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."

Agricultural and Sideline

1. [Grains] According to data released by the National Food and Strategic Reserves Administration, as of the end of December, various grain businesses across the country had cumulatively purchased over 200 million tons of autumn grains, a year-on-year increase of 32 million tons, the highest level for the same period in recent years.

2. [Vegetable Oils] In November 2025, domestic imports of edible vegetable oils totaled 720,000 tons, including 50,000 tons of soybean oil (a year-on-year increase of 827.2%), 330,000 tons of palm oil (excluding stearin, the same below) (an increase of 97.8%), and 170,000 tons of rapeseed oil (a decrease of 16.8%). From January to November 2025, cumulative domestic imports of edible vegetable oils totaled 6.27 million tons, a year-on-year decrease of 3.0%, including 340,000 tons of soybean oil (a year-on-year increase of 23.8%), 2.29 million tons of palm oil (a decrease of 7.6%), and 1.91 million tons of rapeseed oil (an increase of 14.5%).

3. [Soybean Oil] According to weekly export sales data from the U.S. Department of Agriculture, for the week ending December 11, 2025/26, U.S. net sales of soybean oil were 8,660 tons, higher than the previous week's 1,213 tons, but lower than market expectations. Year-to-date, total soybean oil export sales have decreased by 57% year-on-year, while the U.S. Department of Agriculture forecasts a 64% decrease for the entire year.

4. [Soybean Meal] According to revised weekly export sales data from the U.S. Department of Agriculture, for the week ending December 11, 2025/26, U.S. net sales of soybean meal were 616,453 tons, significantly higher than the previous week's 275,487 tons, and exceeding market expectations. Year-to-date, total soybean meal export sales have increased by 10% year-on-year, while the U.S. Department of Agriculture forecasts a 5% increase for the entire year.

5. [Grains] The Ukrainian Ministry of Agriculture stated that as of December 25, Ukraine had harvested 10.964 million hectares of grains (including legumes), equivalent to 94% of the planned harvest area of ​​11.475 million hectares; the harvested yield was 56.576 million tons, with an average yield of 5.25 tons/hectare.

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