Core Viewpoint - As of December 2025, Mongolia's broad money supply (M2) reached 47.1 trillion tugriks (approximately 13.24 billion USD), reflecting a year-on-year growth of 8.7% [1] Group 1: Money Supply - The M2 money supply increased to 47.1 trillion tugriks (about 13.24 billion USD), with a year-on-year growth rate of 8.7% [1] - Narrow money supply (M1) reached 11.2 trillion tugriks (approximately 3.15 billion USD), showing a year-on-year increase of 3.9% [1] - The currency supply in tugriks amounted to 10.2 trillion tugriks (around 2.87 billion USD), while foreign currency supply was about 1 trillion tugriks (approximately 0.28 billion USD) [1] Group 2: Overall Money Circulation - The total money circulation in Mongolia reached 35.8 trillion tugriks (approximately 10.06 billion USD), with a year-on-year growth of 13.4% [1]

Core Insights - In 2025, under the guidance of the diplomatic strategy, China-Central Asia economic and trade cooperation has made significant progress, with total trade reaching $106.3 billion, a year-on-year increase of 12%, and a growth rate improvement of 6 percentage points compared to the previous year [1] - China has become the largest trading partner for Central Asian countries, with the region's share in China's foreign trade further increasing [1] Trade Performance - The total import and export value between China and Central Asia has historically surpassed $100 billion for the first time, maintaining positive growth for five consecutive years [1] - China's exports to Central Asia amounted to $71.2 billion, up 11%, with strong growth in electromechanical and high-tech products, while imports from Central Asia reached $35.1 billion, a 14% increase, diversifying into non-resource products such as chemicals, steel, and agricultural products [1] New Business Models - The cross-border e-commerce between China and Central Asia has continued to grow rapidly, with ongoing advancements in warehousing and logistics, and comprehensive development of cross-border payment cooperation [1] - The establishment of the China-Central Asia Trade Facilitation Cooperation Platform in Nanjing marks a significant step in enhancing trade connectivity, with "Silk Road e-commerce" serving as an efficient bridge for trade [1] Investment and Trade Integration - High-quality cooperation in building the "Belt and Road" initiative is deepening, with major projects in connectivity, equipment manufacturing, green minerals, and modern agriculture accelerating, effectively boosting exports to Central Asia and aiding in the industrial upgrading and economic revitalization of Central Asian countries [1][2]

Core Viewpoint - The South African Revenue Service (SARS) is implementing an Advance Pricing Arrangement (APA) system to enhance the regulation of transfer pricing among multinational enterprises, aiming to provide tax certainty and attract foreign investment [1][2]. Group 1: Implementation of APA - SARS will start accepting APA applications from multinational companies as early as June, following the recruitment of specialized personnel to manage the program [1]. - The APA system is designed to establish binding agreements between multinational enterprises and tax authorities regarding transfer pricing methods for transactions between related entities [1]. Group 2: Objectives and Benefits - The introduction of the APA system aligns with recommendations from the Davis Tax Committee, aiming to provide tax certainty for transfer pricing and reduce disputes and double taxation risks [1]. - The initiative is seen as a positive development for multinational enterprises, particularly for complex high-value transactions, enhancing the predictability of tax treatment [1]. Group 3: Regulatory Environment - SARS emphasizes a commitment to responsible public revenue management while taking decisive action against intentional or ongoing violations, thereby creating a predictable regulatory environment for cross-border investments [2]. - The establishment of a stable and transparent tax environment is crucial for South Africa, a developing country seeking to attract foreign investment and prevent tax base erosion through unfair transactions [1].

Core Points - China donated medical supplies to Burundi's Ministry of Public Health, marking a significant step in bilateral health cooperation [1][3] - The donation ceremony was attended by key officials from both China and Burundi, highlighting the importance of this partnership [1][3] Group 1: Donation Details - The donated medical supplies include over 500 types of medical equipment, pharmaceuticals, and consumables [5] - These supplies will be allocated to three hospitals where Chinese medical teams are stationed [5] Group 2: Historical Context and Future Cooperation - Since 1987, China has been sending medical teams to Burundi, leading to increasingly close cooperation in healthcare [3] - A cataract surgery project named "Bright Action" is set to be implemented in the first half of this year, further enhancing collaboration between the two countries [3]

Core Viewpoint - The Cstar Petroleum project in Kribi, Cameroon, is set to commence partial operations in the second half of 2026, ahead of the original schedule of June 2028, with an initial production capacity of 10,000 barrels per day [2][3]. Group 1: Project Overview - The project, supported by the national oil company, Tradex, and Ariana Energy, aims to construct a refinery with a total capacity of 30,000 barrels per day, which will meet approximately 22% of the national diesel and gasoline demand upon full operation [2][3]. - The project officially started on July 17, 2025, and is expected to cost around 115 billion CFA francs (approximately $204.6 million) [3]. - The project site covers 250 hectares and includes a fuel storage terminal with an initial capacity of 250,000 cubic meters, expandable to 300,000 cubic meters [3]. Group 2: Financial Implications - The project is anticipated to reduce fuel imports by 30%, potentially saving nearly 400 billion CFA francs (about $710 million) annually, with expected export revenues of 141 billion CFA francs (approximately $250 million) primarily from marine fuel [3]. - The financing for the project is being arranged by BGFI Cameroon, which has been tasked with raising 120 billion CFA francs [3]. Group 3: Strategic Importance - This project is part of Cameroon’s "energy sovereignty" strategy, emphasizing the need for local fuel production since the closure of the Sonara oil company [3]. - Once fully operational, the integrated facility aims to meet nearly 70% of local market demand, including the addition of biofuel production capabilities [4].

Core Viewpoint - South Africa's manufacturing output experienced declines both year-on-year and month-on-month in November 2025, attributed to structural pressures on economic growth and weak demand in key industries [1] Group 1: Manufacturing Output Decline - In November 2025, South Africa's manufacturing output decreased by 1.0% year-on-year and 1.1% month-on-month [1] - The wood and wood products, paper, publishing, and printing sectors saw the largest decline, with a year-on-year reduction of 7.9%, contributing to a 0.8 percentage point decrease in overall output growth [1] - The steel, non-ferrous metal products, metal products, and machinery sectors experienced a year-on-year decline of 2.5%, impacting overall output growth by 0.6 percentage points [1] Group 2: Sector Contributions - The motor vehicles, parts, and other transport equipment sector reported a year-on-year decrease of 4.4%, contributing to a 0.4 percentage point decline in overall output growth [1] - Conversely, the petroleum, chemical products, rubber, and plastic products sector achieved a year-on-year growth of 5.5%, enhancing overall output growth by 1.1 percentage points, marking it as the largest contributing sector [1]

Core Points - From January 1, 2026, applicants for Cameroonian passports and vehicle registration must present a tax compliance certificate (ACF) to prove tax obligations are met [2] - This requirement also applies to personal import activities, aiming to enhance tax citizen awareness and increase national revenue by registering taxpayers not currently in the tax system [2] - The informal sector in Cameroon accounts for approximately 45% of GDP but contributes only 5% to tax revenue, prompting the government to implement reforms to include more taxpayers in the tax system [2][3] Taxation Mechanisms - The Ministry of Finance has introduced measures to strengthen withholding tax mechanisms, allowing tax collection at the source during transactions between informal sector businesses and large enterprises [2] - The number of registered taxpayers in Cameroon has increased from 89,741 in 2015 to over 140,000 by July 2021, demonstrating the effectiveness of these reforms [3] - The withholding tax mechanism is expected to mobilize over 50 billion CFA francs (approximately $86 million) annually from informal sector taxpayers [3]

Core Insights - The modernization of the civil service system is a key priority for Cameroon in 2026, focusing on digitalization, salary record cleaning, and personnel optimization [1] Group 1: Administrative Reforms - The Ministry of Civil Service and Administrative Reform is actively pursuing the modernization of Cameroon's administrative system, which employs nearly 292,000 civil servants [1] - The reform emphasizes cleaning salary records, ensuring the reliability of personnel structures, and combating duplicate or false employment through a technology-driven and streamlined approach [1] Group 2: Financial Implications - The rationalization of salary expenditures is part of the reform, with total salary expenses projected to reach 159 billion Central African Francs (approximately 28 million USD) by 2025 [1] - Targeted recruitment will add 2,860 personnel in priority areas such as education, research, prison management, and technical services to align staffing with needs and improve public service quality [1] - Over 50 billion Central African Francs (approximately 8.884 million USD) will be allocated to settle arrears for 180,000 civil servants, contributing to a more efficient and governance-compliant administrative system [1]

Group 1 - The Central African Economic Community (CEEAC) approved a new external tariff (TEC) effective January 1, 2026, in Cameroon, marking a milestone in regional integration [2] - The new tariff rates range from 0% to 40% based on product type, with zero tariffs on grain seeds, aircraft, and related machinery, while live animals and road vehicles are taxed between 5% and 20% [2] - The highest tariff rate of 40% applies to cocoa powder, tobacco products, medical waste, mineral water, and dietary beverages, among others [2] Group 2 - The implementation of a unified external tariff aims to coordinate trade policies and enhance competitiveness within the CEEAC [3] - Despite the new tariff structure, differences remain as value-added tax and consumption tax are still independent of the unified external tariff for member states [3] - Internal trade growth within the region is estimated at only 3% due to lower transaction levels and persistent tariff and non-tariff barriers [3]

Core Viewpoint - The South African government has announced a ten-year phased national strategy to control foot-and-mouth disease, aiming to restore its "non-immunized disease-free zone" status lost in 2019, with a primary goal of reducing the incidence rate in high-risk provinces by over 70% within 12 months [1] Vaccine Procurement and Production Arrangements - The government plans to import 1 million doses of a trivalent vaccine targeting the South African strains (SAT1, 2, 3) from Argentina's Biogénesis Bagó, with a potential additional order of 5 million doses [2] - Collaboration with the Botswana Vaccine Institute has been established, confirming the availability of SAT2 vaccine raw material [3] - Import approval for the Turkish Dollvet vaccine has been granted [4] - Local production lines at ARC and OBP will commence, initially producing 20,000 doses per week, with plans to scale up to a capacity of 960,000 doses [5] - All vaccines will undergo antigen matching tests at the Pirbright Institute in the UK to ensure efficacy [6] Regional Control Measures - In high-risk provinces (KwaZulu-Natal, Gauteng, Free State, North West): Large-scale vaccination will begin immediately, targeting 100% vaccination in feedlots and dairy farms, 90% in commercial farms, and 80% in public grazing areas [7] - In repeatedly infected areas (Mpumalanga, Limpopo): Vaccination will occur every six months in border hotspots, with wildlife monitoring and targeted immunization around protected areas [7] - In medium-high risk provinces (Eastern Cape): Vaccination in hotspot areas will occur every six months, with the establishment of protective zones and enhanced monitoring at markets and slaughterhouses [8] - In Western Cape: Targeted proactive monitoring has commenced since May 2025 [9] - Northern Cape: Currently the only province reporting no outbreaks [10] Technical Support and Traceability System - A digital heat map through the red meat industry service center will track outbreaks in real-time, monitoring suspected cases within a 10-kilometer radius [11] - Collaboration with the Council for Scientific and Industrial Research will advance livestock identification and traceability systems, enhancing animal movement regulation [12] - Strengthening of the laboratory network led by the Agricultural Research Council's Veterinary Research Institute to improve testing efficiency [13] Collaborative Mechanism - A ministerial advisory group on animal disease control has been formed, bringing together experts from government, academia, and the private sector, reporting directly to the value chain roundtable [14] - The strategy emphasizes the importance of close cooperation between farmers and veterinary departments, urging timely reporting of outbreaks and strict adherence to movement controls [14]