GMT EIGHT - Economy&politics - China

Two departments: The minimum down payment ratio for commercial properties (including mixed-use properties) for purchasing loans is adjusted to no less than 30%

On January 17th, the People's Bank of China and the China Banking Regulatory Commission jointly issued a notice on adjusting the minimum down payment ratio for commercial property loans.

Cui Dongshu: By 2025, the export of complete vehicles by car companies will increase significantly! The export of domestically-produced cars will increase by 21% year-on-year.

In 2025, the core feature of China's automobile exports is "same rise in quantity and price, optimized structure". The total export of domestically-made cars by car manufacturers reached 7.1 million vehicles for the whole year, a year-on-year increase of 21%.

The tax department reminds taxpayers to conduct a self-assessment of their overseas income in the past three years.

On January 16th, it was learned from relevant departments of the State Administration of Taxation that tax authorities continue to strengthen publicity and guidance on the taxation of residents' individual overseas income. Since last year, taxpayers have been reminded to conduct self-inspections on income obtained from overseas from 2022 to 2024.

CSRC: Derivative trading institutions should integrate derivative trading business into overall risk management.

Based on the summary of practical experience, the China Securities Regulatory Commission has drafted the "Regulations on the Supervision and Management of Derivatives Trading (Trial) (Draft for Comments)", and is now seeking public opinions.

State Administration of Foreign Exchange: further improve the relevant matters of foreign exchange management for domestic and foreign exchange loans.

State Administration of Foreign Exchange issued the "Notice on Further Improving the Relevant Matters of Foreign Exchange Management of Domestic and Foreign Exchange Loans (Draft for Soliciting Opinions)".

China and Canada's central banks renew bilateral currency swap agreement with a swap size of 200 billion RMB.

Approved by the State Council, the People's Bank of China recently renewed a bilateral currency swap agreement with the Bank of Canada (the central bank of Canada). The swap size is 200 billion RMB, and the agreement is valid for five years, with the possibility of extension upon mutual agreement.

The Ministry of Finance issues approval opinions on the changes to the rules of the China Welfare Lottery Double Color Ball game by the China Welfare Lottery Issuance Management Center.

On January 16, the Ministry of Finance issued its approval on the changes made by the China Welfare Lottery Issuance Management Center to the rules of the China Welfare Lottery Double Color Ball game.

Two departments: Continue to implement tax incentives for public rental housing.

On January 16th, the Ministry of Finance issued a notice on the continuation of the implementation of tax preferential policies for public rental housing.

The State Administration for Market Regulation Conditionally Approves American Axle's Acquisition of DuraLesstake Equity Case.

The State Administration for Market Regulation conditionally approves the acquisition of Doles' equity by American Car Bridge.

Establishing a digital identity card traceability system, new regulations for recycling and reusing old power batteries of new energy vehicles are issued.

Recently, the Ministry of Industry and Information Technology and five other departments jointly issued the "Interim Measures for the Management of Recycling and Comprehensive Utilization of Waste Power Batteries for New Energy Vehicles." The "management measures" follow the management concept of "all channels, all chains, and full life cycle" and will be implemented from April 1, 2026.

State Railway Administration: By 2025, the main indicators such as passenger and freight volume, investment, etc. of the national railway will reach historic highs.

According to the National Railway Administration, the national railway passenger and freight volume will continue to grow in 2025, and construction projects will be efficiently promoted.

Releasing the potential and vitality of consumption, gaining strategic initiative through high-level openness - Interview with Wang Wen Tao, Party Secretary and Minister of Commerce

With the start of the "Fifteenth Five-Year Plan", how will China further activate the consumption-driven engine? How to promote trade innovation and development? What are the new measures to expand high-level opening up? Xinhua News Agency reporter interviewed Wang Wentao, Secretary of the Party Group and Minister of Commerce.

Two departments: Overseas institutions investing in China are exempt from value-added tax on interest income from foreign issuance of national bonds and local government bonds.

The Ministry of Finance and the State Administration of Taxation issued a notice on continuing to implement the value-added tax policy for overseas institution investment in government bonds and local government bonds.

Two departments: The bond interest income obtained by overseas institutions investing in the domestic bond market is temporarily exempt from corporate income tax and value-added tax.

On January 15th, the Ministry of Finance and the State Administration of Taxation issued the Announcement on Continuation of Implementing the Enterprise Income Tax and Value-Added Tax Policies for Overseas Institutions Investing in the Domestic Bond Market.

Ministry of Commerce: Integrate and implement comprehensive measures to stabilize foreign investment work with expanding domestic demand, boosting consumption, and promoting technological innovation and other economic work.

The National Foreign Investment Work Conference and the Special Workshop on Key Foreign Investment Projects for 2026 were held in Beijing on January 14th and 15th.

State Administration of Foreign Exchange: In December 2025, banks sold 224.46 billion yuan and bought 153.82 billion yuan in foreign exchange.

According to statistics from the State Administration of Foreign Exchange, in December 2025, banks settled 2.2446 trillion yuan in foreign exchange and sold 1.5382 trillion yuan in foreign exchange.

The People's Bank of China expands support tools for carbon emission reduction, promotes comprehensive green transformation of economic and social development.

The People's Bank of China has decided to include projects such as energy conservation upgrades, green upgrades, and energy green low-carbon transformation, which have direct carbon emission reduction effects, in the support area of carbon emission reduction tools.

The central bank: increase the re-lending quota for technological innovation and technological transformation by 400 billion yuan to support the optimization of the implementation of the "two new" policies.

The People's Bank of China has decided to increase the refinancing quota for technology innovation and technological transformation by 400 billion yuan. With the increase, the total refinancing quota for technology innovation and technological transformation will be 1.2 trillion yuan.

The central bank increases the quota for re-lending to farmers and small businesses, establishes re-loan facilities for private enterprises, and increases financial support for small and medium-sized enterprises.

In order to implement the decision and deployment of the Central Committee of the Communist Party of China and the State Council, and to increase financial support for small and medium-sized enterprises, the People's Bank of China has decided to increase the amount of re-loans for agriculture and small businesses by 500 billion yuan, and to connect the amount of re-loans for agriculture and small businesses with the rediscount quota for use.

The People's Bank of China decides to lower the re-lending and re-discount rates.

The People's Bank of China has decided to lower the rediscount and re-lending rates by 0.25 percentage points starting from January 19, 2026.

The central bank: will lower the interest rates of various structural monetary policy tools by 0.25 percentage points.

Zou Lan said that the People's Bank of China will lower the interest rates of various structural monetary policy tools by 0.25 percentage points. The one-year benchmark lending rate will be lowered from the current 1.5% to 1.25%.

Ministry of Commerce: Properly resolving the electric car case between China and Europe has important positive significance.

He Yunqian said that under the current international situation, it is of great significance for China and Europe to resolve the electric car case within the framework of the World Trade Organization rules with a mutual respect attitude.

People's Bank of China: The total increase in social financing scale in 2025 is expected to reach 35.6 trillion yuan, an increase of 3.34 trillion yuan from the previous year.

Preliminary statistics show that by the end of 2025, the total stock of social financing in the society was 44.212 trillion yuan, an 8.3% increase year on year. The total increment of social financing in 2025 reached 3.56 trillion yuan, an increase of 334 billion yuan compared to the previous year.

Benefiting more workers! Two departments issue documents to expand the coverage of enterprise annuities.

The Ministry of Human Resources and Social Security and the Ministry of Finance issued opinions on January 15 to further improve the work of enterprise annuities, proposing measures such as expanding the coverage of the enterprise annuity system and simplifying the establishment procedures.

Notice on standardizing the release of recruitment information on online platforms by the Ministry of Human Resources and Social Security, the Office of the Central Cyberspace Administration, and three other departments.

The General Offices of the Ministry of Human Resources and Social Security, the Cyberspace Administration of China, and three other departments issued a notice on regulating the release of recruitment information on online platforms.

Ministry of Transport: In December, the online car-hailing regulatory information exchange system received a total of 963 million orders.

According to the online car-hailing regulation information exchange system, as of December 31, 2025, a total of 395 online car-hailing platform companies in the country have obtained online car-hailing platform operating licenses, an increase of 1 from the previous month. In December, the online car-hailing regulation information exchange system received a total of 963 million order information. Based on the situation this month, the following characteristics can be observed:

Ministry of Finance and two other departments issue "Notice on Tax Policies for Goods Imported and Exported from Shenzhen Park of Hetao Deep Hong Kong Science and Technology Innovation Cooperation Zone"

The Ministry of Finance and two other departments issued the "Notice on the Tax Policies on Import and Export of Goods in Shenzhen Park of Hetao-Shenzhen Science and Innovation Cooperation Zone".

The State Administration for Market Regulation has revised and released the "Management Measures for Creating Demonstration Zones for Online Market Regulation and Service."

Recently, the State Administration for Market Regulation revised and released the "Regulations on the Establishment and Management of Demonstration Areas for Online Market Supervision and Service", as well as its supporting evaluation index system, which will be implemented from the date of publication.

Three departments: Regulate the competition order of the new energy vehicle industry and resolutely resist the disorderly "price war".

Three departments held a symposium for enterprises in the new energy vehicle industry, deploying relevant work on standardizing the competition order of the new energy vehicle industry.

Ministry of Finance: Arranging the implementation of a package of policies to promote the synergy between finance and fiscal policies and boost domestic demand.

On the afternoon of January 13, the Ministry of Finance, together with relevant departments, held a video conference on the nationwide promotion of a package of policies to promote internal demand through financial and fiscal coordination in Beijing in a combination of online and offline methods.

Central Bank: On January 15th, we will carry out 900 billion yuan of reverse repurchase operations.

Central bank announcement: In order to maintain the ample liquidity of the banking system, on January 15, 2026, the People's Bank of China will conduct 900 billion yuan of reverse repurchase operations through fixed quantity, rate bidding, and multi-price award method.

Three departments: continue to implement the personal income tax policy to support residents in exchanging homes.

On January 14th, the Ministry of Finance, the State Administration of Taxation, and the Ministry of Housing and Urban-Rural Development issued an announcement on continuing the implementation of the individual income tax policy to support residents in purchasing new homes.

The Shanghai and Shenzhen Stock Exchanges increase the proportion of margin requirements for financing.

On January 14th, with the approval of the China Securities Regulatory Commission, the Shanghai and Shenzhen Stock Exchanges issued a notice adjusting the financing margin ratio, increasing the minimum financing margin ratio for investors when buying securities on margin from 80% to 100%.

The sixth batch of national organized centralized procurement of high-value medical consumables has been opened for bidding, with a total of 440 products to be selected.

On January 13, the sixth batch of national organized centralized procurement of high-value medical consumables was bid in Tianjin, resulting in the selection of the winning bids.

National Bureau of Statistics: The price of live pigs in early January rose by 6.8% month-on-month.

According to the monitoring of the market prices of 50 important production materials in 9 major categories in the national circulation field, it is shown that in early January 2026 compared to late December 2025, the prices of 27 products have risen, 20 have fallen, and 3 have remained stable. Among them, the price of live pigs has increased by 0.8 yuan/kg from the previous period, with a growth rate of 6.8%.

Ministry of Commerce: From January 14th, anti-dumping duties will continue to be imposed on imported CECEP Solar Energy-grade polysilicon originating from the United States and South Korea, with a duration of 5 years.

On January 13th, the Ministry of Commerce issued an announcement, announcing the final review ruling on the anti-dumping measures applicable to imported solar-grade polysilicon from the United States and South Korea.

New regulations on the supervision of fiber products have been issued! Key supervision of baby and toddler clothing, school uniforms, etc.

On the morning of January 13th, the State Administration for Market Regulation held a special press conference on "Strengthening Quality and Safety Supervision of Fiber Products to Promote High-quality Development of Circular Economy."

Five departments jointly regulate the order of online recruitment.

The Ministry of Human Resources and Social Security and four other departments recently jointly issued a notice on standardizing the release of recruitment information on online platforms, further regulating the order of online recruitment.

Eight departments: Encouraging the development of the elderly care services industry in Siasun Robot&Automation.

The Ministry of Civil Affairs and seven other departments recently introduced measures on fostering entities engaged in elderly care services to promote the development of the silver economy.

The Ministry of Commerce announced the progress of negotiations in the China-Europe electric car case.

On January 12th, the Ministry of Commerce released a notice on the progress of consultations on electric car cases between China and Europe.

Shanghai Gold Exchange: Significant fluctuations in precious metal prices continue, and we will continue to do a good job of controlling market risks in the near term.

On January 12, the Shanghai Gold Exchange issued a notice on continuing to do a good job in market risk control work in the near future.

Consolidate the basic foundation and cultivate new momentum, strive to create a new situation of new industrialization - Interview with Li Lecheng, Secretary of the Party Committee and Minister of Industry and Information Technology.

The "Thirteenth Five-Year Plan" proposes to prioritize "building a modern industrial system and consolidating and strengthening the foundation of the real economy" as a strategic task. The Central Economic Work Conference recently held made a series of deployments around promoting new industrialization.

Government Investment Fund: "Where to Invest and How to Invest" Systematically Regulated by the State for the First Time

On January 12, the National Development and Reform Commission and other departments issued the "Working Methods for Strengthening the Layout Planning and Investment Guidance of Government Investment Funds (Trial)".

CSRC latest statement! Promote further increase in the proportion of medium and long-term funds entering the market.

On January 11, Chen Huaping, Vice Chairman of the China Securities Regulatory Commission, stated at the 30th China Capital Market Forum that the regulatory commission will continue to improve the institutional environment for long-term investment, and work together to further increase the proportion of various types of medium and long-term funds entering the market.

Involving the collection and use of personal information in Internet applications, the State Cyberspace Administration is publicly soliciting opinions.

The Cyberspace Administration of China has drafted the "Regulations on the Collection and Use of Personal Information by Internet Applications (Draft for Public Consultation)" and is now seeking public comments.

Ministry of Commerce: Focus on 15 key tasks and encourage Dalian and other 9 cities to carry out differentiated exploration according to local conditions.

The person in charge of the Department of Foreign Investment of the Ministry of Commerce answers questions from reporters on the "Comprehensive Pilot Task of Expanding Opening-up in the Service Industry in 9 Cities including Dalian".

CSRC significantly increases the rewards for "whistleblowers" of securities and futures illegal activities, with the highest reward reaching 1 million yuan.

The China Securities Regulatory Commission has announced the "Securities and Futures Illegal Activities Whistleblower Reward Regulations," which will take effect from the date of announcement.

Ministry of Finance: Cancel the value-added tax export rebate for products such as photovoltaics starting from April 1, 2026.

Starting from April 1, 2026, the export tax rebate for value-added tax on photovoltaic and other products will be cancelled. From April 1, 2026 to December 31, 2026, the export tax rebate rate for battery products will be reduced from 9% to 6%; starting from January 1, 2027, the export tax rebate for battery products will be cancelled.

State Council Anti-Monopoly and Anti-Unfair Competition Committee Office responds to investigation of food delivery platform competition: evaluate monopoly risks, regulate market order.

This assessment is an important measure for the Committee Office to express concerns about competition, evaluate monopoly risks, and regulate market order. It will thoroughly understand the competitive behavior of food delivery platforms through on-site verification, face-to-face interviews, surveys, etc., widely solicit opinions from platform operators, new employment groups, consumers and other parties, comprehensively investigate the market competition situation, organize analysis and demonstration, transmit regulatory pressure, and propose disposal measures.

The General Administration of Market Regulation announces the top ten achievements in the comprehensive rectification of "inwardly-focused" competition system construction by 2025.

In the past year, the State Administration for Market Regulation has formulated and issued a batch of targeted and operable regulatory standards, systematically constructing a comprehensive and orderly regulatory system, focusing on improving the long-term governance mechanism, and guiding companies to transition from low-efficiency, homogenized competition to high-quality, high-level competition.

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