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In the spring of 2026, as the “Guangdong Goods Global Reach” campaign launched in Foshan with a flourish of live-streamed home-appliance promotions, something profound was unfolding. Beyond the flashing screens and surging sales figures lay a quiet revolution: products born in the Pearl River Delta were no longer merely filling shelves—they were reshaping households, imaginations, and economies across the planet. From drones soaring over African savannas to smart air conditioners humming in European living rooms, from lychee-infused ice creams delighting North American taste buds to foldable smartphones defining the future of mobility, “Guangdong-made” has become a global synonym for quality, ingenuity, and emotional resonance.Guangdong's unshakable status as a leader in China's foreign trade is evident in the numbers. In 2025, the province's total import and export volume of goods reached 9.49 trillion yuan, a year-on-year increase of 4.4%, hitting a record high and maintaining its top position nationwide for 40 consecutive years. It contributed 24.1% to China's total foreign trade growth, ranking first in the country, with exports and imports accounting for 22.4% and 18.7% of the national total respectively. As a pilot zone for reform and opening-up, Guangdong has leveraged policies in free trade zones and comprehensive bonded areas to optimize the business environment, with bonded logistics imports and exports reaching 1.93 trillion yuan in 2025, accounting for over 20% of the total foreign trade volume for the first time.The roots of this success stretch back to the dawn of China’s reform and opening-up, while its geographical advantage—backing onto the Nanling Mountains, facing the South China Sea, blessed with deep-water ports and proximity to Hong Kong—offers unmatched logistical grace. The establishment of the Guangdong-Hong Kong-Macao Greater Bay Area further amplified these advantages, weaving together policy innovation, cross-border capital flows, and world-class infrastructure into a single, dynamic ecosystem.Yet geography and policy alone do not explain the leap from low-cost assembler to global technology leader. The true transformation lies in Guangdong’s relentless industrial upgrading. What began as labor-intensive OEM production evolved through absorption, imitation, and finally autonomous innovation.Today, the province accounts for roughly 70 percent of the world’s consumer-grade drones led by DJI, over 40 percent of China’s industrial robots, and a commanding share of smartphones, smart wearables, and new-energy vehicles. BYD’s electric vehicles surged 145 percent in overseas sales in 2025, reaching 1.05 million units and capturing leading positions in multiple markets. Midea and Gree derive more than 40 percent of revenue from abroad; OPPO and vivo each send over 60 percent of their phones overseas; Transsion dominates emerging markets with 90 percent of sales outside China.At CES 2026 in Las Vegas, more than 530 Guangdong exhibitors—outnumbering many entire national delegations—showcased AI glasses, intelligent wearables, and next-generation robotics, proving that the province has moved decisively from “Made in Guangdong” to “Created in Guangdong.”This shift was not painless. It demanded heavy investment in R&D, the nurturing of industrial clusters, and a cultural embrace of continuous iteration. Shenzhen, often called “China’s Silicon Valley,” exemplifies the model: a complete supply chain married to lightning-fast commercialization turns global breakthroughs into market-ready products almost overnight. Meanwhile, traditional manufacturing heartlands such as Foshan’s home appliances, Dongguan’s precision components, and Zhongshan’s lighting have reinvented themselves through intelligent factories, green technologies, and AI-driven optimization. The result is a manufacturing system that delivers not just scale and cost efficiency, but superior quality, sustainability, and intelligence—attributes that increasingly define global competitiveness.What truly sets Guangdong goods apart, however, is their ability to carry cultural warmth across borders. The province has masterfully fused technological prowess with the deep heritage of Lingnan culture. Maoming’s lychees, marketed as the “Fruit of Oriental Love,” travel the world with stories of romance and prosperity. Shunde’s potted vegetables and Chen Cun’s kumquats arrive with cards recounting their auspicious meanings. Poon Yuen’s wife cakes are reformulated for overseas palates yet retain their traditional soul. These products evoke nostalgia for overseas Chinese communities and invite newcomers to share in centuries-old rituals of family and fortune.This cultural bridge is strengthened immeasurably by Guangdong’s unique relationship with the global Chinese emigrants. Millions of overseas Chinese trace their roots to the province; they serve as natural ambassadors, cultural translators, and trusted distributors. From Southeast Asian night markets to North American Chinatowns, Guangdong goods arrive as familiar treasures and extensions of home. The “Global Red Envelope” campaign of 2026 cleverly harnessed this emotional affinity, transforming the traditional “hongbao” into a symbol of Guangdong’s goodwill toward the world: a red packet of prosperity delivered through both products and stories.As Guangdong goods continue their journey outward, they carry more than hardware and software. They bear the imprint of a people who have learned to blend ancient wisdom with cutting-edge ambition, openness with resilience, and profit with purpose. In doing so, they remind the world that true globalization is a shared pursuit of better lives instead of a zero-sum game of extraction.

Five years ago, being cool was perhaps spending half of one’s monthly paycheck on a designer handbag just to “fit in,” while today,  “showing off” a highly sought-after concert ticket is more likely to get you the most likes on your social media page.As the calendar turned to the year of 2026, the phrase “Love Yourself First” has exploded across China’s social media. From TikTok-style short videos to WeChat Moments, young people are sharing how they’re ditching old spending habits—like chasing luxury logos or hoarding sale items—to prioritize what actually makes them happy.China’s Generation Z is now turning inward, fueling a multibillion-yuan “self-pleasing” consumption boom that’s as much about emotional survival as it is about spending.Far from being a passing trend, this viral slogan signals a profound shift in the consumption philosophy of China’s Gen-Z and young millennials, a group that makes up nearly 400 million people and drives over 11 trillion yuan in annual spending, according to the 7th National Population Census.To understand the hype, forget the misconception that “Love Yourself First” is about selfish overspending. For China’s youth, it’s a rejection of the “show-off consumption” that defined previous decades. Instead, “Love Yourself First” translates to a few key spending shifts.Psychologically, this surge stems from a blend of pragmatism and self-compassion. Amid economic uncertainties and a competitive job market, young people are redefining success as an evolution from the “Lipstick Effect”—once a coping mechanism for economic downturns, now a proactive pursuit of “self-reward.” Liu Haihua, a Peking University researcher attributes this to “self-compassion,” where consumption becomes a tool for immediate happiness rather than deferred gratification. Similarly, the viral phrase “Love Yourself First” notes that 56.3% of young respondents prioritize “happy consumption,” up 16.2% from the previous year, with activities like queuing for Labubu toys or donning Hanfu in historic sites providing emotional outlets and social bonds.Economically, its’s a much-needed injection of vitality into the retail sector. Young consumers are now willing to splurge on experiences that feed their souls, not just their wardrobes. Data from 2024 shows 176 million people attended live performances in China, with Gen-Z making up the majority of the audience—and box office revenue hit 51.8 billion yuan in 2025. And there’s more: Blind boxes and “guzi” merchandise, projected to hit 300 billion yuan by 2029, spawn jobs in design, e-commerce, and cultural tourism. “Guzi economy” (products for anime, games, and movies) surged to 168.9 billion yuan in 2024. Companies like Pop Mart, the maker of viral collectibles such as Labubu and Molly, have seen their stock more than double in 2025, with market caps exceeding HKD257.8 billion as of yesterday.Emotional consumption drives “new supply” that creates “fresh demand,” aligning with China’s policy push for service-sector growth, economists noted.Socially, however, the impacts are more nuanced. On the positive side, this consumption fosters community and self-expression. Wearing Hanfu or collecting anime badges isn’t solitary—it’s a “social currency” that builds tribes of like-minded individuals. It empowers a generation to prioritize mental health, challenging the traditional Chinese ethos of endurance and sacrifice.Yet no trend is perfect. Some young people have fallen into “emotional overspending”—like buying dozens of blind boxes or stretching budgets for concerts. But these cases are the exception, not the rule. For most Gen-Z, “Love Yourself First” is about balance: they’ll haggle over 5 yuan in delivery fees but splurge on a yoga class that improves their mental health; they’ll skip luxury meals but save for a family trip.This balance is what makes the trend so powerful. It’s a rejection of both the excesses of consumerism and the guilt of “not spending enough.” Instead, it’s a quiet revolution: young people are taking back control of their wallets—and their lives.This duality extends to big-ticket items. Data from iiMedia Research underscores the scale: China’s emotional economy hit 2.3 trillion yuan in 2024 and is projected to exceed 4.5 trillion yuan by 2029.As 2026 unfolds, “Love Yourself First” becomes a sign of a more mature, confident generation, and it tells a core message to the world: consumption should serve people, not the other way around. China’s youth no longer need to define themselves through what they buy; instead, they define their purchases through who they are.This shift is good for the economy, too: it’s driving innovation in experiences, sustainability, and “guochao,” creating new growth engines for sectors like culture and tourism. And in a world where consumerism often pressures us to “have more,” choosing to “be more” is a trend worth celebrating.

By Stephanie LI丨SFC, 21st Century Business Herald As the calendar flipped to 2026, Guangdong Province kicked off the year with a resounding “grand opening” in its cultural and tourism sector.Preliminary estimates from the Guangdong Department of Culture and Tourism reveal that during the three-day New Year’s holiday, the province welcomed 17.875 million visitors, marking a 34.8% year-on-year daily average increase. Tourism revenue soared to 9.98 billion yuan, up 39.8% on average per day, while 4A-level and above scenic spots attracted 5.56 million tourists, growing 15.3%.These figures not only paint a picture of bustling crowds and vibrant festivities but also underscore Guangdong’s underlying economic strength and its strategic positioning for the “15th Five-Year Plan” era.This surge in tourism activity is no mere seasonal blip but the reflection of a meticulously orchestrated blend of cultural offerings that cater to diverse tastes. From high-profile art exhibitions to traditional opera performances and international concerts, Guangdong transformed into a cultural powerhouse over the holiday. At the Guangdong Museum of Art, the “So Long, So Rich: Huang Yongyu’s New Works Exhibition” drew throngs of visitors, with interactive sessions allowing audiences to engage creatively with the artist’s whimsical style.The international flair added another layer of allure. Renowned orchestras from Vienna, Italy, and Berlin graced stages in the Greater Bay Area, infusing global melodies with local elements like “Butterfly Lovers.” Choral groups innovated by reinterpreting pop hits with interactive twists, appealing to younger demographics. Venues like the Guangzhou Opera House and Xinghai Concert Hall reported sold-out shows, with the latter’s “Masters Gathering” series featuring cross-border collaborations that attracted nearly 4,000 attendees, reinforcing the Bay Area’s status as a magnet for high-end cultural experiences.Digitally, Guangdong embraced innovation to extend its reach. The Guangdong Provincial Museum hosted online salons delving into ancient texts, while the Guangdong Cultural Center launched an AI-enhanced short video contest under the “Cultural Promotion Officer” initiative. These “cloud-based” activities, part of the broader “Guangdong New Year: Create the Future” digital campaign, engaged over 23,000 visitors in interactive experiences like VR tours and non-heritage workshops. Beyond the festivities, this New Year’s momentum signals deeper economic implications. Guangdong’s tourism triumph—nearly 10 billion yuan in just three days—mirrors its robust fundamentals.In 2025, the province’s industrial value added grew 3.2% in the first 11 months, with high-tech sectors like drones and robots surging. Guangdong boasts nine trillion-yuan industry clusters, leading nationally in AI, digital economy, and new energy vehicles. Its innovation prowess is evident in the “Shenzhen-Hong Kong-Guangzhou” cluster ranking first globally in innovation indices.Transportation metrics further affirm this vitality: airports handled over 180 million passengers in 2025, and Guangzhou’s metro set a national daily ridership record at 14 million. Emerging projects, like the world’s first self-navigating aquaculture platform “Bay Area Lingding” and a robot climbing challenge at Guangzhou Tower, showcase AI integration in real-world applications, aligning with the “15th Five-Year Plan’s” emphasis on high-quality development and technological self-reliance.Yet, challenges persist. Global uncertainties and the transition from old to new growth drivers demand vigilance. Guangdong must continue upgrading traditional industries, nurturing emerging ones, and enhancing sci-tech innovation through the Greater Bay Area’s centers.In essence, Guangdong’s New Year “heatwave” of cultural consumption is more than a holiday high—it’s a testament to its economic resilience, innovative spirit, and people-centric growth model. As the province charges into the “15th Five-Year Plan,” this early win sets a promising tone, proving that cultural vibrancy can fuel sustainable prosperity. With strategic investments in tourism, tech, and talent, Guangdong is poised to lead China’s high-quality development narrative.

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li.As Marvel superheroes stumble and Disney princesses falter, a rabbit cop and a fox con artist are rewriting the rules of Hollywood success in China in late 2025.The return of the favorite duo Nick and Judy knocked Avengers off its feat, as “Zootopia 2” roars back at the Chinese box office, breaking multiple records nine years after the original franchise charmed global audiences.The Disney sequel opened to impressive numbers. The animation premiered in China on November 26, day-and-date with North America, and immediately set a new box-office benchmark. According to movie data platform Beacon Pro, the film grossed CNY227 million (USD32 million) on its opening day, becoming the highest-earning imported animated film for a single day in China's box-office history. Industry projections for the film's final China run are now sky-high. Maoyan forecasts a final total of approximately CNY4.25 billion for "Zootopia 2." Should it reach that level, it could put the film on par with "Avengers: Endgame" and position it to challenge the title of highest-grossing imported film ever in China.  The Oscar-winning core team spent nine years crafting the new film, which involved a 700-member production crew, 80 new settings, 76 animal species, up to 140 variations, and crowd scenes featuring as many as 50,000 characters.The sequel picks up right where the original left off. Judy Hopps and Nick Wilde reunite as a trusted duo, guiding audiences back into the vibrant metropolis of “Zootopia” for a fresh adventure. Fan-favorite characters such as Flash the Sloth, Mr. Big and his daughter Fru Fru, Gazelle, and Clawhauser return, while a new character – Gary De'Snake – adds an intriguing twist to the story.While its Douban rating is slightly lower than the original’s 9.3/10, the sequel still holds a strong 8.5, showing solid audience support. After watching the film, many viewers praised its fast pace, detailed animation, and the chemistry between Judy and Nick.The popularity of “Zootopia 2” in China extends beyond theaters. As Judy and Nick now become two of China’s most in-demand IP characters once again, over 60 brands, including Luckin Coffee, Miniso, Pop Mart, and SAIC Volkswagen, released “Zootopia 2-themed” merchandise. These collaborations sparked a wave of fan-driven spending both online and offline.Meanwhile, Shanghai Disneyland—the world’s first and only park with a full Zootopia-themed land—is enhancing the sequel’s momentum by updating more than 200 details inside its popular attraction “Zootopia: Hot Pursuit.”Now let’s dig deeper into why “Zootopia 2” achieves such extraordinary feats in the Chinese market.First, nostalgia laid the groundwork. The 2016 original “Zootopia" became a cultural icon in China with engaging plot, beloved characters, and cultural nuances. The sequel capitalizes on this emotional connection, reviving the whimsical Zootopia universe and familiar faces to evoke cherished childhood memories, turning long-time fans into eager patrons.Disney’s localized marketing is then a masterstroke. Coinciding with Shanghai Disney’s ninth anniversary and its milestone of 100 million cumulative visitors, the film creates synergy between theatrical and experiential entertainment. Not to mention the new character, Gary De’Snake, which coincides with the Chinese Year of the Snake.Voice casting reveals similar thinking. Disney brought back Ji Guanlin and Chang Chen as Judy and Nick, signaling that continuity and emotional connection matter more than technical perfection.The market environment further fueled its success. China’s demand for high-quality animation far outstrips supply. Domestic hits are scarce, and recent Hollywood animations underperformed. The “Super Mario Bros” movie grossed just CNY171 million in 2023, while “Inside Out 2” earned CNY344 million in 2024. “Zootopia 2,” with its proven IP and universal appeal, filled this gap, becoming the top choice for diverse audiences.Finally, state-of-the-art technology delivers a visual spectacle. Judy’s fur rendering is 40% more efficient, with realistic translucency in rain; Gary’s scales achieve “microscopic realism,” showing wetness and sand adhesion. Advanced techniques like global illumination and AI-powered virtual production create immersive scenes—color-shifting underwater coral reefs, physics-driven desert sand, and “flying cities” formed by migrating birds—enhancing the film’s allure.The triumph of “Zootopia 2” lies in its ability to resonate deeply. By blending nostalgia, meaningful content, local adaptation, market timing, and technical innovation, it proves animation’s power to entertain and unite. For Chinese audiences, it’s a return to a beloved world, and a testament to what happens when a global IP truly understands its audience.

"Host a great event, revitalize a city" is more than just a slogan. The 15th National Games has reframed it as "Host a great event, activate a circle" — the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) cultural, tourism and consumption circle.1.46 billion views of National Games-related videos, 61.9 million  content exposures of Cantonese cuisine, 10.48 million searches for travel guides... In the first week since the opening of the games, the "event economy" effect in the GBA has already been fully unleashed.The concentrated outbreak of online popularity is continuously transforming into tangible transaction volume. Data from Douyin shows that since November 1, Gross Merchandise Volume in Guangzhou and Shenzhen have both risen by over 130% year-on-year.Meituan Travel data also shows flight bookings to Guangzhou, Shenzhen and Zhuhai rose 26% year-on-year, while Qunar reported venue-area hotel surges, such as a 125% jump for hotels near Shenzhen’s Longgang District, home to the Universiade Center.The games gives "sports+" real substance, integrating intangible cultural heritage, local cuisine, and "guochao" (China Chic) IPs, creating event-culture-commerce synergy. This fueled 2,800 licensed products selling out instantly, generating 680 million yuan.Star athletes further amplified regional demand: national swimming icons Sun Yang and Pan Zhanle’s showdown in Shenzhen lifted Longgang’s hotel popularity 24% month-on-month, while Wang Chuqin and Sun Yingsha’s table tennis matches in Macao drove a 52% year-on-year surge in the city’s hotel bookings.Leveraging on the games’ rising popularity, ticket stubs have also transformed into a city-wide benefits package, rather than one-time passes. Spectators can use stubs for free subway rides, free and discounted tickets at over 100 tourist attractions across the region, 60% off at Guangzhou Tower, among other catering and shopping discounts, extending the consumption journey of 5 million visitors across 24-hour city life.But what's truly impressive is GBA's cross-border connectivity that makes the one-hour economic circle possible. For the first time in National Games history, events are held in Hong Kong and Macao, and it’s also the first time three regions’ consumption policies are bundled. The seamless flow of people, vehicles, and payments makes cross-city event attendance as common as cross-district commuting. The data — over 18 million tourists in Guangzhou and Shenzhen in seven days, and hotel bookings surging by up to 125% — is the best proof of the GBA’s coordinated operation.The 15th National Games has proven more than a sports spectacle—it’s a catalyst for the GBA’s integrated development. What began with reimagined ticket stubs and "sports+" innovation has grown into a model of cross-border collaboration: seamless travel, bundled benefits, and surging consumption that bridges cities and cultures.As the GBA builds on this momentum, the Games’ legacy will lie in turning temporary excitement into lasting habits—making cross-city experiences, cultural exchanges, and shared economic opportunities a daily part of life for millions.From the simultaneous torch relay across four cities to the cross-border layout of events, from the extensive selection of torchbearers to the diverse formation of volunteer teams, "National Games for All" has become a tangible, perceptible, and accessible real-life experience for GBA residents.Cross-border integration and convergence have elevated the value of the National Games, transcending sports beyond itself. The 15th National Games is drawing to a successful close, but the GBA’s story is far from over. It is a new starting point for the GBA’s development narrative, and also a fresh chapter in China’s sports journey.

The 15th National Games, co-hosted by Guangdong, Hong Kong, and Macao, has garnered widespread attention not only for its sports events but also for a surprising cultural phenomenon: the playful public debate surrounding its official mascots, “Xiyangyang” and “Lerongrong.”Designed as Chinese white dolphin, a Grade 1 National Key Protected Species, with their names symbolizing joy, harmony, and unity, the pair has sparked a viral online discourse where netizens affectionately dub them "Greater Bay Chickens"—a lighthearted misinterpretation rooted in their round silhouettes and pink-and-white color scheme, which evoke Cantonese culinary staples soft-boiled chicken and soy sauce chicken.In an interview with China Daily, Liu Pingyun, also the creative mind behind the Beijing Winter Olympics’ “Bing Dwen Dwen,” said the designing team was really worried about ending up with a mascot that people would link to food. So we went with Chinese white dolphins—thinking, surely dolphins wouldn’t get mistaken for something edible?”Guess what? They’ve simply underestimated the imagination and humor of Cantonese people. When statues of "Xiyangyang" and "Lerongrong" popped up on Guangzhou's streets to hype up the National Games, locals were quick to joke: "It has a chicken's tail, wings, beak, and comb, so why not a chicken?”This unexpected meme has transcended mere entertainment, becoming a window into how regional cultural elements can intersect with event economics to drive widespread engagement. What initially began as a casual online joke has evolved into a cultural touchpoint, bridging the gap between a national sports event and everyday public experience.Despite the fact that the "comb" actually features the three symbolic colors—red, purple and green, which represent Guangzhou’s kapok flower, Hong Kong’s bauhinia, and Macao’s lotus, let's be real—the internet only believes what it wants to believe. Well, who can blame them? After all, Cantonese are all about food!The design also incorporates scientific accuracy: the pink-hued “Lerongrong” mirrors the natural color change of Chinese white dolphins when active, while the white “Xiyangyang” represents the species’ resting state, adding a layer of educational value to the cultural symbol.Beneath the humorous public reaction lies a meticulously crafted design that embodies the unity and uniqueness of the Greater Bay Area. This deliberate choice reflects the games’ mission to celebrate regional integration while showcasing distinct local identities.The cultural histories of Guangdong, Hong Kong and Macao each possess unique characteristics. Hong Kong and Macao showcase a vibrant fusion of Eastern and Western cultures, according to the lead designer.Despite these distinctions, the three regions share common foundations such as language, the appreciation of Chinese culture and a unique maritime heritage from their locations along the Maritime Silk Road. While preserving their distinctiveness, the regions demonstrate a marvelous integration, embodying the cultural essence of the GBA, Liu Pingyun said.Originally from Jiangxi province, Liu relocated to Guangzhou in 2000 to study for his master's degree, and then to Macao in 2018 to pursue a doctorate. Subsequently working at the school of visual arts design at the Guangzhou Academy of Fine Arts, where he now serves as the dean, he has spearheaded numerous design projects, including the creation of the widely acclaimed Beijing Winter Olympics mascot “Bing Dwen Dwen.”Now as the popularity of the "Greater Bay Chickens" continues to rise, with related online topics racking up over 500 million views and search volume surging by 300%—poised to become the most explosive cultural and sports IP in the Greater Bay Area this year, they have also translated into substantial economic impact, particularly for GBA manufacturing and cultural industries.Official data revealed that the event has attracted 33 licensed manufacturers and 44 retailers from across the country. As of Wednesday, a total of over 2,800 licensed products spanning 20 categories, ranging from plush toys and blind boxes to cultural souvenirs, have been approved, setting a new record in terms of both quantity and variety compared to previous editions. The total market value of launched licensed products has exceeded 680 million yuan.Dongguan, known as China’s "toy capital," has emerged as a key production hub: factories in Liaobu and Chashan towns have developed over 1,500 types of authorized products, leveraging the city’s industrial expertise to meet soaring demand.This collaboration between event organizers and local manufacturers has not only boosted short-term sales but also strengthened the region’s reputation as a leader in cultural product development. It demonstrates how a single cultural symbol can activate a full industrial chain, from design to production and market distribution.Beyond commercial success, the mascots serve as a catalyst for promoting intangible cultural heritage and regional traditions. The games have integrated local cultural elements into event experiences, such as wooden clogs from Dongguan’s Shilong town—given as gifts to athletes to symbolize "ascension"—and handcrafted drums from Xinchang. Plans to incorporate regional delicacies like goose rice noodles further highlight the games’ role as a platform for showcasing Lingnan culture.By linking a national sports event to grassroots cultural practices, the mascots have fostered a deeper sense of cultural pride and accessibility. They allow audiences, both local and national, to connect with regional traditions through a familiar and beloved symbol.Unlike rigid promotional symbols, the adorable mascots evolved into a shared cultural reference, bridging the gap between formal sports events and everyday life.Either a happy coincident or a meticulous plan, the “dolphin-or-chicken” hype serves as another model of successful event economics that is not merely about infrastructure investment but about creating cultural touchpoints that resonate with diverse audiences—whether through humor, nostalgia, or emotional connection.As digital platforms continue to reshape audience engagement, the ability to blend cultural authenticity with online trends will be key to unlocking the full economic potential of future large-scale events.

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li.For decades, public universities have dominated China's higher education system. But recently, a new crop of elite, heavily funded research universities in China is shaking up the country’s higher-education landscape, attracting top students with admissions standards that now rival or exceed those of many of the nation’s most prestigious legacy institutions.As results from the 2025 Gaokao, China’s national college-entrance examination, roll in, a cohort of recently established universities including Westlake University, Fuyao University of Science and Technology(FYUST), and Ningbo Eastern Institute of Technology(EIT) posted minimum cutoff scores that surpassed those of traditional top-tier schools.This new wave of research-focused private universities is challenging the status quo, bringing innovation that aligns with China’s key scientific research goals. Their unique approach to running schools not only attracts top talent but also redefines the potential of Chinese higher education.These schools are part of a new form of philanthropic endeavor among Chinese entrepreneurs that is focused on promoting China’s national strategy of “scientific self-reliance” through education. Now why have these institutions suddenly gained close attention from parents and high school graduates as strong rival of top public universities such as Tsinghua and Peking universities?At the core of their impact is a breakthrough in governance—one that addresses the bureaucratic inefficiencies long plaguing public institutions. Unlike traditional private colleges—long dismissed as "profit-focused alternatives"—these new schools use a board-of-trustees model pioneered by Westlake University.The board, made up of donors, academics, and public figures, serves as the top decision-making body: it oversees budgets and appoints leaders, giving the institutions greater autonomy to act quickly on societal and industrial needs.Public universities rarely get this kind of freedom to cut through red tape and focus on emerging scientific research fields. Their disciplinary focus also ties education closely to national scientific research strategies—a sharp contrast to traditional universities, which tend to cover too many areas.China has approved the establishment of several similar universities in key economic hubs in recent years, includingWestlake University in Hangzhou, Zhejiang, which concentrates solely on science, engineering, and life sciences; Eastern Institute of Technology, founded in Ningbo, Zhejiang province, by semiconductor magnate Yu Renrong, which zeroes in AI, integrated circuits, intelligent manufacturing and mathematics, and Shenzhen University of Advanced Technology and Greater Bay University in Dongguan, that leverage their proximity to Huawei to strengthen programs in communications and robotics.Wang Shuguo, inaugural president of FYUST and a veteran of prestigous public institutions, notes that private schools "are as dynamic as private enterprises, with stricter accountability to student demands." This flexibility let FYUST launch majors in intelligent manufacturing and new materials—directly matching China’s advanced manufacturing objectives.FYUST, initiated by glass tycoon Cao Dewang and the Heren Charitable Foundation that donated 10 billion yuan ($1.38 billion) to launch the school, not only touts global faculty and cutting-edge laboratories, but also generous financial aid, charging just 5,460 yuan (US$762) in annual tuition fees, while EIT’s inaugural students will receive full scholarships valued at 96,000 yuan.At EIT’s recent open day, assistant professor Huang Yuanlong said that undergraduate students could join top Chinese research teams as soon as they enroll. “The batteries used in future electric vehicles may come from our solid-state battery lab,” he said.By aligning courses with growing industries like AI and integrated circuits, these universities build talent pipelines for China’s scientific research frontlines. Their "small but elite" talent development model is equally transformative, blending education, research, and industry.Westlake University enrolls fewer than 100 undergraduates annually, keeping its student-to-faculty ratio below 10:1, far lower than the 15:1 average at top public universities.FYUST goes even further: its ratio hovers around 5:1, and it offers an 8-year bachelor-master-doctor track. This mirrors global elite practices, nurturing talent for long-term scientific research.This targeted approach also avoids wasting resources, letting schools dive deep into critical areas. FYUST, for example, has already partnered with Haier and FAW Group to build joint labs, turning classroom knowledge into industrial innovation.People’s Daily reported in March that the domestic semiconductor industry faces a talent shortfall of 300,000 people. Data from the Ministry of Human Resources and Social Security indicates a gap of over 5 million AI professionals, with a supply-to-demand ratio of just 1:10.Crucially, these universities act as "catfish" to spur reform in public institutions. Still, concerns linger. Many traditional private universities still struggle to fill enrollment quotas.The founders’ willingness and capacity for sustained investment would be crucial to the universities’ future, industry experts noted. There’s still a long way to go for the investors. Today, as China aims to become a global technology power, these research-oriented private universities are more than just additions to the system—they’re catalysts for reshaping it.The rise of private universities comes as China’s higher education sector faces demographic headwinds. This year’s national college entrance exam had 13.35 million registrants, down from a record 13.42 million last year and the first decline in nearly eight years.But only 9.54 million births were recorded last year, pointing to empty lecture theaters down the track. This year, private colleges in Guangdong province left thousands of seats empty, while Yunnan province had to lower admission cutoffs by 30-40 points. High tuition fees and lingering perceptions of "inferiority" hold them back.Against that backdrop, the rise of institutions like FYUST and EIT is more than just a personal experiment by the tycoons, because its offers a revealing case study of China’s higher education reform.The success of these “catfish” proves a mindset shift can drive change, and people need to stop seeing private universities as profit centers and start viewing them as public service providers. By combining flexible governance with a focus on key scientific research, they may just bridge the gap between academia and industry, nurture future talent, and push China’s higher education to be more innovative and relevant.

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li. Today, we’re shining a light on an event that’s been the backbone of China’s foreign trade for nearly seven decades: the 138th China Import and Export Fair, better known as the Canton Fair.Let’s kick things off with a staggering statistic: This year, over 207,000 buyers from 217 global markets arrived in Guangzhou—a “millennium-old commercial hub”—to take part. Since 1957, the Canton Fair has never missed a beat, even through global disruptions. But what keeps it relevant after 69 years? To answer that, we first need to tap into Guangdong’s millennium-long legacy of cross-border commerce.Rewind to ancient times: Guangdong was the starting point of the Maritime Silk Road, with Xuwen Port (dating back to the Qin and Han dynasties) as one of China’s earliest official gateways for global trade. By the Tang and Song dynasties, it housed the Shibo Si （市舶司）—the Imperial Maritime Trade Supervisorate, China’s first formal system for managing foreign commerce. Later, in the Qing Dynasty, Guangzhou’s “Thirteen Hongs” became the epicenter of Sino-Western trade. Openness is deeply woven into Guangdong’s DNA.Fast forward to 1957: The first Canton Fair opened to bypass Western economic sanctions against China. Back then, it focused on agricultural goods and everyday staples. Today, it’s an epicenter for high-tech, smart, and green innovations. This year, over 32,000 enterprises exhibited—including, for the first time, more than 10,000 high-caliber firms labeled “high-tech” or “specialized & innovative.” So, what’s the Canton Fair’s secret to staying vibrant? Let’s talk innovation. This year, it launched its first-ever dedicated “Smart Medical Zone,” showcasing medical robots and AI-powered diagnostic tools. It also introduced “modular booth construction”—think of it as “trade-show Lego”—cutting costs for businesses and slashing carbon footprints.As for the exhibits, over 1 million new products are on display, from AI+AR glasses that translate 89 languages in real time to bionic crawler robots that clean skyscrapers. More than 60% of these new items leverage cutting-edge technology.But the fair isn’t just about gadgets; it’s about forging real connections. Its global network keeps expanding: This year, it added 18 new partners (like Brazil’s Federation of Foreign Trade Chambers), bringing the total to 227 across 110 countries. Even amid U.S. tariff shifts, American buyers—including retail giants like Target—still rely on the fair to stock their shelves. And let’s not overlook the small touches that make a big difference. This year, the fair added on-site tax refunds for overseas buyers, mobile “ASK ME” foreign-language help desks, and even Bluetooth+Beidou+5G navigation to find booths in a flash. Self-service kiosks can help you get a visitor badge in just 30 seconds. There’s even a “Canton Fair Music & Food Festival” to share Cantonese delicacies and folk art—because doing business should feel like making friends.At the 137th Canton Fair earlier this year, "intelligence" emerged as a standout feature, with service robots stealing the spotlight at one point. By showcasing a diverse range of products, from embodied robots to educational and entertainment robots, the fair presented a concentrated display of China’s latest developments in service robots and the status of its upstream and downstream industrial chains. The fair also offered a glimpse into the profound transformation underway in Guangdong’s foreign trade.Throughout its changes over the millennia, especially in the new era, the underlying logic of Guangdong has remained consistent, with greater emphasis on innovation and openness.From ceramics to OEM (original equipment manufacturing) products, and then to high-tech products; from the original "new trio" to the current new "new trio"—the evolution of Guangdong’s export products maps out a clear path of industrial upgrading. It has gradually transformed from a "contract manufacturer" passively accepting orders into a "rule-setter" that proactively participates in and even leads industry development.A thousand years ago, merchant ships docked at Fanfang, the foreign quarter in ancient Guangzhou, to complete tangible transactions; a thousand years later, global merchants gather at the Pazhou Exhibition Center, seeking the latest products and reliable partners at the Canton Fair.From "selling to the world" to "buying from the world," and further to "linking with the world," the core of Guangdong’s foreign trade story has always been about doing business, making friends, and pursuing development. Guangdong has walked this path for a thousand years and will continue to move forward firmly, as a bridge between China’s past and the world’s future.

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li.Not long ago, China’s "new trio" of exports – new energy vehicles, lithium batteries, and solar panels – turned "Made in China" into a label for green manufacturing. Today, artificial intelligence, robotics, and innovative pharmaceuticals emerged as the new "new trio", marking a pivotal transition for China’s economy that powered by technological breakthroughs. To anyone tracking China’s rise, these three sectors are no longer just market darlings, but have formed the backbone of its high-quality development and hold the key to redefining Chinese assets on the global stage.Technology companies now make up over a quarter of China's A-share market as the country steps up support for sci-tech innovation, China Securities Regulatory Commission (CSRC) Chairman Wu Qing announced at a recent press conference. The market cap of tech stocks is significantly higher than the combined market cap of the banking, non-bank financial, and real estate sectors, Wu said. This signals a clear paradigm shift: robots, AI, and innovative drugs have officially taken over as the new growth engines of China’s economy.The rise of the new "new trio" is no accident. Globally, technological competitiveness has become the cornerstone of national strength, while domestically, the land-finance growth model has run its course, with AI breakthroughs taking the wheel to drive on the lane of new productive forces. Each of these three sectors fills a non-negotiable niche: Robotics serves as the "physical engine" of smart manufacturing, addressing labor shortages and boosting efficiency. AI acts as the "digital brain," supercharging everything from factory operations to drug R&D. Innovative pharmaceuticals stand as the "value core" of life sciences, safeguarding public health while generating high returns to fund further innovation.Let’s examine the market dynamics. In the robotics sector—particularly humanoid robots, viewed as the next transformative smart terminal after computers, smartphones, and new energy vehicles—A-share leader Inovance Technology boasts a market cap exceeding 200 billion yuan. Sanxie Motor surged by more than 785% on its debut trading day, while unlisted players like UBTECH and DeepRobotics have also become darlings of capital.In AI, multiple enterprises already hold a market cap of over 100 billion yuan. The colloquial “Ji Lian Hai" refers to Cambricon, Foxconn Industrial Internet, and Hygon—firms focusing on AI computing chips and infrastructure. Their order books and profit margins hit record highs in H1 2024. Meanwhile, “Yi Zhong Tian" denotes Eoptolink, Zhongji Innolight, and Tianfu Communication, whose optical modules are in high demand for high-speed data transmission in large AI models, driving simultaneous growth in both earnings and stock prices.For innovative drugs, Hengrui Pharmaceuticals is approaching a 500 billion yuan market cap, with WuXi AppTec, Hansoh Pharma, and Innovent Biologics each exceeding 100 billion yuan, with their business models shifting from "capital-intensive investment" to "profit-generating operations."In a global perspective, China’s position in these three sectors is evolving from "catch-up" to "leadership." Robotics leads the pack, ranking among the global first tier as it boasts a complete industrial chain, the world’s largest market, and advanced localization of components, though high-end servo motors still rely on imports as Japanese firms control 60% of the servo market.AI is in "overall catch-up, with leadership in specific applications"—excelling in computer vision and speech recognition, but facing gaps in core chips (NVIDIA dominates 80% of the global market) and framework ecosystems.Innovative pharmaceuticals are moving from "follow-up" to "catch-up," with overseas transaction volumes surging, a sign of international recognition for R&D capabilities, yet challenges remain in target discovery and basic research translation.But these bottlenecks are far from dead ends; they’re precisely the arenas where China’s strengths will come to the fore. The solution is clear: Unlock cross-sector data to unleash AI’s full potential; speed up approvals for life-saving technologies; build more computing hubs and train interdisciplinary talent; implement "regulatory sandboxes" to allow room for innovation experimentation, avoiding "one-size-fits-all" policies that restrict development; and join global tech standard-setting to ensure China’s voice is heard.The shift from the old "new trio" to the new "new trio" reflects the intrinsic logic of China’s industrial upgrading. While challenges lie ahead, the performance of leading enterprises, supportive policy rollouts, and tangible technological breakthroughs all indicate that capital is casting a "vote of confidence" with real investment.For international investors and collaborators, this is likely the masterplan for the upcoming wave of tech-driven expansion. Leveraging its vast market expanse, targeted policy impetus, and robust industrial ecosystems, China’s new "new trio" stands poised to transmute present-day trials into triumphs of tomorrow.

Stephanie: Hey everyone, and welcome to this edition of CBN x ASEAN Watch. I’m Stephanie, your host, and today we’re taking you to the ongoing China-ASEAN Expo. Entering its 22nd edition this year, the old-line China-ASEAN Expo (CAEXPO) for the first time set up a 10,000-square-meter pavilion dedicated to Artificial Intelligence (AI), underscoring the ever-expanding and deepening cooperation between China and the Association of Southeast Asian Nations (ASEAN).The expo opened on Wednesday in Nanning, the capital of Guangxi province in southern China. This year, it boasts an exhibition area of nearly 160,000 square meters, with over 3,200 enterprises from 60 countries participating.Joining me today is Sharon and Jiaying, our ASEAN correspondents who are now at the very location of the expo in Nanning. Hi, Jiaying.Jiaying: Hi, Stephanie, and hello to our listens. Can you guess where I am now? Yes, I’m at the AI Pavilion, the absolute spotlight of this year’s China-ASEAN Expo.The AI pavilion is the largest single-theme hall in the expo's history. It hosts nearly 200 tech firms, from industry leaders to innovative startups, showcasing about 1,200 innovative products and technologies, ranging from consumer-grade smart devices to industrial-grade solutions, forming a complete innovation chain.Stephanie: Wow, this is so exciting! How is the AI pavilion like? Jiaying: Of course. On opening day, the AI pavilion quickly became a major draw for visitors. I’ve been talking with some of the exhibitors, and they are very excited to be here with their latest AI products. Take a listen.(In Chinese: Staff from InMyShow Digital Technology Group, a Guangxi-based MCN company that incubate online influencers, introduces their latest AI digital avatars that support Chinese as well as the languages used in all 10 ASEAN member countries.)Stephanie: What are some of the “hardcore” AI products that impressed you? And how do they serve ASEAN clients?Jiaying: Major tech giants such as Huawei, Alibaba, iFlytek, Unitree Robotics and Qi-Anxin Group are prominently featured in the AI pavilion, where they showcased their advanced products.(iFlytek staff: We have recently launched a multilingual AI model specifically designed for the 10 ASEAN members. This model has significant enhancement in capabilities, including language understanding, machine translation, knowledge question-and-answer facilities and text generation. In 2024 we sold approximately 15,000 smart devices in ASEAN countries, generating total revenue of about 13 million yuan.) Stephanie: Thank you, Jiaying, for bringing us the vibe of the AI pavilion.As an important open platform for China-ASEAN cooperation, the expo has tightly embraced the new era of AI.The theme of this year's expo, "Digital Intelligence and Innovation Empower Development – Leveraging China-ASEAN FTA 3.0 New Opportunities for an Even Closer China-ASEAN Community with a Shared Future," highlights the role of technology in boosting bilateral trade and cooperation.Cambodian Permanent Deputy Prime Minister Vongsey Vissoth said that the theme underscores "the urgent need" for cooperation in building a region that is both prosperous and peaceful by leveraging digital technology and innovation, as well as promoting trade and investment.At this year’s edition, ASEAN members have also been actively engaging with the expo's emphasis on AI. The AI pavilion is also presenting the latest scientific and technological achievements from many ASEAN members, including Brunei, Malaysia and Thailand.Now let’s talk to Sharon. She’s been covering the ASEAN Zone.Sharon: Hi Stephanie. The ASEAN Zone at the dedicated AI pavilion has been warmly welcomed by ASEAN members, including the Brunei Innovation Lab, Indonesian Telematics Society, Malaysian Global Telecom Group, Myanmar Computer Industry Association, and Thai Mitr Phol Group, which showcase smart agriculture technologies, remote communication equipment, and scientific and technological innovation projects from ASEAN countries.For example, the Indonesian Telematics Society - a non-profit dedicated to information, communication and broadcasting technology - has showcased Indonesia's cutting-edge products. Sarwoto Atmosutarno, the organization's president, said the firm has collaborated with Chinese tech leaders like ZTE and Huawei. It now boasts 31 member units, all actively applying AI and building data centers and cloud services.Meanwhile, Vietnam's Ministry of Science and Technology has been organizing Vietnamese enterprises to exhibit high-tech projects at the Vietnamese Commodities Pavilion.Stephanie: Collaboration between China and ASEAN members through platforms such as this expo is crucial for sharing knowledge, resources, and best practices in AI.This partnership not only strengthens economic ties but also promotes technological advancements that can address common challenges faced by the region.Sharon: Exactly. With the demand for AI solutions ever increasing, the debut of these products at the expo serves as a catalyst for further cooperation and innovation, paving the way for a more integrated and technologically advanced future for both China and ASEAN.I was talking with the Vice President of the Laos Chamber of Commerce, and he told me that Guangxi is a strategic location to implement China-ASEAN cooperation in AI.(Thanousone Phonamat, vice president of Lao National Chamber of Commerce and Industry: This morning I had the opportunity to attend the Ministerial Round Table on AI with high level officials from China and ASEAN. After discussion between ASEAN member countries and China, the conclusion from theChina side is that Guangxi is located in very strategic location. It’s the gateway for collaboration between ASEAN and China.I’ve also come to Guangxi many times. We work with quite a few technology companies. Every time we come, we see that Gangxi’s technology development is quite fast, because I also travel to cities in China, like Shenzhen or Shanghai, and I found that it's not too big different. We are happy to be close to Guangxi as we share similar culture, similar food, and our communication is easier and we are very happy to cooperate with the Guangxi government and Guangxi businesses, for our AI development. )Stephanie: Thanks Sharon for sharing your observations at the expo. Official data show that bilateral trade volumes have consistently risen, with China remaining ASEAN's largest trading partner for 16 consecutive years, while ASEAN has been China's largest trading partner for the past five years.By enhancing trade frameworks and embracing AI, China-ASEAN economic and trade cooperation is set to become even more dynamic and deliver even greater win-win outcomes.And that’s our program today. Thanks for listening and until the next time!

After engaging in a months-long price war of instant retail, two of China’s “Big Three” delivery platforms - Alibaba and Meituan - are again wrestling on a different ring as they unveiled new initiatives targeting each other’s turf.Chinese internet giant Alibaba Group Holding on Wednesday released a major update to its navigation platform Amap, adding a new artificial intelligence-powered feature allowing users to leave a ranking for local businesses just like on Dianping, an app by rival Meituan.Now when you open Amap to find a nearby restaurant, this new "Street Stars” ranking is going to pop up—not just any list, but one weighted by your actual behavior and Alipay's credit score. This seemingly small change is quietly rewriting the rules of how we discover and choose local businesses, as users can review restaurants, hotels, tourist attractions, and others using the new Amap ranking. Alibaba also promised to offer over CNY1 billion of incentives to support the spending of 10 million customers on car rides, dining, and other services.Alibaba set up the Amap “Street Stars” project in June and has since been making secret progress, covering over 1.6 million offline service providers in more than 300 Chinese cities, including over 870,000 restaurants, 230,000 hotels, and nearly 50,000 scenic spots.Amap “Street Stars” is based on users' behavior trends rather than their likes or favorites, values returning customers, and will never be commercialized, said Guo Ning, chief executive of Amap.Interestingly, Alibaba linked the feature to Amap rather than its Taobao Flash Buy, which market analysts attributed to the former's mapping and navigation data.Alibaba’s move isn't just another marketing push—it's a full-on assault on Meituan's most profitable territory: in-store services. Let's put things in perspective. China's local services market is predicted to hit CNY35.3 trillion by 2025, with only 30.8% of that happening online. So there's massive room to grow. Alibaba's strategy here is cleverly layered. Let's break it down. First, traffic. As one of the most popular map apps in China, Amap hails national utility with 700 million monthly active users. Every time someone searches for directions, that's a chance to nudge them toward a nearby café or shop. It's like turning every car ride or walk into a potential shopping trip.Then there's the tech angle. By tying in Alipay's credit system, they're filtering reviews through a trust layer. So a five-star rating from someone with a solid credit score matters more than a random anonymous review. Add AI to eliminate fake comments, and suddenly you've got a more reliable recommendation engine.And let's not forget the ecosystem play. That CNY1 billion subsidyworks hand-in-hand with Ele.me's delivery services, creating a loop: find a place on Amap, go there, or get it delivered via Ele.me, avoiding Meituan's stronghold in food delivery and hitting where Meituan is vulnerable: trusted recommendations.The numbers back up why Alibaba's doubling down. Their local services arm grew 12% last fiscal year to CNY67 billion. Even better, losses are shrinking—down to CNY2.3 billion in Q4. They're getting more efficient, which gives them the cash to invest here. And who can blame them? Meituan once saw 43.3% profit margins in in-store services. Alibaba certainly wants a piece of that.But Meituan isn’t sitting idle. On the same day, Meituan’s Dianping platform relaunched its “Premium Delivery” service, promising 30-minute delivery from top-rated restaurants featured in its “Must Eat” list and “Black Pearl” guide.Dianping said it would "restore" its quality food delivery service by using a self-developed business-to-business AI model to analyze users' demand based on a vast amount of review data, filtering non-genuine reviews to provide a reliable reference for decision-making, with consumer-facing AI agents set to launch within a week. It will also issue 25 million large-denomination "quality takeout" consumption coupons. The effect of Dianping's new project remains to be seen because its users tend to dine in, while restoring the food delivery business requires guiding users to order food on the app, analysts pointed out.Meituan "suffered grievously" in the last round of the food delivery war with JD.Com and Alibaba's Ele.me. Its net profit plunged 89% to CNY1.5 billion in the six months ended June 30 from a year earlier, while its revenue rose 12% to CNY91.8 billion, it said in its first-half financial report released on Aug. 27.Meituan's strength has always been its network effect—more restaurants mean more riders, which brings more customers. But that doesn't protect them in in-store services, where fake reviews have long been a problem. Alibaba's "never commercialize" promise for its rankings hits right at that trust issue.Now, Alibaba is building a "home delivery + in-store" and "long-distance + nearby" ecosystem. But to challenge Meituan's Dianping—with its deep content and user habits—Amap needs more than traffic and data. It will need a richer content ecosystem and stronger merchant partnerships. The more intriguing fact is that this AI-driven battle is rewriting the rules of local services, shifting trust from subjective reviews to real behaviors, moving decision-making from users to machines, and refocusing businesses from traffic chasing to value creation.The endgame here won’t be endless app wars. It’ll be a showdown between super AI assistants—the one that truly understands what consumers want, and the one that delivers better experiences and more choices for both businesses and consumers. That’s where the future of local services will be decided.

Imagine the frustration. For years, Alexei, a small business owner from Moscow, has wanted to attend the Canton Fair in Guangzhou to source new products. Each time, the process was the same: a lengthy application process, the wait for visa approval, and the constant worry that a minor error could derail his entire trip. The dream of easily exploring Chinese markets or even taking his family to see the Great Wall felt distant.But things are about to change. In a significant policy shift, China has announced a trial program that addresses this very challenge. As of September 15, 2025, the door to China will swing open for Russian citizens, marking a new era of travel and cooperation.Russian passport holders can stay in China for up to 30 days without a visa starting from Sept. 15 this year to Sept. 14 next year, the Ministry of Foreign Affairs announced on Tuesday.The introduction of the China visa-free for Russians policy is more than just an administrative update; it’s a game-changer for tourists, entrepreneurs, and families alike, sparking an immediate surge in searches for flights from Moscow on Chinese online travel sites.Moscow to China flight searches almost doubled within half an hour after the visa waiver was announced, soaring by as much as four times at one point, according to travel agency Qunar. Russia was among China's top three sources of international tourists this summer, with such visitor numbers expected to soar once the new policy kicks in."China's main sources of inbound tourism are Japan and South Korea, but the number of Russian visitors is rapidly growing, and they are particularly fond of traveling to Sanya on the southern tropical island of Hainan," a deputy general manager of travel agency Spring Tour told media. He expects that lower-tier cities and unique tourist destinations will also grow in popularity with this trial visa-free policy.Over the summer holiday, the top 10 destinations in China for Russian tourists were Beijing, Shanghai, Sanya, Guangzhou, Harbin, Shenzhen, Xi'an, Zhangjiajie, Chengdu, and Hangzhou, according to Trip.Com data.Cross-border tourism has significantly benefited in recent years as bilateral ties continue to deepen. Chinese mainland residents made 1.04 million trips to Russia last year, up 209 percent from the previous year, while the number of Russian tourists traveling to China surged 115 percent to 1.5 million, according to the Chinese Foreign Ministry.Evgeny Kozlov, First Deputy Head of the Moscow Mayor's Office and Chairman of the Moscow City Tourism Committee, told the 21st Century Business Herald in a previous interview that the city has made various efforts to attract Chinese tourists. Moscow has opened accounts on most popular Chinese social media platforms, including Douyin, WeChat, Xiaohongshu, and Weibo, and it was the first Russian city to have an official page on Trip.Com.In 2024, Moscow held large-scale Chinese Spring Festival celebrations for the first time, with over 300 events taking place from February 9 to 18. Chinese-language signs have also been installed at Moscow's airports and major scenic spots. There have been over 100 restaurants in Moscow specializing in Chinese cuisine, Kozlov noted.China's trial visa-free policy for Russian citizens is "amazing news" that will change Russians' approach to travel in China, said the Russian Union of Travel Industry (RST), Xinhua reported, adding that tourist numbers are expected to surge significantly.The policy could boost tourist flows from Russia by 30 to 40 percent, the Association of Tour Operators of Russia said.Alexander Bragin, director of the Association of Travel Aggregators, said that the number of search queries for flights and accommodation in China has doubled after the announcement of the pilot visa-free policy.According to data from Russia's Federal Security Service, 836,600 Russians visited China for tourism and private purposes in the first half of 2025, up 38.5 percent from the same period a year earlier.As China expands its visa-free access to a growing list of countries, the nation is repositioning itself to be a more open and accessible destination for global travelers. Guo Jiakun, spokesperson for the Chinese Foreign Ministry, said that “China attaches great importance to activating exchanges between the peoples of the two countries,” highlighting the people-centric philosophy behind the policy.At its core, this policy is a testament to the robust and deepening partnership between China and Russia. For years, the two nations have been aligning on multiple fronts, and simplifying travel is a logical next step in solidifying this relationship.By removing a significant barrier to entry, the policy encourages more frequent interaction not just at the governmental level but also among ordinary citizens and business leaders. This fosters a sense of goodwill and mutual understanding that paper agreements alone cannot achieve. It is a practical contribution to the "comprehensive strategic partnership of coordination for a new era" that both countries have cultivated, which have set a model for the world on building new-type international relations.Besides the visa-free policy, there have been a lot going on in terms of cultural exchanges between the two neighboring countries. For instance, a China-Russia people-to-people and cultural exchange event commemorating the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the Soviet Union's Great Patriotic War was held on Wednesday. The event was co-hosted by China Media Group and All-Russia State Television and Radio Broadcasting Company.It is one of the hundreds of events launched within the framework of the 2024-25 China-Russia Years of Culture that kicked off in May last year. Cultural events have been and will be held in 51 Chinese cities and 38 cities in Russia over the two years.Other recent initiatives include the movie Red Silk, coproduced by Chinese and Russian filmmakers, that is currently showing in Russia and achieving great box office success, and a new version of the opera Eugene Onegin, created by artists from the two countries, that has just debuted in China.China is not only paying great attention to the cultural events between the two sides to ensure their success but is also committed to making its people-to-people and cultural exchanges with Russia sustainable in the long run, so as to strengthen the bonds between the two peoples.History shows that it is the mutual trust, mutual respect, mutual learning and mutual understanding realized through people-to-people and cultural exchanges that is the requisite for any substantial engagement between major countries and a defining characteristic of the healthy and sustainable development of Sino-Russian relations.

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li.On August 26, Guangzhou inaugurated its first in-city duty-free store in Tianhe District, drawing throngs of shoppers. Notably, Shenzhen also rolled out its first in-city duty-free outlet on the very same day—a synchronized move that marks a pivotal step in enhancing outbound travel convenience for residents of the two Pearl River Delta megacities, offering them streamlined access to duty-free shopping prior to international trips.This milestone follows a key policy push: in August 2024, five central government ministries, including the Ministry of Finance, jointly released the Notice on Optimizing Policies for In-City Duty-Free Stores. The notice announced the approval of 8 new in-city duty-free locations nationwide, with Guangzhou and Shenzhen each securing one slot—underscoring the central government’s strategic focus on leveraging duty-free commerce to stimulate high-end consumption and fortify the two cities’ roles as regional economic hubs.Authorized by the State Council, in-city duty-free stores are situated in urban cores and cater exclusively to travelers departing China. Their competitive edge over traditional port-based duty-free shops is stark: unlike port stores, which tie shoppers to tight customs clearance timelines, in-city outlets offer unparalleled flexibility. This allows consumers to browse and purchase a diverse range of duty-free goods at their leisure, eliminating the rush often associated with last-minute airport or port shopping and better aligning with modern travelers’ demand for convenient, stress-free retail experiences.What sets Guangzhou and Shenzhen’s new stores apart is their deep integration with each city’s unique cultural and industrial identities—a deliberate design choice that transforms them from mere retail spaces into showcases of local character. As a global hub for electronics innovation, Shenzhen’s store features an extensive lineup of “Made-in-Shenzhen” products, such as cutting-edge smartphones and panoramic cameras. This not only highlights the city’s technological prowess but also provides an international platform for local high-tech brands to reach outbound travelers, strengthening Shenzhen’s reputation as a leader in global tech manufacturing.In contrast, Guangzhou’s store doubles as a gateway to Lingnan culture. Infused with design elements that pay homage to Guangzhou’s nickname, the “Flower City,” the outlet includes a dedicated atrium zone for experiencing Lingnan traditions and Chinese time-honored brands. This cultural integration serves a dual purpose: it enriches the shopping experience by connecting consumers to local heritage, and it positions Guangzhou as a city where commerce and culture intersect—an essential trait for building a globally appealing international consumption center.Regulatory guidelines for in-city duty-free shopping are clear and targeted. Eligible shoppers include all travelers (Chinese and foreign alike) departing China via air or international cruise within 60 days. For Guangzhou and Shenzhen residents with upcoming outbound trips, the process is straightforward: they can shop at the in-city stores using valid 60-day outbound flight/cruise tickets and entry-exit documents. Importantly, purchases are not available for immediate pickup; instead, goods are held at dedicated duty-free collection points in the departure isolation areas of ports, ensuring compliance with customs regulations and seamless transport abroad.Early indicators of success are already evident. Since Shenzhen’s store entered a trial operation phase on August 23, it has become a hotspot for “prospective international students”—a demographic with significant demand for duty-free goods like electronics and skincare. Their enthusiastic spending has sparked an immediate “in-city duty-free shopping boom,” signaling strong initial consumer interest and validating the policy’s relevance to key traveler groups.The launch of these stores carries far-reaching implications for both cities’ economic recovery and long-term competitiveness. Data from the first half of 2025 underscores their growth potential: Shenzhen’s ports handled 130 million inbound and outbound passengers, a year-on-year increase of 16.2%, while Shenzhen Airport recorded a passenger throughput of 32.57 million, up 10.9% year-on-year. This surge in cross-border travel creates a massive pool of potential duty-free consumers, directly fueling the stores’ viability and their ability to drive consumption growth.The initiative is a multi-faceted catalyst: it will accelerate the development of the duty-free economy, boost inbound tourism-related spending, and crucially, redirect domestic consumers’ overseas purchases back to China.Additionally, by integrating consumption with culture and tourism, the stores will enhance both cities’ international profiles and competitiveness—key goals in their quest to become globally influential international consumption centers.Looking ahead, these in-city duty-free stores will play a dual role: they will complement existing high-end commercial districts, filling a gap in pre-travel duty-free access, and serve as “new consumption landmarks” that accelerate Guangzhou and Shenzhen’s progress toward their long-term urban development goals.

Stephanie: Hello everyone, I'm Stephanie Li. Today's episode dives into how Chinese enterprises are reshaping Southeast Asia's e-commerce landscape.Joining me is our ASEAN correspondent Sharon Hu, whose on-the-ground reporting brings fresh insights. Sharon, let's start with those staggering growth numbers you mentioned earlier.Sharon: Absolutely, Stephanie. A report released by DBS Group of Singapore and Cube, a market research company, shows that from 2012 to 2024, the annual sales of e-commerce in Southeast Asia increased from USD4 billion in 2012 to USD184 billion in 2024—that's a 45 times jump! What's fascinating is how this mirrors China's own e-commerce boom a decade ago.Stephanie: That's exactly what struck me. In Jakarta for example, street vendors were using Lazada's logistics for deliveries, just like how Taobao revolutionized rural China, but faster. How much of this do you attribute to Chinese companies' influence?Sharon: A significant chunk. Take Lazada—Alibaba's investment didn't just pour money in, but instead they brought AI algorithms that personalize shopping. During last year's Double 12 shopping festival, 46% more users interacted with their AI tools. I’ve been talking with Liu Teng, who owns a cross-border e-commerce business in Xiamen that also provide relevant services, which I believe will give us an insider look at this trend.Stephanie: Great! Small and medium sized enterprises are often the unsung heroes in these ecosystem shifts.Sharon: Exactly. Liu entered Southeast Asia three years ago, mainly selling cosmetics, and what's interesting is their strategy. Instead of just listing products on platforms, they also have Chinese customers who want the full package—product plus setup. Basically every day, there’re Chinese merchants approach Liu for advice on how to expand business into Southeast Asia, from local policies and legal compliance, to on-the-ground operational strategies. Due to the robust demand, Liu established a 20-member local team in Malaysia, acting as a liaison between Chinese enterprises and local influencers to boost sales in live-streaming e-commerce, and assisting them to handle procedures such as registration, tax, and product certification.Stephanie: That's brilliant. Let's talk infrastructure. As I've always said, logistics is the backbone—you can't have e-commerce without reliable delivery.Sharon: And here's where the ecosystem support comes in. Many Chinese delivery giants, including Alibaba’s Cainiao, SF Express, ZTO, and Best Express, have set up overseas warehouses in Southeast Asia, which cuts delivery Tim es to under 48 hours. In the first half of this year, JD Logistics has added three new self-operated overseas warehouses in Malaysia and Vietnam.Stephanie: Payment systems are another frontier. It reminds me of Alipay's early days in China, overcoming cash habits through convenience. How are they cracking that market?Sharon: Through partnerships. For payments, they rely on global payment platforms such as the Hangzhou-based PingPong to handle cross-border transactions, which has been working with major e-commerce sites,  such as Amazon, TikTok Shop, Lazada and Shopee in Southeast Asia. And PingPong isn't replacing local payment apps—they're integrating with them, offering real-time currency exchange for sellers. Data shows that the penetration rate of e-payments in the region has exceeded 50%. In 2024, mobile payment based on QR code technology in Thailand accounted for approximately 55% of e-commerce transactions, and the proportions in Malaysia and Indonesia were even higher. It's a perfect example of how larger Chinese platforms are enabling smaller players to thrive.Stephanie: That's the ripple effect we often miss. Big companies build the highways, and SMEs drive the traffic. What's their growth look like?Sharon: Liu said they only started testing the waters of product exports in Southeast Asia three years ago. Back then, he could hardly imagine that one day, he would not only be able to create a top-selling product across all Malaysian e-commerce platforms, but also lead more Chinese enterprises to achieve one successful live-streaming sales feat after another on Southeast Asian platforms. They're now expanding into Indonesia, using TikTok Shop's live streams to demo their products. It's localization at every step.Stephanie: And TikTok Shop is another game-changer. I remember when live-stream commerce took off in China, skeptics thought it wouldn't work elsewhere. But research finds 75% of Southeast Asian consumers are more willing to buy products out of online influencers’ recommendations. And I believe that's a cultural shift, not just a business model.Sharon: You're spot on. TikTok creator studios in Southeast Asia are training local influencers in Chinese-style live-stream techniques: product demos, limited-time flash sales, even the way hosts interact with viewers. It's localization with Chinese DNA.Stephanie: As we wrap up, let's look ahead. With projections hitting US$410 billion by 2030, this is just the beginning. What excites me most is how this collaboration is elevating the entire region's digital economy. It's not one-way—Southeast Asia's unique challenges are pushing Chinese firms to innovate, too.Sharon: Well said. This isn't just Chinese companies reshaping Southeast Asia—it's a mutual evolution.Stephanie: Thanks for sharing your insights, Sharon. And for our listeners, stay tuned as we explore more on the fascinating cultural and business exchange between China and ASEAN. Until next time!

Hi everyone. I’m Stephanie LI.Coming up on today’s programToy maker Pop Mart posts over 360% rise in profit in H1 as Guochao trend accelerates global expansion;Xiaomi reports 75% leap in Q2 profit as EV business gains momentum.Here’s what you need to know about China in the past 24 hours Shares in Chinese toymaker Pop Mart reversed course to rise Wednesday, a day after the company posted a near-400% surge in net profit, driven by booming global demand for its LABUBU dolls.Pop Mart jumped 12.5 percent today in Hong Kong to close at HKD316, with a market cap surpassing HKD400 billion, both setting new highs. Shares in Pop Mart have risen more than 200 percent in the last year, resulting in a market valuation of HKD424.4 and making the company worth more than Barbie-maker Mattel, Nerf-seller Hasbro, and Hello Kitty-owner Sanrio combined.The LABUBU-maker on Monday released its financial results for the first half of 2025, reporting a 362.8 percent jump in net profit, reflecting the rise of China's Guochao trend and its intellectual property incubation capacity.Adjusted net profit reached CNY4.71 billion, while revenue stood at CNY13.88 billion, up 204.4 percent year-on-year, extending the strong momentum from the previous two quarters.Revenue from China stood at CNY8.28 billion, up 135.2 percent; Asia-Pacific (excluding China) revenue was CNY2.85 billion, rising 257.8 percent; revenue from the Americas surged to CNY2.26 billion, up 1,142.3 percent; and revenue from Europe and other regions rose 729.2 percent to CNY480 million.The company, best known for creating the global sensation LABUBU, has also seen explosive sales growth across other in-house products with intellectual property rights. In the first half of 2025, 13 artist IPs each generated more than 100 million yuan in revenue.Thanks to its distinctive appeal and unique style, LABUBU, a member of The Monsters family, with a revenue topping CNY4.8 billion, was one of the world's most popular IPs in the first half of 2025.Pop Mart founder and CEO Wang Ning said Wednesday that the firm was well-positioned to hit its 2025 revenue target of CNY20 billion, adding that reaching CNY30 billion this year “should also be quite easy.” Pop Mart also said it will roll out a miniature LABUBU this week that can be clipped onto phones.As one of the leading representatives of China's rising pop toy industry, Pop Mart established four regional headquarters in April for the first time, underscoring its deepening globalization strategy. The company attributed its growing market presence to continuous improvements in operational effectiveness and business efficiency in China.In the first half of 2025, Pop Mart opened its first stores in landmark locations such as Cambridge in the UK and Bali in Indonesia, continuing its push into iconic global destinations. Pop Mart will expand into markets including the Middle East, South Asia, Central and South America, and Russia, Co-Chief Operating Officer Justin Moon said on today’s earnings conference call.As of June 30, the company was operating 571 stores across 18 countries, including 40 new physical outlets and 105 new Robo Shops, according the company.HShares in Chinese toymaker Pop Mart reversed course to rise Wednesday, a day after the company posted a near-400% surge in net profit, driven by booming global demand for its LABUBU dolls.Pop Mart jumped 12.5 percent today in Hong Kong to close at HKD316, with a market cap surpassing HKD400 billion, both setting new highs. Shares in Pop Mart have risen more than 200 percent in the last year, resulting in a market valuation of HKD424.4 and making the company worth more than Barbie-maker Mattel, Nerf-seller Hasbro, and Hello Kitty-owner Sanrio combined.The LABUBU-maker on Monday released its financial results for the first half of 2025, reporting a 362.8 percent jump in net profit, reflecting the rise of China's Guochao trend and its intellectual property incubation capacity.Adjusted net profit reached CNY4.71 billion, while revenue stood at CNY13.88 billion, up 204.4 percent year-on-year, extending the strong momentum from the previous two quarters.Revenue from China stood at CNY8.28 billion, up 135.2 percent; Asia-Pacific (excluding China) revenue was CNY2.85 billion, rising 257.8 percent; revenue from the Americas surged to CNY2.26 billion, up 1,142.3 percent; and revenue from Europe and other regions rose 729.2 percent to CNY480 million.The company, best known for creating the global sensation LABUBU, has also seen explosive sales growth across other in-house products with intellectual property rights. In the first half of 2025, 13 artist IPs each generated more than 100 million yuan in revenue.Thanks to its distinctive appeal and unique style, LABUBU, a member of The Monsters family, with a revenue topping CNY4.8 billion, was one of the world's most popular IPs in the first half of 2025.Pop Mart founder and CEO Wang Ning said Wednesday that the firm was well-positioned to hit its 2025 revenue target of CNY20 billion, adding that reaching CNY30 billion this year “should also be quite easy.” Pop Mart also said it will roll out a miniature LABUBU this week that can be clipped onto phones.As one of the leading representatives of China's rising pop toy industry, Pop Mart established four regional headquarters in April for the first time, underscoring its deepening globalization strategy. The company attributed its growing market presence to continuous improvements in operational effectiveness and business efficiency in China.In the first half of 2025, Pop Mart opened its first stores in landmark locations such as Cambridge in the UK and Bali in Indonesia, continuing its push into iconic global destinations. Pop Mart will expand into markets including the Middle East, South Asia, Central and South America, and Russia, Co-Chief Operating Officer Justin Moon said on today’s earnings conference call.As of June 30, the company was operating 571 stores across 18 countries, including 40 new physical outlets and 105 new Robo Shops, according the company.GBA expressGuangdong Province on Tuesday revealed a 21-point action plan to promote high-quality development of the province's commercial space industry from 2025 to 2028. The action plan supports enterprises investing in the satellite constellations for civil and commercial applications, offering a "green channel" for project approval and coordination support for satellite frequencies and orbital resources. Financial support of 10 percent of total investment will be provided, with a maximum of CNY2 million per node and an annual cap of CNY10 million per enterprise, according to the plan.Hong Kong Exchanges and Clearing (HKEX) on Wednesday posted its best-ever half-yearly revenue and profit for the first six months of the year following a stock market boom. The city's bourse operator reported that its revenue and other income soared 33 percent year on year to nearly HKD14.1 billion, boosted by record high volumes in the money market, equity market, and higher investment income. Profit, meanwhile, jumped 39 percent to stand at about HKD8.52 billion between January and June.  China's southern tech hub Shenzhen saw its foreign trade hit CNY2.58 trillion in the first seven months of this year, topping all Chinese mainland cities, the local customs said yesterday. Private firms contributed CNY1.8 trillion of the total.Chinese video streaming platform iQiyi hired Bank of America, CICC, and JPMorgan to work on a second listing in Hong Kong before mid-February, which could raise between USD200 million and USD300 million, media reported, citing people with knowledge of the matter.Luxshare Precision Industry has filed for a secondary listing of shares in Hong Kong, with CITIC Securities, Goldman Sachs, and CICC as joint sponsors. The Shenzhen-listed Apple supplier reportedly aims to raise over USD1 billion.Industry and company newsChinese smartphone and electric carmaker Xiaomi reported second-quarter adjusted net profit surged 75 percent from a year earlier to CNY10.8 billion on a 31 percent increase in revenue to CNY116 billion. The Hong Kong-listed company said revenue from smartphones fell 2 percent to CNY45.5 billion on price reductions. Global shipments of 42 million phones ranked the company third in the world, after Samsung and Apple, with a 15 percent market share.Ping An Healthcare reported first-half profit surged 137 percent to CNY134 million from a year earlier on growth driven by expanding corporate customers and the successful adoption of artificial intelligence. Revenue rose 19.5 percent to CNY2.5 billion. Revenue from the smart EV, artificial intelligence, and other new initiatives segment reached CNY21.3 billion in the second quarter on a doubling of deliveries of 81,300 vehicles.  BYD inked a deal with Finnish auto dealer Veho Group to upgrade its sales and service network layout in Finland. The Chinese car giant plans to establish new retail outlets in Helsinki, Espoo, Tampere, and other cities.China's collection of stamp duty on securities in July trading doubled from a year earlier to CNY15 billion and rose 29 percent from June, according to the Ministry of Finance. The surge coincided with bullish stocks markets, where volume across Shanghai, Shenzhen and Beijing exchanges topped CNY2 trillion for a sixth straight day on Wednesday.Asia-Pacific highlightsMeituan today launched its international food delivery platform Keeta in Doha, Qatar, as it further expands in the Middle East, the Chinese on-demand service giant said. Meituan forayed into the Saudi Arabian market last September and now is available in 20 Saudi cities.Japanese investment company SoftBank will invest USD2 billion to take about a 2 percent stake in ailing US chipmaker Intel amid reports the US government is in talks to buy up to a 10 percent stake.  

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina's summer box office surpasses CNY10 billion, led by domestic films;Japan prepares to approve first yen-backed stablecoin.Here’s what you need to know about China in the past 24 hours China's summer box office revenue has surpassed CNY10 billion as of Monday, with homegrown titles dominating the season's top earners.According to ticketing platforms Maoyan and Beacon, domestic films currently occupy four of the top five slots.Leading the charge is "Dead To Rights," a film about the Nanjing Massacre during World War II, which has grossed CNY2.6 billion since its July 25 release. It is the only summer release to top the 2-billion-yuan threshold so far, and now ranks as the year's third-highest earner overall in China.The film has received a rating of 8.7 out of 10 on review platform Douban and won widespread critical acclaim. Director Feng Xiaoning has hailed it as "a new high point for Chinese cinema," while audiences have described screenings as harrowing yet profoundly moving. This year's summer slate has been shaped by the 80th anniversary of victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War. Alongside "Dead To Rights," themed releases include historical drama "Dongji Rescue" and documentary "Mountains and Rivers Bearing Witness."Animation has also been a breakout category. "Nobody," a spinoff from the acclaimed "Yao-Chinese Folktales" animation series, ranks second on the summer chart, raking in more than CNY1 billion since its Aug. 2 release. It has become the highest-grossing two-dimensional animated film ever released in China.Other strong performers include "The Lychee Road," a bittersweet drama set during the Tang Dynasty (618-907) which has grossed more than CNY670 million, and "The Legend of Hei 2," the sequel to a 2019 animated hit and now at nearly CNY450 million. Universal's "Jurassic World Rebirth" is the highest-ranking imported film, currently in fourth place with more than CNY560 million earned to date.China's summer moviegoing season runs from June 1 through Aug. 31 and is traditionally one of the country's most lucrative film periods. Analysts note that local hits have revitalized what began as a sluggish season.GBA expressCathay Group said it would continue to increase investment in the Chinese mainland and hire more staff from the Chinese mainland to meet growing demand. By the end of this year, the Hong Kong flagship airline plans to raise the total number of mainland staff members to 4,000 from 3,000 plus currently. In Shenzhen and Guangzhou, the company has two offices that focus on technology and it hopes to soon expand these teams to about 200 people in total.Dongfeng Motor has listed its 50 percent stake in Dongfeng Honda Engine, its Guangzhou-based joint venture with the Japanese auto giant, for sale to accelerate its new energy vehicle shift. Dongfeng Motor has not yet set a reserve price, with the listing deadline being Sept. 12.Industry and company newsNongfu Spring has become the world’s third-most valuable non-alcoholic beverages brand, following Coca-Cola and Pepsi. The largest bottled water company in China climbed one spot ahead of Red Bull in the annual Non Alcoholic Drinks 50 compiled by the London-based brand valuation agency Brand Finance, with its brand value climbing nearly 34 percent year on year to USD11.1 billion. JD.Com said it has offered social insurance benefits and housing fund to over 150,000 full-time delivery riders from March 1 to today, with an average of CNY2,000 per month. All of its delivery persons can enjoy employee welfare, including annual leave, physical examination, and paid sick leave.Leapmotor is only the second Chinese EV startup to achieve profit in the first half, along with Li Auto, with a net profit of CNY30 million, the firm said today. This is a big turnaround from the net loss of CNY2.2 billion it racked up a year earlier. Revenue soared 174 percent to CNY24.3 billion and deliveries surged two-and-a-half to over 221,660 units.Xpeng Motors has formed a strategic partnership with China Citic Bank, under which the lender’s Guangzhou branch will provide CNY10 billion in credit to support the Chinese EV maker’s business operations and development.Tesla launched the Model Y L on its website in China today, with deliveries expected in September. The Model Y L is a six-seat, longer-wheelbase version of the popular Model Y and is priced from CNY339,000.Sales of German automotive giant Mercedes-Benz Group in China have plunged to the lowest in nearly five years last month, falling over 40 percent to 26,653 units from the previous month, according to industry data.China’s railroads have completed about 712 million passenger trips from July 1 to yesterday, up 4.1 percent from a year earlier, according to China State Railway Group. Meanwhile, the nation’s railway system transported over 2.3 billion tons of cargo in the first seven months of the year, up 3.3 percent from a year earlier.China opened a total of 145 new air cargo routes in the first half of this year, among which 117 were international air cargo routes, marking a year-on-year increase of 58.1 percent, according to data from the China Federation of Logistics & Purchasing (CFLP). Asia-Pacific highlightsJapan's Financial Services Agency is poised to approve the issuance of the first yen-denominated stablecoin as early as this autumn. Tokyo-based fintech firm JPYC will register as a money transfer business within the month and will lead the rollout. The cryptocurrency will be valued on a 1-to-1 ration with the yen. JPYC plans to issue up to JPY1 trillion of stablecoins within three years.Nio will expand to Singapore, Costa Rica, and Uzbekistan this year and next in partnership with local dealers, the Chinese EV startup said today. The Shanghai-based carmaker plans to introduce models from its Nio, Onvo, and Firefly brands in these new markets.Chinese lithium battery and chip supplier Azure said yesterday that it plans to invest USD83.9 million to build an LED chip packaging factory in Malaysia to better meet overseas demand and hedge against shifting international trade and tariff risks.Australia's third-largest iron ore exporter Fortescue Group had completed a record syndicated term loan worth CNY14.2 billion. The financing drew strong participation from leading banks in China, Australia and other global markets, marking the first syndicated yuan-denominated loan by an Australian company, FMG said.Lenovo Group is setting up a regional headquarters in Riyadh, Saudi Arabia, the PC giant said today. The new factory there is expected to start trial producing laptops, desktops, mobile phones, servers and other hardware next year.

Hi everyone. I’m Stephanie LI.Coming up on today’s programShanghai Composite Index hits 10-year high on Monday, with gross A-shares market cap surpassing CNY100 trillion;China’s economy remains steady despite July data dip.Here’s what you need to know about China in the past 24 hours The Shanghai Composite Index surpassed 3,740 points and reached an intraday high of 3,745 on Monday, marking a ten-year record since August 20, 2015. Since hitting a low of 3,040 points on April 7, 2025, the benchmark index has risen by 22.72 percent. Notably, during the same period, the Shenzhen Component Index gained nearly 30 percent, while the ChiNext Index soared by 47 percent. Meanwhile, as of 10:34 am on Monday, China's total A-share market capitalization has surpassed CNY100 trillion, setting a new record and marking the first time in A-share history to break the threshold. The Shanghai Composite Index closed up 0.85 percent at 3,728 points today, while the Shenzhen Component Index jumped 1.73 percent to end at 11,835 points, with total turnover topping CNY2.8 trillion. Hong Kong stocks also opened higher for the week, as the southbound capital accelerates its flow into the city’s stocks market. Last Friday, investors in the Chinese mainland set a new record for the highest single-day net inflow of HK$35.876 billion.Regarding individual companies, Agricultural Bank of China (ABC) leads the A-share market capitalization rankings with CNY2.19 trillion, followed by Industrial and Commercial Bank of China (ICBC) with CNY2.02 trillion. And, the A-share market capitalizations of Kweichow Moutai, PetroChina, Bank of China, and CATL all exceeded CNY1 trillion.Pan Helin, member of the Expert Committee on Information and Communication Economy under the Ministry of Industry and Information Technology (MIIT), told the 21st Century Business Herald that the latest market rally, which began at the start of the year, reflects the concentrated emergence of China's efforts in advancing technological innovation.He noted that breakthroughs in areas such as artificial intelligence, large models, and digital transformation have boosted the global appeal of Chinese assets. This, in turn, has drawn overseas capital inflows and fueled the prosperity of China's stock market.Several of China’s key economic indicators slipped last month due to the difficult external environment and adverse weather at home. Industrial production rose 5.7 percent in July from a year ago, slowing from June’s 6.8 percent, while retail sales of consumer goods rose 3.7 percent, compared with 4.8 percent in the prior month, data released by the National Bureau of Statistics showed. From January to July, fixed asset investment rose 1.6 percent, down from 2.8 percent in January to June. NBS spokesperson Fu Linghui said while the economy is stable overall, further efforts will be made to maintain the continuity and stability of policies, and to enhance their flexibility and foresight.GBA expressMonday marked the fifth anniversary of the opening of the new passenger inspection area at Hengqin Port in Zhuhai, which has seen 75.64 million inbound and outbound passenger trips in the past five years, as a core hub for personnel exchanges, economic and trade cooperation, and livelihood integration between Guangdong and Macao, as well as a vital gateway for the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, CCTV reported. Data shows that so far this year, the average daily passenger flow at Hengqin reached 76,946, a 1.88-fold growth compared to before the new passenger inspection area was launched in 2019. UK-based consumer goods multinational Unilever began operation at its new food-production center in Guangdong Province to strengthen its supply chain on the mainland. The company's brands include baby food, bottled water, breakfast cereals, dairy products, ice cream, instant noodles and soft drinks.Baidu's Apollo Go robotaxi service completed 20,000 kilometers of "safe driving" in Hong Kong road tests, the Chinese company said on Saturday, earning it the go-ahead to expand to another area of the city. City officials approved robotaxi road tests to expand to a technology hub in the southern part of the city.Industry and company newsHuawei topped China's phone market in the second quarter, followed by Vivo and Oppo, according to data released by IDC today. Global smartphone shipments rose 1.4 percent to 297 million units last quarter from a year earlier. The report also showed the scale of China's AI public cloud service market expanded 55 percent to CNY19.6 billion last year from the year before, with Alibaba Cloud and Baidu AI Cloud jointly ranking first by market share, followed by Tencent Cloud and Huawei Cloud.JD.Com's first offline catering brand 7Fresh Food Mall is in talks to open new stores in over 10 Chinese cities to expand its services nationwide, media reported today, citing the Chinese retail giant. 7Fresh Food Mall opened its first mall in China's northeastern Harbin in June.Great Wall Motor has launched production at its factory in Brazil, the Chinese carmaker's first plant in Latin America. The plant will produce Haval H6 fuel and hybrid SUV models, the Haval H9 SUVs, and Poer pickup trucks, with an initial annual capacity of 50,000 units that will eventually reach 100,000 units, according to Great Wall.China's summer box office, including presale, surpassed CNY10 billion as of 2.28 p.m. today, according to data from ticket info tracker Maoyan. Chinese movie Dead to Rights is leading the summer box office earnings ranking with a market share of nearly 26 percent.China recorded over 64.7 million air passenger trips in July, up 2.7 percent from a year earlier, of which nearly 7.1 million were on international routes, up 16 percent in the period, CCTV reported, citing the CAAC. Air passenger trips rose 5.6 percent to about 440 million in the first seven months from the same period last year.Asia-Pacific highlightsWeRide will receive a strategic investment from Grab, Southeast Asia’s leading all-in-one app that covers services from ride-hailing to package delivery, the Chinese self-driving tech startup said. The deal is part of a partnership aimed at fast-tracking the roll out and commercialization of Level 4 robotaxis and shuttles across Southeast Asia. Guangzhou-based WeRide has tested or operated its vehicles in 30 cities worldwide and currently has autonomous driving permits in China, Singapore, France, Saudi Arabia and the United Arab Emirates. A direct air cargo route for fruits and vegetables from Urumqi in China's northwest Xinjiang to Dubai launched on Aug. 16, with the inaugural flight moving over 18 tons of melons, tomato products, grapes, dried apples, and others, Xinhua reported.Zhaowei Machinery & Electronics, which supplies robotic parts to Tesla, said it will invest as much as US$100 million to build a factory in Thailand to expand overseas operations. Shares in the Shenzhen-listed firm have risen about 80 percent this year.

Hi everyone. I’m Stephanie LI.Coming up on today’s programA-share market is poised for sustained bull run;Tencent’s stock soars to 4-year high on strong Q2 performance.Here’s what you need to know about China in the past 24 hours The signs of a bull run are slowly but steadily emerging in China's A-share market, underpinned by ongoing structural reforms and sustained long-term capital inflows. The Shanghai Composite Index rose for an eighth straight session on Wednesday, climbing to close at 3,683, its highest since December 2021. On Thursday, the benchmark index opened higher, hitting 3,700 points in early tradings, before heading down to close 0.46 percent lower.Nevertheless, investor enthusiasm is surging on both the institutional and retail fronts. The combined trading value at the Shanghai and Shenzhen bourses topped CNY2.15 trillion and CNY 2.28 trillion in the latest two sessions.July also witnessed a record monthly number of new mutual fund launches, reflecting rising interest among households in equity assets as returns from traditional savings and wealth management products continue to decline. Total assets under management in public mutual funds have now exceeded CNY34 trillion.Insurance companies are also ramping up their presence in the A-share market. The number of public disclosures triggered by insurers' equity holdings surpassing the 5 percent threshold has already exceeded last year's total. Analysts said insurers are increasingly focusing on companies from the emerging industries and advanced manufacturing sectors, supporting China's shift toward high-quality development.Retail investor participation is also rising. Nearly 14.6 million individual trading accounts were opened in the first seven months of 2025, a 37 percent year-on-year increase, according to data provider Wind Info.Furthermore, foreign investors have been steadily increasing their exposure to Chinese equities, including A-shares and Hong Kong-listed stocks. Net foreign inflows totaled US$2.7 billion in July, more than double the level in June, according to a recent report by Morgan Stanley.Analysts said the macro environment is becoming increasingly favorable for Chinese equities. Expectations of a weaker US dollar and potential interest rate cuts by the Federal Reserve are improving the outlook for emerging markets. The narrowing interest rate differential between China and the United States could further accelerate foreign capital inflows.Hong Hao, chief investment officer at Lotus Asset Management, said the upward momentum of Chinese stocks will sustain for a long time if the US dollar's weakness proves to be a multiyear trend. Also, the Chinese market has been increasingly resilient in the face of negative tariff headlines.Given the current favorable liquidity conditions in the Chinese market and the fear-of-missing-out sentiment, any corrections in the A-share market are likely to be quickly absorbed by buyers, he added.GBA expressAliExpress has upgraded its logistics hub in Dongguan, Guangdong province, into the Alibaba-owned marketplace’s first fully automated cross-border logistics park, media reported. The enhancement is expected to shorten package transit times by as much as six hours.Industry and company newsShares of Tencent Holdings climbed to the highest at HKD600 today in more than four years after the Chinese internet giant reported a strong financial performance in the second quarter of the year. Net profit widened 17 percent to CNY55.6 billion in the period, while revenue climbed 15 percent to CNY184.5 billion, both significantly beating market expectations. Th company reported double-digit growth in most segments. Gaming was a key driver, with mainland revenue rising 17 percent and international sales up 35 percent on the success of titles including "Honor of Kings" and "Dungeon & Fighter Mobile." Tencent has been increasing investment in AI. Capital expenditure in the latest quarter surged 119 percent to CNY19 billion, which was mainly spent on AI-related infrastructure.  Chinese ride-hailing giant Didi Global has invested in China's unmanned delivery vehicle company Neolix, although the amount is unknown, media reported citing people familiar with the matter. Neolix has deployed over 7,500 autonomous vehicles across more than 280 cities.RayNeo and Ant Group said today they have allied to launch the RayNeo X3 Pro AI glasses, the world’s first full-color smart payment glasses, enabling “just look and pay” without needing a voice assistant or entering an amount on Ant's Alipay.China's newly-added yuan-denominated loans rose CNY12.87 trillion in the first seven months of the year, according to data released by the PBOC yesterday. Of the total, CNY680 billion were household loans.China's data sector reached CNY5.86 trillion by the end of 2024, up 117 percent from the end of 2020, the National Data Administration told a press conference on Thursday. The number of data-related Chinese firms exceeded 400,000 as of the end of last year.China has allocated CNY188 billion from its 2025 ultra-long special treasury bond funds to support equipment upgrades across major economic sectors, the National Development and Reform Commission said on Wednesday. The funds will support about 8,400 projects, leveraging more than CNY1 trillion in total investment. Asia-Pacific highlightsLeading Australian wine producer Treasury Wine Estates (TWE) reported a 15.5 percent increase in its annual profit on Wednesday, amid a stabilization of exports to the major Chinese mainland market. The winemaker posted underlying net profit after tax of AU$470.6 million for the year ending June 30, according to the company. The Penfolds range delivered another strong result, reflecting a successful return to China for the Australian country of origin portfolio and continued positive momentum in a number of other key Asian markets, said TWE CEO Tim Ford.Bangkok’s Iconsiam shopping mall is hosting a Charming Shanghai Week event from Aug. 8 to 15, featuring a full-scale recreation of Shanghai’s famed Yuyuan Lantern Festival in Thailand for the first time. The event celebrates the 50th anniversary of diplomatic relations between China and Thailand.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina launches a 1-percentage point personal consumer loan interest subsidy to boost spending;Shanghai Composite Index recorded a near 4-year high on multiple boosts.Here’s what you need to know about China in the past 24 hours China has unveiled an interest subsidy for personal consumer loans to boost domestic consumption, with a CNY3,000 cumulative subsidy limit per borrower at designated lending institutions.Residents can receive the subsidy if they use personal consumer loans (excluding credit cards) issued by designated institutions from Sept. 1 this year to Aug. 31 next year, but need to use the funds for consumption and transactions musts be traceable, according to a policy document jointly issued by the Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration yesterday.Eligible purchases include single transactions below CNY50,000, with single transactions of CNY50,000 or more allowed only if related to autos, elderly care and childbirth, education and training, sightseeing, home furnishing and decoration, electronic products, and healthcare, the document said.Such subsidies can directly reduce residents' consumer credit, enhance their willingness and ability to use financial leverage to spend more, improve living standards, and stimulate effective financing demand from lenders and residents, industry experts noted.According to the document, 1 percentage point of the annual interest on loans will be subsidized, not exceeding 50 percent of the contractual interest rate. The central government will cover 90 percent of subsidy funds, with provincial governments providing the rest.Six big state-owned banks, 12 national joint-stock lenders, and five consumer lenders will serve as qualified lending institutions.Meanwhile, eight categories of eligible service sector businesses, including catering and accommodation, health care, elderly care, childcare, housekeeping, culture and entertainment, tourism and sports, will also benefit from a similar subsidy plan that rebates loan interest of 1 percentage point for no more than a year, said the finance ministry.To qualify for the subsidy, loans must be extended between March 16, 2025 and December 31, 2025, provided that the loans are used for improving consumption infrastructure or service supply capacity. The maximum loan amount eligible for subsidies per operator is CNY1 million.GBA expressAs the countdown ticks down for the 15th National Games, 400,000 tickets for the Hong Kong competition region are set to go on sale in phases beginning August 28 with a real-name registration system. The initial batch includes tickets for the beach volleyball, men's handball, men's under-22 basketball, and rugby sevens that will be held in the city, with remaining events released in phases starting at the end of September. There will be 5 million tickets on sale in batches for most of the competitive and mass participation events at the National Games and the National Special Olympic Games, including the events in Guangdong and Macao.Hong Kong’s capital markets continue to demonstrate remarkable resilience, emerging as the world’s top destination for IPOs in the first seven months of 2025. Christopher Hui, Hong Kong’s secretary for financial services and the Treasury, said on Tuesday the number of IPOs in Hong Kong this year has already surpassed its annual fundraising totals for each of the past three years, with 53 new listings raising HK$127 billion, a staggering sixfold year-on-year increase. Hong Kong’s exceptional performance comes as global IPO markets saw only a modest 10 percent growth in capital raise in the first half of 2025, with deal numbers declining 5 percent worldwide, Hui noted.Margin trading balance on the Shanghai and Shenzhen stock markets, which is a key gauge of market sentiment and leverage levels, topped CNY2 trillion yesterday for the first time in a decade, official data show. Margin financing in Shanghai was about CNY1.021 trillion, while that in Shenzhen came in at roughly CNY983.9 billion.Industry and company newsChinese stocks extended winning streak on Wednesday with the benchmark Shanghai Composite Index closing up 0.48 percent, a record high since December 2021. The index has risen 10 percent so far this year. The Shenzhen Component Index also jumped 1.76 percent today, while the tech-focused ChiNext Index soared 3.64 percent. Total turnover of both the Shanghai and Shenzhen bourses hit CNY2.15 trillion, surpassing the CNY2 trillion threshold again since February. China's summer box office, including presales, topped CNY9 billion as of 15:06 today, led by Dead To Rights,  Nobody, and The Lychee Road, according to film data tracker Beacon.Tencent Music's shares soared over 15 percent today, after the music streaming arm of Tencent said its revenue climbed 18 percent to CNY8.4 billion and adjusted net profit widened 33 percent to CNY2.6 billion in the second quarter.CATL, the world's biggest maker of electric vehicle batteries, has rolled out a repair service for its batteries using cell-to-pack technology to reduce expenses for car owners and seek a new growth driver. Replacing a battery typically costs around CNY100,000, while the new repair costs can be as low as CNY10,000.China has announced its first batch of nine pilot projects for liquefied green fuels as part of efforts to meet its 30/60 environmental targets. The projects, which use renewable energy to produce e-fuels, include five for methanol, three for ammonia, and one for ethanol, according to the National Energy Administration's recent notice. Eight are located in northeastern China, known for abundant renewable resources, while one is in the country’s economically developed east.Ingka Group, parent of Swedish retail giant Ikea, has invested in Shanghai-based Re-Mall Environmental Protection New Material, a Chinese recycler of consumer packaging waste. Ingka, which operates 39 Ikea stores and 10 shopping malls under the Livat brand on the Chinese mainland, said the investment is a commitment to tackle the global waste problem.Nine Chinese mainland universities and research institutes, including Peking University, Tsinghua University, and Fudan University, together with five Hong Kong universities and one from Macao jointly initiated a life science open alliance today to promote the technological innovation and integrated development of the life science industry, according to the Chinese Ministry of Education.Asia-Pacific highlightsChinese Foreign Minister Wang Yi will chair the tenth Lancang-Mekong Cooperation (LMC) Foreign Ministers' Meeting in Anning, Yunnan from August 14 to 15, a spokesperson for the foreign ministry announced on Wednesday. The Informal Discussion Between the Foreign Ministers of China, Laos, Myanmar and Thailand will be held on the sidelines of the LMC Foreign Ministers' Meeting, the spokesperson said.Agriculture ministers of China, South Korea and Japan held their fourth trilateral meeting in South Korea's western port city of Incheon on Monday, the first since its last edition in China in 2018. The meeting focused on issues including food security, animal diseases, and sustainable agriculture, according to a joint statement.U.S. tariff rhetorics won't significantly alter global trade, as America's expanding fiscal deficit will sustain its import demand, David E. Sumual, chief economist at Bank Central Asia, Indonesia's largest private bank, said in a recent interview with the 21st Century Business Herald. Sumual said lower production costs in Southeast Asia, coupled with exchange rate factors, will prompt the U.S. to increase consumer goods imports from the region. Sumual noted ASEAN's local currency settlement (LCS) has expanded, with intra-ASEAN trade settled in local currencies reaching 25 percent in 2024, up from 10 percent in 2019, reducing reliance on the U.S. dollar. He believes with growing China-ASEAN trade, LCS may advance faster in ASEAN+3, and the Chinese yuan will be the best choice for regional currency diversification.

Hi everyone. I’m Stephanie LI.Coming up on today’s programBeijing’s home viewing jumps after lifting curbs on suburban house buying;China will extend tariff suspension on imported U.S. products.Here’s what you need to know about China in the past 24 hours Recent policy adjustments in major Chinese cities are fueling expectations that more policy fine-tuning and easing measures are likely in the coming months to support the real estate sector's steady recovery. Sales offices of property projects under development in Beijing outside the Fifth Ring saw a significant increase in traffic over the past weekend. Even during the hottest hours, many homebuyers went out to view properties.Beijing on Friday announced it would lift the limits on the number of home purchases outside the Fifth Ring for local residents to boost the local property market, effective Aug. 9. The Fifth Ring road is a ring-shaped expressway surrounding the city’s central urban area. The ring has a radius of around 16 kilometers, with the center being Tiananmen Square. The home purchase restriction on non-residents is still valid though.Suburban areas are the main focus of homebuyers in Beijing. In terms of transaction volume, apartments outside the Fifth Ring accounted for 80 percent of the city’s new home sales and over 50 percent of second-hand house sales in the first seven months of the year, according to data from the China Index Academy.Easing home-buying curbs will certainly have positive effects on Beijing’s property market, said Yan Yuejin, deputy director of the Shanghai E-House Real Estate Research Institute. However, if the number of second-hand home listings in the city is not reduced, the recovery in new house demand would still be constrained, he added.Official data showed that Beijing’s property market experienced a recovery in sales in the first half of the year, but the market slid again in July. New home sales plunged 30 percent from a year earlier and 28 percent from June last month, while pre-owned house sales dropped 16 percent and 18 percent, respectively.Shanghai's housing market showed signs of recovery in July. Newly-built home prices averaged CNY71,353 per square meter, up 7.2 percent year-on-year, albeit with a soft decline month-on-month, according to property consultancy Centaline Shanghai.Among China’s four first-tier cities, Guangzhou is the only one that has fully lifted home purchase restrictions. Meanwhile, Beijing, Shanghai, and Shenzhen still retain curbs for their core urban areas, with conditional relaxations in suburban areas.While China's real estate sector is undergoing structural transformation, there are policy tools available to manage the transition, experts noted. The central government has emphasized the importance of meeting housing demand and preventing systemic risks — a dual focus that is likely to shape upcoming policy moves across major cities.They added that the latest development may point to a trend of calibrated policy easing, especially in top-tier cities, and demonstrate stronger policy objective to stabilize the country's property market.China will continue to suspend 24 percentage points of additional duty rate on imports from the United States within 90 days starting from 12:01 p.m. Tuesday, while retaining the remaining additional tariffs of 10 percent on those articles, Xinhua reported today, citing the Customs Tariff Commission of the State Council. Also, China’s commerce ministry announced Tuesday that it has continued to suspend or removed export-control measures on some U.S. entities from Tuesday, in line with the consensus reached during the high-level China-U.S. economic and trade meeting in Stockholm, per another Xinhua report. GBA expressChina Resources Longdation plans to establish a center at its Wan Chai headquarters to source high-quality gerontechnology as well as elderly-friendly products from the mainland. Hong Kong Lawmaker Peter Douglas Koon Ho-ming, also the chairman of the Hong Kong Council of Social Service, said the center could handle maintenance and after-sales services for mainland age-tech products, which are significantly more affordable than those in Hong Kong.The Greater Bay Area Cultural and Sports Center in Guangzhou, marked its debut operation with a men's basketball competition on Sunday. The center includes a stadium with 60,000 seats, an indoor arena that can accommodate 20,000 people, and a water sports center equipped with a 50-meter standard swimming pool and diving pool, which can accommodate 4,000 people, along with related supporting facilities.Industry and company newsChina sees 13.278 million new market entities set up in the first half of 2025, led by culture, sports, and entertainment companies, which posted an impressive 17.5 percent year-on-year increase, latest data from the State Administration for Market Regulation (SAMR) revealed on Tuesday. A total of 4.346 million new private enterprises were established, up 4.6 percent year-on-year, while foreign-funded entities grew by 4.1 percent to 33,000.Car production in China jumped 13.3 percent in July from the year before to 2.591 million units, while vehicle sales soared 14.7 percent to 2.593 million autos, according to data released by the China Association of Automobile Manufacturers. New energy vehicle production in China surged 26.3 percent in July from a year earlier to 1.243 million units, while electric car sales soared 27.4 percent to 1.262 million autos. NEV sales accounted for almost half of all new car sales at 48.7 percent.China Earth Group denied the online rumor that the Chinese company will co-develop the world's first rare earth-backed Chinese yuan stablecoin with the People's Bank of China and Ant Group, reminding investors of potential risks. Ant Group denied the news yesterday.Shanghai Clearing House yesterday announced it has dropped the requirements for agreement commitment documents for overseas central banks and similar institutions to open accounts to further optimize China’s bond market.Asia-Pacific highlightsUnionPay is scheduled to debut in Brazil in 2025, local media reported. On Brazilian soil, the Asian country's institution intends to operate credit cards and integrate with PIX. The operation will be enabled by fintech Left, which is working to connect the Chinese company to banking networks, vending machines and ATMs in the country.Singapore's economy grew slightly faster than initially estimated, prompting the government to upgrade the city state's growth forecast for this year. Singapore’s GDP rose by 4.4 percent year-on-year in the April-June quarter, government data showed on Tuesday, ahead of an advance estimate of a 4.3 percent gain released last month. The trade ministry raised its GDP growth forecast for 2025 to 1.5-2.5 percent from 0-2 percent, saying it largely reflected a better-than-expected first half performance.Cambodia's trade with the Regional Comprehensive Economic Partnership (RCEP) member countries reached nearly USD23 billion in the first seven months of 2025, up 15.7 percent over the same period last year, said an official report on Monday.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina sees positive price trends in July amid demand pickup;“ChatGPT moment” for robots is likely to arrive within 3 years, said Unitree’s Wang Xingxing.Here’s what you need to know about China in the past 24 hours China reported positive signs in terms of both consumer and producer prices last month, as government policies to boost domestic demand continued to take hold.The consumer price index (CPI), a main gauge of inflation, climbed 0.4 percent in July compared with the previous month, reversing a 0.1-percent drop in June and exceeding the average seasonal pace of 0.3 percent, data from the National Bureau of Statistics (NBS) showed Saturday.On an annual basis, the CPI was unchanged in July, while the core CPI, which excludes food and energy, rose 0.8 percent -- a rising streak for three consecutive months.NBS statistician Dong Lijuan said these positive trends were driven mainly by higher prices for services and industrial consumer goods, while emphasizing the effective role of policy measures in expanding demand.China has intensified moves to bolster domestic economic circulation this year, including stronger fiscal support for consumer goods trade-ins nationwide and strengthened focus on key service sectors such as elderly care and childcare and digital consumption.Saturday's data also revealed improved signs in the industrial sector. The producer price index (PPI), which measures costs for goods at the factory gate, fell 0.2 percent from a month ago in July -- an improvement considering the 0.4 percent-drop recorded in June, while also marking the first month-on-month narrowing since March. Compared with a year earlier, the PPI slid by 3.6 percent in July, the same as in June.Dong attributed the improving PPI performance in part to optimized market competition order, ongoing industrial shifts and unleashed domestic demand potential.GBA expressAs of the end of July, the number of local companies registered in the Hong Kong SAR exceeded 1.5 million, and the number of non-Hong Kong companies registered in the city surpassed 15,000, both hitting record highs, John Lee Ka-chiu, chief executive of the HKSAR, said on Sunday. From January 2023 to July 2025, InvestHK assisted 1,333 companies in setting up or expanding operations in the region and created more than 19,000 new jobs. The agency also attracted HK$174 billion in first-year direct investment, Lee said.Chinese mainland insurers have stepped up their holdings in Hong Kong-listed companies during the first half of the year. Public announcements showed that 13 out of the 19 major increased shareholding cases reported by mainland insurance companies so far this year have targeted companies trading on the Hong Kong stock exchange. According to the latest report released by the Insurance Asset Management Association of China, 63 percent of the surveyed Chinese mainland insurers will expand their investment in Hong Kong stocks this year.Ab&B Bio-Tech soared as much as 169 percent in its trading debut in the Hong Kong SAR, after retail investors flocked to the Chinese mainland vaccine maker’s initial public offering. The stock climbed to as high as HK$34.64 per share on Monday morning, more than double its HK$12.90 IPO price, which was set at the low end of the marketed range.  Industry and company newsThe "ChatGPT moment" for robots could arrive within the next two to three years, said Wang Xingxing, CEO, CTO and founder of Chinese robot startup Unitree in his speech on Saturday's 2025 World Robot Conference. Wang noted that in the first half of this year, China's humanoid robot industry saw significant growth and gained worldwide attention. Including both complete machine manufacturers and component manufacturers, companies in the sector posted average growth of 50 to 100 percent. Unitree's humanoid robot G1, priced from CNY99,000, has become one of the most widely shipped humanoid robots worldwide, he added.  Nvidia and rival AMD have reportedly agreed to give the US government 15 percent of their revenue from chip sales to China, under an arrangement to obtain export licenses for the semiconductors. Separately, Nvidia's chips pose security concerns for China, said an article posted on WeChat by Yuyuan Tantian, an account affiliated with CCTV. "When a type of chip is neither environmentally friendly, nor advanced, nor safe, we as consumers certainly have the option not to buy it," the article concluded. The company was recently summoned by the Cyberspace Administration of China for “serious security issues” concerning its H20 chips.Tech titan Huawei will reportedly announce this week a major advance in AI inference, the technology that runs the models. The breakthrough could reduce China's reliance on high-bandwidth memory technology, a critical bottleneck in the performance of AI models, boosting large-model inference speeds.China Mobile, the world's largest mobile carrier by subscribers, said first-half net income rose 5 percent from a year earlier to CNY84.2 billion. Telecom revenue rose 0.7 percent to CNY467 billion. The company said it expanded its customer base to over 1 billion mobile users, including 599 million 5G network customers.CATL announced on Monday that it has temporarily suspended mining operations at its Yichun project in East China’s Jiangxi province following the expiration of the mining license on August 9. CATL is currently applying for a renewal of the permit and will resume production as soon as it is approved, the battery giant said. Asia-Pacific highlightsThis summer, two-way tourism between China and Southeast Asia is booming, fueled by China's visa-free policies and Chinese tourists' enthusiasm for Southeast Asia travel. China was Malaysia's largest source of tourists outside ASEAN in the first five months of this year, with about 1.81 million visitors, up 38.8 percent year-on-year. Vietnam hosted 1.95 million Chinese tourists in the period, while Cambodia saw a 50 percent jump in Chinese tourists, topping 280,000. China has been the top source of tourists for Vietnam, Thailand and Malaysia for three years, contributing over a quarter of their tourism revenue. Meanwhile, Southeast Asian visitors to China also surged this year. At Kunming airport, arrivals from Malaysia, Thailand and Singapore rose 406 percent, 119 percent and 273 percent respectively, compared with 2019.Global trade is estimated to expand 0.9 percent this year from a year earlier, up from the 0.2 percent contraction predicted in April but below the pre-tariff projection of 2.7 percent, the WTO said in its latest update released on Aug. 8. Higher international tariffs will slow trade growth to 1.8 percent next year, according to the new prediction. This compares with a 2.5 percent increase forecast in April. WTO added that Asian economies are projected to remain the largest positive driver of world merchandise trade volume growth in 2025, although their contribution in 2026 will be smaller than predicted in April.

While much of China swelters under scorching summer heat, Harbin, capital of northeast China's Heilongjiang Province, is drawing visitors with a refreshing contrast, offering a chilly escape with a comfortable 23-degree-Celcius coolness.As the northern hemisphere enters its hottest months, China's "Ice city” is welcoming another heat waves of tourists not just from the rest of the nation, but even from ASEAN countries. Data from Harbin Orange Vacation Travel Service show that the company received a total of 1,300 summer vacationers from Southeast Asian countries in June."May, June, September and October are the peak months for inbound tourism from Southeast Asia," said Wang Hongxin, the company's general manager.  The footsteps of Southeast Asian tourists have knocked on the summer gate of the "Ice City”. The company received over 60 summer vacation groups from Southeast Asian countries in June, marking a year-on-year increase of 30 percent, according to the manager. Bookings for September have already exceeded 100 groups and over 2,000 visitors, with some reservations extending into the end of 2026, he added.With the increasing popularity of Harbin, the customer base is also expanding. In addition to traditional customer sources such as Malaysia, Singapore and Indonesia, Wang finds emerging markets such as Vietnam, Cambodia, the Philippines and Laos are also rapidly increasing this summer.The country’s expanded visa-free policy also allows visitors from afar to enjoy their journey with peace of mind. Since February 2024, Singaporeans have been able to stay in China visa-free for up to 30 days, as against 15 days earlier. Malaysia and Thailand have also established mutual visa exemption policies with China, making spontaneous trips a reality.Travel agencies reported that the number of group bookings for flights from Singapore to China in the first half of 2025 matches the total for all of 2024.Data from the Harbin immigration station show that in July, a total of 61,000 inbound and outbound passengers were inspected at Harbin Airport, an increase of nearly 10,000 compared with the number in June and a year-on-year increase of 19.3 percent. Among them, the number of inbound foreign passengers was nearly 10,000, with a year-on-year increase of 15.9 percent."Visitors from Southeast Asia and other regions can now reach Harbin more easily with continuous increase in charter flights, significantly reducing time spent traveling," Wang said. Bringing winter into summer, Harbin Ice and Snow World Park remains a popular destination even though it is no longer the official ice and snow season. Its indoor pavilion, maintained at -10 C, features nine themed areas and 19 attractions that blend urban culture, artistic creativity and ice-themed innovations.Visitors can explore ice sculpture exhibits, displays on the history of the Asian Winter Games and European-style streetscapes. Simulated snowfall, a giant slide and figure skating performances add to the immersive experience.Yet, Harbin has much more to offer. For some, an authentic experience with China's bathhouse culture is worth the trip. In northeastern China, bathhouses are more than places to relax — they are social hubs. The tradition of "scrubbing "in bathhouses, where guests are meticulously cleaned and massaged, is quite an exotic “adventure” for those living in tropical regions.Watching Siberian tigers casually pacing in Heilongjiang Northeast Tiger Forest Park, touching ice sculptures in the Ice and Snow World, and eating “guobaorou” (crispy fried pork in sweet and sour sauce), these all become the most vivid "Harbin memories" of ASEAN tourists.After enjoying their time in Harbin, many vacationers extend their itineraries to areas further north, such as Yichun and Mohe. A chartered tourist train, named "Yichun", offers guests an extraordinary experience aboard one of the best-quality trains dedicated to sightseeing in the country. Bookings for the tourist train have been scheduled until the end of 2026.From the forest oxygen bar in Yichun to the exotic streets and lanes in Harbin, these guests from afar are measuring the diverse charm of Heilongjiang with their footsteps.These Mandarin-, Cantonese-, and Hokkien-speaking tourists in Southeast Asia, have then shared their experiences in English on social media platforms such as Xiaohongshu, TikTok and YouTube, broadening the appeal to non-Chinese-speaking communities.Local travel agencies are even hiring students from ASEAN who have stayed and loved the city, while travel agencies are also busy going abroad to market the city and secure business orders. Southeast Asian customers not only asked about winter tours, but also expressed interest about our summer offerings, said the manager of a Harbin-based international travel agency.Harbin has ignited a fervor for ice and snow tourism on Chinese social media this winter, since the opening of the 41st Harbin International Ice and Snow Festival on Jan 5. Then in February, the 9th Asian Winter Games marked yet another major ice and snow celebration in all of Asia.The city greeted over 90 million visitors in 2024-2025 winter season, with Thailand, Malaysia, Singapore, Korea and Indonesia being the top 5 sources of international arrivals. From January to June this year, Harbin welcomed 87 million tourist visits, indicating an all-time travel season for the city.Harbin, once known globally as a winter wonderland, is now redefining its allure under the summer sun—proving that its charm is no seasonal fluke, but a year-round symphony of contrasts. This "Ice City" has unlocked a new chapter, where the warmth of its hospitality meets the cool of its summers, and where every footstep from Southeast Asia leaves not just a memory, but a bridge between latitudes.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina's foreign trade rises 3.5% in first seven months of 2025;China’s NEV penetration rate surpassed 54% in July.Here’s what you need to know about China in the past 24 hours China's foreign trade has maintained a growth trend in the first seven months of this year, with total imports and exports reaching CNY25.7 trillion, up 3.5 percent year-on-year. The growth rate accelerated by 0.6 percentage points compared with the first half of the year, according to data released by the General Administration of Customs on Thursday.Of the total, exports reached CNY15.31 trillion, up 7.3 percent. While imports declined by 1.6 percent to CNY10.39 trillion, the decline narrowed by 1.1 percentage points compared with the first half of the year.In July alone, China’s exports expanded 7.2 percent, while imports jumped 4.1 percent compared to a year ago, beating market forecasts. The country's trade value grew by 6.7 percent to CNY3.91 trillion last month, customs data showed.Notable data include mechanical and electrical products trade, which now accounts for 60 percent of exports, with exports of automatic data processing equipment and parts, integrated circuits and automobiles all growing, highlighting the initial results of China's efforts to promote new quality productive forces.Looking at the data by country and region, ASEAN remained to be China's largest trading partner, with total trade reaching CNY4.29 trillion, up 9.4 percent, accounting for 16.7 percent of China's total foreign trade. The EU was China's second-largest trading partner, with trade totaling CNY3.35 trillion, up 3.9 percent, making up 13 percent of total trade. The US ranked third, with trade amounting to CNY2.42 trillion, down 11.1 percent, accounting for 9.4 percent of the total.During the same period, China's total imports and exports with countries in joint construction of the Belt and Road reached CNY13.29 trillion, an increase of 5.5 percent.GBA expressHong Kong flagship carrier Cathay Pacific reported a 1 percent increase in first half profit to HK$3.7 billion on a 9.5 percent growth in revenue from a year earlier. The airline said it is exercising an option with Boeing to buy 14 more 777-9 jets and warned that the outlook for cargo transport remains uncertain.CaoCao Chuxing opened up 7.4 percent today after the Chinese ride-hailing firm announced a deal with Hong Kong-licensed Victory Securities to tokenize its green mobility assets under the city’s regulated real-world asset tokenization.IQiyi is reportedly seeking to raise US$300 million for a listing in Hong Kong this year, media reported citing anonymous source. The Netflix-style streaming service, owned by Baidu, has begun discussions with global banks about a second listing in the city, the people said. IQiyi’s US stock rose as much as 6 percent but pared gains to close little changed in New York.Industry and company newsChina's car sales rose 10 percent to more than 12.7 million units in the first seven months from a year earlier, with those of new energy vehicles (NEVs) jumping 30 percent to over 6.47 million, according to data released by the China Passenger Car Association. In July, retail sales of NEVs reached 1 million units, up 14 percent year-on-year, with the NEV market's retail penetration rate reaching 54.7 percent.Chinese drone maker DJI launched a robotic vacuum cleaner series yesterday, expanding its tech expertise beyond aerial devices. The ROMO series features sweeping and mopping capabilities, starting at CNY4,699.ByteDance has expanded its 2026 campus recruitment program by about 25 percent from a year earlier, driven by a growing shortage of tech talent. The tech giant recently launched its latest annual hiring campaign, aiming to recruit over 5,000 graduates across eight categories, including R&D, product management, and operations.Asia-Pacific highlightsThailand and Cambodia on Thursday signed an agreement on border issue after an extraordinary meeting of the General Border Committee, according to a Thai representative, Xinhua reports.The China-Laos Railway has transported over 14 million tons of import and export goods, amounting to more than CNY60 billion, since its opening in December 2021, according to Kunming Customs on Wednesday. The railway's cross-border freight volume exceeded 3.43 million tons with a value surpassing CNY15.4 billion in the first seven months this year, both of which are record highs for this period.The magnitude of bilateral trade decline seen in dollar-denominated terms between China and Australia continues to narrow, as GAC data show that bilateral trade saw a negative growth of 9.7 percent in July year-on-year, the fourth consecutive month of improvement. In terms of Chinese goods exports to Australia, there was a positive growth of 2.3 percent in July, up from 0.3 percent in June.

Hi everyone. I’m Stephanie LI.Coming up on today’s programSearches for flights to Seoul surge on travel platform as South Korea is reportedly offering visa-free entry to Chinese group tourists;China will make care and education for kids in the third year at public kindergartens free starting this fall.Here’s what you need to know about China in the past 24 hours South Korea will implement a temporary visa-free policy for Chinese group tourists starting from September 29, and the policy will remain in effect until June next year, CCTV reported today, citing South Korean news agency Yonhap.The decision came after China in November 2024 extended its visa-free transit policy to allow ordinary passport holders from 38 countries including South Korea, to visit China for a maximum of 30 days without applying for a visa. According to an earlier report by Xinhua News Agency, the Ministry of Culture, Sports and Tourism of South Korea said in March that it planned to implement a phased visa-free policy for Chinese group tourists in the third quarter of this year.Following South Korea’s reported policy, a travel index on Chinese travel platform Qunar.com showed a 68 percent surge in flight search volume for Seoul, capital of South Korea, compared to the previous hour, ranking it second among popular international flight destinations, the platform said on Wednesday.Based on international flight and hotel booking volumes for this summer, South Korea has consistently been among the top three most popular destinations for Chinese travelers. With the support of the group visa-free policy, South Korea's popularity is expected to rise steadily in the second half of the year, the platform said.The South Korean government said that with the rapid recovery of South Korea's tourism market, this move is expected to boost potential demand for tourism to South Korea, help revitalize the local economy and stimulate domestic demand, Yonhap reported. In recent years, the South Korean government has designated tourism as a strategic industry. The northeastern Asian country has been attracting foreign tourists by simplifying entry procedures for popular tourist areas and extending the length of stay of foreign tourists in South Korea to 15 days, aiming to attracting 30 million foreign tourists and generating USD30 billion in tourism revenue, according to a CCTV report.GBA expressCathay Pacific said today it bought 14 Boeing 777-9 aircraft with the option to purchase up to 7 more, in its first deal with the US planemaker in 12 years. The basic price of these jets is around USD8.1 billion, and they are expected to be delivered by 2034.Mainland hotel chain Atour is reportedly seeking second listing in the Hong Kong SAR, according to people familiar with the matter. The Shanghai-based chain is working with advisers on a share sale to potentially raise several hundred million dollars, the people said, media reported.Industry and company newsChina will waive tuition fees for all children in their final year of preschool at public kindergartens, Xinhua News Agency reported, citing the State Council. Private kindergartens can charge fees if their tuition costs more than the waived amount.China’s sales of passenger vehicles are expected to climb 6 percent this year from the year before to 24.3 million units, and exports should jump 14 percent to 5.4 million autos, the Chinese Passenger Car Association said today. Passenger car sales surged 10.8 percent in the first half year on year.China's domestic air travel reported a 3 percent rise in passengers to about 60 million in July, as average economy fares fell 7.3 percent from a year earlier, media reported. Among the most popular destinations were tourism hotspots. Passengers on international routes rose 10 percent to 7.7 million.Meituan announced yesterday it has rolled out a new program to help small and medium merchants grow by offering a one-time subsidy of up to CNY50,000 to more than 100,000 small- and medium-sized restaurants that have been open for a long time and have many recurring customers and a good reputation this year.WeRide said yesterday that it had been approved for robotaxi road tests at the High-Level Autonomous Driving Demonstration Zones in Beijing from 10 p.m. to 7 a.m., marking a step closer to realizing a 7/24 all-weather driverless service network in the city.  Vanke secured another loan from its largest shareholder Shenzhen Metro worth nearly CNY1.7 billion to deal with its mounting debt repayments, the Chinese property developer announced yesterday. Shenzhen Metro has lent a total of CNY24.4 billion to Vanke in eight times this year.A record number of Chinese companies are seeking initial public offerings on US stock exchanges this year despite trade tensions and more scrutiny over Chinese firms, media reported. In the first half, 36 Chinese companies went public, with another 40 waiting in line, which is expected to break the record 64 set in 2024. So far this year, tearoom chain Chagee Holdings has been the biggest IPO in New York, raising USD411 million.Asia-Pacific highlightsAsia-US sea freight rates have slumped up to 58 percent since June 1 and are expected to drop further this year as shipping capacity outpaces demand and trade routes shift due to US tariff policies, media reported. Sea freight had a brief increase in late May and early June as shippers took advantage of a 90-day pause in US implementation of tariffs.Indonesia's economic growth accelerated to 5.1 percent in the second quarter from 4.9 percent in the previous three months, the fastest pace in two years. Ahead of Tuesday's data, Bank Indonesia, which has cut policy rates four times since September, forecast economic growth would be up to 5.4 percent this year.China and Myanmar signed 14 projects under the 2025 Lancang-Mekong Cooperation (LMC) Special Fund to support Myanmar's development in areas such as agriculture, environmental protection, science and technology, culture, education, and disaster prevention, the Chinese Embassy in Myanmar said on Tuesday.

Coming up on today’s programChina reinstates tax on bond interest income and steps up enforcement of income tax on overseas investments gains;Survey found Chinese brands are increasingly popular among Singaporean consumers.Here’s what you need to know about China in the past 24 hours China plans to reintroduce tax on bond interest income in a surprise move that could boost government coffers by as much as CNY31.6 billion this year. A 6 percent value-added tax will be levied on interest income from newly issued treasury bills, local government bonds, and corporate notes from Aug. 8, according to the Ministry of Finance and the State Taxation Administration. Bonds sold before Aug. 8 will remain exempt until maturity. The preferential policy for “small” taxpayers will also be retained, allowing individuals to earn VAT-free interest income on bond purchases up to CNY100,000 a month. The tax exemption on interest income was introduced in the 1990s to spur growth of the bond market and aid fundraising. China’s bond market is now the world’s second largest, and officials have said that the exemption has fulfilled its purpose.The government tax take may increase by about CNY31.6 billion this year following the move, according to calculations by Yang Yewei, chief fixed income analyst at Guosheng Securities.Given that new bond issuance is set to increase in the next few years, the tax income from the new policy will also mount, growing to CNY64.8 billion next year and CNY98.8 billion in 2027, according to Sun Binbin, chief economist at Caitong Securities. Meanwhile, China is stepping up the enforcement of a long-standing policy requiring residents to pay personal income tax on gains accruing from overseas investments.Social media platforms in China saw a surge in posts from investors sharing tax payment notices, many of which refer to a 20 percent personal income tax on overseas investment income such as dividends and capital gains. Investment in the Hong Kong Stock Exchange via the Stock Connect will remain exempt from income tax until the end of 2027. The increased enforcement coincides with the expansion of China's golden tax phase IV system, a robust data analytics platform that compares invoices, bank transactions, contracts and other relevant data to identify discrepancies and signs of tax evasion, and its integration with the Common Reporting Standard, an international framework for the automatic exchange of financial account information.The CRS system now enables Chinese tax authorities to access offshore financial data from more than 100 countries and regions, with coverage expected to grow to over 150 jurisdictions by 2025.The tightening of tax policies on overseas investment could trigger a series of ripple effects for China's A-share market. Some investors may keep their funds within the Chinese mainland, which will support the stable development of A-shares, experts noted.GBA expressThe Hong Kong Stock Exchange (HKEX) has introduced significant reforms to its IPO pricing mechanism, which came into effect on Monday. The reforms focus on several key areas, including optimizing the allocation ratio for share placements, lowering the public float threshold, and facilitating issuers with dual listings on the A-share and H-share markets (A+H issuers), according to the HKEX.The Hong Kong Monetary Authority (HKMA) bought HK$6.429 billion of the local currency on Tuesday, in addition to its purchases on Aug 1 and July 30. The resumption of currency intervention underscores the persistent depreciation pressure on the Hong Kong dollar, as the city’s wide interest-rate gap with the US spurs traders to short the local currency in favor of the higher-yielding greenback.On Tuesday, torrential rain continued to batter multiple cities across southern China. Shenzhen issued its first citywide red rainstorm alert since 2018, while Hong Kong announced its fourth highest-level black rainstorm warnings within a single week. Huizhou also raised its rainstorm alert to red at 2:28 am on Tuesday, while Macao issued a black rainstorm warning at 8:18 am and extended it until 12 noon.Industry and company newsJD.Com will launch its first five large-scale discount supermarkets in China's Jiangsu and Hebei provinces this month, media reported today. The Zhuozhou store in Hebei will span 5,000 sqm and offer over 5,000 cost-effective goods priced below the market average. On the other hand, Alibaba’s grocery chain Freshippo is shutting its X Membership Stores, with the final location in Shanghai to close on Aug. 31. Shops in Beijing, Suzhou, and Nanjing have already closed.Chinese EV brand Neta Auto announced yesterday that potential investors interested in joining the restructuring of its owner Hozon Auto should pay a deposit of CNY50 million before 5 p.m. on Sept. 15. Fifty-three entities have submitted applications so far, according to Alibaba's asset disposal platform.Pony.ai has teamed up with Jinjiang Taxi to roll out robotaxi services in Shanghai's Pudong district, covering Jinqiao and Huamu areas, since Aug. 1, the Chinese autonomous driving firm said today. A robotaxi can be hailed using Pony.ai's app or WeChat mini program anytime between 7.30 a.m. and 9.30 p.m. on weekdays.Baidu and Lyft yesterday announced a strategic partnership to bring Baidu’s Apollo Go autonomous vehicles to key European markets through Lyft’s platform. The first launches are planned for Germany and the UK next year, with the fleet expected to expand to thousands of units across Europe in the following years.China's foreign trade in services jumped 8 percent in the first half from a year earlier to CNY3.89 trillion, with knowledge-intensive services accounting for 38.7 percent of the total, according to data released by the Ministry of Commerce yesterday. Specifically, service exports rose 15 percent to CNY1.69 trillion, while imports increased 3.2 percent to CNY2.2 trillion. China has approved 183 Brazilian coffee firms to export their products to the Chinese market, the Embassy of China in Brazil said. The measure took effect on July 30 and is valid for five years.Asia-Pacific highlightsChinese brands are gaining growing favor among Singaporean consumers across a range of categories, according to a recent survey conducted by Singapore-based market research firm Blackbox. The survey, which polled over 1,500 adults, found that Singaporeans now prefer Chinese brands over American ones in several key sectors. In motor vehicles, 34 percent of respondents favored Chinese brands, compared to 28 percent for American brands. Chinese products also lead in several categories such as groceries, household appliances, lifestyle experiences, and snacks and convenience food.Ant Group is reportedly pulling from Paytm. The Chinese fintech giant is allegedly selling its whole remaining stakes in the Indian payment firm at a floor price of INR1,020 (USD11.61) per share for a total of INR69 billion (USD785.7 million).Uzbekistan Airways on Monday opened a direct cargo route between Urumqi in China’s Xinjiang and Uzbekistan's Urgench, marking the first one connecting China with the western Uzbek city.China Petroleum Engineering Corp under the Chinese oil and gas giant PetroChina, secured a US$2.5 billion contract from Iraq's Basra Oil for a seawater pipeline project in Iraq. Construction is expected to take 54 months.

Hi everyone. I’m Stephanie LI.Coming up on today’s programMainland buying in Hong Kong stock market doubles in first seven months;China's summer box office surpasses 7 billion yuan mark.Here’s what you need to know about China in the past 24 hoursSouthbound capital flowing into the Hong Kong stock market hit an all-time high in the first seven months of 2025, reflecting investor confidence in the city on the back of surging turnover and a revived pipeline of initial public offerings (IPOs).Investors in the Chinese mainland snapped up more Hong Kong equities so far this year than in all of 2024, as southbound flows hit HK$866.8 billion up to July, according to data compiled by Wind. That was already 107 percent of last year’s total.The total value of Hong Kong stocks held by mainland investors had reached record highs and southbound trades accounted for 20 to 30 percent of Hong Kong’s daily turnover, according to a strategist at Everbright Securities International, as many are turning to the Hong Kong market for high-dividend quality names, especially among Chinese enterprises.The sharp increase in mainland buying came as trading and fundraising activity in the city rebounded strongly after a multi-year slump. The southbound trades via the Stock Connect program accounted for 23.1 percent of total turnover on the Hong Kong stock exchange in the first six months of 2025, up from 18.3 percent from a year earlier, according to a midyear review released by the Hong Kong Securities and Futures Commission (SFC) on Thursday.In the first half, average daily turnover in Hong Kong jumped 82.2 percent from a year earlier to HK$240.2 billion, the SFC said.The buoyant sentiment was partly driven by the IPO market, which was experiencing a robust recovery. A total of 42 new listings raised a combined HK$107.1 billion, a sevenfold increase from a year earlier, putting Hong Kong at the top of the global league table, according to the SFC’s report. Four companies raised more than HK$5 billion each, while a batch of seven dual-listed firms together accounted for HK$77 billion in proceeds.Net purchases via the southbound channel during the first half of the year reached HK$731.2 billion – equivalent to 91 percent of the total for all of 2024, the report showed. All told, the southbound scheme brought in HK$4.42 trillion as of the end of June 30 since its inception, according to the report.GBA expressHong Kong is poised to become the world's largest global wealth management center in the coming years, according to an article by Eddie Yue, chief executive of the HKMA, citing the recent expansion plans of global financial institutes in the city. Participating investors in the Cross-boundary Wealth Management Connect (WMC) 2.0 scheme have surged over 1.2 times since its launch last year, exceeding 162,000 by the end of June, Yue said. The transaction amount of digital and tokenized assets traded in Hong Kong banks reached HK$26.1 billion in the first half of the year, up 233 percent from a year earlier.Hong Kong is putting the final touches on its preparations for the upcoming 15th National Games, with organizers ensuring smooth logistics for athletes, free-to-air TV coverage for local audiences, and special entry arrangements for delegations. In a move to maximize public engagement, the games will be broadcast locally through free-to-air television stations, with CCTV handling the primary production of event footage. Meanwhile, ticketing systems are undergoing final testing, and details on public sales will be announced soon. To facilitate smooth arrivals for athletes and officials, special clearance channels will be set up at four major entry points.Industry and company newsChina's 2025 summer box office, including presales, exceeded CNY7 billion (USD979 million) as of 9.28 p.m. yesterday, according to online ticketing platform Beacon. The summer movie season runs from June 1 to Aug. 31.China's Shenhua Energy announced plans to acquire 13 subsidiaries from its parent, China Energy Investment Corp, as part of a sweeping asset restructuring that could prove to be one of the nation's largest mergers and acquisitions. The cash-and-share deal involves coal, coal-fired power and coal-chemical businesses. Shenhua's shares in Shanghai will be suspended for 10 trading sessions, beginning today.A Hong Kong court has frozen an HSBC bank account holding US$1.8 billion related to the estate of Zong Qinghou, late founder of beverage giant Wahaha. The account freeze stems from a lawsuit filed by three of Zong's extramarital children against Kelly Zong Fuli, Wahaha's chief executive who is publicly known as sole heiress. The plaintiffs claim Kelly breached a family agreement by withdrawing over US$6 million and failing to establish offshore trusts worth US$2.1 billion. The court ruled the account will remain frozen until related proceedings in a Hangzhou court are resolved or a further order is issued. China's State Administration for Market Regulation on Saturday unveiled new guidelines on how much e-commerce platforms can charge participating merchants. The aim is to reduce the cost burden on sellers and create a more transparent pricing structure. Three major instant food delivery platforms, Ele.me, Meituan and JD.com, issued statements promising more reasonable discounts and subsidies, and opposing malicious competition.JD inked a deal with Ikea to launch the Swedish furniture giant's flagship store on Aug. 8, the Chinese e-commerce platform said today. The shop has listed over 6,500 products across 168 categories, with visible and interactive experiences based on JD's naked-eye 3D tech.CATL said today it is working with CAR to roll out over 100,000 battery-swappable autos on the Chinese car rental platform this year, with the battery giant relying on the platform's 2,000 outlets and parking resources to co-build a battery swap network covering core transport hubs.Panda bonds worth CNY116.7 billion had been issued via China's interbank market this year as of yesterday, bringing the overall figure to more than CNY1 trillion, according to financial data provider Wind.Asia-Pacific highlightsErenhot, the largest land port on the China-Mongolia border, recorded a milestone of 20,000 entry and exit China-Europe freight trains since its service launch in 2013, said the China Railway Hohhot Group on Sunday. As a pivotal entry-exit point for the central corridor of the China-Europe railway service, Erenhot port now serves 73 routes linking over 60 cities across 24 Chinese provincial-level regions to more than 70 stations in over 10 countries, including Germany and Poland.

Stephanie: Hey everyone, welcome back to CBN x ASEAN Watch. I’m Stephanie, and today we’re zooming in on a surprising trend in Malaysia: Chinese tourists flocking in for concerts. It’s not just about music—it’s a full-on economic and cultural wave.Joining me is Amy, our correspondent, who’s been on the ground exploring the“concert tourism” in Malaysia. Amy, what’s the vibe like?Amy: Thanks for having me, Stephanie! It’s electric! Imagine thousands of Chinese fans singing “Norwegian Forest” at Wu Bai’s concert in Kuala Lumpur. It’s more than just music—it’s a cross-border adventure. Chinese tourists are visiting Malaysia, combining concerts with travel, and it's driving a significant economic surge.Stephanie: That sounds incredible! So why are Chinese tourists choosing Malaysia for concerts, and what’s fueling this trend?Amy: It’s a perfect storm of advantages. First, accessibility. The visa-free policy, fully implemented on July 17, 2025, slashed barriers—tourism searches spiked 163% that day, per Tongcheng Travel. Flights are plentiful and cheap, following Malaysia's announcement of the visa-free policy. The number of flights between China and Malaysia has continued to increase.According to data from VariFlight, by July 24, the actual number of domestic flights operating between China and Malaysia surpassed 37,556, marking a 25% year-on-year growth and a 6% increase compared to 2019.In China, concert tickets are hard to get due to high demand, but in Malaysia, fans can score tickets without the hassle. The visa-free policy makes it even easier—cheap flights and no visa hassles make Malaysia a go-to destination for many. Add to that Malaysia’s large Chinese diaspora, where Mandarin is widely spoken and payments like Alipay and WeChat Pay are accepted, and it feels like a home away from home. Compared to pricier options like Singapore or less accessible spots like Thailand, Malaysia’s cost-effectiveness and cultural familiarity seal the deal. Stephanie: So, it’s not just about the music—it’s a full travel experience. How big is the concert scene in Malaysia right now?Amy: Huge! 2025 is set to be a record year for concerts. By June, there were already 44 major shows, with another 32 lined up for the rest of the year. Jay Chou’s Carnival World tour drew 62,000 fans in 2024, a 37.8% increase from 2023. G.E.M.’s “I AM GLORIA” concert set a record with 65,000 attendees in one night.Stephanie: Those are massive numbers! Let’s start with the big picture: how is this “concert tourism” trend reshaping the travel industry? Amy: Concert tourism is rewriting the playbook for travel. It’s showing that tying cultural events to tourism can supercharge economies. From January to April 2025, Malaysia welcomed 13.4 million international visitors—a 21% jump from last year. Among them, 1.4 million were from China, making it the third-largest source market. Malaysia even surpassed Thailand in tourist arrivals during this period.In 2024, Chinese visitors hit 3.29 million, a significant increase from 2023. In 2025, Malaysia anticipates tourism spending to reach 125.5 billion yuan (US$28.1 billion), with a target of 31.4 million international tourist arrivals, according to TTG Asia. This marks a significant increase compared to previous years. Tourism Malaysia has set a target of 31.4 million international tourist arrivals and 125.5 billion ringgit (US$28.1 billion) in revenue for 2025.Stephanie: Are tourists just coming for the concerts, or are they exploring more?Amy: It’s definitely a "music + tourism" model. Following concerts in Kuala Lumpur, fans can visit to Penang or Kota Kinabalu, checking out local favorites like Jackson Wang’s nasi lemak and Julian Cheung’s bak kut teh.Stephanie: That’s an awesome combo! Are local businesses benefiting from this?Amy: Absolutely. First, it’s combining entertainment with travel packages. Malaysia’s Concert and Event in Malaysia Incentives (CEMI) program, launched with 10 million ringgit in 2025, offers rebates to attract global acts. This pulls in fans who spend on more than just tickets. Second, lean into social media—Xiaohongshu’s “Malaysia concert” topic has 23.7 million views, guiding fans to net-famous spots like Jackson Wang’s nasi lemak joint. Finally, cater to special forces-style travelers—fans doing quick weekend trips need flexible flights and curated experiences, like small-group cultural tours.Local industries, especially dining and catering, are seeing the benefits. A durian shop in Penang, for example, joined Xiaohongshu to attract Chinese tourists and it’s working—the place is packed, with Chinese signs and WeChat QR codes. I also heard of a Kuala Lumpur driver learning Mandarin to chat with Chinese tourists. Malaysia’s Tourism Board predicts 5 million Chinese visitors in 2025, and they’re heavily promoting in cities like Chengdu and Qingdao to keep the momentum going. It’s fandom-driven cultural exchange, building bridges between China and ASEAN.Stephanie: Amazing! But what’s the deeper significance for China-ASEAN ties?Amy: This trend is a powerhouse for China-ASEAN cooperation. Economically, it’s driving Malaysia toward its US$28.1 billion revenue goal. Culturally, it fosters mutual understanding—Chinese fans learn about Malaysia’s heritage, while Malaysia gains exposure in China. This model could inspire Thailand or Indonesia.Stephanie: Any challenges to maintaining this growth?Amy: Well, given the convenience brought by visa-free policy and Malaysia’s affordability comparing with nearby Singapore, the influx of Chinese tourists is putting some pressure on local infrastructure—crowded restaurants, busy attractions. Businesses also need to cater to Chinese tourists’ preference for personalized experiences, like small-group tours.Stephanie: So, what’s next for this trend? Can Malaysia keep it going?Amy: It looks promising. Malaysia’s embracing the “concert economy” with more global acts like the CEMI program. Promoting diverse spots like Sabah and Selangor, plus Mandarin-speaking guides and Alipay-friendly businesses, will sustain the appeal.Also, tourism Malaysia plans to woo Chinese tourists via social media by Cool photo spots and viral food videos.Looking ahead, with stars like Zhang Xueyou planning to hold a concert in Kuala Lumpur and more K-pop groups adding stops, the momentum will keep the “concert economy” humming. The key to continued success will be evolving to meet the changing needs of Chinese tourists, while preserving what makes Malaysia unique and attractive to visitors. One official summed it up well: Chinese tourists want that Malaysian flavor, but with a touch of home.Stephanie: Any tips for someone planning a concert trip to Malaysia?Amy: Definitely catch a Jay Chou or G.E.M., or any of your favorite stars’ concert in Kuala Lumpur—the atmosphere is amazing. Afterward, check out the Petronas Towers or grab some street food at Jalan Alor. If you have time, head to Penang for the street art in Georgetown, or go to Kota Kinabalu for unforgettable sunsets. And don’t forget to try the nasi lemak—it’s a must!Stephanie: That sounds like the perfect plan! Thanks, Amy, for breaking down this vibrant trend. That’s a wrap for today—stay tuned for more insights on ASEAN’s booming trends!

Hi everyone. I’m Stephanie LI.Coming up on today’s programGlobal investors accelerate Chinese asset purchases with major ETF inflows surging in July;China vows to pledge more economic support at top meeting.Here’s what you need to know about China in the past 24 hours Global investors are demonstrating remarkable confidence in Chinese assets, with five major overseas China equity exchange-traded funds (ETFs) collectively attracting USD2.7 billion in net inflows in July, according to market data tracker FUTU.From end-June to July 25, the iShares MSCI China ETF's assets under management expanded 12.38 percent to USD7.187 billion, while the KraneShares CSI China Internet ETF saw a 20 percent jump to USD7.648 billion. The scale of Direxion Daily FTSE China Bull 3X Shares grew 14.13 percent to USD1.253 billion. Assets under management at Xtrackers Harvest CSI 300 China A-Shares ETF and iShares China Large-Cap ETF grew 10.54 percent and 5.32 percent, according to FUTU.This surge came amid heightened interest from South Korean retail investors, which executed USD5.764 billion in Chinese stock trades through July 25 year-to-date, making China their second-largest overseas investment destination, according to SEIbro, a market data provider under the Korea Securities Depository.South Korean investors have shown particular enthusiasm for Chinese tech giants, with Xiaomi, BYD, and Alibaba topping their Hong Kong buy lists. In the A-share market on the Chinese mainland, BYD, Hengli Hydraulics, and Huatai Securities were the most popular picks. This also mirrors a growth trend among institutional investors, as evidenced by the Hang Seng Index's 27 percent year-to-date rally through July 29.Foreign institutions have been particularly active in Hong Kong's market, with the cumulative shareholding ratio of stable foreign capital and flexible foreign capital reached 60.4 percent as of the second quarter.In a recent research note, Goldman Sachs pointed out that Chinese equities have recently broken out of their trading ranges, with the MSCI China reaching a near four-year peak and the CSI300 a year-to-date high. The drivers of these gains include robust second-quarter GDP growth, the revival of Hong Kong's IPO market, record-breaking Southbound inflows, and a wide gap between rising foreign investor interest in Chinese stocks and their still-conservative equity allocations, the investment bank said.China's Politburo held a top meeting on Wednesday, pledging to "step up" economic support in the second half of 2025 amid internal and external challenges. The meeting said it is imperative to make good use of various structural monetary policy tools to intensify support for scientific and technological innovation, boost consumption, support small and micro enterprises, and stabilize foreign trade, while underlining a crucial role the country's provincial economic powerhouses have to play in driving growth, Xinhua reported.  China's manufacturing PMI dipped to 49.3 from 49.7 in July from the prior month, according to the NBS. The non-manufacturing PMI dropped to 50.1 from 50.5.GBA expressAs China’s fifth‑largest urban economy and a major trading hub, Guangzhou gained momentum in the second quarter, propelling the city’s first-half growth to 3.8 percent on the back of policy‑driven consumption, fast‑growing emerging industries, and a stabilizing property market. Guangzhou’s GDP was CNY1.5 trillion in the first six months, after growth accelerated from a 3 percent clip in the first quarter, according to data released yesterday by the local statistics bureau.The proxy witness bank account opening service for residents of Hong Kong and Macao, aiming to ease payments in the Chinese mainland, officially expanded to all nine mainland cities in the Greater Bay Area yesterday. Through a collaborative mechanism involving "proxy witnesses" by local banks in Hong Kong and Macau and "remote account opening" by mainland lenders, it enables residents of the two SARs to obtain mainland bank accounts "at their doorstep."  The largest hydrogen refueling station in South China has been completed and put into operation in Guangzhou’s Baiyun district yesterday. It has a maximum daily refueling capacity of 4,000 kilograms, equivalent to the total of four typical medium-sized hydrogen refueling stations.Industry and company newsChinese state-owned power producer State Grid came in at 3rd place in the latest Fortune Global 500 List that ranks the world’s biggest companies by revenue, topping all other Chinese companies for the second consecutive year. US retailer giant Walmart headed the ranking for the 12th straight year, followed by Amazon. Also in the top 10, energy giants Saudi Arabian Oil Company, Sinopec, and China National Petroleum ranked fourth to sixth, respectively. The number of Chinese companies on the Fortune Global 500 list fell to 130 this year from 133 last year, with total revenue of USD10.7 trillion. JD.Com and Alibaba Group Holding were 44th and 63rd, respectively, China Mobile at 58th, and Huawei Technologies at 83rd. BYD jumped 52 positions to 91st, becoming the only Chinese automaker making it into top 100.China's top industry regulator reaffirmed its support for foreign firms during talks with the US-China Business Council in Beijing on Tuesday. Li Lecheng, Minister of the Industry and Information Technology (MIIT) met with senior executives from major US companies, including Apple, Thermo Fisher and Otis, to stress the government's commitment to maintaining an open, fair and transparent business environment, and to welcome further investment in China's industrial transformation.Chinese coffee chain operator Luckin Coffee said its net profit widened 44 percent to CNY1.3 billion in the second quarter of the year, mainly thanks to robust revenue, an increase in the store count, and a rise in monthly transacting customers. Revenue surged 47 percent to CNY12.4 billion in the period, the company announced yesterday. Luckin Coffee had 26,206 stores at the end of the second quarter, up 8.8 percent from last quarter.CATL's net profit jumped 33 percent to CNY30.5 billion in the first half from a year ago, while revenue rose 7 percent to CNY178.9 billion, the Chinese battery giant said in an earnings report yesterday. JD.Com has further increased its investments in the robotics sector by leading the latest financing round of RoboScience, the fourth such fundraiser the internet giant has led this month. RoboScience bagged nearly CNY200 million in an angel financing round, it announced today.China’s cyberspace regulator today summoned Nvidia over security risks linked to backdoor vulnerabilities in its H20 chips sold in China, requiring the US chipmaker to provide an explanation and submit supporting documents.China will earmark CNY90 billion dedicated for its new childcare subsidy program for this year, Guo Yang, director of the finance ministry's social security department, said yesterday. Local governments will begin accepting applications for the grants by Aug. 31.Asia-Pacific highlightsUS President Donald Trump announced a new trade deal with South Korea on Wednesday, stating that the US will impose a 15 percent tariff on goods imported from the country — 10 percent lower than what was initially proposed — under a trade deal that would charge America no tariffs.Air China yesterday launched a direct route between Beijing and Almaty, Kazakhstan, the Chinese carrier said. The new round-trip service runs every Monday, Wednesday, Friday, and Sunday using Boeing 737 aircraft.Malaysia's digital economy is poised for growth, fueled by strong interest from Chinese investors following a recent successful high-level mission, the Digital Ministry of Malaysia said on Wednesday. The delegation undertook the mission in conjunction with the WAIC 2025 held in Shanghai and reaffirmed Malaysia's growing role as a regional leader in digital transformation and innovation, the ministry said. Malaysia has secured digital investments from leading Chinese technology players, which will create over 6,800 high-value digital jobs across the country.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina and the U.S. agree to seek further tariff pause after Stockholm talks;IMF raises China's 2025 growth forecast on stronger-than-expected H1 performance.Here’s what you need to know about China in the past 24 hours Chinese and U.S. officials on Tuesday concluded one and a half days of high‑level trade talks in Stockholm, agreeing to push for the extension of a 90‑day tariff pause that could help stabilize the global economy.The trade and economic teams of China and the United States held “in-depth, candid and constructive exchanges over important topics of mutual interest,” Xinhua reported on Tuesday. Based on the meeting consensus, both sides will continue pushing for the continued extension by 90 days of the pause on 24 percent of reciprocal tariffs of the US side, as well as counter measures of the Chinese side, it said.Over the past day and a half, the two sides reviewed the implementation of the Geneva and London consensuses and gave full affirmation to the progress made, Li Chenggang, China international trade representative with the Ministry of Commerce and vice minister of commerce, said when briefing the press following the new round of economic and trade talks in Stockholm.Both sides are fully aware of the importance of safeguarding a stable and sound China-U.S. economic ties, Li said, adding that the two sides held candid exchanges over each other's major trade and economic concerns.The Chinese and U.S. economic and trade teams will maintain close communication, conduct timely exchanges on trade and economic issues, and continue to promote the stable and healthy development of bilateral economic and trade relations, Li said.The Stockholm talks mark the third such meeting between the two sides in three months and came just days before the expiration of a 90-day tariff truce agreed upon by the two sides, with a deadline approaching on August 12.Chinese Vice Premier He Lifeng, who led the delegation from Beijing, told reporters in Stockholm that the US should work with China to continue to enhance consensus, reduce misunderstandings, strengthen cooperation, further deepen dialogue and consultations, and strive for more win-win outcomes, according to Xinhua.A stable, healthy and sustainable China-US economic and trade relationship serves not only the two countries' respective development goals but also contributes to global economic growth and stability, He said.The IMF yesterday raised its China growth forecast for this year to 4.8 percent from 4 percent, citing stronger-than-expected activity in the first half of the year. It also lifted its global growth outlook to 3 percent from 2.8 percent.GBA expressHong Kong stocks market capitalization reached HKD42.7 trillion in the first half of 2025, up 33 percent year-on-year, the Hong Kong Exchanges and Clearing Ltd (HKEX) said on Tuesday. The exchange recorded an average daily turnover of HKD240.2 billion in the period, up 118 percent year-on-year.The Shenzhen municipal government has repurchased seven undeveloped commercial land plots designated for the Shenzhen Qianhai Huafa Ice and Snow World for CNY4.4 billion, or at a loss of CNY951 million, for the project’s developer, Huafa Properties. The repurchase will not affect the construction progress of the park, which is expected to become the world's largest indoor skiing center once opened to the public in the fourth quarter of this year, the company added.McDonald’s is putting eight prime retail properties in Hong Kong up for sale, with a total estimated value of about HKD1.2 billion, media reported, citing JLL, the sole agent handling the deal. The US fast food giant said restaurant operations at these sites will be unaffected.Industry and company newsChina's summer box office, including presales, topped CNY5.5 billion as of yesterday, led by Dead to Rights, Jurassic World Rebirth, and The Lychee Road, according to film data tracker Beacon. Cinemas have seen some 145 million viewers so far.Profits of China's state-owned and state-controlled enterprises fell 3.1 percent to CNY2.18 trillion in the first half of this year from a year earlier, while their operating revenues slipped 0.2 percent to CNY40.75 trillion, according to data from the finance ministry.More than 30,000 foreign-invested enterprises were established in the Chinese mainland in the first six months of this year, up 12 percent from a year earlier, the Ministry of Commerce said yesterday. The FDI in actual use in the Chinese mainland totaled CNY423.2 billion, down 15 percent in the period. Investment in e-commerce services rose 127 percent; in pharmaceuticals, 53 percent; and in aerospace equipment manufacturing, 36 percent.Xiaomi improved its ranking in the Fortune Global 500 List by 100 positions to 297th last year from the year before, marking the largest jump since the Chinese tech giant made the list for the first time in 2019.Taobao Flash, Alibaba's new instant retail platform, is rapidly gaining popularity among merchants. Participating vendors rose 110 percent this month from June, adding over 12,000 stores. US coffee chain Starbucks, which is considering selling stakes in its China operations, posted a 2 percent drop in same-store global sales in its second quarter ended June 30. But sales in China, its second-biggest market, rose 2 percent. Net revenue in the quarter rose 3.8 percent to USD9.46 billion.Pinduoduo procured 30,000 disaster relief supplies for areas severely affected by rainstorm in Beijing, the Chinese e-commerce firm announced today. All-out disaster rescue effortsare underway in Beijing as the latest round of intense rainstorms had left 30 people dead in the Chinese capital as of midnight Monday. Apple CEO Tim Cook also announced on Weibo today that the US tech giant is donating to support relief and recovery efforts in China.Goldman Sachs Group has raised its 12-month target for the MSCI China Index to 90 from 85, signaling a 12 percent upside from the latest closing price. The revised outlook reflects easing global trade tensions, stronger-than-expected second-quarter gross domestic product data, a recovery in Hong Kong's initial public offerings, record-high southbound capital inflows, and renewed interest from foreign investors in Chinese assets, according to Liu Jinjin, chief China equity strategist at Goldman Sachs.Asia-Pacific highlightsJapan's Meteorological Agency issued a tsunami warning for wide areas along the Pacific coast in the morning after a powerful 8.8-magnitude earthquake struck Russia’s Kamchatka peninsula, Xinhua reported. China also issued a yellow tsunami alert today, which is expected to affect eastern regions including Shanghai and Zhejiang Province. The Tsunami Warning Center of the Chinese Ministry of Natural Resources today estimated that the tide levels in Shanghai will not exceed the warning threshold during the tsunami. Singapore Airlines, often ranked among the best carriers in the world, said net income in its first quarter ended June 30 plunged 59 percent from a year earlier to SGD186 million on lower interest income and losses associated with its stake in Air India. Revenue rose 1.5 percent to SGD4.79 billion. Asia's coal price benchmark rose to a five-month high as Australian Newcastle futures rose to USD115.50 per ton after summer heat waves boosted use of air conditioners and reduced inventories, Bloomberg reported. Coal-fired power generation in Tokyo hit the highest level in 10 months last week amid hot weather.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina introduces a nationwide childcare subsidy of CNY3,600 per year for child aged under 3;CNY45 billion worth of deals were inked at this year’s WAIC.Here’s what you need to know about China in the past 24 hours China released a nationwide childcare subsidy policy offering families CNY10,800 per child during their first three years of life to boost the country’s birth rate.Children born from January this year will be eligible to receive CNY3,600 per year for three years, Xinhua reported yesterday. The subsidies will be exempt from individual income tax and will not be counted as household or individual income when identifying assistance recipients.The policy is expected to benefit more than 20 million families each year.As one of the world's most populous countries, China is facing a dual demographic challenge: a shrinking number of newborns and a rapidly aging population.The country's birth rate and total number of newborns declined for seven consecutive years before experiencing a modest rebound in 2024, thanks to more government support and a slight effect from Chinese people waiting to have children during the Year of the Dragon. Meanwhile, China's population aged 60 and above had reached 310 million by the end of last year.In response to this dual challenge, China has steadily loosened its family planning policies over the past decade. It phased out its one-child policy by allowing married couples to have two children in 2016, and announced support for couples wishing to have a third child in 2021.The national childcare subsidy was first introduced in this year's annual government work report in March, which stressed the need to formulate pro-natal policies, issue childcare subsidies, develop integrated childcare services, and increase the supply of affordable childcare options in China.Before this nationwide policy, around 70 Chinese provincial, municipal, and county-level governments had rolled out local childcare subsidy policies. Families in some regions can receive up to CNY10,000 for their first child, CNY50,000 for their second, and CNY100,000 for their third or above.While the childcare subsidy is a key step toward easing the burdens on families, providing reassurance about having children, and optimizing the population structure, it is not a cure-all, experts noted. Other measures such as parental leave, childcare services, education, and housing should function together with financial incentives.In a separate move, China's central government last Friday issued a directive urging local governments to draw detailed plans to introduce free preschool education.The government is also ramping up nursery care services for children under three, aiming to relieve the pressures on working parents and improve early childhood development. GBA expressHong Kong's goods exports and imports recorded year-on-year increases in June of 11.9 percent and 11.1 percent respectively, according to statistics released by the city’s Census and Statistics Department on Monday. The value of goods exports reached  HK$417.8 billion in June, marking 16 consecutive months of growth. The value of goods imports was HK$476.7 billion, resulting in a trade deficit of HK$58.9 billion, equivalent to 12.4 percent of total imports value.        Industry and company newsThe three-day 2025 World Artificial Intelligence Conference (WAIC) has ended with deals penned for 32 projects with a total investment of CNY45 billion, while reaching an intended procurement amount of CNY16.2 billion. Ended yesterday in Shanghai, the event saw more than 3.05 million offline visitors, with over 800 exhibitors showcasing more than 3,000 cutting-edge technologies, according to the organizing committee.China leads the world in AI large language models and has released 1,509, accounting for 40 percent of the global total, according to data released yesterday by the China Academy of Information and Communications Technology during WAIC 2025. Of the more than 35,000 AI firms worldwide, more than 5,100 are in China, making up around 15 percent of the global total.Shanghai yesterday unveiled a comprehensive support package of 12 measures to expand artificial intelligence applications and reduce innovation and entrepreneurship costs at the closing ceremony of the WAIC 2025, featuring subsidies worth CNY10 billion. The measures cover the entire value chain from computing power and models to data, industrial ecosystems, talent services, and investment and financing.  Alibaba will introduce new smart glasses powered by artificial intelligent, the Chinese company's first entry into the sector, by the end of the year. It said its Quark AI Glasses will be powered by its Qwen large language model and Quark AI system. The new glasses are a direct challenge to market players Meta and Xiaomi.WuXi AppTec's net profit more than doubled in the first half from a year earlier to CNY8.5 billion and revenue surged 20.6 percent to CNY20.8 billion, the Chinese pharmaceutical firm said today. The company expects full-year revenue to be between CNY42.5 billion and CNY43.5 billion.Changan Automobile Co has officially restructured into an independent automaker, becoming the third centrally-administered automotive behemoth directly overseen by China's central government, following FAW Group and Dongfeng Motor, CCTV reported on Tuesday. With 117 subsidiaries under its umbrella, the automaker will prioritize advancements in smart vehicles, robotics, flying cars, and embodied intelligence, among other cutting-edge manufacturing fields.Morgan Stanley has successfully issued CNY2 billion in panda bonds in China's interbank bond market, marking the first such issuance by a U.S.-headquartered company, the National Association of Financial Market Institutional Investors announced Monday. Asia-Pacific highlightsThe Shanghai Futures Exchange and its subsidiary, the Shanghai International Energy Exchange, have been added to Malaysia’s list of Specified Exchanges, paving the way for Malaysian investors to access China’s futures market through local brokers, according to the Shanghai Futures Exchange’s latest newsletter. Malaysia will be the first overseas market for the Shanghai Futures Exchange, and the third for the Shanghai International Energy Exchange, after Hong Kong and Singapore.Chinese automaker Chery Auto unveiled five new models -- the Arrizo 5 FL, Arrizo 8, Tiggo 7 Pro Max, Tiggo 8 Pro Max, and Tiggo 9 PHEV -- in the Egyptian market yesterday, as part of its expansion into the North African country, Xinhua reported on Monday.Chinese automakers are moving to pole position in the Australian market and on track to become the major source of automotive imports by 2035, with 43 percent of all new vehicles sold by that time coming from the country, according to the latest research by the Australian Automotive Dealer Association.

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li.Coffee shops are increasingly becoming the go-to spots for many Chinese consumers, either for informal business rendezvous, meeting friends, working or studying.  The perfect choice, for many years, has always been Starbucks, for its middle-class vibe, open space, premium locations and better service.  Recently, the US coffee chain is trying to leverage on this by launching free study spaces at some of its stores in China, with no charge for seating and no time limit. Starbucks China said at some of its stores in Guangdong province, it has introduced study rooms at its stores, hoping to provide a space for consumers in the hot summer. At those Starbucks outlets in Guangzhou and Shenzhen, the stores don't require consumers to purchase food and drinks, and the study space doesn't need to be booked in advance. The space also provides free power sockets and water.This move appears as a generous sanctuary for students battling overcrowded libraries and chaotic homes. But beneath this lies a precisely calculated business strategy addressing slowing sales and intensifying market competition from local brands such as Luckin Coffee and Cotti. First, consider the challenging landscape brewing beneath the surface. Starbucks' China business reported a lukewarm performance for its 2024 financial year, with sales amounting to $2.96 billion, down 1.4% year-on-year. In the first financial quarter of 2025, Starbucks China achieved sales of $744 million, up 1% year-on-year, while same-store sales declined 6% last quarter, marking their fourth consecutive drop. Customer visits decreased by 6%, while average spending per transaction fell 8%.The coffee giant is attempting to reverse its declining fortunes through scenario reconstruction, price reductions, and market penetration into lower-tier cities.Last month, Starbucks reduced the prices of its non-coffee products, with the average price reduction for a large cup being around CNY5. It is also accelerating the opening of new stores in lower-tier markets. As of March 2025, the total number of Starbucks stores in China reached 7,758, covering over 1,000 county-level markets, with 40% of new stores located in rural areas.In contrast, Starbucks has closed nearly 20 flagship stores since 2024, with half of these closures concentrated in the densely populated regions of Jiangsu, Zhejiang, Shanghai, and Guangdong, indicating a trend of "closing in urban areas and opening in rural areas.”These measures are making the once high-end coffee brand more accessible. In the increasingly competitive Chinese coffee market, "lowering its profile" may be Starbucks' strategy to stay competitive.The company is exploring more "interest-driven" scenarios in the future to enhance the "third space" experience, which could include more study rooms or other community-focused initiatives.Then enter the "StarStudy Room" concept: zero fees, no purchase requirements, unlimited time access—a dramatic pivot from their 2021 Shanghai trial of paid private pods. So, could this shift towards a more community-oriented approach help Starbucks attract a wider range of customers and maintain its position in the market?On the plus side, early data indicates 70% of studiers ultimately purchase items, typically high-margin products like iced drinks or pastries. This phenomenon stems from studying's inherent ability to manufacture demand. During intensive three-hour study sessions, plain water often loses its appeal against the allure of a perfectly crafted Cold Brew. By eliminating the psychological barrier of unpaid seating, Starbucks unlocks organic consumption—achieving sales without overt pressure. Starbucks also provides more than seating—it delivers dignity. Removing the pressure of mandate purchases cultivates authentic loyalty, exemplified by a Guangzhou student's testimony: "I studied for six hours and bought two drinks—not from obligation, but because it felt equitable."“Starbucks is looking for ways to create fun entry drink experiences for Gen Z consumers,” said Ms Jessica Gleeson, a former Starbucks China executive who now runs a Shanghai-based retail consultancy firm. “In-store activities both bring new customers to the cafes and create a relationship between Starbucks and the community. It is a simple, but effective tactic.”However, significant operational challenges nevertheless persist. The most prominent remains ambient noise—most study zones lack physical separation from bustling cafe areas.More importantly, operational expenditures, including electricity, Wi-Fi, enhanced cleaning and facilities repairs, will further complicate the "free" model. Should conversion rates decline, financial sustainability becomes precarious.In China's hyper-competitive coffee landscape, space itself has become the core currency, an edge over the compact outlets of local coffee chains that only Starbucks is ready to offer. The coffee giant no longer primarily sells coffee, but the privilege of occupying spaces superior to dorms, offices, or commutes.Fundamentally, "StarStudy Rooms" signal Starbucks' strategic evolution toward it “Third Space 2.0” strategy: transitioning from casual social venues to productivity-focused environments.But Starbucks isn’t pioneering alone. McDonald’s is testing "Silent Breakfast Hours" devoid of music and promotions, while IKEA has also recently open its own version of study rooms. Simultaneously, tea giants like HeyTea captivate Gen Z with visually striking "third spaces." This trend is clear: brick-and-mortar chains are ditching one-trick ponies—cafés, home stores, malls—and turning them into all-in-one spots for learning, hanging out, and shopping. The line between classic "third spaces" (like cafés) and "second spaces" (offices, schools) is fading fast, as offline spots shift from single-use to multi-purpose hubs, catering to demand for flexible, efficient, and cozy study nooks.With fierce price wars and sluggish home goods sales, brands are using free study corners to juice idle space, keep customers longer, boost usage, and lure crowds with "extras" to subtly drive sales.As the battle of “third space” is early on, the jury is still out on whether Starbucks China is able to get back on the game.

Hi everyone. I’m Stephanie LI.Coming up on today’s programPolysilicon and coking coal prices surge in China on supply-side reform hopes;Chinese tech, auto companies move up ranks of Fortune 500 list.Here’s what you need to know about China in the past 24 hours Prices of key Chinese bulk commodities such as polysilicon and coking coal, which are essential in solar panel and steel production, surged to new highs today amid investor expectations of government action to curb excessive competition, or “neijuan,” and accelerate the phase-out of outdated capacity.Polysilicon futures on the Guangzhou Futures Exchange climbed 5.5 percent to CNY50,080 per ton, reaching the daily limit of 12 percent intraday and setting a new record since the contract’s launch last December. The contract has gained 53 percent so far this month.Coking coal futures on the Dalian Commodity Exchange jumped 11 percent to CNY1,135.5 per ton, the highest level in four months, bringing this month’s increase to about 38 percent. Coke futures rose 3.8 percent to CNY1,707.5 per ton, up 22 percent in July.Since the beginning of the month, China has reinforced its policy stance on confronting excessive industrial raw material output, following years of weak demand that have weighed on prices and profits.The photovoltaic industry is facing challenges both internally and externally, and the stability of the supply chain has been compromised, Cao Renxian, chairman of the China Photovoltaic Industry Association, said at a seminar today. Cao, who is also the chairman of Chinese PV giant Sungrow Power Supply, suggested firmly rejecting bids below cost and resolutely curbing the chaotic phenomenon of vicious competition.At a meeting on July 1, the Central Financial and Economic Affairs Commission emphasized the need to curb low-price, chaotic competition, improve product quality, and facilitate the orderly exit of outdated production capacity.Echoing this directive, China's Ministry of Industry and Information Technology (MIIT) on July 3 held a symposium for manufacturing enterprises, focusing on accelerating the high-quality development of the photovoltaics industry, according to the Xinhua News Agency. Later on July 18, Xie Shaofeng, chief engineer at the MIIT, said work plans targeting 10 major sectors -- including steel, non-ferrous metals, petrochemicals, and building materials -- will soon be released to support industrial restructuring and eliminate outdated capacity.Driven by these policy signals, the market anticipates new supply-side structural reform measures that could boost commodity futures prices following sharp earlier declines, market analysts said.Vice-Premier He Lifeng will be in Sweden from Sunday to Tuesday to hold economic and trade talks with United States officials, as agreed upon by both sides, the Ministry of Commerce said on Wednesday. The two sides will fully leverage their economic and trade consultation mechanism and continue consultations on issues of mutual concern in the spirit of mutual respect, peaceful coexistence and win-win cooperation, the ministry added.GBA expressForeign trade of South China's Shenzhen reached CNY2.17 trillion in the first half of 2025, securing its position as the leading city on the Chinese mainland, according to Shenzhen Customs on Tuesday. Exports totaled CNY1.31 trillion, while imports amounted to CNY858.86 billion. Chief Executive of the Hong Kong Monetary Authority (HKMA) Eddie Yue Wai-man said on Wednesday that it is important to implement the Stablecoins Ordinance in a robust and sustainable manner. Yue said that given the merits of stablecoins as an emerging payment instrument and their gradual integration into the mainstream financial system as regulation takes shape, it is necessary to guard against undue speculation caused by market and public opinions. In light of shared international regulatory concerns, more stringent requirements will be imposed in respect of anti-money laundering to minimize the risks of stablecoins being used as a money laundering tool, Yue said. Hong Kong's Stablecoins Ordinance will come into effect on Aug 1.Hong Kong’s Ryan Choi Chun-yin etched his name in fencing history, capturing the city’s first-ever gold at the 2025 FIE Senior Fencing World Championships in the men’s foil final. Choi is now the third Hong Kong fencer to reach the World Championship podium, joining bronze medalists Cheung Ka-long and Vivian Kong.Industry and company newsTechnology giants JD.com and Alibaba, and automakers BYD and Geely were among the Chinese companies that climbed corporate revenue rankings in the latest Fortune China 500 list. JD rose two rungs to 11th place; Alibaba, three to 18th; and Tencent, six to rank 32nd. PDD Holdings, Meituan and Xiaomi ranked in the top 100. Bilibili was the only Chinese Internet firm to debut on the list. In the auto industry, BYD rose to 27th from 40th place. Geely took 41st place, rising from 54th. Further down the list, Seres, the auto production partner of Huawei Technologies, rose to 169th place from 404th, and Li Auto climbed 13 places to rank at 171.Alibaba deepened its presence in the artificial intelligence race as it announced on Wednesday the launch of an open-source AI coder, the Qwen3-Coder, an AI model designed for high-performance software development. The company also said that its model matched the performance of leading US models, including Anthropic's Claude and OpenAI's GPT-4, in certain areas.WeChat Pay has allied with HarmonyOS 5 to offer a more convenient payment experience for Huawei phones with the OS, with users now able to pick WeChat Pay to complete transactions when buying digital goods or services like membership subscriptions, in-game items, and e-books.Tesla may open its first Tesla Diner in China in Shanghai around the 2026 Chinese New Year, following the restaurant’s global debut in the US on Monday, with Chinese product prices potentially set at 70 percent of US prices, media reported today. The US EV maker has reserved a 3,000-sqm land plot next to its Shanghai plant for the restaurant.Zero-tariff items will increase to 74 percent from 21 percent of goods coming into Hainan Province when the duty-free port expands independent customs operation island-wide in December, the National Development and Reform Commission announced. The port also announced a pilot project that will enable overseas investors to access financial products offered by local financial institutions.Asia-Pacific highlightsXpeng Motors’ Chairman He Xiaopeng announced today the Chinese EV startup’s first overseas smart factory in Indonesia has begun production. The first Indonesia-made X9 was delivered to a customer yesterday, marking a key step in Xpeng’s global localization strategy.A tripartite intent deal worth USD1.75 billion was inked on Tuesday, which states that Shanghai-based Volant Aerotech shall provide Thailand's Pan Pacific Co Ltd with 500 units of electric vertical take-off and landing aircraft (eVTOL), with China National Aero-technology International Engineering Corp being responsible for the low-altitude infrastructure support. This will mark the largest international single order to date in China's passenger eVTOL sector.China's General Administration of Customs on Tuesday issued a notice that allows corresponding wild aquatic products from New Zealand to export to China, with immediate effect. The announcement was made against the backdrop of the expanding trade ties between China and New Zealand.The Asian Development Bank lowered its 2025 growth forecast for the Asia-Pacific region to 4.7 percent from 4.9 percent and trimmed its projection for next year to 4.6 percent, citing US tariffs and trade uncertainties. Southeast Asia is forecast to have the slowest growth, now projected at 4.2 percent this year and 4.3 percent in 2026.

Hi everyone. I’m Stephanie LI.Coming up on today’s programGlobal institutions have issued over CNY1 trillion of panda bonds, highlighting investor confidence in Chinese market;Guangzhou sees surge in drone exports this year.Here’s what you need to know about China in the past 24 hours As of Tuesday, the total issuance of panda bonds, or yuan-denominated bonds issued by foreign financial institutions in China, had exceeded CNY1 trillion, CCTV reported.It underscores the strong confidence of internationally renowned issuers in the prospects of China’s long-term development, and their continued commitment to deepening their presence in the giant Chinese market.Since the start of the year, several international development institutions have successively issued panda bonds. The Asian Infrastructure Investment Bank (AIIB) recently completed an issuance of two-year term panda bonds worth CNY2 billion in China’s interbank bond market, according to the report.To date, panda bonds have been issued by more than 90 institutions, and renminbi-denominated international financing, including panda bonds, now ranks as the second largest bonds globally by volume.In recent years, inspired by favorable policy and market conditions, the panda bond issuance market has seen continuous expansion. Launched in 2005 with modest issuance volumes and initially considered a trial innovation, it has now become a crucial strategy for foreign institutions seeking financing through China's bond market.GBA expressDrone makers in Guangzhou exported more than 6,100 drones in the first five months, up 252 percent year-on-year, and achieved a record for the period, according to a statement released by the municipal commerce bureau. More than half of the drones delivered are for agricultural use, and most of the drones were exported to markets in Southeast Asia, South America and Central Asia. Liu Qing, director of the foreign trade management office of Guangzhou's municipal commerce bureau, attributed the surge of the city's drone exports to local drone enterprises' greater efforts in exploring the global market since the beginning of the year, leading to bigger brand influence and global market share.E-commerce giant JD.com becomes a leading investor in three fast-rising robotics startups, positioning it at the center of China's industrial technology shift, alongside rivals like Alibaba and Baidu. Shenzhen-based LimX Dynamics said its full-size humanoid robot will enter commercial production in late 2025 for use in JD's retail and supply chain networks. Hangzhou's Spirit AI raised nearly CNY600 million in a round of financing, debuting its Moz1 robot powered by a vision-language-action model. EngineAI, also Shenzhen-based, secured almost CNY1 billion as it scales up production of its PM01 humanoid robot.Industry and company newsA total of 16 centrally administered state-owned enterprises (SOEs) have pledged their support for the development of Southwest China's Xizang autonomous region, with 75 investment deals worth CNY317.5 billion concluded. The agreements, covering energy, power and telecommunications infrastructure and other sectors, were signed on Sunday at a conference focusing on SOEs' contribution to the region's high-quality development. Since 2021, China's SOEs have invested CNY145.8 billion in more than 8,800 projects in Xizang, generating CNY276.7 billion in business revenue, according to data unveiled at the conference.Chinese car giant BYD confirmed today that its premium brand Yangwang will enter the European market, media reported. Launched in China two years ago, Yangwang aims to compete with luxury car brands such as Bentley, Porsche, and Ferrari.JD.Com has opened its first self-operated physical restaurant that offers only food delivery and pick-up services, with no dine-in option. 7Fresh Kitchen, located on the ground floor of a building in Beijing’s Dongcheng central district, received 800 orders on opening day yesterday, according to media reports.Cotti Coffee's super factory in the Chinese coffee chain's global supply chain base in Ma'anshan, China's Anhui province, broke ground yesterday, media reported. The factory, with a building area of around 340,000 sqm, has an annual production capacity of 4 billion cups.China's electricity use in June grew 5.4 percent from a year earlier to 867 billion kilowatt hours, according to the National Energy Administration. Consumption rose 4.9 percent in primary production and 10.8 percent in households. In the first half, electricity use was up 3.7 percent to 4.84 trillion kilowatt-hours. The figures reflect both continued recovery in China's economy and modest growth in manufacturing.Asia-Pacific highlightsThe number of new users in Thailand on Taobao has increased nearly 60 percent since the Chinese e-commerce platform launched a Thai version over a month ago, media reports today. The Thai language version of Taobao features an AI translation service developed based on Alibaba's LLM TongyiQianwen.Chinese new-style tea brand ChaPanda has entered Singapore to further speed up its coverage in Southeast Asia, opening two stores in the SCAPE and Northpoint shopping malls, media reported yesterday. The SCAPE shop saw long queues on the first day, with an average waiting time of over 2 hours.Argentina on Monday announced a loosening of visa requirements for Chinese citizens. Under the new policy, effective Tuesday, Chinese nationals with US visas will not need Argentine visas to enter the country for tourism or business. The move comes after China in May announced a trial policy that unilaterally grants visa-free entry to citizens of Brazil, Argentina, Chile, Peru and Uruguay.As the Belt and Road Initiative (BRI) marks its 11th anniversary, China-Malaysia cooperation has entered a new phase of multi-dimensional and deeply integrated engagement, spanning infrastructure, the digital economy and green transformation — with vast potential ahead, Loh Wee Keng, chairman of the Malaysian Chamber of Commerce and Industry in China (MayCham China), told Chinese media during the 2025 China International Supply Chain Expo (CISCE) in Beijing. One of the most iconic achievements of China-Malaysia cooperation under the BRI, Loh said, is the "Two Countries, Twin Parks" model — the Malaysia-China Kuantan Industrial Park and the China-Malaysia Qinzhou Industrial Park, which has been operating for over a decade. Loh also highlighted that the flagship BRI project jointly built by Malaysia and China, the East Coast Rail Link, is now in its final phase of construction and is expected to become operational by late 2026 or early 2027. Loh expressed hope that more large-scale infrastructure projects would be successfully launched and implemented in Malaysia in the coming years.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina sets up new central SOE to oversee the CNY1.2 trillion Yarlung Zangbo hydropower project;Guangdong posts record import and export volumes in H1.Here’s what you need to know about China in the past 24 hours China has founded a new central state-owned enterprise that will be responsible for building and operating the CNY1.2 trillion Yarlung Zangbo hydropower project in China's western Xizang Autonomous Region, according to Xinhua News Agency.China Yajiang Group was established on Saturday at a ceremony held in Beijing, becoming China’s 99th central SOE. It is 22nd on the central SOE list on the website of the State-Owned Assets Supervision and Administration Commission, right before China Energy Investment and after China Three Gorges, reflecting its important status in the energy sector.The Yarlung Zangbo hydropower project, which was approved by the central government last December, has officially begun construction in Nyingchi, Xinhua reported. It will consist of five cascade hydropower stations and primarily deliver electricity for external consumption, while also addressing local demand in Xizang.The project will take full advantage of the abundant water resources of the Yarlung Zangbo River and drive the development of surrounding new energy resources, creating a clean energy hub that integrates hydropower, wind, and solar power.This is a major initiative in China's efforts toward green and low-carbon energy transformation and plays a crucial role in advancing the country's carbon peak and carbon neutrality goals and addressing global climate change, Xinhua noted.Upon completion, the project will greatly enhance local infrastructure in terms of electricity, water conservancy, and transportation, strengthening development connections between Xizang and other regions and bringing greater satisfaction, happiness, and security to people of all ethnic groups in Xizang.Chinese A-share market jumped on Monday, with the benchmark Shanghai Composite rising 0.72 percent to reach another yearly high. The infrastructure sector gained the most across the board, with dozens of stocks including PowerChina, Xizang Tianlu, and Poly Union hitting daily trading limit. As agreed between China and the European Union, President of the European Council Antonio Costa and President of the European Commission Ursula von der Leyen will visit China on July 24, spokesperson from the Chinese Foreign Ministry announced on Monday. The spokesperson said that Chinese Premier Li Qiang and the two EU leaders will jointly chair the 25th China-EU Summit.GBA expressGuangdong's import and export volumes for the first half of 2025 hit historic highs, setting new records for the period. Total trade reached CNY4.55 trillion, up 4 percent year-on-year, surpassing the national growth rate by 1.1 percentage points. Exports totaled  CNY2.89 trillion, rising 1.1 percent year-on-year, while imports surged 9.5 percent to CNY1.66 trillion. Since the third quarter of 2023, Guangdong has maintained positive growth for eight consecutive quarters. During the period, Guangdong had 130,000 foreign trade enterprises engaged in actual import and export activities, an increase of over 9,000 from the previous year. Of these, around 110,000 were private enterprises, making up 84 percent of the total, with their trade volume exceeding 60 percent of the province's overall figures.Hong Kong’s stock market benchmark has again climbed to its highest level in more than three years, buoyed by market optimism. The Hang Seng Index surged past the 25,000-point mark in morning trading on Monday, hitting 25,010 points -- a record high since February 2022, before ending at 24,994 points.Xiaomi's HQ building in China's southern tech hub Shenzhen went into use on Friday, becoming the Chinese tech giant's fourth regional office after those in Beijing, Wuhan, and Nanjing. Its largest Mi Store, covering an area of over 1,591 sqm, also opened near the building.Shenzhen-based UBTech Robotics said it has developed a humanoid robot called Walker S2 that can change its own batteries, creating a robot that can function 24/7 without human intervention. The company released a video showing the robot in an industrial setting, detaching a depleted power pack, popping it into a charger and installing a fresh one – all in three minutes.Industry and company newsChina's State Administration for Market Regulation recently summoned three major food delivery platform operators -- Ele.me, Meituan, and JD.Com -- urging them to participate in competition rationally. This was the second round of regulatory discussions with the three since May. The three have been engaged in a fierce price war that cost them an estimated CNY25 billion in consumer discounts and merchant subsidies in the second quarter alone, according to investment bank Goldman Sachs.The combined valuation of the 372 unicorn companies in China has exceeded USD1.2 trillion as of the end of last year, highlighting the vibrant vitality of the country's new quality productive forces. The integrated circuit sector led for the fourth straight year with 56 unicorns worth USD161.8 billion, Xinhua News Agency reported, citing the GEI China Unicorn Enterprise Research Report 2025 released at the China Shenzhen Unicorn Enterprise Conference. Commercial aerospace was the fastest-growing field, with the number of firms surging 150 percent, while frontier tech companies accounted for 70 percent of the total.Chinese robotics startup Unitree began pre-listing tutoring, with Citic Securities as its IPO adviser, a regulatory filing showed. Founder and CEO Wang Xingxing holds around 35 percent of the firm, it added.The total length of China's operating high-speed rail tracks has expanded 10,000 km from 2021 to 2024. Total operational length of railway lines reached 162,000 km in the period, Minister of Transport Liu Wei said at a press conference on Monday.From January to June, China’s national online retail sales expanded by 8.5 percent, with 15 categories of home appliances and digital products covered by the government’s trade-in programs rising 12.7 percent and online services consumption growing 14.6 percent year-on-year, according to data released by the Ministry of Commerce on Monday.Asia-Pacific highlightsJapanese Prime Minister Shigeru Ishiba's ruling coalition lost control of the upper house in an election on Sunday, further weakening Ishiba's grip on power even as he vowed to remain party leader, citing a looming tariff deadline with the United States. The Japanese yen showed firmness on Monday despite the result. Japanese government bonds plunged last week, sending yields on 30-year debt to an all-time high, while the yen slid to multi-month lows against the U.S. dollar and the euro.China has doubled cross-border passenger train services between Kunming in Yunnan Province, and the Laos capital Vientiane on the China-Laos Railway starting Friday, with departures now available from both Kunming Railway Station and Kunming South Station, according to China Railway Kunming Group.South China's Guangxi has taken a noteworthy step by launching the AI "super league," which is set to run until November. Particularly intriguing is the introduction of a mechanism that allows for cross-border teams, a move expected to enhance China's international collaboration in AI, especially with ASEAN countries. The AI "super league" reportedly encompasses three events: an innovation competition focused on the application of AI in real-world industrial scenarios, a contest designed to tackle critical bottlenecks, and an event dedicated to discovering latent AI talent within the general public.

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li.After a long era of peace, smoke now rose across the country, and a “war” mostly affecting the cities had broken out, again. In a scramble to capture and retain both customers and delivery riders, the country’s three biggest delivery platforms have gone into “war mode.”China’s leading delivery platforms—Meituan, Taobao Flash Sale, and JD Delivery—have reignited a fierce price war, with aggressive discounts and giveaways making headlines.A quick scroll through these platforms reveals shockingly low prices. On Taobao, once-premium offerings from brands like Nayuki are now available for CNY7 a cup which originally priced at CNY20 or above.  These steep discounts have proven irresistible. This morning, I had a 15oz iced cold-brew coffee in sparkling water for CNY2.6, delivered to my office in downtown Shenzhen, in less than 30 minutes after I placed the order, which, ironically, costs even less than the minimum fare for the Shenzhen Metro (CNY3).  Over the past weekend on China’s social media, the hashtag “free milk tea” topped trending charts. JD offered 100,000 discounted crayfish sets nightly, while Meituan and Taobao continued their “Super Saturday” campaigns to attract users.The numbers are simply staggering. Meituan's subsidy amount last Saturday (July 12) was CNY300 million to CNY400 million, while that of Taobao Flash Sale exceeded CNY1.2 billion. In the past two weeks, the daily subsidy amount of Taobao Flash Sale on weekdays has been around CNY400 million.The delivery war, ignited by JD’s entry into the food delivery sector, has triggered unprecedented user traffic. Daily order volumes reportedly exceeded 100 million, and many consumers took to social media to describe scenes at tea shops—some waiting over 30 minutes for a drink, with crowds of delivery riders gathering outside stores late into the night.Meituan’s instant retail daily orders hit record 150 million at 11.36 p.m. on July 12. Taobao Flash Sale and Ele.me platforms processed over 40 million orders in a single day on May 26, with tea and coffee accounting for a quarter of that volume—about 10 million orders.JD.com and Alibaba have reportedly poured over 80 billion yuan into subsidies since April, accounting for roughly 20 percent of China’s total outbound direct investment in the first half of the year.  While platforms are footing most of the bill, caterers are also affected, with many of them having to accept razor-thin profits, break-even sales and even losses on some orders.The surge in orders is coinciding with shrinking profits and a lot of businesses are starting to worry about what happens when the subsidies end as customers are now used to rock-bottom prices.For instance, a drink normally priced at CNY19 had a CNY6.40 subsidy from the caterer and a CNY9.60 discount from the platform. The platform’s CNY9.60 subsidy goes to the food provider together with the CNY3 paid by the customer, but after the delivery fee and platform commissions are deducted, the caterer is left with just CNY5.99.That’s barely enough to cover the cost of the cup, lid and thermal sleeve, which comes to around CNY1.10 and CNY1.30 per serving. “After joining the subsidy war, it is clear that the profit per cup is shrinking. We are probably losing some money on around one or two out of every 10 orders,” said a franchise manager.Although subsidies can drive up the number of orders, the profit per drink per store has tumbled from previous levels, a coffee chain executive said. Although customers benefit, some brands are seeing their revenue squeezed. Most consumers are price-driven, so firms worry that once the discounts end, sales will slump.For most brands, a prolonged price war brings no long-term benefits, said a consumer industry analyst. A short-term surge in orders masks the danger of shrinking profits, and smaller businesses will feel the pain first.Consumers, for now, cheer the windfalls. Who wouldn’t love a cheap meal delivered to their door? But history repeats itself: every subsidy spree in China’s tech sector has been followed by inevitable price hikes once the dust settles. There’s no such thing as a free lunch, and the bill will eventually come due.The price war has clearly spirals into a self-destructive rat race. The focus on boosting milk tea orders over proper meals, the erosion of profit margins across the board, and the strain on riders and merchants all point to a system teetering on the edge.A commentary on The People's Daily pointed out that this kind of low-level competition is not a sustainable development model for the industry. It may bring short-term prosperity, but in the long run, it will undermine the innovation ability of enterprises and the healthy development of the entire ecosystem.When customers lured by rock bottom prices leaves restaurants bleeding cash, staff exhausted, and dine-in services crippled, it’s time to pivot: true progress lies in competing on innovation, not subsidies. The world is watching, and what it sees now is a sector trapped in a race to the bottom.

Hi everyone. I’m Stephanie LI.Coming up on today’s programNvidia’s Jensen Huang praises Chinese tech as he attends CISCE for the first time;China records 38 million border crossings by foreign nationals in H1 2025.Here’s what you need to know about China in the past 24 hours Jensen Huang, Founder & CEO of Nvidia, delivered a speech at the opening ceremony of the third China International Supply Chain Expo (CISCE) that kicked off on Wednesday in Beijing, which gathered more than 600 exhibitors from over 70 countries and regions.Huang praised China's tech companies and vast market potential, expressing optimism about the country's advances in AI, robotics and smart manufacturing, as well as China's growing role in global innovation.Huang took off his signature leather jacket, appeared in traditional Chinese attire, and delivered part of his speech in Chinese. He said it was his first time delivering a speech in Chinese and praised China's open-source efforts in the AI sector. China's open-source AI serves as a catalyst for global progress, giving every country and industry a chance to join the AI revolution, Huang said.During his speech, the CEO mentioned 11 Chinese tech companies -- Tencent, NetEase, MiHoYo, Game Science, ByteDance, DeepSeek, Alibaba, Meituan, MiniMax, Baidu, and Xiaomi.The comments came as the senior executive paid his third visit to China this year, highlighting the importance of the Chinese market to Nvidia, which has become the first company in the world with a market cap of USD”4 trillion. For the future development of AI, Huang said that the next wave of AI is relying on systems that understand the physical world, reason and perform tasks. Within a decade, factories will be powered by software and AI, orchestrating teams of robots, working alongside people, building smart products that are also driven by AI.When asked for his views on the progress made by China's tech giant Huawei, Huang said anyone who discounts Huawei and anyone who discounts China's manufacturing capability is deeply naive.” Huang recognized the Shenzhen-based firm as "a formidable technology company" with deep excellence in semiconductors and networking infrastructure.Analyzing China's broader AI landscape, Huang outlined a three-tier ecosystem driving progress — foundational infrastructure including chips and systems; rapidly evolving AI models such as Alibaba's Qwen and Moonshot's Kimi; and hyper-competitive application development.During a media briefing, Huang spoke with particular enthusiasm about China's electric vehicle (EV) sector, calling them "incredible," and said he would love to buy a Xiaomi car. He said the unavailability of Chinese EVs in the US market is “our misfortune, not yours.” The executive was seen in a photo taken earlier in Beijing with Xiaomi CEO Lei Jun and a Xiaomi SU7.On Tuesday, Huang told a group of journalists that the company will resume the sales of its H20 AI chips to China. Following this announcement, Nvidia's shares surged over 4 percent.Huang revisited this topic at the media briefing on Wednesday. "I hope to get more advanced chips into China than H20. And the reason is that technology is always moving on."GBA expressThe Hong Kong arm of the Chinese mainland's second-largest fund firm China Asset Management on Thursday rolled out the world's first renminbi-denominated tokenized money fund, after rising demand for similar products based on US dollar funds. The company also launched a tokenized US dollar money market fund, calling it the first such offering in Asia. The fund firm in February rolled out a similar product based on the Hong Kong dollar.China's Ministry of Finance on Wednesday issued CNY6 billion of government bonds in the Macao SAR. This is the first such issuance following the interconnection of bond market infrastructure between the Hong Kong and Macao SARs.Industry and company newsChina's silver economy has seen robust growth in the first half of this year, with related industries recording significant revenue increases, data released Wednesday by the State Taxation Administration showed. Notably, sales revenues for elderly travel services, sports and health services, and cultural entertainment activities increased by 26.2 percent, 23.9 percent, and 20.7 percent, respectively.Midea yesterday reached an agreement with the Confederation of African Football to become an official sponsor of the Africa Cup of Nations 2025. The Chinese home appliance giant plans to invest additional USD50 million in Egypt early next year. Its plants there are expected to come on stream next month.Despite the continued recovery of the civil aviation industry, China’s three biggest state-owned airlines expect losses in the first half of the year, while their private competitors forecast to have expanded profits. Air China’s net loss likely narrowed 21 percent to 39 percent to between CNY1.7 billion and CNY2.2 billion in H1, and China Eastern Airlines expects losses of CNY1.2 billion to CNY1.6 billion, shrinking up to 57 percent in the period. Meanwhile, China Southern Airlines projected its net loss to have widened 43 percent to 9 percent to between CNY1.3 billion and CNY1.8 billion. Regarding private airlines, China Express Airlines said it expects a net profit of CNY220 million to CNY290 million, and Hainan Airlines Holding will likely turn a loss into a net profit of CNY45 million to CNY65 million.Asia-Pacific highlightsChina processed 38.05 million border crossings by foreign nationals in the first half of 2025, a 30 percent year-on-year increase, according to the National Immigration Administration on Wednesday. Of these trips, foreign nationals made 13.64 million entries to China visa-free, a year-on-year increase of 54 percent, as the country continues to expand visa-free entry policy. China introduced and implemented a visa-free policy for tour groups from ASEAN countries entering Xishuangbanna in Yunnan Province in H1. Indonesia was newly added to the list of countries eligible for China's 240-hour visa-free transit policy.China's Ministry of Commerce and Australia's Department of Foreign Affairs and Trade have signed a memorandum of understanding on the implementation and review of the China-Australia Free Trade Agreement (ChAFTA), according to the ministry on Wednesday. The MoU was signed during Australian Prime Minister Anthony Albanese's week-long visit to China, which marks a pivotal step in advancing the steadily improving relationship between the two countries, Xinhua reported.Thailand's TCP Group, owner of the Red Bull brand, is increasing its investment in China, its top executive said during the China International Supply Chain Expo on Wednesday. "Investing in China is investing in long-term certainty. From infrastructure to policy transparency, China offers a level of systematic support that gives foreign enterprises confidence to expand and grow," said Saravoot Yoovidhya, CEO of TCP Group. Its latest moves include establishing a regional headquarters in Beijing and constructing new manufacturing bases in Sichuan and Guangxi.Autocraft from the UAE signed an MoU with the Chinese electric vertical takeoff and landing (eVTOL) maker Shanghai TCab Technology on Wednesday on purchasing 350 E20 eVTOL aircraft worth USD1 billion, China's largest single intent order for eVTOLs to date.Baidu is teaming up with Uber Technologies to deploy thousands of its Apollo Go driverless taxis on the ride-hailing provider's app outside the Chinese mainland and the United States. The new service is expected to launch in Asia and the Middle East by the end of this year. Saudi Arabia’s Diriyah said yesterday that China Harbour Engineering won the USD1.5 billion contract to build the Diriyah Arena block near Riyadh. The project includes a multi-purpose indoor arena, three mixed-use office buildings, and a parking facility.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina's H1 GDP expands 5.3%, demonstrating resilience amid complex global environment;Jenson Huang said in Beijing that Nvidia's H20 chips are cleared for sales to Chinese market.Here’s what you need to know about China in the past 24 hours China's GDP grew by 5.3 percent year-on-year in the first half of 2025 to CNY 66.05 trillion, showcasing a steady economic rebound backed by supportive macroeconomic policies, the National Bureau of Statistics said on Tuesday. In the second quarter, the economy rose by 5.2 percent in comparison to a year earlier after a 5.4 percent growth in the first quarter of the year.  China's value-added industrial output, a gauge of activity in the manufacturing, mining and utilities sectors, grew by 6.8 percent in June from a year earlier after a 5.8 percent rise in May. In the first half of the year, value-added industrial output grew by 6.4 percent compared to the same period last year. Retail sales, a key measurement of consumer spending, grew by 4.8 percent year-on-year in June, down from the 6.4 percent growth in May. In the first half of the year, retail sales rose by 5 percent compared to the same period last year. In the January-June period, fixed-asset investment, a gauge of expenditures on items including infrastructure, property, machinery and equipment, grew by 2.8 percent compared with a year earlier. The surveyed urban jobless rate came in at 5 percent in June, flat with the previous reading, according to the NBS. Generally speaking, with the more proactive and effective macro policies taking effects in the first half of the year, the national economy maintained steady growth with good momentum, showcasing strong resilience and vitality, said Sheng Laiyun, deputy head of the NBS. However, the official warned of pressures from mounting external uncertainties and insufficient domestic demand, saying the foundation for sustained recovery is yet to be consolidated. In the next step, the NBS that China will cope with external uncertainties with high-quality development, and make more efforts to promote the sustainable, stable and healthy development of the economy. The decline in the prices of commercial residential homes in China's 70 major cities continues to ease in June, official data showed on Tuesday. New home prices dropped 1.4 percent from a year earlier in the four first-tier cities, slowed from the 1.7 percent decline in May, according to the NBS. Notably, Shanghai recorded a 6 percent year-on-year increase in new home prices last month. Second- and third-tier cities saw new home prices fall by 3 percent and 4.6 percent year on year in June, with the declines narrowing by 0.5 and 0.3 percentage points, respectively. GBA expressBond sales in Hong Kong dollars surged in the second quarter as issuers rushed to raise funds after currency interventions in the city drove down short-term borrowing costs to nearly zero. Hong Kong dollar bond issuance jumped to a record HK$1.28 trillion in the April to June period, according to Bloomberg data. The bond sales were up about 20 percent from the previous quarter.Industry and company newsNvidia CEO Jensen Huang said the US government has granted export permits of its H20 chips to China and will begin the shipment soon, China's state broadcaster CCTV reported. Huang made the remarks in Beijing, as he is set to attend the opening ceremony of the 3rd China International Supply Chain Expo (CISCE) in Beijing on Wednesday and participate in relevant activities at the invitation of the China Council for the Promotion of International Trade (CCPIT), CCTV reported on Tuesday. This is Huang's third visit to China in 2025. Another Chinese media reported Monday that Huang appeared in two photos with Lei Jun, chairman of Chinese tech giant Xiaomi, taken in Beijing. One of the image captured the pair standing beside a Xiaomi SU7, flashing thumbs-up at the camera.China's finance ministry yesterday issued two batches of ultra-long special treasury bonds worth CNY123 billion. A total of CNY1.3 trillion such bonds -- CNY800 billion for key projects, CNY300 billion for trade-in schemes, and CNY200 billion for equipment updates -- are expected to be issued this year.CATL's unit has inked a deal with online ride-hailing service provider T3 Mobility to jointly advance a Robotaxi business using the Chinese battery giant's Bedrock skateboard chassis platform, with the firm also providing EV tech solutions, including battery swaps for T3.Xpeng Aeroht, the flying car arm of Chinese NEV startup Xpeng Motors, announced today it has completed a USD250 million Series B round. The funds will support ongoing R&D and speed up mass production of its modular flying car, the “Land Aircraft Carrier.”Starbucks China said yesterday it partnered with China Eastern Airlines to launch a joint membership plan for nearly 200 million combined members. The pair will also collaborate on Yunnan coffee, cultural tourism, and sustainable development initiatives.Asia-Pacific highlightsNew Zealand on Monday launched a strategy to become a leading destination for international students, aiming to double the sector's economic contribution to NZD7.2 billion by 2034. The plan includes enhanced work rights for student visa holders, streamlined visa processes and targeted global promotion. Last year the average international student spent NZD45,000, according to the Education Ministry.Australian Prime Minister Anthony Albanese's weeklong official visit to China reflects the close economic ties between the two countries and offers opportunities for greater cooperation in emerging sectors amid global challenges, according to Australian academic analysis. Professor James Laurenceson, director of the Australia-China Relations Institute at the University of Technology Sydney, told Chinese media that at a time of rising geopolitical tensions globally, Australia-China relations take on greater significance. "Businesses engaged in the Australia-China economic corridor report that they have benefited from the stabilization in Australia-China relations since 2022," he said. Climate change and the clean energy transition is another area that will expectedly get a lot of coverage given the two countries' shared interests in that space, Laurenceson added.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina's foreign trade of goods rose 2.9% in 2025 H1 to CNY21.79 trillion;Australian PM's China visit aims to boost cooperation amid global challenges.Here’s what you need to know about China in the past 24 hours China's imports and exports of goods in yuan-denominated terms rose to reach CNY21.79 trillion, driven by the country's strenuous efforts to optimize foreign trade structure and stabilize economic growth. Foreign trade growth in the second quarter rose significantly by 4.5 percent year-on-year, 3.2 percentage points higher than the figure seen in the first quarter, which marks the 9th quarter in which quarterly foreign trade exceeding CNY10 trillion, according to the data released by the General Administration of Customs (GAC) on Monday.During the first six months of 2025, China's exports rose 7.2 percent year-on-year to reach CNY13 trillion, while imports fell 2.7 percent to reach CNY8.79 trillion, the data showed.Currently, certain countries violate international trade norms by imposing unreasonable tariffs, causing severe challenges to global economic development. However, an increasingly diversified foreign trade market, innovative and high-quality products manufactured in China, and the adaptive foreign trade entities give China the confidence and ability to cope with global challenges, Wang Lingjun, deputy director of the GAC, said at press conference on Monday.In terms of the trading partners, trade with Belt and Road Initiative (BRI) partner countries rose 4.7 percent to reach CNY11.29 trillion, with its proportion in China's total foreign trade rising by 0.9 percentage points to 51.8 percent. Trade with ASEAN rose up by 9.6 percent to reach CNY3.67 trillion, while trade with the EU, South Korea, and Japan witnessed positive growth respectively.During the period, China's export growth drivers strengthened and gained new momentum, according to the GAC. In the first half, exports of electro-mechanical products increased by 9.5 percent, taking up 60 percent of the country's total exports.Meanwhile, as the world's second largest consumer market, with the continuous supportive policies including the equipment upgrade and consumer trade-in programs, China's imports turned to positive growth in the second quarter. Import growth of petrochemical, textile and other machinery and equipment reached double digits, while key parts such as electronic components grew rapidly, and imports of vital raw materials such as crude oil and metal ore increased in volume.In the second half of the year, it is expected that exports will likely maintain growth, driven by broader opening-up policies, improved corporate competitiveness, and expanded market diversification. Imports will benefit from domestic demand expansion policies, experts noted.GBA expressIMF ex-Deputy Managing Director Zhu Min, Unitree Robotics founder Wang Xingxing, and BrainCo CEO Han Bicheng participated in their first lunch meeting of the Hong Kong Chief Executive's Council of Advisers last week. The 34-member advising council set up in 2023 provides advice on strategic issues in their respective fields.South Korean financial institutions traded over HK$1.5 trillion on Hong Kong’s stock market in the first five months of this year — 2.8 times last year’s total — reflecting strong confidence in local investment opportunities, according to the city’s financial secretary. Since last September, the strong performance of Hong Kong’s financial markets and vibrant IPO fundraising activities have attracted the attention of the South Korean financial sector, Paul Chan Mo-po said in his Sunday blog.A batch of 24 domestically built 2,000-meter-class ultra-deepwater suction anchors was shipped from Zhuhai, Guangdong Province, to Brazil, marking China's deepest-capacity offshore oil and gas equipment overseas delivery and underscoring the growing recognition of Chinese deep-sea technology in mainstream global markets, according to China National Offshore Oil Corp (CNOOC) on Sunday.Industry and company newsChina issued CNY12.92 trillion of new yuan-denominated loans during the first half of the year, according to data from the central bank. Lending to households rose by CNY1.17 trillion, while corporate borrowing accounted for CNY11.57 trillion of the total.Nearly 60 percent of sovereign wealth funds plan to increase asset allocations in China over the next five years, especially in the tech industry, according to a survey by Invesco. Funds flow into the country's innovation-driven sectors with the "strategic urgency they once directed toward Silicon Valley."Nio's share surged 10.8 percent as of lunch break in Hong Kong today after the Chinese EV startup priced the Onvo L90, its upcoming full-size e-SUV under its sub-brand, below CNY300,000, beating market expectations. Geely's sales jumped 30 percent to 1.9 million vehicles in the first half of the year from a year earlier, with over half of them being NEVs, up 73 percent in the period, the Chinese auto giant said today.Meituan’s instant retail daily orders hit record 150 million at 11.36 p.m. on July 12, the Chinese on-demand services giant said, adding that, taking a July weekend as an example, delivery riders’ daily income rose 111 percent, and the platform’s daily order volume jumped 33 percent from a month earlier.The Shanghai branch of the State-Owned Assets Supervision and Administration Commission held a meeting with local officials to discuss how stablecoins and blockchain technology may have a part to play in cross-border trading. He Qing, director of the city regulator, cited the need for more sensitivity toward emerging technologies like digital currencies, backed by proper research.A Chinese-built, driverless maglev train that can reach speeds of 600 kilometers an hour or more, comparable with a jetliner, was showcased at the 17th Modern Railways exhibition in Beijing, giving a glimpse of a future that could slash rail travel between Shanghai and Beijing to just 2.5 hours from 5.5 hours. The prototype fastest train in the world, still under testing, is being developed by China Railway Rolling Stock Corp.Asia-Pacific highlightsThe prime minister of Australia began a six-day official visit to China on Saturday. Anthony Albanese said the visit will focus on strengthening trade and tourism ties. In a short video filmed on Shanghai's Bund, he said "engaging with China is in our interest to build a stable and secure region.” In addition to high-level meetings in Beijing, Albanese's visit includes stops in Shanghai, where he arrived on Saturday, and Chengdu, the capital of Southwest China's Sichuan province. His trip covers key sectors such as business, investment, tourism and other major sectors to build on Australia's strong economic and trade links with China, according to a statement from his office. China is ready to promote the comprehensive strategic partnership with Australia through a more proactive approach, Chinese Foreign Minister Wang Yi said on Friday.Chinese Foreign Minister Wang Yi on Saturday said China and ASEAN countries have demonstrated a strong desire to support each other, unite and cooperate, and jointly meet challenges against the backdrop of rampant unilateralism and protectionism, during his attendance of the ASEAN Plus foreign ministers' meetings in Malaysia. Wang said the meetings confirmed the completion of negotiations on version 3.0 of the China-ASEAN Free Trade Area and agreed to submit it for approval and signing at the leaders' meeting in October, and both sides agreed on the action plan for the comprehensive strategic partnership for the next five years, setting out over 40 goals of all-round cooperation in various fields. China and ASEAN also welcomed the completion of the third reading of the draft text of the Code of Conduct in the South China Sea (COC), he added.Australian miner BHP said it has signed an MoU with Chinese battery giant CATL to explore battery development for mining gear and locomotives, such as rapid charging infrastructure, seeking energy storage systems and battery recycling options for its mining applications.

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li.For most kids, summer vacation is probably one of the happiest time in a year. If you’re still making traveling plans, the newly-launched LEGOLAND in east China might just be the place to go, especially if you’re looking for “happiness.”The resort in Shanghai, currently the largest LEGOLAND globally and the first in China, offers a new amusement option for Chinese citizens and foreigners visiting this metropolis.The opening of LEGOLAND Shanghai Resort on Saturday coincides with the beginning of the summer vacation, which is a tourism and consumption high season, especially for students.Case in point: a day before the resort officially opened on July 5, its mini-program crashed under overwhelming traffic. The glitch highlighted just how high the appetite is for the “happiness business” in one of the world’s fastest-growing markets for entertainment.This goes beyond nostalgia and family fun. From ongoing expansions at Shanghai Disney Resort to the opening of LEGOLAND Shanghai and the development of new IP-led attractions, China’s so-called "happiness economy" is emerging as a key focus for both domestic and international investors.Marking its ninth anniversary this June, Shanghai Disney Resort exemplifies the trend through ongoing expansion. It unveiled plans for its first Marvel-themed attraction and is building a third themed hotel, as well as major upgrades to its Tomorrowland and Adventure Isle themed areas. Hong Kong Disneyland will also enlarge its Marvel zone and introduce new Pixar-themed entertainment.Universal Beijing Resort is preparing for its second phase of development. Construction at LEGOLAND Shenzhen is also speeding up. The world's largest Peppa Pig outdoor park is scheduled to open in Shanghai in 2027, while the Harry Potter Studio Tour in Shanghai is expected to open in the same year.Domestic players are rising quickly too. Fantawild launched nine parks in just eight months last year. Pop Mart is redesigning two-thirds of its City Park in Beijing and preparing for the second phase next year.Nationwide, more than 50 new theme parks are in development or set to launch this year, spanning diverse themes from cinema and gaming to winter entertainment, marine worlds, forests and water-based attractions.As of October 2024, there were 385 theme parks operating on the Chinese mainland, with 87 classified as large or super-sized – each occupying over 600 mu (40 hectares) or backed by investments exceeding 1.5 billion yuan.According to data from China Insights Consultancy, the country’s amusement park sector reached nearly 60 billion yuan in 2023 and is projected to surpass 110 billion yuan by 2028. This growth is underpinned by urbanization, rising disposable income, and evolving consumer expectations for leisure experiences.However, the market penetration of theme parks in China was just 27 percent as of September 2023, far below the 68 percent average seen in developed countries. This significant disparity points to enormous room for growth.Over the next five years, China's theme park industry is projected to expand at a compound annual growth rate of 7.2 percent, with many cities aiming to turn these attractions into iconic local landmarks."China offers an excellent business environment," said Siegfried Boerst, managing director of LEGOLAND Resorts in China. "LEGOLAND Shanghai has a series of world's first to fulfill the growing demand. All this will help boost the regional economy, create job opportunities and enhance Shanghai's competitiveness in the international tourism market.”As China is thriving to shift to a consumption-driven economy, the cultural and tourism industries are becoming important growth drivers.Earlier this year, the Chinese government made it one of its major priorities to boost consumption and stimulate domestic demand across the board. It urged more efforts to foster new forms of cultural business and vigorously develop the tourism industry.Yet as over 50 new parks debut nationwide this year, the race shifts from expansion to differentiation. Disney’s IP-driven success has spurred Chinese theme park operators to blend top IPs with experiential consumption, aiming to boost sustainability. Recent moves underscore this shift: Universal Beijing’s 2023 Honor of Kings events and Pop Mart’s 2023 immersive IP venue.IP construction relies on continued content innovation. In China, parks revitalize existing IPs by combining traditional culture with adventure. Mianyang’s Fantawild Oriental Heritage and Zigong’s Fantawild Dinosaur Kingdom weave myths, history, and Sichuan’s ancient Shu culture, highlighting Chinese heritage’s draw.Teaming up with global IPs is another path to follow. Haichang Ocean Park’s use of Ultraman and One Piece enriches its offerings, striking a chord with diverse crowds.Amid the cultural-tourism blend, theme parks are doubling down on cultural elements—backed by policies pushing deeper integration to meet demand for quality experiences.Operators now understand that viable, market-ready IPs are key to steady revenue and longevity. Yet a critical hurdle persists: turning cultural motifs into profitable IPs while spreading Chinese culture globally.As IP awareness grows, nailing the balance of authenticity, innovation, and profitability will determine if China’s parks can mirror Disney’s success—turning cultural depth into lasting “happiness economy” powerhouses.

Hi everyone. I’m Stephanie LI.Coming up on today’s programOver 40 internet giants rush to apply for issuance as Hong Kong’s stablecoin legislation takes effect soon;English-language version of Ne Zha 2 starring Michelle Yeoh is hitting overseas theaters in August.Here’s what you need to know about China in the past 24 hours Chinese mainland internet heavyweights have accelerated steps to apply for stablecoin licenses in Hong Kong as the city's Stablecoins Ordinance will come into effect on August 1.This, industry experts said, is a significant step that will lower cross-border transaction costs and improve the efficiency of international payments.Christopher Hui, secretary for Financial Services and the Treasury of the Hong Kong SAR government, said the authorities aim to issue stablecoin licenses this year, although the number will likely remain in the "single digits".Nevertheless, more than 40 companies are preparing to submit their applications. They are mostly leading internet companies, large financial institutions and payment processors.A stablecoin is a form of cryptocurrency that is pegged to fiat currencies or other real-world assets at a designated exchange rate to maintain a stable value. The Legislative Council of the HKSAR passed the Stablecoins Bill in late May, formulating a licensing regime for fiat-referenced stablecoin issuers in Hong Kong.Liu Qiangdong, chairman of Chinese mainland e-commerce giant JD, said the company hopes to apply for stablecoin licenses in major currency countries worldwide to cut cross-border payment costs by 90 percent and enable settlements to be completed within 10 seconds.The company is preparing to apply for a stablecoin license in Hong Kong through its local arm. JD Coinlink Technology Hong Kong entered the Hong Kong Monetary Authority's stablecoin sandbox in 2024. The project is testing tokens pegged to the Hong Kong dollar and other major currencies.Ant International, the overseas arm of financial technology giant Ant Group, has confirmed that it plans to apply for an issuer license of fiat-referenced stablecoins in Hong Kong.The company has said previously that it is accelerating investments and expanding banking partnerships in global treasury innovations, to transform its cutting-edge AI, blockchain and stablecoin technologies into reliable, large-scale real-world applications.Stablecoins can serve as efficient and low-cost settlement tools, improving the efficiency of cash flow and reducing the risk of exchange rate fluctuations, analysts said. However, experts warned that applying for such licenses poses challenges for companies as they need to meet strict regulatory requirements for capital and operations, and pool a large amount of resources in establishing a compliance system. GBA expressHong Kong's world-leading streak of IPOs continued on Wednesday as five Chinese mainland companies that raised a combined HK$10.4 billion from initial share offers ended their first trading day above their issue prices. Shares in chip designer Fortior Technology led gainers, surging 16 percent from their initial share price of HK$120.50. Apple supplier Lens Technology gained 9.13 percent; robot maker Geekplus Technology was up 5.36 percent; Dazhong Dental Medical increased 3.5 percent; and Xunzhong Communication closed 0.2 percent above its initial share price.Guangzhou-based autonomous driving firm Pony.ai has formed a partnership with the Dubai transit authority to begin robotaxi services. The first vehicles will begin road testing this year, with full operations expected to start in 2026. Industry and company newsThe English dub version of Chinese animation blockbuster Ne Zha 2 will be released in the United States, Canada, Australia, and New Zealand later next month, with Oscar-winner Michelle Yeoh starring in a lead voice role. US film studio A24 and Chinese movie platform CMC Pictures will co-distribute the English-language version of Ne Zha 2, which will hit cinemas on Aug. 22. China's auto production and sales logged double-digit increases in the first half of the year, data from the China Association of Automobile Manufacturers showed on Thursday. The country's auto output totaled 15.62 million units during the period, up 12.5 percent from a year ago, while auto sales rose 11.4 percent to 15.65 million units. In particular, new energy vehicle production surged 41.4 percent year on year to nearly 6.97 million units in the first six months, with sales up by 40.3 percent year on year to about 6.94 million units.Huawei Digital Power penned a deal with Saudi Electricity and National Grid Saudi Arabia to jointly create a power grid simulation platform based on Real-Time Digital Simulation to research how to efficiently apply new energies to the power grid, the digital power products provider under Chinese tech giant Huawei announced today.China has achieved significant breakthroughs in mineral exploration in the first half of 2025, with 38 new mineral deposits discovered and exploration investment in non-oil and gas minerals continuing to grow, the Ministry of Natural Resources announced on Thursday. China will release a global AI open-source cooperation initiative in collaboration with some organizations at this year's WAIC2025, Du Guangda, deputy director of the MIIT's tech department, said today. The 2025 World Artificial Intelligence Conference will kick off in Shanghai from July 26 to 28, with 800 domestic and international companies participating. About 3,000 cutting-edge exhibits, including LLMs, AI terminal products, and robots, will be exhibited at the event.Enterprises and social organizations that hire jobless individuals aged 16-24 and pay their pensions and insurances for three months will receive a one-time cash bonus of up to CNY1,500, effective now until the end of the year, according to a new measure aiming to stir up employment released by the State Council yesterday.Starbucks has received about 30 offers for potential stakes in its China business, valuing the mainland operations at up to US$10 billion, media reported. Among interested investors are Asian equity firms Centurium Capital and Hillhouse Capital, and US-based KKR, the report said, adding that Starbucks may retain a 30 percent stake.Asia-Pacific highlightsThe logistics branch of China Southern Airlines has officially opened the Guangzhou-Auckland-Sydney international cargo flight route recently. This is the first scheduled all-cargo flight from Chinese mainland to New Zealand by a Chinese mainland-based carrier.China continues to expand its visa-free "circle of friends," as the mutual visa exemption agreement between China and Micronesia is set to take effect on July 25. China and the western Pacific islands country will mutually waive visa requirements for their citizens for a visit of up to 30 days.China Development Bank has signed a CNY2.1 billion loan agreement with the Development Bank of Southern Africa, the Chinese bank said on Wednesday. The deal, inked during the BRICS Interbank Cooperation Mechanism annual meeting in Brazil on Tuesday, will channel funding toward projects in sectors such as infrastructure, energy, information and communications, water, sanitation, and manufacturing, the bank said.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina achieves “unprecedented” economic growth in 2021-25, the NDRC said;China's consumer prices slightly rebound in June.Here’s what you need to know about China in the past 24 hours China's economy has demonstrated remarkable resilience during the 14th Five-Year Plan period (2021-2025), with its economic increment projected to exceed CNY35 trillion, an amount surpassing that of the third largest economy in the world, according to China’s economic planer on Wednesday. Over the first four years of the period, the economy expanded at an average annual growth rate of 5.5 percent, with 2025’s GDP expected to reach around CNY140 trillion, Zheng Shanjie, head of the National Development and Reform Commission, said at a press conference today.“China's growth is an unprecedented achievement given its vast economic scale,” he said.During the period, China became the most stable, most reliable and most positive force in global development, despite the shocks of the pandemic and trade bullying, Zheng said. Highlighting the great economic dynamism, Zheng said the country's total R&D expenditure surged nearly 50 percent, or CNY1.2 trillion yuan, from 2020 to 2024, and the number of registered private enterprises surpassed 58 million at the end of May 2025, over 40 percent higher than 2020.China has been leading the global manufacturing industry for 15 years, with the output of about 220 kinds of major industrial products ranking first globally. The value-added manufacturing industrial output has surged by over CNY30 trillion annually since 2021, he added.The country has established the world's largest and fastest-developing renewable energy system, with an installed generation capacity of two billion kW as of May 31, up 124 percent from December 2020, while energy consumption per unit of GDP decreased by 11.6 percent in the first four years of the period, said Zhou Haibing, deputy head of the NDRC.More than 12 million new urban jobs has been added each year since 2021, indicating relatively sufficient employment in a developing country with a population exceeding 1.4 billion, Zhou said.China's consumer price index (CPI), a main gauge of inflation, was up 0.1 percent year on year in June, reversing a 0.1 percent decline registered in the previous month, data from the National Bureau of Statistics (NBS) showed Wednesday. In the first half of 2025, the country's CPI posted a 0.1-percent decline compared with the same period last year. The producer price index (PPI), which measures costs for goods at the factory gate, went down 3.6 percent year on year in June.GBA expressThe shares traded on the Chinese yuan counter of the Hong Kong Stock Exchange will soon be included in the Stock Connect scheme linking the SAR with the Chinese mainland, according to the chief executive of the Securities and Futures Commission of Hong Kong. The SFC has been actively working with Chinese mainland regulators to promote the inclusion of the Chinese yuan counter in the Stock Connect, Leung Fung Yee said at the Bond Connect Anniversary Summit yesterday. Technical preparations are progressing smoothly, and related rules will be disclosed to investors soon, she added.China's Ministry of Finance will issue sovereign bonds totaling CNY6 billion in Macao on July 16, the SAR government said Wednesday.Lens Technology, a Chinese mainland manufacturer of touch-screen covers for Apple’s iPhone, rose in its Hong Kong trading debut after a HK$4.8 billion stock offering in the city. The shares jumped 9.1 percent on Wednesday, with a market cap of HK$5 billion.The 15th National Games, to be jointly organized by Guangdong province and the Hong Kong and Macao SARs, will accelerate the integrated development of the Greater Bay Area, according to a news conference held in Guangzhou on Tuesday. The Guangdong-Hong Kong-Macao Road Cycling Race, as a part of the 15th National Games, will take place in the three regions. A green channel is also opened for ticket holders, with nationwide application for entry and exit documents. During the National Games, visitors can enjoy entry and exit without the need to show documents.Industry and company newsRetail sales of passenger cars in China rose 18.1 percent to over 2.08 million units last month from a year ago, with that of new energy passenger cars jumping 30 percent to 1.11 million, data from the China Passenger Car Association showed yesterday. Such sales climbed 11 percent to 10.9 million in the first half from a year earlier.BYD became the world’s first to achieve smart parking comparable to L-4 autonomy, the Chinese auto giant said on Weibo today. The firm pledged to fully cover the safety and losses for all users driving under its God's Eye smart driving system while parking in the country, without needing to go through the insurance process.Chayan Yuese will start its overseas retail business expansion via e-commerce, the Chinese new-style tea brand said today. Its first stop will be North America, with its Shopify store and brand-operated shops on Amazon, TikTok, and others to open at midnight Pacific Time today.Asia-Pacific highlightsOnline discount-goods platform Shein privately filed for an initial public offering in Hong Kong, media reported. Founded in China but now Singapore-based, Shein previously filed an application to list on the London Stock Exchange last year but has yet to win regulatory approval. China and Brazil signed a memorandum of understanding to study a transcontinental railroad connecting Peru's Pacific coast with Brazil's Atlantic coast, as part of a strategic export route, Brazil's Ministry of Transport said on Tuesday. Chinese leading biodiesel supplier Zhuoyue New Energy plans to invest CNY700 million to build a biofuel production base in Thailand. Located in Chonburi province, the project will be built in two phases, with combined annual production capacity of 400,000 tons, the firm announced yesterday. Zhuoyue is also building a biodiesel production facility in Singapore, with an annual capacity of 100,000 tons, scheduled to come on stream this year.

Hi everyone. I’m Stephanie LI.Coming up on today’s programBRICS Summit concluded on Monday in Brazil, urging to be vanguard in advancing global governance reform as it stands at the forefront of the Global South;The PBOC will broaden onshore access to offshore bonds via Bond Connect with Hong Kong.Here’s what you need to know about China in the past 24 hoursThe 17th BRICS Summit concluded on Monday, offering a platform for Global South countries to voice their perspectives and demonstrate their commitment to building a more inclusive, equitable, and sustainable world.Themed "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance", the 17th BRICS Summit is being held in Rio de Janeiro, Brazil, from Sunday to Monday. This was the first summit held after the latest member Indonesia and 10 partner countries joined the grouping. In addition, some emerging markets and developing countries, international and regional organizations were invited to attend the meeting.The summit came as the international multilateral system continues to erode, the 90-day pause on additional tariffs imposed by the United States nears its end on Wednesday, and global trade, security and governance face uncertainty and new challenges.Given the situation, all eyes were on the 17th BRICS Summit to see what kind of strategy the champion of the Global South and a stabilizing force in an increasingly volatile world comes up with to tone down differences and ensure a fair and balanced international order.The leaders of countries participating in the meeting noted that the BRICS cooperation mechanism has continued to grow stronger and more representative, with its international influence rising steadily.It has provided an important platform for Global South countries to defend their right to development, uphold international fairness and justice, and participate in the reform of the global governance system, they said.The growing significance of BRICS on the global stage is increasingly clear, both in demographic and economic terms. With its recent expansion, BRICS now represents about 41 percent of the world's population, roughly 4 billion people.The BRICS-led New Development Bank, which announced to have added Colombia and Uzbekistan as new members on Saturday, has emerged as a pioneering initiative for countries seeking sustainable and inclusive growth, experts noted.Over the past decade, the NDB has approved more than 120 projects worth a total of US$40 billion, offering financial support to member countries across various sectors, including infrastructure, clean energy, environmental protection, and digital development.GBA expressThe People’s Back of China said on Tuesday more mainland-based institutions would be allowed to invest offshore through the Bond Connect scheme, with authorities planning to open it up to non-banking investors. The scheme enables onshore investors to access Hong Kong's bond market. Since the launch of Bond Connect eight years ago, it has become overseas investors’ preferred channel to access China’s bond market, with international holdings soaring fivefold to CNY4.4 trillion, said Bonnie Chan Yiting, CEO of Hong Kong Exchanges and Clearing (HKEX) at the program’s anniversary summit on Tuesday. Hong Kong is set to launch its stablecoins licensing regime as early as August, with approvals likely capped in the "single digits" this year, according to Financial Secretary Christopher Hui. Hui noted that stablecoins will serve “resolve difficulties and points of pain in the real economy”. He explained that one of the most precious use cases is to improve cross-border payments, especially in regions with unstable local currencies or underdeveloped financial systems.Hong Kong-listed Chinese milk tea chains continued to surge today amid intensifying competition among major food delivery platforms, which rolled out large discount coupons to attract users. ChaPanda jumped 11 percent, Naixue rose 2 percent, and Auntea Jenny gained 4 percent in the morning session.Industry and company newsChina’s box office, including presales, exceeded CNY30 billion so far this year as of today, achieving the milestone 28 days earlier than last year, according to movie data tracker Beacon. Ne Zha 2, Detective Chinatown 1900, and Creation of the Gods II are the highest grossing films.China plans to deploy over 100,000 high-power charging stations nationwide for electric vehicles by 2027, according to a policy issued by four central government agencies. The initiative focuses on supporting "charge-and-go" use to accelerate public acceptance of electric mobility. Following the announcement, shares of companies related to charging rallied sharply on mainland A-share markets, with Autosun rising 10 percent to the daily trading limit.The ISO has released a new international standard for autonomous driving system test scenarios led by China. It outlines the evaluation process for test scenarios of autonomous driving systems, clarifies the requirements for evaluation indicators, and defines the general methods and characteristics of test cases, China's Ministry of Industry and Information Technology announced yesterday.Asia-Pacific highlightsUS President Donald Trump signed an executive order to delay the implementation of the so-called “reciprocal tariffs” to Aug. 1. Trump said yesterday that the US will impose tariffs of 25 percent to 40 percent on imports from 14 countries, including Indonesia, Japan, Malaysia, Serbia, South Africa, South Korea, and Thailand from next month. Japanese Prime Minister Shigeru Ishiba said on Tuesday that the 25 percent tariff is "truly regrettable," adding that he would continue negotiations to seek a mutually beneficial trade deal. While South Korea's Presidential Office said it needs to "make utmost efforts on negotiations with the US by putting national interests at the top priority.”Ong Tee Keat, chairman of the Center for New Inclusive Asia in Malaysia and former Malaysian MP, told 21st Century Business Herald that the completion of negotiations on the China-ASEAN Free Trade Area (CAFTA) 3.0 is a pivotal step toward a “qualitative leap” in bilateral trade. During a recent interview, Ong said the upgraded agreement, covering not only merchandise trade but also investment and services, introduces new chapters on digital trade, green energy, digital economy, cross-border e-commerce, consumer rights protection, and competition policies—all centered on sustainable development. Ong noted that these additions will influence the Regional Comprehensive Economic Partnership (RCEP) to align with similar standards. Amid rising global trade tensions, the launch of CAFTA 3.0 emerges as a positive counterforce, reinforcing free trade and economic integration in the region, he said.

Hi everyone. I’m Stephanie LI.Coming up on today’s programLegoland Shanghai opening sparks surge in local hotel demand;HK tops global IPO rankings with 42 new listings in H1.Here’s what you need to know about China in the past 24 hours Legoland Shanghai Resort officially opened to the public on Saturday, which saw visitors lining up early in the morning, many of them coming from Shanghai and nearby cities. Demand for accommodation in the area surrounding the resort soared in the days before the world's biggest theme park dedicated to the famous plastic toy bricks produced by Denmark's The Lego Group opened.Hotel bookings for the summer holiday starting from July 1 in Jinshan district, where Legoland Shanghai opened on July 5, jumped four and a half times from a year earlier, according to data from travel agency Qunar. Local tourists accounted for about 30 percent of reservations, while the rest mainly came from Beijing, Qingdao, Chengdu, and Nanjing.Besides hotels, many tourists picked homestay services, with relevant reservations in Jinshan district surging seven times for the two-month summer holiday from a year ago, according to data from homestay booking platform Tujia. Bookings for family rooms soared eight times.Legoland Shanghai underwent nearly two months of internal testing and trial operations before opening to the public. Covering an area of about 318,000 square meters, it is the first Legoland in China and the 11th in the world.Fiona Eastwood, chief executive of UK entertainment giant Merlin Entertainments, the park's operator, said China is the world’s second-largest theme park market and holds strategic importance for the company. She noted that building Legoland Shanghai, the largest Legoland park globally, took nearly a decade of careful planning and development. She added that the opening of the first Legoland resort in China marks an important step toward the company’s goal of becoming a leading global branded entertainment destination.Families with children were a common sight, as both adults and kids were visibly excited. Despite the scorching summer heat and long queues, enthusiasm ran high, with eager crowds undeterred by the wait, according to a Xinhua live interview.Cultural and tourism consumption, especially family-oriented activities, is one of the fastest-growing markets in China. Popular IPs like Disney and Universal Studios create emotional bonds across generations, boosting family travel and spending.Liu Dingding, a veteran internet industry observer, said the opening of Legoland Shanghai Resort, together with Amazon China’s major summer sales event, reflects growing confidence among foreign businesses in China’s recovering consumer market. “These developments send a clear signal that foreign enterprises remain optimistic about China’s consumption potential,” Liu said.GBA expressHong Kong recorded 42 initial public offerings in the first half of this year, raising over HK$107 billion, about 22 percent higher than the full-year figure for 2024, and clinching the top spot in IPO fundraising worldwide, Financial Secretary Paul Chan Mo-po wrote in his Sunday blog. Exchange-traded products linked to different types of assets have become key in supporting the liquidity of Hong Kong stocks, especially during market fluctuations, he added.InvestHK has supported over 1,300 overseas and Chinese mainland companies in establishing or expanding their businesses in the SAR from January 2023 to the first half of 2025, resulting in more than HK$160 billion in direct investment— more than double the target set by the government in 2022.Shenzhen ports recorded 130 million inbound and outbound travelers in the first half of the year, up 16 percent from a year earlier, according to local border inspection data. Among them, over 3.4 million were foreign nationals, up 39 percent in the period.Apple supplier Lens Technology has raised HK$4.8 billion after pricing its listing in Hong Kong at the top of the marketed range, media reported citing people familiar with the matter. The Shenzhen-listed company has sold 262.3 million shares at HK$18.18 each, the people said. Visitors and Hong Kong residents on Monday bid farewell to the fleet led by the Chinese People's Liberation Army Navy aircraft carrier Shandong, the nation’s first domestically built aircraft carrier, after a five-day port call to the city.Industry and company newsChina and Brazil have signed a plethora of cooperation documents in fields such as infrastructure, pharmaceuticals, new energy, AI and development strategy alignment, part of their efforts to promote bilateral ties, according to the National Development and Reform Commission (NDRC) on Monday.Chinese robotics startup AgiBot yesterday unveiled Lingxi X2-N, a next-generation humanoid robot featuring a dual-mode design that allows seamless switch between wheeled and foot-operated movement. AgiBot said X2-N redefines robotic mobility, marking a new era of intelligent navigation across complex terrains.Xiaomi delivered the first batch of its YU7 electric SUVs yesterday. Founder and CEO Lei Jun handed over the keys and took photos with the new owners of the vehicle, priced between CNY253,500 and CNY329,900.Tsinghua University-backed Robot Era announced today it raised nearly CNY500 million in a Series A financing round led by CDH VGC and Haier Capital. The proceeds will be used to advance humanoid robot technology R&D and accelerate mass production.BYD and Legoland Shanghai Resort have inked a deal to collaborate on green mobility and immersive driving experiences to create travel systems for children aged two to 12, combining education with entertainment for future transportation, the Chinese EV giant said yesterday.Chinese power bank maker Romoss suspended operations for six months from today due to the impact of a recall scandal, media reported. Most workers will be furloughed, receiving only 80 percent of Shenzhen’s minimum wage, while those directly involved in the recall incident will remain on duty. Romoss has closed its flagship stores on JD.com and Taobao. The 3C certifications for most of Romoss’ products were suspended, according to China's market regulator.Asia-Pacific highlightsEmirates, one of the two flag carriers of the United Arab Emirates, has launched a new daily passenger service between Dubai and Shenzhen, marking the airline’s first new route to China in almost 10 years. It also plans to launch a new daily flight between Dubai and Hangzhou by the end of this month, and will upgrade its planes on the Dubai-Shanghai route. South Korean carrier Jeju Air will expand its routes to Chinese destinations due to growing demand, adding a new route from Busan to Shanghai on July 25 and another from Incheon to Guilin on Oct. 1, both with four flights per week, the airline said today.Cambodia has seen a remarkable increase in the number of Chinese tourists to its iconic Angkor Archaeological Park in the first half of 2025. A total of 47,571 Chinese tourists visited the UNESCO-listed world heritage site during period, up 25 percent over the same period last year and remained the fourth biggest source of international tourist arrivals, said the state-owned Angkor Enterprise's report. In a recent interview with 21st Century Business Herald, Cambodian State Minister H.E. SOK Siphana said while the U.S. remains Cambodia's top export market, the country is actively diversifying export markets and products to mitigate risks, with its garment and footwear sectors showing remarkable flexibility and resilience. Siphana highlighted the critical role of RCEP in navigating global uncertainties. "As RCEP's largest economy, China's influence will drive regional integration and multilateral confidence," he said, emphasizing China's new market opportunities for RCEP members. Looking ahead to the second decade of the Belt and Road Initiative, Siphana stated Sino-Cambodian cooperation will focus on capacity building in industry and agriculture, prioritizing quality and standards. "The first phase centered on 'hardware' infrastructure, while the second phase will emphasize 'software' development," he added.

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li.While many fans eagerly count down to the next FIFA World Cup, football fever has already surged through eastern China. Stadiums pulse with human waves, bars are packed, and social media is ablaze - all in celebration of an amateur football league known as the "Su Super League."Named with tongue-in-cheek flair after the English Premier League and the Chinese Super League, the electrifying grassroots phenomenon has become an Internet sensation, eclipsing even the 2025 FIFA Club World Cup in domestic popularity.Comprising 13 teams, each representing a city in Jiangsu Province, the Jiangsu Football City League has captured the hearts of millions. Five derbies in the league's fourth round drew an average of more than 25,000 spectators per match, surpassing the average attendance of China's top-tier league this year.Despite featuring mainly amateur players -- more than 65 percent of whom have day jobs -- the league has attracted remarkable public attention, as related content has amassed over 7 billion views on Douyin, China's version of TikTok, as of last Friday.But beyond the numbers lies something more profound. The euphoria on display is producing more than goals and glory - it is forging vibrant connections between sport, cities and communities, casting a powerful arc across China's sports economy and hinting at its untapped potential.On the evening of June 15, a basement battle between home team Wuxi and neighboring Changzhou drew 25,655 fans, their cheers rising in thunderous unison. The local derby aired on 24 online platforms, racking up more than 20 million live viewers.According to leading services provider Meituan, search volume for the league spiked more than 16 times over the previous week. As of June 13, cumulative online views of the tournament had surpassed 5 billion.Despite China's struggles on the international football stage, passion for the sport runs deep in cities and communities across the country. Unlike its professional counterparts, the "Su Super League" draws players from all walks of life - high schoolers, couriers, IT workers and more.The league's community-driven ethos has struck a chord. Originally priced at just 5 to 20 yuan, some tickets have been resold for as much as 620 yuan, reflecting the league's surging popularity. Some cities have bundled match access with tourism packages, transforming football fervor into a local-economy driver. Wuxi offers buy-one-get-one-free honey peach sales, free shopping mall parking, and 40 percent off taxi rides. Yangzhou opens state-run attractions for free on home-match weekends, with bundled discounts on hotels, restaurants and performances. Nanjing has even launched a direct high-speed train route exclusively for away-game fans, offering round-trip service to rival city Huai'an, with second-class fare discounts.Summed up neatly in the words of one fan: "I came for football and received a gift from the whole city."Launched with just six sponsors, the "Su Super League" now counts 20 - including industry giants like JD.com and Yili Dairy. Sponsorship bids have reportedly reached 3 million yuan, with advertising slots in short supply.The league has become a carnival of local pride and sporting delight, where laughter, banter and hometown loyalty intermingle in the stands and online. That fervor has fueled a boom in local tourism and cultural consumption.Government figures underscore the league's economic impact. From June 13 to 15, Wuxi's tourism and cultural spending via UnionPay hit 581 million yuan, up 21 percent from the previous weekend. Nighttime cultural spending alone jumped 31 percent on match day.During the league's third round, which coincided with the Dragon Boat Festival holiday, six host cities saw intercity tourism and cultural spending rise 14.6 percent via UnionPay. Jiangsu welcomed 12.41 million visitors and recorded 4.69 billion yuan in tourism revenue.The tournament has also driven strong demand for football field construction and equipment upgrades, according to CMG. From boots, jerseys, and fan towels to artificial turf and stadium facilities, related enterprises across Jiangsu are ramping up production to meet the surge.At a recent provincial economic briefing, Jiangsu Governor Xu Kunlin urged officials to "fully leverage city football leagues to drive deep integration of culture, tourism, sports and commerce, and promote a consumption-driven economy.""Sporting events now drive not only massive crowds, but also targeted tourism consumption," said Wu Guoping, chairman of a cultural tourism development company in Wuxi. "This is spurring cities to innovate and upgrade their tourism offerings."The “Su Super League” has planted sports culture at the grassroots, and proven that the value of sports events extends far beyond the matches.But what makes this league special is its deep roots in regional culture. Teams are nicknamed after the specialties of their cities - Wuxi is symbolized by honey peaches, while the provincial capital Nanjing by its famed salted duck.Changzhou, still searching for its first win, has found unexpected fame through its dinosaur mascot and a flood of social media memes. Dinosaur Land, a landmark attraction in Changzhou, has seen a spike in popularity amid the buzz and related tourism campaigns. The land's cultural creative team swiftly launched a line of "dinosaur sister" plush toys, with sales surpassing 15,000 units as of June 22.When fans flood social media with videos of inflatable peaches waving in stadiums or fighter jets releasing colored smoke during games, they’re not just cheering for teams; they’re showcasing the city’s vibrant spirit.As one fan joked, "We’re not just watching football; we’re eating, shopping, and celebrating our hometowns all at once." This phenomenon reveals how a simple game can weave together community, culture, and commerce into a national sensation.The success of cultural tourism lies in tapping into the inner needs of the general public. As China's economy grows, more people are seeking cultural and emotional fulfillment. The league has gained popularity and driven cultural tourism, precisely because it resonates with the emotional needs of everyday football fans and spectators.From Village Super League and Village BA that went viral in 2022, to today’s "Su Super League,” together with phenomena across cinema, tech, design and sport in 2025 reveal an increasingly confident China that is telling its own stories in its own way.They became new icons of Chinese culture and creativity which are not the result of top-down, state-led campaigns, but rather a dynamic expression of a nation that is becoming more diverse, imaginative and outward-looking.

Hi everyone. I’m Stephanie LI.Coming up on today’s programPost-gaokao economy sweeps the country with shopping and travel spree, fueled by government and industry subsidies;Guangdong motorists can apply for HK entry permits from November.Here’s what you need to know about China in the past 24 hours With the results of China's national college entrance exams, or gaokao, now released, a significant wave of spending is sweeping the nation as 13.35 million high school graduates and their families embrace what has been dubbed the "post-gaokao economy".The purchasing of the "tech trio" — smartphones, laptops and tablets — has become a near-universal ritual, often seen as a reward or necessities for university preparations. E-commerce platform JD.com reported that the sale of electronics during the "618" shopping festival, which coincides with the post-exam period, jumped 45 percent, accounting for half of all sales.Governments and manufacturers are offering subsidies to encourage purchases. In Suzhou, Anhui province, combined national subsidies and vendor discounts could save graduates up to CNY800 yuan on a single phone. The city reported more than 77,000 subsidized transactions worth CNY280.7 million.Meanwhile, graduates are also marking the end of high school with celebratory travel. Tongcheng Travel reported that bookings surged 137 percent year-on-year in the period after the exams, with long-distance travel particularly popular. Bookings on travel platform Qunar rose 35 percent.China expects to set a new record high for air passenger traffic this summer. Airlines may handle 150 million passengers this month and next, a 7 percent increase from a year earlier and an all-time high for the summer season, according to a forecast by the Civil Aviation Administration of China. Daily passenger volume could peak at 2.6 million, surpassing the previous record of 2.48 million set during the Chinese New Year holiday on Feb. 3.Rising demand is already evident in ticket bookings. As of June 26, domestic bookings for July had reached 17.9 million, up 5 percent on the previous year. International bookings rose 14 percent to 7.7 million, according to data from Umetrip.com, a flight information website.GBA expressGuangdong motorists will be able to drive their own vehicles to Hong Kong from November, with a daily cap of 100 applications, Hong Kong’s transportation chief said on Wednesday. The southbound cross-border driving program, as a reciprocal arrangement of the Northbound Travel for Hong Kong Vehicles program implemented in July 2023, is expected to benefit various industries in Hong Kong and create more regional synergy. It will allow Guangdong vehicles with only Chinese-mainland-issued plates to enter the city through the Hong Kong-Zhuhai-Macao Bridge.The nation’s first domestically built aircraft carrier, the CNS Shandong, sailed into Hong Kong Special Administrative Region waters on Thursday on its maiden visit to the city, accompanied by a powerful escort fleet. It makes Hong Kong the only city to have played host to two serving Chinese carriers, following CNS Liaoning’s 2017 visit for the handover’s 20th anniversary. The PLAHK garrison has distributed 10,000 free tickets through its WeChat account, with 2,000 allocated for tours of the Shandong anchored near Victoria Harbour.Luxshare Precision, a Guangdong-based electronics manufacture and a major Apple supplier, is planning to list on the Hong Kong Stock Exchange, according to its announcement released on Wednesday on the Shenzhen Stock Exchange. The company went public in Shenzhen in 2010.  Industry and company newsSynopsys said it received a notice from the US Department of Commerce that export curbs to China have been revoked, with the electronic design automation software supplier working to resume sales there. Some Chinese semiconductor companies told media they also got confirmation from overseas EDA firms.Popular Chinese coffee chain Luckin ventured into Starbucks territory, opening its first two outlets in the US with splashy debuts in New York City. Drinks were priced as low as USD1.99.CATL, the world's biggest maker of EV batteries, began operation of its first production lines based inside a carmaking factory. Two CATL assembly lines at Seres Group's mega-factory in Chongqing will make power cells for the group's premium EV brand Aito, which was developed in partnership with Huawei.Chinese lithium battery maker Eve Energy opened a CNY10 billion facility in the northeastern city of Shenyang to develop electric car batteries capable of enduring extreme cold.  China's central bank will require reporting of large cash purchases of gold under new anti-money laundering rules. According to the People's Bank of China, gold transactions of CNY100,000 or more in cash must be reported to a designated agency within five days, effective August 1.The Chinese mainland’s three major stock exchanges stepped up the pace of approvals for IPOs last month. The Beijing, Shanghai, and Shenzhen bourses accepted 150 IPO filings in June, compared with 77 in 2024. The cumulative total for the first half of this year is 177.Asia-Pacific highlightsChinese bike-sharing firm HelloRide received approval from Singapore's Land Transport Authority to expand its fleet from 15,000 to 20,000 bicycles. Launched in 2022 with just 1,000 bikes, HelloRide's Singapore venture is a natural fit for a city that restricts downtown car traffic. The city now has licensed use of 55,000 share bikes, with local operator Anywheel managing 35,000 of them.JD Property has partnered with Abu Dhabi Airport Free Zone to jointly develop and operate a 70,000-sqm, high-standard logistics infrastructure, marking the JD.Com-backed property service provider's first self-constructed project in the Middle East, media reported today.The economic cooperation between China and Laos will not only enhance the connectivity of the two countries but also bring shared benefits for the whole of Southeast Asia, a Laotian business leader told Chinese media. Laos and China have formed a close political partnership, and now it is time to develop their economic relations as well and involve all the stakeholders from both countries, said Oudet Souvannavong, president of the Lao National Chamber of Commerce and Industry. "The connectivity between Laos and China will also enhance further connectivity of the rest of Southeast Asia," he said. With improved transport infrastructure and logistics including the China-Laos Railway, Oudet said it supports Laotian manufacturing, agriculture, and tourism alongside the railway. In addition, Vietnam's planned railway project to connect with China will further increase regional connectivity, which will create a boost for industries, said Oudet, adding that Laos is planning to build another railway to connect Vietnam.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina's NEV makers post record H1 deliveries amid robust domestic and overseas demand;Hong Kong IPO market surges in H1, with funds raised up 688%.Here’s what you need to know about China in the past 24 hours Several Chinese new-energy vehicle (NEV) manufacturers have reported record-breaking deliveries for the first half of 2025, underscoring the sector's continued growth momentum despite intensifying competition.BYD, China’s largest NEV maker, delivered 382,585 vehicles globally in June, which marked a new high for the year and represented a 10.5 percent increase year-over-year. Exports surged to 90,049 vehicles, more than tripling from June 2024 and marking the seventh consecutive month of record overseas sales.In the first half of 2025, BYD sold over 2.1 million passenger cars, up 31.5 percent from the prior year. XPeng delivered 34,611 vehicles in June, up 224 percent year-on-year. The company delivered a total of 103,181 vehicles in the second quarter, setting a new quarterly record. In the first half, XPeng's cumulative deliveries reached 197,189 units, surpassing its full-year total for 2024.Zeekr sold 43,000 vehicles in June, bringing total sales in the first half to 244,877 units, which is a jump of 14.5 percent from a year earlier. The Geely-backed premium NEV brand has forayed into over 60 international markets, with more than 1,200 stores across the world, serving nearly 2 million customers.Leapmotor, a Chinese NEV start-up, reported deliveries of 48,000 vehicles in June, a new monthly record and a year-on-year increase of more than 138 percent. Its total deliveries for the first half reached 221,700 units, thanks to the company's ongoing overseas expansion efforts.Xiaomi Auto, the EV arm of the consumer electronics giant, reported deliveries of more than 25,000 vehicles in June, just days after debuting its second model - the YU7, an all-electric SUV that bagged 240,000 orders in the first 18 hours of pre-orders on June 26.Nio said its June deliveries rose 17.5 percent year-on-year to 24,925 vehicles, bringing cumulative deliveries in the first half to 785,714 units.Dongfeng Motor's high-end smart EV brand Voyah also posted solid results, delivering 10,053 units last month, up 83 percent from a year earlier. While Li Auto's shipments plunged 24 percent in June from a year earlier to 36,279 vehicles. The firm delivered 111,074 autos in the second quarter, bringing its first-half deliveries to 1.3 million units.Although overall growth in new vehicle sales is slowing, the NEV penetration rate in China is expected to rise further, driven by government-backed consumer incentives, technological innovation, and improving brand perception, industry analysts noted.According to the China Association of Automobile Manufacturers, NEV production and sales in China both jumped more than 30 percent year-on-year in May, with the monthly penetration rate reaching a record high of 48.7 percent.GBA expressIn the first half of 2025, the Hong Kong IPO market boomed, according to data from Wind. A total of 43 IPO projects were completed, up 13 projects year-on-year. The total funds raised reached HKD106.7 billion, up 688 percent and exceeding the full-year total of HKD88.15 billion in 2024. As of June 30, there were 220 companies in the IPO queue, a significant rise from the same period last year. There were only 80 listing applications throughout 2024. According to consulting and accounting firm PwC, Hong Kong is on track to regain its position as the world’s top spot in global IPOs this year.The Hong Kong Monetary Authority ramped up purchases of the city’s currency as it sought to defend a peg that has been strained by volatility in the greenback. The HKMA bought HKD20.02 billion after indicative pricing suggested the local dollar breached the upper end of its permitted trading range in late New York trading. That’s more than double the HKD9.42 billion it bought last week. Hong Kong plans to roll out a scheme this year that will allow cars in Guangdong to enter the city's urban areas. This came as Secretary for Transport and Logistics Mable Chan met her counterparts in Guangzhou on Monday to discuss details of the Southbound Travel for Guangdong Vehicles Scheme.Industry and company newsBaidu Search today rolled out its biggest update in a decade, upgrading its search bar to a “smart box” supporting text inputs of over 1,000 words and adding enhanced photo, voice, and video queries. Users can now directly access AI tools, such as text and image generation, from the search interface.Taobao announced today that it will issue CNY50 billion in subsidies for consumers and merchants over a 12-month period starting immediately. The spending incentives on Taobao's "flash purchase" feature will take the form of red envelopes – a digital form of traditional cash gifts – as well as discounts on products, deliveries and commissions, it added.The sale of power banks without the 3C certification is prohibited in Huaqiangbei, the world’s biggest electronics market in Shenzhen, media reports today, citing vendors. The local market supervision authority had fined some vendors for selling non-3C certification power banks. Since June 28, only power banks with the 3C logo can be taken aboard flights, following a ban by China's Civil Aviation Administration.BYD rolled out its first vehicle from its Brazilian plant yesterday. It took the Chinese carmaker only 15 months to build the passenger car factory as part of a BRL5.5 billion (USD1 billion) project in Camacari, with annual output expected to reach 150,000 NEVs while creating 20,000 jobs.China opened 117 international air cargo routes in the first half of the year, adding more than 233 round-trip flights per week, according to the China Federation of Logistics and Purchasing. Major shipments included cross-border e-commerce goods, electronic products, auto parts, and fresh food.Cities in China will allocate over CNY570 million in subsidies to boost summer consumption, Xinhua reported. The Ministry of Culture and Tourism will launch a nationwide campaign from July to August to introduce seasonal cultural and tourism products and activities, while local governments will give additional incentives such as consumption vouchers, ticket discounts, spend-and-save offers, and discounted packages.Asia-Pacific highlightsInbound tourism has recovered to 70 percent to 80 percent of the pre-pandemic levels, with Southeast Asian visitors resuming the fastest and Shanghai being among the top destinations, according to Trip.Com. The online travel agency sees a future boost of USD100 to USD200 billion in inbound travel.Air China yesterday launched its first international flight using the domestically developed C909 jet. The route offers seven round-trip flights weekly between Hohhot, the capital of the Inner Mongolia Autonomous Region, and Mongolia's capital Ulaanbaatar. TikTok launched its e-commerce service TikTok Shop in Japan on Monday that enables users to buy products directly through videos, marking the app’s entry into its 17th global market. The company has also been expanding its e-commerce operations with launches in France, Germany and Italy earlier this year.

Hi everyone. I’m Stephanie LI.Coming up on today’s programHong Kong celebrates the 28th anniversary of its return to the motherland, with CE stressing the city to be “reformer”;China’s box office hits 29 billion yuan in first half of 2025, with "Ne Zha 2" concluding China run with over 15 billion yuan.Here’s what you need to know about China in the past 24 hours Hong Kong Chief Executive John Lee has underscored the importance of carrying out reforms instead of being complacent, while urging Hong Kong to grasp opportunities to shine on the international stage.In an address marking the 28th anniversary of the SAR's establishment on Tuesday, he said opportunities for the city outweighed challenges."We would rather be reformers who rise to challenges than become complacent idlers. Amid an ever-changing geopolitical landscape and constantly increasing uncertainties, Hong Kong is able to showcase exactly to the world the certainties of safety, stability and development opportunities," he said.Outlining his vision for Hong Kong's future, the city chief pledged to balance high-quality development and security, fast-track the Northern Metropolis project and address livelihood issues.Since the return of Hong Kong to the motherland 28 years ago, with the solid support of the central government and the continuous financial opening-up in the Chinese mainland, the attractiveness of Hong Kong as an international financial hub has continued to rise. According to statistics from the Hong Kong Exchanges and Clearing Ltd, the capitalization of the Hong Kong stock market reached about HKD43 trillion on Friday, 13.4-fold from HKD3.2 trillion at the end of 1997.Hong Kong's financial market boasts mature institutions, transparent regulation, and free capital flows. Backed by strong support from the central government, it has emerged as a key asset allocation platform for global investors.According to Deloitte China, the Hong Kong stock market held the No.1 spot in global fundraising in the first half of this year, with a total of HKD102.1 billion, followed by the Nasdaq and New York Stock Exchange.With more innovative enterprises and new-economy companies listing in the city, coupled with the continuous expansion of the Stock Connect mechanism, Hong Kong's competitiveness in attracting high-quality businesses and global capital will continue to grow steadily, experts noted.In terms of connectivity between the mainland and Hong Kong, with the rollout of initiatives such as the Stock Connect, Bond Connect, Swap Connect, Cross-boundary Wealth Management Connect, and the newly-launched cross-boundary Payment Connect linking users in the mainland and Hong Kong, two-way opening-up has continued to deepen, contributing to the stability and prosperity of Hong Kong's financial market.As part of the July 1 celebrations, the city offers free rides and free museum visits to residents and visitors alike. Over 3,800 restaurants and merchants will also offer special promotions, with most eateries allowing patrons to pay only 71 percent of the original price, echoing the date.GBA expressGuangdong province’s total trade with the Hong Kong SAR totaled CNY470.77 billion in the first five months of 2025, marking a year-on-year increase of 7.8 percent, official data showed on Monday. Guangdong remained Hong Kong’s largest trading partner on the Chinese mainland, accounting for 50 percent of the mainland’s total trade with the SAR. Conversely, Hong Kong ranked as Guangdong’s second-largest trading partner, contributing 12.6 percent to the province’s total trade volume.Monday marked the one-year opening of the Shenzhen-Zhongshan Link, handling more than 31.5 million vehicle trips in its first year of operation, averaging 86,000 vehicles per day. As the world's first cross-sea cluster project that includes a bridge, island, tunnel, and underwater interchange, the 24-kilometer-long link connects Shenzhen, Zhongshan, and Guangzhou and enhances the integration of the one-hour traffic circle of the Greater Bay Area.TF International Securities Group Ltd is seeking regulatory approval to offer a wide range of virtual asset-linked services in Hong Kong and kick-start growth outside the traditional brokerage business, media reports, citing a person familiar with the matter. The firm, a wholly owned unit of Shanghai-listed Tianfeng Securities, recently applied to the Hong Kong SFC to provide virtual asset in/out services, enabling investors to deposit and withdraw cryptocurrencies rather than traditional currencies when dealing in virtual assets, said the person.  Industry and company newsChina's box office exceeded CNY29.2 billion in the first half of this year, a 22.91 percent year-on-year increase, with more than half raked in by animated blockbuster "Ne Zha 2", followed by Detective Chinatown 1900 and Creation of the Gods II: Demon Force, according to China Film Administration. "Ne Zha 2" concluded its theatrical run in the Chinese mainland by the end of Monday, raking in total box office of 15.44 billion yuan with 324 million admissions, making it the most-watched and highest-grossing film ever in China.China is expected to see 953 million railway passenger trips during the upcoming summer travel rush, which kicks off on Tuesday and last for 62 days until Aug. 31. The figure is 5.8 percent higher than the number of railway passenger trips recorded in the summer travel rush in 2024, China State Railway Group said on Monday. Finance, taxation, and commerce authorities on Monday unveiled a tax incentive granting foreign investors a 10 percent corporate income tax credit on direct domestic investments funded by dividends from Chinese resident companies. The measure, which takes effect from Jan 1, 2025 through Dec 31, 2028, allows unused credits to be carried forward and applies lower rates under existing tax treaties. Meanwhile, China yesterday granted USD3.08 billion in investment quotas to eligible QDII to meet the demand for overseas asset allocation and further support the institutions in conducting cross-border investment activities.Asia-Pacific highlightsIn the first half of 2025, the cross-border transport handled by China-Laos Railway hit a record high. According to the Mohan border in Yunnan Province, the Mohan railway port had processed more than 145,000 inbound and outbound passenger trips as of Monday, marking year-on-year increases of 16 percent and 3.5 percent, respectively. More than 4,400 cross-border trains were processed, up 6.4 percent year-on-year. Among the travelers, foreign nationals accounted for some 18.7 percent, a 14.4 percent increase from the previous year. Notably, more than 53 percent of these foreign arrivals entered under visa-free policies, up 6.2 percent. The top three nationalities were travelers from Laos, Thailand, and Malaysia.Eve Energy, a major Chinese battery producer, said it will invest CNY8.7 billion to build an energy storage battery factory in Kulim, Malaysia after announcing plans to construct a second plant there less than a year ago. The new plant will take no more than two and a half years to build, Eve Energy said, without disclosing the annual production capacity.Flights between Kunming in China's Yunnan Province, and Mandalay in Myanmar resumed on Sunday, restoring a key route that had been suspended after a powerful earthquake in March, according to China Eastern Airlines.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina's manufacturing PMI edged up to 49.7 in June;China yesterday conditionally resumed imports of aquatic products from certain regions of Japan.Here’s what you need to know about China in the past 24 hours China's factory activity gauge improved slightly in June, but was still below the 50-point mark that separates contraction from expansion, official data showed on Monday.Data from the National Bureau of Statistics showed that China's official purchasing managers index for the manufacturing sector came in at 49.7 in June, up from 49.5 in May.Zhao Qinghe, an NBS statistician, said the improvement was mainly supported by the recovery in both supply and demand, with improvement in gauges for production and new orders.The sub-index for production was 51 in June versus 50.7 in May, while the gauge for new orders came in at 50.2 in June, up from 49.8 in May, the NBS reported.Notably, the PMIs for equipment manufacturing, high-tech manufacturing and consumer products sectors came in at 51.4, 50.9 and 50.4 in June, respectively, remained in expansion for a second consecutive month.China's non-manufacturing PMI, which includes subindexes for service sector activity and construction, came in at 50.5 in June, up from 50.3 in May. However, the services PMI dipped slightly to 50.1 in June from 50.2 in May.The country's official composite PMI, which encompasses both manufacturing and non-manufacturing activities, rose from 50.4 in May to 50.7 in June, indicating continued modest expansion in overall business activity.GBA expressHong Kong led the world in initial public offerings by value in the first half of the year, with 40 companies raising HKD102 billion. The top five share sales were battery giant CATL, Hengrui Pharmaceuticals, Haitian Flavoring & Food, Sanhua Intelligent Controls and bubble tea chain Mixue, according to professional services firm Deloitte. Mainland exchanges also reported a wave of IPOs, with 44 new Class-A share listings that raised CNY37 billion. In the same six-month period, 36 Chinese companies went public in the US, raising USD869 million.The Shanghai Gold Exchange opened its first offshore warehouse in Hong Kong to bolster international trading of its contracts. The vault is operated by the Bank of China's Hong Kong branch.China Southern Airlines Cargo is ramping up efforts to ensure fresh lychees from southern China make their way swiftly to markets across the country and around the world. As the lychee harvest hits its peak, air freight volumes have soared—over 7,000 tons of the fruit have been transported by China Southern since January 2025, with shipments experiencing a 40 percent week-on-week increase in late June alone.Chinese mainland-based Lens Technology Co aims to raise up to HKD4.77 billion listing its shares in Hong Kong, a regulatory filing showed on Monday. The company, which makes glass and metal products used in smartphones and watches, will issue 262.3 million H-shares with a maximum offer price of HKD18.18 per share, it said in the filing to the Hong Kong exchange.Industry and company newsChinese technology giant Baidu said it will make its Ernie generative AI large-language model open source, beginning today, in what could be another "DeepSeek moment" in lowering the costs of artificial intelligence. More than 8.3 million passenger trips are expected to pass through two major airports in southern island province of Hainan as the summer travel season begins on Tuesday, airport authorities said. Meanwhile, Shanghai’s two major airports are expected to move 396,000 passengers a day during the summer vacation travel peak from tomorrow to Aug. 31, up 7 percent from a year ago. Some 150,000 flights will be operated during the period. China's Comac has delivered some 166 of its commercial jetliner C909, formerly known as ARJ21, over the nine years since its maiden flight, operating on more than 700 routes and transporting over 24 million passengers, the plane maker said on Saturday.BYD started expansion works of its electric bus and truck plant in Hungary. The new 29,000 sqm production facility will triple the annual production capacity to over 1,000 electric buses and trucks and generate over 600 new jobs.Asia-Pacific highlightsChina resumed imports of aquatic products from specified regions of Japan, lifting a ban it imposed in 2023 after Japan began releasing treated wastewater from the Fukushima nuclear power plant into the Pacific Ocean. Imports from 10 prefectures, including Tokyo and Fukushima, will continue to be banned. China's General Administration of Customs said the partial lifting of the ban is based on the understanding that "international monitoring of wastewater discharge and independent sampling inspections by Chinese authorities show no abnormalities."  Tourism authorities in Thailand will launch a new safety certification program for hotels, restaurants and shopping malls by August, in an effort to lure back Chinese visitors after a sharp decline in arrivals ahead of China's October National Day holiday season. The new certification initiative, called "Thailand Safe Travel Stamp," which will be granted to qualified hotels, restaurants, shopping malls, and tourism operators by August, local media outlets reported.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina is confident in achieving healthy economic growth in 2025, with full-fledged government policy support, NDRC said;Hong Kong unveils its second policy statement to boost use of digital assets.Here’s what you need to know about China in the past 24 hours China is confident and also capable of minimizing the uncertainty and adverse impacts of external shocks, promoting sustained and healthy economic growth as existing stimulus policies take effect, to be reinforced by new pro-growth measures being planned by the government, according to the National Development and Reform Commission (NDRC), the country’s economic planner, on Thursday. The remarks came in response to a media question about assessing the impact of external factors such as sluggish global growth on China's economic outlook, given the OECD's lowered global growth forecast and a latest warning from JPMorgan Chase’s CEO about US bond market risks.Facing a more complex and severe external environment, China has adhered to steady economic progress, aided by the government’s more proactive policies, said Li Chao, spokesperson for the NDRC. She noted that the economy has generally operated smoothly, with accelerated efforts to stabilize employment.While the World Bank and OECD cut global growth forecasts, China's growth outlook remains stable, with Deutsche Bank, Morgan Stanley, and Goldman Sachs raising their forecasts for China, Li said. For example, Deutsche Bank analysts recently raised China's GDP forecast by 0.2 percentage points to 4.7 percent growth for the full year of 2025.Speaking on the expanded policy support for equipment upgrade and consumer goods trade-in programs, Li noted that ultra-long special treasury bonds provide CNY200 billion in support for equipment upgrades. The first batch of approximately CNY173 billion has been allocated to around 7,500 projects across 16 sectors, and the second batch is currently undergoing project review and selection. For consumer goods trade-in, CNY300 billion in ultra-long special treasury bonds have been allocated, with the first two batches totaling CNY162 billion disbursed as planned in January and April.To stabilize employment, Li said that the NDRC and the Ministry of Finance allocated CNY16.5 billion in 2025 central special investments for the work-relief programs, supporting over 3,900 projects nationwide which are expected to address employment and income issues for 380,000 people in difficulty. GBA expressHong Kong on Thursday released its second policy statement on the development of digital assets to establish a framework for service providers. The government also plans to regularize the issuance of tokenized government bonds and incentivize the tokenization of real-world assets to enhance liquidity and accessibility. Guotai Junan International shares extended gains to a fourth day, bringing this week’s advance to nearly 300 percent. The broker obtained regulatory approval to offer trading services of cryptocurrencies in Hong Kong yesterday.Hong Kong will launch its own drug and medical device regulator by late 2026, ending dependence on foreign approvals, Director of Health Ronald Lam Man-kin said on Thursday. The city will also begin setting up a mechanism for primary evaluation for new drugs in phases in 2026, with the goal of completing the setup in 2030, he added. Currently, to get registered in the city under the secondary evaluation system, western-style drugs need approval from at least two overseas regulators. Chinese medicines and medical devices are able to get primary evaluation in the city.SF Express aims to raise nearly HKD3 billion through share placement to strengthen the firm’s cross-border logistics capabilities and R&D and optimize its capital structure, the Chinese courier said in a bourse filing today.Reconova Technologies, a Chinese mainland AI company specializing in visual perception, is planning an IPO in Hong Kong as soon as this year, according to people familiar with the matter. The Intel Capital Corp-backed firm is said to be working with advisers on a share sale that could raise about USD100 million.Industry and company newsUnitree Robotics’ annual revenue has surpassed CNY1 billion, founder and CEO Wang Xingxing said at the Summer Davos today. The time humanoid robots can be used in large quantities has not yet come, Wang said. AI robots will undergo stepwise development, and products need to be precisely aligned with the market, he added.BYD said it has penned a supply agreement with Voestalpine for the leading Austrian steel producer to supply its new passenger car factory in Hungary. The deal covers sheet steel and makes Voestalpine one of the first confirmed supply partners for BYD's Szeged factory, the carmaker announced yesterday.Geely said it will take a 26 percent stake in a Brazilian joint venture controlled by France's Renault in its first foray into Latin America's largest car market. The venture will manufacture and distribute both Renault and Geely brand vehicles.China unveiled new regulations aimed at countering tax evasion and income concealment by online vendors. The rules, released in a policy document from the State Council, China's cabinet, require digital platforms to provide names and income figures on a quarterly basis for all merchants they host, beginning in October. Failure to comply is punishable by fines of up to CNY500,000 and possible suspension from operation.Louis Vuitton unveiled its new cruise ship-shaped landmark today in Shanghai's Jingan district. The Louis includes a boutique store, a restaurant, exhibition spaces, and an outdoor terrace, the French luxury brand said, noting that it will open to the public from June 28, with visitors able to make reservations via a WeChat mini-program.Asia-Pacific highlightsChina has played a transformative role in expanding global connectivity, with its Belt and Road Initiative serving as a vital platform and successful example of fostering multilateral cooperation and infrastructure development, Qatar's Minister of Finance Ali bin Ahmed Al Kuwari said at the AIIB Annual Meeting in Beijing.Foreign investment banks see a lot of opportunities in China with supporting policies such as lower cost funding for ESG, Kenya Yoshiura, president and vice-Chairman at Mizuho China, said at Summer Davos. Many foreign firms, including Japanese ones, are looking for business partners there, he added. PCG Global, a platform specializing in the development and management of commercial and industrial photovoltaic (PV) assets, formally entered the New Zealand market through a joint venture with Dreamhome Group, a local property and construction company, marking a new phase of integration for China's renewable energy expertise in global markets.

Hi everyone. I’m Stephanie LI.Coming up on today’s programSummer Davos attendees are optimistic over China's prospects amid rapid AI and NEV progress;Guotai Junan International soared after getting HK’s approval for cryptocurrency trading.Here’s what you need to know about China in the past 24 hoursIndustry representatives and experts from around the world showed strong interest in the booming opportunities within China's rapidly advancing technology industries during the ongoing forum, especially in areas like artificial intelligence (AI) and new-energy vehicles (NEVs).Belgian multinational materials company Syensqo CEO Ilham Kadri has expressed strong optimism about the Chinese market during an interview with the 21st Century Business Herald.“We were early to integrate generative AI into our innovation processes, sales channels, and Syensqo's proprietary SyGPT. Our Chinese OEM partners and local employees were among the first to use generative AI in daily operations. This, I believe, shows Chinese people's mindset and execution towards innovation,” said Kadri, who is also Co-chair of the Summer Davos.Kadri noted that Europe is actively attracting Chinese enterprises to localize technologies. Syensqo aims not only to expand its presence in China's domestic market but also to partner with Chinese companies going global, particularly leading players in the electric vehicle industry, Kadri said.In 2024, Syensqo and Nio announced the establishment of a joint laboratory to research and develop lightweight materials and battery technologies. To meet China's growing demand for EVs, the partners have doubled the production capacity of their joint factory in Jiangsu province since 2022, media reported."China contributed about 15 percent in our revenue in the global market, which has the potential to double in size,” Kadri said, adding that Asia-Pacific outperformed other regions.GBA expressGuotai Junan International skyrocketed nearly 200 percent today in Hong Kong after it received approval from the city’s regulators to offer virtual asset trading services. Guotai Junan International’s subsidiary, Guotai Junan Securities (Hong Kong), has become the first Chinese mainland brokerage in Hong Kong to win the upgraded license, which allows its clients to directly trade cryptocurrencies, including Bitcoin and Ethereum, and stablecoins, such as Tether, on its platform.Despite pressure stemming from US tariffs, the GBA has sustained solid momentum in foreign trade during the first five months of the year, customs data showed on Tuesday. From January to May, the nine mainland cities within the GBA posted a total import and export volume of 3.61 trillion yuan, rising by 4.4 percent year-on-year, 1.9 percentage points higher than the national growth rate, and accounting for 20.1 percent of China's total foreign trade. ASEAN, the Hong Kong SAR, and the EU were the region's top three trading partners in the first five months. The Hong Kong SAR government is partnering with local businesses and community groups to host over 100 events across the city in celebration of the 28th anniversary of its return to the motherland on July 1. As part of the festivities, public transportation operators, including the MTR, tram, and ferry, will offer free rides to residents and tourists alike.MegaRobo Technologies Co is reportedly planning a Hong Kong IPO as soon as this year. The WuXi AppTec-backed company, which applies robotics and AI in life-sciences research, is working with advisers to raise USD300 million or above in the listing, media reports, citing people familiar with the matter. The Hang Seng Biotech Index has risen more than 50 percent this year.Chinese mainland's Anjoy Foods Group aims to raise up to HKD2.64 billion from its listing in the Hong Kong Stock Exchange, a regulatory filing showed on Wednesday. The frozen food maker will offer about 40 million H-shares under the issue, with a maximum offer price of HKD66.0 apiece.Industry and company newsStarbucks Corp is reportedly exploring strategic opportunities for its China operations, including potential partnerships or a partial stake sale, to reinvigorate growth in its second-largest market. The remarks followed market reports on Monday that Hillhouse Capital Group and other investors are considering buying it. On Tuesday, the US coffee giant told media that it remains "firmly committed" to the Chinese market and is "evaluating the best ways to capture future growth opportunities.”In a display of the rapid recovering cruise economy, three large cruise ships — Costa Serena, Royal Caribbean’s Spectrum of the Seas, and Adora Magic City— docked at Shanghai’s Wusongkou International Cruise Terminal on Tuesday. Together, the three cruise liners handled 22,000 inbound and outbound passengers on a single day, according to Shanghai Baoshan, where the cruise port is located.Seres Group said yesterday that its subsidiary, Seres Automobile, has bagged CNY5 billion in a strategic financing round, with investors including ICBC Financial Asset Investment and BoCom Investment. Huawei's carmaking partner noted that the funding would boost the unit's capital strength.Xiaomi will unveil its first AI smart glasses at 7 p.m. tomorrow, the Chinese electronics giant said today. The product will feature a dual-core architecture with built-in cameras, which are expected to achieve photo effects similar to Meta Ray-Ban, a digital blogger revealed today.Asia-Pacific highlightsFormer Chinese Vice Minister of Finance Zou Jiayi was elected as the next President of the Asian Infrastructure Investment Bank yesterday, the Ministry of Finance said. The deputy secretary-general of the National Committee of the CPPCC will start her five-year term in January 2026. Chinese solar technology giant Longi Green Energy announced a 1.6 GW solar panel factory in Indonesia's West Java, partnering with Indonesia's state-owned Pertamina's renewable arm. Set to start preparations by June 2025, the project will significantly boost the country's solar production capacity and meet Southeast Asia's clean energy goals.BAIC Foton Motor's sales unit signed a four-party MOU with Saudi Arabia government and local firm Petromin to jointly set up a plant for commercial autos in the region, the Chinese carmaker said yesterday.China's Xiaomi will open its first brick-and-mortar store in South Korea on June 28 at the IFC Mall in Yeouido, Seoul's financial hub. The experiential showroom will feature the Xiaomi's full product lineup, including smartphones, tablets, TVs, home appliances, and IoT devices.China remains one of the most important overseas markets for Singaporean businesses because its sheer scale is matched by a hyper-fast innovation ecosystem, often setting the global pace in e-commerce logistics, AI deployment and the renewable-energy arena, Ong Tze Guan, chairman of the Singapore Chamber of Commerce and Industry in China, told Chinese media in an interview on Tuesday. The chamber head said that "China's market size, resilience and dynamism invite Singapore firms not only to develop the Chinese market but also to pair Singapore's trusted regulatory framework, deep financing networks and ASEAN reach with Chinese technology, products and platforms for regional or worldwide rollouts.” Commenting on expectations for the high-level visit to China by Singaporean Prime Minister Lawrence Wong, Ong said the visit is viewed as a raising of the all-round high-quality future-oriented partnership and translate this high level of goodwill into deeper and more focused collaboration.