In 1994, China adjusted the tax distribution system and tax structure between the central and local governments. In 2013, China began allowing local governments to issue local bonds. And this year, more fiscal revenue will be transferred from the central to local governments. For example, the collection of the consumption tax will be moved downstream and stably allocated to local governments.
The key points of the core d...

The People's Bank of China announced that starting immediately, it will conduct temporary reverse repos or repos depending on market conditions, operating from 16:00 to 16:20 on working days. The term will be overnight, using fixed-rate, quantity bidding. The interest rates for temporary overnight reverse repos and repos will be 20 basis points below and 50 basis points above the seven-day reverse repo rate, respectively.
Minshe...

PBOC decided to borrow treasury bonds from primary dealers in open market operations, based on prudential observations of current market situations.
China's 10-year bond futures drop 0.2%, and 30-year bond futures falls 0.6%.
Due to the lackluster performance of the Chinese stock market, investors are redirecting funds towards the risk-off fixed-income market.
Currently, non-bank institutions are purchasing more government bonds than the toleranc...

The CSRC noted that 33 companies have hit delisting standards this year, including 22 for low stock price, indicating a gradually forming market mechanism of survival of the fittest. Delisting regulations have a transition period, so a significant short-term increase in delistings is not expected. The CSRC emphasizes investor protection in delisting cases, pursuing legal vi...

PPI y/y decline narrowed in May, while m/m growth turned positive.
PPI +0.2% m/m, with a +0.3% input prices and producer prices for consumption goods remained at -0.1%.
In major industries, the prices for coal mining and washing decreased by 14.2%, chemical raw materials and chemical products manufacturing decreased by 5.4%, electrical machinery and equipment manufacturing decreased by 4.2%, agricultural and sideline food processing decreased by 3.6%, computer, communicati...

China's state-holding enterprises' profit fell by 2.8% y/y to 0.74 trillion yuan
Joint-equity's profit grew by 0.9% to 1.55 trillion yuan
Foreign ventures+HK+MO+TW rise 16.7% to 0.53 trillion yuan
Private enterprises +6.4% to 0.55 trillion yuan
From January to April, the profit in China's mining sector fell by 18.6% y/y to 0.392 trillion yuan.
The manufacturing sector rises 8.0% y/y 1.44 tln yuan.
The electricity, heating, gas, and water supply sector +36.9% to 258.2...