China

Xinhua | English | News | Jan. 23, 2026 | UndeterminedTrade Issues and Numbers

In 2025, Jiangsu Province in China recorded a total foreign trade value of 5.95 trillion yuan (849.8 billion U.S. dollars), marking a 6 percent increase from the previous year. This trade volume accounted for 13.1 percent of China's total import and export value.

Exports of mechanical and electrical products in Jiangsu grew by 11.6 percent year on year to 2.8 trillion yuan, making up 70.7 percent of the province's total exports. Specific sectors saw notable growth, with exports of electrical equipment reaching 239.96 billion yuan, up 18 percent, and ship exports hitting 142.75 billion yuan, increasing by 37 percent.

Jiangsu is home to nearly 43,000 foreign-invested enterprises, whose combined imports and exports totaled 2.78 trillion yuan in 2025, rising 6.2 percent from the previous year and representing 46.7 percent of the province's overall trade.

The province's international trade ties also expanded, with trade between Jiangsu and countries involved in the Belt and Road Initiative growing by 11.3 percent year on year to 2.98 trillion yuan in 2025.

高盛维持2026慢牛预判：反内卷、出海、AI板块将撑起A股企业14%盈利增长

Sina Finance | Local Language | News | Jan. 23, 2026 | UndeterminedOperating Results

Goldman Sachs projects China’s real GDP growth at 4.8% in 2026, with a “low first, high later” pattern where first-half growth ranges between 4.5% and 5%, and second-half growth nears 5%. Exports are expected to grow steadily, supported by global economic demand, competitive Chinese products in emerging markets, and China’s control of key minerals like rare earths. Nominal export growth in US dollars is forecasted at 5.6%, with export volumes rising 5%–6% annually.

Consumption growth is expected to be driven by the service sector, which is more labor-intensive and can bolster employment and incomes. Household consumption remains weak but is supported by increased government consumption following a debt-conversion plan and ongoing trade-in policies. Investment is anticipated to improve over 2025, driven by previously delayed projects, new financial instruments, and major initiatives in technology, AI, and power grids tied to the 15th Five-Year Plan.

Goldman Sachs maintains a “slow bull” outlook for China’s A-share market in 2026, supported primarily by a sharp rise in corporate earnings, projected to grow 14% compared to 4% in 2025. Key drivers include AI sector development shifting toward applications and monetization, overseas revenue growth from Chinese companies reaching 20% by 2030, and the “anti-involution” policy boosting margins in upstream and manufacturing sectors.

Capital inflows are expected to be robust, with over 3 trillion yuan of new domestic capital entering the stock market, and significant southbound and northbound foreign investments setting new records. Overseas investor interest is increasing but has not yet reached scale, highlighting the value of Chinese assets for global portfolio diversification.

Sector preferences favor technology hardware (including smartphones, AI servers, semiconductors), internet, insurance, and materials sectors due to their alignment with AI development, technological self-reliance, and “anti-involution” policies. Thematic focuses include AI, going-global expansion, private-sector leadership, mid-cap policy beneficiaries, and companies with high shareholder returns, as China’s listed firms are expected to distribute about 4 trillion yuan in cash returns in 2026.

In commodity strategy, Goldman Sachs remains positive on precious metals, especially gold, for its safe-haven value amid global uncertainties. Technology sector valuations are judged reasonable and supported by earnings growth, with no bubble risk detected. Investors are advised to center portfolios around AI, going-global, and “anti-involution” themes, diversify geographically, and leverage structural opportunities backed by government policy.

Xinhua | English | News | Jan. 23, 2026 | Accidents

Eight individuals who were previously missing after a steel plant explosion in Inner Mongolia have been confirmed dead, increasing the total death toll to 10. The victims were found without vital signs following extensive search and rescue efforts at Baogang United Steel's plate plant in Baotou City.

The explosion occurred on January 18 and involved a 650-cubic-meter saturated water and steam spherical tank. In addition to the fatalities, 84 people were injured, all of whom remain in stable condition. Over 1,000 personnel from various government departments participated in the rescue operation.

Authorities have initiated a city-wide inspection to identify hidden workplace safety risks. Public security officials have taken legal actions against those responsible within the company. An ongoing thorough investigation is examining the cause of the accident.