Macroeconomics
1. [Direct Green Power Connection] The National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) have issued a *Notice on Matters Concerning the Orderly Promotion of Multi-User Direct Green Power Connections*. With the rapid growth of installed capacity for new energy generation, the capacity of the main power grid in certain regions to accommodate new energy sources is approaching its limit. Consequently, new energy faces a dilemma of having "nowhere to go," creating an urgent need to innovate methods for new energy consumption and expand the scope for its development and utilization. The "direct green power connection" model has emerged as an effective pathway to resolve these challenges.
2. [Public Budget Revenue] Ministry of Finance: From January to April, national general public budget revenue totaled 8,340.4 billion RMB, a year-on-year increase of 3.5%. Of this total, national tax revenue amounted to 6,809.7 billion RMB, up 3.9% year-on-year; non-tax revenue stood at 1,530.7 billion RMB, up 1.6% year-on-year.
3. [Japan PMI] Japan's preliminary Manufacturing PMI for May came in at 54.5, down from the previous reading of 55.1. The preliminary Services PMI for May was 50, down from the previous reading of 51. Japan's preliminary Composite PMI for May stood at 51.1, down from the previous reading of 52.2.
4. [Indonesia Rate Hike] Bank Indonesia announced that it has raised its benchmark interest rate by 50 basis points to 5.25%, exceeding market expectations of 5%.
Building Materials
1. [Wastepaper] May 20, 2026: At Jingxing Paper in Jiaxing, Zhejiang, the purchasing price for wastepaper has been raised by 30 RMB/ton; following this adjustment, the ex-works price (excluding VAT) stands at 1,730 RMB/ton.
At Rongcheng Paper in Pinghu, Zhejiang, the purchasing price for waste paper has been raised by 20 RMB/ton; following this adjustment, the ex-works price (excluding VAT) stands at 1,760 RMB/ton.
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