China

China Daily | English | News | Jan. 14, 2026 | UndeterminedMergers & Acquisitions

China has approved a major merger between Sinopec, the country's largest oil refiner, and China National Aviation Fuel Group (CNAF), Asia's largest aviation fuel supplier. This state-led consolidation aims to create a vertically integrated enterprise that will address logistical barriers between refining capacity and the nationwide airport network, enhancing the supply chain for jet fuel, which is projected to nearly double from 39 million metric tons in 2024 to 75 million tons by 2040.

The merger is expected to reduce aviation fuel supply costs, improve industry competitiveness, and support the green transition in aviation. The combined entity will harness strengths in integrated refining, petrochemical operations, and aviation fuel supply security. This follows industry trends where major global aviation fuel providers operate fully integrated refining-to-market business models.

Sinopec and CNAF's partnership also strengthens China’s position in sustainable aviation fuel (SAF) production. Sinopec is Asia’s first company to commercialize bio-jet fuel, while CNAF plays a critical role in market promotion. The merger is seen as a strategic move to lead in green aviation, further supported by a joint agreement between Sinopec and TotalEnergies to build a unit producing 230,000 tons of SAF annually from local waste and residues.

This restructuring aligns with China's broader efforts to consolidate state-owned enterprises during the 14th Five-Year Plan, aiming to build more competitive, larger SOEs and improve capital efficiency.

JunHe LLP | English | AcademicThink | Jan. 14, 2026 | UndeterminedLegal Exposure

具身智能（Embodied Intelligence）和离身智能（Disembodied Intelligence）是当前人工智能领域的两大范式。具身智能依托物理载体，通过与真实环境的实时互动实现感知、决策、行动和反馈的闭环学习，典型应用包括工业机器人、自动驾驶汽车等；而离身智能以软件形式存在，依赖大规模数据训练和符号推理，主要处理数字信息，如大型语言模型和视觉生成模型。

对于AI设备（Device），离身智能不依赖专属硬件，通常运行于现有的手机、计算机等成熟的移动互联网设备上，优势在于生态系统成熟、易于整合，但在处理复杂的物理任务时受限。而具身智能则是软硬件一体，设备设计针对现实场景任务，具备更强的物理操作能力，但面临与现有互联网生态和多样化应用场景深度链接的挑战。

政策方面，2025年是具身智能产业政策爆发的关键年份，多个国家和地方层面政策纷纷出台，以2027年作为产业发展的首个节点。国家层面的政策多聚焦宏观规划和科技创新指导，地方政府如上海、吉林、深圳、北京和重庆分别出台专项支持资金和技术攻关计划。具身智能在交通、能源等特定行业也获得政策重点支持，推动自动驾驶列车、智能能源装备与协作机器人等应用。

整体来看，具身智能的迅速发展受到政策的强力推动，但其法律和合规挑战也日益紧迫。随着产业的成熟，需要构建公平、鼓励创新的法律监管框架，以打破传统利益格局，促进开放生态共赢，实现技术与产业的协调发展。

新政迭出 房地产市场“稳”步开局

Guangming Daily | Local Language | News | Jan. 14, 2026 | Regulation

Since the beginning of 2026, China's national real estate market has shown a steady recovery, supported by a series of new policies aimed at reducing homebuyers' financial burdens. These include optimizing housing provident funds, issuing home-purchase subsidies, lowering down payment thresholds, and easing mortgage loan conditions. These measures have helped activate reasonable housing demand, restore market confidence, and foster a stable start to the year.

Several regions have implemented targeted initiatives. Henan issued subsidies for home purchases and deed taxes, organized over 200 housing promotion events, accelerated special bond issuances for affordable housing, and pushed forward urban village renovations. Shenyang introduced five new provident fund loan measures, such as extending low down payment policies and raising loan limits for new urban residents and youth, allowing financing for both new and second-hand self-occupied homes. Nanchang's Bangtai Langjing residential project saw strong sales attributed to reduced mortgage interest rates lowering monthly payment pressures for buyers.

Mortgage interest rates have been reduced since early 2026, with housing provident fund loan rates lowered for both first and second homes, and commercial loan rates adjusted downward. This has brought home-buying costs to near five-year lows. Market data confirms improved performance: new home transaction areas in major cities rose significantly by the first week of January, with cities like Shenzhen and Shanghai showing increased demand and contract signings.

Despite this positive momentum, market enthusiasm has shown signs of tapering following a surge of home purchases in late 2025, partly due to caution among buyers awaiting further policy signals. Experts expect the market will gradually reach a new equilibrium in 2026 as policy effects continue and demand structures adjust.

Long-term fundamentals such as urbanization and housing needs remain strong, with the real estate sector's role in economic stability and improving living standards highlighted as important. Confidence restoration and market clearing processes are underway, indicating a continued positive outlook for the sector.