The Government Work Report stated that over the past year, China’s development moved toward the new and the better, demonstrating vigorous vitality. New quality productive forces developed steadily, with abundant achievements in scientific and technological innovation; the R&D and application of artificial intelligence, biomedicine, robotics, quantum technology, and other fields were at the global forefront. New breakthroughs were made in independent chip R&D; Tianwen-2 embarked on its “star-chasing” journey; the large-scale application of BeiDou was comprehensively expanded; construction began on the hydropower project in the lower reaches of the Yarlung Zangbo River; the first domestically built electromagnetic catapult aircraft carrier, the Fujian, was officially commissioned; and domestically developed large models led the global open-source ecosystem. The industrial structure continued to be optimized: the value added of high-tech manufacturing and equipment manufacturing grew by 9.4 and 9.2, respectively; the production of industrial robots and integrated circuits increased by 28 and 10.9, respectively; annual NEV production exceeded 16 million units; and EV charging facilities surpassed 20 million. Energy consumption per unit of GDP fell by 5.1, and ecological and environmental quality continued to improve.

Beijing Benz Automotive Co., Ltd. is recalling 19,481 domestically produced EQA and EQB electric vehicles manufactured between April 2021 and March 2024. Starting June 25, 2026, the recall addresses potential internal short circuits caused by production fluctuations in high-voltage batteries and software-related overloads. These defects in the Battery Management System (BMS) increase the risk of vehicle fires, posing significant safety hazards. The move aligns with China's defective product regulations to ensure battery reliability and passenger safety.

Due to potential safety hazards in some models of power banks, Shenzhen Romoss Technology Co., Ltd. (hereinafter referred to as "Romoss"), an established power bank company founded in 2012, has found itself at the center of public controversy. According to an announcement released on June 16 on the official website of the Shenzhen Market Supervision and Administration Bureau, due to the potential combustion risk of some products under extreme scenarios, Shenzhen Romoss Technology Co., Ltd. will recall some mobile power supplies manufactured from June 5, 2023, to July 31, 2024, involving three models: PAC20-272, PAC20-392, and PLT20A-152, totaling 491,745 units. According to product information, the capacity of the three recalled products is 20,000 mAh each. (Image source: Official website of the Shenzhen Market Supervision and Administration Bureau) Public information shows that Romoss, founded in 2012, has nine major product lines, including mobile power supplies, outdoor power supplies, data charging cables, and power adapters. On the afternoon of June 17, one day after the recall announcement was released, a reporter from Caixin Media arrived at the office location indicated on Romoss' official website—Floors 15-18, Tower B, Building 7, Phase III of Shenzhen International Innovation Valley. The reporter found on-site that Romoss' office was enveloped in the atmosphere of the recall incident: the front desk staff continuously received calls and repeatedly told the callers, "You can contact customer service." Multiple staff members were walking while making calls and repeatedly mentioned keywords such as "recall" and "battery cell." Regarding the reporter's interview request, the front desk staff of Romoss stated that they had contacted the brand department on behalf of the reporter, but the other party said it was currently inconvenient to accept interviews. It is worth mentioning that on the afternoon of June 17, the reporter from Caixin Media called the customer service hotline shown in the announcement twice, and the phone prompt said, "The user you dialed has been suspended due to arrears." Two hours later, when the reporter called the hotline again, the prompt changed to, "Sorry, the number you dialed is busy." In addition, the Romoss Tmall flagship store currently sells a new 2025 model of the PAC20 power bank with a capacity of 20,000 mAh, and the battery type is indicated as lithium polymer battery. When the reporter from Caixin Media tried to inquire about the battery cell of the product with customer service, multiple replies stated that the current "recall issue has led to a surge in inquiries." According to previous online news, a student claiming to be from a university in Beijing posted, "The school issued a notice: Recently, it was found that the 20,000 mAh Romoss charger is more prone to explosion during charging compared to other brands and models." In the comment section, multiple netizens also posted screenshots of similar notices, which showed messages like "Received a reminder from the superior competent department" and "Please all faculty and staff promptly check if your power bank is of this brand and model, and it is recommended to discard it immediately to prevent danger." In response, Romoss issued a statement on Weibo on June 14, stating, "Regarding the recent discussions on the incident of 'multiple universities in Beijing banning Romoss power banks,' we sincerely apologize for the inconvenience caused to teachers, students, and the public. We hereby solemnly promise that we will assume full responsibility for any Romoss products identified as defective by authoritative institutions in accordance with the law. Meanwhile, we attach great importance to this matter and have initiated an immediate investigation. We have communicated with relevant departments, including the Beijing Municipal Commission of Education. As of the release of this statement, we have not received any risk notifications from the Beijing Municipal Commission of Education. There have been deviations in the dissemination of relevant information, leading to public misunderstandings. We will keep everyone informed of the subsequent developments of this incident through official channels as soon as possible." On June 17, a reporter from Cailian Press interviewed several teachers and students from the Capital University of Economics and Business, Beijing Union University, and Beijing University of Civil Engineering and Architecture, all of whom stated that they had not noticed the school issuing such a notice. The reporter learned from the interviews that factors such as overcharging, internal short circuits, and poor heat dissipation could potentially lead to bulging or explosion of power banks. Zhang Xiang, Secretary General of the International Intelligent Transport Technology Association and a visiting professor at Huanghe Science & Technology College, told a reporter from Cailian Press that overheating during the use of power banks could cause the product to expand and deform, leading to misalignment of the internal structures such as the positive and negative electrode separators and electrolyte within the battery due to compression. In addition, after prolonged use of power banks, lithium batteries are prone to developing dendritic crystals—lithium dendrites—which can puncture the battery separator. These situations can easily trigger short circuits and lead to explosions. According to information from the website of the Shenzhen Market Supervision and Administration Bureau, the mobile power supply products recalled by Romoss may experience overheating during use in a very small number of cases due to the raw materials of some battery cells, posing a combustion risk under extreme scenarios and presenting safety hazards. Regarding battery cell manufacturers, when asked whether they were involved in supplying products to Romoss, a representative from Sunwoda (300207.SZ) told the reporter, "They did not use our battery cells." A representative from the securities department of Desay Battery (000049.SZ) said, "I don't think so." The securities department of EVE (300014.SZ) stated, "We have not seen any relevant news. Everything is subject to the announcement. We are not really clear about this." "The safety and reliability of power banks can be further enhanced by increasing the functionality of the battery management system and improving the distribution of sensors," Zhang Xiang said. Typically, the explosion of a battery is a cumulative process, and battery safety is basically maintained through detection by relevant sensors. The sensor system measures whether the temperature, current, and voltage of the power bank are within the safe thresholds. If any abnormalities are detected, an alert is issued, which can significantly reduce the likelihood of battery explosion.

Ansteel Mining's Dong'anshan Iron Mine has set its sights on achieving its annual targets, seizing the golden period for production, and coordinating its layout to tap into its potential. It has made precise efforts in areas such as lean management, equipment support, and safety control to enhance its production and operation levels. In the first five months, the mine's ore output exceeded the challenge value by 1.9%, while the total mining and stripping volume and ore output grade surpassed the planned targets by 1.6% and 0.76%, respectively. The mine has coordinated the management and control of the entire production and operation process, creating favorable conditions for increasing capacity and efficiency. It has adopted measures such as strengthening production organization, strictly managing blasting quality, intensifying mining in key areas, dynamically adjusting the ore supply structure, and optimizing the transportation routes for production trucks to drive continuous improvement in production indicators. Meanwhile, it has strengthened the management and control of equipment operation, enhanced standardized maintenance and repair operations, improved the technical skills of spot inspections and the quality of equipment maintenance, and further enhanced equipment operation efficiency. Focusing on the investigation and rectification of fire safety hazards, it has increased the intensity of inspections on various electrical equipment and facilities, electrical circuits, as well as fire hydrants and fire extinguishers, to further enhance safety control capabilities and build a solid "firewall" for fire safety.

On June 16th, Australian miner Polymetals Resources Ltd announced that commercial production has commenced at its Endeavor silver-zinc mine, located in Cobar, New South Wales. The production of both silver-lead and zinc concentrates is now underway, with stable plant operations and ongoing optimisation of grinding and flotation circuits. The company stated that prepayment for zinc concentrate will be received in June, marking the project's first cashflow, while the first shipment is scheduled for early July. Deliveries of silver-lead concentrate will follow shortly thereafter. Access to high-grade silver ore in the upper levels is progressing, with first ore extraction expected in August. The operation is set to ramp up throughout the second half of 2025, targeting nameplate capacity of 1.2 million tonnes of ore per year. Once a major producer in Australia, the Endeavor mine has been successfully restarted over the past nine months with strong cost control. The board expressed satisfaction with current progress and is optimistic about delivering long-term value to shareholders and the Cobar region. If operations proceed smoothly, the mine is expected to produce approximately 20,000 tonnes of zinc in concentrate in 2025.

The State Council Information Office held a press conference at 10 a.m. today. Fu Linghui, spokesperson for the National Bureau of Statistics (NBS) and Director of the Department of Comprehensive Statistics of National Economy, introduced the performance of China's national economy in May 2025 and answered questions from journalists. NBS: Economic Performance in May Generally Stable, with Continued Improvement in Some Indicators At the press conference held by the State Council Information Office, Fu Linghui stated that the economy performed generally stable in May, with continued improvement in some indicators. New growth drivers expanded, and the momentum of high-quality development continued, demonstrating the strong resilience and vitality of China's economy. In May, influenced by factors such as the trade-in policy for consumer goods, market sales growth accelerated. Total retail sales of consumer goods in May increased by 6.4% YoY, with the growth rate accelerating by 1.3 percentage points compared to the previous month. From January to May, service retail sales increased by 5.2%, accelerating by 0.1 percentage point compared to the January-April period. The acceleration of consumption growth, especially the expansion of service consumption, is also boosting related service industries. In May, the production indices of the wholesale and retail trade, accommodation and catering industries all accelerated compared to the previous month. Meanwhile, new growth drivers such as high-end manufacturing, the digital economy, and the new energy industry continued to expand, effectively promoting industrial transformation and ensuring stable economic performance. NBS: China's Policy Toolbox is Well-Stocked, with Macro Policies Held in Reserve At the press conference held by the State Council Information Office, Fu Linghui stated that since the beginning of this year, China has implemented more proactive macro policies, intensified counter-cyclical adjustments, and accelerated the implementation of major national strategies and the development of security capabilities in key areas ("two majors") and the program of large-scale equipment upgrades and consumer goods trade-ins ("two news"). These efforts have effectively enhanced the vitality of consumption, driven production growth, and promoted transformation and upgrading, fully demonstrating the important role of macro policies in stabilizing economic performance. In the next stage, China's policy toolbox is well-stocked, with macro policies held in reserve. They can be dynamically adjusted and actively responded to according to changes in the situation, and will continue to safeguard the stable operation of the economy. NBS: Youth Unemployment Rate Declines for Three Consecutive Months, Employment Situation Remains Stable At the press conference held by the State Council Information Office, Fu Linghui stated that the surveyed urban unemployment rate in China was 5.0% in May, a decrease of 0.1 percentage point from the previous month. Among them, the unemployment rate of the main employment group remained stable, and the youth unemployment rate declined for three consecutive months, indicating a continued stable employment situation. NBS: The Decline in China's Goods Imports is the Result of Multiple Factors At the press conference held by the State Council Information Office, Fu Linghui stated that since the beginning of this year, the decline in China's goods imports is the result of multiple factors. Since the beginning of this year, affected by the uncertainty of international trade policies, the growth momentum of the global economy has weakened, and global trade growth has also slowed down, which inevitably affects the growth of China's imports. Meanwhile, some countries have intensified trade restrictive measures, which have also had some adverse impacts on China's imports. In addition, international commodity prices have declined significantly this year, particularly energy prices. As a major importer of energy and raw materials, the decline in commodity prices has affected the growth of China's import value, as seen in the import values of products such as iron ore, crude oil, coal, and soybeans. Fu Linghui stated that while the import value of some commodities has declined, China's imports of major industrial products have maintained growth. In the first five months, the import value of mechanical and electrical products increased by 6% YoY, with imports of automatic data processing equipment and its parts, as well as integrated circuits, increasing by 69% and 7.3%, respectively. In the next stage, with the continuous expansion of domestic demand and the orderly expansion of independent and unilateral opening-up, China's vast market will undoubtedly provide greater opportunities and more choices for the world. National Bureau of Statistics (NBS): The real estate market continues to move towards stabilizing and recovering Fu Linghui stated at a press conference held by the State Council Information Office that since the beginning of this year, with the accelerated implementation of various policies to stabilize the real estate market, the market has continued to move towards stabilizing and recovering. Judging from the situation in May, the real estate market has generally operated smoothly. The YoY decline in housing prices in 70 large and medium-sized cities has continued to narrow, and the inventory of commercial housing has continued to decrease. From the perspective of market transactions, under the influence of various policies to stabilize the real estate market, real estate sales have remained generally stable. From January to May, the sales area and sales volume of newly-built commercial housing decreased by 2.9% and 3.8% YoY, respectively, which was basically flat compared to January-April. Market transactions in some first-tier and second-tier cities have been relatively active, with the sales area and sales volume of commercial housing maintaining growth. From the perspective of market prices, the YoY decline in the selling prices of newly-built commercial residential buildings has continued to narrow. In May, the YoY decline in the selling prices of commercial residential buildings in most of the 70 large and medium-sized cities continued to narrow. Among them, the YoY decline in the selling prices of newly-built commercial residential buildings in first-tier, second-tier, and third-tier cities narrowed by 0.4, 0.4, and 0.5 percentage points, respectively, compared to the previous month. The YoY decline in the selling prices of second-hand residential buildings narrowed by 0.5, 0.4, and 0.5 percentage points, respectively. From the perspective of commercial housing inventory, the area of commercial housing pending sale in May decreased by 7.15 million m² compared to month-end April, marking a decline for three consecutive months. Fu Linghui emphasized that, overall, the policies to promote the stabilization and recovery of the real estate market have continued to show effects, and the real estate market operated generally smoothly in May. However, it should be noted that the real estate market is still in the process of adjustment, market confidence needs to be continuously restored, and the supply-demand relationship in the market still needs to be improved. Continuous efforts are still required to promote the stabilization and recovery of the real estate market. National Bureau of Statistics (NBS): The Fourth National Agricultural Census is currently in the preparation stage Fu Linghui stated that the State Council recently issued a notice, deciding to conduct the Fourth National Agricultural Census in 2026. This is a major national survey of national conditions and national strength conducted on the new journey of comprehensively advancing the great rejuvenation of the Chinese nation with Chinese-style modernization. In accordance with the provisions of the Statistics Law of the People's Republic of China and the Regulations on National Agricultural Census, the agricultural census is conducted once every ten years, with the year ending in 6 designated as the census year. In 2026, China will conduct its fourth National Agricultural Census. The main objective is to comprehensively understand the current state of "agriculture, rural areas, and farmers" in the new era, objectively reflect new developments in agricultural development, new appearances in rural construction, new changes in rural life, and new achievements in rural reforms. This census is of great significance for formulating scientific policies on "agriculture, rural areas, and farmers," promoting comprehensive rural revitalization, accelerating the modernization of agriculture and rural areas, and building a strong agricultural country. Currently, the preparations for the fourth National Agricultural Census are underway, primarily focusing on establishing census organizations, developing census plans, and conducting pilot censuses. National Bureau of Statistics (NBS): Vigorously Increase the Supply of High-Quality Products and Actively Promote the Improvement and Expansion of Service Consumption Fu Linghui stated at a press conference held by the State Council Information Office that, overall, the economy has maintained stable operation. The effects of the trade-in policy for consumer goods have continued to emerge, and the vitality of the consumer market has gradually strengthened. Looking ahead, new forms and models of consumption, such as live-streaming e-commerce and instant retail, are becoming increasingly mature. The silver-hair economy, first-launch economy, and low-altitude economy are developing rapidly, and new growth points in the consumption economy are constantly emerging. However, it should also be noted that residents' consumption capacity and confidence still need to be improved, and the endogenous momentum of consumption needs to be enhanced. In the next stage, it is necessary to further implement the "Special Action Plan for Boosting Consumption," focus on enhancing residents' consumption capacity and willingness, further improve the consumption environment, vigorously increase the supply of high-quality products, actively promote the improvement and expansion of service consumption, and facilitate the stable development of the consumer market. National Bureau of Statistics (NBS): Continuously Promote Urban Renewal and Renovation of Dilapidated Houses, and Increase the Construction and Supply of "Good Houses" Fu Linghui stated at a press conference held by the State Council Information Office that, in the next stage, it is necessary to conscientiously implement the decisions and deployments of the CPC Central Committee and the State Council, actively adapt to the reality of significant changes in the supply-demand relationship in the real estate market, continuously promote urban renewal and renovation of dilapidated houses, increase the construction and supply of "good houses," facilitate the release of rigid and improvement-oriented housing demand, actively construct a new model for real estate development, and promote the steady and healthy development of the real estate market. National Bureau of Statistics (NBS): Despite Many External Uncertainties and Instabilities, China's Comprehensive Advantages in Foreign Trade Development Remain Evident Fu Linghui stated at a press conference held by the State Council Information Office that in May, China's foreign trade continued to withstand pressure and maintained steady growth. In May, China's total import and export volume of goods increased by 2.7%, and exports increased by 6.3%, maintaining steady and relatively rapid growth. According to data from market institutions, the new export orders index of the global manufacturing PMI in May was below the 50 mark and remained in contraction territory for two consecutive months. The negative impacts of trade protectionism and uncertainties on global trade growth have gradually emerged. Against this backdrop, China's trade in goods has maintained growth, demonstrating the strong international competitiveness and resilience of its foreign trade. Amid a complex and challenging international environment, with the rise of unilateralism and protectionism severely impacting the international economic and trade order, China's foreign trade has maintained steady growth. This is attributable to China's unwavering commitment to expanding opening-up, actively promoting the diversified development of foreign trade, as well as the high-end, intelligent, and green development of its industries, the upgrading of product structures, and the enhancement of market competitiveness. It is also due to China's active support for the development of foreign trade enterprises, creating favorable conditions for foreign trade development through measures such as improving trade facilitation. In the next stage, there will be many external uncertain and unstable factors, which will bring certain pressure to China's foreign trade growth. However, China's comprehensive advantages in foreign trade development remain evident, and the continuous expansion of high-level opening-up based on mutual benefit and win-win results will continue to support the steady development of foreign trade.