Economic Growth - The Central Financial Committee emphasized the need to deepen the construction of a unified national market and regulate "involution" competition among enterprises[3] - President Xi Jinping highlighted the importance of guiding enterprises to improve product quality and promoting the orderly exit of backward production capacity[3] - The State Council issued a notice to enhance employment support policies, including expanding special loans and increasing unemployment insurance return ratios[3] Infrastructure and Industry Policies - The China Cement Association released guidelines to promote "anti-involution" and "stable growth" in the cement industry, with many industries issuing production reduction notices[4] - A collective production cut of 30% was announced by leading photovoltaic glass companies to alleviate "involution" competition[4] - Some steel mills have received notices for production reduction and emission limits[4] Consumer Policies - Shanghai optimized the environment for outbound tax refunds, and Taobao launched a 50 billion RMB subsidy for consumer vouchers to stimulate consumption[4][16] - The initiative by Taobao is expected to benefit more small and medium-sized businesses and stimulate greater consumption[16] Financial Regulation - Recent financial regulatory policies focus on optimizing capital market mechanisms and exploring the development of RMB stablecoins in Shanghai and Hong Kong[19] - The government aims to guide insurance companies towards long-term stable investments[19] Trade Policies - The U.S. has lifted certain trade restrictions on China, including the requirement for government licenses for major chip design software suppliers[5][22] - The U.S. plans to implement new tariffs ranging from 10% to 70% on countries without trade agreements starting August 1[6][25] Overseas Macro Policies - The U.S. Federal Reserve members largely expect another interest rate cut later this year, with the "Big Beautiful Act" extending tax cuts set to expire in 2025, potentially increasing the fiscal deficit by 3 to 4 trillion USD over the next decade[6][25] - The U.S. Treasury plans to increase its cash reserves significantly, from approximately 313 billion USD to 500 billion USD by the end of July[27]