**【Key Focus Points】** * China has submitted its first comprehensive policy document outlining its stance on World Trade Organization reforms. * The State Council's Work Safety Commission and the Ministry of Emergency Management have emphasized strengthening safety oversight across the entire fireworks supply chain to prevent accidents. * Over 40% of China's resource-based cities now see their tertiary industry's value-added account for more than 50% of their economy. * Total assets under management reached 120 trillion yuan by the end of 2025, marking a 13.1% year-on-year increase. * Reports indicate 748 generative AI services have completed filing procedures, signaling an acceleration in the development of China's AI governance framework. * Former US President Trump announced an increase in his proposed "global import tariff" from 10% to 15%. * Takaichi Sanae has been elected as Japan's 105th Prime Minister.
**【Domestic News】** China recently submitted a policy document to the World Trade Organization detailing its position on reforms. This document represents the country's first comprehensive and systematic articulation of its stance since the reform process began. It outlines China's overarching principles and actionable recommendations for WTO reform under current circumstances, with a focus on multilateralism, development, and future-oriented strategies.
On February 18th, a special meeting convened by the State Council's Work Safety Commission and the Ministry of Emergency Management called for rigorous safety supervision and public awareness campaigns covering the entire lifecycle of fireworks, from production and transport to sales and use. Comprehensive risk assessments will be conducted to firmly uphold safety standards. Inspection teams will be dispatched to ensure strict enforcement.
According to the National Development and Reform Commission, during the "14th Five-Year Plan" period, the proportion of mining output to total industrial output in over 40% of China's resource-based cities fell to 6.2%, a decrease of 0.92 percentage points from the end of the "13th Five-Year Plan" period. Concurrently, the value-added of the tertiary sector surpassed 50%, indicating continued progress in the economic transformation of these regions.
Recent efforts have focused on integrating technological and industrial innovation. Central enterprises have been guided to streamline the industrialization of scientific achievements, fostering deeper links between industrial and innovation chains to help develop new, high-quality productive forces. To enhance the supply of advanced technologies, support has been provided for central enterprises to establish 97 hubs for original technologies and launch new joint enterprise funds, resulting in several landmark achievements. Over 1,000 significant outcomes have been cataloged and promoted across more than 6,000 companies.
A report from the People's Bank of China shows that total assets under management amounted to 120 trillion yuan by the end of 2025, a 13.1% increase from the previous year. The rapid growth was primarily driven by new allocations to interbank deposits and certificates of deposit, which totaled 28.7 trillion yuan, up 18.9% year-on-year, with an annual increase of 4.6 trillion yuan.
Data from the National Association of Financial Market Institutional Investors indicates that 1.078 trillion yuan worth of various green bonds were issued in 2025, with the outstanding balance reaching 2.415 trillion yuan by year-end. The structure of the green bond market remained stable, with green financial bonds surging 129.1% and green corporate credit bonds growing 15.9%. Secondary market turnover for green bonds approached 1.2 trillion yuan, up 78.8% year-on-year, with an average turnover rate of 57.1%, indicating sustained market activity levels similar to 2024.
According to a Swift report released on February 19th, the Renminbi ranked as the fifth most active global payment currency by value in January 2026, with a share of 3.13%, moving up one spot from December 2025. While the total value of payments in all currencies decreased by 2.68% compared to the previous month, the value of RMB payments increased by 11.44%.
A recent report on AI governance reveals that China's AI governance framework accelerated its evolution and matured throughout 2025. By the end of the year, 748 generative AI services had completed the required filing process. The report highlights a trend towards targeted, scenario-specific, and refined governance approaches, establishing an agile system that provides clear and stable guidance for AI development.
Data from the China Automobile Dealers Association shows that the transaction volume in the national used car market reached 1.7292 million units in January 2026, an increase of 18.33% year-on-year, with a total transaction value of 110.612 billion yuan. The inter-regional transfer rate for used vehicles was 35.03%, showing growth both monthly and annually. The total number of vehicles transferred across regions was 605,800, a significant 43.3% increase from the same period last year, indicating enhanced cross-regional circulation and the release of greater market value.
**【International News】** On February 21st, former US President Donald Trump stated on social media that the rate for his proposed "global import tariff" on goods entering the US would be raised from 10% to 15%, effective immediately. He added that his administration would identify and enact new "legal tariffs" in the coming months.
Takaichi Sanae, leader of Japan's Liberal Democratic Party, was elected as the country's 105th Prime Minister on February 18th following votes in both houses of parliament.
Talks involving representatives from Russia, the United States, and Ukraine concluded their first day in Geneva, Switzerland on February 17th without any formal statement. Discussions were scheduled to continue on February 18th, with media reports describing the initial atmosphere as tense.
The minutes from the Federal Reserve's January meeting revealed significant divergence among policymakers regarding the future path of interest rates. Beyond those supporting rate cuts or advocating a wait-and-see approach, the minutes for the first time explicitly noted discussions about the potential for rate hikes. Some participants supported using "two-sided" language in guidance, suggesting hikes could be appropriate if inflation persists above the 2% target. Others believed further cuts might be warranted if inflation declines as expected. Most officials cautioned that the disinflation process could be slower than anticipated.
Data released by the US Commerce Department on February 19th showed the US goods trade deficit reached a record $1.2409 trillion in 2025, an increase of $25.5 billion, or 2.1%, from the previous year. US goods exports and imports for 2025 were $2.1975 trillion and $3.4384 trillion, respectively.
According to Sky News, UK Prime Minister Keir Starmer stated on February 16th that the UK would "accelerate the achievement" of its target for defense spending to reach 3% of GDP. The UK had previously announced plans to increase defense spending to 2.5% of GDP by 2027 and 3% by 2029.
The European Central Bank announced on February 19th that it has imposed an administrative fine of 12.18 million euros on the European subsidiary of JPMorgan Chase for violating reporting rules and providing incorrect information regarding capital requirements. This is reported to be the largest fine ever levied by the ECB.
Statistics Canada data released on February 19th indicated the country's merchandise trade deficit widened significantly to 31.3 billion Canadian dollars in 2025, the largest deficit since 2020. This marks the third consecutive year of trade deficits for Canada, following deficits of 933 million Canadian dollars in 2023 and 7.2 billion Canadian dollars in 2024.
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