Macroeconomics

1. [Bonds] Ministry of Finance: As of the end of July, the national local government debt balance was 52,762.7 billion RMB. Of this, general debt comprised 17,248.3 billion RMB, special debt comprised 35,514.4 billion RMB, government bonds comprised 52,602.3 billion RMB, and outstanding government debt in the form of non-government bonds comprised 160.4 billion RMB.

2. [US Tariffs] A senior Trump administration official stated: Over the next six months, packages shipped to the United States will be subject to a uniform tariff ranging from $80 to $200, with specific tariff rates to be implemented thereafter.

3. [Federal Reserve] On the morning of August 29th, Beijing time, Federal Reserve Board Governor Waller, in a public speech, explicitly stated his support for a 25 basis point interest rate cut at the Federal Reserve's September meeting and predicted further rate cuts within the next three to six months. The pace of these cuts will depend on incoming data.

4. [US Initial Jobless Claims] The number of initial unemployment claims in the United States fell slightly to 229,000 last week, while continuing claims fell to 1.954 million, both below expectations.

5. [Eurozone Economic Sentiment Index] Data released by the European Commission showed that the Eurozone Economic Sentiment Index fell to 95.2 in August, down from 95.7 in July, defying market expectations of a slight recovery.

6. [Philippines Interest Rate Cut] The Bangko Sentral ng Pilipinas announced on the 28th that it would cut its key policy rate by 25 basis points to 5.0%. This is the third consecutive rate cut by the Bangko Sentral ng Pilipinas this year.

Building Materials

1. [Wood Pulp] Recently, Shandong Sun Paper Co., Ltd. issued an announcement, officially announcing the Yandian plant in Shandong, a 600,000 ton annual bleached chemical pulp and alkali recovery project, along with supporting projects, and a 700,000 ton annual high-end packaging paper project.

2. [Pulp] As of August 28, 2025, the sample inventory of pulp at major ports in China was 2.084 million tons, a decrease of 48,000 tons from the previous period, a 2.3% decrease from the previous month. Inventory levels have been declining this cycle.

3. [Wastepaper] On August 28, Nine Dragons Paper in Taicang, Jiangsu Province, increased its waste paper purchase price by 20 RMB/ton, bringing the ex-factory price to 1,650 RMB/ton.

Huayu Paper in Shaoxing, Zhejiang Province, increased its waste paper purchase price by 20 RMB/ton, bringing the ex-factory price without invoice to 1,640 RMB/ton.

Nine Dragons Paper in Dongguan, Guangdong Province, has raised its waste paper purchase price by 30 RMB/ton, bringing the adjusted ex-factory price to 1,700 RMB/ton.

4. [Asphalt] Latest data shows that as of the week of August 27, the capacity utilization rate of China's 92 asphalt refineries was 31.4%, a decrease of 1.4% month-on-month. Weekly asphalt production was 524,000 tons, a decrease of 4.4% month-on-month. Among them, the capacity utilization rate of 77 domestic heavy-duty asphalt companies was 29.3%, a decrease of 1.4% month-on-month.

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