Floods and Xi’s instructions; PRC to limit access to top AI models?; PBoC policy support for Hong Kong; Tax burden on private firms

Today’s top items:

1. Flood disasters and Xi’s instructions - Typhoon Maysak has caused significant flooding with casualties and major damage across parts of Guangxi and Hubei. Xi issued instructions Tuesday on flood control and disaster relief after reservoir dam breaches and landslides in Guangxi, Hubei and Gansu caused what Xinhua called “major casualties and economic losses 重大人员伤亡和经济损失.” Li Qiang added written instructions tasking the National Flood Control Office and the National Disaster Prevention, Reduction and Relief Office.

From the instructions:

All localities and relevant departments must ensure the implementation of established deployments and measures, resolutely overcome complacency and the mentality of trusting to luck, keep a close watch on and enforce disaster prevention and relief responsibilities, and thoroughly carry out the screening and rectification of risks and hidden dangers in rivers and lakes, dilapidated and at-risk reservoirs [病险水库], and areas prone to geol…