China Daily: Diplomacy, Energy, Tech Lead June 26 News

Beijing was the center of a busy day of developments on June 26, 2026, as Chinese President Xi Jinping held high-level meetings with leaders from Cambodia and Bangladesh, the government unveiled a landmark 20 trillion yuan energy investment plan, and the country’s 6G technology advanced to a new phase. The day also brought news of a senior defense official’s corruption investigation, a major AI report on corporate restructuring, and the collapse of a key Evergrande asset sale.

Diplomacy: Xi Meets Cambodian and Bangladeshi Leaders

President Xi Jinping met separately with Cambodian Senate President Hun Sen and Bangladesh Prime Minister Tarique in Beijing on June 26, reinforcing China’s bilateral ties with two key Belt and Road Initiative partners, according to Xinhua News Agency. The meetings underscored China’s continued focus on strengthening relations with developing nations in Asia.

In a separate diplomatic engagement, Chinese Foreign Minister Wang Yi held talks with Austrian Foreign Minister Reisinger in Beijing on June 25. Wang noted the 55th anniversary of China-Austria diplomatic relations, emphasizing that “the most important experience is mutual respect and equal treatment; the most effective approach is openness, inclusiveness, and mutual benefit,” as reported by People’s Daily. Reisinger affirmed Austria’s commitment to the One-China policy and expressed willingness to facilitate EU-China dialogue.

Energy: 20 Trillion Yuan Investment Plan Unveiled

China announced a sweeping new energy investment plan under the 15th Five-Year Plan (2026-2030), with total investment in key energy projects and new business models expected to exceed 20 trillion yuan (~$2.93 trillion USD). National Energy Administration Director Wang Hongzhi made the announcement at a State Council press conference, stating that the plan targets a clean, low-carbon new energy system by 2030, with new energy accounting for 30% of power generation, Xinhua reported.

Technology: 6G Advances and AI Reshapes Management

China’s 6G technology has progressed from laboratory research to a system verification phase, marking a significant milestone under the IMT-2030 framework, CCTV reported on its “Morning News” program. The development positions China competitively in the global race for next-generation telecommunications standards.

Meanwhile, a new report co-hosted by recruitment platform Tongdao Liepin and Tsinghua University’s School of Economics and Management found that AI is rapidly hollowing out corporate middle management. According to Caixin Global, the technology sector shed approximately 150,000 jobs across 363 layoff events in 2026, with May alone seeing 40,000 cuts — a two-year high. Amazon and Meta have increasingly targeted middle-management roles, with AI cited as the primary rationale.

Anti-Corruption: Senior Defense Official Investigated

China’s anti-corruption campaign ensnared Bian Zhigang, deputy head of the State Administration of Science, Technology and Industry for National Defense (SASTIND) and Vice Administrator of the China National Space Administration (CNSA). The Central Commission for Discipline Inspection announced on June 24 that Bian is under investigation for suspected serious violations of Party discipline and law, Caixin Global reported. His probe brings the number of centrally managed cadres investigated in 2026 to 35, signaling an intensification of anti-corruption efforts. Before his downfall, Bian had been the public face of China’s international space cooperation, explaining plans for the Chang’e-7 and Chang’e-8 lunar missions.

Finance: Evergrande Property Stake Sale Collapses

In a major setback for creditor recovery, talks to sell a controlling 51.02% stake in Evergrande Property Services Group Ltd. collapsed after liquidators of bankrupt parent China Evergrande failed to reach a formal agreement with Guangdong Provincial Tourism Holdings Co. Ltd. Shares plunged 23.5% to HK$0.78, Caixin Global reported. The failed deal derails efforts to monetize one of the few healthy assets remaining from the Evergrande collapse. Evergrande Property reported 2025 revenue of RMB 13.7 billion and net profit of RMB 1 billion. Liquidators have indicated they will seek new buyers.

Looking Ahead

The day’s developments paint a picture of a China simultaneously advancing on multiple fronts — deepening diplomatic ties across Asia, making bold investments in energy transition, pushing the boundaries of telecommunications technology, and grappling with the structural challenges of AI-driven labor market disruption and the lingering fallout from the property sector crisis. The intensifying anti-corruption campaign, particularly in the sensitive defense and space sectors, signals the leadership’s continued commitment to political discipline under President Xi Jinping.