An IMF official said a correction in the AI market would feed back to the real economy via a wealth effect from falling AI equity prices.

On Oct. 11 in Hangzhou, Tongwei, GCL and other leading Chinese photovoltaic firms held a closed-door meeting to advance an initiative aimed at curbing destructive intra-industry competition. Attendees agreed an implementation plan to limit capacity, proposing market-based mechanisms for firms to coordinate and voluntarily restrain capacity according to aggregate market demand, and set explicit price floors for polysilicon and modules.

The State Taxation Administration said tax and fee cuts supporting health and medical services totalled 245.4 bln yuan in January–August. Breakdown: 92.6 bln yuan from VAT exemptions on medical services; 152.2 bln yuan from VAT exemptions for community eldercare, childcare and domestic-service providers and from VAT-exempt premium income on health- and eldercare-related life insurance.