Weekend Roundup: Wang Yi Briefs on China-US Summit Outcomes; Trade Talks Yield Preliminary Results

Key market-moving news this weekend: Wang Yi briefed media on the China-US summit meeting and consensus; the State Council reviewed and approved the Urban Renewal 15th Five-Year Plan and the Agricultural Modernization 15th Five-Year Plan; the Ministry of Commerce responded to questions on preliminary outcomes of China-US trade consultations; the CSRC held a symposium on capital market support for modern services and new consumption enterprises.

Macroeconomic Highlights

Wang Yi Briefs Media on China-US Summit Outcomes and Consensus

At President Xi Jinping's invitation, US President Trump visited China from May 13-15 on a state visit. Foreign Minister Wang Yi on May 15 briefed the media on the outcomes and consensus reached at the China-US presidential summit.

Wang Yi: President Xi Jinping to Visit US on State Visit This Autumn

Wang Yi stated that at President Trump's invitation, President Xi Jinping will make a state visit to the United States this autumn. Both sides should work together to make thorough preparations for this head-of-state engagement, create a conducive atmosphere, and build on accumulated results.

State Council Reviews and Approves Urban Renewal and Agricultural Modernization Five-Year Plans

Premier Li Qiang chaired a State Council executive meeting on May 15, reviewing the implementation of the Central Urban Work Conference and approving the Urban Renewal 15th Five-Year Plan and the Agricultural and Rural Modernization 15th Five-Year Plan.

Ministry of Commerce Responds to Preliminary Outcomes of China-US Trade Consultations

Both sides agreed to continue implementing previous consultation outcomes and reached positive consensus on tariff arrangements. The two sides agreed through mutual tariff reductions on a range of products to promote expanded bilateral trade including agricultural products.

CSRC Convenes Symposium on Capital Market Support for Modern Services and New Consumption

The China Securities Regulatory Commission held a symposium, with four categories of modern service and new consumption enterprises receiving explicit policy support.

US Rejects Iran's Written Peace Proposal; Military Action May Resume

Reports indicate the US has rejected Iran's 14-point written proposal for ending the war. Sources say the US and Israel may resume military action against Iran as early as next week.

US Stocks Fall Over 1%; NVIDIA and Tesla Decline Over 4%

All three major US indices fell more than 1%. NVIDIA and Tesla dropped more than 4%. New York silver futures fell over 10%.