此次活动是第六届中国辽宁国际投资贸易洽谈会的重要主题活动之一，主题为"科技金融与绿色金 融，共塑中日投资与经贸发展未来"。活动邀请146家中日企业现场参加。来自中日双方的政府代表、行 业领袖、企业高层及金融机构负责人等数千位嘉宾共聚一堂，聚焦新能源、人工智能、医疗康养、ESG （环境、社会和治理）经济等九大重点产业领域展开交流。 对接过程中，中国银行辽宁省分行依托"惠如愿·中银e企赢"全球跨境撮合系统，为参会企业提供全 流程、数字化、智能化的跨境合作支持，为促进区域高水平对外开放搭建重要金融桥梁。活动累计开展 87轮次洽谈，达成初步合作意向75项，现场签约合作意向金额累计2.52亿美元。 9月25日，由辽宁省人民政府和中国银行辽宁省分行联合主办的"投资辽宁"日本经贸对接活动在沈 阳举行。 ...

Group 1 - The article discusses the overestimation of tariff impacts, highlighting the non-linear diminishing elasticity of tariff shocks and the subsequent easing mechanism due to reflexivity, as well as the strengthening demand from emerging markets and import substitution [1] - Six major judgments regarding the domestic economy have been made, including the impact of tariff shocks, policy framework changes, and the new "three drivers" of economic growth [1] - The article emphasizes the resilience of exports, attributing the strong performance not to "export grabbing" but to mid-term resilience factors such as normal restocking cycles in developed countries and accelerated industrialization in emerging markets [3][4] Group 2 - The article outlines the current economic challenges, including weak domestic demand and fiscal constraints, and suggests that the government will enhance fiscal mechanisms to support economic transformation from investment-driven to consumption-led growth [5] - It highlights the increased scrutiny and accountability regarding hidden debts, particularly in lower-tier cities, indicating a shift towards more stringent regulatory measures [6] - The article discusses potential fiscal measures for the second half of 2025, including policy bank tools and government debt limits, to provide additional support if economic pressures arise [7] Group 3 - The article addresses the "anti-involution" movement, emphasizing its broader scope and stronger coordination compared to previous efforts, particularly in industries facing severe competition [8] - It points out that the current "anti-involution" initiative focuses on industry self-discipline and regional collaboration, aiming to alleviate the pressures of low-price competition [13] - The article corrects misconceptions about the nature of "involution," stressing that merely relying on upstream price increases will not effectively boost the Producer Price Index (PPI) [14] Group 4 - The article discusses the significance of the "14th Five-Year Plan" as a critical phase towards achieving modernization by 2035, focusing on high-quality development and key reforms [16] - It highlights the challenges posed by an aging population and the need for social security reform to ensure sustainability and equity in the system [18] - The article emphasizes the shift in industrial structure towards technology innovation and the importance of service sector development in the "15th Five-Year Plan" [19][20] Group 5 - The article identifies new consumption trends driven by demographic changes, suggesting that the evolving population structure will create significant opportunities in new consumption spaces [21] - It notes the potential for a 3.3 trillion yuan investment gap in the service sector, indicating a broad growth opportunity in service-oriented investments [27] - The article discusses the phenomenon of excess savings, which is primarily driven by reduced housing expenditures, suggesting that these savings are likely to be directed towards investment rather than consumption [26]

接受中国经济时报记者采访的专家表示，五项任务举措环环相扣，建立了从供给端到需求端的全链条推进机制，最受益行业包括文化旅游与休闲娱乐、体 育健康、医疗康养、"数字+服务"融合业态。政策真正落地，则能切实提升居民消费能力和信心，激励企业端提供真正让人心动的高品质服务。 图片来源/摄图网授权 ■ 中国经济时报记者 刘慧 2025年9月，商务部等9部门联合印发《关于扩大服务消费的若干政策措施》的通知，提出五项任务举措，包括培育服务消费促进平台、丰富高品质服务供 给、激发服务消费新增量、加强财政金融支持、健全统计监测制度。 五项任务举措形成了一个内在驱动的增强回路 中国宏观经济研究院高级顾问专家、市场与价格研究所原所长杨宜勇对中国经济时报记者表示："五项任务举措环环相扣，形成了一个内在驱动的增强回 路。" 杨宜勇称，培育服务消费促进平台作为基础载体，是服务消费的"舞台"和"枢纽"。政策旨在支持和升级各类消费平台，包括线上平台和线下平台。好的平 台能降低交易成本、提升消费体验、汇聚商业流量，是一切消费活动的基础。丰富高品质服务供给作为核心引擎，是解决"消费什么"的问题。政策着力于 增加高质量、多样化的服务产品。只有供给端 ...

Key Insights - The report highlights a significant increase in private market exposure among major pension funds, with the top 20 U.S. pension funds holding approximately $500 billion in private market investments, raising concerns among policymakers about potential risks [6][7][10] - The Government Pension Investment Fund (GPIF) of Japan has made its first direct investments in domestic alternative assets, allocating a total of ¥50 billion, with ¥40 billion directed towards infrastructure funds and ¥10 billion towards real estate investments [8][9] - The California Public Employees' Retirement System (CalPERS) has announced a transition to a Total Portfolio Approach (TPA) to enhance decision-making clarity and transparency, shifting to a simplified benchmark of a 75/25 equity-to-bond ratio [12][13] - The European Union is set to take action by the end of the year to promote pension investments and simplify cross-border transaction processes, aiming to reduce administrative costs and attract investments [16][17] Group 1: Private Market Exposure - Major pension funds are increasingly allocating capital to private markets, with a notable rise in risk exposure as the number of publicly listed companies declines [6][7] - The trend of pension funds moving towards private assets is being closely monitored by global policymakers due to the potential risks associated with this shift [7] Group 2: GPIF Investments - GPIF's new strategy allows for greater control over investments, as it directly selects funds rather than relying on asset management companies [8][9] - The fund's alternative investment allocation remains limited to 5% of total assets, with current holdings at only 1.6%, indicating room for growth in this area [8] Group 3: CalPERS TPA Implementation - The TPA will simplify the investment strategy for CalPERS, allowing for a more straightforward approach while maintaining a focus on risk management [12][13] - The integration of ESG factors into investment decisions is a key component of CalPERS' new strategy, with dedicated resources allocated to ensure compliance [13][16] Group 4: EU Regulatory Actions - The EU's proposed measures aim to streamline regulations and enhance market transparency, particularly concerning pension funds and cryptocurrency investments [16][17] - Tax incentives and simplified investment processes are expected to encourage household savings to flow into capital markets [17] Group 5: Other Global Developments - The Abu Dhabi Investment Authority is actively seeking opportunities in the private equity secondary market, despite challenges in the broader industry [18][19] - The National Pension Service of Korea has acquired a minority stake in Nordic real estate manager Areim, aligning with its investment strategy [20][21] - The IRS has finalized key rules under the SECURE 2.0 Act, impacting workplace retirement plans and contribution limits [22][23]

黄喜惠作为荣誉团长，率台湾妇女菁英联盟会代表团专程来京参会。 9月19日至21日，第28届京台科技论坛在京举办。作为本次论坛的重要组成部分，9月20日上午，女性发 展交流分享会在两岸科技创新中心圆满举办，活动由北京市妇联指导，北京港澳台侨妇女联谊会、台湾 妇女菁英联盟会联合主办，北京经济技术开发区妇女工作委员会、台湾高雄工商业联合会共同协办。 北京市妇联党组书记、主席张雅君，北京市台办副主任、一级巡视员刘先传，北京市妇联副主席雷晓 宁，以及来京参会的台湾妇女菁英联盟会总会长黄喜惠、副总会长何枝容，台湾中华妇女联合总会主任 委员雷倩，台湾高雄工商业联合会理事长毛燕如出席活动。京台两地80余位女性企业家、科技工作者、 女性团体、教育文化界代表等齐聚一堂，以"融合她智 向新而行"为主题，深入探讨前沿议题，共谋两 岸女性发展新机遇。 张雅君致辞表示，京台科技论坛女性活动历经十四载，已成为连结心灵、汇聚智慧的重要桥梁。今年是 中国人民抗日战争暨世界反法西斯战争胜利80周年，这段历史是中华儿女共同的民族记忆。她提出，以 血脉亲情为根，促进民心相亲，共筑两岸融合发展美好前景；以交流合作为桥，引领更多姐妹在科技前 沿乘风破浪 ...

关于扩大服务消费的 若干政策措施 培育服务消费促进平台 实施服务消费提质惠民行动。 持续深化"购在中国"品牌 打造,开展"服务消费季" 系列促消费活动。 开展消费新业态新模式新场景试 点城市建设。打造一批商旅文 体健融合的消费新场景。 丰富高品质服务供给 扩大服务业高水平对外开放 支持将更多服 务消费领域纳入 《鼓励外商投资 产业目录》。 统筹利用现有资金渠道 支持推出一批文学、 艺术、影视、动漫等 领域精品创作,培育 一批群众性文化活动 和赛事品牌。 支持世界文化遗产、文博 场馆、非遗机构、历史文 化名城,挖掘传统文化IP 市场价值,打造服务消费 新场景。支持有条件的地 方以优质演艺、动漫、游 戏、影视作品等线上流量 带动线下场景创新。 支持文博场馆创新办展方式 因地制宜延长热门文博场馆、景区营业时间, 鼓励文博单位开放馆藏资源,与社会力量合作 开发文创、数字产品。 鼓励引进国外优秀体育赛事 支持地方举办大众体育赛事,打造一批具有较 高知名度的精品赛事、职业联赛以及具有自主 知识产权的体育竞赛表演品牌。 规范发展非学科教育培训 规范发展文化艺术、科技、体育类非学科教 育培训,有序发展社区学院、市民夜校、老 ...

南都讯 日前，广州市白云区政府与新加坡鹏瑞利集团正式签署《白云区政府与鹏瑞利集团有限公司深化合作协议》，宣布合作开发白云国际医养城 （Baiyun Mega Health City）项目。南都记者了解到，该项目投资额达100亿元。 生物医药大健康产业是白云区重点布局的战略性新兴产业之一。广州市白云区投资促进局局长盛明红表示，白云国际医养城将对标约翰·霍普金斯医院等国 际一流医疗康养项目，布局医疗、医养、医美、互联网医疗、医药研发等产业，全面打造全链条医养产业业态。 据介绍，白云区属国资企业将与鹏瑞利集团成立合资平台公司，实施统一规划、开发、招商引资及运营管理，构建"医、研、康、养、商"融合发展的国际健 康产业生态圈，助推白云国际医养城项目成为世界级国际医疗健康产业创新区和健康生活目的地。 白云国际医养城项目将依托广州白云站，吸引各地的人流过来进行治疗和旅游消费。（通讯员 供图） 作为标杆启动项目，首期"白云鹏瑞利国际医院"已落户于广州白云站TOD粤胜广场东南塔，总面积10.6万平方米，并将于2026年底全面投入运营。该项目定 位为三级综合医院与国际肿瘤中心，将引入顶尖专家团队、全球先进的医疗设备和国际标准的诊 ...

Group 1: Hot Topics - The article discusses the "fiscal championship" among the US, Europe, and Japan, questioning which region is more proactive and how this will influence economic growth in 2026 [4][5]. - It highlights the economic structure since August, indicating a trend of "external demand resilience and weak internal demand," and explores the underlying changes and future economic fundamentals [5]. Group 2: High-Frequency Tracking - The August PMI data reflects a contrast between price expectations and reality, with supply contraction expectations boosting prices while actual production remains strong, necessitating attention to anti-involution policy effects [6]. - Industrial production shows continued differentiation, with infrastructure construction recovering while real estate transactions remain weak [8]. Group 3: Service Industry Insights - The article emphasizes the importance of service industry opening, noting that while the service sector's share is increasing, its growth has slowed in recent years [10]. - It outlines the stages of service industry opening in China since 2001, including exploration, innovation, and deepening phases [10]. - Future service industry openings are expected to focus on telecommunications, digital industries, healthcare, and finance [10].

Group 1: Hot Topics - The article discusses the "fiscal championship" among the US, Europe, and Japan, questioning which region is more proactive and how this will influence economic growth in 2026 [4][5]. - It highlights the economic structure since August, indicating a trend of "external demand resilience and weak internal demand," and explores the underlying changes and future economic fundamentals [5]. Group 2: High-Frequency Tracking - The August PMI data reflects a contrast between price expectations and reality, with supply contraction expectations boosting prices while actual production remains strong, necessitating attention to anti-involution policy effects [6]. - Industrial production shows continued differentiation, with infrastructure construction recovering while real estate transactions remain weak [8]. Group 3: Service Industry Insights - The article emphasizes the importance of service industry opening, noting that while the service sector's share is increasing, its growth has slowed in recent years [10]. - It outlines the stages of service industry opening in China since 2001, including exploration, innovation, and deepening phases [10]. - Future service industry openings are expected to focus on telecommunications, digital industries, healthcare, and finance [10].

Core Viewpoint - Sun Hongbin, the chairman of Sunac China, has publicly stated that "the most difficult times are over" for the company, marking a significant turnaround after two years of challenges in the real estate sector [1]. Debt Restructuring - Sunac China has successfully garnered support from 75% of its overseas creditors for a debt restructuring plan, which could potentially clear 68 billion RMB (approximately 10 billion USD) in debt [1][3]. - The overseas debt amounts to 9.55 billion USD, equivalent to about 680 million RMB, and the restructuring involves converting all debt into equity, effectively reducing the debt burden to zero [3]. - A creditor hearing for the debt restructuring is scheduled for September 15, where creditors will vote on the plan [3]. Financial Recovery - Since 2022, Sun Hongbin has committed to completing debt restructuring and restoring stable operations, having already restructured 90 billion RMB in debt and aiming to reduce total debt by over 75 billion RMB if the current restructuring is successful [5]. - The company has successfully sold properties, such as the Shanghai One Number Courtyard, which sold out in two hours, generating over 17 billion RMB in sales, making it the top-selling project in the first half of the year [10]. Strategic Shift - Sun Hongbin is pivoting towards the health and wellness industry, recognizing the growing market due to China's aging population, which has increased from 10.2% to 18.7% over the past 20 years [6]. - The company has signed an agreement with Tsinghua University to invest 4.5 billion RMB in a medical center, indicating a strategic shift towards healthcare and wellness [8]. Market Position - Sunac China's land reserves are considered high-quality, and the company has been effective in reducing inventory, positioning itself favorably in the current market [10]. - Sun Hongbin's proactive measures and strategic investments have made him a figure of admiration in the industry, especially as he navigates the company through challenging times [10].