China Central Committee, State Council Pledge Antitrust Crackdown, New-Tech Tax Study

The signal here is regulatory sequencing rather than any single measure: antitrust enforcement, AI and biotech governance, and a tax review are being bundled into one policy framework for "new quality productive forces." That matters most for platform and emerging-tech firms, which face the prospect of tighter competition rules and a future tax regime shaped around their business models. The tax study is the item worth watching, since it is framed as research rather than policy — whether it advances from study to concrete rules is the open question.