Central bank: demand for loan restructuring by marketplace sellers ri…

Deputy Security Council chairman Dmitry Medvedev said he discussed the State Duma speaker candidacy with Vladimir Putin, who believes Vyacheslav Volodin can successfully continue in the post; Medvedev also voiced support. Voting for the ninth Duma ran from 18 to 20 September, with the Central Election Commission saying final results would come no earlier than 25 September.

United Russia chairman Dmitry Medvedev said the new Duma will create two committees, one on digital technology and AI and one on administrative and criminal legislation, splitting work previously handled by a single state-building and legislation committee. He named Andrei Makarov for finance and taxes, Nikolai Shulginov for energy, Pavel Krasheninnikov for constitutional legislation and the judiciary, Maxim Topilin for economic policy and Vladimir Kasatonov for defence, with Yuri Petrov expected to head the new criminal and administrative committee.

SVR director Sergei Naryshkin said on Channel One that the European Union interfered in the State Duma election, alleging that the European Commission had prepared a document in advance declaring the vote bad. Foreign Minister Sergei Lavrov had earlier said the EU approved a statement calling the election non-compliant with European democratic standards days before voting. After counting 96.95% of ballots the Central Election Commission said five parties had entered the new Duma, with violations recorded at 20 polling stations.

Chinese President Xi Jinping arrived in the United States on 24 September for a state visit and held talks with President Donald Trump. According to China Central Television, the two leaders exchanged views on major international and regional issues including the Middle East, the Ukraine crisis and the Korean Peninsula. Xi also voiced hope for developing trade ties with the US and said the two countries could continue dialogue on artificial intelligence.

Foreign Minister Sergei Lavrov held a series of bilateral meetings at the 81st UN General Assembly session in New York, including with Serbian President Aleksandar Vucic, conveying greetings from Vladimir Putin. Vucic asked that his regards be passed to Putin and stressed the need to expand cooperation with Russia in all areas. Lavrov also met the foreign ministers of Mali and Panama and the OSCE secretary general. He is scheduled to address the general debate on 26 September, while Vucic has said he will leave the presidency on 27 September.

As Israeli Prime Minister Benjamin Netanyahu took the UN General Assembly podium, diplomats from several countries began leaving the hall; jeers were heard and the chair repeatedly called for order. Opening his speech, Netanyahu addressed those remaining and invited anyone yet to leave to do so, while his supporters applauded and chanted. New York Mayor Zohran Mamdani had earlier said he was discussing a possible arrest with lawyers, which the US UN envoy called pure political theatre.

French radio station Europe 1 reported that France is prepared to send troops to Ukraine once a ceasefire is in place, deploying them away from the front line at strategic points to train, equip and above all regenerate the Ukrainian army. The move could come under the coalition of the willing framework and other countries may follow, though how many troops each is ready to send is unclear. A January summit in Paris signed a declaration on deploying multinational forces after the conflict, with Macron speaking at the time of thousands of French soldiers.

Central Bank governor Elvira Nabiullina said high interest rates are not the main brake on the economy; GDP dynamics are more affected by shortages of skilled labour, problems with the investment climate and limited access to technology and equipment under sweeping Western sanctions. She said growth is held back not so much by rates as by labour shortages, the investment climate and access to technology. She gave no quantitative targets.

The Central Bank of Russia set out the admission procedure for digital depositories, crypto exchangers and operators of information systems issuing digital rights. The regulation dated 23 September sets qualification requirements for management board members and certain officials, the document list and the regulator's decision process for registry entry; legal entities must disclose shareholders holding more than 10%, while individuals must provide identity, tax and address data. Registered by the Justice Ministry, the acts take effect on 5 October 2026. Deputy governor Vladimir Chistyukhin has said the first companies could be licensed before the end of 2026; full rollout requires 27 regulations, seven of them priority.

Russia's Finance Ministry has proposed a windfall tax on producers of non-ferrous metals, fertilizers and gold, levied on excess profits earned from rising world prices. The specific rate, tax base and expected budget revenue had not been disclosed at the time of publication, and the full scope of affected industries and the timing remain to be clarified. The initiative is seen as one way to raise budget revenue as the deficit widens.

The Finance Ministry announced a revision of the subsidised Family Mortgage programme: from 1 October 2026 the rate and maximum loan size depend on the number of children. Outside Moscow, St Petersburg and the two surrounding regions, with at least one child under seven: 2% for five or more children (10m rouble cap), 4% for four, 6% for three (also 10m), 8% for two (8m) and 10% for one child (6m). In Moscow, St Petersburg, Moscow region and Leningrad region the rates are 4%, 6%, 8%, 10% and 12% with caps of 18m, 18m, 18m, 15m and 12m roubles. The subsidy term is capped at 15 years and the rules apply only to contracts signed from 1 October.

Finance Minister Anton Siluanov said at a government meeting that Russia's minimum wage will rise to 28,935 roubles in 2027, an increase of 6.8% matching projected wage growth next year. He said the presidential target of raising the minimum wage to 35,000 roubles by 2030 will be met, and that the measures will speed up wage growth for low-income workers.

Residents of several apartment blocks on Ippodromskaya Street in Novosibirsk say hot water has run for only about 20 days in total since summer because of breakdowns and repairs, with the problem now in its fourth month and no restart date given. One family with three children has to bathe at relatives' homes, and in one building a basement pipe burst shorted the wiring and disabled the lift. Residents say complaints to the authorities have produced no result and the management company has been slow to act.

Nineteen servicemen were swept into the Caspian Sea during Kazakh navy exercises, with the defence ministry confirming the deaths of nine of them. Vladimir Putin sent a condolence telegram to President Kassym-Jomart Tokayev, published on the Kremlin website, expressing deep condolences and asking that sincere sympathy and support be conveyed to the families of the dead. Kazakhstan has set up a commission to investigate the causes of the tragedy.

Krasnodar Krai authorities declared a regional emergency after massive attacks on logistics infrastructure, port shutdowns and disrupted shipping in the Azov-Black Sea basin left local agricultural producers unable to sell significant volumes of produce, saturating the domestic market and risking disruption to living conditions and substantial material losses. Overnight into 24 September drones struck Kuban and Rostov region; the Russian defence ministry said 40 drones were destroyed over Russian territory. Debris started a fire at an enterprise in Dinsky district, fought by 50 firefighters and 15 vehicles with no casualties, while administrative buildings at an oil depot were damaged in Rostov region.

The European-Mediterranean Seismological Centre recorded a magnitude 4.8 earthquake off Kamchatka's east coast, with the epicentre 98 km south-east of Petropavlovsk-Kamchatsky at a depth of 40 km. The tremor struck at 22:55 local time on 24 September (13:55 Moscow time) and is classed as felt, capable of minor damage near the epicentre. Petropavlovsk-Kamchatsky has about 187,000 residents, and no casualties or damage had been reported.

Rostec said the United Aircraft Corporation has delivered a batch of Su-57 fighters in a new technical configuration to the Russian Aerospace Forces. The press service said the new configuration will broaden the range of missions for the type and that aircraft leaving the factories today differ markedly from those at the start of the special operation, the Su-57 having evolved substantially on the basis of combat experience. The number delivered and the timing were not disclosed.

Data supplied to Lenta.ru by retailer SimpleWine show Russian wine sales rose 4% in 2025 and kept growing in 2026, with sparkling wine up 38% and purchases by 18-25 year-olds up 130%, nearly 2.5 times. Crimea's share of sparkling wine rose from 77% in 2024 to 79% in the first eight months of 2026, while Krasnodar Krai accounted for 21% with sales up 217%; in still wine Krasnodar holds 84% and Crimea 16%. December remains the peak month, at 27% of annual sparkling sales in 2025. Separate data from the alcohol regulator show Crimean wine output fell 24.7% to 3.44m decalitres in the first eight months of 2026, with sparkling down 38% to 379,290 decalitres.

Avangard Omsk goaltender Nikita Serebryakov suffered a head injury in a 22 September KHL regular-season game against Torpedo Nizhny Novgorod (1:5) when US forward Michael Vecchione attempted and failed to jump over him. Fellow goalie Ivan Prosvetov called it an accident rather than a deliberate act. Head coach Guy Boucher said Serebryakov could miss anywhere from seven days to three months. Prosvetov was recalled and stopped 24 of 25 shots in a 24 September game against Spartak Moscow (2:1 in overtime).

Freedom Holding Corp founder Timur Turlov is standing for president of the International Chess Federation; if elected he would be the first Kazakh to head the organisation. He pledges a dedicated 6.2m euro (nearly $7m) FIDE fund plus at least $1.5m a year for a minimum of four years for national federations' media, digital and education work, a minimum commitment of about $8.5m with actual spending expected above $10m. His platform covers digital transformation, AI in teaching and tournament organisation, and three major open tournaments a year in Africa, the Americas and smaller countries. Traders put his chances of winning at 82%.

Central Bank governor Elvira Nabiullina said at the International Banking Forum that demand for loan restructuring has risen in Russia, especially among marketplace sellers hit by UAV strikes. She said banks face «certain difficulties», mainly over the paperwork borrowers must submit to prove damage: «They may look technical, but believe me, for every borrower who ends up in this situation these are not technical difficulties». Her proposed fix is direct dialogue between banks and marketplaces, with the Association of Banks of Russia coordinating a standard set of bank requirements to speed up approvals. Context: the CBR had earlier asked creditors not to demand early repayment and not to charge penalties on affected sellers, with recommendations running to September 2027; VTB estimated marketplace merchants restructuring applications at hundreds of millions of rubles. Impact on Chinese sellers: confirmed — the mechanism targets Russian legal entities with Russian bank accounts whose cash flow broke after warehouse destruction; inferred — the documentation barrier will not disappear soon, FBS-only and fully foreign structures are largely out of scope, and sellers operating through a Russian entity should prepare platform-issued damage confirmations in advance; applicability unconfirmed — whether foreign structures can apply through Russian banks is not stated.

A Moscow arbitration court case card shows that OOO SalyutDevices, developer of Sber and Salut home devices, has filed a claim against M.Video main operating company OOO MVM. The claim is RUB 6.6 bln; the substance is not disclosed. The retailer press office said it is working to settle the dispute and hopes to find a mutually acceptable solution, stressing the importance of constructive partnership. The piece also lists the retailer finances: 2025 IFRS revenue RUB 324.8 bln, down 28%; net loss tripled to RUB 63.6 bln; financial liabilities reached RUB 159.2 bln at end-June, with long-term debt up from RUB 2.2 bln to RUB 26.7 bln, and a RUB 17.5 bln credit line maturing 2033. On 22 September M.Video commercial director Sergey Uvarov acknowledged a shortage of working capital and a RUB 17 mln debt to a supplier operating under an agency scheme. Impact on Chinese sellers: confirmed — suppliers selling to M.Video under supply or agency contracts face payment and credit-term risk; inferred — when a major retailer is short of cash, supplier terms lengthen passively, so reconcile current contracts, invoiced-but-unpaid amounts and agency-scheme settlement terms; applicability unconfirmed — whether the lawsuit affects M.Video settlements with third-party sellers is not stated.

The Eurasian Economic Commission internal market protection department published the report of an anti-dumping investigation launched in late 2025 and proposed five-year anti-dumping duties on truck tyres imported into the EAEU from Thailand and Vietnam: 17.05% for Thai Prinx Chengshan and Maxxis International, 22.37% for other Thai producers; 11.31% for Vietnamese Jinyu, 14.99% for Vietnam COFO Tires, 16.48% for Sailun and 17.25% for Advance Tyre and other Vietnamese plants. The investigation was initiated by Belshina, Kordiant and the Nizhnekamsk truck tyre plant (Kama Tyres). The EEC found that in 2022–2024 EAEU demand grew just 0.8% while imports from Thailand and Vietnam rose sharply, and that during the investigation period consumption fell 12.1% while import volumes barely changed, cutting EAEU output 5.6%, capacity utilisation 4.9% and sales profit 58.7%. Importers ProfSnabService (Mir bolshikh koles) and Russkie Shiny warned of higher prices and lack of choice, saying EAEU plants cover only half of demand. Kordiant data: January–July truck tyre imports up 27% against demand growth of about 5%. Context: truck tyres from China have faced 14.79–35.35% duties in the EAEU since 2021, extended to 13 November 2026 during the review. Impact on Chinese sellers: confirmed — the duties target Thai and Vietnamese origin; inferred — the named Prinx Chengshan, Jinyu and Sailun belong to Chinese holding groups, so the cost advantage of Chinese-linked Southeast Asian capacity weakens; for direct shipments from China the existing 14.79–35.35% is unchanged; applicability unconfirmed — final rates and the effective date depend on an EEC Council decision; this is still a report proposal.

FESCO transport group, managed within the Rosatom state corporation perimeter, says it has rerouted intermodal container shipments from Ankara away from Novorossiysk to Saint Petersburg. The updated through route includes regular rail departures from the Turkish capital to the port of Gebze and onward FESCO sea services to Saint Petersburg. A first batch of 40 TEU left Ankara on 19 September; after arriving at Gebze the boxes were loaded onto a group vessel, with total transit estimated at about 20 days. The route also runs in reverse, carrying Russian export cargo to central Turkey. FESCO deputy CEO for the line-logistics division German Maslov said the group kept the rail leg to Gebze and changed only the Russian port of destination to ensure stable supplies from central Turkey. The group operates about 200,000 TEU, nearly 15,000 fitting platforms and more than 30 vessels; in 2023 92.5% of DVMP shares were transferred to Rosatom by presidential decree. Impact on Chinese sellers: inferred — after disruption on the Black Sea leg, the Turkey to north-west Russia corridor has shifted to the Baltic; Turkey transit still works but at roughly 20 days, so replenishment cycles for the Russian market need recalculation; applicability unconfirmed — the service targets Turkish cargo, and whether Chinese cargo can connect and at what cost is not stated.

A draft Ministry of Industry and Trade order published on 24 September sets out that the technology levy on radio electronics starts on 1 December 2026 for laptops and keyboard tablets (HS 8471 30 000 0), corded phones with cordless handsets (8517 11), smartphones (8517 13), cellular phones (8517 14) and other telephone sets (8517 18). Base rates: laptops RUB 746 per unit, smartphones RUB 373, corded phones with cordless handset RUB 149, cellular handsets RUB 75, other telephone sets RUB 37; if the trademark and model are recorded in the marking system, rates drop to 500 / 250 / 100 / 50 / 25 rubles; if not, they rise to 992 / 496 / 198 / 100 / 49. Mandatory marking for these categories has applied since 1 March 2026, and a marking experiment for computers, system units, I/O devices, storage devices and SSDs and game consoles runs from 1 September 2026 to 31 August 2027. The levy was created by November 2025 amendments to the law on industrial policy: it is paid to the federal budget on import into Russia or domestic production of electronic component base and products containing it; the government approves lists and amounts, with a RUB 5,000 cap per unit. The explanatory note says the guiding principle was preserving products across all price segments, i.e. avoiding a material impact on low-priced goods. Impact on Chinese sellers: confirmed — importing into Russia or producing these categories creates a per-unit fixed cost; for low-end smartphones RUB 373 per unit is a new line in the margin calculation; inferred — registering the brand and model in the marking system cuts the rate by roughly a third, worth it depending on volume and registration cost; applicability unconfirmed — the formal adoption process, possible list expansion and the import payment mechanism are not disclosed.

According to Rospotrebnadzor materials, the composition of Nestle dry infant formula NESTOGEN 1 did not match the label: actual vitamin A content was almost four times lower, vitamin E two times lower, iodine was understated, while fatty acid content significantly exceeded the figure printed on the pack. Similar violations were found in NESTOGEN 2. The watchdog recommended tighter control over manufactured products and issued a warning to Nestle Russia. The company said NESTOGEN products are safe and fully comply with technical regulations, quality standards and food safety requirements, confirmed by additional accredited laboratory tests. Context: in January Nestle Russia recalled several batches of baby food over a potential cereulide toxin risk in arachidonic acid raw material, after which Rospotrebnadzor suspended imports of NAN 1 OPTIPRO, NAN 2 OPTIPRO, NAN Supreme, NAN EXPERPRO, NAN lactose-free, PreNAN, Nestogen Comfort and Alfare Amino. Impact on Chinese sellers: confirmed — the named SKUs, if still circulating on marketplaces, must be delisted or batch-verified; inferred — baby food is a high-sensitivity category where compliance documents, batch evidence and correct labelling are prerequisites for listing, so sellers in the category should add watchdog notices to routine monitoring; applicability unconfirmed — specific batch numbers and circulation scope are not stated.

Finance Minister Anton Siluanov said at a cabinet session that Russia minimum wage will reach RUB 28,935 in 2027, a 6.8% increase; since 1 January 2026 the figure has been RUB 27,093. The subsistence minimum will also rise 6.8% to RUB 20,230, indexing linked benefits and social payments; Labour Minister Anton Kotyakov said the unified benefit and other payments will be indexed 6.8% from 1 January 2027, with monthly cash payments, maternity capital and the one-off childbirth benefit additionally adjusted to actual inflation from February. Siluanov stressed that the presidential goal of raising the minimum wage to RUB 35,000 by 2030 will be met. Since 2025 the minimum wage is calculated from the median wage; wages grew 6.5% in real terms in H1 2026. Impact on Chinese sellers: confirmed — sellers employing Russian staff (warehouse sorting, customer support, local operations) face a statutory 6.8% labour cost increase from 1 January 2027; inferred — synchronized benefit indexation will lift market wages for low-paid local roles and indirectly raise outsourced warehousing rates, which should be built into 2027 budgets; applicability unconfirmed — whether the increase applies equally to outsourcing, civil-law contracts and part-time work is not stated.

According to Natsrybresurs, as of 21 September 2026 Far East pollock wholesale price reached RUB 215 per kg: up 2.4% on the week, 10.3% on the month and 59.3% year on year. The reason is strong export demand and a sharp fall in cod catches, which pollock substitutes for: cod wholesale prices rose 40% year on year and the cod allowable catch is at a historic low. From early January to 21 September 2026 pollock accounted for 50.1% of all Russian fish catch, with volume up 2% year on year to 1.8 mn tonnes, while total fish and seafood catch fell 3.8% to 3.6 mn tonnes. On exports: January–August fish product shipments to China rose 19% in physical terms, including headless frozen pollock +25% and fillet +15%; January–July fillet supplies to the EU rose 16%. On costs: fuel accounts for up to 37% of the retail price of pollock fillet, and fuel oil in Vladivostok is up 18% since the start of 2026. Market participants note Vietnamese farmed pangasius and tilapia are being pushed in Russia as universal white fish, with Russia the second largest market for Vietnam. Impact on Chinese sellers: inferred — Chinese importers of seafood and food products face nearly 60% higher purchase cost for Russian white fish year on year, requiring repricing; applicability unconfirmed — this is a Far East ex-works wholesale price excluding freight, insurance and duties to China, so landed cost must be calculated separately; confirmed impact — obligations for marketplace sellers do not change; this is a cost-side warning.

In the three-year budget draft submitted to the government, the Finance Ministry proposed a 22% standard VAT rate on purchases of goods through cross-border electronic trade, with electronic trading platforms paying as tax agents. The ministry press service wording: to form a competitive environment and whiten the economy, the bill proposes, in order to equalise trading conditions on the domestic market, a 22% standard VAT on purchases of goods in cross-border electronic trade, paid by electronic trading platforms as agents. Currently no VAT is charged on foreign goods bought through electronic platforms. The same package includes a RUB 100 customs fee per parcel on goods for personal use worth up to EUR 200 sent from abroad (see the separate item in this issue). Context: in December 2025 President Vladimir Putin set the task of whitening the economy; customs revenues fell noticeably in 2025 and the government expects to restore them while building an import chain traceability system. Impact on Chinese sellers: confirmed — Chinese sellers offering foreign goods to Russian consumers via Russian platforms will face a 22% VAT cost for the first time, paid by the platforms, directly compressing the price advantage; inferred — since the platform is the agent, the burden will most likely be passed to sellers through pricing or settlement terms, so clarify whether listed prices are tax-inclusive; applicability unconfirmed — the bill text, effective date, any B2C/C2C distinction and registration rules for foreign entities are not published.

In the three-year budget draft the Finance Ministry proposed a RUB 100 customs fee on goods for personal use worth up to EUR 200 sent from abroad by post. The ministry said the fee would help form a competitive environment and whiten the economy, and treats expanded customs collection as a budget revenue reserve. Under rules in force since 1 January 2020, goods in international postal shipments below EUR 200 and up to 31 kg could be sent duty free, with 15% of the excess value or EUR 2 per excess kilogram charged above those limits. The proposed fixed payment means a new customs cost for shipments that previously fell within the duty-free threshold. The government is also building an import chain traceability system to capture the real entry value of goods. Impact on Chinese sellers: confirmed — Chinese sellers shipping small postal parcels directly to Russian consumers will add RUB 100 per parcel under EUR 200, hitting low-average-order-value categories (jewellery, small accessories, 3C accessories) hardest; inferred — combined with the 22% VAT in the same package, the cost gap between postal direct shipping and stocking in Russian warehouses widens, so low-AOV direct shipping models need recalculation; applicability unconfirmed — whether the fee applies only to postal channels, or also to platform-operated logistics and consolidation routes, is not stated.

The Bank of Russia said it is suspending outbound transfers of funds by non-residents from unfriendly countries held with Russian brokers and trust managers for the period from 1 October 2026 to April 2027, a further six months. The restriction covers accounts of both individuals and legal entities opened with Russian brokers and trust managers. The measure was first introduced on 1 April 2022. Exemption: the restriction does not apply to the return abroad of funds from type In accounts that non-residents may open to invest in the Russian financial market under presidential decree No. 436. The decision was taken to maintain financial stability. Impact on Chinese sellers: confirmed — China is not on the unfriendly countries list, so Chinese entities are outside this restriction; inferred — the measure has been renewed every six months for over four years, indicating that the channel for repatriating funds from Russian brokerage accounts remains unstable; parking proceeds in a Russian brokerage account before transfer is high risk and trade settlement should run through banking channels; applicability unconfirmed — the composition of the unfriendly list and bank practice are not detailed.

Official Bank of Russia rates from 25 September 2026: USD 84.9057 rubles (up 50.88 kopecks versus the previous group), EUR 96.8859 (up 14.17) and CNY 12.6500 (up 9.02); the ruble weakened against all three. On the exchange, the yuan stood at 12.60 rubles at 19:00 on 24 September, 10.1 kopecks below the previous close, with an intraday range of 12.62–12.70; the ruble was supported by higher oil and exporter preparation for the 28 September tax period (personal income tax, social contributions, VAT, mineral extraction tax, excises and profit tax). The official euro rate has since 8 June been calculated from the ruble/dollar rate and the ECB euro/dollar rate because of low turnover in the ruble/euro pair. November Brent futures stood at USD 107.82 a barrel at 19:00 (up 4.6%), WTI at USD 96.41 (up 4.62%); RUONIA rose to 14.17%. Impact on Chinese sellers: confirmed — the official rate is the basis for customs clearance, accounting and tax valuation in Russia; a higher yuan rate means the same yuan proceeds convert into more rubles and ruble-denominated taxes and fees move accordingly; inferred — the ruble is supported short term by the tax period and oil, with a possible correction after month end, which can inform repatriation timing; applicability unconfirmed — actual conversion depends on bank and platform spreads; the official rate is only a benchmark.

An Economic Development Ministry representative told journalists that the 2026 retail trade growth forecast was raised to 4.6% from 0.8% in the May version; 2027 is seen at 2.6% (May: 2.3%), 2028 at 2.8% (2.8%) and 2029 at 3.1% (3.1%). Minister Maxim Reshetnikov said at a cabinet session that consumer demand remains the mainstay of economic growth, supported by household income growth, with real disposable income up 0.8% in 2026 and 1.5% in 2027, accelerating to 2.8% by 2029. The same package raised the 2026 inflation forecast (5.2% to 6.8%), set 2027 GDP growth at 1.4%, cut the 2026 external trade surplus estimate to USD 120.8 bln, and set an average annual dollar path from 79.5 rubles in 2026 to 96 rubles in 2029. Impact on Chinese sellers: inferred — the official retail growth outlook is raised almost fivefold, giving a more optimistic baseline for stocking and advertising aimed at Russian consumers; at the same time the inflation forecast is up 1.6 percentage points, meaning much of the growth is nominal, so volume and price should be planned separately; confirmed impact — this is a forecast document and creates no new obligations for sellers; applicability unconfirmed — whether the growth is nominal or real is not stated.

Central Bank governor Elvira Nabiullina said high interest rates are not the main drag on the Russian economy; GDP dynamics are influenced far more by shortages of skilled workers, problems with the investment climate and poor access to technology and equipment amid large-scale Western sanctions. In her words: the constraints on economic and investment growth are not so much the effect of interest rates as the shortage of labour resources, the investment climate and access to technology. The report notes investment continues to fall as assets of domestic and Western companies are transferred into Russian ownership on a large scale, and analysts recall that guarantees of private property are a key condition for businesses entering a market. Impact on Chinese sellers: inferred — labour shortages will keep pushing up rates for warehousing, sorting and last-mile delivery, a persistent source of fulfilment cost pressure; the further 6.8% minimum wage rise in 2027 points the same way; confirmed impact — this is a statement and creates no new obligations; applicability unconfirmed — no sector-level labour gap figures are given, so warehouse and delivery staffing shortfalls need a separate source.