由于全球经济的不确定性，2025年前八个月，中国的外国直接投资（FDI）同比下降12.7%，至5065.8亿元人民币。按行业划分，制造业吸引了1290.3亿元人民币，而服务业所占份额较大，为3361.9亿元人民币。高新技术产业仍然是一个亮点，实际吸引外资1482.8亿元。其中，电子商务服务激增169.2%，航空航天和设备制造业增长37.5%，化学制药制造业增长23.2%，医疗设备和器械制造业增长19.2%。从地区来看，日本在中国的投资激增58.9%，瑞士增长37.2%，英国增长24.5%，而新加坡则小幅增长1.8%。尽管总体投资下降，但外资继续对中国高科技行业表现出浓厚的兴趣，突显出投资者对先进产业的持续关注。

Foreign direct investment (FDI) in China dropped 12.7% year-on-year to CNY 506.58 billion in the first eight months of 2025, amid global economic uncertainty. By sector, the manufacturing industry attracted CNY 129.03 billion, while the services sector accounted for a larger share at CNY 336.19 billion. High-tech industries remained a bright spot, drawing CNY 148.28 billion in actual foreign investment. Within that segment, e-commerce services surged 169.2%, aerospace and equipment manufacturing rose 37.5%, chemical pharmaceutical manufacturing grew 23.2%, and medical equipment and device manufacturing increased 19.2%. Regionally, Japanese investment in China surged 58.9%, Switzerland’s rose 37.2%, and the UK’s rose 24.5%, while Singapore saw a modest 1.8% increase. Although overall investment fell, foreign capital continued to show strong interest in China’s high-tech sectors, underscoring sustained investor attention on advanced industries.

据官方媒体《上海证券报》周四报道，中国已敦促其主要生猪生产商在减产方面发挥主导作用，因为该国正在努力应对其庞大的猪肉行业的供应过剩和需求疲软。据报道，在本周的一次高层会议上，官员们呼吁各大企业降低种猪数量，减少屠宰量，并将生猪重量保持在120公斤左右。这次由国家发展和改革委员会和农业部畜牧局牵头的会议表明，北京将加大力度遏制产能过剩和稳定价格。当局还计划收紧生产扩张信贷，减少推动生猪产量增长的补贴。猪肉占中国肉类消费量的三分之二以上，仍然是日常饮食、节日和传统的核心，其价格波动受到密切关注，被视为衡量食品通胀和更广泛经济情绪的指标。

China has urged its top hog producers to play a leading role in reducing output as the country grapples with excess supply and weak demand in its massive pork sector, state-run Shanghai Securities News reported Thursday. At a high-level gathering this week, officials reportedly called on major firms to lower breeding sows, scale back slaughter volumes, and maintain hog weights near 120 kg. The meeting, led by the National Development and Reform Commission and the agriculture ministry’s animal husbandry bureau, signaled Beijing’s stronger push to curb overcapacity and stabilize prices. Authorities also plan to tighten credit for production expansion and reduce subsidies that drive pig output growth. Pork, which accounts for over two-thirds of China’s meat consumption, remains central to daily meals, festivals, and traditions, and its price swings are closely watched as a gauge of food inflation and broader economic sentiment.

周五，中国10年期国债收益率跌至1.85%左右，延续了前一交易日的跌幅，因为投资者正在等待本周末即将公布的贷款最优惠利率。由于对经济势头放缓和持续通缩压力的担忧，投资者正在寻求央行的支持性政策措施。在国内经济方面，2025年前八个月财政收入同比增长0.3%，略高于1月至7月期间0.1%的增长。与此同时，韩正副总统最近宣布了升级与东盟自由贸易协定的计划，强调了中国在与美国持续的贸易紧张局势下深化与东盟10国集团合作的意图。同样，特朗普总统表示，在西班牙的谈判进展顺利，在他定于周五与中国习近平主席会晤之前，TikTok撤资框架协议已经敲定。

China’s 10-year government bond yield fell to around 1.85% on Friday, extending losses from the previous session as investors awaited the upcoming loan prime rate announcement this weekend. Investors are looking for supportive policy measures from the central bank amid concerns over slowing economic momentum and persistent deflationary pressures. On the domestic economic front, fiscal revenue rose by 0.3% year-on-year in the first eight months of 2025, slightly up from the 0.1% increase recorded in the January–July period. Meanwhile, Vice President Han Zheng recently announced plans to upgrade the free trade agreement with ASEAN, underscoring China’s intent to deepen cooperation with the 10-member bloc amid ongoing trade tensions with the United States. Similarly, President Trump stated that talks in Spain were progressing well, with a framework agreement on TikTok’s divestment finalized ahead of his scheduled meeting with Chinese President Xi Jinping on Friday.

周五，离岸人民币兑美元汇率跌破7.11，在美元走强的情况下延续了前一交易日的下跌趋势。周三宣布降息25个基点后，美联储表示将采取谨慎的宽松货币政策，美元走强。虽然人民币面临美元走强的下行压力，但香港以外的支持性发展部分抵消了其损失。为了深化人民币在国际市场上的作用，香港宣布了扩大人民币使用的计划，发行更多的人民币债券，并用人民币结算部分政府支出。展望未来，投资者将注意力转向周末中国贷款最优惠利率的发布。尽管人民币连续下跌，但仍有望实现每周上涨。

The offshore yuan depreciated past 7.11 per dollar on Friday, extending its decline from the previous session amid a stronger greenback. The US dollar firmed after the Federal Reserve signaled it would adopt a cautious approach to easing monetary policy, following a 25 basis point rate cut announced on Wednesday. While the yuan faced downward pressure from the strengthening dollar, its losses were partially offset by supportive developments out of Hong Kong. In a move aimed at deepening the renminbi's role in international markets, Hong Kong announced plans to expand the use of the Chinese currency by issuing additional yuan-denominated bonds and settling a portion of government expenditures in renminbi. Looking ahead, investors are turning their attention to the release of China’s loan prime rates over the weekend. Despite back-to-back declines, the yuan is on track to notch a weekly gain.