The money will be used to fund the emergency recovery of flood-damaged schools, hospitals, flood control facilities and more in these three provinces, according to the National Development and Reform Commission.

The disaster occurred at around 2:30 a.m. Saturday, which damaged over 40 houses and affected 1,254 residents in Xinhua village, Hanyuan County under Ya’an City, local authorities said.

A total of 443 rescuers have been sent to the scene immediately. Roads and communications have been partially restored, and the affected residents have been accommodated.

The rescue operation is still underway.

Two round-trip flights are scheduled to shuttle between Urumqi and Tbilisi every week on this route, providing more than 100 tonnes of air cargo transport capacity, said the air cargo carrier.

The air route will mainly carry imported and exported e-commerce goods and other general cargo.

Xinjiang now serves as a comprehensive logistics hub connecting Europe and Asia. This cargo route will contribute to the high-quality construction of the Belt and Road Initiative by facilitating commerce and trade through efficient air logistics, said the airline.

With 87 freighters, SF Airlines is China’s largest air cargo carrier in terms of fleet size. The company is committed to continuously enhancing its international air cargo transport capacity and launching more routes, said SF Airlines.

The disaster occurred at around 2:30 a.m. Saturday, which damaged over 40 houses and affected 1,254 residents in Xinhua village, Hanyuan County under Ya’an City, local authorities said.

A total of 443 rescuers have been sent to the scene immediately. Roads and communications have been partially restored, and the affected residents have been accommodated.

The rescue operation is still underway. 

The four-day Third Plenum of the Central Committee of the Communist Party of China (CPC) ended on July 18, delineating a  comprehensive set of reforms and designating the year 2029 as the timeline of completing these reforms and the year 2035 as a target of achieving “high-quality socialist market economic system.” Overall, stability amid persistent economic and social reforms are the main themes of the Third Plenum.

The Plenum approved an important decision on the Central Committee’s further comprehensive and deepening reforms and on the promotion of Chinese-style modernization. The objectives are to improve the basic system, to realize the modernization of the national governing system and capability, and to achieve a strong socialist modernized nation.

Economically speaking, the decision mentions the need to construct a unified big market in China, improve the market economy, reform the new high-quality productive system, deepen financial/monetary and tax reforms, and lay the foundation of the 15^th five-year plan.

Clearly, the socialist market economy and its permanent reforms remain the pillar of China’s economic modernization with an emphasis on the acceleration of new productive forces and on their related reforms at the level of superstructure (values and institutions).

In terms of risks management, the decision emphasizes the necessity of preventing and solving the debts of the land and property sectors, the local government and small and medium enterprises. Moreover, there is a need of leading public opinion and preventing and solving the risks of ideological development.

What these phrases implied was that the central authorities learnt a lesson from the failure of the Evergrande Group to deliver property projects that led to some public discontent. The conglomerate’s fiasco heightened the crisis consciousness of the central and local authorities who have recently tightened the process of auditing work in the land and property sectors.

With regard to opening the door to the outside world, the decision mentions the need to expand the openness of the economic system in a stable manner, to deepen reforms in external trade, and to persist in managerial reforms to attract foreign investment and improve China’s investment in other countries. In this way, a high-quality Belt and Road system will be established.

Politically, the decision vows to improve and perfect the basic political system, meaning that the national and local legislatures as well as the people’s consultative conferences will continue to be reformed as crucial supervisory mechanisms.

Culturally, the decision emphasizes cultural confidence, pointing to the need for a responsibility system in ideological work, a healthy governing system for cultural development and an effective international media system.

Clearly, persistent ideological and propaganda work remain the cornerstone of reforms in China.

In terms of livelihood improvement, the decision points to the improvements of the distribution system, the policy priority of providing employment and the necessity of deepening medical care and health system reforms.

Obviously, social stability through the betterment of the people’s livelihood is the linchpin of the Third Plenum’s decision.

The decision also elucidates the importance of improving the national security system, the governing mechanism for public safety, the social governance system and the national security mechanism that deals with external relations.

Securitization has actually remained a prominent trend of Chinese reforms since 2012, analytically speaking.

In the area of external relations, the decision says that China participates in and takes the leadership of the global governance system, reform and construction while resolutely protecting national sovereignty, security and developmental interest.

Other crucial aspects of the decision includes the need for reform of state-owned enterprises (injecting more competition into the energy and railroad sectors); the support of civilian enterprises to partake in the nation’s large infrastructure projects; the standardization and integration of high-quality markets in electricity, digital data and rural-urban land use. Moreover, the entity economy and the digital economy have to be integrated further in the process of infrastructure modernization and high-quality development. The local government’s financial difficulties will be tackled through the process of giving the localities more autonomy in expanding their tax revenues and increasing the central government’s proportion of local-level expenditures. Public services will be improved for registered households and low-income and poor households in rural areas, including the supervision of the manufacturing and distribution of food products with proper subsidies.

New economic and social groups will be explored to assist employment with an emphasis on party leadership. Finally, anti-corruption work persists while strengthening a monitoring system to prevent abusing the prosecution process of anti-corruption.

Analytically, the CPC plays the leadership role in all aspects of reforms, ranging from the injection of more competitive elements in the socialist economy to the re-invigoration of social organizations supportive of the government and societal employment.

Basically, strong governance is the focal point of the Third Plenum.

Interestingly, its decision is not only pragmatic but also frank, acknowledging that the demand side of the economy remains weak.

In terms of personnel management, ex-foreign minister Qin Gang resigned from his position in the Central Committee – a more graceful exit than those corrupt military commanders such as former minister Li Shangfu and former rocket force chief Sun Jinming who were dismissed from the party.

The implications for Hong Kong and Macau are obvious: while Hong Kong and Macau practise capitalism under the “one country, two systems,” both cities are expected to persist in all kinds of reforms in the economic, social, cultural and livelihood aspects. If social stability and economic prosperity are the twin foci of permanent reforms in the mainland, the ruling authorities in both Hong Kong and Macau are naturally expected to deliver more in these two crucial dimensions.

In conclusion, the decision of the Third Plenum continues to build China up as a strong nation punctuated by the emphases on persistent economic reforms, systemic improvements, socio-political stability, economic prosperity, the betterment of the people’s livelihood, the permanence of socialist market modernization, and the leadership of the CPC.

*Sonny Shiu-Hing Lo is a political scientist, veteran commentator, and author of dozens of books and academic articles on Hong Kong, Macau, and Greater China

Melanie Joly met her Chinese counterpart Wang Yi on Friday for a meeting she described as “constructive and productive” on social media platform X.

Joly called for a “pragmatic approach towards China and the development of solid and stable bilateral relations”, according to a press release from her ministry.

“Relations between China and Canada have experienced difficulties in recent years and followed a tortuous path, this is not what China wants,” Chinese Foreign Minister Wang told his counterpart.

It is Joly’s first trip to China since taking office in 2021.

“iFLYTEK and iFLYHEALTH plan to invest 400 million Hong Kong dollars (51.22 million U.S. dollars) in Hong Kong over the next five years to establish an international headquarters, an international business headquarters, an international R&D center, an international trade and capital management platform, as well as a 150-member team to drive R&D and overseas market expansion, with a view to establishing an AI ecosystem with tens of thousands of developers,” Cyberport said in a press release on Friday.

Meanwhile, iFLYHEALTH will set up an international research institute at Cyberport focusing on cutting-edge technology research that integrates medical health and AI, the release said.

Addressing the signing ceremony, Sun Dong, secretary for innovation, technology and industry of the HKSAR government, said that the HKSAR government has always been a strong supporter of Hong Kong’s innovation and technology development, in which AI and life and health technology are the government’s focus on the development of technology industries with advantages.

He added that Hong Kong has already gathered numerous leading enterprises at home and abroad, including iFLYTEK, SenseTime, Cisco, as well as hundreds of excellent AI enterprises, and an AI ecosystem is taking shape in Hong Kong.

Simon Chan Sai-ming, chairman of Hong Kong Cyberport Management Company Limited, called the participation of iFLYTEK another milestone in Hong Kong’s AI ecosystem, believing that this will further boost the innovation and R&D of Hong Kong’s AI industry as well as the commercialization of relevant products and technologies, so as to attract AI investments from both home and abroad.

Online retail sales during this period surged 9.8 percent year on year to 7.1 trillion yuan (about 996 billion U.S. dollars), of which the retail sales of goods reached 5.96 trillion yuan, marking an increase of 8.8 percent, according to data released by the Ministry of Commerce (MOC) on Friday.

THREE DRIVERS FOR CONSUMPTION GROWTH

The MOC said that digital products, services consumption, and trade-in programs were the three new drivers for consumption growth during the period.

In terms of digital products, AI learning machines and smart wearable devices grew 136.6 percent and 31.5 percent, respectively, the data showed.

For services consumption, surveyed online travel and catering services grew 59.9 percent and 21.7 percent, respectively.

E-commerce platforms in China coordinated to offer trade-in services for more than 400,000 products and recycling services covering over 300 categories of goods. The trade-in services saw sales of refrigerators, washing machines, mobile phones and TVs increase by 82.1 percent, 70.4 percent, 63.9 percent and 54.3 percent, respectively, on major online shopping platforms.

DEEPENING INTERNATIONAL COOPERATION

As e-commerce drives consumption recovery domestically, the sector’s international cooperation has also expanded further. In the first half of this year, China signed e-commerce cooperation memorandums with Serbia, Bahrain and Tajikistan, bringing the total number of Silk Road e-commerce partner countries to 33, according to the MOC.

China’s financial hub Shanghai has achieved a series of outcomes in institutional opening-up regarding the interoperability of cross-border e-invoicing and electronic bills of lading, the MOC said.

The city was given the green light in October last year by the State Council to set up the pilot zone for Silk Road e-commerce cooperation, an initiative aimed at exploring institutional innovation, further opening up the e-commerce sector, and improving digital economic cooperation, especially among Belt and Road Initiative participating countries.

According to the MOC, the pilot zone in Shanghai has also established a raft of public service platforms for training, think tanks and country pavilions.

TECHNOLOGICAL BOOST

This year, major e-commerce platform companies have invested over 48 billion yuan in R&D to optimize customer experience and reduce costs, according to the MOC.

“Artificial intelligence (AI) is widely used across various aspects, including consumption, operations and transportation,” the MOC said, adding that virtual shopping, AI customer service, and autonomous driving opened up a new era of smart e-commerce.

Intelligent operations and marketing tools have helped merchants reduce costs and increase efficiency, according to the MOC.

The ministry said e-commerce has also played a positive role in invigorating the agriculture sector. For instance, digital commerce campaigns conducted in Hubei and Hunan provinces in central China led to a 21.7 percent growth in online sales of local agricultural products in the first half of the year. 

Online retail sales during this period surged 9.8 percent year on year to 7.1 trillion yuan (about 996 billion U.S. dollars), of which the retail sales of goods reached 5.96 trillion yuan, marking an increase of 8.8 percent, according to data released by the Ministry of Commerce (MOC) on Friday.

The MOC said that digital products, services consumption, and trade-in programs were the three new drivers for consumption growth during the period.

In terms of digital products, AI learning machines and smart wearable devices grew 136.6 percent and 31.5 percent, respectively, the data showed.

For services consumption, surveyed online travel and catering services grew 59.9 percent and 21.7 percent, respectively.

E-commerce platforms in China coordinated to offer trade-in services for more than 400,000 products and recycling services covering over 300 categories of goods. The trade-in services saw sales of refrigerators, washing machines, mobile phones and TVs increase by 82.1 percent, 70.4 percent, 63.9 percent and 54.3 percent, respectively, on major online shopping platforms.

As e-commerce drives consumption recovery domestically, the sector’s international cooperation has also expanded further. In the first half of this year, China signed e-commerce cooperation memorandums with Serbia, Bahrain and Tajikistan, bringing the total number of Silk Road e-commerce partner countries to 33, according to the MOC. 

US-based Guo Wengui, a fierce critic of the Chinese Communist Party and ally of right-wing figure Steve Bannon, was found guilty Tuesday of defrauding customers of more than $1 billion in a New York federal court. He faces decades in prison.

On Friday, Singapore’s Ministry of Home Affairs (MHA) said it had used a law against foreign interference to order Facebook, Instagram, YouTube, TikTok and X to block access to 95 accounts belonging to the billionaire and his affiliated organisations.

Among Guo’s allegations was that a “foreign actor” — identified as China in local media — was behind the selection of new Singapore Prime Minister Lawrence Wong, who took over from Lee Hsien Loong in April.

The FBI arrested Guo in March 2023 at his luxury Manhattan apartment, accusing him of using his online fame to bilk thousands of investors.

The MHA said Guo and his affiliate organisations coordinated social media posts between April and May of this year containing “narratives which alleged that Singapore is in the pocket of a foreign actor”.

The posts also alleged that the “foreign actor” was “behind the scenes in the selection of Singapore’s fourth-generation leader”, a reference to Prime Minister Wong’s ascension.

The MHA cited a 2021 study by social media analytics firm Graphika that said Guo was “at the centre of a vast network of interrelated media entities and social media accounts that disseminate disinformation across multiple platforms”.

The timing of the April-May social media posts indicated “deliberate planning” and gave reason to believe that Guo’s network could “potentially harness the 95 accounts to mount hostile information campaigns which are targeted directly at Singapore,” the MHA added.

Sun Jinming was kicked out of the ruling Communist Party and is under investigation for “grave violations of party discipline and laws”, state news agency Xinhua said Thursday, using a common euphemism for graft.

The news came in a communique issued to mark the end of the Communist Party’s Third Plenum, which began Monday and ended Thursday.

Beijing also confirmed Thursday that PLA ex-Rocket Force commander Li Yuchao had been expelled from the party and stood accused of “grave violations of discipline”.

Thursday’s readout marked the first time that the investigation into Sun, appointed chief of staff of the People’s Liberation Army (PLA) Rocket Force in 2022, had been made public.

Chinese President Xi Jinping has launched a wide-ranging anti-graft campaign since coming to power.

In the past year that campaign has turned its attention to the Rocket Force, the army unit that oversees Beijing’s nuclear arsenal.

Its head, Li Yuchao, was replaced last July.

And Li Shangfu was ousted last year after only seven months as defence minister following a lengthy absence from public view.

He was later expelled from the Communist Party for causing “great damage to (its) cause” through offences including suspected bribery.

Other disgraced generals include Wei Fenghe, who once headed the Rocket Force and who later became China’s defence minister from 2018 to 2023.

State broadcaster CCTV said in June that Wei had been expelled from the ruling party and passed on to prosecutors over alleged corruption.

The Rocket Force is a relatively new unit of the Chinese military.

Its creation was announced after a major reorganisation of China’s military structure.

It oversees China’s arsenal of strategic missiles, both conventional and nuclear, and can both deter and strike, according to the government.

Zhang Xiaogang, spokesperson for the Ministry of National Defense, made the remarks in response to a media inquiry regarding the Defense of Japan 2024 white paper, which includes content related to tensions in the Taiwan Strait and the China-Russia joint maritime patrol.

The defense white paper is filled with cliches, misleading the international community and providing pretexts for its military buildup, Zhang said, adding that China deplores and rejects it, and has lodged stern representations with Japan.

Zhang said it is legitimate and justified for China to conduct maritime and air activities in accordance with international law and relevant domestic laws.

The separatist activities of “Taiwan independence” and the connivance and support from external forces are the greatest threats to peace in the Taiwan Strait at present, he said.

The defense cooperation between China and Russia is built on the basis of non-alliance, non-confrontation and not targeting any third party, which is conducive to maintaining international and regional peace and stability, as well as upholding international equity and justice, Zhang said.

History has already proven, and will continue to prove, that China has always been a force for peace, stability and progress in the world, Zhang noted.

“We urge Japan to draw lessons from history, stop slandering China and interfering in China’s internal affairs, speak and act with prudence on issues of military security, and earn the trust of its Asian neighbors and the international community through concrete actions,” Zhang said.

All eyes were on how this week’s Third Plenum of the Communist Party in Beijing, attended by President Xi Jinping, might tackle the deepening economic malaise.

But few new policies were announced as the meeting wrapped up Thursday, with officials pledging to tackle “risks” in the economy.

The world’s second-largest economy is grappling with a property debt crisis, weakening consumption and an ageing population.

Adding further strain, local governments in China face a ballooning debt burden of $5.6 trillion, according to the central government, raising worries about wider economic stability.

Beijing sought to allay concerns at a Friday press conference featuring a lineup of officials.

“In response to the financial difficulties of local governments and basic organisations, it is proposed to refine the financial relationship between the central and local governments,” said Han Wenxiu, an official responsible for financial and economic policy planning.

Authorities would seek to expand local sources of tax revenue and limit expenditure requirements on local governments that violated “regulations”, Han said, without sharing specifics.

Fitch lowered its outlook on China’s sovereign credit rating in April, citing soaring general government debt that it forecast would reach 61.3 percent of the country’s gross domestic product this year.

Han also sought to allay fears over the struggling property market, long a key driver of national growth but now grappling with spiraling debt at some of its leading firms.

He said there had been recent “positive changes in the real estate market”, noting that the next step was “eliminating the disadvantages of the previous model of high debt”.

Earlier this week, China posted official statistics showing the economy grew by just 4.7 percent in the second quarter of the year.

It represented the slowest rate of expansion since early 2023, when China was emerging from a crippling zero-Covid policy that strangled growth.

Analysts polled by Bloomberg had expected 5.1 percent.

Beijing has said it is aiming for five percent growth this year — enviable for many Western countries but a far cry from the double-digit expansion that for years drove the Chinese economy.

Equities sank Friday as hopes for US interest rate cuts were offset by uncertainty over the US presidential election and worries about China’s economy, while technical disruptions delayed London’s open as a widespread outage hit global computer systems.

Investors were already on edge after a report said the White House was considering a crackdown on firms supplying chip technology to Beijing, and following Donald Trump’s call for Taiwan to pay Washington for help defending itself against China.

Markets have been enjoying a healthy run-up as Federal Reserve officials have lined up in recent days to suggest they are ready to begin reducing rates.

Data Thursday provided fresh room for the central bank to act, with initial jobless claims rising more than expected last week.

However, the tech sector — which has led the surge in stocks this year — has taken a hefty hit after the report of the warning from the White House over supplying China and Trump’s remarks about Taiwan, home to some of the world’s biggest chip producers.

There is also growing uncertainty over who will run against Trump in November, as calls for President Joe Biden to step aside continue to grow following a series of gaffes and a poor debate that have raised questions about his health.

The New York Times cited several people close to Biden as saying they believe he has begun to accept that he may not be able to win and may have to drop out, with one quoted as saying: “Reality is setting in.”

Former president Barack Obama has reportedly told allies Biden should “seriously consider the viability of his candidacy”, The Washington Post said. 

While a Trump win is seen as positive for equities owing to likely tax cuts and corporate deregulation, there are worries about his plans to impose huge tariffs on Chinese imports — and those from elsewhere — which many say could fuel inflation again.

A closely watched meeting of China’s leaders in Beijing this week provided nothing concrete by way of supporting the world’s number two economy.

The Third Plenum, which meets twice a decade to decide key policies, saw few policy announcements, with state news agency Xinhua saying they had agreed to “prevent and resolve risks in key areas such as real estate, (and) local government debt”.

They also vowed to “actively expand domestic demand” days after data this week revealed retail sales — a gauge of consumption — rose far less than expected in June. 

Economists at HSBC said: “The communique’s emphasis on ‘opening up as a distinctive feature of China’s modernisation’ is worth noting. We expect the government to prioritise reforms that will facilitate foreign investment.

They pointed to persistent cross-border outflows, which are weighing on the yuan, and noted that the currency would likely remain under pressure owing to the big difference in US and Chinese interest rates, which makes it harder to attract investors.

“With the (yuan’s) yield disadvantage likely to stay wide for longer, China needs more opening-up and market-oriented policies to attract or retain foreign investment.

“This may help reduce imbalance in cross-border flows, and thus alleviate (yuan) depreciation pressure.”

Shares in Hong Kong fell owing to a lack of policy detail, though Shanghai eked out a gain. There were also losses in Tokyo, Sydney, Seoul, Singapore, Mumbai, Bangkok, Taipei, Wellington and Jakarta.

Paris and Frankfurt fell while London’s FTSE 100 retreated after opening late having been hit by technical issues, with services around the world including airports, rail operators, banks, media and shops also affected.

The disruption caused major US airlines to ground all flights over “communication issue”, the Federal Aviation Authority said.

Tech titan Microsoft said it was taking “mitigation actions” in response to service issues.

It was not clear if those were linked to the global outages.

The announcement came as Australia reported a large-scale outage of IT systems, with the country’s national broadcaster, its largest international airport and a major telecommunications company reporting issues.

– Key figures around 0810 GMT –

Tokyo – Nikkei 225: DOWN 0.2 percent at 40,063.79 (close)

Hong Kong – Hang Seng Index: DOWN 2.0 percent at 17,417.68 (close)

Shanghai – Composite: UP 0.2 percent at 2,982.31 (close)

London – FTSE 100: DOWN 0.7 percent at 8,149.92

Euro/dollar: DOWN at $1.0889 from $1.0900 on Thursday

Pound/dollar: DOWN at $1.2929 from $1.2946

Dollar/yen: DOWN at 157.30 yen from 157.36 yen

Euro/pound: UP at 84.21 pence at 84.17 pence

West Texas Intermediate: DOWN 0.9 percent at $82.12 per barrel

Brent North Sea Crude: DOWN 0.7 percent at $84.52 per barrel

New York – Dow: DOWN 1.3 percent at 40,665.02 (close)

The figure represents year-on-year growth of 8.5 percent, accounting for 12.7 percent of the country’s total, according to Nanjing Customs in the provincial capital.

Jiangsu’s exports rose 8 percent year on year to 1.72 trillion yuan, while imports gained 9.3 percent to 959.74 billion yuan.

In the first half, private enterprises in Jiangsu saw a year-on-year growth of 14.7 percent in foreign trade to 1.23 trillion yuan.

During the period, the province’s trade with the Belt and Road Initiative partner countries reached 1.2 trillion yuan, up 13.6 percent year on year. Trade with ASEAN and the Republic of Korea rose 10.5 percent and 13.3 percent, respectively. 

Amid the vibrant summer vacation season, He Yuling is lately occupied managing her bed-and-breakfast (B&B) nestled at the foothills of the Great Wall for guests from all over the world.

“We have received over 5,500 guests in the past month, generating a total revenue of 600,000 yuan (about 84,169.18 U.S. dollars),” said He, 55.

Spanning approximately 3,500 square meters, He’s B&B is situated in Shixia Village, near the iconic Badaling Great Wall Scenic Spot in Beijing’s suburban Yanqing District.

Dating back to the Ming Dynasty (1368-1644), Shixia was once hindered by its remote location and poor transportation. However, thanks to the popularity of the nearby Great Wall, the village has seen a cultural tourism boom in recent years.

He was born in Qianlyuzhuang Village, which is also located near the scenic spot. When she visited Shixia in 2014, she was immediately captivated by its tourism resources related to the Great Wall.

“The presence of the Great Wall in almost every corner of Shixia is a major draw for both locals and tourists,” she explained.

Capitalizing on this attraction, she leased 12 dilapidated courtyards from local villagers and transformed them into a B&B named “Shiguang Great Wall.”

The houses blend traditional Chinese architecture with modern comforts. Guests can savor views of the Great Wall from the courtyards, gaze at the starlit sky through glass roofs and revel in the melodic echoes of wind chimes in the mountains, He said.

The tranquil and inviting ambiance has catapulted the B&B to widespread acclaim, resulting in a total revenue of 6 million yuan in 2023. He recently expanded the amenities to include a bookstore and a café, catering to the diverse needs of tourists.

During the farming off-season, some villagers worked part-time at He’s B&B to supplement their incomes. The increasing number of tourists has spurred more residents to convert their own courtyards into B&Bs.

With a population of just over 100, Shixia now boasts 21 B&Bs, collectively generating more than 8 million yuan in income in 2023, with the per capita income for villagers reaching 36,221 yuan.

Among those benefiting from the tourism boom is Liu Yuqing, who juggles a hectic schedule as a guide, narrating the village’s history to tourists, while running a B&B. She has seen her annual income rise by over 40,000 yuan as a result.

The Great Wall stands as China’s preeminent cultural legacy, consisting of walls scattered across 15 provincial-level regions, with Yanqing alone boasting considerable Great Wall resources stretching 179.2 km.

Last year, Yanqing topped all Beijing districts in holiday tourist traffic, with the Great Wall serving as a magnet for visitors from home and abroad.

According to Ye Dahua, head of the Yanqing district government, more cultural resources tied to the Great Wall will be developed, infusing new vitality into local tourism.

The large-scale application of Beidou has now entered a critical stage of marketization, industrialization and internationalization, the announcement says.

In an effort to enable BeiDou’s empowerment of various industries, China will extend support to cultivate leading enterprises, improve product quality, promote BeiDou applications, and build a robust industrial ecosystem, according to the announcement.

The announcement outlines that the pilot projects will focus on three areas, namely, mass consumption, manufacturing and integrated innovation.

In the field of mass consumption, pilot cities will focus on areas such as smartphones, wearable devices, tablets, shared travel tools and low-altitude unmanned aerial vehicles. Enterprises will be encouraged to develop and manufacture BeiDou products, thereby continuously improving the supply capacity of these products.

In the field of industrial manufacturing, pilot cities will accelerate the application of BeiDou in key areas such as automobiles, ships, aircraft and robots, the announcement says.

Local governments should encourage the construction of platforms related to the Internet of Vehicles and the Intelligent Network, and expand the proportion of commercial and passenger vehicles equipped with BeiDou systems.

In the field of integrated innovation, new scenarios for “BeiDou Plus” applications will be explored. The innovative applications of the BeiDou system in emerging industries such as the Internet of Vehicles, the Internet of Things, the Industrial Internet and AI will be promoted.

This will facilitate the deep integration of BeiDou applications with new scenarios like smart cities, intelligent transportation, smart logistics, smart maritime and precision agriculture, the announcement says.

The leadership of the ruling Communist Party of China adopted a resolution on “further deepening reform comprehensively” with a focus on the role of the market being better leveraged and preventing and defusing risks in sectors such as real estate, local government debt, small and medium financial institutions.

The 20th Central Committee of the CPC held its third plenary session (known as third plenum) in Beijing from Monday to Thursday.

Xi Jinoping, CPCP General Secretary and China’s President, delivered explanatory remarks on the draft version of the resolution titled “Further Deepening Reform Comprehensively to Advance Chinese Modernization”.

“By 2035, we will have finished building a high-standard socialist market economy in all respects, further improved the system of socialism with Chinese characteristics, generally modernized our system and capacity for governance, and basically realized socialist modernization,”the resolution said, as quoted by Xinhua News Agency. 

The Third Plenum has previously been an occasion for the party’s top leadership to unveil major economic policy shifts.

In 1978, then-leader Deng Xiaoping used the meeting to announce market reforms that would put China on the path to dazzling economic growth by opening it to the world.

And more recently following the closed-door meeting in 2013, the leadership pledged to give the free market a “decisive” role in resource allocation, as well as other sweeping changes to economic and social policy.

Echoing past plena, top officials promised Thursday to “give fuller play to the role of market mechanisms”.

“In building a high-standard socialist market economy, the role of the market must be better leveraged, with a fairer and more dynamic market environment to be fostered and resource allocation to be made as efficient and productive as possible,” the resolution indicated, adding that “restrictions on the market will be lifted while effective regulation will be ensured to better maintain order in the market and remedy market failures.”

In promoting high-quality development, the communique urged deepening supply-side structural reform, improving incentive and constraint mechanisms for promoting high-quality development, and creating new drivers and strengths for realizing growth.

“We will improve the institutions and mechanisms for fostering new quality productive forces in line with local conditions, for promoting full integration between the real economy and the digital economy, for developing the service sector, for modernizing infrastructure, and for enhancing the resilience and security of industrial and supply chains,” it stated.

Lynn Song, ING’s Chief Economist for Greater China, told AFP the readout offered some “positive signals”.

But, he said, it was “not a platform for pushing specific new stimulus measures”.

The meeting comes just days after China posted official statistics showing the economy grew by 4.7 percent in the second quarter of the year.

Analysts polled by Bloomberg had expected 5.1 percent.

Beijing has said it is aiming for five percent growth this year.

Taiwan Semiconductor Manufacturing Company — whose clients include Apple and Nvidia — controls more than half the world’s output of silicon wafers, used in everything from smartphones and cars to missiles.

Following the runaway success of ChatGPT, TSMC is now at the forefront of a generative AI revolution, churning out the world’s most advanced microchips needed to power products made by Silicon Valley. 

The firm said it made US$7.6 billion in April-June, up from US$5.6 billion in the same period last year. 

Second-quarter revenues rose 32 percent on-year to US$20.82 billion, it added in a statement.

“Advanced technologies, defined as 7-nanometer and more advanced technologies, accounted for 67 percent of total wafer revenue,”  it said. 

This month the company — listed in Taiwan and New York — briefly broke the $1 trillion market capitalisation barrier, putting it ahead of Tesla as the seventh most valuable technology firm. 

Its headquarters — and the bulk of its fabrication plants — are in Taiwan, a self-ruled island that China claims as part of its territory.

Beijing has in recent years ramped up military and political pressures on Taiwan, upping the rhetoric of “unification” being “inevitable”. 

The share price of several major AI companies — including TSMC — dropped Wednesday following reports that the United States was mulling strict curbs on firms that continue allowing China access to advanced chip tech. 

Former US president Donald Trump — who faces incumbent Joe Biden in a November election — also said in a Bloomberg Businessweek report that Taiwan “should pay” the United States for defence, and lamented that it had taken “100 percent of our chip industry”. 

To offset investor and client worries, TSMC has launched new factories overseas, including three planned in the United States, and one in Japan that opened this year.

Experts had called the Japan plant “the most significant TSMC international investment to open in many years”.

Such phrasing is often used by the United States and its allies to refer to Beijing’s growing influence and military capacity in the Asia-Pacific.

Tokyo and the 18 Pacific Islands Forum (PIF) members did not mention China explicitly in a joint statement after a three-day summit in the Japanese capital.

But the language in their declaration at the 10th triennial PALM talks was stronger than that in the statement from the gathering’s last iteration PALM9, held virtually in 2021.

“Leaders committed to ensure a peaceful, stable and prosperous Asia-Pacific region, and noted with concern the rapid military buildup which is not conducive to this end and called for proactive, responsible and transparent engagement to uphold regional peace and security,” it said.

With US support, Japan has strengthened defence cooperation in the hotly contested Pacific region where China is also offering aid for infrastructure and security.

Ships carrying vital energy imports to Japan pass through the waterways surrounding the PIF members, which are also important fishing zones for Japan.

“The environment surrounding us has changed a lot since the first PALM summit was held, and we are facing complicated challenges,” Prime Minister Fumio Kishida told reporters.

China signed a security pact with Solomon Islands in 2022.

In January, PIF member Nauru cut ties with Taiwan in favour of China — leaving only 12 states worldwide that recognise Taipei diplomatically, including Palau, another PIF member.

Palau’s national security coordinator Jennifer Anson this week expressed hope for Japanese support in maritime surveillance to track Chinese research vessels in Palau’s exclusive economic zone, according to broadcaster NHK.

Thursday’s statement called for a “free, open and sustainable maritime order based on the rule of law”.

“The PALM Partners will, based on national request, respect for national sovereignty, policies and processes, strengthen defense exchanges through port calls in the Pacific by Japan Self Defense Force (JSDF) aircrafts and vessels,” it said.

The PALM summit brings together Japan and representatives from PIF nations including Australia and New Zealand.

“Our principle is simple — we never rush our guests,” said Yang Wei, a private travel planner based in northwest China’s Ningxia Hui Autonomous Region.

A former media professional, Yang ventured into personalized travel planning in 2013. Initially, she found it challenging to promote the new travel service to tourists, but posting well-crafted content on short video platforms helped her attract a large following and her business gradually took shape.

“We provide thorough services for our guests throughout their trips,” Yang said. Her team covers almost every aspect of the travel experience, offering everything from customized itineraries and guided tours to travel photography, hotel-booking and ticket-booking services. “We also advise on what to wear and what to bring for a trip,” she added.

They are also appealing to high-end tourists by designing unique travel routes, including desert adventures and stargazing tours in Ningxia, presenting the best of the region to their customers.

“The number of tourists usually jumps in June and peaks in July and August. However, this year saw a surge of tourists early in April,” Yang said.

According to the Ministry of Culture and Tourism, China recorded about 295 million domestic tourist trips during the five-day May Day holiday this year, up 7.6 percent year on year. Data from Chinese payment services platform Alipay indicates that during the holiday, cross-city payments saw significant growth in cities such as Zhongwei and Wuzhong in Ningxia.

“Following the development of tourism, travelers are increasingly prioritizing cultural experiences,” said Xi Meinong, who owns a homestay business in Ningxia. To cater to the needs of tourists, the homestay regularly organizes art exhibitions and cultural events, inviting artists to undertake residencies to enrich the cultural environment for guests.

Study tour guide Xue Kun is in another emerging profession providing customized travel services. She combines education with travel, enhancing students’ understanding and appreciation of local history and culture through in-depth explanation.

“We design study tours according to the knowledge bases and cognitive abilities of students in different age groups, incorporating sites like the Western Xia Imperial Tombs, the Helan Mountain rock paintings and the Shuidonggou archaeological site,” Xue said.

Zhang Xiaomin, who traveled from the southern Chinese city of Guangzhou, was surprised by the changes in her hometown of Ningxia when she returned on a personalized tour last summer.

“It was such an incredible experience to sit on the sand at night and enjoy shows, music and the starry sky. The visit showed me that Ningxia’s level of services has improved markedly,” Zhang said.

Zhou Shanyu had a similar experience when she traveled from east China’s Zhejiang Province. During a study tour in Ningxia, she and her child took part in a straw-net-paving experience in the desert, a practice that reduces wind speeds and corrects moving sand dunes.

“Besides knowledge from books, children also need to experience things hands-on, through their own eyes,” Zhou said.

Emerging professions such as travel planner, homestay manager and study tour guide are revitalizing the tourism sector and creating job opportunities for many young people.

Looking ahead, Yang Wei plans to expand her business to international tourists.

“Travel is not just about sightseeing. It’s a journey to be immersed in the local culture,” she said, adding that she believes the tourism market in China is likely to see greater segmentation and diversity in the future.

Tourists can now visit most of the top-level attractions in cities such as Shanghai, Beijing, Suzhou, Chengdu, and Hangzhou without booking a time slot in advance.

DELIGHTED TOURISTS

Last month, the Beijing Municipal Bureau of Culture and Tourism announced that reservation requirements for all tourist attractions, except for the Palace Museum and the National Museum of China, would be lifted.

This is one of the latest policy changes in several tourist cities. For instance, Suzhou in east China’s Jiangsu Province has scrapped real-name reservation requirements for its top-level scenic spots and cultural venues, except for certain key attractions such as the Humble Administrator’s Garden, the Lion Grove Garden, and the main site of the Suzhou Museum.

Local authorities said the adjustment was made after a careful analysis of factors such as the daily average number of visitors at these spots and their maximum capacity.

Speaking about Hangzhou’s decision to lift reservation requirements, a tourist surnamed Lu told Xinhua that she managed to explore iconic sites such as the Leifeng Pagoda, Deshou Palace, and Xixi National Wetland Park all in one day.

“There’s no need to book in advance or even swipe an ID, making our schedule more flexible and our travel experience more enjoyable,” said the tourist from east China’s Anhui Province.

“I think canceling the reservation system is great because it allows me to make spontaneous visits to any tourist attraction I like during holidays. This is much better than being stuck at home all day because I couldn’t secure reservations,” read a social media comment.

The policy change is also good news for the growing number of foreign tourists choosing China as their destination. According to online travel service provider Ctrip, in the first half of this year, inbound travel orders surged by over 1.6 times compared with the same period in 2023.

Tourism destinations with reservation systems introduced more user-friendly measures to accommodate the travel needs of specific groups.

The Palace Museum has launched fast-track reservation and ticketing for groups of minors. For very young children, reservations are not required as long as they are accompanied by an adult with a ticket.

Similarly, the China Grand Canal Museum in Yangzhou has introduced a “senior ticket,” allowing visitors aged 70 and over to enter without reservations.

EXTENDED OPENING HOURS

While these changes have garnered broad support, they have also sparked debate about whether the travel experience’s quality might be compromised due to increased visitor numbers, with many expressing concern that lifting these requirements could lead to overcrowding at popular sites.

Last year, the Ministry of Culture and Tourism issued a circular urging efforts to optimize reservation management at tourist sites, while noting that a “one-size-fits-all” approach must be avoided to meet the needs of the tourists to the greatest extent possible.

The decision of whether or not to implement a reservation system should be based on thorough assessment and research, according to Dai Bin, president of the China Tourism Academy.

Earlier this month, the National Cultural Heritage Administration issued a notice stating that major venues can extend their opening hours or organize virtual exhibitions as needed.

This summer, many museums have launched “night tours” or extended their hours to provide a diverse experience for visitors.

To manage large visitor volumes effectively and ensure safety, experts recommend enhancing visitor flow monitoring, conducting rigorous inspections, and implementing more flexible regulatory measures.

In Shanghai, a solution has emerged with the launch of the “Enjoy Shanghai” WeChat mini-program. This tool offers real-time updates on visitor flow and maximum capacity for approximately 140 attractions across the city, enabling tourists to easily determine if a site is “too crowded” before visiting.

Tourist attractions need to carefully consider the pros and cons of management measures and establish a robust system to ensure both safety and a positive visitor experience, according to netizens.

As the second overseas plant opened by a Chinese carmaker in Thailand this month after BYD, the factory is located in Rayong province in Thailand’s Eastern Economic Corridor (EEC), with a planned investment of 2.3 billion baht (64 million U.S. dollars) and an annual capacity of 50,000 vehicles.

The factory is a highly intelligent plant which applies new technologies such as big data, artificial intelligence, and the Internet of Things to achieve more efficient production of multiple models.

Thailand’s Minister of Industry Pimphattra Wichaikul said at the inauguration ceremony that the operation of a new EV factory will promote the transformation of Thailand’s automotive industry and help the Southeast Asian country realize its vision of becoming a regional and global EV production hub.

Thailand has long been a major automobile production base in the Association of Southeast Asian Nations (ASEAN) region. With the help of the Thai government’s investment promotion, EVs are expected to account for 30 percent of the country’s total vehicle production by 2030.

GAC Aion officially launched its Thailand strategy in June last year and its first product was launched in September. Zeng Qinghong, chairman of GAC Group, said that the company’s deployment in Thailand has laid a solid foundation for the latter to become the center of the EV industry in ASEAN.

He added that the company will continue to improve the construction of charging facilities and energy ecosystems in Thailand, and coordinate the upstream and downstream development of the industry chain.

In recent years, GAC Group has vigorously expanded overseas markets. It now operates with automobile sales and after-sales services in 68 countries and regions.

The 34th Hong Kong Book Fair opened on Wednesday, kicking off a week-long cultural bonanza featuring over 600 activities.

Readers thronged the Hong Kong Convention and Exhibition Center on Wednesday to pick from rigorously curated selections of books from exhibitors.

Fairgoers can also meet writers from around the world during this year’s event. Established writers including Su Tong and Jin Yucheng will give lectures.

To echo this year’s theme of Film and Television Literature, clips and film stills of movies are displayed alongside the original novels they were adapted from. Many fairgoers tried out an interactive map that showed film locations and relevant tidbits.

This year’s event continues to dedicate a section to books from the Chinese mainland, where over 60 publishers from the mainland showcased nearly 10,000 different books.

The book fair will last through July 23, concurrent with the Hong Kong Sports and Leisure Expo and the World of Snacks 2024.

The new model, ID. UNYX, is Volkswagen’s first smart electric coupe SUV. It has a maximum range of 621 kilometers and is equipped with an 82.4 kilowatt-hour battery from CATL. It also features a large language model developed in partnership with Iflytek, China’s leading AI company.

“The ID. UNYX expands our electric ID. family in China with a bold, progressive design, sustainable electric drive, and a state-of-the-art user experience,” said Stefan Mecha, CEO of Volkswagen China Passenger Cars Brand.

Volkswagen Anhui is Volkswagen Group’s first joint venture in China that focuses on the research and development and manufacturing of NEVs. Its plant’s body shop is equipped with 1,200 robots and has the highest automation rate of all Volkswagen factories in China.  

Compared to standard externally mounted bogie, the new built-in bogie is 20 percent lighter. It can reduce a train’s operational energy consumption by 15 percent and wheel-rail wear by about 30 percent, and lower the maintenance costs of lines and bogies by 15 percent throughout their life cycle, which will make electrical multiple unit (EMU) trains greener and more energy-efficient, according to the CRRC Changchun Railway Vehicles Co., Ltd., the manufacturer.

Railway bogies are an essential part of the train. The bogies support the mass of the vehicle, use the wheels to guide it along the track and provide some degree of cushioning against the shocks transmitted from the track during motion.

With a designed speed of 400 kilometers per hour, the new bogies can operate at maximum speeds of 600 kilometers per hour, according to a test bench model, the company added.

“The bogie is one of the key technologies needed for high-speed trains to run fast. It’s like their ‘legs’,” said Zhou Dianmai, a senior engineer at the company. “Trains equipped with this new bogies can run faster, more steadily and more quietly.”

Attending the third conference of the Global Health Forum of the Boao Forum for Asia on Tuesday, Wang didn’t take the podium only as a patient of this rare disease, but also as someone devoted to helping others suffering the same misfortune.

As the founder of the Beijing-based Illness Challenge Foundation, Wang recounted her experience of establishing the foundation and helping other rare-disease patients at one of the conference’s sub-forums, which focused specifically on the topic of rare diseases. Her speech won the applause of all those present.

According to the definition from the World Health Organization, rare diseases are medical conditions that affect 0.065 to 0.1 percent of the world’s total population. Rare-disease patients face three major hardships: difficulties in diagnosis, limited access to medication, and hefty drug prices.

In China, more than 20 million people are suffering from rare medical conditions.

With increased attention on rare diseases in the country, China has made much progress in tackling such diseases in recent years. During the process, social organizations like the Illness Challenge Foundation, medical institutions and relevant authorities have all made due contributions.

A notable achievement in this regard is the establishment of a medical service network for rare diseases. In 2019, 324 medical institutions designated by China’s National Health Commission were embodied in this system, allowing them to cooperate on rare-disease diagnosis, and receiving and treating patients. The network now consists of 419 medical institutions nationwide.

This system has greatly reduced the time before patients receive a definitive diagnosis of their illnesses. “The average time to definitive diagnosis has been shortened from four years to less than four weeks,” said Zhang Shuyang, president of Peking Union Medical Hospital, the leading medical institution in the network.

The rarity of drugs is another matter that has long troubled patients suffering from rare illnesses. It is estimated that of the some 7,000 rare diseases identified so far, less than 10 percent of them can be treated with specific drugs.

In order to address the patients’ needs, China’s National Medical Products Administration (NMPA) gives priority to such drugs in assessment and approval procedures, said Geng Ying, an official of the NMPA Center for Drug Evaluation.

In addition, to ensure the timely provision of drugs for patients, the administration has teamed up with social organizations and other departments to source much-needed medicines.

In 2021, a patient suffering from paroxysmal nocturnal hemoglobinuria, a rare blood disorder, was unable to continue procuring a medicine for the disease. The administration worked jointly with parties including Peking Union Medical Hospital and pharmaceutical companies to search for substitute drugs, and eventually made a brand-new drug developed in Switzerland available for compassionate use at the hospital.

To alleviate the patients of their financial burdens, China has also expanded the coverage of its medical insurance. Earlier this year, 15 rare disease drugs have been incorporated into an updated catalog of medicines covered by China’s national medical insurance, resulting in more urgently needed drugs being accessible at lower prices.

For instance, the price of a medicine for treating atypical hemolytic uremic syndrome, a rare illness that affects kidney function and causes abnormal blood clots, has been cut from over 20,000 yuan (about 2,804 U.S. dollars) a dose to around 1,000 yuan per dose.

Despite these achievements, experts noted that there is still much to be done in improving the lives of rare-disease patients.

Zhang, also vice chairperson of China Alliance for Rare Diseases (CARD), urged increased efforts to conduct epidemiological investigations and create a map of rare-disease case distribution in China to support the development and implementation of relevant policies.

Li Linkang, executive chairperson of the CARD, called on the general public to gain a greater understanding of rare diseases and illuminate the world of rare-disease patients with compassion and love.

“Caring for patients with rare diseases can rekindle their sense of hope,” Li added. 

Braving loneliness and unfamiliar cities, young Chinese professionals are flocking to alternative career options. Their choices reflect broader changes in the world’s second-largest economy after decades of breakneck growth.

Selina Cheng, who covered China’s electric vehicle market, said she was sacked less than a month after she was elected head of the Hong Kong Journalists Association (HKJA).

“I am appalled that the first press conference I am giving as HKJA’s new chair is to announce that I was fired for taking up this position in a press union,” she told reporters.

Cheng said she was told by her supervisor that employees “should not be seen as advocating for press freedom in a place like Hong Kong”.

A spokesperson for Journal’s parent company, Dow Jones, confirmed that personnel changes had been made, but declined to comment on Cheng’s case.

The Journal “continues to be a fierce and vocal advocate for press freedom in Hong Kong and around the world”, the spokesperson said.

“It is obvious to me that the fear and unease the press in Hong Kong have been facing for years now has equally affected the Journal’s management, even though they are far away on different continents,” Cheng said.

The Journal said in May it would move its Asia headquarters from Hong Kong to Singapore.

More than 18 months since abolishing stringent Covid-19 controls that weighed heavily on growth, a highly anticipated post-pandemic recovery has been less robust than leaders had hoped.

Soaring joblessness among young people is just one of the hurdles the world’s second-largest economy has faced, alongside a heavily indebted property sector and trade fraught by geopolitical tensions with the West.

But the unemployment rate for people aged 16 to 24 inched down last month to 13.2 percent, the National Bureau of Statistics (NBS) announced Wednesday, a slight improvement from 14.2 percent in May.

The figure, which excludes students, is the lowest recorded since authorities resumed publishing youth unemployment data in January under a revamped calculation method.

It had skyrocketed to a record 21.3 percent in June last year, before authorities suspended the release of figures for several months, citing a need to review methodology.

The jobless rate for people aged 25 to 29 stood at 6.4 percent in June, the NBS also said Wednesday, down from 6.6 percent the previous month.

The general unemployment rate remained steady at five percent.

However, the NBS figures paint an incomplete picture of China’s overall employment situation, as they only take urban areas into account.

President Xi Jinping said in May that countering youth unemployment must be regarded as a “top priority”.

Last month, 11.8 million students graduated from university in China, heightening competition in an already tough job market.

And authorities released more disappointing economic data on Monday, indicating slower growth and continued sluggish consumption.

Since Monday, Chinese leaders including Xi have held closed-door meetings in Beijing — scheduled to end Thursday — to discuss economic policy.

In an interview with Bloomberg Businessweek published on Tuesday, the former president was asked if he would defend self-ruled Taiwan from China, which claims the island as part of its territory. 

“I know the people very well, respect them greatly. They did take about 100 percent of our chip business. I think, Taiwan should pay us for defense,” he said, according to a transcript released by Bloomberg. 

“You know, we’re no different than an insurance company. Taiwan doesn’t give us anything.”

While Washington does not diplomatically recognise the island, it is a key partner and major weapons provider to Taipei, and recently passed a multi-billion-dollar military aid package aimed at countering Beijing in the region. 

Taiwan is also a major powerhouse in the crucial semiconductor industry, producing the majority of the advanced microchips needed to power the global economy. 

A leader in the field is Taiwan Semiconductor Manufacturing Company (TSMC), which has been a key beneficiary of Washington’s Chips and Science Act — passed in 2022 to attract companies to invest in building chip factories on American soil. 

Thanks to the law, TSMC is building two plants in the United States and announced plans for a third in April, bringing its total investment up to $65 billion. 

Trump lamented in the interview that Washington was “giving them billions of dollars to build new chips in our country, and then they’re going to take that too”.

“I don’t think we’re any different from an insurance policy. Why? Why are we doing this? They took almost 100% of our chip industry, I give them credit,” he said. 

Equities were mixed Wednesday while gold hit a fresh record as expectations for a US interest rate cut played up against the prospect of another Donald Trump presidency that analysts say could see inflation-fuelling tax cuts and tariffs.

While Wall Street saw another day of record highs owing to bets on lower borrowing costs and a more market-friendly White House, Asian dealers trod more cautiously as they also kept tabs on a key economic meeting of China’s leaders in Beijing this week.

Federal Reserve boss Jerome Powell ramped up hopes for a rate cut last week when he acknowledged prices were being brought to heel and told lawmakers that bank officials did not need inflation to fall to their two percent target before moving.

His remarks came as other decision-makers expressed optimism that the battle was being won, with governor Adriana Kugler adding her voice on Tuesday.

She said that if economic indicators remain favourable, “I anticipate that it will be appropriate to begin easing monetary policy later this year”.

“If the labour market cools too much and unemployment continues to increase and is driven by layoffs, I would see it as appropriate to cut rates sooner rather than later.”

However, she added that she would be inclined to hold rates higher if she was not confident inflation was coming down.

While inflation is slowing, the IMF said in its World Economic Outlook update that it remained sticky and could still cause headwinds. However, some economists warned the Fed was waiting too long.

Also Tuesday, data showed US retail sales smashed expectations, leading observers to lift their economic growth outlook.

“While the underlying sales picture may not be quite as good as the headlines, the fact is, the consumption component of gross domestic product (i.e. most of it) looks like being decent,” said National Australia Bank’s Ray Attrill.

He added that there was now a growing belief the Fed will cut rates as many as three times this year.

The dollar dipped on rate bets but is holding its own against its peers due to a surge in Trump trade bets that he will win re-election in November after the weekend assassination attempt and questions about incumbent Joe Biden’s health.

“The dollar is currently influenced by two conflicting forces, each driving its path in different directions,” said ACY Securities analyst Luca Santos. 

“The anticipation of a second presidential term for Donald Trump could lead to increased fiscal stimulus and new tariffs on US imports. This, in turn, could elevate US inflation, thereby boosting rates and yields. 

“On the negative side, market expectations for Federal Reserve rate cuts have been growing due to recent weaker-than-expected US inflation and economic activity data.

“Presently, the latter force appears to dominate, reflecting its immediate impact with the first Fed rate cut anticipated in the upcoming months.”

Equities swung in Asian trade after the Dow posted a second straight record and the S&P 500 pushed to a fresh all-time high.

Hong Kong, Sydney, Wellington, Manila, Bangkok and Jakarta rose, while Tokyo, Shanghai, Singapore, Seoul and Taipei dipped.

London, Paris and Frankfurt all fell at the open.

Gold pushed to a new record of $2,482.42 an ounce, rising past its previous record of $2,450.07 reached in May thanks to rate-cut expectations, before easing slightly.

The precious metal usually rises when borrowing costs are lower as it is more attractive as an investment and the weaker dollar makes it cheaper for traders using other currencies.

– Key figures around 0710 GMT –

Tokyo – Nikkei 225: DOWN 0.4 percent at 41,097.69 (close)

Hong Kong – Hang Seng Index: UP 0.1 percent at 17,744.72

Shanghai – Composite: DOWN 0.5 percent at 2,962.85 (close)

London – FTSE 100: DOWN 0.2 percent at 8,150.06

Euro/dollar: DOWN at $1.0900 from $1.0903 on Tuesday

Dollar/yen: DOWN at 157.84 yen from 158.39 yen

Pound/dollar: UP at $1.2988 from $1.2974

Euro/pound: UP at 83.92 pence at 84.01 pence

West Texas Intermediate: DOWN 0.2 percent at $80.62 per barrel

Brent North Sea Crude: DOWN 0.2 percent at $83.57 per barrel

New York – Dow: UP 1.9 percent at 40,954.48 (close)

“I am delighted to confirm Georges as the next HSBC Group Chief Executive,” group chairman Mark Tucker said in a filing to Hong Kong’s stock exchange.

“The Board concluded that Georges was the outstanding candidate and we look forward to working together as he leads HSBC through the next phase of development and growth.”

Elhedery will take over on September 2 from current CEO Noel Quinn, who announced his shock retirement in April.

Elhedery joined HSBC in 2005 and previously held the role of Co-CEO of Global Banking and Markets before being appointed chief financial officer in January 2023.

The Lebanon-born, French-educated banker also led the bank’s Middle Eastern, North Africa and Turkey region from July 2016 to February 2019.

Before assuming the role of CFO in 2023, Elhedery had a six-month sabbatical that included spending time learning Mandarin, according to Bloomberg News.

Elhedery has a “track record of leading through change, driving growth, delivering simplification, containing costs and brings a strong focus on execution”, Tucker said.

Elhedery said he was “deeply honoured” by HSBC’s trust. 

“Working together with our talented team, I look forward to delivering exceptional value to our clients and investors by driving strong performance on a sustainable growth trajectory,” he said in the filing.

HSBC said it will announce the next chief financial officer in due course.

Quinn will work with Elhedery to ensure a “smooth and orderly” handover before stepping down, the bank added.

Quinn, 62, oversaw a transformation of the London-headquartered lender and saw record profits during almost five years in charge.

Under him, the lender has accelerated a years-long pivot to Asia — where it generates most of its revenue — vowing to develop its wealth business and target fast-growing markets.

The bank has concluded the sales of its Canadian operations and its retail bank operations in France. It will also sell its Argentina division.

Quinn last year led the effort to repel a bid by major shareholder Ping An to spin off its Asia assets, with the proposal eventually voted down by shareholders.

The break-up bid highlighted HSBC’s precarious position amid US-China tensions, with some observers questioning whether Europe’s largest lender can continue to straddle East and West.

The ETFs, managed by Huatai-PineBridge Investments and Southern Asset Management, respectively, offer Chinese investors an option to broaden their investment portfolio by trading equities in the Middle Eastern state.

Both funds, tracking the FTSE Saudi Arabia Index which covers over 50 medium and large-sized firms, opened on a high note Wednesday and rose by the daily limit of 10 percent during the morning trading session, following 10 percent surges on Tuesday, the first day of launch.

The funds, which raised a total of 1.22 billion yuan (about 171.06 million U.S. dollars), rank among the top Qualified Domestic Institutional Investor (QDII) programs, reflecting the growing appetite of Chinese investors for overseas assets.

Analysts believe that the funds offer Chinese investors a new avenue to diversify their global asset allocation as well as access to the yet-untapped Middle Eastern market.

With the debut of the Saudi Arabia ETF, the cross-border ETF investment destinations on the Shanghai Stock Exchange now include the United States, Germany, France, Japan, South Korea, Singapore, Saudi Arabia and China’s Hong Kong.

By the end of May, there were 68 cross-border ETFs listed on the Shanghai bourse, with a total size of 207.5 billion yuan.

In November last year, Asia’s very first ETF tracking shares listed in Saudi Arabia launched in Hong Kong, which analysts described as a milestone in Hong Kong’s financial cooperation with Saudi Arabia and no less a landmark of financial connectivity along the Belt and Road.

China has long been working to expand the two-way opening-up of its capital market. The latest step came as the country recently granted quotas totaling 2.27 billion U.S. dollars to 53 institutions under the QDII program, a prominent channel allowing Chinese investors to trade overseas securities within a prescribed quota.

The move aims to meet the reasonable demand of Chinese residents for overseas investment, said Zhu Hexin, deputy governor of the People’s Bank of China, in a financial forum held last month in Shanghai, urging efforts to promote the cross-border investment business of equity investment funds.

Earlier, the Shanghai and Shenzhen bourses signed agreements with Saudi Tadawul Group in September and December last year, respectively, to enhance capital market links and explore potential cooperation opportunities in cross-listing, fintech, data exchange and research, among other areas.

The Shanghai Stock Exchange has vowed to further expand and improve cross-border connectivity mechanisms in the capital market, and steadily promote high-level institutional opening-up of the capital market.

The IMF maintained its forecast for global growth in 2024 at 3.2 percent, noting that Asia’s emerging market economies remain the main engine for the global economy.

Global activity and world trade firmed up at the turn of the year, with trade spurred by strong exports from Asia, particularly in the technology sector, the WEO update noted.

World trade volume is expected to grow by 3.1 percent in 2024 and 3.4 percent in 2025, each 0.1 percentage points higher than the April projection.

“Asia’s emerging market economies remain the main engine for the global economy. Growth in India and China is revised upwards and accounts for almost half of global growth,” IMF Chief Economist Pierre-Olivier Gourinchas said in a blog.

The revision for China’s growth prediction was announced in late May by the IMF’s first deputy managing director, Gita Gopinath, during a news briefing in Beijing following the conclusion of the IMF team’s 2024 Article IV Consultation for China.

The update also noted that the momentum of global disinflation is slowing, signaling bumps along the path. “Upside risks to inflation have thus increased, raising the prospect of higher-for-even-longer interest rates, in the context of escalating trade tensions and increased policy uncertainty,” it said.

“Further challenges to disinflation in advanced economies could force central banks, including the Federal Reserve, to keep borrowing costs higher for even longer. That would put overall growth at risk, with increased upward pressure on the dollar and harmful spillovers to emerging and developing economies,” Gourinchas said.

The IMF chief economist said it is “concerning” that a country like the United States maintains a fiscal stance that pushes its debt-to-GDP ratio steadily higher, with rising risks to both the domestic and global economy. “The increasing U.S. reliance on short-term funding is also worrisome,” he said.

Islamist Hamas later said it would be attending talks in the Chinese capital at what it called an “expanded factional meeting” this weekend.

“The movement responded with a positive spirit and national responsibility,” official Hossam Badran said in a statement.

Hamas was “keen on achieving national unity worthy of our Palestinian people… especially in light of the Al-Aqsa Flood battle,” he added, using the militant group’s name of its October 7 attack on Israel that set off the Gaza war.

Chinese foreign ministry spokesman Lin Jian said Beijing had “always supported all sides in Palestine to achieve reconciliation and unity through dialogue and negotiation”.

China, he said, was “willing to develop dialogue and reconciliation, provide a platform and create opportunities for all sides on the Palestine issue”.

“China is willing to strengthen communication with all parties and work hard to realise the aim of Palestine’s domestic reconciliation,” he added.

The two Palestinian groups have been bitter rivals since Hamas fighters ejected Fatah from the Gaza Strip after deadly clashes that followed Hamas’s resounding victory in a 2006 election.

Fatah sources said on Monday the Hamas delegation would be headed by its Qatar-based political chief Ismail Haniyeh, while the Fatah representation would be led by deputy head Mahmud Alul.

Asked about the comments on Tuesday, Beijing said it would “publish information at an appropriate time”.

The Islamist Hamas movement has ruled Gaza since seizing control of it in 2007.

The secularist Fatah movement controls the Palestinian Authority, which has partial administrative control in the Israeli-occupied West Bank.

Several reconciliation bids have failed, but calls have grown since the Hamas October attack and nine-month war in Gaza with violence also soaring in the West Bank where Fatah is based.

China hosted Fatah and Hamas in April but a meeting scheduled for June was postponed.

China has positioned itself as a more neutral actor on the Israel-Palestinian conflict than its rival the United States, advocating for a two-state solution while also maintaining good ties with Israel.

The empty seats belied China’s stubbornly high youth unemployment rate — a problem so pressing that President Xi Jinping has told top Communist Party (CCP) cadres it should be a “top priority”. 

His words have been seen by many analysts as a signal that reforms could be in the pipeline ahead of the ongoing Third Plenum, a meeting that has historically unveiled important changes in economic policy direction. 

Youth unemployment stood at 14.2 percent in May, official data showed — and last month, another 11.8 million students graduated from university, adding to the bottleneck. 

That number had soared to an unprecedented 21.3 percent in mid-2023 before officials paused publishing monthly figures. They began releasing them again in December after adjusting the calculation method. 

Hospitality and human resources firms dominated the small job fair in late May, one of many hosted by local authorities in anticipation of an influx of university leavers. 

“It’s difficult to find a job that matches your degree and aspirations,” one of the few young jobseekers at the fair, a data sciences student, told AFP.   

“Lots of college students actually have too high expectations,” said Julia Shao, who was recruiting for a restaurant chain. 

“They do not prefer this kind of basic position. They prefer… a fancy job.” 

 ‘Policy shift under way’

Xi specifically mentioned graduates in a speech to the CCP Politburo in May, noting that “more jobs should be created for them to apply what they have learned and what they are adept at”. 

His remarks follow “a steady drumbeat of comments from China’s leadership underlining the urgency” of the matter, Erica Tay, director of macro research at Maybank, told AFP. 

The issue has been hanging over the government for some time. 

Together with persistently low consumption and a long-running property sector crisis, the unemployment situation has been labelled a key culprit for China’s uneven post-pandemic recovery.

“While details in Xi’s comments are vague, it’s clear a policy shift is under way,” said Harry Murphy Cruise of Moody’s Analytics. 

“We expect policies aimed at reducing youth unemployment to be a key pillar of the discussions (at the Third Plenum).” 

Xi has said young people should be encouraged “to find jobs or start businesses in key fields (and) industries”. 

“Market-oriented and social channels should be expanded for young people to find a job,” he was quoted as saying. 

Murphy Cruise said he expected the government to increase wage subsidies to persuade companies to hire recent graduates, as well as create more work placements for students.

However, these were only “band-aid solutions”, he said. 

In the long term, “larger industrial and education policy reforms” were needed to ensure a better match between graduates’ skills and employer demands, he said. 

 ‘Lower expectations’

There is now a push to fill roles that “dovetail with key policy priorities” or where skills shortages exist, said Tay, like industrial upgrading and scientific innovation. 

With job opportunities drying up for those holding sociology, journalism and law degrees, she said, some kind of “government-sponsored earn-as-you-learn training programmes” might be needed to fill more in-demand roles. 

Near the law faculty of a top Shanghai university, final-year students said the job market was indeed tough. 

“Post-pandemic, it is a little more difficult than before,” 22-year-old Qian Le said, referencing recent layoffs and pay cuts at top Chinese law firms. 

“Even those who are already in jobs may not be able to keep them, so it may be more difficult for new people to get in.”

Qian and her classmate Wang Hui had both opted to pursue further study. 

“The economic situation is quite sluggish, many companies have gone bankrupt, and many jobs have been reduced,” Wang told AFP.  

China’s once-freewheeling private sector has slowed significantly, in part because of past government crackdowns on companies including tech giants and private tutoring firms.

Many young people are opting to study for civil service exams — seen as a more stable option — or like Wang and Qian, taking on post-graduate degrees. 

In March, universities urged their students to actively look for jobs instead, said Tay. 

But “competition is huge, and the number of undergraduates is gradually increasing every year”, Wang said. 

Karl Hu, another law student, said the difficulty was not in finding a job.  

The problem was finding “a suitable career” in terms of salary level and benefits, he explained. 

He himself had secured a good job at a bank, he said — but many would have to “lower their expectations”.

Hengqin authorities have introduced a package of measures to promote the development of the e-commerce eco-system, with such businesses in demonstration zones to benefit from financial support.

Top-rated zones can now enjoy 30 per cent of their fixed asset investment, capped at RMB100 million (US$13.8 million/ MOP110.87 million)

Zones that are still undergoing the stage of growth are eligible for up to 20 per cent of their fixed asset investment, capped at RMB20 million yuan.

Additionally, the former zones will receive operational subsidies of up to RMB20 million yuan per year, whereas the latter are eligible to up to RMB5 million per year.

Enterprises will benefit from various subsidies to reduce operational costs – covering office space rent, cross-border network connections, property purchases.

Moreover, they can receive a one-time settlement incentive of up to RMB20 million.

To support the establishment of cross-border e-commerce service providers, subsidies of up to 5 per cent of service fees will be granted – up to a maximum of 2.5 million yuan per year.

Businesses will also receive financial support for trademark registration abroad, establishing independent platforms, leasing overseas warehouses, obtaining logistics insurance, and building product selection centers for brand expansion overseas.

In order to recognise the rising trend of live-streaming e-commerce, support measures for this field include provisions for developing live-streaming e-commerce bases.

Eligible bases can receive subsidies of 50 per cent of their investment, up to a maximum of 3 million yuan.

Talent development is another focus of the support measures.

Collaboration between enterprises and major universities in Macau and mainland China was mentioned in the latest announcement, with e-commerce training bases eligible for a one-time subsidy of RMB500,000.

Tailored-made training programmes will be provided to attract young talent from Macau, with an annual subsidy of up to RMB1.5 million.

Up-and-coming talent who complete certified training courses and join enterprises in the cooperation zone can receive a subsidy of up to RMB2,500, which goes up to RMB4,000 for Macau locals.

To create a vibrant e-commerce atmosphere, event funding of up to RMB3 million will be provided to organisations that hold national e-commerce festivals, product selection events, and industry events that play host to at least 500 attendees.

Additionally, online and offline combined live-streaming festivals held in the cooperation zone or Macau can receive a maximum subsidy of RMB500,000 for events lasting up to three days.

The Swiss luxury group said overall sales dipped 1.0 percent to 5.27 billion euros ($5.74 billion) in its first quarter that ended June 30 thanks to growth in the Americas, Japan and Europe.

But sales in the Asia Pacific region excluding Japan — Richemont’s top sales area — fell by 19 percent to 1.8 billion euros, and by 27 percent in China, Hong Kong and Macau.

“The decline reflected both the low level of consumer confidence and the strong comparatives ranging from double-digit growth in the mainland to triple digits in Hong Kong and Macau over the prior- year period,” the company said in a statement. 

Data released Monday showed the Chinese economy’s growth slowed to 4.7 percent in the latest quarter that ended June 30, while retail sales growth dropped to two percent in June.

China has become a key market for luxury firms in recent years thanks not only to its rising ranks of millionaires but also the swelling middle class. But a property market crisis and slowing overall economic growth has chilled luxury spending. 

Burberry switched chief executives on Monday as it seeks to stem ‘disappointing’ sales, including a 21 percent drop in comparable stores sales in mainland China last quarter. 

Meanwhile Swiss watch group Swatch, which owns a number of luxury brands including Omega, reported a “sharp drop in demand for luxury goods in China”. 

Richemont’s quarterly performance was carried by its main jewellery division, which saw its growth edge two percent higher, while sales by its specialist watchmakers fell 14 percent. 

Japan posted the largest percentage gain in sales, soaring 42 percent to 603 million euros.

Sales rose by 11 percent in the Americas to 1.2 billion euros and added four percent in Europe to 1.2 billion.

Markets fluctuated Tuesday as rising expectations that Donald Trump will return to the White House played up against fresh hopes that the Federal Reserve will cut interest rates at least once this year.

Traders struggled to extend gains on Wall Street, where the Dow chalked up its first record since May, while the dollar rose with Treasury yields on speculation that another Trump tariff battle with China and likely tax cuts could push inflation higher.

Recent polls show the former president’s chances of beating incumbent Joe Biden have surged since the assassination attempt on him at the weekend, while his choice of JD Vance saw US futures extend gains.

“Increased market confidence after Saturday’s failed assassination attempt that Donald Trump will be re-elected president in November has been reflected in market movements across US Treasuries, equities and currencies since the weekend,” said Ray Attrill at National Australia Bank.

“The US yield curve is steeper, the dollar modestly higher and energy and banking stocks leading the charge in the S&P500.”

While the Dow led gains in New York, Asia investors were a little more cautious.

Hong Kong dropped more than one percent owing to further losses in the tech sector, while Sydney, Singapore, Manila, Bangkok and Jakarta also fell, though Tokyo, Seoul, Wellington, Taipei and Mumbai edged up.

Shanghai was slightly higher with traders awaiting policy measures from China’s leaders as they hold a key economic meeting this week.

London, Paris and Frankfurt were also down.

There was some support after Fed chief Jerome Powell reiterated comments pointing to a possible rate cut following a recent run of positive readings on inflation.

“We didn’t gain any additional confidence in the first quarter, but the three readings in the second quarter, including the one from last week, do add somewhat to confidence,” he said in an interview with David Rubenstein of the Economic Club of Washington DC.

He added: “If we were to see an unexpected weakening in the labour market, then that might also be a reason for reaction by us.”

Powell’s remarks came after he told lawmakers last week that Fed officials did not need to wait for inflation to fall to their two percent target before cutting.

Also Monday, San Francisco Fed boss Mary Daly said there was growing optimism that the fight against surging prices was being won, though she did say she wanted to see more data.

The dovish comments over the past week have sent bets on a September rate cut soaring, while some traders are eyeing as many as three by the end of the year.

Despite that, the dollar held its gains as the possibility of a Trump win increases.

“The confluence of political developments, economic data, and central bank actions continues to create a complex landscape for global currencies,” said Luca Santos, market analyst at ACY Securities.

Key figures around 0810 GMT –

Tokyo – Nikkei 225: UP 0.2 percent at 41,275.08 (close)

Hong Kong – Hang Seng Index: DOWN 1.6 percent at 17,727.98 (close)

Shanghai – Composite: UP 0.1 percent at 2,976.30 (close)

London – FTSE 100: DOWN 0.3 percent at 8,155.34

Dollar/yen: UP at 158.55 yen from 158.09 yen on Monday

Euro/dollar: DOWN at $1.0894 from $1.0902

Pound/dollar: DOWN at $1.2966 from $1.2970

Euro/pound: UP at 84.05 pence from 84.03 pence

West Texas Intermediate: DOWN 0.9 percent at $81.21 per barrel

Brent North Sea Crude: DOWN 0.8 percent at $84.18 per barrel

New York – Dow: UP 0.5 percent at 40,211.72 (close)

The Cambrian Explosion occurred around the early Cambrian period, approximately 541 million years ago. This period witnessed a rapid increase in the taxonomic diversity, morphological disparity, and ecological complexity of early animals.

Global oceanic oxygenation has been proposed to be the main driver of this rapid evolution. However, recent findings suggest the oxygen requirements needed to satisfy the basic metabolic needs of early animals may have been met.

Some view oceanic oxygenation as a consequence of the Cambrian Explosion rather than a cause, and oceanic oxygenation can interact with animal evolution via positive feedback loops.

Thus, the mechanistic relationship between oceanic oxygenation and early animal evolution remains mysterious.

To gain insights into marine habitability for the Cambrian Explosion, researchers from the University of Science and Technology of China analyzed excess barium contents and isotope compositions of Cambrian metalliferous black shales in the Yangtze Block of South China.

They discovered that global oceanic oxygenation across the Ediacaran-Cambrian transition may have increased the sulfate reservoir via oxidation of sulfide and concurrently decreased the barium reservoir by barite precipitation.

High concentrations of barium in water can inhibit the survival rate of aquatic animals. The removal of both sulfate and barium that are deleterious to animals could have improved marine habitability for the Cambrian Explosion of early animals.

The study was published in the journal National Science Review.

From Monday to Tuesday morning, heavy downpours lashed many parts of the province, with a maximum precipitation of 638.5 mm recorded in Sheqi County.

The meteorological observatory forecasted that from 9 a.m. Tuesday to 9 a.m. Wednesday, heavy rainfall would continue in some areas of the province, accompanied by strong convective weather, including thunderstorms and gales.

In the city of Nanyang, Level I emergency response for flood control was activated at 8 a.m. Tuesday as heavy rains battered the city from Sunday to Monday, according to the province’s flood control and drought relief headquarters.

As of 10 p.m. Monday, 382 teams had been dispatched for drainage and rescue work, and 6,417 residents had been relocated.

Braving loneliness, tough auditions and an unfamiliarly hot and humid climate, aspiring actor Guo Ting is determined to make it in China’s answer to Hollywood.

The 27-year-old from northern China quit her white-collar job in Beijing this year to move to subtropical Hengdian, home to major movie studios and casting agencies.

Guo is part of a trend of young Chinese giving up the traditional aspiration of a stable, mainstream job in exchange for alternative careers and a chance at self-fulfillment.

She has dreamed of becoming an actor since childhood, an ambition initially squashed by pragmatic adults around her.

But after a few years working in an office, Guo now believes “happiness is most important”.

Chinese media and online posts in recent years have drawn public attention to young people trading in their careers for a diverse range of other options, including a nomadic “van life”, becoming an influencer, or pursuing art.

While they remain a small minority, the growing discussion around their choices reflects broader changes in the world’s second-largest economy after decades of breakneck growth.

Some people, especially those from more prosperous backgrounds, now “try to redefine what is successful”, said Miao Jia, a sociology expert from New York University Shanghai.

“When they receive better education and after they have enjoyed the benefits brought by rapid economic growth, (young people) begin to think about what things can make you happy,” she told AFP.

Shifting norms

Guo’s decision to restart her career comes at a time of major shifts in how young Chinese people perceive work.

In recent years, more defeatist concepts like “lying flat” and “letting it rot” have gained popularity among those grappling with intense job competition.

At the same time, other jobseekers anxious about an ongoing economic slowdown and a volatile private sector have flocked to the “iron rice bowls” of civil service and state-owned enterprise jobs.

Many others have trouble finding work altogether, with youth unemployment reaching 14.2 percent in May.

“The younger generation in China is becoming more and more diverse than the previous generation,” said Miao of NYU Shanghai.

And while going to an office may be the norm for urban middle-class youth, for large parts of the country, desk jobs are a rare opportunity.

For Ouyang, a 20-year-old middle school graduate living in global trading hub Yiwu, the small fluorescent-lit office where he helps run an e-commerce business is a novelty.

In his hometown in central China’s Henan province, Ouyang, who asked to be identified by a nickname over privacy concerns, “did everything”.

“I was a restaurant server. It was very chaotic, and it felt like I was just killing time with work,” he said.

Put off by the lower pay in his hometown, Ouyang recently jumped at the chance to become a livestream seller of cheap goods after meeting online friends in the business.

‘Routine was meaningless’

Back in Hengdian, Guo prepared for an audition with a meticulous multi-step skincare routine in the apartment she shares with other film industry hopefuls.

Getting ready to play a corporate character working at a fictional firm, she rummaged through her wardrobe for an outfit similar to those she wore for her office job.

The casting agent’s office was next door to a community space run by an actors’ union, where dozens of people sat waiting for auditions and job interviews.

“I feel some pressure, because when you’re just starting, you don’t decide when to act in a film, the choice is in someone else’s hands,” Guo told AFP.

Currently, she only makes around 2,000 yuan ($275) a month from the handful of jobs she can secure.

“In the past, I had a stable monthly salary, and I never had to worry that I wouldn’t have enough to spend,” she said.

The change from the more social environment of her former workplace to a solitary freelance life was also hard to adjust to initially.

But Guo said she and her peers were motivated by more than just money.

The other Hengdian transplants she knows who left mainstream jobs “felt that following a prescribed routine was meaningless.”

By Jing Xuan Teng

The APSTAR-6E satellite is a geostationary orbit satellite based on the DFH-3E satellite platform, with a designed lifespan of 15 years.

As the first bird of the DFH-3E series, it is the world’s first telecommunication satellite to achieve fully autonomous orbit transfer from low Earth orbit to the geostationary orbit, the CASC said.

The satellite was launched by a Long March-2C carrier rocket from the Xichang Satellite Launch Center on Jan. 13, 2023. After separating from its independent propulsion module, the satellite was transferred to the synchronous orbit by its two electric propulsion systems.

It is used mainly to provide cost-effective, high-throughput broadband communication services for the Southeast Asia region. 

This is not a scene from a sci-fi movie, but a collaboration between UBTECH, a Shenzhen-based robotics firm, and Chinese electric carmaker NIO, highlighting the rapid advancement in China’s humanoid robot industry.

As competition intensifies among manufacturers, humanoid robots are increasingly being integrated into various sectors, with industrial applications leading the charge.

Earlier this month, UBTECH announced it would work with FAW-Volkswagen, one of China’s earliest joint venture automakers, to develop an unmanned car factory. This initiative aims to deploy UBTECH’s industrial humanoid robot, Walker S, at FAW-Volkswagen’s plant in east China’s Qingdao, where the robot will undertake tasks such as bolt tightening, component assembly, and handling automotive parts.

Experts consider industrial manufacturing, commercial services, and family companionship the primary applications for humanoid robots. Among these, industrial manufacturing is poised to lead the way.

At the Innovation Conference 2024 held in Shenzhen, a technology hub and metropolis in southern China, over the weekend, Pang Jianxin, vice president of UBTECH, said that humanoid robots were increasingly penetrating critical sectors of the manufacturing industry, including automobiles, computers, communications, and consumer electronics.

“The standardized nature of industrial manufacturing makes it an ideal initial application area for humanoid robots,” Pang said, highlighting that China’s robust industrial base provides fertile ground for humanoid robot development.

Deep integration into industrial manufacturing will significantly enhance the tool manipulation and task execution capabilities of humanoid robots, Pang said.

China aims to establish a preliminary innovation system for humanoid robots by 2025, according to a guideline from the Ministry of Industry and Information Technology. By 2027, the country will see a secure and reliable industrial and supply chain system, and related products will be deeply integrated into the real economy.

Chinese robotics firms are at the forefront of advancing humanoid robot technology, achieving significant breakthroughs in both lower and upper limb functionalities.

LimX Dynamics has tackled the challenge of dynamic motion control in humanoid robots’ lower limbs by developing specialized algorithms for motion planning, state estimation, and whole-body coordination. The company’s humanoid robot now performs continuous running motions, seamlessly synchronizing arm movements with lower limb actions.

Meanwhile, in the realm of upper limb design, companies like PaXini Technology are pushing boundaries in sensitivity and coordination. PaXini’s humanoid robot features tactile hands capable of distinguishing between the skin of an elderly person and that of a child.

Nie Xiangru, co-founder of PaXini Technology, emphasized the importance of tactile perception in human hands. To replicate this capability, the company independently engineered multi-dimensional surface array tactile sensors, enhancing the robot’s ability to perceive and respond with a flexible sense of touch akin to human capabilities.

Xiong Rong, a professor at Zhejiang University, said that humanoid robots were designed in the human form to maximize versatility and facilitate seamless integration into social environments.

According to a report released at the First Chinese Humanoid Robot Industry Conference in April, China’s market scale of the humanoid robot industry is predicted to reach 2.76 billion yuan (about 387 million U.S. dollars) in 2024 and 75 billion yuan by 2029.

Despite all the advancements, experts at the conference held over the weekend cautioned that the journey toward ubiquitous humanoid robot use is still in its infancy, particularly in complex household and commercial settings where human-robot interactions require flexibility and adaptability.

Pang said that the future development of humanoid robots required further research and development of high-performance motors, sensors and other core components.

“Perhaps new materials like artificial muscles could potentially revolutionize humanoid robot design, enabling a shift from rigid to flexible power-driven mechanisms,” Pang added. 

The world’s second-largest economy brought the dispute before the World Trade Organization in March, but following the failure of negotiations with Washington, it asked the WTO to “set up a panel of experts” to probe the issue, the ministry said.

In 2022, the United States announced a massive aid programme to support companies in the energy transition sector and electric cars manufactured on American soil.

The move was meant to counter Beijing’s subsidies for electric vehicles and the wider green industry within China, which has poured vast state funds into domestic firms as well as research and development. 

China has denied that its industrial policies are unfair and has repeatedly threatened retaliation to safeguard its companies’ legal rights and interests.

“No matter how one tries to package and embellish this law, it cannot change the discriminatory, protectionist” subsidies it calls for which violate WTO rules, Beijing’s commerce ministry said in a statement.

It added that the US law excludes “products from China and other WTO members, artificially sets trade barriers and pushes up the costs of the green energy transition”. 

The WTO dispute comes at a time when Beijing and Washington are locking horns over a series of trade issues, including customs duties, cutting-edge technologies and a possible ban on social media site TikTok.

“We once again urge the US to abide by WTO rules and stop abusing industrial policies to undermine international cooperation on climate change,” the commerce ministry said.

The United States had already announced in May that it was quadrupling customs duties on imported Chinese electric vehicles, with economic competition with Beijing at the heart of the US presidential campaign. 

The European Union (EU) also imposed up to 38 percent additional customs duties on imports of Chinese electric cars in July, the prices of which Brussels considers to be artificially low as a result of state subsidies.

A delegation of consular corps and business communities in Hong Kong has just concluded a five-day Hainan visit, eyeing further collaboration between the two dynamic export hubs of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and the Hainan Free Trade Port (FTP).

Inspired by the remarkable achievements of the Hainan FTP construction, the delegates were bullish on a promising converge of development needs between the two areas, which are close neighbors with complementary strengths.

“I’m quite impressed by the confidence with which the people here in Hainan introduce their hometown’s history, culture, distinctive industries and development strategy,” said Alexander Kaymer, co-founder and managing director of KAYRO Solutions of the Austrian Chamber of Commerce in Hong Kong and Macao. In fact, many in the delegation shared this sentiment with Xinhua.

“What lures investors to Hainan is that the people here are not just talking about having good and cheap beaches or clean air, that sort of homogeneous concepts, but concretizing the idea of green economy with such indicators as zero carbon and clean production, and really building green industries and eco-tourism into local brands,” said Johannes Hack, president of the German Chamber of Commerce in Hong Kong.

The Hainan Free Trade Port features a clear top-level design and blueprint, and focuses on building regional trademarks, Hack said, noting that Hong Kong, an international metropolis boasting edges in professional services, can help Hainan with attracting and utilizing foreign investment.

The two areas can recalibrate their roles in terms of investment categories, with Hong Kong being an ideal option for investing in the secondary market while the Hainan FTP being a suitable place for high-tech venture capital, he added.

“This is my first visit to Hainan, but it certainly won’t be my last. It’s amazing and worth more visits,” Ahmed Elbeshlawy, an analyst of the Consulate-General of the United Arab Emirates (UAE) in Hong Kong, told Xinhua, saying that he was impressed by the “richness” in Hainan, including the abundant resources, the diversified industries, and the untapped potential.

With experience in clean production, seed breeding and medical tourism, Hainan is a promised land for businesses, particularly ESG (environmental, social, and governance) investing, Elbeshlawy said. “It’s reasonable to believe that in the future, the relevant industries will emerge stronger, their scope of business expanding from the Chinese mainland to the wider world.”

The UAE government is currently leading a nationwide green push, he said, adding that Hainan’s optimal location, cost-effectiveness and inspiring experience in ESG will pool more global green and high-tech investments, including both Hong Kong-based multinationals and UAE enterprises.

Particularly, via the platform of the GBA, bigger enterprises can capitalize on a slew of measures to boost financial market interconnectivity including the Cross-boundary Wealth Management Connect Scheme and Shenzhen-Hong Kong Stock Connect, Elbeshlawy said, noting that this is where the development needs of the GBA and the FTP can converge.

Speaking about the visit to the Hainan International Commercial Aerospace Launch Center and the Wenchang Aerospace Supercomputing Center, David Whitwam, chairman of the New Zealand Chamber of Commerce in Hong Kong, told Xinhua that he was very excited to see these high-end facilities up close.

China has been deeply engaged in the aerospace field, and its technology ranks among the top globally, Whitwam said. “It’s a fresh experience to get to see so many industries, including space exploration, developing on Hainan Island simultaneously. Investors based in Hong Kong and those from New Zealand should really come and see for themselves.”

The five-day trip spanned across the whole island, covering such cities as Haikou, Wenchang, Qionghai, Danzhou, Changjiang and Sanya, which excel respectively in new energy vehicles manufacturing, biotechnology, aerospace, nuclear energy, medical tourism, seed breeding, deep sea technology, among others.

“When I think of a free trade port, I think of sort of heavy industry and shipping and those sorts of things. Whereas this is so much more (here in Hainan),” said Paul McComb, executive director of the British Chamber of Commerce in Hong Kong. “So in my sense it’s a bit of a gem, or FTP plus.”

Hong Kong, with its favorable business environment and internationally aligned legal and tax systems, remains highly attractive as an offshore venue for Chinese companies seeking to pool foreign talents, and Hainan, with its science parks, new productive forces as well as geographical proximity, can be a perfect place for such collaboration, McComb said.

Members of the delegation also shared their excitement about China’s newly enforced measure to grant five-year multi-entry travel permits to non-Chinese permanent residents in Hong Kong and Macao, bullish on future cooperation prospects between the GBA and the Hainan FTP as well as beyond with more exchanges.

China’s National Immigration Administration (NIA) announced on Monday that the country’s 144-hour visa-free transit policy has been expanded to three more entry ports, taking the number of ports covered by the policy to 37.

The three new ports are Zhengzhou Xinzheng International Airport in central China’s Henan Province, Lijiang Sanyi International Airport in southwest China’s Yunnan Province, and the Mohan railway port in Yunnan, the administration said in a statement.

Starting from Monday, eligible foreign nationals can enter China through Zhengzhou aviation port visa-free, with the stay limited within Henan Province. Also, people entering Yunnan visa-free are allowed to stay in more areas of the province. Previously, they could only stay in Kunming whereas now, they can visit nine city or prefecture-level areas including Kunming, Lijiang, Dali and Xishuangbanna, according to the NIA.

At present, foreign nationals from 54 countries such as the United States, Canada, and Britain are eligible for the 144-hour visa-free policy for purpose of short-term activities such as travel and business visits.

The NIA statement said the expansion of the visa-free policy is expected to provide more choices for foreign nationals traveling and doing business in China.

It said the 72/144-hour visa-free transit policy has played an important role in the country’s high-level opening-up, facilitating the exchange of people between China and other countries, and promoting exchanges and cooperation. It pledged to continue to improve and optimize the policy and welcome foreign visitors with a more open mind.

The NIA said earlier this month that China had recorded 14.64 million inbound trips made by foreigners in the first half of this year, up 152.7 percent year on year. Among them, 8.54 million entered China visa-free, accounting for 52 percent of the inbound trips and representing a year-on-year surge of 190.1 percent.

In addition to the expanded visa-free policies, China has also launched a series of other measures to facilitate the entry of foreign nationals and their stay in China, including relaxed visa application requirements and simplified procedures, exemption of border checks for certain transit passengers and more convenient mobile payment for foreigners.

The NIA expects the number of foreigners visiting China to continue to rise in the second half of this year.

As measures are making visits to China increasingly easier, the country has become a popular destination for overseas tourists. With more people posting their travel experiences in China on social media, “China Travel” has become a top trending search term on multiple global social media platforms.

China will continue to embrace the world with open arms, inject new dynamism into the world through its development and create more energy and enthusiasm for people-to-people exchanges, Foreign Ministry spokesperson Lin Jian said last week.

A Chinese software maker whose name is a homophone for “Trump wins big” soared in mainland trading on Monday after a failed assassination attempt on the former US president.

Images of a bloodied Donald Trump waving his fist after the gunman opened fire at a campaign rally in Pennsylvania have prompted bullish bets by Chinese traders that he will win November’s presidential election.

Shares of Wisesoft Co, whose Mandarin name “Chuan Da Zhi Sheng” sounds like “Trump wins big”, rose by the maximum daily 10 percent limit in trading on the Shenzhen Stock Exchange.

Speculative trading behaviour based on so-called “meme stocks” are common in mainland China, with dramatic swings in prices often unrelated to underlying business prospects.

Wisesoft’s shares surged to their daily limit last month following President Joe Biden’s poor performance in his first presidential debate with Trump.

They also spiked in 2016 after Trump won the presidential election.

Traders were not the only ones in mainland China to jump on the massive international attention the attempted assassination of garnered.

T-shirts featuring a viral picture of Trump following the shooting flooded online e-commerce platform Taobao within hours of the incident.

Many had been removed as of Monday, however, though they were still available for shipment from China on overseas platforms.

China’s President Xi Jinping on Sunday expressed his “compassion and sympathy” to Trump following the shooting.

Beijing and Washington have clashed in recent years on flashpoint issues from technology and trade to human rights as well as over the self-ruled island of Taiwan and the South China Sea.

Trump has vowed to step up a trade war against China if he returns to the White House.

In March, he floated levies of 60 percent or higher on Chinese goods, warning: “You screw us and we’l

Judicial police investigators have arrested the male suspect in the alleged murder of a Chinese national in Thailand.

The unemployed man, Ma Qingyan, aged 34, was found to have pawned a counterfeit watch in downtown Macau last week.

The incident was reported to local police, who later intercepted the suspect at the Taipa Ferry Terminal.

Further investigation later confirmed his identity as the mastermind behind the ransom kidnapping of TikToker Yan Ruimin, who arrived in Bangkok from Malaysia on her own.

The 38-year-old’s remains were recovered by Thai police last Saturday after she had been missing for at least 10 days.

Her friend told Thai investigators that she was heading for Phuket prior to her disappearance.

According to Thai police authorities, Yan was killed and her body dismembered sometime on 1 July in overgrown grassland in Bang Phra, Mueang district, Chachoengsao province, some 50 kilometres east of Bangkok.

One of the deceased’s relatives in mainland China, a brother-in-law, told local police that he had received a ransom demand of RMB1 million (US$140,000 million/ MOP1.1 million).

The suspect is believed to have made his way into Macau via Hong Kong on 2 July.

It was also reported that records of purchases in Macau were found on the victim’s WeChat account, suggesting that Ma may have travelled around the city for several days.

The Macau authorities said that the suspect had already been transferred to the Chinese mainland for follow-up.