Enhancing Judicial System Efficiency in Greece: Drivers and Economic Impact Katherine Dai, Mariusz Jarmuzek, Ritong Qu, and Amira Rasekh SIP/2025/57 IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed on March 11, 2025. This paper is also published separately as IMF Country Report No 25/49. 2025 MAY © 2025 International Monetary Fund SIP/2025/57 IMF Selected Is ...

Assessing Thailand's Debt Ceiling—Room for Recalibration? Seunghwan Kim 2025 MAY © 2025 International Monetary Fund SIP/2025/054 IMF Selected Issues Paper Asia and Pacific Department Assessing Thailand's Debt Ceiling—Room for Recalibration? Prepared by Seunghwan Kim SIP/2025/054 IMF Selected Issues Papers are prepared by IMF staff as background documentation for periodic consultations with member countries. It is based on the information available at the time it was completed on January 27, 2025. This paper ...

Debt-at-Risk Davide Furceri, Domenico Giannone, Faizaan Kisat, W. Raphael Lam, and Hongchi Li WP/25/86 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2025 MAY © 2025 International Monetary Fund WP/25/86 IMF Working Paper Fiscal Affairs Department Debt-at-Risk Prepare ...

Electronic copies of IMF Policy Papers are available to the public from http://www.imf.org/external/pp/ppindex.aspx International Monetary Fund Washington, D.C. May 2025 © 2024 International Monetary Fund GUIDELINES FOR INVESTING PRG, RS, PRG-HIPC, AND CCR TRUSTS' ASSETS IMF POLICY PAPER GUIDELINES FOR INVESTING PRG, RS, PRG-HIPC, AND CCR TRUSTS' ASSETS IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The followi ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - China's activity data weakened sequentially in April, reflecting the negative impact of increased US tariffs and soft domestic demand, with a Q2 real GDP growth forecast of 5.0% year-on-year appearing on track despite mixed activity data [1][17] Summary by Relevant Sections Industrial Production - Industrial production (IP) growth declined to 6.1% year-on-year in April from 7.7% in March, slightly above market consensus of 5.7% due to trade re-routing [2][10] - Sequentially, IP contracted by 0.2% month-on-month non-annualized in April [10] - Output growth in computer-related industries slowed significantly, with smartphone and computer output growth dropping to -6.4% and -2.2% year-on-year, respectively [10] Fixed Asset Investment - Fixed asset investment (FAI) growth fell to 3.6% year-on-year in April from 4.3% in March, primarily due to slower infrastructure and property investment growth [11] - Infrastructure investment growth declined to 7.1% year-on-year, while property investment saw a drop of 11.3% year-on-year in April [11] Retail Sales - Retail sales growth slowed to 5.1% year-on-year in April from 5.9% in March, below market consensus of 5.9% [4][12] - Online goods sales, offline goods sales, and restaurant sales revenue growth moderated to 6.1%, 4.7%, and 5.2% year-on-year, respectively [13] Services Industry - The Services Industry Output Index growth remained stable at 6.0% year-on-year in April, down from 6.3% in March [14] - Sequentially, the index fell by 0.2% month-on-month non-annualized in April [14] Property-Related Activity - Property sales growth slowed to -2.1% year-on-year in April from -1.0% in March, with significant declines in new home starts and completions [15] - Real estate investment dropped by 11.3% year-on-year in April [12][15] Labor Market - The nationwide unemployment rate edged down to 5.1% in April from 5.2% in March, with the unemployment rate for migrant workers also decreasing to 4.8% [16]

16 May 2025 | 7:22PM BST Simon Freycenet +44(20)7774-5017 | simon.freycenet@gs.com Goldman Sachs International Friedrich Schaper +44(20)7774-7906 | friedrich.schaper@gs.com Goldman Sachs International This report is intended for distribution to GS institutional clients only. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530 ...

Core Viewpoint - The report emphasizes the need for continuous deepening of financial system reforms and the construction of a financial system with Chinese characteristics, while analyzing the challenges and opportunities facing China's financial development [1][3]. Group 1: Challenges and Opportunities - The report identifies three main challenges and opportunities for China's financial development: 1. The current financial reform is at a critical juncture due to severe external conditions, increased global economic volatility, restructuring of international trade order, and rising geopolitical risks [3]. 2. Financial security and regulatory challenges are present, including the impact of regulatory reforms in various countries, particularly in the U.S., on global financial stability, as well as challenges posed by advancements in digital currencies [3]. 3. The ongoing technological revolution is reshaping the competitive landscape of finance, with widespread applications of AI technology leading to a period of technological updates in the global financial system [3]. Group 2: Recommendations for Financial System Reform - The report proposes five key recommendations for deepening financial system reforms: 1. Optimize the allocation of financial resources, with a focus on maintaining a stable financial environment [3]. 2. Accelerate the improvement of the central bank system to enhance the transmission mechanism of monetary policy [3]. 3. Strengthen financial stability guarantees by enhancing regulation, promoting a regulatory safety net, and ensuring all financial activities are subject to oversight [3]. 4. Adhere to the essence of finance to improve the quality and efficiency of financial services [3]. 5. Promote high-level financial openness and accelerate the construction of a strong financial nation, emphasizing the internationalization of the Renminbi and the development of international financial centers [3].

Market Overview - The Nasdaq Composite closed at 19,146.81, marking a 29.5% increase from its 52-week low of 14,784.03 on April 7 [1] - Easing trade tensions and reduced recession odds forecasts from major banks have contributed to renewed investor optimism [1][2] Exchange-Traded Funds (ETFs) - ETFs are highlighted as effective tools for diversification, with Vanguard offering low-cost options with expense ratios of 0.1% or lower [3] - The Vanguard Growth ETF has a significant allocation in major tech companies, including Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta Platforms, Broadcom, and Tesla, which have led the market rebound [5] - Over the past decade, the Vanguard Growth ETF has shown a total return of 277.4%, closely mirroring the Nasdaq Composite's return of 279.1% [6] Vanguard Growth ETF - The Vanguard Growth ETF is not limited by index constraints, allowing for investment in major growth stocks listed on the NYSE, such as Eli Lilly and Oracle [7] - The ETF's performance is driven by large holdings in tech giants, with Apple, Nvidia, and Microsoft comprising 46.3% of the Vanguard Information Technology ETF [9] Technology Sector - Major tech companies are experiencing significant growth, with Apple focusing on an integrated ecosystem and a $100 billion stock repurchase program [10] - Microsoft is recognized for its diversified business model and strong growth in cloud computing and AI [11] - Increased capital expenditures in AI by companies like Meta Platforms and continued investment from cloud giants indicate robust sector growth [12] Consumer Discretionary Sector - The Vanguard Consumer Discretionary ETF has a substantial allocation in Amazon and Tesla, along with other cyclical sectors that benefit from economic growth [13] - This sector is sensitive to economic indicators and can experience rapid growth during positive economic conditions [14] - Investors interested in Amazon and Tesla may find the Vanguard Consumer Discretionary ETF appealing [15] Investment Strategy - While the discussed ETFs have surged alongside the Nasdaq Composite, investors are advised to focus on long-term growth rather than short-term market rallies [16] - The concentration of holdings in these ETFs can lead to high volatility, necessitating careful consideration of top holdings before investment [17] - For those seeking less volatility, more diversified funds may be preferable [18]

Core Viewpoint - The conference emphasized the importance of financial security as a critical component of national security and economic stability, highlighting the need for a long-term, systematic approach to strengthen financial safety measures in the face of evolving risks [4][5]. Group 1: Financial Security Importance - Financial is described as the lifeblood of the national economy and a key part of the country's core competitiveness [4]. - The stability and efficient operation of the financial system are crucial for resource allocation, economic innovation, and serving the real economy [4]. - Any instability in the financial system can rapidly affect the real economy, disrupting national economic order and social stability [4]. Group 2: Current Challenges - Experts noted that China's financial security faces unprecedented complexities, including the accumulation of traditional financial risks and the emergence of new risks, particularly due to the dual-edged effects of rapid financial technology development [5]. - There is a call for a "bottom-line thinking" approach, reinforcing a "systemic perspective," and building a "multi-party collaborative" financial security defense [5]. Group 3: Conference Outcomes - The successful hosting of the conference provided a high-level platform for in-depth communication and consensus-building, positively impacting the enhancement of China's financial security and the prevention of systemic financial risks [8].

Core Viewpoint - Financial stocks, particularly Robinhood, Nu Holdings, and Coinbase, are considered strong long-term investments despite recent volatility in the market due to rising interest rates and economic challenges [1][2]. Group 1: Robinhood - Robinhood has seen significant growth from 2021 to 2024, with year-end funded accounts increasing from 22.7 million to 25.2 million and assets under custody nearly doubling from $98 billion to $193 billion [4][5]. - The company's annual revenue rose from $1.82 billion to $2.95 billion during the same period, benefiting from a gamified approach to investing and commission-free trades [4]. - Analysts project a compound annual growth rate (CAGR) of 15% for revenue and 19% for adjusted EBITDA from 2024 to 2027, with an enterprise value of $57.3 billion [6][7]. Group 2: Nu Holdings - Nu Holdings, operating in Brazil, Mexico, and Colombia, has tripled its year-end customer base from 33.3 million to 114.2 million between 2021 and 2024, with an activity rate increasing from 76% to 83% [8][9]. - The company achieved a revenue CAGR of 89% during this period and turned profitable in 2023, with net income surging 91% in 2024 [8]. - Analysts expect Nu's revenue to grow at a CAGR of 32% and net income at a CAGR of 38% from 2024 to 2027, trading at 27 times this year's earnings [10]. Group 3: Coinbase - Coinbase, one of the largest cryptocurrency exchanges, saw its year-end assets on the platform grow from $278 billion in 2021 to $404 billion in 2024, despite a revenue decline from $7.8 billion to $6.6 billion during the same period [11][12]. - Analysts forecast a revenue CAGR of 6.5% to $7.9 billion by 2027, indicating a gradual stabilization of its volatile business [12]. - The company's adjusted EBITDA is expected to decrease from $3.35 billion in 2024 to $3.26 billion in 2027, while it continues to expand its platform with new features [13][14].