Domestic News - The State Council issued a notice to replicate and promote 77 pilot measures from the Shanghai Free Trade Zone, covering seven areas including service trade, goods trade, digital trade, intellectual property protection, government procurement reform, "post-border" management system reform, and risk prevention [1] - The Ministry of Finance announced a tax credit policy for foreign investors, allowing a 10% tax credit on profits distributed by domestic enterprises for direct investment in China from January 1, 2025, to December 31, 2028 [2] - In June, China's manufacturing PMI was 50.4, up 2.1 percentage points from the previous month, indicating a return to the expansion zone [6] International News - The U.S. Congress passed the controversial "Big and Beautiful" tax and spending bill, which was signed into law by President Trump, marking a significant legislative achievement [7] - The OPEC and non-OPEC oil-producing countries decided to increase production by an average of 548,000 barrels per day in August, with key countries participating in the decision [7]

Core Viewpoint - The State Council of China has announced the replication and promotion of 77 pilot measures aimed at aligning with international high-standard economic and trade rules, covering various sectors including service trade and goods trade [1][3]. Group 1: Pilot Measures Overview - The 77 pilot measures will be replicated and promoted across a broader scope, encompassing seven major areas: service trade, goods trade, digital trade, and intellectual property, among others [3]. - The measures are designed to address both traditional topics such as trade and investment, as well as new issues including intellectual property protection, environmental standards, labor protection, state-owned enterprise reform, government procurement, digital trade, and finance [5]. Group 2: Implementation Strategy - The replication and promotion of these measures will occur in two tiers: some will be implemented nationwide, while others will be limited to free trade zones [5]. - Local regions and departments are instructed to balance openness and security, ensuring that risk prevention measures are in place while implementing these initiatives [5]. Group 3: Expected Outcomes - The pilot measures are expected to significantly lower institutional transaction costs and yield positive economic and social effects [5]. - The replication of these measures is anticipated to enhance market vitality by addressing areas with strong demand for reform, such as intellectual property and digital cross-border flows [7].