China's centrally administered state-owned enterprises, or central SOEs, increased research and development spending by 3.8 percent in the first half of 2026, the country's state assets regulator said.
The central SOEs' total profits for the period reached 1.4 trillion yuan (near 207 billion U.S. dollars), while their fixed-asset investment rose 4.5 percent, according to the State-owned Assets Supervision and Administration Commission (SASAC).
The companies formed innovation consortia and established dedicated RnD units, while building original-technology hubs with global influence in areas including new power systems.
They also reported breakthroughs in spaceflight, aviation, applications of China's BeiDou satellite-navigation system, and domestically developed core equipment.
Under an "AI+" initiative to broaden the industrial use of artificial intelligence, central SOEs have built more than 2,000 smart factories, with one after another green and low-carbon projects put into operation, and industrial restructuring and integration well underway.
Belt and Road projects continued to operate steadily as central SOEs shifted their portfolios toward newer, higher-value sectors, SASAC said.
In the second half, the companies will step up original innovation and work on critical technologies, while improving mechanisms to support steady growth in RnD spending. They will also accelerate industrial upgrading and deepen the reform of state-owned assets and enterprises
The central SOEs will continue to implement the "three concentrations" policy, which directs state capital toward industries and key sectors vital to national security and the economy; toward public services, emergency-response capabilities and public-welfare fields that are related to the national economy and people's livelihood; and toward forward-looking strategic emerging industries.
Other priorities include ensuring supplies of energy, minerals and grain, and supporting coordinated development with small and medium-sized companies across supply chains.
China's central SOEs raise RnD spending as profits hit 1.4 trln yuan
As temperatures soar across the Northern Hemisphere, a growing number of global travelers are heading to China in search of cooler destinations, turning summer tourism into a new driver of the country's inbound travel and consumption.
Data released by the Ministry of Public Security on Friday showed that China recorded 22.91 million inbound trips by foreign nationals in the first half of the year, up 20.4 percent year on year. Among them, 17.82 million trips were made by travelers entering under visa-free policies, a 30.6 percent increase from a year earlier.
According to data from third-party travel platforms, European countries accounted for 30 percent of the top 20 source markets for inbound tourism during this year's summer holiday season. Bookings from European travelers surged 275 percent year on year, while ticket reservations for attractions increased more than 20 folds.
China's scenic destinations with mild climates have become popular choices for overseas tourists seeking relief from the summer heat.
Located in central China's Hunan Province, Zhangjiajie National Forest Park is famous for its stunning sandstone mountains, dense forests and pleasant summer temperature, attracting visitors from Europe, Southeast Asia and other regions who come to enjoy its cool mountain air and stunning natural beauty.
The city of Zhangjiajie now operates 13 passenger air routes connecting eight countries and regions, while streamlined entry procedures allow visitors to clear customs within about 30 minutes and head directly to tourist attractions.
Changbai Mountain in northeast China's Jilin Province has also emerged as a summer favorite. With average temperatures below 22 degrees Celsius from June to August, the destination offers visitors a cool escape surrounded by forests and mountains.
Amid the boom in inbound tourism, international visitors are impressed not only by the scenic destinations, but also by the convenience and quality of transport services.
A high-speed rail connection between Changbai Mountain and Beijing allows visitors from the country's capital to reach the destination in just over four hours, making the getaways even more convenient.
The city of Kunming, capital of southwest China's Yunnan Province, has seen a surge in inbound tourism so far this summer, as its pleasantly cool climate, expanded visa facilitation policies and diverse travel experiences attract more and more overseas visitors, particularly from South and Southeast Asia.
"Singaporean visitors mainly come for the pleasant weather, distinctive ancient towns and authentic local specialty food," said a Singaporean tour guide.
Beyond scenery, China's consumer products are also becoming part of the summer travel experience for foreign visitors.
Salah from India made Shenzhen's Huaqiangbei electronics market his important stop in China, where he bought lots of gadgets including a portable fan.
"I've already accumulated a lot of products, maybe four to five, like electronic cooling fan. I never saw this kind of electronic shopping center anywhere in the world, so amazing, amazing," said Salah.
Huaqiangbei has become a popular destination among foreign visitors and a trending location on overseas social media platforms. Local merchants have introduced cooling products such as mist fans and cooling towels tailored to different markets.
Whereas in Shanghai, foreign shoppers are lining up outside stores for popular Chinese brands. Some visitors arrive with pictures saved from social media, hoping to find products they have seen online.
"A lot of people are buying this brand. It's pretty famous over in North America. A lot of people know about it," said a customer from Canada.
"In Thailand, it's very popular," said a Thai customer.
With more convenient payment services and expanded departure tax refund policies, China travel is gaining popularity among overseas visitors, boosting hotels, restaurants and retail businesses.
Foreign tourists flock to China for cool summer escapes
