Economic Recovery and Policy Direction - The Chinese economy shows signs of recovery in the first half of 2025, with strong performance in retail sales and exports [2] - The Central Political Bureau meeting on April 25 outlined comprehensive macroeconomic policies focusing on investment, consumption, and exports, emphasizing a balanced and holistic approach [2] - The policies aim to enhance quality and ensure reasonable economic growth, integrating quality improvement with growth targets [3] State-Owned Enterprises and Market Mechanisms - The 20th Central Committee's third plenary session emphasized the need for state-owned enterprise reform, focusing on strategic industries and public services [4] - A key reform includes improving the bankruptcy mechanism to facilitate market exit, addressing issues of overcapacity and unhealthy competition [4] Private Sector and Competition - The government aims to address fairness in competition for the private sector, emphasizing equal access and protection [5] - Issues such as delayed payments and unfair enforcement practices are highlighted as significant challenges for private enterprises [5] - The phenomenon of "involution" in competition is noted, where companies engage in price-cutting, leading to reduced profits and investment willingness [5] International Trade and Globalization - China's rapid industrial upgrade has led to increased direct competition with developed countries, shifting from a complementary trade model to one of competition [6] - Despite trade tensions with the U.S., China's trade diversification strategy has shown success, maintaining stable growth in global trade [7] - Global trade has rebounded, reaching a historical high of 61.24% of global GDP, indicating a strong trend towards globalization [7][8] Digital Economy and Future Growth - The digital economy is identified as a significant opportunity for growth, with the potential for large-scale market advantages [9] - The success of digital products in international markets demonstrates the global potential of China's digital economy [8][9] - The overall economic landscape presents both opportunities and challenges, with a focus on coordinated policies to support sustainable growth [9]

Core Viewpoint - The article emphasizes the importance of maintaining the momentum of economic recovery in China, highlighting the government's comprehensive macroeconomic policies aimed at boosting consumption, investment, and exports [2][3]. Group 1: Economic Recovery - In the first half of 2025, China's economy shows signs of recovery, with strong performance in retail sales and exports [2]. - The Central Political Bureau's meeting on April 25 outlined a balanced and comprehensive macroeconomic policy framework, focusing on both consumption and investment [2][3]. - The emphasis on "quality improvement" and "reasonable growth" reflects a shift towards high-quality development while ensuring economic growth [3]. Group 2: Reform and Opening Up - Significant reforms in state-owned enterprises are underway, with a focus on reallocating state capital to critical industries and public services [4]. - The establishment of a sound bankruptcy mechanism is crucial for optimizing market resource allocation and addressing issues of market entry and exit [5]. - The article highlights the need for fair competition for private enterprises, addressing issues such as overdue payments and unequal treatment in major state projects [5][6]. Group 3: International Competition - China's rapid industrial upgrading has led to direct competition with developed countries, moving from a vertical division of labor to a horizontal one [7]. - The article discusses the potential for negotiation in US-China trade relations, noting a decline in the share of trade with the US in China's overall trade [8]. - Despite recent challenges, globalization remains a strong trend, with global trade as a percentage of GDP reaching a historical high of 61.24% [9]. Group 4: Challenges and Opportunities - Multinational companies face dual pressures of cooperation and competition in China, with some exiting the market due to increased local competition [10]. - The article expresses confidence in China's long-term economic growth, driven by innovation, a large economy, and the burgeoning digital economy [10]. - The need for coordinated policies to support economic growth and maintain confidence is emphasized, particularly in the face of downward pressure on the economy [10].

作 者丨 孔海丽 编 辑丨张伟贤 3月6日，京东集团交出了一份"逆周期"的财报： 2 0 2 4年第四季度收入同比增长1 3 . 4%，重回双位数增长；全年收入突破1 . 1 5万亿元，净利润 同比增长7 1%至4 1 4亿元，每股收益增长7 6 . 4%。 其利润指标也有明显改善，全年经营利润率从2 . 4%提升至3 . 3%。 截至6日2 3时2 1分，京东美股涨超3%，盘中一度大涨超6%。同日，京东港股涨8 . 4 2%。 与AI相比，互联网电商领域近来似乎没有那么吸睛，不过，供应链各个场景与AI技术的数实融合实打实在发生，并且正在贡献新的产业趋势。 京东的增长，没有掺杂流量泡沫或资本游戏，而是一场以供应链话语权为核心、用户体验为驱动的务实增长。 供应链话语权的护城河 京东财报数据背后，是其2 0年铺垫出来的供应链基础设施。 截至2 0 2 4年四季度，京东供应链基础设施资产规模已达1 6 1 0亿元，运营超1 6 0 0个仓库和2 0 0 0个云仓，仓储总面积超3 2 0 0万平方米。其自营商 品库存周转天数仅3 0天，全球领先。 这种"重资产"模式曾被诟病为"笨重"，但在当下，已经转化为领先性优势。 ...