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On June 18th, a recent report by an international organization claimed that the growth of Chinese companies' global market share in some key sectors was mainly due to government subsidies. On the same day, Li Chao, Deputy Director of the Policy Research Office and spokesperson for the National Development and Reform Commission, responded at a press conference, stating that simply attributing China's industrial competitiveness to so-called "subsidies" is not only overly simplistic but also completely wrong. China's industrial competitiveness stems from the intensive development of its massive market, the efficient collaboration of its complete industrial system, the long-term accumulation of education, science and technology, and talent, and the continuous optimization of its business environment.

On June 18th, Li Chao, Deputy Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission, responded at a press conference that my country has made positive progress in computing-power synergy and computing-network integration in recent years. However, we also see that the synergy between computing networks and new power grids still faces some obstacles in planning, construction, and pricing mechanisms. The integration of computing networks with next-generation communication networks needs further strengthening, and breakthroughs are needed in computing power monitoring and scheduling technologies and mechanisms. During the 15th Five-Year Plan period, we will pay more attention to supply and demand matching and strengthen the coordinated planning and construction of computing networks with new power grids and next-generation communication networks. In terms of "hard investment," we will explore more effective computing-power synergy models to achieve a balance between electricity and computing power; strengthen computing-network integration and innovation; appropriately promote the expansion of direct connection lines between national hubs; and further reduce network transmission latency. In terms of "soft infrastructure," we will strengthen the monitoring and market-based scheduling of computing resources and accelerate the construction of a nationwide integrated computing network that is interconnected, accessible, green, and secure.

On June 18, Li Chao, Deputy Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission (NDRC), responded at a press conference that the NDRC will work with relevant departments to issue and implement the "15th Five-Year Plan" for modern logistics. This plan will coordinate various funding channels to support both the upgrading of existing logistics facilities and the construction of new facilities, promote the formation of a comprehensive logistics infrastructure network, enhance the adaptability and support of logistics facilities for industrial development, densify the urban and rural last-mile logistics network, accelerate the development of digital, intelligent, and green logistics facilities and equipment, and promote the improvement of the logistics network by addressing its shortcomings, ensuring smooth connectivity, and enhancing its capabilities. The goal is to achieve a systemic transformation from simply having a logistics network to having a high-quality one, and from merely having access to truly efficient and effective logistics. The objective is to establish by 2030 a logistics network that is closely integrated with industries and consumption, connects channels and networks both internally and externally, features green and intelligent facilities and equipment, and ensures comprehensive interconnection of rules and information, thereby better serving the high-quality development of the real economy.

Japanese Chief Cabinet Secretary Minoru Kihara: We will continue to closely monitor the financial markets.

June 18th - According to the Washington Post Editorial Committee, the Federal Reserve kept interest rates unchanged, and newly appointed Chairman Warsh stated that the Fed under his leadership is unanimously and unequivocally committed to controlling inflation. This will be a long road, but he has passed his first major test since taking office. Furthermore, at his first meeting as chairman, Warsh ended the practice of issuing forward guidance, but the Fed still released a dot plot. The latest dot plot shows that nine members expect a rate hike before the end of the year, eight expect no change, and one expects a rate cut. Warsh himself did not submit his own forecast. His reasoning was that the market should price based on how investors interpret real-time economic data, not on what the Fed might do. He joked that all forecasts were submitted in pencil and could be erased and rewritten at any time before the Board meets again in six weeks. Warsh faces a tricky balancing act: demonstrating the central bank's independence while avoiding angering Trump, who just nominated him for a four-year term. Trump has made no secret of his desire for rate cuts, but recently stated that Warsh should "do whatever he wants." Walsh declined to answer whether he had spoken with Trump since taking office. The real test of his independence will come in the coming months.

On June 18, officials from the National Development and Reform Commission and the Ministry of Human Resources and Social Security answered reporters' questions regarding the "15th Five-Year Plan for Implementing the Employment-First Strategy," stating that the plan outlines nine key tasks. These include strengthening the employment-first orientation of macro-control, enhancing the synergy of macro-policies on employment, implementing actions to stabilize, expand, and improve employment, and adapting to the development of artificial intelligence to promote employment and entrepreneurship; strengthening industrial and employment coordination, stabilizing employment in labor-intensive industries, expanding the employment capacity of the service sector, and tapping the employment potential of emerging fields; and strengthening the protection of workers' employment rights, improving the labor standards system and labor relations consultation and coordination mechanisms, and guaranteeing equal employment rights.

The yield on Japan's 20-year government bonds rose 1.5 basis points to 3.510%.

Japanese Chief Cabinet Secretary Minoru Kihara: We will closely monitor market dynamics and guide economic and fiscal policies as appropriate.

Japanese Chief Cabinet Secretary Minoru Kihara: The impact of the weak yen must be fully considered.

Japanese Chief Cabinet Secretary Minoru Kihara: A weak yen helps improve corporate profits, but it increases the burden on households.

Japanese Chief Cabinet Secretary Minoru Kihara: We are closely monitoring foreign exchange fluctuations.

Japanese Chief Cabinet Secretary Minoru Kihara: We are always prepared to take necessary actions in the foreign exchange market.

Japanese Chief Cabinet Secretary Minoru Kihara: No comment on foreign exchange levels.

On June 18th, strategists from OCBC Group Research stated that against the backdrop of the Federal Reserve maintaining a hawkish stance, the upside potential of Asian currencies against the US dollar in the short term may be limited, especially for low-yielding currencies and those more sensitive to US Treasury bond movements, including the Thai baht, the South Korean won, and to some extent the Singapore dollar. However, they added that falling oil prices remain an important offsetting factor, easing current account and inflationary pressures on oil-importing currencies such as the Indian rupee, the Philippine peso, and the Indonesian rupiah.

Broadcom (AVGO.O) has raised the upper limit of its acquisition offer consideration from $2.5 billion to $3 billion.

On June 18th, FAW Bestune Automobile Co., Ltd., a subsidiary of China FAW Group, signed a strategic cooperation agreement with Nasr Automobile Manufacturing Company, an Egyptian state-owned enterprise, in Egypt's new administrative capital on the 17th. The agreement stipulates that they will jointly produce a series of "Nasr" brand vehicles. Egyptian Prime Minister Madbouly and other government officials witnessed the signing. Nabil Mohamed Hamad, General Manager of Nasr Automobile Manufacturing Company, said that this cooperation will support the company in producing "Nasr" brand vehicles according to the latest international standards, which will not only meet the needs of the Egyptian market but also help the company expand into regional and international markets.

On June 18th, JPMorgan Asset Management strategist Hsu Chang-tai stated in a report that the Federal Reserve is unlikely to adjust interest rates this year, as the committee appears to be patient with the current policy rate. Hsu pointed out that the Fed kept interest rates unchanged and completely removed any dovish bias from its policy statement. Because the market interpreted the Fed's initial statement as hawkish, US Treasury yields rose, and US stocks fell overnight. He added that under the new Warsh leadership, the Fed's dual mandate—price stability and full employment—and its framework with the federal funds rate as the primary policy tool appear to have been solidified.

June 18th - According to China Railway Shanghai Bureau Group Co., Ltd., the 2026 Dragon Boat Festival holiday transportation on the Yangtze River Delta railway started today. It is estimated that 3.48 million passengers will be transported on the day. Starting in the afternoon, Shanghai, Hangzhou, Nanjing, Hefei, Xuzhou, Ningbo, Wenzhou and other places will usher in the first small peak of passenger flow.

Iranian Parliament Speaker Ghalibaf: Iran's victory on the battlefield has been recognized by both enemies and friends.

Iranian Parliament Speaker Qalibaf: It is crucial to translate Iran’s military gains into lasting solutions that align with national interests.