The Political Bureau of the CPC Central Committee decided on July 30 that the Fifth Plenary Session of the 20th Central Committee will convene in Beijing in October 2026. The meeting analyzed the economic situation and set second-half priorities, stressing accelerated fiscal spending and bond fund use. New special bond issuance in the first half hit RMB2.07 trillion, or 47% of the annual quota. Consumption growth slowed to 1.3% in H1, with auto sales down 12.6% and appliance sales down 7.4%. The meeting pledged to expand domestic demand, build a modern industrial system, and advance opening-up, while setting a 2030 target of 100 trillion yuan for the services sector.
China's manufacturing Purchasing Managers' Index (PMI) fell to 49.2% in July 2026, entering contraction territory due to a high base from earlier rapid growth and the onset of the traditional off-season for some industries. The equipment manufacturing and high-tech manufacturing PMIs stood at 51.4% and 53.3%, respectively, maintaining expansion. In contrast, consumer goods and high-energy consumption sectors weakened. The production index and new orders index declined to 49.9% and 48.5%, while input prices remained elevated at 53.2% and output prices fell to 47.8%.
Shagang Group and China Iron & Steel Research Institute Group signed a strategic cooperation agreement on July 27, covering the entire chain from research and development, pilot testing, to industrialization. The systematic partnership aims to bridge the gap between laboratory research and production lines, accelerating the conversion of key technologies. This move is expected to enhance the efficiency of technology transfer in the steel industry.