Xi-Macron Call - China-Netherlands 6-Point Consensus - What's the Progress in Spiritual Civilisation Construction? - Financial Policies Boosting Sci-Tech Ecosystem - Targeting Online 'Black Mouths'
Here are the key reports and articles that I found noteworthy from the People’s Daily’s edition on Friday, May 23, 2025.
Page 1: Let’s begin with the readout of Xi Jinping’s call with French President Emmanuel Macron. The report says:
“Xi Jinping pointed out that when I visited France in May last year, both sides unanimously agreed to promote the China-France diplomatic establishment spirit of independence and autonomy, mutual understanding, far-sightedness, and mutual benefit and win-win, and endow it with new era connotations. Since then, China-France cooperation has achieved many new progress. Both sides should strengthen strategic communication and build consensus. Seize opportunities, deepen cooperation in traditional fields such as investment, aerospace, and nuclear energy, and expand cooperation in emerging fields such as digital, green, biomedicine, and silver economy. Enhance cultural exchanges and promote people-to-people friendship.” 习近平指出，去年5月我访问法国，双方一致同意弘扬独立自主、相互理解、高瞻远瞩、互利共赢的中法建交精神，并为其赋予新的时代内涵。此后，中法合作又取得许多新进展。双方要加强战略沟通，凝聚共识。抓住机遇，深化投资、航空航天、核能等传统领域合作，拓展数字、绿色、生物医药、银发经济等新兴领域合作。增进人文交流，促进人民友好.
“Xi Jinping stressed that this year marks the 80th anniversary of the victory of the World Anti-Fascist War and the founding of the United Nations. China and France are both permanent members of the UN Security Council and independent major countries. They are the creators and builders of the post-war international order. They should strengthen unity and cooperation, jointly safeguard the authority and status of the UN, safeguard international trade rules and the world economic order, and practice true multilateralism. The more complex the international situation is, the more China and France must make correct strategic choices and jointly become a reliable force to maintain the international order, an open force to promote global growth, and a progressive force to lead multilateral cooperation.” 习近平强调，今年是世界反法西斯战争胜利和联合国成立80周年。中法同为联合国安理会常任理事国和独立自主大国，是战后国际秩序的缔造者、建设者，应该加强团结合作，共同维护联合国权威和地位，维护国际贸易规则和世界经济秩序，践行真正的多边主义。国际形势越是复杂，中法越要作出正确战略抉择，共同做维护国际秩序的可靠力量、促进全球增长的开放力量、引领多边合作的进步力量.
Xi Jinping pointed out that China has always regarded Europe as an independent pole in a multipolar world, supports the EU to strengthen its strategic autonomy and play a more important role in international affairs, and is willing to work with the EU to meet global challenges and achieve more results that benefit both sides and the world. 习近平指出，中方始终视欧洲为多极世界的独立一极，支持欧盟加强战略自主，在国际事务中发挥更重要作用，愿同欧方携手应对全球性挑战，达成更多既造福双方、也有利于世界的成果.
Macron said that France-China and Europe-China relations are of vital importance and have global significance. No matter how the international situation changes, France’s position of attaching great importance to relations with China and firmly adhering to the one-China principle will not change. France is willing to strengthen economic, trade, investment and practical cooperation in various fields with China, maintain the good development momentum of bilateral relations, and promote greater development of France-China relations. Faced with the rapidly changing international situation, France is willing to strengthen communication and coordination with China on major issues, fulfil the responsibilities of permanent members of the UN Security Council, prevent the escalation and spillover of hotspot issues, and jointly safeguard world and regional peace and stability. Europe and China should further strengthen communication and dialogue to safeguard common interests. 马克龙表示，法中、欧中关系至关重要，具有世界意义。无论国际形势如何变化，法方高度重视对华关系、坚定恪守一个中国原则的立场不会有任何改变。愿同中方加强经贸投资及各领域务实合作，保持双边关系良好发展势头，推动法中关系取得更大发展。面对快速变化的国际形势，法方愿同中方在重大问题上加强沟通协调，承担起联合国安理会常任理事国的责任，防止热点问题升级外溢，共同维护世界和地区和平稳定。欧中应进一步密切沟通对话，维护共同利益.
Among the issues they discussed were “the Ukrainian crisis, the Israeli-Palestinian conflict and the Iranian nuclear issue.”
Next, there’s a report on Ding Xuexiang meeting with Foreign Minister of the Netherlands Caspar Veldkamp in Beijing. As per Xinhua, Ding said that “China and the Netherlands enjoy an open and pragmatic partnership”.
“Ding said China is willing to continue the momentum of friendly exchanges with the Netherlands, accommodate each other’s legitimate concerns, strengthen practical cooperation in key areas, and jointly safeguard the multilateral trading system and the international economic and trade order and maintain the security and stability of the global industrial and supply chains. It is hoped that the Netherlands will continue to play a constructive role and make greater contributions to the healthy and stable development of China-EU relations, he added. Veldkamp said that the current international situation is full of challenges, and it is particularly important for the Netherlands and China to enhance dialogue and cooperation. The Netherlands regards China as an important partner and is willing to strengthen exchanges and cooperation with the country, and work together to address challenges and safeguard free trade, he added.”
Also in the paper on Page 3 is a report on Wang’s meeting with Veldkamp. The Chinese readout says that the two sides reached a six-point consensus.
Both sides agreed to maintain close exchanges, deepen practical cooperation in the fields of economy, trade, science and technology, agriculture, water conservancy, etc., expand people-to-people exchanges, and promote the steady development of the open and pragmatic comprehensive cooperative partnership between China and the Netherlands.
Both sides discussed bilateral trade concerns and agreed to maintain close communication on cooperation in multiple fields, including semiconductor technology, through existing channels.
Both sides reaffirmed their support for multilateralism, respect for the international system with the United Nations at its core and the basic norms of international relations based on the purposes and principles of the UN Charter, and pledged to uphold the above norms in the process of UN reform and promote the effective performance of the UN. Both sides pledged to uphold the UN Charter, international law and the three pillars of the United Nations, namely peace and security, development and human rights.
Both sides pledged to uphold free trade and the multilateral trading system with the WTO at its core, emphasising the importance of open trade based on rules and a global fair competition environment, as well as the contribution of trade to economic growth.
Both sides are climate partners and are committed to taking climate action and sustainable use of energy resources based on the best available scientific evidence and taking into account the different national conditions of each country to minimise the negative impact on humans and the environment. On the 10th anniversary of the Paris Agreement, the two sides pledged to continue to work closely together to promote the full, complete, good-faith and effective implementation of the UN Framework Convention on Climate Change and its Paris Agreement, promote positive outcomes at the 30th Conference of the Parties to the Convention, and strengthen exchanges and cooperation in areas such as climate adaptation and green transformation.
Achieving equal rights for all, especially women and girls, requires major actions on a global scale. Both sides reaffirmed their joint efforts to achieve this goal. The international conference to be held in Beijing in the second half of this year is of great significance, and the two sides will then conduct further discussions on relevant cooperation.
一、双方同意保持密切交往，深化在经贸、科技、农业、水利等领域务实合作，扩大人文交流，推动中荷开放务实的全面合作伙伴关系稳健发展。二、双方讨论了双边贸易关切，同意通过现有渠道，就包括半导体技术在内的多领域合作保持密切沟通。三、双方重申支持多边主义，尊重以联合国为核心的国际体系和以联合国宪章宗旨和原则为基础的国际关系基本准则，承诺在联合国改革进程中维护上述准则，推动联合国切实履职。双方承诺维护《联合国宪章》、国际法以及联合国三大支柱，即和平与安全、发展和人权。四、双方承诺坚持自由贸易和以世贸组织为核心的多边贸易体制，强调以规则为基础的开放贸易和全球公平竞争环境的重要性，以及贸易对经济增长的贡献。五、双方是气候领域合作伙伴，共同致力于在现有最佳可得科学依据基础上，考虑各国不同国情，采取气候行动并可持续利用能源资源，最大限度减少对人类和环境的负面影响。在《巴黎协定》达成十周年之际，双方承诺继续密切合作，促进全面完整、善意有效落实《联合国气候变化框架公约》及其《巴黎协定》，推动《公约》第三十次缔约方大会取得积极成果，并加强在气候适应、绿色转型等领域的交流合作。六、实现所有人，特别是妇女和女童的平等权利，需要在全球范围采取重大行动。双方重申共同推动实现这一目标。今年下半年将在北京召开的国际会议意义重大，届时双方将就相关合作开展进一步讨论。
Back to the front page, there’s a report informing that Premier Li Qiang will visit Indonesia from May 24 to 26, and he will also attend the ASEAN-GCC-China Summit in Kuala Lumpur from May 26 to 28.
Another report covers Vice President Han Zheng’s speech at the Global Trade and Investment Promotion Summit 2025 in Beijing. Han said that:
“it is necessary to jointly promote open cooperation and mutual benefit and win-win in the digital-intelligent era, uphold fairness and inclusiveness, strive to bridge the digital divide and intelligence divide, and create better conditions for international trade and investment cooperation. It is necessary to jointly safeguard the stability and smoothness of global industrial and supply chains, and through the empowerment of digital-intelligent technologies, promote better coordinated development of upstream and downstream enterprises, and make global industrial and supply chains more resilient, efficient, and dynamic.” 要共同推动数智时代的开放合作、互利共赢，坚持公平普惠，努力弥合数字鸿沟、智能鸿沟，为国际贸易和投资合作创造更好条件。要共同维护全球产业链供应链稳定畅通，通过数智技术赋能，促进上下游企业更好协同发展，推动全球产业链供应链更具韧性、更有效率、更富活力.
Also on the page is a long article reviewing the achievements in spiritual civilisation construction since the 20th Party Congress. It’s useful to go through this to make sense of the different aspects that are covered under the banner of spiritual civilisation construction.
The article says that:
Since the 20th Party Congress, spiritual civilisation construction work has been guided by Xi Jinping Thought on Culture, strengthening the leading role of the socialist core values, deepening the education of ideals and beliefs and the construction of civic morality, promoting the continuous improvement of people’s ideological awareness, moral standards, and civilised cultivation, with the spiritual outlook becoming more uplifted, providing strong spiritual support for forging ahead on the new journey. 党的二十大以来，精神文明建设工作以习近平文化思想为指引，强化社会主义核心价值观引领作用，深化理想信念教育和公民道德建设，推动人民思想觉悟、道德水准、文明素养不断提升，精神面貌更加昂扬，为奋进新征程提供强大精神支撑.
The first section says that “since the 20th Party Congress, the work of spiritual civilisation construction has focused on cultivating new people of the era who are responsible for the great task of national rejuvenation, constantly building a solid foundation of faith, replenishing spiritual calcium, and ruddering the mind, so that the light of ideals and beliefs shines in the hearts of the people.” 党的二十大以来，精神文明建设工作着眼培养担当民族复兴大任的时代新人，不断筑牢信仰之基、补足精神之钙、把稳思想之舵，让理想信念的明灯在人民群众心中闪亮.
The section focuses on the creative ways in which theoretical propaganda work has been carried out. For instance, in Hangzhou, open-mic sessions were held calling on the youth to engage. The theme was “Let me talk about/explain the Party’s innovative theory” 党的创新理论我来讲. This was a new format explored by the theory propaganda officials in Zhejiang.
The section adds that “since the 20th Party Congress, the spiritual civilisation construction front has adhered to promoting theory and the masses being at ‘zero distance’ and ‘face to face’ by using the people’s perspective, the people’s language, and the people’s sentiments, promoting the Party’s innovative theory to come to the people’s side and enter the hearts of the common people.” 党的二十大以来，精神文明建设战线坚持以百姓视角、百姓语言、百姓情怀推动理论与大众“零距离”“面对面”，推动党的创新理论来到群众身边，走进百姓心田.
Another aspect covered in the section is about inheriting the red gene activities. These included getting students and teachers to museums and activities such as “Praise national heroes, promote the spirit of the War of Resistance”.
“From the Spirit of the War of Resistance, the Daqing Spirit, and the Special Zone Spirit to the Spirit of Poverty Alleviation and the Spirit of Fighting the Epidemic, as we stride forward with heads held high toward achieving the Second Centenary Goal and realising the Chinese Dream of the great rejuvenation of the Chinese nation, it is necessary to draw wisdom and temper character from the spiritual lineage of Chinese Communists, and unlock the spiritual code of ‘the strong country has me’. Outstanding literary and artistic works imbued with the Chinese spirit continue to emerge; visitors flock to the Memorial of the First National Congress of the CPC and the Yan’an Revolutionary Memorial Site, consciously receiving ideological baptism through red culture; themed activities such as ‘Learn from Lei Feng, I Act in Civilised Practice’ are continuously carried out, and spiritual inheritance is integrated into the concrete practice of serving the people.” 从抗战精神、大庆精神、特区精神到脱贫攻坚精神、抗疫精神，向着实现第二个百年奋斗目标、实现中华民族伟大复兴的中国梦昂首挺进，需要以中国共产党人精神谱系启迪智慧、砥砺品格，解锁“强国有我”的精神密码。饱蘸中国精神的优秀文艺作品不断涌现；中共一大纪念馆、延安革命纪念地游人如织，参观者在红色文化中自觉接受思想洗礼；“学雷锋·文明实践我行动”等主题活动持续开展，精神传承融入服务人民的具体实践.
The final part of this section covers carrying forward the excellent traditional Chinese culture and ensuring cultural confidence. This deals with art, movies, museums, festivals, etc.
The second section of the article covers the promotion of “moral models”. It says that:
“The 9th National Moral Model Selection and Commendation Activity was launched, the ‘Most Beautiful People’, ‘Role Models of the Times’, and ‘Good People of China’ have been continuously announced. A group of advanced models with outstanding deeds, noble character, and social recognition have become well known to the public. Role models are visible philosophy; wherever there are role models, there is a new atmosphere.” 启动第九届全国道德模范评选表彰活动，持续发布“最美人物”“时代楷模”“中国好人”，一批事迹突出、品德高尚、社会认可的先进模范为人们所熟识。榜样是看得见的哲理，哪里有榜样，哪里就有新气象.
The spiritual civilisation construction front uses grassroots lectures, news reports, public service advertisements, literary and artistic works and other forms to publicise model advanced deeds; at the same time, they have invited moral models to go deep into the grassroots, so that the power of role models can drive more people to move forward. 精神文明建设战线运用基层巡讲、新闻报道、公益广告、文艺作品等形式，宣传模范先进事迹；与此同时，邀请道德模范深入基层一线，让榜样的力量带动更多人奋力前行.
The next section deals with the creation of civilised cities. Part of this is about basic utilities. For instance, the example cited is of Ningbo where “micro-renovations and micro-improvements” have been carried out in accordance with local conditions for various ‘small and dilapidated’ areas and created multiple ‘most beautiful school routes’ and ‘reassuring market routes’. These changes have meant a tangible sense of gain for the people. 近年来，宁波市打造多条“最美上学路”“放心菜场路”，针对各类“小破旧”区域因地制宜开展微改造、微提升，以百姓实实在在的获得感推动文明城市创建工作再上新台阶.
Other examples mentioned are:
“Relevant departments jointly issued the ‘Work Plan on Further Strengthening the Protection and Inheritance of Cultural Heritage in the Creation of Civilised Cities’... Beijing has deeply listened to opinions and suggestions around the implementation of the Regulations on Promoting Civilised Behaviour and related laws and regulations; Shanghai has continuously deepened the ‘People’s City, Civilised Style’ themed activity, and promoted the implementation of more than 1,600 practical projects of civilised creation for the people; Xinjiang has formed literary and art publicity teams and created featured activity brands such as the ‘Civilisation Practice Grand Bazaar’, bringing cultural services to people of all ethnic groups; Jinnan District of Tianjin has built a matrix of civilisation practice positions, subtly cultivating new social trends through everyday and scene-based methods…” 相关部门联合印发《关于在文明城市创建中进一步加强文化遗产保护传承的工作方案》，以文明城市创建推动构建群防群护、应保尽保的社会化网络。 北京市围绕“文明行为促进条例”及相关法律法规实施情况深入听取意见建议； 上海市持续深化“人民城市 文明风采”主题活动，推进落实文明创建为民实事超1600件； 新疆组建文艺宣讲小分队、打造“文明实践大巴扎”等特色活动品牌，把文化服务送到各族群众身边； 天津市津南区构建文明实践阵地矩阵，用生活化、场景化的方式潜移默化育新风； 江苏省南通市一手抓常态化教育引导，一手抓细节性曝光惩戒，引导市民养成文明习惯； 四川、重庆打造川渝文明实践“一廊四带”，以精彩纷呈的文化活动和志愿服务惠及群众…… 党的二十大以来，全国文明城市创建工作始终秉持创建为民、创建惠民、创建靠民，更加常态长效、务实求实，既美化了城市外在形象，又提升了百姓生活品质.
The final section addresses the cultivation of civilised habits. The first part of this talks about the down-scaling of red and white affairs “红白事”, i.e., weddings and funerals. Basically, the idea is that one shouldn’t be terribly ostentatious in either. It adds:
“Rural revitalisation requires both shaping the form and forging the soul. Promoting the changing of outdated customs is precisely an inherent requirement of ‘forging the soul’. Since the 20th Party Congress, relevant departments have guided various localities to integrate the changing of outdated customs into the rural governance system, focusing on issues such as ‘high bride prices’, ‘lavish funerals and scant elderly care’, ‘gambling and card playing’, and ‘feudal superstitions’. They have established and improved mass self-governance organizations such as red-and-white affairs councils, moral evaluation councils, villagers’ deliberation councils, and anti-drug and anti-gambling councils, revised village regulations and folk covenants, and promoted a new atmosphere of civilised rural customs. Behind the suppression of outdated practices such as high bride prices and comparisons of gift-giving lies the subtle integration of a new civilised ethos into daily life, becoming the value orientation and code of conduct for fellow villagers.” 乡村振兴，既要塑形，也要铸魂。推进移风易俗，正是“铸魂”的内在要求。党的二十大以来，相关部门指导各地把移风易俗融入乡村治理体系，聚焦“高额彩礼”“厚葬薄养”“打牌赌博”“封建迷信”等问题，建立健全红白理事会、道德评议会、村民议事会和禁毒禁赌会等群众自治组织，修订村规民约，推动乡风文明焕发新气象。高价彩礼、人情攀比等陈规陋习得到遏制的背后，文明新风正在潜移默化地融入日常生活，成为乡亲们的价值取向和行为准则.
Another habit that is talked about is food waste. The final two bits mentioned are:
First, the social credit system, which covers “promoting a culture of integrity, popularising education on integrity,” and “promoting the formation of a good social atmosphere of keeping promises and honouring commitments.” The piece says:
“From continuously launching activities such as ‘Integrity Stars’ and ‘Integrity in Business Promotion Month,’ to news media conducting public opinion oversight and increasing the exposure of serious dishonest behaviour in accordance with laws and regulations; from localities establishing ‘integrity points’ and ‘integrity records’, to building ‘integrity education bases’ and ‘integrity-themed parks’...a social atmosphere of ‘knowing integrity, using integrity, and keeping integrity’ is taking shape.” 从持续推出“诚信之星”、开展“诚信兴商宣传月”等活动，到新闻媒体进行舆论监督，依法依规加大对严重失信行为的曝光力度，再到各地设立“诚信积分”“诚信档案”，打造“诚信教育基地”“诚信主题公园”，“知信、用信、守信”的社会氛围正在形成.
Second, network civilisation, which covers building a good Internet culture. The piece also mentions civilised tourism, traffic etiquette, online violence and rumour-mongering as habits that are being rectified.
Page 2: Two reports to cover. First, there’s a report on a press conference that was held yesterday discussing financial policies related to science and technology. Some key points from this are:
As of the end of March, the loan balance of technology-based SMEs reached 3.3 trillion yuan, up 24% year-on-year. The growth rate has exceeded 20% for three consecutive years.
The loan balance for ‘specialised, refined, distinctive, and innovative’ enterprises reached 6.3 trillion yuan, with growth far exceeding the average loan growth rate
The loan balance for equipment renewal signed between banks and enterprises reached 1.2 trillion yuan.
截至3月末，科技型中小企业贷款余额达3.3万亿元，同比增24%，连续3年增速超过20%；专精特新企业贷款余额6.3万亿元，增速远超贷款平均增速；银行与企业签订的设备更新贷款余额达1.2万亿元.
“Relevant departments have introduced a package of sci-tech finance policies, including supporting high-level scientific and technological self-reliance and strength, full life-cycle financial services, and implementation plans for high-quality development of sci-tech finance. Banks and insurance institutions are being guided to carry out specialised services such as ‘loans + external direct investment,’ intellectual property pledge financing, and patent insurance. As of the end of the first quarter, the banking industry’s loan balance to high-tech enterprises was 17.7 trillion yuan, a year-on-year increase of 20%. Financial institutions are being guided to optimise the technology finance management system, and 2,178 technology branches have been established. Multiple pilots of sci-tech finance are being promoted; the equity investment pilot for financial asset investment companies has been expanded to 18 provinces, with the current signed intention amount exceeding 380 billion yuan; the long-term investment reform pilot for insurance funds, across 3 batches, will reach a total scale of 222 billion yuan. 相关部门出台一揽子科技金融政策，包括支持高水平科技自立自强、全生命周期金融服务、科技金融高质量发展实施方案等。指导银行保险机构针对性地开展“贷款+外部直投”、知识产权质押融资、专利保险等专业服务。截至一季度末，银行业高新技术企业贷款余额17.7万亿元，同比增长20%。引导金融机构优化科技金融管理体制，设立科技支行2178家。推动科技金融多项试点，金融资产投资公司股权投资试点扩大到18个省份，目前签约意向金额突破3800亿元；保险资金长期投资改革试点，3批合计规模将达2220亿元.
The PBOC has increased the scale of re-lending for scientific and technological innovation and technological transformation from 500 billion yuan to 800 billion yuan, and at the same time, it has lowered the re-lending interest rate from 1.75% to 1.5%, guiding financial institutions to provide greater and more precise loan support for corporate R&D innovation and equipment renewal. 人民银行已将科技创新和技术改造再贷款规模由5000亿元提升到8000亿元，同时下调再贷款利率，由1.75%下调到1.5%，引导金融机构为企业研发创新和设备更新提供更大力度、更加精准的贷款支持.
In order to enhance the adaptability of the bond market in supporting scientific and technological innovation, financial institutions and equity investment institutions are supported in issuing technology innovation bonds. The bond market ‘technology board’ supports issuers in flexibly issuing bonds in tranches, simplifies information disclosure requirements, and reduces or exempts fees for bond issuance and trading. Around 100 institutions have already issued technology innovation bonds, with an issuance scale exceeding 250 billion yuan. 建立债券市场的“科技板”。为提升债券市场对科技创新支持的适配性，支持金融机构、股权投资机构发行科技创新债券，债券市场“科技板”支持发行人灵活分期发行债券、简化信息披露要求、减免债券发行交易的手续费。已有约100家机构发行科技创新债券，发行规模超2500亿元.
The number of listed companies in strategic emerging industries on the Shanghai, Shenzhen and Beijing Stock Exchanges has approached 2,700, accounting for more than 40% of the market value. The scale and proportion of private equity venture capital funds invested in strategic emerging industries continue to increase, with more than 100,000 projects under investment and more than 4 trillion yuan of principal under investment. 沪深北交易所战略性新兴产业的上市公司数量已接近2700家，市值占比超过四成。私募股权创投基金投向战略性新兴产业的规模和占比持续提升，在投项目超10万个、在投本金超4万亿元.
The Science and Technology Innovation Board (STAR Market) will continue to play its role as a ‘testing ground’, adhering to the positioning of ‘hard technology’; the ChiNext Board will focus on ‘three innovations and four new types” to serve growth-oriented innovative and entrepreneurial enterprises; the Beijing Stock Exchange will support ‘specialised, refined, distinctive, and innovative’ little giant enterprises, building a main platform for serving innovative small and medium-sized enterprises. Together these cover the financing needs of various types and development stages of tech enterprises. 更好统筹发挥各板块支持科技企业的功能。科创板继续发挥“试验田”作用，坚持“硬科技”定位；创业板围绕“三创四新”，服务成长型创新创业企业；北交所支持专精特新“小巨人”企业，打造服务创新型中小企业主阵地，共同覆盖各类型、各发展阶段科技企业的融资需求.
“Precisely support ‘hard technology’ enterprises to go public. More precisely identify and screen high-quality technology enterprises, and apply green channel policies to technology enterprises that break through key core technologies. Support, with greater effort, high-quality unprofitable technology enterprises to go public. Increase efforts to support the industrial integration of technology companies. Support listed companies to focus on technological innovation and industrial upgrading, and guide more resource elements to gather in the direction of new quality productive forces. Support technology-based listed companies to implement restructuring through a combination of payment tools such as shares, cash, and directional convertible bonds, and increase the tolerance of restructuring valuations of light-asset technology-based companies. Cultivate and expand long-term capital and patient capital. Support private equity funds to legally acquire listed companies for the purpose of promoting industrial integration. Continue to guide medium- and long-term funds into the market, continue to improve the ‘long-term money and long-term investment’ system, and promote the improvement of the long-term assessment mechanism. At the same time, better leverage the role of the bond market in supporting scientific and technological innovation.” 精准支持“硬科技”企业上市。更加精准识别、筛选优质的科技企业，对突破关键核心技术的科技企业适用绿色通道政策。更大力度支持优质的未盈利科技企业上市。加大力度支持科技企业产业整合。支持上市公司围绕科技创新、产业升级布局，引导更多资源要素向新质生产力方向聚集。支持科技型上市公司综合运用股份、现金、定向可转债等支付工具实施重组，提高轻资产科技型企业重组估值的包容度。培育壮大长期资本、耐心资本。支持私募股权基金以促进产业整合为目的依法收购上市公司。继续引导中长期资金入市，持续完善“长钱长投”制度，推动完善长周期考核机制。同时，更好发挥债券市场支持科技创新作用.
Another report on the page informs that in Q1, support for scientific and technological innovation and the development of the manufacturing industry resulted in reduced taxes, fees and refunds of 424.1 billion yuan.
Page 3: There’s a report on He Lifeng meeting with Jamie Dimon, chairman of the board and chief executive officer of JPMorgan Chase. Xinhua says:
He told Dimon that:
“China welcomes U.S.-funded enterprises to continuously deepen mutually beneficial cooperation with China, and to continue contributing to the healthy, stable and sustainable development of China-U.S. economic and trade relations…He said that the economic and trade talks between China and the United States have seen substantive progress, creating conditions for the two countries to continue their economic and trade cooperation. China is making efforts to build a unified national market and form a new development paradigm, and will continue to expand its high-level opening-up to the outside world. Speaking positively of the results of the U.S.-China economic and trade talks, Dimon said JPMorgan Chase will continue to deepen its engagement in China’s capital market, and better serve multinational companies in conducting business in China and Chinese companies in developing overseas.”
Page 7: There’s a report on the Cyberspace Administration of China launching a two-month nationwide campaign to tackle online defamation, extortion, and malicious marketing that harm businesses and entrepreneurs. Xinhua reports:
“The initiative targets so-called ‘black mouths’--online accounts or influencers who spread false or damaging content about companies for profit or leverage. Key issues include fabricating negative claims about product quality or finances, and demanding ‘deletion’ or ‘PR’ fees in exchange for removing harmful posts. Authorities also flagged abuse of online influence disguised as ‘public supervision’, particularly around sensitive business moments like product launches or stock listings. The campaign will address malicious manipulation of public data and online impersonation, misquotation, and privacy violations involving business leaders. As part of the internet regulator’s broader 2025 operation to promote a more orderly, credible and law-abiding online space, the initiative urges internet platforms to enhance content management, improve the handling of corporate-related complaints, and take greater responsibility for curbing online abuse.”