Macroeconomics

1. [Economic Work] On April 28, the Political Bureau of the CPC Central Committee convened a meeting to analyze and review the current economic situation and economic work. The meeting emphasized the need to implement a more proactive fiscal policy and a moderately loose monetary policy with precision and effectiveness. It called for making full and effective use of macro-level policies, and for continuously optimizing the structure of fiscal expenditures. Furthermore, it urged tapping deeply into the potential of domestic demand, maintaining a reasonable share for the manufacturing sector, and thoroughly addressing "involuted" (excessively competitive) market practices. Finally, the meeting stressed the need to systematically respond to external shocks and challenges, while enhancing the level of security and assurance regarding energy and resource supplies.

2. [Tariffs] The Customs Tariff Commission of the State Council issued an announcement stating that, effective from May 1, 2026, to April 30, 2028, zero tariffs—in the form of preferential rates—will be applied to imports from 20 African nations that have established diplomatic relations with China but are not classified as Least Developed Countries (LDCs). For products subject to tariff quotas, the tariff rate within the quota limit will be reduced to zero, while the tariff rate for quantities exceeding the quota will remain unchanged.

3. [Japan Interest Rates] The Bank of Japan maintained its target interest rate at 0.75% for the third consecutive meeting, a decision that aligns with market expectations.

Plastics and Rubber

1. [PP] Jiujiang Petrochemical’s PP production capacity stands at 100,000 tons per year, with current operating loads at normal levels. On April 28, the ex-factory reference price for T30S wire-drawing grade material was raised by 150 RMB/ton, reaching 9,350 RMB/ton.

2. [Natural Rubber] In the first quarter of 2026, the tapped area for natural rubber in Hainan totaled 390,800 mu, representing a year-on-year increase of 26.6%. Production volume reached 2,900 tons, up 24.4% year-on-year.

3. [EVA] According to customs data, my country imported 54,900 tons of EVA in March 2026—a month-on-month increase of 48.38% but a year-on-year decrease of 24.28%. For the period from January to March 2026, cumulative imports totaled 150,300 tons, marking a cumulative year-on-year decline of 26%.

4. [Plastic Products] According to data from the National Bureau of Statistics, the cumulative national output of plastic products from January to March 2026 reached 18.773 million tons, a year-on-year increase of 3.9%; specifically, the output for March alone saw a year-on-year increase of 2.6%.

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