Outbound and Inbound Travel Both Surge as Mobility Normalizes China recorded a record 369 million cross-border trips in the first half of 2026, encompassing both outbound departures and inbound arrivals, according to data from the National Immigration Administration. This represents a return to robust international mobility following years of pandemic-era restrictions and reflects both recovering consumer confidence and Beijing's ongoing efforts to promote high-quality tourism and business

Yuan Internationalization Reaches New Milestone The share of China's cross-border trade settled in renminbi reached a record 52.9 percent in the first half of 2026, according to data from the China Foreign Exchange Trade System (CFETS) and the People's Bank of China. This represents a significant acceleration in yuan internationalization, with the currency increasingly displacing the US dollar in bilateral trade settlements involving China. Trade Settlement Volume and Composition Cumula

Full-Year 2025 Revenue Reaches 21.97 Trillion Yuan China's general public budget revenue — comprising tax and non-tax income — reached 21.97 trillion yuan ($3.03 trillion) in 2025, growing 1.3 percent year on year, according to the Ministry of Finance. While the headline figure represented positive growth, the pace was modest by historical standards, reflecting ongoing pressures from the property sector downturn and broader structural economic adjustment. The growth momentum accelerated in

Yuan Trades in Narrow 6.77–6.79 Band Against Dollar The People's Bank of China (PBOC) continued to anchor the renminbi in a narrow range against the US dollar through July 2026, with the currency trading consistently between 6.77 and 6.79 per dollar — a zone that has held despite renewed upward pressure on the greenback following Federal Reserve policy signals. The PBOC's reference midpoint rate has provided a steady daily reference point, with

China's AI Champion Completes Record-Breaking Fundraising DeepSeek, the Hangzhou-based AI laboratory that has emerged as one of China's most prominent artificial intelligence companies, announced on June 16, 2026 the completion of its first-ever external fundraising round, raising over 500 billion yuan (approximately $74 billion) at a valuation surpassing $500 billion. The deal, which drew participation from technology heavyweights including Tencent Holdings and Contemporary Amperex Techno

China's Top DRAM Maker Makes Explosive Market Entry ChangXin Memory Technologies (CXMT), China's leading producer of dynamic random-access memory (DRAM), made a spectacular debut on Shanghai's STAR Market on July 27, 2026, with shares surging 471 percent from their initial offering price. The blockbuster listing underscores Beijing's determined push to build self-sufficiency in semiconductor memory — one of the most strategically sensitive technology sectors in the ongoing US-China technol

State Enterprises Deliver Solid Profit Gains State-holding industrial enterprises in China reported combined profits of 13.08 trillion yuan in the first half of 2026, a 17.9 percent increase year on year, according to data from the National Bureau of Statistics released on July 27. This performance came as the central government continued to push forward with a wide-ranging state-owned enterprise reform agenda aimed at improving efficiency and competitiveness in strategic sectors. Reform

National Industrial Profits Hit 39.48 Trillion Yuan China's major industrial firms posted a robust 18.7 percent year-on-year increase in combined profits during the first half of 2026, reaching 39.48 trillion yuan (approximately $5.7 trillion), according to data released by the National Bureau of Statistics on July 27. This marked the fastest pace of growth in two years and represented an acceleration of 3.2 percentage points compared with the first quarter. Profit Breakdown by

MOHURD Mandates Payment Guarantees to Curb Arrears The Ministry of Housing and Urban-Rural Development (MOHURD) is rolling out project payment guarantees across the board, pushing toward a "pay on demand" mechanism designed to prevent the chronic late payment of construction funds that has destabilized the sector. What the Policy Does * Project payment guarantees to be implemented nationwide * Objective: realize "pay on demand" settlement for contractors * Goal: guard against cons

A 14-Year Wait Nears Its End in Shenzhen's Nanshan After 14 years of stops and starts, the urban renewal of Liyuan Xincun in Shenzhen's Nanshan district has finally been revived — a vivid example of how a fresh wave of pro-renewal policies is unblocking long-stalled redevelopment projects. A Dream Deferred First mooted more than a decade ago, the Liyuan Xincun renewal had languished through multiple planning cycles, funding gaps, and shifting regulatory requirements. For residents, t

Changsha's Resale Market Beats Expectations in H1 2026 Changsha's second-hand housing market delivered an upbeat first half, with 34,530 pre-owned homes sold across the city's six central districts — up 2,822 units, or 8.9%, compared with the same period last year. H1 2026 By the Numbers * Second-hand homes sold: 34,530 units * Year-on-year increase: +8.9% (+2,822 units) * Versus H2 2025: +5.1% * Total transaction value: 34.1 billion yuan (up

Rongsheng Group Halts Trading on Six Bonds Rongsheng Group announced that six of its outstanding bonds were suspended from trading starting July 22, as the developer prepares to negotiate a new repayment plan with investors — the latest episode in China's ongoing developer debt restructuring saga. Suspension Details * Bonds suspended: six outstanding issues * Suspension start: July 22, 2026 * Reason: planning to negotiate a new repayment scheme with investors * Status: uncertaint

Six Ministries Mobilize 300 Billion Yuan for Affordable Housing Six central ministries are jointly advancing the deployment of a 300 billion yuan special relending facility for affordable housing — a flagship supply-side instrument designed to absorb unsold inventory and accelerate the delivery of social housing. Two-Pronged Support * 300 billion yuan affordable-housing relending program being rolled out * "Sell-one-buy-one" (sell one, buy one) personal income tax rebate extended t

Shandong Posts Strong H1 2026 Housing Figures Shandong Province reported commercial housing sales area exceeding 40 million square meters in the first half of 2026, with second-hand home transaction volumes growing particularly fast — a sign of resilient demand in one of China's most populous provinces. H1 2026 Key Figures * Commercial housing sales area: over 40 million sq m * Second-hand market: faster transaction growth * Urban renewal investment: 83.5 billion yuan completed

Tier-1 City Home Prices Climb for a Fourth Consecutive Month Home prices in China's tier-1 cities have now risen for four straight months, according to the latest market readings — a streak that has reignited talk of a genuine bottom in the country's hardest-hit property segment. Signals From the Ground In Beijing, one homeowner's listing reportedly went under contract within five days of hitting the market, with the buyer signing the purchase agreement just three