据中央电视台报道，中国国家市场监督管理总局提出了新的规定，以改善食品配送行业的竞争。该条例草案旨在限制向餐馆收取的费用，提高补贴和折扣的透明度，并限制平台可以向商家收取的费用类型。值得注意的是，这些规定将禁止平台强迫商家补贴促销活动——这种做法在2025年变得更加普遍。此举表明，北京将继续努力控制占主导地位的科技平台，保护小企业，尤其是在食品配送成为城市消费中越来越重要的一部分的情况下。

China’s State Administration for Market Regulation has proposed new rules to improve competition in the food delivery sector, national broadcaster CCTV reported. The draft regulations aim to cap fees charged to restaurants, boost transparency around subsidies and discounts, and restrict the types of charges platforms can levy on merchants. Notably, the rules would ban platforms from forcing merchants to subsidize promotions — a practice that has grown more prevalent in 2025. The move signals Beijing’s continued push to rein in dominant tech platforms and protect small businesses, especially as food delivery becomes an increasingly vital part of urban consumption.

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The Shanghai Composite slipped 0.1% to below 3,820 and the Shenzhen Component fell 0.2% to 13,090 on Wednesday, marking a second straight decline as the absence of new policy support dampened sentiment. Profit-taking, particularly in artificial intelligence and related names, also weighed on the market. While signs of economic weakness persist, Beijing has so far refrained from major stimulus, though the central bank pledged to use monetary tools to maintain liquidity and shore up activity. On the trade front, US Ambassador to China David Perdue said Tuesday that a highly anticipated meeting between US President Donald Trump and Chinese President Xi Jinping is more likely to take place next year rather than this fall. Among notable losers were Luxshare Precision (-1.1%), Zhongji Innolight (-2.9%), Victory Giant (-3.6%), Foxconn Industrial (-3.1%) and Wolong Electric (-8.3%).

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The Shanghai Composite slipped 0.1% to below 3,820 and the Shenzhen Component fell 0.2% to 13,090 on Wednesday, marking a second straight decline as the absence of new policy support dampened sentiment. Profit-taking, particularly in artificial intelligence and related names, also weighed on the market. While signs of economic weakness persist, Beijing has so far refrained from major stimulus, though the central bank pledged to use monetary tools to maintain liquidity and shore up activity. On the trade front, US Ambassador to China David Perdue said Tuesday that a highly anticipated meeting between US President Donald Trump and Chinese President Xi Jinping is more likely to take place next year rather than this fall. Among notable losers were Luxshare Precision (-1.1%), Zhongji Innolight (-2.9%), Victory Giant (-3.6%), Foxconn Industrial (-3.1%) and Wolong Electric (-8.3%).

周三，离岸人民币兑美元汇率跌至7.11左右，结束了连续两个交易日的涨势，因为美联储主席杰罗姆·鲍威尔的谨慎言论支撑了美元。鲍威尔强调，央行必须谨慎应对顽固的通货膨胀和疲软的劳动力市场之间的持续权衡，他将这一政策困境描述为“具有挑战性的局面”。他的评论与上周的言论相呼应，突显了央行在权衡下一步政策举措时面临的持续复杂性。在中国，中国央行行长潘功胜重申，中国的货币政策将继续依赖数据，并专注于维持经济复苏。他承诺将采用一系列广泛的工具来保持充足的流动性并降低融资成本。与此同时，市场也在密切关注中美贸易关系的发展，预计特朗普总统和Xi总统将于六周后在韩国举行关键会议。

The offshore yuan weakened to around 7.11 per dollar on Wednesday, snapping a two-session winning streak as cautious remarks from Fed Chair Jerome Powell bolstered the US dollar. Powell emphasized that the central bank must carefully navigate the ongoing trade-off between stubborn inflation and a softening labor market—a policy dilemma he characterized as “a challenging situation.” His comments, which echoed remarks from the previous week, highlighted the persistent complexity facing the central bank as it weighs its next policy moves. In China, the PBoC Governor Pan Gongsheng reiterated that China’s monetary policy will remain data-dependent and focused on sustaining the economic recovery. He pledged to employ a broad set of tools to maintain ample liquidity and reduce financing costs. Meanwhile, markets are also closely monitoring developments in Sino-US trade relations, with Presidents Trump and Xi expected to hold a pivotal meeting in South Korea in six weeks.