Asalamualaikum warahmatullahi wabarakatuh. Selamat pagi Bapak, Ibu, Adik-adik semuanya. Shalom.Om swastiastu. Namo buddhaya. Salam kebajikan.Oke, perkenalkan nama saya Te Febrian. Saya general manager dari Sawungang Klungujo saat ini. Eh, kakek saya adalah founder pendiri dari Sawangan Agungo.Dan kurang lebih enggak kerasa, alhamdulillah sudah setengah abad kami berada di sebuah kawasan di Jalan Suka, Bandung. Kurang lebih hanya sekitar 5 km dari sini, Bapak, Ibu sekalian. Enggak jauh.Tapi mungkin banyak ya ...

Core Viewpoint - China's economy demonstrates resilience and vitality amid global uncertainties, with Jiangsu Province serving as a key example of high-quality growth and effective policy measures aimed at common prosperity [1][2]. Economic Performance - In 2025, China's total GDP exceeded 140 trillion yuan (approximately $20.16 trillion), with Jiangsu contributing about 10% of this total [3]. - Jiangsu's economy has crossed four trillion-yuan milestones during the 14th Five-Year Plan period (2021-2025), showcasing steady expansion and strong momentum [3]. Policy Efforts - President Xi Jinping emphasized the importance of economically strong provinces like Jiangsu in stabilizing the national economy and enhancing resilience against external shocks [4]. - Jiangsu is encouraged to improve internal capabilities, integrate into China's unified national market, and expand high-level opening up to strengthen economic resilience [5]. Manufacturing and Innovation - Manufacturing is a central pillar of Jiangsu's economy, with the province ranking first nationwide in manufacturing high-quality development for five consecutive years, indicating strong industrial sophistication and innovation capacity [6]. Domestic Demand and Consumption - The popularity of the "Su Super League" attracted over 2.43 million spectators in 2025, highlighting the potential of sports, culture, and tourism to stimulate domestic consumption [7]. - Jiangsu attracted over $119 billion in actual foreign investment during the 14th Five-Year Plan period, ranking first in the country and demonstrating its openness to both domestic and international markets [8]. Common Prosperity and Social Policies - Chinese modernization aims for common prosperity, focusing on high-quality employment, income increases for urban and rural residents, and improved public services [9]. - The government plans to expand work-for-relief programs and enhance social security access for flexible workers and those in new employment forms [11]. - Policies to boost consumption include a 250 billion yuan allocation for consumer goods trade-in programs and a 100 billion yuan fund for domestic demand expansion [13]. - The draft report proposes raising minimum basic old-age benefits by 20 yuan per month and expanding maternity insurance coverage and childcare services [14][15].

Core Viewpoint - The Ministry of Finance reported a slight increase in public budget revenue and a notable rise in expenditure for the first three quarters of 2023, indicating a proactive fiscal policy aimed at supporting economic recovery and investment expansion [3][5][8]. Revenue Summary - Total public budget revenue reached 16.39 trillion yuan, a year-on-year increase of 0.5%, with tax revenue at 13.27 trillion yuan (up 0.7%) and non-tax revenue at 3.12 trillion yuan (down 0.4%) [5][6]. - Tax revenue growth was driven by a rebound in major tax categories, with notable increases in personal income tax (up 9.7%) and value-added tax (up 3.6%) [6][7]. - Non-tax revenue decline was primarily due to a drop in penalty income, which fell by 7% [5][6]. Expenditure Summary - Total public budget expenditure was 20.8 trillion yuan, reflecting a year-on-year increase of 3.1% [3][8]. - Government fund expenditure saw a significant rise of 23.9%, supported by the issuance of special bonds and other financial instruments [3][8]. - Key areas of expenditure included social security, education, health, and technology, all showing the highest growth rates in three years [8]. Debt Management and Future Policies - The Ministry of Finance announced the allocation of 500 billion yuan from local government debt limits to support debt resolution and investment expansion [9][10]. - Plans for 2026 include an early allocation of local government debt limits, with a total of 5.2 trillion yuan in new local bonds expected [10][11]. - The focus will be on addressing existing debts and supporting major projects to ensure stable local government finances [12].

Core Insights - The global investment landscape is shifting towards emerging markets, driven by younger demographics with sophisticated expectations for business, culture, and technology integration [1] - ALMAD Group, launched by Adrian Cheng, aims to leverage Hong Kong's unique advantages as an international financial hub to capture opportunities in these emerging markets [2] Emerging Markets Strategy - ALMAD Group focuses on transformative industries in high-growth markets, including culture, entertainment, sports, media, healthcare, commercial management, and cultural tourism, targeting Gen Alpha and Gen Z needs [4] - The group identifies Mainland China, ASEAN countries, and the Middle East as key regions for investment, where digital-native audiences are significant and traditional infrastructure is less entrenched [3][5] Market Characteristics - The targeted emerging markets share characteristics such as growing affluent populations, government support for creative industries, and the potential for innovative integration of culture, commerce, and technology [6] Hong Kong as Strategic Platform - Hong Kong serves as a strategic platform for ALMAD Group, providing advantages such as established regulatory frameworks and global connectivity, enabling operations across multiple markets with operational flexibility [7]