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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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A-sharesImportance 45

ICBC Jiangxi Branch and Sub-branch Fined 1.5 Million RMB for Wealth Management Violations; Four Individuals

The National Financial Regulatory Administration (NFRA) Jiangxi Bureau fined Industrial and Commercial Bank of China (ICBC) Jiangxi Branch and its Nanchang Beijing West Road Sub-branch a total of 1.5 million RMB for illegal wealth management business and inadequate internal controls. The branch was fined 250,000 RMB, the sub-branch 1.25 million RMB. Two individuals, Peng Dawu and Li Jing, were warned and fined a combined 100,000 RMB. Two others, Lei Lei and Liu Jing, received warnings.

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242
OtherImportance 10

Kumamoto Man, 70, Rearrested for Killing Cohabiting Woman, 75

Kumamoto Prefecture police rearrested a 70-year-old unemployed man, Iwahashi Isao, on July 27 on suspicion of killing his 75-year-old cohabiting partner, Moriki Nuo, by strangling her in late June. Iwahashi was previously arrested on July 7 for allegedly abandoning the victim's body in his home. Police said the suspect made statements implying the murder.

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U.S. equitiesImportance 70

China Indium Phosphide Curb Lifts Wafer Prices 250%; Coherent CEO Seeks License in China; OpenAI Finds Opinion

In early May 2026, Coherent CEO Jim Anderson joined U. S. President Donald Trump on a trip to China to seek an export license for indium phosphide, a material critical for data center optical communications. China, which supplies about 70% of global indium phosphide, began restricting exports in February 2025, driving prices up 250% to about $5,000. The restrictions remained in place through June 2026. Separately, OpenAI reported in June 2026 that it had disrupted two Chinese-linked account clusters, including one named 'Data Center Trend' that posted comments and cartoons claiming data centers raise household electricity bills, but the campaign had minimal impact.

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244
A-sharesImportance 82

Guangzhou H1 2025 GDP Up 5.8%, IC Manufacturing Jumps 73.9%, NEV Output Rises 53.2%

In the first half of 2025, Guangzhou's gross domestic product grew 5.8% year-on-year to RMB 1,604.5 billion, the highest half-year growth rate since 2022. The primary sector added value of RMB 10.8 billion, up 3.2%; the secondary sector rose 5.6%; and the tertiary sector grew 5.9%. Among first-tier cities, Guangzhou tied with Shenzhen for the fastest growth. Industrial production improved significantly, with integrated circuit manufacturing value added surging 73.9% and new energy vehicle output increasing 53.2%. Fixed-asset investment rose 6.1%, and high-tech manufacturing investment grew 29.5%.

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245
OtherImportance 80

China's Water Conservancy Investment Reaches 515.1 Billion Yuan in H1; Yangtze-Han River Diversion Accelerates

In the first half of this year, China implemented 33,000 water conservancy projects with total investment of RMB 515.1 billion. Key national water network projects, including the Beibu Gulf Water Resources Allocation and the Guxian Water Control Project on the Yellow River, are being accelerated. The follow-up Yangtze-to-Han River Diversion Project of the South-to-North Water Diversion has deployed eight hard rock tunnel boring machines, with the main tunnel excavation exceeding 31 kilometers.

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246
A-sharesImportance 60

Anhui's First-Half GDP Grows 5.6% to 2.737 Trillion Yuan, Overtakes Hunan by 33.64 Billion Yuan to Enter Top

Anhui province reported a first-half 2026 GDP of 2.737 trillion yuan, up 5.6% year-on-year, overtaking Hunan by 33.64 billion yuan to join the top ten provincial economies. Hunan's GDP grew 2.7% to 2.70336 trillion yuan. Governor Wang Qingxian chaired a meeting on developing emerging pillar industries in northern Anhui, emphasizing alignment with the '1188' modern industrial system.

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A-sharesImportance 82

PBOC Draft Rules Cap Prepaid Cards at 5,000 RMB Registered, 1,000 RMB Unregistered, 200 RMB Online

The People's Bank of China has issued draft rules for Stored Value Account Operations Type II, targeting prepaid cards from non-bank payment institutions. The rules set a limit of 5,000 RMB per registered card and 1,000 RMB per unregistered card. Online single purchases are capped at 200 RMB, with an annual cumulative limit of 10,000 RMB. Credit cards cannot be used to buy prepaid cards. The rules also require real-name registration for unregistered card purchases over 10,000 RMB, abolish the split issuance-acceptance model, and mandate core business non-outsourcing. The revision implements the Non-bank Payment Institution Supervision Regulation and Anti-Money Laundering Law.

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A-sharesImportance 65

Jiangsu Governor Liu Xiaotao Meets Geely Chairman Li Shufu to Boost Methanol Ecosystem and New Energy Vehicle

On July 24, Jiangsu Governor Liu Xiaotao met Geely Holding Group Chairman Li Shufu in Nanjing. Liu highlighted Jiangsu's advantages in power batteries and intelligent connected vehicle components as it prioritizes new energy vehicles as a key advanced manufacturing cluster. Li stated that Geely will expand cooperation areas and jointly build a methanol ecosystem.

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251
A-sharesImportance 60

Shanxi Province Sets Up 10 Billion Yuan Manufacturing Revitalization Equity Fund

Shanxi Province has established a manufacturing revitalization and upgrade equity investment fund with a total capital contribution of about 10 billion yuan. The limited partnership will engage in private equity investment, investment management, and asset management. Key contributors include Shanxi Production Investment Capital Management Co. , Ltd. and Shanxi Coking Coal Group Co.

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252
A-sharesImportance 85

Profits of China's Industrial Firms Up 18.7% in First Half 2026, Electronics Sector Surges 96.9%

China's industrial enterprises above designated size posted a 18.7% year-on-year profit growth in the first half of 2026, totaling 3.94799 trillion yuan. The pace accelerated 3.2 percentage points from the first quarter. The electronics sector led with a 96.9% surge, driven by AI and computing demand, contributing 8.5 percentage points to overall industrial profit growth. Revenue rose 6.5% and the profit margin improved to 5.70%.

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CommoditiesImportance 75

China Bans Dual-Use Exports to 14 EU Companies Including Rheinmetall in Retaliation for Sanctions

China's Ministry of Commerce announced on July 27, 2026, a ban on further shipments of dual-use materials to 14 EU companies, including German defense contractor Rheinmetall, Sindhauser Materials, and Italy's Rafat Group. The move retaliates against EU sanctions on 14 Chinese and Hong Kong firms over Russia's war in Ukraine. China has leveraged its dominance in rare earth mining and processing as a bargaining chip over the past 16 months, having imposed export restrictions on tungsten, antimony, gallium, germanium, and seven rare earth metals since late 2024.

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OtherImportance 78

Industrial Firms' Profits Rise 18.7% in H1, Driven by Electronics and Nonferrous Metals

In the first half of the year, profits of China's above-scale industrial enterprises totaled RMB 3,947.99 billion, up 18.7% year on year, accelerating by 3.2 percentage points from the first quarter. Operating revenue grew 6.5%, and the operating profit margin reached 5.7%, the highest cumulative level since the start of 2024. The electronics sector posted a 96.9% profit surge, contributing 8.5 percentage points to overall growth, while the nonferrous metals sector rose 99.4%, contributing 4.7 percentage points. Mining and manufacturing profits also expanded, but utilities declined. The data reflect the rapid growth of new drivers such as AI-related computing demand.

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256
A-sharesImportance 80

Wuxi Returns to Top 10, Suzhou AI Exports Top RMB 600 Billion as Korean Firms Boost Investment

In the first half of 2026, major Chinese trade hubs reported strong export growth, led by AI and semiconductor products. Wuxi's total foreign trade reached RMB 499.1 billion, up 28.5%, lifting it back into the national top 10 after eight years. Suzhou's trade approached RMB 2 trillion, with AI-related exports exceeding RMB 600 billion, up 2.1 times. Xi'an saw integrated circuit trade of RMB 267.8 billion, while Zhongshan's exports of integrated circuits surged 454.1%. Korean companies SK Hynix and Samsung increased investment in chip plants in Wuxi and Xi'an respectively.

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258
OtherImportance 0

Kyoto City KYOCERA Museum of Art Presents Utagawa Kuniyoshi Ukiyo-e Exhibition, Open Until September 23, 2026

The Kyoto City KYOCERA Museum of Art is hosting an exhibition of ukiyo-e by Utagawa Kuniyoshi, titled "Super Creator of Ukiyo-e: Utagawa Kuniyoshi Exhibition," through September 23, 2026. The exhibition will present works in five installments, starting with "Sanuki-in's Retainers Rescue Tametomo," created in 1851 and held in a private collection. The piece depicts a dramatic scene from Kyokutei Bakin's novel "Chinsetsu Yumiharizuki," featuring Minamoto no Tametomo rescued by a crow tengu amid a storm.

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259
U.S. equitiesImportance 85

US Section 122 of Trade Act of 1974 Expires; Replacement Tariffs Push Effective Rate to 11.8%, China to 27.2%

The US Section 122 of the Trade Act of 1974 expired on July 24, 2026, prompting replacement tariffs under Sections 301, 232, and 338. New Section 301 forced-labor tariffs impose 12.5% and 10% additional duties on 60 and 14 economies respectively, covering over 99% of US imports. A separate Section 301 investigation on Brazil resulted in a 25% tariff on most Brazilian goods. Section 232 tariffs cover steel, aluminum, and other sectors. Section 338 was first used on July 20, imposing a 50% punitive tariff on Canadian imports of cars, parts, alcohol, clothing, and furniture. The US weighted average effective tariff rate fell to 8.3% after Section 122 expiry, then rose to 11.8% after new tariffs. China's average rate rose from 25.9% to 27.2%, and Canada's from 5.3% to 7.8%.

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Hong KongImportance 78

Hong Kong's Northern Metropolis Four New Development Areas Break Ground, Aiming for 240,000 Homes and 500,000

Hong Kong’s Northern Metropolis development is progressing. Financial Secretary Paul Chan said on July 26 that four new development areas have started construction, with over 520 hectares of land resumed and about 120 hectares leveled. Over the next five years, the project will provide more than 70,000 housing units and 1 million square meters of economic floor space. Over the next decade, it will deliver about 240,000 housing units, over 10 million square meters of economic floor space, and create 500,000 jobs. Public space standards have been raised by 30% to 3.5 square meters per person. The Hong Kong-Shenzhen Innovation and Technology Park in the Lok Ma Chau Loop has attracted over 90 tech enterprises, with five more buildings to be completed this year.

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OtherImportance 75

Credit Bond Market New Defaults Hit Multi-Year Low; Private Firms Issue 270 Billion Yuan at 1.89%

Since 2026, only two new defaulters have emerged in China's credit bond market, involving RMB 288 million, pushing the new default rate to a multi-year low. Meanwhile, private enterprises issued about RMB 270 billion in bonds in the first half of the year, up nearly 30% year-on-year, with the average issuance rate for three-year AAA-rated medium-term notes falling to 1.89%, reflecting a significant improvement in credit conditions. However, repayment risks for weaker entities persist.

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262
A-sharesImportance 70

SZSE Party Committee Outlines Six Priorities: Cultivating High-Quality Listed Companies, Supporting New

The Shenzhen Stock Exchange (SZSE) Party Committee has outlined six priorities for the 15th Five-Year Plan period, focusing on cultivating a cluster of high-quality listed companies, channeling capital into new quality productive forces, supporting traditional industries and small and medium-sized enterprises, enhancing market resilience, deepening reforms including ChiNext and Shenzhen-Hong Kong cooperation, and strengthening regulatory enforcement against misconduct.

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OtherImportance 65

Trump Halts Airstrikes on Iran, Easing Tensions; Oil Plunges Over 5%, Asian Stocks Gain

President Donald Trump ordered a halt to airstrikes on Iran, with the U. S. military refraining from attacks for two consecutive nights and Iran suspending retaliatory actions. International oil prices tumbled, with U. crude falling 5.83% to $84.1 a barrel and Brent crude dropping 5.13% to $86.98. Japanese and South Korean stocks rose, as the Nikkei 225 gained 0.47%, the KOSPI added 0.44%, Samsung Electronics surged over 2%, and SK Hynix climbed more than 1%.

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265
A-sharesImportance 78

China's Service Sector Value Added Up 5.2% in H1, State Council Issues Capacity Expansion and Quality

China's service sector value added reached 41.4 trillion yuan in the first half of 2024, up 5.2% year-on-year, outpacing overall economic growth by 0.5 percentage points and accounting for 59.5% of GDP. The sector contributed 66.1% to economic growth, with Q2 alone contributing 69.4%. Sub-sectors such as information technology and leasing services grew strongly. The State Council issued an opinion in April to expand capacity and improve quality. Service trade deficit narrowed about 20%, and foreign capital in services accounted for 72% of total.

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266
OtherImportance 70

H1 2026 RMB Deposits Up 17.76 Trillion; Household Deposit Growth Slows 3.19 Trillion; Asset Management Scale

In the first half of 2026, China's renminbi deposits rose by 17.76 trillion yuan, up 8.2% year-on-year, but household deposits increased by only 7.58 trillion yuan, a decline of 3.19 trillion yuan from a year earlier, as residents shifted funds to asset management products. Total assets under management hit 124.8 trillion yuan, up 12.7% year-on-year, driven by a surge in corporate funding and a pivot toward diversified portfolios. Bond holdings grew 8.4% to 38.2 trillion yuan, while stock holdings jumped 26.2% to 9.5 trillion yuan. Publicly offered funds led with 42.9 trillion yuan, followed by bank wealth management at 34.8 trillion yuan.

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267
A-sharesImportance 70

First-Half General Public Budget Revenue Hits RMB 12.1 Trillion, Up 4.7%; Securities Transaction Stamp Duty

China's general public budget revenue in the first half reached RMB 12.1 trillion, up 4.7% year on year, matching GDP growth. Value-added tax grew 6%, corporate income tax rose 3.9%, and securities transaction stamp duty nearly doubled. Local government budgetary revenue increased 2.7%, with 28 of 31 provinces posting growth. The central government continued transfers to local authorities, exceeding RMB 10 trillion for four consecutive years.

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268
A-sharesImportance 60

State-owned Banks Resume 5-Year Large-Denomination CDs with 1.6% Rate, Net Interest Margin Stabilizes

State-owned banks have resumed issuing five-year large-denomination certificates of deposit (CDs) with an annualized rate of 1.6%, higher than the 1.3% on regular fixed deposits of the same tenor. The move follows a period of deposit rate cuts to protect net interest margins, which are now stabilizing, allowing banks to re-enter the high-cost liability market. Large-denomination CDs offer better yields, higher liquidity via partial withdrawals and transferability, and a minimum subscription of RMB 200,000, appealing to investors seeking low-risk, long-term allocation with enhanced returns.

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A-sharesImportance 75

CSRC Chairman Wu Qing Pledges Integrated Risk Prevention, Regulation, and Development; State-Owned Firms

China Securities Regulatory Commission (CSRC) Chairman Wu Qing said at an investor symposium that the regulator will integrate risk prevention, stronger regulation, and high-quality development to maintain stable market operations. The comments boosted weak A-shares, with the Hang Seng Index surging 581 points intraday. However, geopolitical tensions after a Saudi oil tanker attack in the Red Sea added volatility. The HSI ended the week at 24,963, up 401 points or 1.63%, but technical indicators suggest consolidation is needed. Smoothed medium-term breadth rose from a three-year low of 23.6% to 33.5%, while short-term breadth stayed above 50%.

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A-sharesImportance 40

China's Total Installed Power Capacity Exceeds 4 Billion Kilowatts, Reaching New Milestone

China's total installed power generation capacity has surpassed 4 billion kilowatts, marking a new milestone for the country's power sector. The achievement reflects continued expansion of generation infrastructure, supporting the nation's growing energy demand and transition toward cleaner sources.

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