中国宏观追踪：反内卷助力长期发展-China Macro Tracker_ Anti-involution to help longer-term development

Summary of Key Points from the Conference Call Industry Overview - Real Estate Sector: Shenzhen has joined Beijing and Shanghai in easing home-buying restrictions, lifting purchase limits in six districts for both local families and non-residents who have paid social security or income tax for at least one year [2][7]. - Government Support: The Chinese government is considering mobilizing central SOEs to purchase unsold homes from troubled developers, utilizing a RMB300 billion fund to stabilize the real estate sector [3]. Core Insights - Easing Measures Impact: The recent easing measures in Shenzhen may provide marginal support to the real estate market, which has seen primary home sales in tier-1 cities fall below last year's levels. Local realtors reported a 10% increase in property viewings since the announcement [2][3]. - Long-term Growth Focus: The Ministry of Industry and Information Technology (MIIT) is prioritizing long-term high-quality growth, particularly in the electronic information manufacturing sector, with a target growth rate of 7% for 2025 and 2026 [4][8]. - Anti-involution Measures: MIIT has introduced an "anti-involution" plan aimed at reducing irrational competition and enhancing supply capacity in key sectors, with further plans for nine additional sectors [4][7][9]. Additional Important Information - Sports Consumption Boost: The State Council has issued 20 measures to promote sports consumption, aiming to expand the sports industry's total scale to over RMB7 trillion by 2030, up from RMB3.7 trillion in 2023 [11][12]. - Service Consumption Policies: The Ministry of Commerce plans to introduce policies to enhance service consumption, focusing on high-quality service supply and attracting foreign direct investment [13]. - Economic Activity Indicators: Various economic indicators show mixed results, with car sales in August increasing compared to last year, while national box office revenues and second-hand home sales in major cities have eased [30][40]. Conclusion The conference call highlighted significant developments in the real estate sector, government initiatives to support long-term growth, and measures to boost consumption in various industries. The focus on easing restrictions and promoting high-quality growth reflects a strategic shift in response to current economic challenges.