth rate accelerated by 0.4 percentage points compared to the same period last year, surpassing the national average by 0.9 percentage points [1] Sector Contributions - The primary industry added value was 1,914.07 billion yuan, growing by 3.3% [1] - The secondary industry added value was 11,544.28 billion yuan, growing by 6.4% [1] - The tertiary industry added value was 16,184.26 billion yuan, also growing by 6.4% [1] Investment and Consumption - The province has 19,250 construction projects, an increase of 7.1% [2] - Project investment (excluding real estate) grew by 9.8%, exceeding the national average by 3.2 percentage points [2] - Manufacturing investment increased by 12.5%, higher than the national average by 5.0 percentage points [2] Retail and Real Estate - Retail sales in the wholesale and retail sector grew by 5.9% and 8.7%, respectively [2] - Home appliance and furniture retail sales surged by 30.8% and 63.0%, respectively, supported by the old-for-new policy [2] - Real estate sales area and new construction area increased by 5.9% and 5.6%, respectively [2] Emerging Industries - High-tech manufacturing added value grew by 14.4%, contributing 27.5% to the industrial output [3] - Production of computers, smartphones, optical fibers, and lithium-ion batteries increased by 31.5%, 19.9%, 25.7%, and 62.1%, respectively [3] Tourism and External Trade - Total tourist visits and tourism revenue grew by 14.7% and 16.0%, respectively [3] - Hubei's total import and export value exceeded 400 billion yuan, reaching 402.31 billion yuan, with exports and imports growing by 38.5% and 7.4%, respectively [3][4] - The export structure improved, with mechanical and electrical products accounting for 50.7% of total exports, growing by 26.8% [4]

Group 1: Consumption Market - The total retail sales in China are expected to exceed 50 trillion RMB this year, with an annual growth rate of 5.5% from 2020's 39.1 trillion RMB to a projected 48.3 trillion RMB in 2024 [2] - Consumption contributes approximately 60% to economic growth, solidifying China's position as the world's second-largest consumer market [2] - The service consumption expenditure is projected to grow at an annual rate of 9.6% from 2020 to 2024 [2] Group 2: Trade Development - China's goods trade volume has crossed significant milestones, reaching over 6 trillion USD in 2024, marking a 32.4% increase from 2020 [4] - The service trade has also seen growth, with the scale surpassing 1 trillion USD, positioning China as the second-largest globally [4] - The proportion of high-tech product exports in goods trade is expected to reach 18.2% in 2024, indicating an ongoing optimization and upgrade in trade [5] Group 3: Foreign Investment - By June 2023, China had utilized 708.73 billion USD in foreign investment, surpassing the target of 700 billion USD set for the "14th Five-Year Plan" [6] - The proportion of foreign investment in high-tech industries has increased to 34.6% in 2024, up 6 percentage points from 2020 [6] - Over 60 key "Invest in China" events have been held, promoting China as a favorable destination for multinational investments [7]

Group 1 - The core viewpoint of the articles highlights the significant changes and improvements in China's consumption market during the "14th Five-Year Plan" period, characterized by expansion, quality enhancement, renewal, and openness [1] - The total retail sales of consumer goods in China are expected to exceed 50 trillion yuan in 2024, with an average annual growth rate of 5.5% from 2020 to 2024, solidifying China's position as the world's second-largest consumer market [1][2] - The retail sector's added value is projected to reach 13.8 trillion yuan in 2024, marking a 40% increase from the end of the "13th Five-Year Plan" and accounting for over 10% of GDP, while also creating 135 million jobs [3] Group 2 - The development of new consumption models is emphasized, including digital consumption and quality e-commerce, which are expected to drive innovation and growth in the sector [2] - The logistics costs as a percentage of GDP have decreased from 14.7% to 14.1% over the past five years, indicating improved efficiency in the supply chain and logistics sector [3] - The government plans to continue enhancing the modern commercial circulation system and reduce logistics costs further to support economic circulation and development in the upcoming "15th Five-Year Plan" [3]

Core Insights - The Ministry of Commerce has reported significant progress in the construction of a modern commercial circulation system since the start of the 14th Five-Year Plan, driven by modern supply chains and high-quality development in the wholesale and retail sectors [1] Group 1: Economic Performance - The wholesale and retail sector's added value is projected to reach 13.8 trillion yuan in 2024, marking a 40% increase compared to the end of the 13th Five-Year Plan, making it the second largest sector after manufacturing [1] - The sector's contribution to GDP will exceed 10%, reaching a historical high, and it is expected to create 135 million jobs [1] - In the first half of this year, the added value of the wholesale and retail sector grew by 5.9% year-on-year, indicating a sustained growth momentum [1] Group 2: Cost Reduction - The total logistics costs as a percentage of GDP have decreased from 14.7% five years ago to 14.1% [1] - Comprehensive logistics costs for key enterprises have been reduced by 10% [1]

Group 1 - The unemployment rate in Canada unexpectedly decreased to 6.9% in June, with job growth primarily in part-time positions [1] - The number of new jobs added in June was 83,100, marking the first net increase since January [1] - Employment gains were noted in the wholesale retail, healthcare, and social assistance sectors [1] Group 2 - The positive employment data may lead the Bank of Canada to maintain its policy interest rate unchanged during the monetary policy decision on July 30 [1] - Upcoming inflation data for June will further assist the central bank in making its decision [1]

Core Viewpoint - The China Small and Medium Enterprises Development Index (SMEDI) for Q2 2025 is reported at 89.1, a decrease of 0.4 points from the previous quarter, but higher than the levels in 2023 and 2024. Overall, costs for SMEs have slightly decreased [1]. Industry Summary - The wholesale and retail industry index remained stable at 89.0, while seven other industries, including construction, transportation, real estate, social services, information transmission, and accommodation and catering, saw declines in their indices [2][3]. - The overall index for Q2 2025 is 89.1, down from 89.5 in Q1 2025, with all sub-indices showing a decrease, including macroeconomic sentiment, comprehensive operation, market, cost, funding, labor, input, and efficiency indices [4][5]. Regional Summary - The indices for the eastern, central, and western regions are 90.1, 89.7, and 88.6 respectively, all showing declines from the previous quarter, while the northeastern region saw a slight increase of 0.1 points to 81.5 [4]. Key Characteristics of SMEs - Business confidence is low, with the macroeconomic sentiment index at 98.2, down 0.8 points from the previous quarter, reflecting a decline across all surveyed industries [5]. - Market demand is contracting, as indicated by a market index of 81.2, which is a decrease of 0.3 points from the previous quarter [5]. - Funding conditions are tightening, with the funding index at 100.6, down 0.2 points, and six out of eight industries reporting declines in their funding indices [5]. - Labor supply is increasing while demand is decreasing, with the labor index at 105.9, down 0.1 points, and seven industries reporting a drop in labor demand [5]. - Investment willingness among enterprises is declining, with the input index at 82.3, down 0.6 points, particularly in construction, social services, and accommodation and catering sectors [5]. - Costs for enterprises have slightly decreased, with the cost index at 111.8, down 0.2 points, although the wholesale and retail sector saw a slight increase in costs [5]. - Efficiency has also declined, with the efficiency index at 74.2, down 0.3 points, and six industries reporting a decrease in their efficiency indices [6].

Economic Overview - The GDP growth rate for Q2 is expected to be around 5.3%, close to Q1's 5.4%[3] - Industrial production growth for Q2 is projected at approximately 5.9%[3] - Retail sector growth is anticipated to rebound to about 6.8% in Q2, up from 5.8% in Q1[3] Production Insights - June's industrial growth rate is estimated at 6.0%[11] - The PMI production index for June increased to 51%, indicating expansion[4] - The wholesale growth rate for automobiles in June is expected to be 14.1%[4] Demand and Investment Trends - Social retail sales growth is projected to decline to around 4.6% in June, influenced by holiday timing and promotional activities[20] - Fixed asset investment growth for the first half of the year is expected to be around 3.4%, with manufacturing investment at 8.1% and real estate investment at -11.2%[16] - Real estate sales area growth is anticipated to be -8.0% in June[17] Trade and Price Dynamics - Export growth for June is expected to be approximately 3.5%, while imports are projected to grow by 1%[14] - CPI for June is forecasted to be around 0% year-on-year, with PPI expected to remain at -3.3%[9][10] Financial Sector Outlook - New social financing in June is estimated at 3.8 trillion yuan, an increase of 600 billion yuan year-on-year[5] - M2 money supply growth is expected to be around 7.9% in June[5]