Macroeconomics

1. [Tariffs] The State Council Tariff Commission released the "2026 Tariff Adjustment Plan," which will be implemented from January 1, 2026.  According to the plan, to enhance the linkage between domestic and international markets and resources, and to expand the supply of high-quality goods, my country will implement provisional import tariffs lower than the most-favored-nation rate for 935 commodities next year. The tariff categories and national sub-category annotations will be optimized, increasing the total number of tariff categories to 8,972.

2. [State-owned Enterprise Profits] According to data from the Ministry of Finance, from January to November, the total operating income of state-owned enterprises was 75,625.76 billion RMB, a year-on-year increase of 1.0%; the total profit of state-owned enterprises was 3,719.45 billion RMB, a year-on-year decrease of 3.1%; and the taxes and fees payable by state-owned enterprises were 5,280.30 billion RMB, a year-on-year increase of 0.2%.

3. [Bank of Japan] The minutes of the Bank of Japan's December policy meeting showed that several members believed that Japan's real interest rates remain at extremely low levels, suggesting that further interest rate hikes are likely in the future. One member suggested that the Bank of Japan adjust its policy at intervals of "several months."

Building Materials

1. [Glass] Longyan Zhongbo Line 1 (designed capacity 700 tons/day) is scheduled for cold repair on December 31st.

Donghai Taibo Line 1 (designed capacity 800 tons/day) is scheduled for cold repair on December 31st.

Pinghu Qibin Glass Co., Ltd., Pinghu Line 1 (designed capacity 600 tons), is scheduled to shut down after noon on December 30th.

Changxing Qibin Glass Co., Ltd., Changxing Line 4 (designed capacity 600 tons), is scheduled to shut down in the afternoon of December 29th.

2. [Wastepaper] On December 30th, Henan Xinxiang Hengli Paper reduced its waste paper purchase price by 30 RMB/ton, with the adjusted price at the factory (including VAT) being 1,630 RMB/ton.

Jiangsu Taicang Jiulong Paper reduced its waste paper purchase price by 20 RMB/ton, with the adjusted price at the factory being 1,680 RMB/ton.

Zhejiang Jiaxing Shanying Paper reduced its waste paper purchase price by 50 RMB/ton, with the adjusted price at the factory (excluding VAT) being 1,890 RMB/ton.

3. [Paper] According to data from the National Bureau of Statistics, from January to November 2025, the paper and paper products industry achieved a total profit of 36.53 billion RMB, a year-on-year decrease of 10.7%; in terms of operating income, the paper and paper products industry achieved operating income of 1,280.85 billion RMB, a year-on-year decrease of 2.7%.

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