Domestic Macro Policy - China and the US have reached a framework to implement the consensus from the Geneva talks, emphasizing the importance of professional and rational communication between both sides[5] - The State Council has initiated measures to replicate and promote pilot programs from the China (Shanghai) Free Trade Zone, focusing on new models for real estate development[3] - The central government is pushing for state-owned capital to concentrate in key industries related to national security and the economy's lifeblood[13] Monetary Policy - The People's Bank of China (PBOC) may consider further reserve requirement ratio (RRR) cuts to ensure liquidity remains reasonably ample in the second half of the year[4] - A 1 trillion yuan reverse repurchase operation was announced to maintain liquidity in the banking system, with a total of 4.2 trillion yuan in interbank certificates maturing in June[16] Consumption and Regulation - Local authorities are intensifying regulation of trade-in programs due to frequent cases of subsidy fraud, with measures in place until December 31, 2025[4] - The regulatory emphasis includes strict compliance checks on pricing and promotional practices to prevent fraudulent activities[18] Financial Regulation - Financial regulatory policies are increasingly focused on enhancing financial support for technological innovation and refining new insurance contract accounting standards[19] - The government encourages banks to collaborate with investment institutions to support early-stage, small, long-term, and hard technology investments[21] International Trade - The US has raised tariffs on imported steel and aluminum products from 25% to 50%, effective June 4, 2025, impacting various consumer goods[27] - The first meeting of the China-US economic and trade consultation mechanism took place in London, with both sides expressing a commitment to deepening cooperation[22]