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Macro news and economic policy

Material economic data, monetary and fiscal policy, regulation and cross-border macro developments.

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OtherImportance 85

2025 Student Aid System Upgraded: One Exemption, Two Expansions, Three Increases, Over RMB 390 Billion

China's student aid system was upgraded in 2025 with a policy framework of 'one exemption, two expansions, three increases'. Annual spending exceeded RMB 390 billion, up over 14% from 2024. Fiscal input accounted for RMB 240 billion, while national student loans reached RMB 127.7 billion. Nearly 160 million student-times received aid, including preschool fee exemptions for over 14 million children and expanded nutrition and grant programs across all education levels.

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OtherImportance 60

First-Half Tax Revenue Exceeds RMB 10 Trillion, Up 4.9%; Total Fees and Taxes at RMB 16.7 Trillion

The State Taxation Administration reported that in the first half of this year, tax authorities collected a total of RMB 16.7 trillion in fees and taxes. Tax revenue exceeded RMB 10 trillion, up 4.9% year-on-year. Social insurance premium revenue amounted to RMB 4.5 trillion, and non-tax revenue reached RMB 1.8 trillion. The figures were announced at a press conference held by the State Council Information Office.

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OtherImportance 10

Chiba Prefectural Police Dance Videos Using Pop Songs Garner Over 4.5 Million Views

Chiba Prefectural Police's Instagram dance videos, featuring popular songs to promote anti-fraud and traffic safety, have attracted over 4.5 million views for one clip. The initiative, launched in July 2024 after officials noted young people's use of Instagram, initially saw low viewership but gained traction after selecting trending songs, including AiScReam's 'Ai♡Scream!' The police expressed surprise at the popularity, with comments like 'I'm a fan! I'll watch out for fraud.'

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OtherImportance 55

Seoul KOSPI Falls 8.4%, Drops Below 6,200 Points

The Korea Composite Stock Price Index (KOSPI) in Seoul extended its decline to 8.4 percent, breaching the 6,200-point threshold. The sharp drop underscores heightened selling pressure in the South Korean market.

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OtherImportance 5

Hokke-ji Temple’s National Treasure Eleven-Faced Kannon Statue Open for Limited Periods from Spring to Autumn

Hokke-ji Temple in Nara, founded by Empress Kōmyō and originally the head provincial nunnery, will offer limited public viewings of its National Treasure Eleven-Faced Kannon Bodhisattva statue during spring, early summer, and autumn. The temple preserves the empress's legacy of social welfare, with nuns continuing to maintain the historic site amid challenging conditions.

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OtherImportance 0

Elderly Man on Mobility Scooter Struck by Train in Aichi, Unconscious

An elderly man riding a mobility scooter was hit by a regular train at a level crossing on the Nagoya Railway Nishio Line in Nishio, Aichi Prefecture, around 5:30 a. m. on the 28th. He was taken to hospital in an unconscious and critical condition. About 60 passengers and crew on the train were uninjured.

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OtherImportance 0

Kyoto Kyocera Museum Hosts Utagawa Kuniyoshi Ukiyo-e Exhibition Featuring 1861 Work

The Kyoto City Kyocera Museum of Art is hosting an exhibition of ukiyo-e by Utagawa Kuniyoshi, featuring a 1861 work from a private collection. The piece depicts heroes Sakata no Kintoki, Watanabe no Tsuna, and Usui Sadamitsu humorously subduing clumsy demons, reflecting Kuniyoshi's blend of terror and comedy in monster imagery.

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A-sharesImportance 85

US, UK, Germany, Japan and Over 20 Nations Launch 6G Global Partnership to Coordinate Policies and Set

The Trump administration on Monday joined more than 20 allied nations, including the UK, Germany, Japan, and Canada, in launching a global partnership to accelerate secure 6G wireless network development. The initiative establishes government liaison points, shares technical resources, and sets phased goals for one, three, six, and twelve months, with an in-person meeting planned next year. The partners aim to coordinate policies and standards before 6G networks begin replacing 5G in the 2030s.

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190
A-sharesImportance 92

NDRC and NEA Issue Renewable Energy 15th Five-Year Plan, Setting Four Targets

The National Development and Reform Commission and the National Energy Administration have jointly unveiled the Renewable Energy Development 15th Five-Year Plan. The plan, covering the 2026–2030 period, sets out targets in four areas: total renewable energy volume, power generation, non-electric utilization, and reliable substitution. It provides a policy framework to guide the sector’s development over the next five years.

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OtherImportance 0

Angels' Yusei Kikuchi on IL with left shoulder inflammation, to start rehab July 30, aims for August return

Los Angeles Angels pitcher Yusei Kikuchi was placed on the injured list with left shoulder inflammation. He will make a Minor League Single-A rehab start on July 30 (July 31 Japan time). Kikuchi has thrown two live batting practice sessions, including all his breaking pitches, and his recovery is progressing. He aims to return to the majors by August.

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OtherImportance 78

Xi Jinping Calls for Enhanced R&D Efficiency as 2025 Intensity Reaches 2.8% and 2026 Budget Rises 10%

President Xi Jinping has called for greater efficiency in science and technology innovation investment, as China's R&D spending intensity reached 2.8% in 2025, exceeding the OECD average, and the central government's 2026 science and technology budget rose 10% to 426.42 billion yuan. Xi's remarks at a national awards ceremony also highlighted problems of idle funds, low-level duplication, and unbalanced resource allocation in some research areas.

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A-sharesImportance 75

2026 Lujiazui Forum Focuses on Finance-Tech Innovation; Tech SME Loan Balance 4.03 Trillion Yuan

The 2026 Lujiazui Forum focused on aligning financial services with technological innovation. By the end of the first quarter of 2026, 303,300 technology-oriented SMEs had obtained loans, a coverage rate of 50.4%. The outstanding loan balance in domestic and foreign currencies reached 4.03 trillion yuan, up 20.9% year on year.

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OtherImportance 5

Heiwado Foundation to Host Hato no Concert 2026 in Three Shiga Venues, Free Admission for 2,300

The Heiwado Foundation will present the Hato no Concert 2026, a flute, cello, and piano trio performance, in three locations across Shiga Prefecture in October 2026. The concerts will be held on October 1 in Takatsuki, Osaka, October 3 in Hikone, and October 4 in Ritto, starting at 3 p. m. each day. A total of 2,300 free tickets will be distributed via lottery, with applications due by August 16 through the foundation's website. The three female performers, all connected to Shiga, include flutist Yua Horiuchi, cellist Yumika Iwasaki, and pianist Nanako Imai.

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A-sharesImportance 85

29 Countries Sign Agreement to Establish World AI Cooperation Organization at 2026 Shanghai WAIC

At the 2026 Shanghai World Artificial Intelligence Conference, 29 countries signed an agreement to establish the World AI Cooperation Organization. China will export computing power, technology, and industry experience to help developing countries build data centers, communication networks, and other digital infrastructure. The cooperation covers Asia, Africa, and Latin America, focusing on talent training, infrastructure, technology exchange, and industrial applications.

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OtherImportance 82

China Retail Sales Up 1.3% in H1 2026, New Energy Car Penetration Over 54%, State Council Approves 60 Trillion

In the first half of 2026, China's total retail sales of consumer goods grew 1.3% year-on-year, while the broader measure including services rose 2.7%. Service retail sales increased 5.3%, outpacing goods. New energy passenger vehicle penetration exceeded 54%, reaching 62.4% in the second quarter. The State Council approved a plan targeting total retail sales of consumer goods of RMB 60 trillion by 2030.

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A-sharesImportance 65

Nine Departments Issue 19 Measures to Boost Home Services, Revenue Exceeds RMB 1.2 Trillion in 2024

The Ministry of Commerce and eight other departments have issued 19 policy measures across five areas to promote high-quality development of the home services industry. The measures aim to increase support for enterprises, encourage local institutional innovation, and address industry bottlenecks. In 2024, the sector's revenue exceeded RMB 1.2 trillion, with over 30 million workers. Financial innovations such as credit lines and tailored insurance products are being introduced, but challenges remain due to asset-light business models and lack of stable employment relationships.

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OtherImportance 70

Ukrainian Drones Strike Russian Retailer Wildberries Warehouses Repeatedly; Putin Accuses West of Economic

Russian President Vladimir Putin accused Western countries of resorting to terrorism against Russia's economy and financial system, saying they cannot defeat Russia on the battlefield. Ukrainian drones have repeatedly attacked warehouses of Russian online retailer Wildberries, including near Saint Petersburg, and also struck a resort in the Zaporizhzhia region, killing 12 civilians. Russia and Ukraine have traded accusations of terrorism amid escalating cross-border strikes.

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OtherImportance 50

Japan's Population Decline Drives Municipal Mergers, Kasumigaura City Council Passes Merger Resolution

Kasumigaura City in Ibaraki Prefecture is seeking a merger under the 'Reiwa Merger' initiative as population decline threatens municipal services. The city council has passed a resolution to proceed. The move comes roughly 20 years after the Heisei Great Mergers, which halved the number of municipalities in Japan, and reflects renewed concerns over sustainability as the population rapidly shrinks.

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U.S. equitiesImportance 65

Trump Does Not Oppose Turkey's F-35 Purchase Plan, Netanyahu Objects

President Donald Trump said he does not oppose Turkey's plan to resume purchases of F-35 fighter jets, describing Turkey as a strong military ally with a powerful army and advanced equipment. Israeli Prime Minister Benjamin Netanyahu voiced opposition to the plan. Trump responded that Turkey is an important US ally and that the purchase decision should be made by Turkey.

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OtherImportance 85

US Sold Over $130 Billion of Venezuelan Oil After Maduro's Capture

US President Donald Trump said in July 2026 that the United States had sold over $130 billion of Venezuelan oil since capturing former President Nicolas Maduro in January 2026. The proceeds were used to operate Venezuela and cover war costs, with the US retaining the government and cooperating with acting President Delcy Rodríguez. Energy Secretary Chris Wright reported sales of 150 million barrels, and Secretary of State Marco Rubio confirmed audits by KPMG and funds held at Citibank. Democrats continued to demand full disclosure.

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U.S. equitiesImportance 65

US Treasury Auctions $139 Billion; 2-Year Yield 4.315% (2.66x), 5-Year 4.408% (Tail, 2.28x)

The US Treasury auctioned $139 billion in 2-year and 5-year notes on July 27, 2026. The 2-year note yielded 4.315%, the highest since December 2024, with a bid-to-cover ratio of 2.662, strong indirect and direct bidding, and dealers taking only 9.4%. The 5-year note yielded 4.408%, also the highest since December 2024, but demand was weak, with a bid-to-cover of 2.282, the lowest since September 2022, and foreign demand at 59.24%, the lowest since July 2025. Dealers were forced to take 13.5%.

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A-sharesImportance 85

US Accuses Chinese AI Firms of Distilling Its Technology; China Retorts, Moonshot AI Denies Cloning

China's Ministry of Commerce on July 27 dismissed US accusations that Chinese AI firms distilled US technology, calling it "typical AI hegemonism" and noting that US companies also distilled Chinese models. It cited nearly 200 US startups urging the government not to block access to Chinese open-source models. Separately, Moonshot AI denied cloning allegations over its new Kimi K3 model, claiming performance gains from original architecture innovation.

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A-sharesImportance 60

Ding Xiangqun: Regulators to Guide Inclusive Products for New Employment Groups; Shanghai Pudong Banks Respond

Ding Xiangqun, head of the National Financial Regulatory Administration, said at the 2026 Lujiazui Forum that regulators will guide financial institutions to develop inclusive financial products for new employment groups including truck drivers, ride-hailing drivers, couriers, and food delivery workers. In response, multiple banks in Shanghai Pudong have launched differentiated credit plans to provide financing support for these flexible employment groups.

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205
OtherImportance 68

28 Provinces Report Fiscal Self-Sufficiency Below 100% in Q1 2026; Zhejiang Leads at 96.1%

In the first quarter of 2026, all 28 provinces that disclosed their fiscal data had fiscal self-sufficiency rates below 100%. Zhejiang led at 96.1%, while six coastal provinces exceeded 70% and half of the provinces fell below 50%, with Tibet at 13.8%. The Ministry of Finance noted that local fiscal self-sufficiency typically falls short of 100% and that central transfer payments of 9.4 trillion yuan in the first half of 2026, or 90.3% of the annual budget, help maintain balance.

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A-sharesImportance 82

SASAC Releases Second Batch of AI Scenarios and Datasets, Launches Open-Source Community 2.0 and Smart Factory

At the 2026 World AI Conference, China's State-owned Assets Supervision and Administration Commission (SASAC) released the second batch of high-value AI scenarios and high-quality datasets from central state-owned enterprises. It also launched the AI open-source “Huanxin Community” 2.0 and initiated the Joint Foundation Project for an Intelligent Software Factory. SASAC said it will accelerate computing infrastructure construction and promote open-source collaboration.

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A-sharesImportance 70

Small and Medium Banks Cut Deposit Rates as Major Banks Offer 0.955% for One-Year Term

In the second half of 2026, multiple small and medium banks in Zhejiang, Jiangsu, Henan, and Guangdong lowered their posted deposit rates. The adjustments primarily target time deposit rates, with one-year rates at major state-owned banks standing at 0.955%. The net interest margin for China's commercial banks fell to 1.4% in the first quarter of 2026.

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OtherImportance 0

Japan's Izanagi Shrine Summer Festival to Display Children's Painting Andon

Izanagi Shrine in Awaji City, Hyogo Prefecture, is preparing for its summer festival on 28 and 29 July by making about 1,000 andon (paper-covered lanterns) decorated with children's paintings. Members of the shrine's Izanagi Society pasted artworks from three nearby elementary schools featuring summer motifs such as fireworks, watermelon, and wind chimes, along with written wishes for health and prosperity. The lanterns will be installed along the front approach, horse ground, and before the worship hall, creating a dreamlike atmosphere at night. The festival includes a Chinowa ritual, Bon Odori dance, and main ceremony.

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A-sharesImportance 60

Beijing BDA H1 2026 GDP Reaches 1967.8 Hundred Million Yuan, Up 6.1%

Beijing Economic-Technological Development Area (BDA) reported H1 2026 GDP of 1967.8 hundred million yuan, up 6.1% year-on-year. Industrial output neared 3600 hundred million yuan, with leading industries accounting for over 90% of total. New-generation information technology output surged 37.5%, while robotics and smart manufacturing grew 12.3%. Foreign trade reached 1188.5 hundred million yuan, up 33.8%. Corporate R&D spending rose nearly 30%, and the area added 13 new first-set products, ranking first in Beijing.

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A-sharesImportance 85

China Issues Consumption Expansion Plan, Targets 60 Trillion RMB Retail Sales by 2030

China has published the '15th Five-Year Plan for Expanding Consumption', the first national five-year plan focused on consumption in nearly 50 years. It targets total retail sales of consumer goods to reach about 60 trillion RMB by 2030, implying an average annual growth of 3.7% from 2025's 50.1 trillion RMB. The plan prioritizes service consumption, including elderly care, childcare, health, education, culture, and tourism. It also addresses auto and housing consumption but does not directly extend the consumer goods trade-in subsidy program.

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