MOFCOM said on July 23 at a State Council Information Office briefing that the departure tax-refund 2.0 policy has boosted inbound consumption; tax-refund stores now exceed 15,000 and the number of foreign visitors claiming refunds in 1H rose about fourfold YoY.

A Korean shareholder-rights group has filed a criminal complaint accusing SK Hynix’s chief executive and Samsung Electronics’ vice chairman and chief executive of breaching fiduciary duties by agreeing profit-linked bonus arrangements with labour unions. The group lodged the complaint with police and separately reported the labour minister to the unit that investigates crimes by senior public officials, alleging he abused his authority by intervening in Samsung’s May pay talks. The group argues profit-linked performance bonuses are profit distributions that require shareholder approval and should not be settled through collective bargaining.

HSBC economist Chris Hall says UK inflation data show almost no evidence of indirect energy pass-through, suggesting the Bank of England may keep rates on hold next week and beyond. Headline inflation fell to 2.6% in June from 2.8% in May, driven by motor fuel (especially diesel); core inflation remained at 2.6%, above consensus. Hall says the first sign of pass-through would appear in food inflation, which has eased, and there is so far no evidence of higher wages or broader price-setting, though recent oil and gas price rises add upside risk to the BoE's inflation outlook.