Stories from Beijing · China

China Construction Bank has been fined over 43.5 million yuan for failing to fulfill customer identity verification obligations. The operation is scheduled for May 6, 2026, with a 3-month term using a multi-price tender method. The surge in cinema attendance is being linked to new travel-related movie promotions across various regions. These initiatives aim to convert cinema traffic into broader consumer spending to boost economic vitality. The report notes that visiting movie theaters has become a primary leisure activity for citizens during the holiday period. The National Development and Reform Commission has issued the second batch of 915 billion yuan for the 2026 equipment renewal and consumer goods trade-in program.

US sanctions are targeting Chinese entities to disrupt the acquisition of Iranian oil. Data indicates that shadow fleets acquired 800,000 barrels of oil per day from 2025 through the start of 2026.

Guo Konghui, a prominent Chinese automotive engineering expert, has died at the age of 91. The source noted he was a dedicated classicist who reportedly taught actors by ear. He was known for his influence on performers during his career. Guo Konghui, who entered Tsinghua University's aeronautics department in 1952, graduated from Changchun Automobile and Tractor College four years later. Guo Konghui was elected as one of China's first academicians of the Chinese Academy of Engineering in May 1994. The recipient rose from an apprentice to a technical backbone within the electromagnetic industry. Guo expressed a commitment to working on the front lines to achieve results in the new era. Guo's work contributed to China's electromagnetic technology reaching global leadership levels.

The People's Liberation Army is focusing resources toward frontline combat units to enhance joint operations capabilities. This move follows a series of exercises conducted since mid-January.

The Chinese Foreign Minister stated that relations between China and the United States enjoy bright prospects. Chinese Foreign Minister Wang Yi held a telephone call with US Secretary of State Rubio. The discussion focused on preparing for high-level interactions and managing points of disagreement to maintain bilateral stability. Wang stated that head-of-state diplomacy remains the stabilizing force in the relationship under the strategic guidance of President Xi Jinping and President Trump. Both sides discussed maintaining stability, managing differences, and preparing for high-level interactions. Rubio described the US-China relationship as the most bilateral relationship in the world. Both sides said maintaining stability, managing differences, and exploring a strategic and constructive relationship based on mutual respect and cooperation.

A research institute under the Chinese government has published a map detailing the distribution of deep-sea mineral deposits. The National Administration of Traditional Chinese Medicine announced the publication of 97 national standards and 15 industry standards for traditional Chinese medicine.

China has implemented a zero-tariff policy for Ghana to maintain its position as Africa's largest trading partner.

The market is shifting from a race for quality to a race for unit economics in artificial intelligence. According to Bloomberg, DeepSig is offering developers a 75% discount when using its new V4 Pro model. The performance gap between Chinese and US models is currently minimal, making the price difference a competitive factor. American companies are reportedly unable to match these deep price reductions. New DeepSig V4 Pro models from China are performing nearly as well as American artificial intelligence models. While the technology gap has narrowed significantly in recent months, the Chinese models remain much cheaper to use. Bloomberg reported in March that US companies are impressed by Chinese AI. Business users are expected to prefer the cheaper Chinese models due to cost savings.

Chinese President Xi Jinping delivered a speech at a seminar for provincial and ministerial level leaders regarding the implementation of the 20th CPC Central Committee's fourth plenary session spirit. Xi Jinping signed presidential orders 74, 75, and 76 yesterday.

The China National Center for Child Health Monitoring released the 2024 Children's Cancer Annual Report. The 2024 National Pediatric Tumor Monitoring Annual Report released by the China National Pediatric Tumor Monitoring Center shows a 5-year survival rate of 76.42% for children with malignant tumors. The National Center for Childhood Tumor Monitoring recently released its 2024 annual report.