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International
– Premier of the State Council Li Qiang met with Russian President Vladimir Putin, who is paying a state visit to China, at the Great Hall of the People in Beijing. He stated that China stands ready to work with Russia under the strategic guidance of the two heads of state, consolidate political mutual trust, scale up mutual support, stay steadfast, elevate bilateral cooperation to new heights, and better benefit the two peoples.
Sectors
– The Foreign Ministry
stated that to further facilitate personnel exchanges between China and Russia, the Chinese side has decided to extend the visa exemption policy for Russia until December 31, 2027. Russian ordinary passport holders coming to China for business, tourism, visiting relatives and friends, as well as exchanges and visits, and those in transit for no more than 30 days, may enter China without a visa.
Industry
– Alibaba released its new‑generation flagship Qwen large model, Qwen3.7‑Max. In the global blind test ranking of large‑scale models conducted by third‑party institution Arena, Qwen3.7‑Max outperforms Kimi‑K2.6, DeepSeek‑v4‑pro and GLM‑5.1. Its performance is close to the top models of GPT, Claude and Gemini, ranking first among domestic models.
Data
– The Ministry of Finance announced that from January to April, national general public budget revenue reached 8.3404 trillion yuan, up 3.5% y/y. Of this total, national tax revenue stood at 6.8097 trillion yuan, up 3.9% y/y, and non‑tax revenue was 1.5307 trillion yuan, up 1.6% y/y.
– China announced its May Loan Prime Rate (LPR). The one‑year LPR stands at 3 percent, and the five‑year‑and‑above LPR is 3.5 percent, remaining unchanged for 12 consecutive months.
May 20 Block Trade Info
*Discount
– Kweichow Moutai (600519 CH) saw 1 block trades worth 236.65mn at 1218.61yuan per share, 7.98pct discount from last closing.
*Premium
– Gigadevice Semiconductor (603986 CH) saw 1 block trades worth 634.16mn at 422.77yuan per share, 4.50pct premium from last closing.
– Skyverse Tech (688361 CH) saw 2 block trades worth 255.83mn at 255.83yuan per share, 16.02pct premium from last closing.
For more insights, please visit Orient Futures Singapore’s research platform,
Finoview.

