HOT TOPICS
State Council Approves 15th Five-Year Plan to Expand Consumption
China’s State Council approved the 15th Five-Year Plan for expanding consumption, which targets total retail sales of consumer goods to reach around 60 trillion yuan ($8.8 trillion) by 2030. The plan sets out 28 key tasks, including specific measures to increase residents’ incomes by improving the policy system for factor-based distribution and promoting higher pay for those who work more, those with higher skills and those who innovate. It also aims to promote the sustained and healthy development of the real estate market and consolidate the stable and positive trend of the capital market.
Li Qiang Chairs Symposium on Economic Situation
Chinese Premier Li Qiang chaired a symposium on the economic situation, emphasizing the need for systematic policies to unleash domestic demand potential, expand the supply of high-quality services and cultivate new growth drivers for consumption. He urged entrepreneurs to strengthen their confidence in development, deeply explore opportunities from upgrading demand and industries and continue to build a stronger real economy.
Hainan to Become First Chinese Province to Ban Combustion Engine Vehicle Sales
Hainan province has officially confirmed a plan to implement a region-wide ban on the sale of internal combustion engine vehicles by 2030. By then, new-energy vehicles are expected to account for 45% of the local fleet, with clean energy largely covering newly added or replaced vehicles and the charging infrastructure layout comprehensively improved.
Basic Semiconductor Plans Price Hikes of Up to 25%
Basic Semiconductor Co. Ltd. announced that it will raise prices for some of its products starting in the third quarter of 2026, with the maximum increase not expected to exceed 25%. The adjustment is driven by surging global demand for artificial intelligence and new-energy vehicles, a tight balance between industry supply and demand and continuously rising production costs.
NEWS SUMMARY
Domestic
Chinese President Xi Jinping will attend the opening ceremony of the 2026 World Artificial Intelligence Conference and High-Level Meeting on Global AI Governance and deliver a keynote speech.
Four government departments announced that China aims to achieve systematic breakthroughs in the high-quality development of internet infrastructure resources by 2030.
China’s national railway network recorded 2.3 billion passenger trips in the first half of 2026, setting a record for the period.
Companies
The current chairman and general manager of delisted Beijing Tongtech Co. Ltd. is facing a criminal investigation as accountability for the company’s financial fraud case escalates, Caixin has learned.
Seres Group Co. Ltd., Huawei Technologies Co.’s primary automotive partner, expects to swing to a first-half net loss of up to 2.5 billion yuan ($368 million) due to rising raw material costs and rapid product turnover.
Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) has reportedly begun mass production of its 2-nanometer chips, which are expected to debut in Google LLC’s new smartphones.
Hong Kong’s insurance regulator has granted captive insurance licenses to Chinese courier giant SF Holding Co. Ltd. and luxury hospitality operator The Hongkong and Shanghai Hotels Ltd., lifting the city’s total number of captive insurers to nine.
Contact editor Kelsey Cheng (kelseycheng@caixin.com)
