Social Perception · Full chronicle and history

By the end of May 2026, China's foreign exchange reserves rose to $3.44 trillion, reaching a new high since October 2015, but analysts say it is mainly caused by capital controls rather than capital inflows.

From November 2024 to 2026, China cumulatively replaced 5 trillion yuan of local government debt. However, the statutory debt balance increased by 10.7 trillion yuan, indicating that the local government debt problem remains severe.

Since June 10, 2026, hundreds of residents of Wuchang, Wuhan have clashed with police over a planned hazardous waste laboratory at their doorstep.

Starting from June 28, 2026, flight clubs in Beijing, Shanghai, Shenzhen, Guangzhou, Suzhou and other locations have been gradually receiving a total grounding notice.

On the evening of June 27, 2026, thousands of residents in Luyang District, Hefei City, blocked Beierhuan Road in protest against the construction of a waste transfer station, confronting SWAT police. Eventually, the district chief and the deputy director of the Municipal Public Security Bureau arrived and announced the project's cancellation.

On the evening of June 26, a sudden incident occurred at Beijing CITIC Tower (China Zun), where a small aircraft struck the building, causing a fire.

On June 26, 2026, a notice from the Standing Committee of the National People's Congress announced the termination of the qualifications of 14 National People's Congress deputies, including Politburo member Ma Xingrui.

At the Lujiazui Forum, Pan Gongsheng, governor of the central bank of the Chinese Communist Party, rolled out six new tools in one go, including narrowing the interest rate corridor, non-bank liquidity support, and overseas central bank repo facilities.

On June 13, 2026, the US added Chinese biotech companies including WuXi AppTec to the Entity List.

On June 2, 2026, the U.S. Office of the United States Trade Representative proposed a measure to impose a 12.5% tariff on Chinese products due to forced labor investigations.

In June 2026, the CCP Collapse Index rose to 70.58, an increase of 0.15, nearly doubling from May. This indicates a worsening of social sentiment, economic pressure, political and military conditions, and the diplomatic environment.

In May 2026, China's total retail sales of consumer goods fell 0.6% year-on-year, marking the first monthly decline since December 2022, with sharp drops in sales of automobiles, home appliances, building materials and other categories.

In the first quarter of 2026, only 3 non-standard default events occurred among local government financing vehicles (LGFVs) nationwide, a significant drop compared to the same period in previous years. Analysis suggests this may be related to local governments defaulting on debts or the central bank increasing monetary financing of fiscal deficits.

The People's Bank of China has increased its gold reserves for 19 consecutive months, contrasting with falling market prices, indicating official preference for gold.

From January to May 2026, China's urban fixed-asset investment fell 4.1% year-on-year, with real estate development investment down 16.2% and manufacturing investment contracting.

In May 2026, China's CPI rose 1.2% year-on-year and PPI rose 3.9% year-on-year, indicating rising corporate costs but limited revenue capacity, squeezing profit margins of private enterprises.

According to data from the China Index Research Institute, in May 2026 the national average house price fell 3.6% year-on-year and 0.2% month-on-month, indicating the real estate market remains sluggish.