Economic Growth - In July 2025, China's industrial added value grew by 5.7% year-on-year, slowing down by 1.1 percentage points from June[9] - Fixed asset investment from January to July 2025 increased by 1.6% year-on-year, a decrease of 1.2 percentage points compared to the first half of the year[10] - Social retail sales in July 2025 rose by 3.7% year-on-year, down 1.1 percentage points from the previous month[10] Trade and Exports - In July 2025, China's total exports reached $321.78 billion, a year-on-year increase of 7.2%, up 1.4 percentage points from the previous month[38] - Imports totaled $223.54 billion in July 2025, with a year-on-year growth of 4.1%[51] - The trade surplus for July 2025 was $98.24 billion[38] Inflation and Prices - The Consumer Price Index (CPI) in July 2025 showed no growth year-on-year, a decrease of 0.1 percentage points from the previous month[57] - The Producer Price Index (PPI) fell by 3.6% year-on-year, remaining stable compared to the previous month[57] Monetary Policy - New social financing in July 2025 was 1.16 trillion yuan, a decrease of 64.8% compared to July 2024[14] - New RMB loans in July 2025 were -50 billion yuan, a drop of 119% year-on-year[14] - M2 money supply grew by 8.8% year-on-year, reflecting a stable expansion of monetary supply[15]

Core Viewpoint - The central government has introduced significant policies to support the reform and opening-up of Shenzhen as it approaches its 45th anniversary, aiming to enhance high-quality economic development and create replicable experiences for national modernization [1][2]. Group 1: Education and Talent Development - The policy emphasizes the integration of vocational skills training with advanced manufacturing, allowing foreign investment in vocational training institutions in Shenzhen [2]. - Shenzhen has made notable progress in higher education reform, with the establishment of prestigious universities, and the policy supports the development of specialized, smaller-scale universities tailored to the characteristics of a megacity [2]. Group 2: Financial and Technological Reforms - The policy supports the integration of technology and finance, proposing pilot projects for credit and financing mechanisms for technology enterprises, including knowledge property securitization [2]. - It allows companies listed on the Hong Kong Stock Exchange within the Greater Bay Area to also list on the Shenzhen Stock Exchange, enhancing the financial ecosystem [2][3]. Group 3: Data and Digital Currency Initiatives - The policy encourages the exploration of mechanisms for data trading and sharing, as well as the application of artificial intelligence in medical devices, under safe and compliant conditions [3]. - It supports the innovation of digital currency applications, including participation in multilateral central bank digital currency projects and allowing certain Hong Kong professionals to practice in designated areas of Shenzhen [3]. Group 4: Urban Development and Governance - The policy proposes reforms for the management of idle land and the establishment of a one-stop international commercial dispute resolution mechanism [4]. - It emphasizes the need for effective coordination and management authority to ensure the successful implementation of the reform measures [4].