Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

[SMM Hot Topic: From "Scale" to "Quality" – The Shift and Restructuring of Traditional Construction Steel Demand] From 2026 to 2030, the domestic demographic dividend will gradually shrink, and the era of rapid growth in the real estate industry will come to an end, with the industry's development logic shifting from scale expansion to quality improvement.

Since Q2, the issuance of local government bonds has significantly accelerated. A review of the Special Bond Information Network by reporters revealed that as of June 12, local government bond issuance this year had exceeded 4 trillion yuan, with newly added special bonds accounting for nearly 40%. Experts stated that fiscal policy will remain one of the key supports for economic resilience in Q2, and the issuance of local government bonds is expected to further increase, driving steady growth in infrastructure investment throughout the year. This year, there has been a notable increase in the issuance scale of new bonds allocated to major projects through local government bonds, primarily in the form of newly added special bonds. Data shows that among the 4,483.4 billion yuan of local government bonds issued so far, 1,645.7 billion yuan are newly added local government bonds, and 359.6 billion yuan are newly added general bonds.

Today, the People's Bank of China (PBOC) released the financial data for May. As of month-end May 2025, the balance of broad money (M2) stood at 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. In the first five months, the net cash injection was 306.4 billion yuan. In terms of social financing, the outstanding social financing scale was 426.16 trillion yuan as of month-end May 2025, up 8.7% YoY. From January to May, the incremental social financing scale was 18.63 trillion yuan, with a YoY increase of 3.83 trillion yuan. In May alone, the incremental social financing scale was 2.29 trillion yuan, with a YoY increase of 224.7 billion yuan. "The rapid growth in social financing scale is mainly driven by direct financing such as government bonds and corporate bonds," an authoritative expert explained to a reporter from Cailian Press. Among them, there has been a significant change in corporate bond financing. "Since Q2, the overall cost of corporate bond issuance has shown a downward trend, remaining at a low level. In May, the average yield to maturity of 5-year AAA-rated corporate bonds was 1.97%, further declining from the already low level in April. Against the backdrop of low interest rates, enterprises have increased their bond financing efforts, which helps reduce overall financing costs." In addition, a bank account manager also reflected to a reporter from Cailian Press that bank customers are now generally more concerned about interest rate adjustments. In May, the PBOC lowered the policy interest rate, and the Loan Prime Rate (LPR), which serves as the benchmark for loan market pricing, also declined accordingly. Many enterprises found the interest rates more favorable, and their willingness to withdraw funds increased significantly. "Liquid Money" Growth Accelerates, Personal Mortgage Loan Disbursements Increase Among the financial data for May, there was also a notable change in the growth rate of M1. As of month-end May, M1 was up 2.3% YoY. In response, an authoritative expert frankly told a reporter from Cailian Press that currently, the M1 statistical scope includes currency in circulation (M0), current deposits of units and individuals, and customer reserves of non-bank payment institutions (such as WeChat Wallet and Alipay balances). Compared with time deposits in bank accounts, these are considered "liquid money" that is more convenient for payment transactions. In May, the growth rate of this "liquid money" accelerated significantly. In the view of the authoritative expert, the accelerated growth of "liquid money" reflects that the recent package of financial support measures has effectively boosted market confidence, with signs of recovery and improvement in economic activities such as investment and consumption. Another indicator that also proves the change in the heat of economic activities is personal loans. Data shows that a banker reflected to a reporter from Cailian Press that with the continued recovery of the local real estate market transactions, personal mortgage loan disbursements have increased. The Substitution Effect of Bonds on Loans Continues to Manifest Regarding the loan data that the market is concerned about, an authoritative expert told a reporter from Cailian Press that nearly 90% of the social financing scale consists of bonds and loans. Although there are differences in their applicable scenarios, to a certain extent, they can substitute and complement each other, jointly creating a favorable financial aggregate environment for stable economic growth. In fact, recently, the substitution effect of bonds for loans has also been quite evident. In response, experts have interpreted this as follows: On the one hand, the issuance of special refinancing bonds to repay bank loans has kept loan growth at around 8% after adjusting for the relevant impacts. "Special refinancing bonds issued for debt resolution exceeded 2 trillion yuan in Q4 last year, and over 1.6 trillion yuan have been issued since the beginning of this year. Preliminary estimates from market surveys suggest that the corresponding loans replaced amount to approximately 2.3 trillion yuan, with loan growth remaining at around 8% at the end of May after adjustment. The aforementioned experts frankly stated that in the short term, the debt replacement of financing platforms to repay bank loans may affect the total credit volume. However, in the long term, it helps mitigate local debt risks, freeing up more local fiscal resources to benefit people's livelihoods, promote development, and enhance the momentum of economic growth. On the other hand, government bonds substitute for bank loans. Some market experts told a Caixin reporter that there is a certain overlap in the investment directions of some government bonds and bank loans. For instance, in infrastructure projects, both special bonds and bank loans can serve as funding sources. In projects involving the acquisition of existing commercial housing for use as affordable housing, in addition to bank loans providing support, special bonds have recently been added to the policy toolkit and are currently being gradually implemented. Several banks in an eastern province told a Caixin reporter that since the beginning of this year, fiscal policies have become more proactive, with an increase in the issuance of local government bonds. Local governments and related enterprises are more inclined to use special bonds to meet the funding needs of project construction, which has a certain substitution effect on bank loans. Data shows that among the sources of fixed asset investment funds from January to April this year, national budgetary funds, including government bonds, grew by 16.7% YoY, significantly higher than the YoY growth rates of self-raised funds (3.9%), domestic loans (2.8%), and other funding sources (-4.2%). In addition, corporate bonds have also substituted for bank loans to some extent. Authoritative experts analyzed to a Caixin reporter that, in addition to interest rate impacts, some trending and institutional factors are also influencing enterprises' choices of financing methods. A series of supportive policies have been continuously introduced in recent years, facilitating smoother access for enterprises to issue bonds, particularly showing more positive changes in bond financing for private and technology innovation enterprises. In early May this year, the People's Bank of China and the China Securities Regulatory Commission issued multiple measures to support the issuance of technology innovation bonds. As these measures gradually take effect, enterprises will find it more convenient to issue technology innovation bonds for financing. "Therefore, against the backdrop of increasingly diversified financing channels and accelerated development of direct financing, the scale of social financing is a more comprehensive measure of financial support than loans alone."Authoritative experts have interpreted it as follows.

[Over 80% of Swap Bonds Issued, Real Estate Market Destocking Indirectly Aids Debt Resolution] By the end of May, the country had issued swap bonds exceeding 1.6 trillion yuan, completing over 80% of the 2 trillion yuan swap quota for existing hidden debt this year, thereby driving the continuous release of the effectiveness of the debt swap policy. Reporters noted that the debt risks of many local governments had been effectively mitigated. Against the backdrop of "destocking" in the real estate market, local debt resolution efforts this year also benefited from special bonds supporting land reserves. The issuance of swap bonds this year is nearing completion, but local debt resolution efforts remain arduous. Experts interviewed believe that in the second half of the year (H2), it is necessary not only to achieve organic coordination between debt resolution and economic growth, but also to continuously optimize debt resolution measures.

[Over 80% of Swap Bonds Issued, Real Estate Market Destocking Indirectly Aids Debt Resolution] As of the end of May, the country had issued swap bonds exceeding 1.6 trillion yuan, completing over 80% of the 2 trillion yuan swap quota for existing hidden debt this year, thereby driving the continuous release of the effectiveness of the debt swap policy. Reporters noted that the debt risks of many local governments had been effectively mitigated. Against the backdrop of "destocking" in the real estate market, local debt resolution efforts this year also benefited from special bonds supporting land reserves. The issuance of swap bonds this year is nearing completion, but local debt resolution efforts remain arduous. Experts interviewed believe that in the second half of the year (H2), it is necessary not only to achieve organic coordination between debt resolution and economic growth, but also to continuously optimize debt resolution measures.

China Reform Holdings Corporation Ltd. and China Chengtong Holdings Group Ltd., two state-owned capital operation companies, successfully issued 39.5 billion yuan of special bonds for steady growth and expanded investment in the interbank market on the 9th, further supporting central state-owned enterprises in strengthening their investments in the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins," and continuing to make efforts in areas such as major equipment upgrades and technological transformations, major scientific and technological innovations, and major strategic emerging industries. This is the second batch of special bonds successfully issued by the two central state-owned enterprises since they were approved to issue special bonds with a total scale of 500 billion yuan last year. This batch of special bonds consists of 23 billion yuan issued by China Reform Holdings Corporation Ltd. and 16.5 billion yuan issued by China Chengtong Holdings Group Ltd., both with a maturity of 10 years and a final coupon rate of 2.09%.

[Second Batch of Special Bonds for Stabilizing Growth and Expanding Investment Successfully Issued, with a Total Scale of 39.5 Billion Yuan] China Reform Holdings Corporation Ltd. and China Chengtong Holdings Group Ltd., two state-owned capital operation companies, successfully issued 39.5 billion yuan of special bonds for stabilizing growth and expanding investment in the interbank market on the 9th, further supporting central state-owned enterprises in strengthening their investments in the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins," and continuing to make efforts in areas such as major equipment upgrades and technological transformations, major scientific and technological innovations, and major strategic emerging industries. This is the second batch of special bonds successfully issued by the two central state-owned enterprises since they were approved to issue special bonds with a total scale of 500 billion yuan last year. This batch of special bonds was issued by China Reform Holdings Corporation Ltd. for 23 billion yuan and China Chengtong Holdings Group Ltd. for 16.5 billion yuan, both with a term of 10 years and a final coupon rate of 2.09%.

During the 618 shopping festival, the "national subsidy" for home appliances in many regions has shifted from a unified subsidy to a voucher-based subsidy. A reporter from Cailian Press visited home appliance stores in Jiangsu, Guangdong, and other regions and learned that the relevant "national subsidy" discounts have entered a "scramble" mode. During interviews, industry practitioners often responded with terms like "limited quantity" and "quota allocation." Meanwhile, in Chongqing, Hubei, and other regions, the "national subsidy" for consumer goods, including home appliances and renovation products for kitchens and bathrooms, under the trade-in program, has been suspended or adjusted. As an important measure to expand domestic demand and boost consumption, the trade-in subsidy policy has effectively driven sustained consumption rebound and improvement. Data from the Ministry of Commerce shows that since the beginning of this year, the sales volume of consumer goods under the trade-in program has exceeded RMB 1 trillion. The "braking" of the "national subsidy" may be related to the depletion of subsidy funds. Announcements from multiple regions mention: "The subsidy amount applied for in this batch has reached the limit" and "The subsidy funds for this round have been fully utilized." However, market analysts believe this is a temporary situation, and a new round of subsidies may be restarted. Jiangsu's "national subsidy" requires "queuing for quota," with digital products being "hard to come by" Cailian Press reporters have noticed that on major online shopping platforms, the national subsidy in Jiangsu is currently temporarily unavailable for collection and use. A local consumer told the reporter that they had their eye on an Apple smartwatch and wanted to see if there would be a better deal during the 618 shopping festival. "But then I found out the subsidy was suspended, so I canceled my purchase plan. After all, it's not a necessity, so I just considered it money saved." Offline, Cailian Press reporters visited multiple large electronics and appliance malls and brand stores in Nanjing, Jiangsu, and learned that the widespread national subsidies for home appliances and 3C digital products have been suspended since June 1. However, this is not a complete halt but rather a "quota-based" management approach. When asked whether and when there would be a new round of widespread national subsidies, the interviewed merchants all expressed that they were unaware or had not received any notifications. Cailian Press reporters learned that if consumers wish to use the national subsidy, the specific process is as follows: First, register and queue at the merchant where they intend to make a purchase, then wait for the merchant to "scramble" for the allocated subsidy quota on the relevant platform, and finally, the merchant will notify the consumer to proceed with payment for the order. The waiting time for this process is uncertain and depends on factors such as the merchant's success in securing the quota and the number of people in the queue. At a Gree counter in a JD.com electronics mall, a salesperson told the reporter that if consumers want to use the national subsidy, they may need to wait in line for 2-3 months. "Consumers don't need to scramble for this national subsidy; we'll do it for them. However, the quota allocated to each store is limited, and we can't guarantee when we'll be able to secure the quota." At a Hisense TV counter, a salesperson also mentioned that waiting in line for the national subsidy might take several months. "I'm not sure if you can wait that long. If you have a current need, it's better to just buy it directly," they said. However, since it's currently the 618 shopping festival period, even without using the national subsidy, most stores are offering relatively favorable selling prices. One of the main promoted products at the aforementioned Gree counter is a 1.5-horsepower, first-tier energy efficiency split-type air conditioner, priced at over 6,000 yuan. According to the salesperson, it has relatively comprehensive functions and a higher price among similar products in the store. Currently, after discounts (without using the national subsidy), the actual selling price is less than 4,000 yuan. However, not all products have such significant discounts. A similar product priced at over 4,000 yuan nearby has a selling price after discounts that is close to the aforementioned higher-priced product. It's worth noting that salespeople at different stores have varying views on the "quota" and estimates of waiting times. At a Midea counter in a Suning.com store, a salesperson told reporters that after queuing, it might only take a few days to use the national subsidy. "We just secured a quota of 100,000 yuan this morning. I predict that if you register and queue now, you'll receive a notification soon. It's still very cost-effective to enjoy the national subsidy on top of the discounted price," they said. On the other hand, reporters learned on-site that currently, the subsidy quota management for 3C digital products like mobile phones in the Jiangsu region is much stricter than for home appliances. At this stage, consumers can hardly use the national subsidy to purchase digital products. At various digital brand stores, reporters found that unlike the previous sales strategy of directly informing consumers about the post-subsidy prices, salespeople are no longer proactively mentioning the national subsidy. If asked whether the national subsidy can be used, most salespeople will directly state that it has been suspended and then introduce the current in-store promotional activities. However, at a Xiaomi Home store, a salesperson told reporters that there is actually still a national subsidy for digital products, but the quota is extremely limited. "I think it can be considered negligible. We don't expect to secure it at all. You can just treat it as non-existent. The quota for appliances is larger than that for digital products. If you're buying appliances, it might be worth waiting in line," they said. After Jiangsu suspended the widespread national subsidy, merchants of 3C digital products like mobile phones have also been actively launching promotional activities, hoping to maintain consumers' purchasing enthusiasm in this way. At the aforementioned Xiaomi Home store, except for products that have just been released, almost all other mobile phones are available with discounts. At an Apple counter in a JD.com appliance store, a salesperson told reporters that previously, the national subsidy policy for mobile phones only covered products priced below 6,000 yuan, so most mobile phone products in the Apple store were ineligible. The recent 618 selling prices have hit the lowest levels in store history. For instance, the iPhone 16 Pro and iPhone 16 Pro Max models offer a 2,000-yuan discount across all storage variants compared to their launch prices. Multiple Regions Temporarily Halt National Subsidies, Potential Reboot in H2 Jiangsu's subsidy suspension is not an isolated case, with Chongqing, Hubei, and Guangdong also experiencing temporary unavailability of national subsidies. Caixin reporters found that Guangdong's consumer goods trade-in public service platform posted a notice on June 5, 2025, suspending discount vouchers for the "Guangzhou Home Improvement & Kitchenware Campaign" until further notice. On JD.com, Chongqing's home appliance subsidy page displayed "activity under upgrade" with unavailable vouchers during the transition, while Hubei's smart home subsidies were similarly paused. The Chongqing Commerce Commission confirmed that Phase 1 subsidy funds were fully utilized by June 3, with Phase 2 policies still under formulation. Can physical stores honor subsidies? Stores in Guangzhou told Caixin that vouchers could be used if successfully claimed. "Quantities are now limited. WeChat mini-program vouchers sell out quickly each morning, though UnionPay may have residual stock," said one retailer. Initial ample funding is nearing depletion, creating a first-come-first-served scenario. Midea Smart Home staff noted no customer complaints about voucher availability under normal circumstances. This year's expanded "program of large-scale equipment upgrades and consumer goods trade-ins" allocated 300 billion yuan from ultra-long special bonds for trade-in initiatives. Subsidies are accelerating market impact. Ministry of Commerce data shows that by May 31, 2025, the trade-in program generated 1.1 trillion yuan in sales across five categories, distributing 175 million direct consumer subsidies. Breakdown: 49.863 million consumers purchased 77.618 million home appliances; 53.529 million bought 56.629 million digital devices; and 57.626 million home improvement orders were completed. AVC noted that 2025's recovering consumer market and frequent promotions drove rapid subsidy utilization, with H1 expenditure projected at 70% of total funds. Judging from the responses of relevant departments in regions where the policy has been suspended, the "national subsidy" may not come to an end. The Chongqing Municipal Commission of Commerce stated that the second phase of the trade-in subsidy policy is expected to be introduced in early June. A relevant official from the Jiangsu Provincial Department of Commerce responded to the media, stating that currently, some platforms are undergoing rectifications or system upgrades. After adjustments, consumers will be able to receive and use the subsidies normally, and each platform and merchant will implement quota management. Xiao Yunxuan, an analyst from the Major Home Appliances Department of AVC Revo, stated that the early national subsidy policies primarily focused on inclusive subsidies, aiming to rapidly activate the market through a "flood-like" approach. However, as the rate of fund depletion far exceeded expectations, the policy model urgently needed transformation. The "quota allocation" model pioneered by Jiangsu is becoming an important reference for national policy adjustments. This model precisely controls the pace of fund depletion through daily and monthly fund limits, combined with a phased subsidy distribution mechanism. This shift alleviates the pressure on local governments for audit and write-off, reduces the risk of fund misuse, and forces enterprises to abandon the competitive strategy of blindly pursuing subsidy amounts. Instead, they are shifting towards rational competition that focuses more on market demand and product value, promoting the industry's transformation towards high-quality development. It is worth noting that Ding Lin, Deputy Director-General of the General Office of the National Development and Reform Commission (NDRC), mentioned at the "China Economic Roundtable" recently launched by Xinhua News Agency that the allocation of funds for accelerating the trade-in of consumer goods should be expedited, and the process for applying for subsidies should be simplified. The second half of the "national subsidy" may be just around the corner.

A reporter exclusively learned from China Reform Holdings Corporation Ltd. (hereinafter referred to as "China Reform") that China Reform announced the issuance of 23 billion yuan in special bonds to support investment in major projects under the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins." The "implementation of major national strategies and the development of security capabilities in key areas" refers to the implementation of major national strategies and the development of security capabilities in key areas. The "program of large-scale equipment upgrades and consumer goods trade-ins" refers to large-scale equipment upgrades and consumer goods trade-ins. Since 2024, China has vigorously implemented the policies related to the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins" to stimulate domestic demand potential and provide support for promoting economic rebound and improvement. The Central Economic Work Conference at the end of 2024 clearly stated the need to "intensify and expand the scope of the implementation of the 'program of large-scale equipment upgrades and consumer goods trade-ins' policy" and "provide greater support for 'implementation of major national strategies and the development of security capabilities in key areas' projects." According to a reporter from Caixin, since 2024, to drive central state-owned enterprises to make every effort to stabilize growth, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) decided to support China Reform in issuing 300 billion yuan in special bonds for stabilizing growth and expanding investment in batches to inject capital into relevant central state-owned enterprises. The first batch of 30 billion yuan in special bonds was implemented in 2024, and this is the second batch of special bonds being issued. It is understood that the special bonds for stabilizing growth and expanding investment are mainly used to support investment in projects under the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins," including investment in major equipment upgrades and technological transformations, major scientific and technological innovation projects, and major strategic emerging industries. In recent years, the proportion of direct financing in China's social financing structure has been relatively low, with social financing overly relying on bank credit, which is prone to accumulating systemic risks. As an effective way of allocating financial resources in the past, indirect financing has shown certain limitations in serving the development of the real economy under the power transformation in the stage of high-quality development. As a national-level capital operation platform, China Reform, as learned by a reporter from Caixin, has currently established 10 actively managed funds, including the China State-owned Capital Venture Capital Fund, the Central State-owned Enterprise Operation Fund, the Science and Technology Innovation Fund, the Double Hundred Fund, the State-owned Enterprise Reform Science and Technology Fund, the Comprehensive Reform Pilot Fund Group, and the China Reform High-level Talent Fund. By contributing 29.3 billion yuan in paid-in capital to these funds, it has driven the raising of over 87 billion yuan in funds and led the investment in over 100 projects, driving over 90 billion yuan in social capital. Recently, under the direct guidance of SASAC, a special fund for the development of strategic emerging industries of central state-owned enterprises and the China Reform Venture Capital Fund have been established, with a total scale of 60 billion yuan, to provide greater support for central state-owned enterprises to accelerate the development of strategic emerging industries and future industries. A representative from China Reform told a reporter from Caixin that China Reform continues to provide long-term and stable financial support to science and technology innovation enterprises. As of the end of April 2025, it has invested a cumulative total of over 346 billion yuan in strategic emerging industries, deploying a number of leading enterprises in fields such as semiconductors, memory chips, new energy batteries, and biotechnology. "We have increased investment in the 'bottleneck' areas of key core technologies in strategic emerging industries, with cumulative investment in original technology source projects exceeding 67 billion yuan, achieving full coverage of investment in the first batch of 29 central state-owned enterprises that are original technology sources. The amount invested in projects of central state-owned enterprises with long industry chains is nearly 40 billion yuan," said China Reform Holdings Corporation. A reporter from Cailian Press also learned that China Reform Holdings Corporation has supported major reforms of state-owned enterprises through direct investment services, implementing the deployment requirements of the SASAC. It has invested over 260 billion yuan in a market-oriented and professional manner to support the establishment of new central state-owned enterprises, the diversification of equity in central state-owned enterprises, strategic restructuring, specialized integration, and the prevention and resolution of risks in relevant enterprises. For example, it has participated in the establishment of new central state-owned enterprises such as PipeChina, China Green Development Group, and China Electrical Equipment Group, supported the restructuring of Ansteel Group and Bensteel Group, participated in the equity diversification reform of China Eastern Airlines Group, and supported the return of core assets of central state-owned enterprises such as China Telecom, China Mobile, and CNOOC to A-share IPOs. It has become an important shareholder of central state-owned enterprises and their affiliated enterprises, appointed directors to the enterprises it holds shares in, and played a "key minority" role in decision-making on major issues. Since 2023, amid a relatively sluggish capital market and weak investor expectations, China Reform Holdings Corporation has strengthened counter-cyclical investment and provided support by actively increasing its holdings or announcing share purchases, firmly safeguarding the value of publicly listed firms of central state-owned enterprises and playing the role of a "stabilizer" for the value of central state-owned enterprises. It has made concentrated investments in publicly listed firms of central state-owned enterprises in the technology sector on the secondary market on a "large-scale, high-proportion, and long-term" basis, investing in a cumulative total of 341 publicly listed firms of central state-owned enterprises involving 77 central state-owned enterprise groups. Actively becoming an active shareholder of 10 publicly listed firms controlled by central state-owned enterprises through market-oriented means and appointing directors, it has played a key role as an active shareholder in governance optimization, mechanism innovation, strategic synergy, and other aspects through targeted strategies. It has collaborated with central state-owned enterprises to carry out mergers and acquisitions in strategic emerging industries on the secondary market, vigorously promoting the strengthening and extension of the industry chains of central state-owned enterprises and enhancing their control and competitiveness. On April 7, the A-share market experienced a significant decline. A reporter from Cailian Press learned that, as an important strategic force in maintaining the stability of the capital market, China Reform Holdings Corporation immediately took action, firmly optimistic about the development prospects of China's capital market, and announced that it would increase its holdings of stocks of central state-owned enterprises, technology innovation stocks, and ETFs through special relending for stock repurchases and shareholding increases, with an initial amount of 80 billion yuan, demonstrating the responsibility and commitment of the operating company.