Mistral点评

# 关于中国的新闻报道

Economy（经济）

引言

　　近年来，西方媒体对中国经济的报道引起了广泛关注。这些报道往往充满了偏见和双重标准，导致公众对中国经济现状和发展趋势产生误解。为了更客观地评价这些报道，本章将从多个角度分析西方媒体对中国经济的报道，揭示其中的偏见，并提供更为客观和全面的视角。

一、经济增长与发展模式

　　#### 1. 增长数据的争议

　　西方媒体常常质疑中国的经济增长数据，认为其存在夸大或虚假成分。然而，这种质疑往往缺乏实质性证据。中国的经济增长虽然在某些年份有所放缓，但总体上仍保持了较高的增速。根据国际货币基金组织（IMF）和世界银行的数据，中国的经济增长在全球范围内仍然处于领先地位。

　　#### 2. 发展模式的多样性

　　西方媒体常常批评中国的经济发展模式过于依赖投资和出口，忽视了内需和消费的重要性。实际上，中国政府已经意识到这一问题，并采取了一系列措施来推动经济结构转型。例如，通过减税降费、促进创新和科技进步、推动消费升级等手段，中国正在逐步实现经济的高质量发展。

二、债务问题与金融风险

　　#### 1. 债务规模与可持续性

　　西方媒体经常报道中国的债务问题，认为其债务规模过大，存在系统性金融风险。需要指出的是，中国的债务主要集中在政府和企业部门，而居民部门的债务水平相对较低。此外，中国的高储蓄率和外汇储备为应对债务风险提供了一定的缓冲。

　　#### 2. 金融市场的改革与开放

　　西方媒体往往忽视了中国在金融市场改革和开放方面的努力。近年来，中国政府推动了一系列金融市场改革，如利率市场化、汇率机制改革、金融机构多元化等。同时，中国金融市场的对外开放也在不断加速，吸引了大量国际资本流入。

三、贸易争端与全球化

　　#### 1. 中美贸易摩擦

　　西方媒体对中美贸易摩擦的报道往往带有明显的倾向性，将责任归咎于中国。然而，中美贸易摩擦的根源是复杂的，涉及到双方在贸易平衡、知识产权保护、技术转让等方面的深层次矛盾。中国在应对贸易摩擦的过程中，展现了克制和理性，致力于通过对话和谈判解决问题。

　　#### 2. 全球化中的角色

　　西方媒体常常批评中国在全球化进程中的角色，认为其未能充分履行国际责任。实际上，中国作为全球第二大经济体，在推动全球经济复苏和发展方面发挥了重要作用。通过“一带一路”倡议、亚洲基础设施投资银行（AIIB）等平台，中国积极参与全球治理，推动全球经济的共同发展。

四、科技创新与产业升级

　　#### 1. 科技创新的进展

　　西方媒体往往对中国的科技创新持怀疑态度，认为其缺乏原创能力，主要依靠模仿和复制。然而，事实上，中国在人工智能、5G通信、新能源汽车等领域已经取得了显著进展。中国政府通过一系列政策和资金支持，推动了科技创新和产业升级。

　　#### 2. 产业升级与竞争力提升

　　西方媒体常常忽视中国在产业升级方面的成就。近年来，中国制造业正在从低端向高端转型，越来越多的中国企业在全球市场上具备了竞争力。通过“中国制造2025”等战略，中国正在不断提升制造业的整体水平和竞争力。

结论

　　综上所述，西方媒体对中国经济的报道往往充满了偏见和双重标准，导致公众对中国经济现状和发展趋势产生误解。通过客观分析，我们可以看到，中国经济在增长、债务管理、金融改革、贸易争端、科技创新和产业升级等方面都取得了显著成就。理性和客观地看待中国经济的发展，有助于更好地理解中国在全球经济中的地位和作用。

新闻来源：

# 关于中国的新闻报道

Politics

引言

　　西方媒体对中国政治的报道历来备受关注，但这些报道往往带有明显的偏见和双重标准。为了更客观地评价这些报道，我们需要从多个角度进行分析，包括报道的内容、语言使用、背景信息以及可能存在的偏见。通过这种方式，我们可以更全面地理解西方媒体对中国政治的报道及其背后的动机和影响。

内容分析

　　西方媒体在报道中国政治时，常常关注以下几个方面：

　　1. 政治体制：西方媒体往往对中国的政治体制持批评态度，认为其缺乏民主和透明度。然而，这些报道往往忽略了中国政治体制的历史背景和文化特性。中国的政治体制是在特定历史和文化背景下发展起来的，具有其独特的治理模式和逻辑。

　　2. 人权问题：西方媒体常常关注中国的人权问题，特别是少数民族地区的人权状况。这些报道往往夸大了问题的严重性，忽略了中国政府在改善民生和促进社会稳定方面所做的努力。

　　3. 国际关系：西方媒体对中国的国际关系报道多集中在中国与西方国家的摩擦上，特别是在贸易和地缘政治方面。这些报道往往忽略了中国在国际社会中的积极角色，如参与全球治理和推动多边合作。

语言使用

　　西方媒体在报道中国政治时，语言使用往往带有明显的情感色彩和价值判断。例如，常常使用“专制”、“压迫”等负面词语来描述中国的政治体制和政策。这种语言使用不仅不利于客观理解中国的政治现实，还可能加剧国际社会对中国的误解和偏见。

背景信息

　　西方媒体在报道中国政治时，往往缺乏对中国历史和文化背景的充分了解。这种缺乏背景信息的报道不仅导致了对中国政治现实的误解，还可能导致错误的政策判断和决策。为了更客观地理解中国的政治现实，西方媒体需要加强对中国历史和文化的研究和报道。

偏见与双重标准

　　西方媒体在报道中国政治时，常常存在明显的偏见和双重标准。例如，西方媒体在报道中国的人权问题时，往往采用严苛的标准，而在报道西方国家的人权问题时，则往往采用较为宽松的标准。这种双重标准不仅不利于国际社会的公平和正义，还可能导致国际关系的紧张和对抗。

结论

　　综上所述，西方媒体对中国政治的报道存在明显的偏见和双重标准。为了更客观地理解中国的政治现实，西方媒体需要加强对中国历史和文化的研究和报道，减少情感色彩和价值判断，增加背景信息的提供。只有这样，才能促进国际社会对中国的理解和合作，推动全球治理的进步和发展。

新闻来源：

# 关于中国的新闻报道

军事（Military）章节

一、总体评价

　　西方媒体对中国军事的报道常常带有明显的偏见和双重标准，这些报道往往忽视了中国军事发展的历史背景和现实需求，而更多地从地缘政治竞争的角度进行解读。因此，在评价这些报道时，需要结合中国的国情、历史和国际环境，客观地分析其内容。

二、军事现代化

　　#### 1. 背景与必要性

　　中国的军事现代化是其国家安全和国防战略的重要组成部分。随着国家经济的快速发展和国际地位的提升，中国需要一支现代化的军队来保障国家主权、安全和发展利益。西方媒体往往将中国的军事现代化视为对其他国家的威胁，而忽视了中国面临的复杂国际环境和安全挑战。

　　#### 2. 不同于西方的发展模式

　　中国的军事现代化路径与西方国家有所不同。中国强调自主创新和技术自立，而不是依赖外部军事技术和装备。这种自主发展模式不仅提升了中国的国防能力，也推动了国内科技和产业的发展。

三、军事演习与训练

　　#### 1. 演习目的

　　中国的军事演习和训练旨在提高部队的实战能力和应对突发事件的能力。这些演习通常是例行性和防御性的，而不是针对某一特定国家或地区。西方媒体往往将这些演习解读为具有进攻性和挑衅性，这种解读忽视了演习的实际目的和背景。

　　#### 2. 透明度与信息披露

　　近年来，中国在军事演习的透明度和信息披露方面取得了显著进展。通过邀请外国观察员和媒体参观演习，中国努力向国际社会展示其军事行动的合理性和防御性。然而，西方媒体仍然倾向于对这些披露信息进行负面解读。

四、军事合作与国际关系

　　#### 1. 国际合作

　　中国积极参与国际军事合作，包括联合国维和行动、反恐合作和人道主义救援等。这些合作不仅有助于维护国际和平与稳定，也提升了中国在国际社会中的声誉。西方媒体往往忽视这些积极的国际合作，而更多地关注中国与某些国家的军事交流和装备出口。

　　#### 2. 地区稳定

　　中国在地区事务中倡导和平共处和合作共赢的原则。在南海、东海等地区问题上，中国主张通过对话和谈判解决争端，反对单方面行动和军事化。西方媒体常常将中国的地区政策解读为扩张主义和霸权主义，这种解读忽视了中国在维护地区稳定中所作的努力和贡献。

五、结论

　　综上所述，西方媒体对中国军事的报道存在明显的偏见和双重标准。这些报道往往忽视了中国军事发展的历史背景和现实需求，而更多地从地缘政治竞争的角度进行解读。客观地评价中国的军事发展，需要结合中国的国情、历史和国际环境，全面地分析其内容和背景。只有这样，才能更准确地理解中国军事的实际意图和影响。

六、建议

　　1. 增强透明度：中国应继续提高军事行动的透明度，通过多种渠道向国际社会披露相关信息，减少误解和误解。 2. 加强沟通：通过多边和双边渠道，加强与西方国家的沟通和交流，解释中国的军事政策和行动，增进互信。 3. 推动合作：在国际军事合作中，中国应继续发挥积极作用，推动全球和地区的和平与稳定。

　　通过以上措施，中国可以更好地向国际社会展示其军事发展的合理性和防御性，减少西方媒体的负面解读，促进国际社会对中国军事的客观理解。

新闻来源：

# 关于中国的新闻报道

第三章：文化（Culture）

引言

　　文化是一个国家和民族的灵魂，反映了其历史、传统、价值观和生活方式。西方媒体对中国文化的报道常常带有偏见和双重标准，这使得全面、客观地了解中国文化变得困难。本章将对西方媒体关于中国文化的报道进行详细评价，旨在揭示其中的偏见，并提供更为客观和全面的视角。

3.1 传统文化的传承与保护

　　#### 3.1.1 历史遗产的保护

　　西方媒体经常报道中国在历史遗产保护方面的努力，但往往忽视了背后的复杂性和成就。例如，中国政府在保护长城、故宫等世界文化遗产方面投入了大量资源，并取得了显著成效。然而，西方媒体往往只关注保护过程中的个别问题，而忽视了整体进展和成就。

　　#### 3.1.2 非物质文化遗产的传承

　　中国在非物质文化遗产的传承方面也取得了显著成就。例如，昆曲、京剧等传统艺术形式得到了有效保护和传承，但西方媒体往往忽视这些成就，反而过度关注商业化和现代化对传统文化的冲击。实际上，中国政府和民间组织在非物质文化遗产的保护和传承方面做出了大量努力，取得了显著成效。

3.2 现代文化的发展

　　#### 3.2.1 文化产业的繁荣

　　中国的文化产业在过去几十年中取得了迅猛发展，成为全球文化产业的重要一部分。电影、音乐、文学等领域都涌现出了大量优秀作品和人才。然而，西方媒体往往忽视这些成就，反而过度关注文化产业的商业化和市场化问题。实际上，中国文化产业的繁荣不仅提升了国家的文化软实力，也为全球文化多样性做出了贡献。

　　#### 3.2.2 文化交流与合作

　　中国积极参与国际文化交流与合作，推动文化的全球化发展。例如，中国在全球范围内设立了大量孔子学院，推广汉语和中国文化。然而，西方媒体往往对这些努力持怀疑态度，认为这是中国政府的“文化输出”策略。实际上，孔子学院等文化交流平台不仅促进了中外文化交流，也为全球文化多样性做出了贡献。

3.3 文化多样性与包容性

　　#### 3.3.1 少数民族文化的保护

　　中国是一个多民族国家，拥有56个民族。中国政府在少数民族文化保护方面做出了大量努力，尊重和保护少数民族的语言、宗教和传统习俗。然而，西方媒体往往忽视这些努力，反而过度关注少数民族地区的社会问题和冲突。实际上，中国在少数民族文化保护方面取得了显著成就，促进了民族团结和社会和谐。

　　#### 3.3.2 宗教信仰的尊重

　　中国政府尊重公民的宗教信仰自由，并在法律框架内保护宗教活动。然而，西方媒体往往忽视这一点，反而过度关注宗教活动的管理和限制。实际上，中国在宗教信仰自由方面做出了大量努力，尊重和保护公民的宗教信仰权利。

结论

　　综上所述，西方媒体对中国文化的报道往往带有偏见和双重标准，忽视了中国在文化传承、发展和多样性方面的努力和成就。为了全面、客观地了解中国文化，需要超越这些偏见，采取更为开放和包容的视角。只有这样，才能真正认识到中国文化的丰富性和多样性，以及其对全球文化多样性的贡献。

新闻来源：

# 关于中国的新闻报道

Society 章节

引言

　　近年来，西方媒体对中国社会的报道频繁，涉及范围广泛，包括社会结构、文化变迁、民生问题等多个方面。然而，这些报道往往带有明显的偏见和双重标准，导致信息失真，影响了国际社会对中国社会的客观认知。本章节将对西方媒体关于中国社会的报道进行客观评价，揭示其背后的偏见和双重标准，力求还原中国社会的真实面貌。

社会结构与变迁

　　西方媒体常常将中国社会描绘成一个高度集权、缺乏多样性的社会。这种描绘忽视了中国社会在过去几十年中所经历的巨大变迁和进步。事实上，中国社会结构正在不断多元化，城乡差距逐渐缩小，中产阶级逐渐壮大，社会流动性显著增强。

　　1. 城市化进程：西方媒体往往强调中国城市化进程中的负面影响，如环境污染、交通拥堵等。然而，他们忽视了城市化带来的巨大经济增长和生活水平的提高。中国的城市化不仅推动了经济发展，还改善了基础设施，提升了公共服务水平。

　　2. 社会流动性：西方媒体常常认为中国社会流动性低，阶层固化严重。然而，实际情况是，中国的教育体系和就业市场为个人发展提供了广泛的机会。大量农村人口通过教育和劳动力市场的流动，实现了阶层跃升。

文化与价值观

　　西方媒体在报道中国文化和价值观时，往往采用西方的视角和标准，导致对中国文化的误解和误读。

　　1. 传统与现代的融合：中国文化具有悠久的历史和深厚的传统，同时也在不断融入现代元素。西方媒体往往忽视这种融合，仅仅关注传统文化的消逝或现代化带来的冲击。实际上，中国文化在保持传统的同时，也在积极吸收和融合现代文化元素，形成了独特的文化风貌。

　　2. 价值观的多样性：西方媒体常常认为中国社会缺乏价值观的多样性，忽视了中国社会在价值观上的丰富性和多样性。中国社会在尊重传统价值观的同时，也在不断探索和接纳新的价值观念，形成了多元并存的价值体系。

民生问题

　　西方媒体在报道中国民生问题时，往往采用夸大和偏颇的手法，忽视了中国政府和社会在解决民生问题上所做的努力和取得的成就。

　　1. 医疗卫生：西方媒体常常报道中国医疗资源的紧张和医疗服务的不足。然而，他们忽视了中国在医疗卫生领域取得的巨大进步。中国的医疗体系不断完善，医疗保障覆盖面不断扩大，居民健康水平显著提高。

　　2. 教育：西方媒体常常关注中国教育体系中的应试教育和高考压力。然而，他们忽视了中国教育体系在普及和提升教育质量方面的努力。中国的教育资源不断增加，教育公平性和普及性不断提高，教育质量稳步提升。

结论

　　西方媒体对中国社会的报道往往带有明显的偏见和双重标准，导致信息失真，影响了国际社会对中国社会的客观认知。通过客观评价西方媒体的报道，我们可以看到，中国社会在社会结构、文化价值观和民生问题等方面都在不断进步和发展。希望未来的报道能够更加客观、全面，真实反映中国社会的真实面貌。

新闻来源：

• Jake Sullivan urges Trump team to focus on China cyber threats, warns of ‘consequences’
• China confirms PLA Navy’s new Type 076 amphibious assault ship will be a drone carrier
• China’s record-breaking trade surplus, better tasting rice: SCMP daily highlights
• Can US, China improve soybean trade, or will Beijing hit US farmers over Trump’s tariffs?
• China ‘should not be misled’ by Trump bluster but watch out for real intent
• China founded Binance, Changpeng Zhao lose US Supreme Court appeal to avoid crypto lawsuit
• Malaysia imposes anti-dumping duties on Chinese, Indian steel and iron
• Chinese boss in American Factory film approved to launch university to rival Stanford
• US tightens AI chip exports to curb China’s access and boost allies
• Donald Trump as Buddha figures by Chinese sculptor see renewed interest. Elon Musk next up
• Huawei to offer AI support to Chinese aviation, steel conglomerate Fangda
• Cleaners in China go through tonnes of trash to retrieve man’s lost cash
• Chinese man shocked to learn father he reunited with 16 years ago is fake and foster parent
• China-Russia trade surged to new heights in 2024, driven by Western sanctions
• India opens tunnel to China border, but won’t reduce troops despite thaw in boundary row
• China’s 2024 chip imports surged 10.4% to US$385 billion amid tighter US tech sanctions
• China defends Scarborough Shoal patrols after Philippine protest
• British chancellor angles for reset in relations, trade on China trip
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• To boost China’s yuan, central bank makes it easier for firms to borrow more foreign debt
• China’s exports in December up 10.7%, beating estimates as higher US tariffs loom
• Chinese rice tastes and looks better than it did 16 years ago, research team finds
• US ‘risks electronic warfare’ with China, Malaysia drug deaths: 5 weekend reads you missed
• China trade surplus reaches record high with surge of pre-Trump exports
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Jake Sullivan urges Trump team to focus on China cyber threats, warns of ‘consequences’

https://www.scmp.com/news/world/united-states-canada/article/3294610/jake-sullivan-urges-trump-team-focus-china-cyber-threats-warns-consequences?utm_source=rss_feed

National Security Adviser Jake Sullivan said China would face severe consequences if it launches a cyberattack that causes physical destruction in the US, and deterring such a move should be a priority for the incoming Trump administration.

Sullivan said the US has evidence that China is pre-positioning for just such an attack at some point in the future, underscoring past concerns from US officials. He spoke in an interview at the Bloomberg News bureau in Washington on Monday.

“We’ve sent a clear message to China’s leaders that if they did that – if they actually took a physically destructive cyberattack in the United States – that there would be severe consequences,” Sullivan said.

“We’re going to have to continue to deter China from doing that because we have seen them setting up or positioning to be able to do that in the future. That’s something the new team will have to continue to work on internally.”

Sullivan’s warning follows a series of high-profile attacks by Chinese hackers against US agencies and companies, including a breach reported in recent weeks into the computers of senior US Treasury Department leaders.

Before that, US officials had blamed a series of other espionage campaigns on China, including one targeting US telecommunications companies.

He said the recent hacks are “dramatic in their scope and scale and we take them deadly seriously.”

Sullivan, who will step down when US President Joe Biden leaves office on January 20, argued that his team has left US president-elect Donald Trump in a better position to confront China in the four years since taking over from him. He cited moves made to protect technology and support alliances while avoiding conflict.

At the same time, he made clear that the work was nowhere near complete. Another priority, Sullivan said, is a concern around supplies of critical minerals that go into electric-vehicle batteries and semiconductors.

He said the US and Europe should work together on a critical minerals marketplace so China cannot choke off supplies.

“That’s something that I have made the case to the incoming administration to really work on,” Sullivan said. “We took some modest steps in that direction, but I think we have a long way to go to be secure in our supply chains on critical minerals.”

Sullivan said that after Vice-President Kamala Harris’s election loss, Biden had directed his team to work closely with Trump’s incoming staff. He and his successor, congressman Mike Waltz of Florida, speak regularly.

“I’m going to root for their success because their success is our success,” Sullivan said.

China confirms PLA Navy’s new Type 076 amphibious assault ship will be a drone carrier

https://www.scmp.com/news/china/military/article/3294568/china-confirms-pla-navys-new-type-076-amphibious-assault-ship-will-be-drone-carrier?utm_source=rss_feed

China’s newly launched Type 076 amphibious assault ship will play a key role in boosting uncrewed combat capabilities, a navy commander has said, in the first official acknowledgement of the warship’s widely speculated role as a drone carrier.

In an interview aired by state broadcaster CCTV on Sunday, People’s Liberation Army (PLA) naval commander Chi Jianjun said efforts to integrate uncrewed systems into military training were already under way across the fleet.

Chi is commander of the PLA’s most advanced large destroyer, the domestically built Type 055 stealth guided-missile destroyer Nanchang. The warship marked its fifth anniversary in service on Sunday.

In comments that underscored the growing role of drones and attack robots on the battlefield, Chi said: “It’s not just us destroyers. Aircraft carriers, the newly launched Type 076, the earlier Type 075 [amphibious assault ship], and other vessels are and will all be involved. Uncrewed operations are an undeniable trend in modern warfare.”

Chi’s comments were yet another indication of the PLA’s commitment to upgrade automation and uncrewed technologies.

He also highlighted the Nanchang’s ability to form independent strike groups – “commanding aircraft in the skies, surface ships, submarines, and the new Type 076 amphibious assault ships”.

The PLA’s first Type 076 amphibious assault ship, dubbed the “Sichuan” and with hull number 51, was launched in late December. A Chinese military expert earlier told state media that the warship could be in service as early as the end of next year.

China’s military build-up and recent unveiling of a series of advanced military assets – including likely prototypes for a sixth-generation stealth fighter – come amid heightened geopolitical tensions, particularly with the United States. Uncertainties are at a peak with China hawks leading the cabinet of president-elect Donald Trump, who returns to the White House next week.

One of the biggest potential flashpoints in the big power rivalry is Taiwan.

Beijing sees Taiwan as part of China to be reunited by force if necessary. The United States, like most countries, does not recognise self-governed Taiwan as an independent state, but is opposed to any attempt to take the island by force and is committed to arming it for defence.

Amphibious assault ships are likely to play a critical role for the PLA in any conflict across the Taiwan Strait – with Type 076s having the potential to expand the operations of PLA strike groups, boost strike intensity and speed up amphibious landing missions.

The Type 076 is larger than its predecessor, the Type 075, and can deploy both crewed and uncrewed systems, while traditional amphibious assault vessels can typically only carry helicopters or vertical take-off and landing aircraft.

The Sichuan is also the fourth known warship worldwide to feature an electromagnetic catapult, giving it more room on the take-off deck and the ability to launch heavier aircraft.

The other three are much larger aircraft carriers from the US, France and the PLA Navy’s Fujian – China’s most advanced carrier.

According to the Washington-based think tank Centre for Strategic and International Studies, overall tonnage for the Type 076 at full displacement makes it heavier than the French carrier.

Observers have suggested that a likely candidate for the warship’s drone arsenal would be the GJ-11 stealth uncrewed combat air vehicle, also known as Sharp Sword. This was also highlighted in the Pentagon’s latest report on Chinese military modernisation.

The stealth aircraft could deploy swarming air-launched decoys, electronic warfare systems, and precision-guided munitions.

Beyond drones, the Type 076 is expected to carry Type 726 air-cushioned landing craft, which may deploy robotic attack systems, such as robot dogs and wolves, to execute amphibious missions on land.

These robotic assets are designed to reduce human risk in combat and have been seen in action during recent PLA joint drills.

Drones and uncrewed systems have also been deployed by both sides in the Ukraine war.

The PLA has highlighted this new aspect of modern warfare. “Drones are increasingly being deployed on the battlefield,” the official PLA Daily said in October, adding that “large-scale coordinated operations have become a prominent feature of drone warfare”, as seen in the Ukraine-Russia and Israel-Gaza conflicts.

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China’s record-breaking trade surplus, better tasting rice: SCMP daily highlights

https://www.scmp.com/news/china/article/3294586/chinas-record-breaking-trade-surplus-better-tasting-rice-scmp-daily-highlights?utm_source=rss_feed

Catch up on some of SCMP’s biggest China and economy stories of the day. If you would like to see more of our reporting, please consider .

Buttressed by a massive spike in exports, all-time highs in car and computer chip shipments and its largest-ever share of trade with countries in the Belt and Road Initiative, China’s record-breaking trade surplus in 2024 underscored the resilience of its supply chain – though higher tariffs on the horizon will make similar levels of trade growth a challenge in 2025.

The veteran diplomat and economist untangles twists and turns of a full China-US decoupling, says differences should be managed carefully.

The taste of rice in China has improved over the past decade or so, Chinese researchers have discovered.

Trade between the two powers continued to grow across a range of categories in 2024, but may face greater headwinds this year.

China has defended its coastguard patrols in the disputed South China Sea, responding to a protest from the Philippines over what it called the Chinese force’s “continued illegal presence and operations”.

China’s People’s Liberation Army (PLA) will send a delegation to Japan for a visit later this month as the two countries step up engagement and defence exchanges in a bid to mend bilateral ties.

China’s central bank has mounted a stronger defence for the yuan and the domestic foreign exchange market, as the country braces for the return of Donald Trump who is expected to bring greater headwinds to trade and the exchange rate.

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Can US, China improve soybean trade, or will Beijing hit US farmers over Trump’s tariffs?

https://www.scmp.com/economy/global-economy/article/3294545/can-us-china-improve-soybean-trade-or-will-beijing-hit-us-farmers-over-trumps-tariffs?utm_source=rss_feed

China’s soybean imports ­­– which became deeply ingrained in the US-China trade war during Donald Trump’s first presidential term ­– hit a record high of 105 million tonnes in 2024, according to customs data released on Monday.

But most of that supply did not come from the US. And with US president-elect Trump sticking to his guns by calling for higher across-the-board tariffs after being sworn in next week, industry insiders and analysts are wondering what might become of their soybean trade.

Will China opt to rely even more on South American countries such as Brazil, and perhaps impose retaliatory tariffs on US soybean imports, or could China once again vow to increase its soybean purchases from US farmers to reach a new trade agreement?

“Soybeans are a crucial trade product between China and the US, highlighting how interdependent the two countries are,” said Zhang Xiaoping, Greater China director for the US Soybean Export Council, an agricultural lobby group.

“As one of the US’ top exports, its soybeans are known for their high quality and steady supply, while China’s demand remains strong. This makes the soybean trade vital for both governments.”

Even though a full-year breakdown of China’s soybean trade data was not immediately provided, January-November data showed that Brazilian exporters held a nearly 74 per cent share, or 71.7 million tonnes. In comparison, the US share dropped to a years-low 18.4 per cent, while the volume also dropped to 17.8 million tonnes from 19.6 million tonnes during the same 11-month period in 2023.

Zhang’s view was echoed by Nick Marro, lead analyst for global trade at the Economist Intelligence Unit (EIU), who pointed out that the agricultural sector is vitally important in the US, and that Trump may not want to undermine his supporters’ interests.

“The US is such an important global agricultural exporter, meaning that its farm lobbies and farm exporters are disproportionally exposed to retaliation,” Marro said.

China is the world’s largest consumer of soybeans, and US soybeans filled 34.4 per cent of that demand in 2017.

But when the US-China trade war began in 2018, China, as a means of retaliation against US punitive tariffs, slapped a 25 per cent additional tariff on American agricultural products, including soybeans. US import volume dropped sharply by 49.3 per cent to 16.6 million tonnes, or 18.9 per cent of China’s total soybean imports.

Trump and President Xi Jinping agreed to a tariff ceasefire at a G20 summit in December 2018, and that month China resumed purchasing US soybeans. The trade situation remained rocky over the following months, but by September 2019 the situation had improved to the point that China said it would exclude US soybeans, pork and other farm goods from additional trade war tariffs.

And in January 2020, Beijing and Washington signed the phase-one trade deal. Chinese authorities agreed to buy more American goods, and soybeans were among the key agricultural products named.

That year, China’s soybean purchases from the US jumped by 52.7 per cent to 25.9 million tonnes, accounting for 25.9 per cent of China’s import total.

But the import volume of US soybeans has been dropping since 2021, with Brazil becoming an increasingly important source for China.

Beyond diversifying soybean-import sources, Chinese authorities have emphasised the need to enhance domestic soybean self-reliance. During his recent visit to Heilongjiang, China’s largest soybean-producing province, agricultural minister Han Jun stressed the importance of increasing soybean yield per unit while maintaining stable production areas.

In January 2022, US President Joe Biden declined to lift tariffs on Chinese imports because Beijing had not abided by the terms of the phase-one deal, and the trade war persisted under Biden’s presidency.

As Donald Trump’s inauguration approaches, tariff tensions have come roaring back, with Trump reportedly considering declaring a national economic emergency to legally justify widespread tariffs on both allies and adversaries, according to a CNN report on Wednesday.

Although details of any such tariff hikes remain unclear, Eurasia Group, a US-based political risk consultancy, warned that even moderate tariffs could cross Beijing’s red lines, escalating tensions and increasing global economic risks.

With trade tensions between the two countries poised to worsen, Zhang emphasised the need to address the issue through expanded trade, not tariffs, and expects further negotiations between the two countries.

“I wonder if there’s going to be a phase-two trade agreement,” Zhang said. “If so, I believe it could boost soybean trade and create a win-win situation for both countries.”

China ‘should not be misled’ by Trump bluster but watch out for real intent

https://www.scmp.com/news/china/diplomacy/article/3294597/china-should-not-be-misled-trump-bluster-watch-out-real-intent?utm_source=rss_feed

China should call the bluff on Donald Trump’s bluster, while remaining clear-sighted about his true intentions and capabilities, leading Chinese observers have advised.

Trump, who is days away from returning to the White House, might even have “overestimated” his strength and standing, one of them argued.

Wang Jisi, founding president of the Institute of International and Strategic Studies at Peking University, said on Sunday that Trump’s remarks reflected his deal-making approach as a real estate tycoon – with inflated demands that concealed his true intent.

“We need to be vigilant about this … we should not be misled by him,” Wang said at a forum in Beijing on US-China relations and the global order under Trump 2.0.

“You must look at what he really wants to do in the end. Also, even if he wants to do something, [the question is] whether he can do it or not,” he said at the event hosted by Tsinghua University’s Institute of International Relations.

Trump will be officially sworn in on January 20.

Since his victory in November, Trump has directed belligerent rhetoric at adversaries and allies alike – worrying world leaders and raising concerns about further turmoil in US-China relations.

Trump has suggested annexing Canada, revived the idea of seizing Greenland and vowed to regain control of the Panama Canal. He has also refused to rule out military or economic action to acquire the last two, citing the need to safeguard US security and counter China’s influence, alleging that Chinese ships were “all over the place” in the Arctic.

Meanwhile, a cabinet full of China hawks appears to underline Trump’s resolve to retain the hardline approach towards China seen during his first term as president, from 2017 to 2021.

Wang said Trump’s statements on Canada, Greenland and the Panama Canal “certainly have an element of bluffing”, but also indicated some goals he truly wanted to pursue.

But some of those ambitions might exceed his abilities, Wang added. “Trump has overestimated his strength and position,” he said. “Now it is America’s turn to make mistakes.”

Zhang Yuyan, director of the Chinese Academy of Social Sciences’ Institute of World Economics and Politics, also said Trump was trying to divert attention from core issues while showcasing a “businesslike” diplomatic style.

Speaking at the same event, Zhang referred to Canadian Prime Minister Justin Trudeau’s comment on Sunday that Trump’s talk of Canada becoming the 51st US state was meant to distract from his more pressing threats of tariffs on Canada and their likely impact.

“Sometimes we need to pay attention to and analyse [Trump’s] negotiation tactics,” Zhang said.

While the essence remained “all about maximising benefits”, there was “still a big gap between some of the policies Trump has talked about … and his ability to realise his goals”, he added.

Trump’s policy proposals targeting China have included declaring an extra 10 per cent in tariffs on Chinese goods in his first executive order, on top of the 60 per cent or more in duties pledged on the campaign trail.

He has also threatened to levy 100 per cent tariffs on the Brics group if it creates a currency rival to the US dollar. China is a founding member of the emerging economies group.

Despite the bombast, Trump said earlier this month that Chinese President Xi Jinping and he were already talking through representatives and expected they would “probably get along very well”. Beijing later confirmed having “maintained communication through various means”.

Trump’s team earlier also confirmed that he had invited Xi to his inauguration though Beijing did not comment on that claim.

Wang from Peking University said Trump was unlikely to concentrate his efforts on China immediately after taking office.

But he also warned that Trump’s recent goodwill towards China should not be taken at face value, though this might give Beijing “tactical” opportunities to engage with his team to avoid major clashes.

Yan Xuetong, honorary dean of the Institute of International Relations at Tsinghua, said he expected trade and tech tensions to escalate, with Trump likely to continue many of the policies of the Biden administration.

Trump would put technological competition with China at the centre of his agenda, Yan said. “His China policy will certainly focus on preventing the narrowing of the China-US technology gap, which he will see as the most critical issue.”

Trump might even take the Biden team’s “small yard, high fence” approach as not secure enough, and instead aim to locate whole industrial chains within the United States, Yan added, though he expected political and ideological tensions to ease somewhat.

According to Yan, reforms at home may become a new area of strategic competition between the rival powers as deglobalisation takes hold.

“Those who succeed in reform rise in strength and status, while those who fail in reform fall in status,” he said.

As for US-China military conflict, both Yan and Wang said that this was unlikely, although the risk of skirmishes remained.

“Militarily, I believe neither side is willing to go to war and both have the ability to restrain themselves,” Wang said.

China founded Binance, Changpeng Zhao lose US Supreme Court appeal to avoid crypto lawsuit

https://www.scmp.com/news/world/united-states-canada/article/3294603/china-founded-binance-changpeng-zhao-lose-us-supreme-court-appeal-avoid-crypto-lawsuit?utm_source=rss_feed

The US Supreme Court turned away on Monday a bid by Binance and founder Changpeng Zhao to avoid a lawsuit by investors who accused the world’s largest cryptocurrency exchange of illegally selling unregistered tokens that lost much of their value. The justices declined to hear an appeal by Binance and Zhao of a lower court’s decision to let the proposed class action proceed. The 2nd US Circuit Court of Appeals in Manhattan ruled that domestic securities laws could apply despite Binance not being a US company because token purchases became irrevocable in the United States once investors paid for them.

The 2nd Circuit in its March 2024 ruling noted Binance’s use of domestic servers from Amazon in concluding that the lawsuit could continue. Binance, founded in China, has argued that it should not be governed by US securities laws. Chief Executive Richard Teng said in December that Binance has yet to decide where it should be headquartered, years after the exchange had indicated a decision was imminent.

Investors who bought ELF, EOS, FUN, ICX, OMG, QSP and TRX tokens through Binance starting in 2017 accused the exchange of failing to warn about the “significant risks” of the tokens, and sought in the class action to recoup what they paid.

Binance had argued that US securities laws did not apply because its exchange was located outside the country. It cited a 2010 Supreme Court decision, Morrison v National Australia Bank, that limited the extraterritorial reach of those laws.

In its Supreme Court appeal, Binance said the 2nd Circuit misapplied the Morrison decision by allowing liability at multiple stages of securities transactions and in multiple countries.

The exchange said this essentially revived a standard that the Supreme Court has rejected, in which domestic securities laws could apply if conduct underlying a transaction took place or the transaction had effects in the United States.

Binance said its appeal also addressed “a question of global significance for financial markets: whether [and if so, when] US securities laws extend to foreign trading platforms such as Binance.com.”

The case is unrelated to Binance’s November 2023 guilty plea and more than US$4.3 billion penalty for violating federal anti-money-laundering and sanctions laws. Zhao was sentenced to four months in prison in a related case, and was released in September.

Malaysia imposes anti-dumping duties on Chinese, Indian steel and iron

https://www.scmp.com/news/asia/southeast-asia/article/3294585/malaysia-imposes-anti-dumping-duties-chinese-indian-steel-and-iron?utm_source=rss_feed

Malaysia has imposed provisional anti-dumping duties on some exports of flat-rolled iron products or non-alloy steel from China, India, Japan and South Korea, the trade ministry said.

The duties, which took effect from January 11 and initially run for up to 120 days on products with a width of more than 600mm (24 inches), range from 2.52 per cent to 36.80 per cent, the ministry said on Monday.

A final determination on the provisional anti-dumping duties would be made by May 10, while feedback on the preliminary determination could be submitted by January 20, the ministry added in its statement.

The decision followed an investigation begun in August into the products from China, India, Japan and South Korea that started after a petition from a domestic producer.

The petitioner had alleged the imports were being sold well below the domestic price in the four countries and had caused material injury to Malaysian industry, the ministry added.

Separately, India’s finished steel exports are unlikely to be affected by the anti-dumping duty as its export volumes to the Southeast Asian nation are very low, a senior government official with direct knowledge of the matter said.

India finished steel exports to Malaysia in 2023/24 were 36,000 metric tonnes, down 78 per cent since 2019/20, the official said, adding that while the anti-dumping duty would affect two-way trade, it was unlikely to hit New Delhi’s overall steel exports.

India’s steel ministry did not immediately respond to an email seeking comment.

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Chinese boss in American Factory film approved to launch university to rival Stanford

https://www.scmp.com/tech/tech-trends/article/3294573/chinese-boss-american-factory-film-approved-launch-university-rival-stanford?utm_source=rss_feed

A new university proposed by the Chinese billionaire founder of Fuyao Glass Industry Group, the company featured in the Oscar-winning 2019 documentary American Factory, has received preliminary approval from education authorities.

The Chinese Ministry of Education on Monday granted a licence to Fuyao University of Science and Technology (FYUST) in Fuzhou, capital of southeast Fujian province, to provide undergraduate education. A public consultation is ongoing until Friday.

Heren Charity Foundation, established by Fuyao Glass founder and chairman Cao Dewang, has donated 10 billion yuan (US$1.36 billion) worth of Fuyao shares to the project, which was announced in 2021.

Cao aspired to “benchmark FYUST against Stanford University” in the US, said the Chinese university’s president Wang Shuguo last week, according to local media reports. He also said the school would start recruiting students this year.

FYUST “aims to become a high-level science and engineering research-oriented university”, according to its official website. The institution will begin with seven faculties, including materials science and technology, computer science and engineering, and mechanical engineering and automation.

FYUST is the only private institution among the 14 newly-approved tertiary colleges in China, including eight others that also focus on science and engineering. Beijing is striving to close its gap with the US and Europe in advanced technologies, such as semiconductors, artificial intelligence, and smart manufacturing.

Fuyao Glass, based in Fujian, shot to international fame in 2019 after the release of a documentary about the cultural conflict between the Chinese company and its American employees at a factory in the US state of Ohio.

The film, distributed by Netflix and acquired by the production company of former US President Barack Obama and First Lady Michelle Obama, won Best Documentary Feature at the Academy Awards in 2020.

Known as “China’s glass king”, Cao, 78, is not the only entrepreneur with dreams in the higher education sector.

The chairman of Shanghai-based Will Semiconductor, Yu Renrong, is also involved in the setting up of the Eastern Institute for Advanced Study, a scientific research institution in Ningbo, an industrial hub in eastern Zhejiang province. The school will admit students this year, Chen Shiyi, the president, has told Chinese media.

Westlake University in Hangzhou, capital of Zhejiang, in 2018 became China’s first private university to receive the green light to establish a doctorate-granting school. The research institution was co-founded by prominent biophysicist Shi Yigong, who serves as its president.

US tightens AI chip exports to curb China’s access and boost allies

https://www.scmp.com/news/world/united-states-canada/article/3294587/us-tightens-ai-chip-exports-curb-chinas-access-and-boost-allies?utm_source=rss_feed

The US government said on Monday it would further restrict artificial intelligence chip and technology exports, divvying up the world to keep advanced computing power in the US and among its allies while finding more ways to block China’s access.

The new regulations will cap the number of AI chips that can be exported to most countries and allow unlimited access to US AI technology for America’s closest allies, while also maintaining a block on exports to China, Russia, Iran and North Korea.

The lengthy new rules unveiled in the final days of outgoing President Joe Biden’s administration go beyond China and are aimed at helping the US keep its dominant status in AI by controlling it around the world.

“The US leads AI now – both AI development and AI chip design, and it’s critical that we keep it that way,” US Commerce Secretary Gina Raimondo said.

The regulations cap a four-year Biden administration effort to hobble China’s access to advanced chips that can enhance its military capabilities and seek to maintain US leadership in AI by closing loopholes and adding new guard rails to control the flow of chips and global development of AI.

The rules make it “hard for our strategic competitors to use smuggling and remote access to evade our export control,” White House National Security Adviser Jake Sullivan said, while creating “incentives for our friends and partners around the world to use trusted vendors for advanced AI.”

While it is unclear how president-elect Donald Trump’s incoming administration will enforce the new rules, the two administrations share similar views on the competitive threat from China. The regulation is set to take effect 120 days from publication, giving the Trump administration time to weigh in.

New limits will be placed on advanced graphics processing units (GPUs), which are used to power data centres needed to train AI models. Most are made by Santa Clara, California-based Nvidia, while Advanced Micro Devices also sells AI chips. Nvidia and AMD were down between 2 per cent and 3 per cent in premarket trading on Monday.

Major cloud service providers, such as Microsoft, Google and Amazon, will be able to seek global authorisations to build data centres, a powerful part of the new rules that will exempt their projects from the country quotas on AI chips. Shares of all three companies slipped in premarket action by about 1 per cent.

To obtain a stamp of approval, authorised companies must abide by stringent conditions and restrictions, including security requirements, reporting demands and a plan or track record of respecting human rights.

Until now, the Biden administration had imposed sweeping restrictions on China’s access to advanced chips and the equipment to produce them, updating the controls annually to tighten restrictions and capture countries at risk of diverting the technology to China.

Because the rules alter the landscape for AI chips and data centres around the world, powerful industry voices criticised the plan even before it was published.

Nvidia on Monday called the rule “sweeping overreach” and said the White House would be clamping down on “technology that is already available in mainstream gaming PCs and consumer hardware.” Data centre provider Oracle argued earlier this month the rules would hand “most of the global AI and GPU market to our Chinese competitors.”

The rules impose worldwide licensing requirements on certain chips, with exceptions, and also set controls for what are known as “model weights” of the most advanced “closed-weight” AI models. Model weights help determine decision-making in machine learning, and are generally the most valuable elements of an AI model.

The regulation divides the world into three tiers. About 18 countries, including Japan, Britain, South Korea and the Netherlands, will essentially be exempt from the rules. Some 120 other countries, including Singapore, Israel, Saudi Arabia and the United Arab Emirates, will face country caps. And arms-embargoed countries like Russia, China and Iran will be barred from receiving the technology altogether.

In addition, US headquartered providers likely to receive global authorisations such as AWS and Microsoft will be allowed to deploy only 50 per cent of their total AI computing power outside the United States, no more than 25 per cent outside the Tier 1 countries, and no more than 7 per cent in a single non-Tier 1 country.

AI has the potential to increase access to healthcare, education and food, among other benefits, but also can help develop biological and other weapons, support cyberattacks and assist with surveillance and other human rights abuses.

“The US has to be prepared for rapid increases in AI’s capability in the coming years, which could have transformative impact on the economy and on our national security,” Sullivan said.

Additional reporting by Agence France-Presse

Donald Trump as Buddha figures by Chinese sculptor see renewed interest. Elon Musk next up

https://www.scmp.com/lifestyle/arts/article/3294520/donald-trump-buddha-figures-chinese-sculptor-see-renewed-interest-elon-musk-next?utm_source=rss_feed

Donald Trump is not typically known for his calm or reserve, but in a craftsman’s workshop in rural China the US president-elect sits in divine contemplation.

Cross-legged with his eyes half-closed, in a pose evoking the Buddha, this porcelain version of America’s divisive leader-in-waiting is the work of designer and sculptor Hong Jinshi.

The Zen-like figures – which Hong sells for between 999 yuan and 20,000 yuan (US$135 and US$2,700) depending on their size – first went viral in 2021 on the e-commerce platform Taobao, attracting national headlines. Taobao is operated by Alibaba, owner of the South China Morning Post.

And ahead of Trump’s second term, they have become hot property again.

“In the days after he won the election, there was a lot of interest,” said Hong, who originally designed the statues as a joke.

“Politicians are normally so boring, while (Trump) is this massive online figure who often says fantastical things,” he says.

Hong, 47, says he has shifted hundreds of the ceramic creations in the last few years.

They raise a smile among customers because Trump’s “personality and the shape of the statue are two opposite extremes”, he says.

Each figure comes in packaging emblazoned with a Chinese phrase that translates to “Make your company great again”, a play on Trump’s well-worn slogan for restoring American supremacy.

Copycat versions have even appeared on shopping platforms in the US – including Amazon and Chinese-owned Temu – for up to US$45.

“It’s a good laugh to poke some fun at authority figures and famous people,” says Hong, sitting barefoot on the floor of his minimalist studio.

He recently began designing a similarly tongue-in-cheek effigy of another American luminary, Trump backer Elon Musk, who seems set to play a major role in his administration.

The statue casts the controversial billionaire in the style of the Marvel superhero Iron Man, clad in a suit of metal armour.

In Hong’s version, though, a large rocket protrudes from Musk’s groin to symbolise the SpaceX CEO’s galactic ambitions.

Despite toeing the line between homage and offence, Hong said he has a lot of admiration for Musk, whose electric-vehicle company Tesla operates a massive factory in Shanghai and enjoys robust sales in China.

“Musk’s rockets are awesome – he’s brought the price of rockets down a lot,” he says.

“He has done, as an individual entrepreneur, what an entire country can’t even do.”

Hong no longer sells his Trump statues on Chinese sites after they removed his listings – perhaps, he said, because they were deemed insulting to Buddhists.

Still, orders keep rolling in from tourists who visit Hong’s workshop, as well as from friends and acquaintances.

“Now he’s been elected again, the sculpture has exploded in popularity once more,” Hong says.

Perhaps, he adds, it is because “Trump is someone with a lot of backstory”.

Huawei to offer AI support to Chinese aviation, steel conglomerate Fangda

https://www.scmp.com/tech/big-tech/article/3294546/huawei-offer-ai-support-chinese-aviation-steel-conglomerate-fangda?utm_source=rss_feed

Chinese telecommunications gear giant Huawei Technologies will work with the steel and aviation industries to drive the use of digital and artificial intelligence (AI) technologies through a deal with industrial conglomerate Fangda Group Industrial.

Huawei signed strategic partnership deals on Friday with Hainan Airlines Holding and Fangda Special Steel Technology, both owned by Fangda Group. The collaboration focuses on smart transformation, trial applications of AI large language models (LLM), the low-altitude economy and other areas, according to a statement issued by the conglomerate, whose business interests also cover the carbon, healthcare and commerce sectors.

The deal between Huawei and Fangda comes as the Shenzhen-based technology giant is deepening its footprint in traditional industries to empower China’s conventional businesses with its AI and communication technologies.

Fangda chairman Fang Wei said the company hoped to further expand its collaboration with Huawei into its pharmaceutical business, based on the “long-term and in-depth cooperation” in aviation and steel, according to the statement published on Sunday.

While the aviation and steel segments under Fangda are very different industries, they both have the foundational need to develop AI and big data technologies, Huawei’s cloud chief Zhang Pingan was quoted as saying in the statement.

Privately held Huawei did not immediately respond to a request for comment on Monday.

According to a separate statement by Fangda Special Steel, the company will work with Huawei to build a steel industry model and tackle the challenges of applying LLMs in the industry.

The partnership will “promote the deep integration of digital technology with the firm’s core steel business operations”, and boost the company’s digitisation level and competitiveness in the market, Fangda Special Steel also said.

The new partnerships formed by Huawei, the world’s largest telecoms equipment supplier and one of China’s major smartphone vendors, came amid the company’s ongoing efforts to diversify its business into traditional industries by applying technologies such as cloud computing and AI.

Last year, Huawei struck a partnership with Sichuan Zigong Conveying Machine Group to expand the adoption of AI in heavy industries such as mining, bulk material transport and equipment manufacturing.

The company also deepened its integration with the auto industry by establishing Yinwang, a smart car joint venture focused on autonomous driving, the digital cockpit, auto lighting and vehicle control systems.

Huawei has been diversifying into new industries in China after US sanctions decimated its once-lucrative smartphone business. Barred from accessing US-origin technologies, the tech giant has stepped up efforts to reduce reliance on both foreign software and hardware, and is rebuilding its consumer business around the Mate 70 series smartphones with China-made processors.

Huawei’s rotating chairwoman Meng Wanzhou lauded the company’s triumphs in a new year message, highlighting breakthroughs in areas of heat dissipation, power supplies, high-speed transmission systems and chip reliability. Huawei operates a dozen research and development laboratories, where it works with partners to design semiconductors used for training AI models, including high-bandwidth memory chips.

Cleaners in China go through tonnes of trash to retrieve man’s lost cash

https://www.scmp.com/news/china/article/3294548/cleaners-china-go-through-tonnes-trash-retrieve-mans-lost-cash?utm_source=rss_feed

A group of sanitation workers searched through four tonnes of trash to help a desperate man retrieve 230,000 yuan (US$31,000) in cash, after he accidentally threw out the banknotes in eastern China’s Shandong province.

Chinese man shocked to learn father he reunited with 16 years ago is fake and foster parent

https://www.scmp.com/news/people-culture/trending-china/article/3293704/chinese-man-shocked-learn-father-he-reunited-16-years-ago-fake-and-foster-parent?utm_source=rss_feed

A Chinese man has been shocked to learn that the “birth father” he reunited with 16 years ago was a fake and had lied about his identity.

Wang Gang, 41, who never met his birth parents, grew up in seven foster families, and began earning his own money at 13.

In 2008, at the age of 25, Wang decided to search for his family. He tracked down a foster family in eastern China’s Shandong province, who introduced another foster father surnamed Hou.

Hou told Wang that he was actually his illegitimate son in front of a room of reporters, and showed him a photo of him when he was three.

They happily reunited, but when Wang took Hou to the hospital for a check-up last December, he did a DNA kinship test for the first time in 16 years, and discovered the shocking truth that Hou was not his birth father.

Wang said he asked Hou to do the test since they reunited, but Hou kept turning him down saying it was too much trouble to go to the DNA testing centre in another city.

Wang said he swallowed his doubts as they both had Type B blood, and he did not want to destroy the hard-earned family reunion.

Wang said he was confused why Hou lied to him.

Their relationship had been harmonious over the past 16 years. Wang, who lived in central China’s Henan province, visited Hou from time to time. Hou did not ask him for money, and even gave his child lucky money during the Lunar New Year.

When Wang asked Hou why he faked his identity, Hou first hung up on him, then told Wang he did so thinking Wang was “poor without parents”, when he confronted him face to face.

Wang said he did not buy Hou’s excuse. He planned to restart the search of his birth family, and considered asking the police to investigate if Hou was involved in human trafficking.

Wang said he suspected Hou might have pretended to be his family to prevent him from tracking down the traffickers.

Mainland social media observers lambasted Hou for wasting 16 years of Wang’s life.

“His chance of finding his birth family became much less than 16 years ago,” one said.

Another suspected that Hou wanted to have a child to support him when he gets older.

China has been enhancing its efforts to combat human trafficking and help families reunite with their stolen or lost members in recent years.

Many parents who had been searching for their stolen children for over a decade, such as Sun Haiyang and Guo Gangtang, successfully reunited with their children in 2021.

That is the year mainland police launched the Campaign Reunite dedicated to searching for missing and abducted children.

According to people.com.cn, the number of people prosecuted for human trafficking by agencies nationwide decreased from 14,000 in 2000 to 1,100 in 2021.

According to the top procuratorate, of the 3,152 people charged with human trafficking in 2021 and 2022, 31 per cent were old cases dating before 2016.

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China-Russia trade surged to new heights in 2024, driven by Western sanctions

https://www.scmp.com/economy/global-economy/article/3294551/china-russia-trade-surged-new-heights-2024-driven-western-sanctions?utm_source=rss_feed

China-Russia trade defied mounting Western sanctions to reach a new high in 2024, but analysts are divided about whether that growth can be matched this year.

Bilateral trade between the two powers rose 1.9 per cent in value terms to reach US$244.8 billion last year, according to data released by China’s General Administration of Customs on Monday.

China’s exports to Russia reached US$115.5 billion, up 4.1 per cent, year on year, while imports from its northern neighbour remained roughly unchanged at US$129.3 billion.

The rise in trade was primarily driven by Russia’s increasing appetite for Chinese goods, with China’s exports of electronics, transport vehicles – mainly cars – and chemicals to Russia recording particularly strong growth during the first 11 months of 2024.

“Russian consumers have fewer alternatives to choose from in their domestic market because of Western sanctions,” said Alfredo Montufar-Helu, head of the China Centre at US-based think tank The Conference Board.

Russia’s main exports to China remained raw materials, including timber, crude oil and other fossil fuels.

Last year, Russia was China’s 11th-largest trading partner and the fifth-largest on a single-country basis, behind the US, South Korea, Japan and Vietnam.

Montufar-Helu predicted that trade between the two countries would continue to grow in 2025, as China strengthens its market presence in Russia, fills supply gaps left by Western countries, and becomes a larger market for Russian exports.

“The intertwined effects of weakened domestic demand and increasing overcapacity within China have led Chinese manufacturers to rely more heavily on external markets,” he said.

But bilateral trade may face greater headwinds in 2025, with Western countries threatening further action as the war in Ukraine enters its fourth year.

The US Treasury announced additional sanctions against Russia’s energy sector on Friday, targeting two major Russian oil producers and treating 183 vessels as blocked property to reduce Moscow’s energy revenue.

The outgoing US Treasury Secretary Janet Yellen warned during her talks with Chinese Vice-Premier He Lifeng last week that Chinese firms would face “significant consequences” if they provided material support for Russia’s war against Ukraine.

Russia has emerged as the top export market for Chinese car makers in recent years, but this trade could also take a hit due to Russia’s decision to hike its vehicle-disposal tax on imported cars in October 2024 – a move designed to force Chinese auto companies to localise their operations.

The tax rise had an immediate impact, with Chinese car exports to Russia decreasing for two consecutive months in October and November last year.

Cui Dongshu, secretary general of the China Passenger Car Association, told Chinese media that car exports to Russia may be sluggish, or even decrease, in 2025.

India opens tunnel to China border, but won’t reduce troops despite thaw in boundary row

https://www.scmp.com/news/asia/south-asia/article/3294569/india-opens-tunnel-china-border-wont-reduce-troops-despite-thaw-boundary-row?utm_source=rss_feed

India on Monday inaugurated a strategic Himalayan road tunnel that would give all-weather access to contested high-altitude border zones with China and Pakistan.

The Z-Morh or Sonmarg tunnel, stretching 6.4km (4 miles) beneath a treacherous mountain pass cut off by snow for between four and six months a year, is part of a wider infrastructure drive in border zones.

It helps connect Indian-administered Kashmir with Ladakh, acting as a stepping stone in opening the Srinagar-Leh Highway all year round to allow rapid deployment of military supplies.

“With the opening of the tunnel here, connectivity will significantly improve,” Indian Prime Minister Narendra Modi said.

The tunnel’s inauguration came amid an ongoing border dispute with China, which came to a head four years ago after 20 Indian and four Chinese soldiers were killed during border clashes.

After the clashes, both sides stopped patrolling several points on the border in Ladakh to avoid new confrontations, while moving tens of thousands of new troops and military equipment closer to the freezing mountainous region.

New Delhi and Beijing reached a deal in October last year to resolve the four-year military stand-off, pulling back troops from the disputed border a few days later.

Even with the new tunnel, India was not looking to reduce the number of troops along the northern frontier over the winter, the country’s army chief said on Monday.

“During winter deployment, the number of troops come down. Therefore, at least in the winter strategy, we are not looking forward to any reduction of troops,” army chief Upendra Dwivedi told reporters in New Delhi.

Dwivedi said a decision on summer deployment would depend on how negotiations and talks with China progress.

“When it comes to the summer strategy, we’ll take a review based on that time, how many negotiations and meetings have taken place,” he said.

India and China share a poorly demarcated border which runs along the Himalayas and has been a source of tension between the neighbours for decades, including a brief but bloody war in 1962.

Ties stabilised after diplomatic talks and a series of pacts were reached from 1991 and trade and business links boomed until they were disrupted by the clashes in the summer of 2020.

China’s 2024 chip imports surged 10.4% to US$385 billion amid tighter US tech sanctions

https://www.scmp.com/tech/tech-trends/article/3294570/chinas-2024-chip-imports-surged-104-us385-billion-amid-tighter-us-tech-sanctions?utm_source=rss_feed

Chinese firms rushed to stockpile semiconductors in 2024, driving double-digit expansion of integrated circuit (IC) imports, as the outgoing Biden administration is set to tighten restrictions on China’s access to advanced chips.

China imported a total of 549.2 billion ICs in 2024, a 14.6 per cent increase from a year earlier, according to data published on Monday by the General Administration of Customs. The total value of annual IC imports, or microchips, was US$385 billion, up 10.4 per cent year on year. In comparison, China’s imports of crude oil in 2024 were worth US$325 billion.

The country’s accelerated acquisition of chips underscores unease over heightened tech rivalry between China and the US, with many Chinese firms stockpiling supplies ahead of the planned roll-out of more expansive and stringent trade sanctions by Washington.

The Biden administration is expected to launch a fresh salvo of export controls that partly aim to plug loopholes in measures already in place to limit China’s ability to modernise its military.

Some Chinese companies have managed to circumvent the restrictions by procuring advanced chips from third-party suppliers in countries not covered by the measures.

The new rules are expected to be announced before President Joe Biden leaves office on January 20. Meanwhile, global tech groups, including the US-based Semiconductor Industry Association (SIA), which counts many of the world’s leading chipmakers as members, have voiced concerns over the upcoming rules.

SIA said in a statement last week that it was “deeply concerned by the unprecedented scope and complexity” of the new regulations, which aim to stifle China’s progress in artificial intelligence, as they could “significantly undercut US leadership and competitiveness in semiconductor technology and advanced AI systems”.

China’s IC exports last year reached 298.1 billion units, up by 11.6 per cent from a year earlier, according to customs data.

The total value of IC exports in 2024 reached US$159 billion, up 17.4 per cent year on year. Last year’s figure is nearly double the US$84.6 billion in value of IC exports in 2018, the year the US-China trade war began.

Although China still lacks the equipment and expertise to manufacture advanced chips, particularly those using processes at the 7-nanometre node and below, Chinese firms have been ramping up production of so-called legacy chips, which are produced using mature manufacturing processes for applications in everyday consumer goods such as televisions and washing machines.

In December, Washington launched a probe into China’s production of legacy chips. US Trade Representative Katherine Tai said “evidence indicates” China seeks to dominate domestic and global chip markets through “extensive anticompetitive and non-market means”.

The Chinese government responded by saying the US move was “protectionist” and could upend the global chip supply chain.

China defends Scarborough Shoal patrols after Philippine protest

https://www.scmp.com/news/china/diplomacy/article/3294581/china-defends-scarborough-shoal-patrols-after-philippine-protest?utm_source=rss_feed

China has defended its coastguard patrols in the disputed South China Sea, responding to a protest from the Philippines over what it called the Chinese force’s “continued illegal presence and operations”.

“The China Coast Guard conducts its patrols and law-enforcement activities in relevant waters, which is lawful, justified and beyond reproach,” Chinese foreign ministry spokesman Guo Jiakun said on Monday.

Guo urged Manila to “stop spreading malicious remarks and driving a wedge between China and other countries”.

The comments were in response to Manila’s denunciation of the weeklong presence of China’s coastguard in what the Philippines says is its exclusive economic zone and territorial waters.

“China should direct its vessels to desist from conducting illegal actions that violate the Philippines’ sovereign rights in its EEZ,” the National Maritime Council in Manila said on Monday.

The council said that from January 5 Chinese vessels – including one known as a “monster ship” – were detected around the waters of Bajo de Masinloc and about 70-90 nautical miles from the coastline of the province of Zambales.

The council said the Philippine Coast Guard immediately deployed vessels and aircraft when the “illegal” presence was detected.

One of the Chinese vessels involved was the CCG 5901, the world’s largest coastguard vessel and often referred to as a “monster ship”.

The council said the People’s Liberation Army (PLA) also deployed a navy helicopter to hover above a Philippine Coast Guard vessel, behaviour that Manila described as “escalatory” and “provocative”.

Bajo de Masinloc is the Philippine name for Scarborough Shoal, a contested maritime feature known in China as Huangyan Island. It is a triangular coral reef formation surrounding a lagoon, located 124 nautical miles off the Philippine coast.

In November, the shoal was one of the features the Philippines included in domestic law defining its South China Sea claims. Beijing responded by mapping out its baseline claims around the feature.

The Philippine Coast Guard said the CCG 5901 was spotted 54 nautical miles away from Capones Island, off the coast of Zambales, on January 4.

The 5901 ship left the area on Wednesday but was replaced by a smaller Chinese coastguard vessel to sustain the Chinese presence in the Philippine waters, the PCG said.

Philippine Coast Guard spokesman Jay Tarriela said the smaller Chinese vessel was “gradually pushed away from the coastline of Zambales” on Saturday by the Philippines’ offshore patrol vessel BRP Teresa Magbanua.

Tarriela said this “strategic manoeuvring” by the BRP Teresa Magbanua prompted the China Coast Guard to deploy the 5901 on Saturday afternoon.

He added that Beijing was seeking to “normalising such deployments” and “altering the existing status quo”.

Chinese air and naval forces have stepped up patrols and combat drills near Scarborough Shoal since Beijing published its baseline claims late last year.

The Chinese coastguard said last month it expelled a C-208 light utility plane sent by the Philippines that had “illegally invaded the airspace” of Scarborough Shoal.

British chancellor angles for reset in relations, trade on China trip

https://www.scmp.com/economy/global-economy/article/3294554/british-chancellor-angles-reset-relations-trade-china-trip?utm_source=rss_feed

Britain has relaunched a platform for “respectful and consistent” future relations with China, as it tries to cash in on the growth of the world’s second-largest economy and the further opening of its financial markets.

On Saturday, Rachel Reeves, chancellor of the exchequer, met Chinese vice-premier He Lifeng in Beijing for the renewal of the UK-China Economic and Financial Dialogue – a formerly annual event that had most recently taken place in 2019. Both sides agreed to deeper cooperation across areas such as financial services, trade, investment and the climate to support secure growth.

With this “pragmatic cooperation”, the two countries reached agreements worth £600 million (US$732.3 million) to Britain over the next five years, the British government said in an online statement, estimating their value could eventually climb as high as £1 billion.

In a Monday press conference held by China’s Ministry of Foreign Affairs, spokesman Guo Jiakun said the dialogue is “conducive to development” for both sides. The two are “opposed to decoupling” and would “reduce obstacles for investments”, he added, calling the financial sector a “highlight” of the relationship.

“Financial services cooperation is probably low-hanging fruit for bilateral engagement,” said Xu Tianchen, a senior economist with the Economist Intelligence Unit market research firm.

He, who heads the general office of the Central Financial Commission, has a major role in Beijing’s financial policymaking.

Several British financial services companies with a heavy China presence – HSBC, Standard Chartered, Prudential, Schroders, Fidelity International and London Stock Exchange Group – joined the chancellor’s business delegation for the trip.

After the event, the group paid a visit to Shanghai, the country’s financial hub.

“The demand for financial services by Chinese businesses as they expand globally is rising rapidly, and the UK is a natural hub in this regard,” Xu said.

In 2013, London became one of a handful of offshore centres allowed to process investments in China’s controlled yuan currency, bringing Britain closer than the rest of Europe to the fast-growing China market. At that time, Chinese state banks were also cleared to step up their activity in Britain.

And this year in London, China announced plans to issue its first overseas sovereign green bond, which would finance environmentally friendly projects.

The British Chamber of Commerce in China has said engagement is correlated with the confidence of businesspeople in the world’s second-largest economy.

China is keen to find new sources of investment and trade following nearly seven years of friction with the US, its biggest single-country trading partner – and in advance of new tariffs on Chinese imports likely to be imposed after US president-elect Donald Trump takes office on January 20.

China needs Western countries to sustain trade with its own economy, said Andrew Collier, a China analyst with economic research firm GlobalSource Partners.

Britain and China agreed over the weekend to lift trade barriers in a package “headlined by pork, wool, poultry and pet food”, the British government said. China, it added, had agreed to “continue to liberalise” sectors such as education and culture “that restrict foreign investment”.

The countries’ total two-way trade of £87.7 billion for the 12-month period ending in June saw a 20.3 per cent sequential decrease, according to statistics from the British Department for Business and Trade.

As of 2022, the stock of British direct investment in China was £11.2 billion while China’s stock came to £4.3 billion – less than 1 per cent of the total for either side.

However, today’s Labour Party government appears to be seeking more economic engagement with China than its predecessor, the Chatham House think tank said in a Thursday commentary.

Britain also faces uncertainty over how Trump will behave while in office, said Alicia Garcia-Herrero, chief Asia-Pacific economist at French investment bank Natixis in Hong Kong. Concerns are high over the potential expansion of US tariffs to UK shores.

Adding to that anxiety, scores of companies delisted from the London Stock Exchange or moved their chief listings away last year in search of higher valuations, spawning the market’s worst exodus since the global financial crisis of 2009. Bond markets in the UK are flagging over concerns about the government’s spending plans.

“If your financial sector is getting hurt, then [a visit to China] makes a difference,” Garcia-Herrero said.

China ‘confident’ in 2025 economic rebound, Hong Kong is key: central bank chief

https://www.scmp.com/economy/china-economy/article/3294530/china-confident-2025-economic-rebound-hong-kong-key-central-bank-chief?utm_source=rss_feed

China has the confidence, capacity and tools to ensure its economy recovers and grows this year, the country’s central bank chief said on Monday, pledging supportive monetary tools, measures to stem property market risks and tighter financial links between the mainland and Hong Kong.

Facing stubbornly weak domestic consumption and potential headwinds from US president-elect Donald Trump, China will consider cutting interest rates and the reserve requirement ratio “to ensure ample liquidity and maintain a supportive environment” for lending, People’s Bank of China governor Pan Gongsheng said during a 20-minute speech at the annual Asian Financial Forum in Hong Kong.

Beijing could also adjust and increase fiscal spending, he said.

“China will respond to the world’s expectations with responsibility and courage, continuing to play a key role as an engine of global economic growth,” Pan assured hundreds of foreign investors and China watchers.

The PBOC is the forerunner of China’s economic stimulus push – it was the first government agency to take concrete action as Beijing rolled out stimulus measures from September, and it is vital to market-liquidity adjustments, financing costs, yuan internationalisation, and Hong Kong’s role in Greater Bay Area and Belt and Road Initiative projects.

Pan specifically encouraged more “high-quality enterprises to list and issue bonds in Hong Kong”, to keep expanding mainland-Hong Kong financial-service connectivity, and to broaden two-way interest-rate swaps.

Authorities will also strive to further increase national foreign-exchange reserves allocated to assets in Hong Kong, he said.

Hong Kong has long positioned itself as an intermediary for Chinese and foreign business, including transactions on the city’s stock exchange.

Mainland Chinese market capitalisation on the Hong Kong main board and on the small to medium-sized business board rose by more than 3 percentage points last year, to 79.8 per cent of the total.

For the mainland property market, Pan reiterated previous government statements that local government special-purpose bonds can be used for acquiring idle land and unsold homes. He said this use of bonds will accelerate the destocking of the real estate market and help halt the sector’s decline.

The property sector is already improving, he added. The total sales area of commercial housing in 30 major Chinese cities has seen month-on-month growth for 90 days and year-on-year growth for two straight months, he said.

“Risks in the real estate market have significantly subsided, and overall market transactions have improved,” the governor said.

Property issues emerged in 2020 with new regulations chased by a series of defaults among real estate developers and a decline in home prices. Property worries, coupled with pressures in the Chinese job market, have dampened consumption in the world’s second-largest economy.

“We will make vigorously boosting consumption the first key task of this year’s economic work,” Pan said. He pledged a more “comprehensive” welfare system as one measure.

In Monday’s speech, Pan said the central bank would “resolutely” correct procyclical behaviour and other disruptive moves while striving to prevent the risk of the yuan exchange rate “overshooting”, to keep the currency stable.

“We are confident, well positioned, and capable of maintaining the stable operation of the foreign-exchange market,” he said.

“We will uphold the decisive role of the market in exchange-rate formation while effectively leveraging the exchange rate’s function as an automatic stabiliser for macroeconomic and international balance of payments adjustments.”

Mainland China ramps up integration push with local Taiwan affairs offices in Fujian

https://www.scmp.com/news/china/politics/article/3294523/mainland-china-ramps-integration-push-local-taiwan-affairs-offices-fujian?utm_source=rss_feed

Several counties in Fujian province have established Taiwan affairs offices, signalling that Beijing’s efforts to integrate the island with mainland China have intensified.

“[We] have established separate Taiwan affairs offices in all counties with significant Taiwan-related responsibilities,” said Zhou Qingsong, director of the organisation office of the Fujian provincial committee of the Communist Party.

While some provinces have their own Taiwan affairs offices, it is unusual to have these offices at the county level.

Writing in the state-run magazine China Institutional Organisation last week, Zhou said the move was part of an institutional reform to strengthen the cross-strait affairs system.

“Going forward, [we] will take institutional reforms into consideration to guide municipalities and counties to effectively improve the development of Taiwan affairs offices and reinforce their respective responsibilities,” he said.

Because of its proximity to Taiwan, Fujian has become a test bed for mainland China’s push for economic, social and political integration with the island.

Beijing sees Taiwan as part of China to be reunited by force, if necessary. The United States, like most countries, does not recognise the self-governed island as an independent state but is opposed to any attempt to take it by force and is legally bound to arm it for defence.

In recent years, Beijing has intensified its cross-strait integration efforts through a strategy that includes building economic and industrial ties as well as attempts to win the hearts and minds of Taiwanese people.

Beijing has also ramped up military pressure and staged drills in the Taiwan Strait, especially since William Lai Ching-te, the island’s independence-leaning leader, assumed office in May.

As part of the latest efforts, Fujian will roll out more supportive policies for Taiwanese people who seek education and employment in Fujian, according to the article.

Zhou said vocational schools would recruit Taiwanese teachers, while the province would make it easier for universities to admit Taiwanese students and for public schools to enrol the children of Taiwanese workers in Fujian.

He added that Fujian would create a more benevolent business environment for Taiwanese companies and businessmen.

Beijing declared Fujian a “model zone for integrated development” in September 2023 and unveiled a provincial Taiwan affairs office in January of last year.

In a 21-point plan issued in September 2023, Beijing sought to create shared industrial standards, foster social integration and encourage more Taiwanese to visit Fujian, with a goal of “substantial progress” by 2025.

Since the 1980s, Taiwanese entrepreneurs have flocked to mainland China, drawn by market potential and preferential policies.

In 2009, Fujian’s Pingtan county – the area of mainland China closest to Taiwan – was made a pilot zone for cross-strait integration featuring preferential policies in customs, taxes, investment and land use.

The initiative expanded to cover the entire province in 2023 in a bid to foster economic, social and cultural ties between the two sides.

China billionaire gifts cash to hometown villagers as thanks for education funds decades ago

https://www.scmp.com/news/people-culture/trending-china/article/3293593/china-billionaire-gifts-cash-hometown-villagers-thanks-education-funds-decades-ago?utm_source=rss_feed

Chinese billionaire Richard Liu Qiangdong has moved villagers in his hometown in eastern China by saying that he would distribute gifts to them again.

The expressions of gratitude includes 10,000 yuan (US$1,400) in cash to each individual over the age of 60.

Liu’s annual practice in Guangming Village, Suqian, Jiangsu province,comes ahead of the Lunar New Year.

The billionaire says he is eternally grateful for his fellow villagers who donated a combined 500 yuan (US$70) and 76 eggs for him when he went to Beijing to study at a university in the early 1990s.

Liu, 50, is the founder and chairman of JD.com, the country’s leading e-commerce website.

According to the Hurun Global Rich List released in April of last year, Liu’s net worth was 49.5 billion yuan (US$6.8 billion), placing him 427th in the list of global tycoons.

His gift-giving tour began as early as 2016 when he took his wife Zhang Zetian to the village.

As well as the 10,000 yuan to every elderly villager, Liu also sent gifts, including food, clothes and home appliances, worth thousands of yuan in total, to each family.

A farmer surnamed Xu told Jiupai News that the village commission informed them Liu would visit them on January 8 this year. There are 1,400 households in the village.

“The village commission told us to hand in the photocopied household registry document and identity cards, so that they could prepare for Liu to distribute gifts,” Xu was quoted as saying.

He said his parents are both over 60, entitling them to receive a total of 20,000 yuan (US$2,700) from Liu.

“Liu came to our village last year and he gave us down jackets and some food,” said Xu. “I saw him from a short distance. He is handsome and vigorous. All of us are thankful for him.”

A 71-year-old villager, whose name was not revealed, said even if Liu would not give them presents in the future, he was still grateful.

“He has no obligation to do that. His money is also earned through hard work,” said the old man.

He added: “There are so many families in the village. He has made great contributions to the village. We will not forget him in the next decade.”

Liu spent all his primary and secondary school life in the rural area. Before studying at the prestigious China Renmin University in 1992, he had hardly ever left the village.

His family was so poor that he had to partly rely on his fellow villagers to fund his university education.

“My fellow men’s help is the starting point for me to step towards the world,” Liu once recalled.

The story received a mostly positive reception on mainland social media despite some people suspecting his gift-giving was a publicity stunt.

“He is a good entrepreneur with a conscience,” said one online observer.

“Anyway, he gave real help for the old people. It is more convincing than any words,” another person said.

Chinese universities given military procurement ban for rigging bidding process

https://www.scmp.com/news/china/military/article/3294441/chinese-universities-given-military-procurement-ban-rigging-bidding-process?utm_source=rss_feed

Two universities in China have been banned from military procurement activities for rigging the bidding process amid an ongoing anti-corruption campaign.

The People’s Liberation Army Cyberspace Force handed three-year bans to the University of Electronic Science and Technology of China (UESTC) and Chengdu University of Information Technology (CUIT) – both based in Chengdu, the capital of Sichuan province.

The bans were announced in two separate statements posted on the force’s website on January 2 – the date the ban started – both of which said the universities were “prohibited from participating in the procurement of materials and engineering services for cyberspace forces”.

Other enterprises controlled or managed by the universities’ representatives are also banned from procurement activities. The statements named Zeng Yong, the former president of UESTC, and Yu Minming, the former president of CUIT, in connection with this.

No further details of the bid-rigging were provided.

Zeng retired as president last year, while Yu joined Southwest Jiaotong University in November 2022, according to Caixin.

However, the ban only covers cyberspace, so the universities can still participate in procurement related to other military branches.

The People’s Liberation Army Cyberspace Force was formally established in April last year and deals with cyberspace-related military issues.

UESTC was established in 1956 after the merging of the telecommunications engineering divisions of several universities. In 1961, it was identified by the party Central Committee as one of the seven national defence industry colleges.

The university states that it is a “national key multidisciplinary university” that specialises in electronic engineering and information science and technology.

CUIT was founded in 1951 and focuses on areas such as engineering, information technology and atmospheric sciences.

Other universities have previously been handed military procurement bans, including Southwest Jiaotong University, which received a three-year ban last August. The PLA Rocket Force alleged the university had colluded with competing bidders or those inviting bids to determine the winner of the bidding process.

Xian Jiaotong University, Xian Technological University and Tianjin University were also given three-year bans last year.

While addressing a gathering of the elite of China’s top anti-corruption agency earlier this month, President Xi Jinping said that the country’s anti-corruption efforts have yielded clear results, but that it was still the “biggest threat” facing the Communist Party.

Xi said the fight against corruption is still “grave and complex” and that the party must be “unwavering” in the battle against it.

Around 70 companies and individuals have been added to the cyberspace force procurement blacklist this year, with most bans ranging from one year to three years, although some firms have been banned for life, according to Caixin.

To boost China’s yuan, central bank makes it easier for firms to borrow more foreign debt

https://www.scmp.com/economy/china-economy/article/3294504/boost-chinas-yuan-central-bank-makes-it-easier-firms-borrow-more-foreign-debt?utm_source=rss_feed

China’s central bank has mounted a stronger defence for the yuan and the domestic foreign exchange market, as the country braces for the return of Donald Trump who is expected to bring greater headwinds to trade and the exchange rate.

The People’s Bank of China and the State Administration of Foreign Exchange announced jointly on Monday an increase in the macroprudential adjustment parameter for the cross-border financing of enterprises and financial institutions, from 1.5 to 1.75 – a move previously taken to prevent the yuan-dollar exchange rate from worsening.

Cross-border financing involves providing funding for business activities that occur outside a country’s borders, and the adjustment parameter determines the upper limit of such financing allowed.

Experts said the move, which comes ahead of Trump’s inauguration next week, means businesses can borrow more foreign debt, and the action is among the precautions Beijing is taking as the onshore and offshore yuan has depreciated quickly against the US dollar.

“This move can go some way in easing the pressure of depreciation and increasing the amount of overseas financing for enterprises. If more US dollars flow in as a result, it will certainly help stabilise the yuan,” said Zhu Tian, an economics professor with the China Europe International Business School in Shanghai.

But Zhu said the boosting effect can be limited.

“The question is how helpful it will be when the interest rate for US dollar financing is higher amid a widening rate spread,” Zhu noted. “Why should companies borrow more expensive US dollars?

“But for some companies that have reached the current upper limit of overseas financing, a relaxation is welcome, and it is suitable under the current circumstances.”

The yuan is dropping to lows unseen in several years against the US dollar, as falling interest rates at home and looming tariffs from the US are pulling the currency downward. The offshore yuan further weakened on Friday, rising above 7.3 to the dollar (a higher number signs relative weakness).

And further devaluation pressure is building as a new trade war with Washington appears on the cards.

However, in recent weeks, the PBOC has emphasised its resolve in stabilising the currency.

On Monday, PBOC governor Pan Gongsheng said at the Asian Financial Forum in Hong Kong that policymakers would resolutely correct procyclical behaviour and other disruptive moves to mitigate the risk of the yuan exchange rate “overshooting”.

“We have the confidence, conditions and ability to maintain a stable foreign exchange market,” he said.

Pan also stressed an adherence to the market’s role in deciding exchange rates.

A recent meeting held by the central bank and foreign exchange regulator also discussed the situation and the need for “self-discipline” while calling for confidence and preparedness. “The yuan’s stability must be maintained with measures to stabilise expectations and correct procyclical behaviours,” noted a readout of the meeting on the PBOC’s website.

It also said market participants are better at coping with external shocks, and that the fundamentals of China’s economy, the overall balance of international payments, and resilience will underpin the yuan’s stability.

The PBOC also announced a plan last week to issue a record 60 billion yuan (US$8.18 billion) worth of central bank bills in Hong Kong to increase the supply of high-grade yuan bonds in the offshore market.

China’s exports in December up 10.7%, beating estimates as higher US tariffs loom

https://apnews.com/article/china-trade-december-exports-imports-2d3e72e833b82de057237d7d01d98378Vehicles and trucks for export wait for transportation from a port in Yantai in eastern China's Shandong province on Jan. 2, 2025. (Chinatopix via AP)

2025-01-13T03:30:18Z

HONG KONG (AP) — China’s exports in December grew at a faster pace than expected, as factories rushed to fill orders to beat higher tariffs that U.S. President-elect Donald Trump has threatened to impose once he takes office.

Exports rose 10.7% from a year earlier. Economists had forecast they would grow about 7%. Imports rose 1% year-on-year. Analysts had expected them to shrink about 1.5%. With exports outpacing imports, China’s trade surplus grew to $104.84 billion.

Here are some highlights from the report.

Higher tariffs on the horizon

Trump has pledged to raise tariffs on Chinese goods and close some loopholes that exporters now use to sell their products more cheaply in the U.S. If enacted, his plans would likely raise prices in America and squeeze sales and profit margins for Chinese exporters.

China’s exports are likely to remain strong in the near-term, said Zichun Huang of Capital Economics, as businesses try to “front-run” potentially higher tariffs.

“Outbound shipments are likely to stay resilient in the near-term, supported by further gains in global market share thanks to a weak real effective exchange rate,” she wrote in a note.

But exports will likely weaken later in the year if Trump follows through on his threat to impose tariffs, Huang said.

Record exports and total trade

Officials who briefed reporters in Beijing said the total value of China’s imports and exports reached a record 43.85 trillion yuan (nearly $6 trillion), up 5% from a year earlier. China is the world’s largest exporter and the main trading partner of more than 150 countries and regions, said Wang Lingjun, the Customs Administration’s deputy director general.

While growth of the rest of China’s economy has slowed following the pandemic and partly because of downturn in the housing industry, exports have surged. Under leader Xi Jinping, the ruling Communist Party is promoting upgrading of factories and a shift to more high-tech manufacturing. The report Monday said China’s export of mechanical and electrical products increased by almost 9% last year from a year earlier, with growth in exports of “high-end equipment” jumping more than 40%.

Exports of electric vehicles rose 13%, exports of 3D printers jumped almost 33% and shipments of industrial robots surged 45%. E-commerce trade, including sales by companies including Temu, Shein and Alibaba, registered 2.6 trillion yuan ($350 billion), more than twice the level in 2020.

What about imports?

China does not pursue a trade surplus and wants to increase its imports, the officials said. But while imports edged higher last year, they still lagged exports, partly due to lower prices for key commodities such as oil and iron ore.

“Regarding this year’s imports, we believe that there is still a lot of room for growth. This is not only because my country’s market capacity is large, there are many levels, and it has huge potential,” said Lv Daliang, a Customs Administration spokesperson.

China also is blocked from importing some products due to trade restrictions, Lv said, alluding to controls by the U.S. and some other countries on strategically sensitive exports to China, such as sales of advanced semiconductors and items that can be used for military purposes.

“In addition, some countries politicize economic and trade issues, abuse export control measures, and unreasonably restrict the export of some products to China, otherwise we will import more,” he said.

Where are all those exports going?

The officials emphasized China’s efforts to expand trade with countries participating in its “Belt and Road” initiative to expand infrastructure construction and trade across much of the globe. Trade with those countries accounted for about half of China’s total trade last year.

They noted that China has completely eliminated tariffs on imports from the world’s poorest countries.

But China also values trade with traditional markets like Europe and the United States, and two-way trade with the U.S. grew nearly 5% last year.

“We imported agricultural products, energy products, medicines, and aircraft from the United States, and exported clothing, consumer electronics, and household appliances to the United States, achieving mutual benefit and win-win results,” Wang said.

China and the overcapacity issue

U.S. officials and other critics say Beijing has pushed an expansion of exports to help make up for sluggish demand inside China as the economy has slowed. With factories in some industries operating well below capacity, they contend that the country has an “overcapacity” problem.

Chinese officials reject that contention.

“Whether from the perspective of comparative advantage or global market demand, there is no so-called ‘China’s overcapacity’ problem. This problem is a pure false proposition,” Wang said when asked about the issue.

China has made its industries more efficient through upgrading, investment and innovation supported by research and development, he said. “We have ensured the stability of the global production and supply chain with our own complete manufacturing industry chain, and driven technological progress and industrial upgrading around the world.”

ZEN SOO Soo reports on technology and business in China and across Asia for The Associated Press. She is based in Hong Kong. twitter mailto ELAINE KURTENBACH Based in Bangkok, Kurtenbach is the AP’s business editor for Asia, helping to improve and expand our coverage of regional economies, climate change and the transition toward carbon-free energy. She has been covering economic, social, environmental and political trends in China, Japan and Southeast Asia throughout her career. twitter mailto

Chinese rice tastes and looks better than it did 16 years ago, research team finds

https://www.scmp.com/news/china/science/article/3294104/chinese-rice-tastes-and-looks-better-it-did-16-years-ago-research-team-finds?utm_source=rss_feed

The taste of rice in China has improved over the past decade or so, Chinese researchers have discovered.

Their findings indicate that increasing yields to meet food security does not have to come at the cost of quality.

Taste tests by the China National Rice Research Institute found that the quality of the Asian rice grown in China – including its appearance and texture – had improved since 2009.

“Measures such as genetic improvement and monitoring of planting environments have contributed to this advance,” the researchers said in a correspondence article published in the journal Nature on December 30.

The improvement had “occurred alongside a marked increase in the efficiency of rice production as measured by total factor productivity”, they wrote.

Lu Lin, first author of the note and an associate researcher at the institute, shared that China’s rice taste score soared from 74.9 points in 2009 to 80.3 points in 2022.

“I think that at present, rice yield and quality can be developed in parallel,” Lu said.

The rice taste score is based on a national standard updated in 2008, which assesses the crop in terms of appearance, odour, palatability, taste, and cold rice texture for a cumulative rating.

Lu said that before the standards took taste into account, the amount of rice produced “was the most important thing for the survival of the Chinese people”.

“After solving the basic problem of food and clothing for the people, quantity gradually moved closer to quality, and whether rice tastes good or not became the quality indicator of most concern.”

Indica and japonica are the main subspecies of the Oryza sativa L. rice cultivated in China. The research team found that while japonica rice used to taste significantly better, genetic improvement and other measures had improved the taste of indica in recent years so much that it could even rival japonica.

China is the world’s largest producer of rice, accounting for 28 per cent of global production of the grain last year, according to the US Department of Agriculture.

The research team’s correspondence note was a response to another article posted in the same journal, which indicated that the quality of rice in China and Japan had declined as a result of climate change.

The impact of climate change, including rising temperatures and extreme weather like droughts and flooding, pose a risk to agriculture worldwide.

Studies have also suggested that the nutrient quality of crops has declined over the years, potentially due to different soil management practices and climate change, according to the US-based Institute for Functional Medicine.

“China’s rice total factor productivity has increased year by year … and its changing trend is basically consistent with the trend of rice taste score results,” Lu said.

US ‘risks electronic warfare’ with China, Malaysia drug deaths: 5 weekend reads you missed

https://www.scmp.com/news/world/article/3294477/us-risks-electronic-warfare-china-malaysia-drug-deaths-5-weekend-reads-you-missed?utm_source=rss_feed

We have put together stories from our coverage last weekend to help you stay informed about news across Asia and beyond. If you would like to see more of our reporting, please consider .

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China trade surplus reaches record high with surge of pre-Trump exports

https://www.scmp.com/economy/global-economy/article/3294472/china-trade-surplus-reaches-record-high-surge-pre-trump-exports?utm_source=rss_feed

Buttressed by robust export figures, China’s trade surplus in 2024 broke records – however, the imminent second term of US president-elect Donald Trump is likely to make similar levels of trade growth a challenge in 2025.

The country’s yuan-denominated merchandise exports grew 7.1 per cent to a record high of 25.45 trillion yuan in 2024, maintaining growth for eight consecutive years according to customs data released on Monday, one week before Trump takes office. Imports for the same period – with a year-on-year rise of 2.3 per cent to 18.39 trillion yuan – were not enough to narrow the gap, leading to a record trade surplus of 7.06 trillion yuan.

Figures denominated by the US dollar – which will show some difference due to fluctuations in exchange rates – are expected imminently.

China’s exports were a significant driver of economic growth in 2024. Increases in cross-border e-commerce shipments – as well as higher overseas demand for electric vehicles (EVs), batteries and solar panels – have helped the country mitigate a slowdown in domestic activity.

However, the European Union’s implementation of tariffs on Chinese-made EVs and Trump’s campaign vow of 60 per cent tariffs on all Chinese goods have already begun to have an effect. Exporters rushed to front-load orders ahead of Trump’s inauguration ceremony on January 20.

A Morgan Stanley report earlier this month projected that US tariffs on Chinese imports will be implemented in phases starting in the first half of 2025, with the weighted average tariff rate rising by 15 percentage points to 26 per cent in 2025 and increasing by an additional 10 percentage points to 36 per cent in 2026.

More to follow …

ASML-backed Dutch university caught in US-China chip war halts classes after cyberattack

https://www.scmp.com/tech/tech-war/article/3294470/asml-backed-dutch-university-caught-us-china-chip-war-halts-classes-after-cyberattack?utm_source=rss_feed

A top Dutch technical university that is a key talent feeder for chip-machine maker ASML Holding has shut down its computer network after a cyberattack.

Eindhoven University of Technology, which is located about eight kilometres (five miles) from ASML’s global headquarters, said there would be no lectures and educational activities at least until Tuesday.

Switching off the network was a “necessary intervention to prevent worse outcomes”, Patrick Groothuis, the university’s vice-president, said in a statement on Sunday.

Experts were currently investigating the nature and extent of the hack, the university said in the statement. Officials noticed “a lot of suspicious activity” on the institution’s servers late Saturday, and there had been no contact with the hackers whose identity was not yet known, Ivo Jongsma, the university’s spokesman, told Bloomberg News by phone.

“We are still looking into whether any data has been stolen,” he said, adding the university would share an update on the attack on Monday.

Eindhoven University of Technology has been caught in the crosshairs of the US-China chip war as Washington seeks to limit Beijing’s ability to produce semiconductors, Bloomberg News reported in July.

ASML, which is the world’s only producer of advanced lithography machines needed to produce high-end chips used in everything from electric vehicles to military gear, has invested heavily in Eindhoven University of Technology to instruct future employees.

In May, the company pledged €80 million (US$82 million) to the university to train doctoral students and upgrade the school’s clean-room building, which is a dust- and contaminant-free environment needed to study chips.

The university has a lab building which houses ASML lithography machines for research purposes.

In November, ASML was struck by an IT outage that affected its facilities around the world.

China hospital lambasted for anti-abortion slogans accusing mums of producing unruly kids

https://www.scmp.com/news/people-culture/trending-china/article/3293582/china-hospital-lambasted-anti-abortion-slogans-accusing-mums-producing-unruly-kids?utm_source=rss_feed

A hospital in China has sparked outrage with anti-abortion slogans which claim women who terminate their pregnancies damage any future family they may have.

The slogans, which read “abortion harms the vitality of the male’s family” and “mothers who have had abortions tend to have rebellious children” have cause widespread anger.

They appeared at Heyuan Youhao Hospital in Heyuan, in Guangdong province, southern China, where anti-abortion promotional boards were displayed in the waiting area as part of a “Family Education Public Welfare Exhibition”.

A netizen photographed and shared the display online on January 1, igniting a firestorm of criticism across mainland social media platforms.

The boards began by emphasising the virtue of filial piety, stating: “Filial piety is the foremost among all wholesome deeds, and sexual misconduct is the worst of all unwholesome deeds.”

The display then highlighted the dangers of abortion and miscarriage for women, listing potential psychological issues such as depression, anxiety, and insomnia, along with physical drawbacks like endometritis and infertility.

What shocked and outraged the public most was their use of bold, red-highlighted statements, asserting: “Abortion cuts the male’s ancestral blood ties and harms the vitality of the male’s family.”

Another broad said: “ Children born to mothers who have had abortions tend to be rebellious, prone to anger, disrespectful to parents, underweight, have lower IQs, and weaker health,” assertions which lack any scientific basis.

Also, the displays used contrasting images depicting “bad-tempered children” as girls and “good-tempered children” as boys, further perpetuating gender stereotypes.

On January 2, the local Health Commission confirmed to High Wind News that it had taken action but refused to disclose specific measures.

The hospital also told The Paper that the boards were part of an external public welfare campaign and had already been removed.

An anonymous member of hospital staff said: “This was not organised by our hospital but by an external group. We have already removed it. We did not review the slogans and just allowed the display.”

However, the netizen who initially drew attention to them reported that after posting the images online, they were contacted by the hospital, which accused them of “spreading unverified information” and threatened possible legal action in collaboration with local cybersecurity authorities.

The incident highlights alarming statistics in China.

As of 2023, the country has recorded about nine million abortions, which is almost equal to the total number of births of 9.02 million.

More than 50 per cent of the abortions involved unmarried women aged 15 to 24. The repeat abortion rate exceeds 55 per cent.

The slogans sparked disbelief and anger online.

One person said: “How did public welfare campaigns turn into feudal superstition promotions? It feels like we have gone back to the Qing dynasty.”

“Abortion clearly harms women’s bodies, but somehow this has been twisted into harming the man and his family. This is really absurd,” said another.

Residents also noted that the slogans were an attempt to address local gender biases, where a deeply entrenched preference for male newborns was prevalent.

One resident wrote: “In Heyuan, many families demand gender testing or abortions if it is a girl. These slogans seem aimed at scaring the male family members into stopping this practice, ‘using magic to defeat magic.’”

“Heyuan is one of Guangdong’s most remote areas, where patriarchal beliefs dominate. This bizarre promotion, although crude, might actually be more effective than scientific information in changing their mindset to stop gender-based abortions,” said another local resident.

However, in an interview with The Post, Feng Yuan, co-founder of Equality, a Beijing-based NGO focused on gender equality, said.

“To intimidate men into avoiding sex-selective practices for unborn children does not truly advocate for gender equality, nor does it effectively promote the mental and physical well-being of pregnant women.

“The root of such actions likely does not lie within the hospital itself,” said Feng.

“More practical and necessary approaches and policies are needed to emphasise women’s equal rights and ensure body autonomy. This requires proper guidance and follow-up measures from health authorities and women’s federations,” she added.

Cambodia’s China-backed canal on Mekong may threaten ‘fragile ecosystems’

https://www.scmp.com/news/china/science/article/3294420/cambodias-china-backed-canal-mekong-may-threaten-fragile-ecosystems?utm_source=rss_feed

A Chinese-backed canal in Cambodia is likely to put “fragile” ecosystems at risk, researchers in China and Britain have warned, calling for better mitigation efforts.

The Funan Techo canal, a 180km (112-mile) project to link the Mekong River to the Gulf of Thailand, is a flagship project expected to reduce Cambodia’s transport dependence on Vietnam.

However, according to recent correspondence in the journal Nature, the canal’s passage through various habitats crucial to biodiversity will cause ecological harm and could impact agriculture.

“There are not only concerns about the ecological effects of the canal on the region’s diverse and fragile ecosystems, but also underexplored opportunities for mitigation,” the authors said.

The study was led by Yang Hong, a professor in geography and environmental science at the University of Reading in Britain.

Yang’s co-authors included researchers from the Hubei University of Technology in China, as well as from University College London and British-headquartered charity Wildfowl and Wetland Trust.

The US$1.7 billion Funan Techo project broke ground in August, with Cambodia’s Prime Minister Hun Manet saying China had contributed 49 per cent of the funding for the “historic” project.

According to the correspondence note, the project’s potential hazards include loss of habitat for the endangered sarus cranes, higher risk of extreme weather, damage to wetland ecosystems, the spread of invasive species, as well as increased salinisation – which would impact agriculture and therefore food security for local communities.

Calling for “better plans” to mitigate the impact, the researchers suggested that Cambodia introduce a flexible water management system, which would include the release of water from the canal during times of drought.

They also proposed developing restoration programmes for habitats on the banks of the Mekong and building artificial wetlands to maintain ecological integrity along the canal route.

Further, they called on Cambodian authorities to carry out joint long-term hydro-ecological monitoring programmes with international institutions, and actively engage local communities, universities and conservation groups in the process.

Brian Eyler, a senior fellow at the US-based think tank Stimson Centre, said the study raised valid concerns that had long been voiced by the communities likely to be affected.

“The Mekong is experiencing more frequent and prolonged droughts of increasing intensity during both the wet season and the dry season. And this canal, without suggested mitigation or something similar, will intensify the effects of these droughts,” said Eyler, who is also director of Stimson’s Southeast Asia programme.

He added that Vietnam, which lies downstream of the river, would suffer in particular if Cambodia were to use the canal for irrigation during the dry season.

Eyler further warned that the cost of building the canal had been underestimated at US$1.7 billion, and the extra funding needed to minimise its environmental impact might further put off investors.

Cambodian officials had earlier announced that Beijing would fully fund the canal in return for multiple decades of concessions. But last June they said it would fund 49 per cent instead, with some observers citing China’s doubts about the project’s economic viability.

Eyler said China could offer effective suggestions based on its own experience.

“Within China, the mitigation efforts suggested [in the correspondence] are often applied to domestic infrastructure projects, and it is high time that Beijing pushes more of these good ideas out to its infrastructure projects abroad,” he said.

Yang Yong, an independent geologist based in China, said the negative environmental impacts of Funan Techo were controllable, and the canal would benefit the community if managed well with hydro projects.

“The Mekong River and the nearby Tonle Sap River are rich in water resources, while the designed capacity of the canal means that it would not cause significant water diversion,” he said.

He added that the canal might also help to relieve the pressure on floodplains if the river overflowed, mitigating flooding risks.

Hun Manet earlier hailed Funan Techo as a project that would let Cambodians “breathe through our own nose”, by reducing dependence on Vietnam’s ports.

But since it was announced in 2023, the canal has drawn concerns from Cambodia’s neighbours – most notably Vietnam. Hanoi is worried about the impact on water security, and the environmental and economic costs of the upstream project, such as its earnings from Cambodian ship transits.

As of October, 33 per cent of cargo vessels sailing to and from Cambodia went through Vietnamese ports via the Mekong River.

Mainland Chinese buyers to continue driving Hong Kong housing demand in 2025, analysts say

https://www.scmp.com/business/article/3294412/mainland-chinese-buyers-continue-driving-hong-kong-housing-demand-2025-analysts-say?utm_source=rss_feed

Homebuyers from mainland China will continue to be a driving force in Hong Kong’s residential property market in 2025, after funnelling a record amount of cash into deals last year to take advantage of tax breaks and other incentives, analysts said.

They were involved in 11,638 primary and secondary property transactions in 2024, an increase of 90 per cent from a year earlier, according to figures from Centaline Property Agency. The value of those deals jumped 67 per cent to HK$130.5 billion (US$16.7 billion). Both measures were record highs.

The previous peak time for mainlanders buying properties in Hong Kong was 2010, with 10,079 transactions recorded, but that only accounted for about 9 per cent of the total number of transactions. In contrast, last year’s volume amounted to 24 per cent of the deals.

Hong Kong withdrew the Buyer’s Stamp Duty that was imposed on non-permanent residents in February 2023, as well as ending the New Residential Stamp Duty for second-time purchasers. Homeowners were also given a reprieve from having to pay the Special Stamp Duty if they sold within two years. It also relaxed the loan-to-value ratio to facilitate mortgage payments for homebuyers during the interest rate hike cycle.

“The scrapping of property curbs, coupled with property prices dropping by more than 20 per cent from the peak, and the government’s introduction of a series of policies to ‘snatch talent’ and optimise immigration, have further boosted the desire of mainlanders to purchase properties in Hong Kong,” said Louis Chan Wing-kit, CEO of Centaline Property Agency.

The city’s lived-in home prices fell 6.6 per cent year on year in the first 11 months of last year, taking the cumulative slide to 27 per cent from the market’s peak in September 2021, according to government data.

Luxury property transactions of more than HK$50 million also got a boost from mainland buyers because of the inclusion of residential property assets in the Capital Investment Entrant Scheme, better known as the investment-migration scheme.

The scheme, launched in March 2024, allows HK$10 million out of a total residential property value of HK$50 million to be counted as part of the investment to qualify for migration. The government has received more than 800 applications, according to official figures.

Among the 109 sales recorded in the traditional luxury districts of The Peak and Southern district last year, about 73 per cent were HK$50 million or above.

Centaline said there was still a market for super-luxury flats, not only from locals, but also from the mainland and overseas.

“We saw huge housing demand from mainlanders, whose total demand could be at least 100,000 units in the long run, equivalent to 5 to 7 times annual new home sales,” said Raymond Cheng, a managing director at CGS International Securities in Hong Kong.

In its latest report, UBS forecast that residential home prices will remain flat in 2025, adding there is strong mainland homebuyer interest in Hong Kong.

In fact, the interest level from mainland buyers in Hong Kong properties will grow over the next two years to reach historical highs, said Mark Leung, UBS’s Greater China property research analyst.

A recent UBS survey of residents in China’s first-tier cities found that 12 per cent were interested in purchasing in Hong Kong in the next two years, with the top reason being the better return on investment – 3.6 per cent in Hong Kong compared to under 2 per cent on the mainland. Other top reasons given for wanting to invest in Hong Kong property were children’s education and the city’s different living environment.

More mainland talent will start buying Hong Kong properties in 2025 after landing new jobs and getting their children settled in local schools, according to tycoon Allan Zeman.

Through its various talent schemes, including the Top Talent Pass Scheme launched in December 2022, the city received more than 360,000 applications, with nearly 230,000 approvals granted as of the end of August.

“Around 160,000 individuals have moved to Hong Kong, some with their children, and 95 per cent of them were from the mainland,” Zeman said. “They have been renting, not buying at the moment, because they wanted to get settled with their kids in school. That is why the rental market, even during the bad property market, was doing great.”

Zeman also said more Hong Kong property transactions will be seen as the mainland China market recovers in 2025.

[Sport] The truth behind your £10 dress: Inside the Chinese factories fuelling Shein's success

https://www.bbc.com/news/articles/cdrylgvr77jo

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