USA | Chemicals Equity Research July 31, 2025 Chinese Supply-Side Structural Reform 2.0: More Focus On Market Mechanisms The Chinese Politburo met on July 30 to set economic priorities for the second half of the year. The tone around "anti-involution" was notably less strident than we expected from prior policy shifts, signaling a preference for gradual adjustments rather than aggressive mandates. We expect overcapacity and industry 'involution' to be resolved more through market-driven exits in core sector ...