🌹【August 12 Morning News Highlights】
1. Yesterday, to implement the relevant requirements of the People's Bank of China and further simplify the investment process for overseas central bank-like institutions, the Central Government Bond Registration and Settlement Co., Ltd. decided to no longer require overseas central bank-like institutions to provide a commitment letter for signing agreements starting today. The central settlement company will continue to strengthen the construction of national financial infrastructure, ensure safe and efficient operations, deepen core service capabilities, and better serve the market and customers.
2. The Ministry of Finance and the State Administration of Taxation have publicly solicited opinions on the (Implementation Regulations of the Value-Added Tax Law of the People's Republic of China (Draft for Comments)). The Ministry of Finance and the State Administration of Taxation have publicly solicited opinions on the (Implementation Regulations of the Value-Added Tax Law of the People's Republic of China (Draft for Comments)). They aim to refine and clarify tax system elements such as taxpayers and taxable scope as stipulated in the Value-Added Tax Law; clarify the scope related to exported goods, cross-border sales services, and intangible assets as stipulated in the Value-Added Tax Law; provide detailed explanations for applicable rules involving multiple tax rates and collection rates; and specify related provisions concerning the taxable amount as stipulated in the Value-Added Tax Law, including the methods for deducting input tax, deduction rules, and the scope of non-deductible input tax.
3. At a press conference held by the Ministry of Foreign Affairs yesterday, a reporter asked about reports that NVIDIA Corporation and AMD Semiconductor Company have agreed to pay 15% of their sales revenue from chip sales in China to the U.S. government in exchange for export licenses to China. Foreign Ministry spokesperson Lin Jian stated that China has repeatedly made its stance clear on the issue of chip exports to China.
4. Recently, the central bank and three other departments drafted the (Measures for the Management of Customer Due Diligence and Customer Identity Information and Transaction Record Preservation by Financial Institutions (Draft for Comments)) and solicited opinions from the public. The draft for comments on this (management measures) did not mention the previous requirement that 'individuals must register the source of funds for cash deposits and withdrawals exceeding 50,000 yuan.'
5. The Hangzhou Municipal Justice Bureau issued a public solicitation for opinions on the (Draft Regulations for Promoting the Development of Embodied Intelligent Robotics Industry in Hangzhou). It points out that support should be given to the cooperation and innovation among embodied intelligent robotics enterprises, research institutions, and industry application units, as well as pilot and promotion applications; it requires the government to play a guiding role with financial funds and government investment funds, encouraging financial and social capital to increase financing efforts for the embodied intelligent robotics industry.
6. The Chongqing Municipal Energy Bureau and the Central China Regulatory Bureau of the National Energy Administration recently issued (Implementation Rules for the Development and Construction Management of Distributed Photovoltaic Power Generation in Chongqing). Among them, projects within the main urban area of 22 districts and counties should have a self-consumption electricity ratio of no less than 20% of their generated electricity, while the remaining districts and counties should have a self-consumption electricity ratio of no less than 40%. Any electricity generation exceeding these limits should be absorbed by the project investment entity through market-oriented methods.
7. On the 11th local time, Air India announced that, due to operational reasons, it will suspend flights between Delhi, India, and Washington, USA, starting September 1, 2025.
8. The China Association of Automobile Manufacturers released data showing that in July, automobile production and sales reached 2.591 million and 2.593 million, respectively, representing month-on-month decreases of 7.3% and 10.7%, and year-on-year increases of 13.3% and 14.7%. From January to July, automobile production and sales reached 18.235 million and 18.269 million, respectively, with year-on-year increases of 12.7% and 12%, and the growth rates of production and sales increased by 0.2 and 0.6 percentage points compared to January to June.
9. The China Automotive Power Battery Industry Innovation Alliance released data showing that in July, the total production of power and other batteries in China was 133.8 GWh, a month-on-month increase of 3.6% and a year-on-year increase of 44.3%.
10. The three major U.S. stock indexes closed slightly lower, with the Dow Jones down 0.45%, the Nasdaq down 0.3%, and the S&P 500 index down 0.25%. Most large technology stocks declined slightly, with Apple, Microsoft, NVIDIA, Google, Amazon, Meta, and AMD experiencing minor declines; Intel rose over 3%, and Tesla rose over 2%, recording four consecutive daily gains. Fannie Mae rose over 15%, and Freddie Mac rose over 13%, both reaching their highest closing prices since 2008. Most popular Chinese concept stocks declined, with the Nasdaq China Golden Dragon Index closing down 0.29%. Most major European stock indexes also closed lower, with Germany's DAX30 index down 0.37%.
