China Business NOW

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

China achieves “unprecedented” economic growth in 2021-25, the NDRC said;

China's consumer prices slightly rebound in June.

Here’s what you need to know about China in the past 24 hours 

China's economy has demonstrated remarkable resilience during the 14th Five-Year Plan period (2021-2025), with its economic increment projected to exceed CNY35 trillion, an amount surpassing that of the third largest economy in the world, according to China’s economic planer on Wednesday. 

Over the first four years of the period, the economy expanded at an average annual growth rate of 5.5 percent, with 2025’s GDP expected to reach around CNY140 trillion, Zheng Shanjie, head of the National Development and Reform Commission, said at a press conference today.

“China's growth is an unprecedented achievement given its vast economic scale,” he said.

During the period, China became the most stable, most reliable and most positive force in global development, despite the shocks of the pandemic and trade bullying, Zheng said. 

Highlighting the great economic dynamism, Zheng said the country's total R&D expenditure surged nearly 50 percent, or CNY1.2 trillion yuan, from 2020 to 2024, and the number of registered private enterprises surpassed 58 million at the end of May 2025, over 40 percent higher than 2020.

China has been leading the global manufacturing industry for 15 years, with the output of about 220 kinds of major industrial products ranking first globally. The value-added manufacturing industrial output has surged by over CNY30 trillion annually since 2021, he added.

The country has established the world's largest and fastest-developing renewable energy system, with an installed generation capacity of two billion kW as of May 31, up 124 percent from December 2020, while energy consumption per unit of GDP decreased by 11.6 percent in the first four years of the period, said Zhou Haibing, deputy head of the NDRC.

More than 12 million new urban jobs has been added each year since 2021, indicating relatively sufficient employment in a developing country with a population exceeding 1.4 billion, Zhou said.

China's consumer price index (CPI), a main gauge of inflation, was up 0.1 percent year on year in June, reversing a 0.1 percent decline registered in the previous month, data from the National Bureau of Statistics (NBS) showed Wednesday. In the first half of 2025, the country's CPI posted a 0.1-percent decline compared with the same period last year. The producer price index (PPI), which measures costs for goods at the factory gate, went down 3.6 percent year on year in June.

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The shares traded on the Chinese yuan counter of the Hong Kong Stock Exchange will soon be included in the Stock Connect scheme linking the SAR with the Chinese mainland, according to the chief executive of the Securities and Futures Commission of Hong Kong. The SFC has been actively working with Chinese mainland regulators to promote the inclusion of the Chinese yuan counter in the Stock Connect, Leung Fung Yee said at the Bond Connect Anniversary Summit yesterday. Technical preparations are progressing smoothly, and related rules will be disclosed to investors soon, she added.

China's Ministry of Finance will issue sovereign bonds totaling CNY6 billion in Macao on July 16, the SAR government said Wednesday.

Lens Technology, a Chinese mainland manufacturer of touch-screen covers for Apple’s iPhone, rose in its Hong Kong trading debut after a HK$4.8 billion stock offering in the city. The shares jumped 9.1 percent on Wednesday, with a market cap of HK$5 billion.

The 15th National Games, to be jointly organized by Guangdong province and the Hong Kong and Macao SARs, will accelerate the integrated development of the Greater Bay Area, according to a news conference held in Guangzhou on Tuesday. The Guangdong-Hong Kong-Macao Road Cycling Race, as a part of the 15th National Games, will take place in the three regions. A green channel is also opened for ticket holders, with nationwide application for entry and exit documents. During the National Games, visitors can enjoy entry and exit without the need to show documents.

Industry and company news

Retail sales of passenger cars in China rose 18.1 percent to over 2.08 million units last month from a year ago, with that of new energy passenger cars jumping 30 percent to 1.11 million, data from the China Passenger Car Association showed yesterday. Such sales climbed 11 percent to 10.9 million in the first half from a year earlier.

BYD became the world’s first to achieve smart parking comparable to L-4 autonomy, the Chinese auto giant said on Weibo today. The firm pledged to fully cover the safety and losses for all users driving under its God's Eye smart driving system while parking in the country, without needing to go through the insurance process.

Chayan Yuese will start its overseas retail business expansion via e-commerce, the Chinese new-style tea brand said today. Its first stop will be North America, with its Shopify store and brand-operated shops on Amazon, TikTok, and others to open at midnight Pacific Time today.

Asia-Pacific highlights

Online discount-goods platform Shein privately filed for an initial public offering in Hong Kong, media reported. Founded in China but now Singapore-based, Shein previously filed an application to list on the London Stock Exchange last year but has yet to win regulatory approval.

China and Brazil signed a memorandum of understanding to study a transcontinental railroad connecting Peru's Pacific coast with Brazil's Atlantic coast, as part of a strategic export route, Brazil's Ministry of Transport said on Tuesday. 

Chinese leading biodiesel supplier Zhuoyue New Energy plans to invest CNY700 million to build a biofuel production base in Thailand. Located in Chonburi province, the project will be built in two phases, with combined annual production capacity of 400,000 tons, the firm announced yesterday. Zhuoyue is also building a biodiesel production facility in Singapore, with an annual capacity of 100,000 tons, scheduled to come on stream this year.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

BRICS Summit concluded on Monday in Brazil, urging to be vanguard in advancing global governance reform as it stands at the forefront of the Global South;

The PBOC will broaden onshore access to offshore bonds via Bond Connect with Hong Kong.

Here’s what you need to know about China in the past 24 hours

The 17th BRICS Summit concluded on Monday, offering a platform for Global South countries to voice their perspectives and demonstrate their commitment to building a more inclusive, equitable, and sustainable world.

Themed "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance", the 17th BRICS Summit is being held in Rio de Janeiro, Brazil, from Sunday to Monday. This was the first summit held after the latest member Indonesia and 10 partner countries joined the grouping. In addition, some emerging markets and developing countries, international and regional organizations were invited to attend the meeting.

The summit came as the international multilateral system continues to erode, the 90-day pause on additional tariffs imposed by the United States nears its end on Wednesday, and global trade, security and governance face uncertainty and new challenges.

Given the situation, all eyes were on the 17th BRICS Summit to see what kind of strategy the champion of the Global South and a stabilizing force in an increasingly volatile world comes up with to tone down differences and ensure a fair and balanced international order.

The leaders of countries participating in the meeting noted that the BRICS cooperation mechanism has continued to grow stronger and more representative, with its international influence rising steadily.

It has provided an important platform for Global South countries to defend their right to development, uphold international fairness and justice, and participate in the reform of the global governance system, they said.

The growing significance of BRICS on the global stage is increasingly clear, both in demographic and economic terms. With its recent expansion, BRICS now represents about 41 percent of the world's population, roughly 4 billion people.

The BRICS-led New Development Bank, which announced to have added Colombia and Uzbekistan as new members on Saturday, has emerged as a pioneering initiative for countries seeking sustainable and inclusive growth, experts noted.

Over the past decade, the NDB has approved more than 120 projects worth a total of US$40 billion, offering financial support to member countries across various sectors, including infrastructure, clean energy, environmental protection, and digital development.

GBA express

The People’s Back of China said on Tuesday more mainland-based institutions would be allowed to invest offshore through the Bond Connect scheme, with authorities planning to open it up to non-banking investors. The scheme enables onshore investors to access Hong Kong's bond market. Since the launch of Bond Connect eight years ago, it has become overseas investors’ preferred channel to access China’s bond market, with international holdings soaring fivefold to CNY4.4 trillion, said Bonnie Chan Yiting, CEO of Hong Kong Exchanges and Clearing (HKEX) at the program’s anniversary summit on Tuesday. 

Hong Kong is set to launch its stablecoins licensing regime as early as August, with approvals likely capped in the "single digits" this year, according to Financial Secretary Christopher Hui. Hui noted that stablecoins will serve “resolve difficulties and points of pain in the real economy”. He explained that one of the most precious use cases is to improve cross-border payments, especially in regions with unstable local currencies or underdeveloped financial systems.

Hong Kong-listed Chinese milk tea chains continued to surge today amid intensifying competition among major food delivery platforms, which rolled out large discount coupons to attract users. ChaPanda jumped 11 percent, Naixue rose 2 percent, and Auntea Jenny gained 4 percent in the morning session.

Industry and company news

China’s box office, including presales, exceeded CNY30 billion so far this year as of today, achieving the milestone 28 days earlier than last year, according to movie data tracker Beacon. Ne Zha 2, Detective Chinatown 1900, and Creation of the Gods II are the highest grossing films.

China plans to deploy over 100,000 high-power charging stations nationwide for electric vehicles by 2027, according to a policy issued by four central government agencies. The initiative focuses on supporting "charge-and-go" use to accelerate public acceptance of electric mobility. Following the announcement, shares of companies related to charging rallied sharply on mainland A-share markets, with Autosun rising 10 percent to the daily trading limit.

The ISO has released a new international standard for autonomous driving system test scenarios led by China. It outlines the evaluation process for test scenarios of autonomous driving systems, clarifies the requirements for evaluation indicators, and defines the general methods and characteristics of test cases, China's Ministry of Industry and Information Technology announced yesterday.

Asia-Pacific highlights

US President Donald Trump signed an executive order to delay the implementation of the so-called “reciprocal tariffs” to Aug. 1. Trump said yesterday that the US will impose tariffs of 25 percent to 40 percent on imports from 14 countries, including Indonesia, Japan, Malaysia, Serbia, South Africa, South Korea, and Thailand from next month. Japanese Prime Minister Shigeru Ishiba said on Tuesday that the 25 percent tariff is "truly regrettable," adding that he would continue negotiations to seek a mutually beneficial trade deal. While South Korea's Presidential Office said it needs to "make utmost efforts on negotiations with the US by putting national interests at the top priority.”

Ong Tee Keat, chairman of the Center for New Inclusive Asia in Malaysia and former Malaysian MP, told 21st Century Business Herald that the completion of negotiations on the China-ASEAN Free Trade Area (CAFTA) 3.0 is a pivotal step toward a “qualitative leap” in bilateral trade. During a recent interview, Ong said the upgraded agreement, covering not only merchandise trade but also investment and services, introduces new chapters on digital trade, green energy, digital economy, cross-border e-commerce, consumer rights protection, and competition policies—all centered on sustainable development. Ong noted that these additions will influence the Regional Comprehensive Economic Partnership (RCEP) to align with similar standards. Amid rising global trade tensions, the launch of CAFTA 3.0 emerges as a positive counterforce, reinforcing free trade and economic integration in the region, he said.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Legoland Shanghai opening sparks surge in local hotel demand;

HK tops global IPO rankings with 42 new listings in H1.

Here’s what you need to know about China in the past 24 hours 

Legoland Shanghai Resort officially opened to the public on Saturday, which saw visitors lining up early in the morning, many of them coming from Shanghai and nearby cities. 

Demand for accommodation in the area surrounding the resort soared in the days before the world's biggest theme park dedicated to the famous plastic toy bricks produced by Denmark's The Lego Group opened.

Hotel bookings for the summer holiday starting from July 1 in Jinshan district, where Legoland Shanghai opened on July 5, jumped four and a half times from a year earlier, according to data from travel agency Qunar. Local tourists accounted for about 30 percent of reservations, while the rest mainly came from Beijing, Qingdao, Chengdu, and Nanjing.

Besides hotels, many tourists picked homestay services, with relevant reservations in Jinshan district surging seven times for the two-month summer holiday from a year ago, according to data from homestay booking platform Tujia. Bookings for family rooms soared eight times.

Legoland Shanghai underwent nearly two months of internal testing and trial operations before opening to the public. Covering an area of about 318,000 square meters, it is the first Legoland in China and the 11th in the world.

Fiona Eastwood, chief executive of UK entertainment giant Merlin Entertainments, the park's operator, said China is the world’s second-largest theme park market and holds strategic importance for the company. She noted that building Legoland Shanghai, the largest Legoland park globally, took nearly a decade of careful planning and development. 

She added that the opening of the first Legoland resort in China marks an important step toward the company’s goal of becoming a leading global branded entertainment destination.

Families with children were a common sight, as both adults and kids were visibly excited. Despite the scorching summer heat and long queues, enthusiasm ran high, with eager crowds undeterred by the wait, according to a Xinhua live interview.

Cultural and tourism consumption, especially family-oriented activities, is one of the fastest-growing markets in China. Popular IPs like Disney and Universal Studios create emotional bonds across generations, boosting family travel and spending.

Liu Dingding, a veteran internet industry observer, said the opening of Legoland Shanghai Resort, together with Amazon China’s major summer sales event, reflects growing confidence among foreign businesses in China’s recovering consumer market. “These developments send a clear signal that foreign enterprises remain optimistic about China’s consumption potential,” Liu said.

GBA express

Hong Kong recorded 42 initial public offerings in the first half of this year, raising over HK$107 billion, about 22 percent higher than the full-year figure for 2024, and clinching the top spot in IPO fundraising worldwide, Financial Secretary Paul Chan Mo-po wrote in his Sunday blog. Exchange-traded products linked to different types of assets have become key in supporting the liquidity of Hong Kong stocks, especially during market fluctuations, he added.

InvestHK has supported over 1,300 overseas and Chinese mainland companies in establishing or expanding their businesses in the SAR from January 2023 to the first half of 2025, resulting in more than HK$160 billion in direct investment— more than double the target set by the government in 2022.

Shenzhen ports recorded 130 million inbound and outbound travelers in the first half of the year, up 16 percent from a year earlier, according to local border inspection data. Among them, over 3.4 million were foreign nationals, up 39 percent in the period.

Apple supplier Lens Technology has raised HK$4.8 billion after pricing its listing in Hong Kong at the top of the marketed range, media reported citing people familiar with the matter. The Shenzhen-listed company has sold 262.3 million shares at HK$18.18 each, the people said.

Visitors and Hong Kong residents on Monday bid farewell to the fleet led by the Chinese People's Liberation Army Navy aircraft carrier Shandong, the nation’s first domestically built aircraft carrier, after a five-day port call to the city.

Industry and company news

China and Brazil have signed a plethora of cooperation documents in fields such as infrastructure, pharmaceuticals, new energy, AI and development strategy alignment, part of their efforts to promote bilateral ties, according to the National Development and Reform Commission (NDRC) on Monday.

Chinese robotics startup AgiBot yesterday unveiled Lingxi X2-N, a next-generation humanoid robot featuring a dual-mode design that allows seamless switch between wheeled and foot-operated movement. AgiBot said X2-N redefines robotic mobility, marking a new era of intelligent navigation across complex terrains.

Xiaomi delivered the first batch of its YU7 electric SUVs yesterday. Founder and CEO Lei Jun handed over the keys and took photos with the new owners of the vehicle, priced between CNY253,500 and CNY329,900.

Tsinghua University-backed Robot Era announced today it raised nearly CNY500 million in a Series A financing round led by CDH VGC and Haier Capital. The proceeds will be used to advance humanoid robot technology R&D and accelerate mass production.

BYD and Legoland Shanghai Resort have inked a deal to collaborate on green mobility and immersive driving experiences to create travel systems for children aged two to 12, combining education with entertainment for future transportation, the Chinese EV giant said yesterday.

Chinese power bank maker Romoss suspended operations for six months from today due to the impact of a recall scandal, media reported. Most workers will be furloughed, receiving only 80 percent of Shenzhen’s minimum wage, while those directly involved in the recall incident will remain on duty. Romoss has closed its flagship stores on JD.com and Taobao. The 3C certifications for most of Romoss’ products were suspended, according to China's market regulator.

Asia-Pacific highlights

Emirates, one of the two flag carriers of the United Arab Emirates, has launched a new daily passenger service between Dubai and Shenzhen, marking the airline’s first new route to China in almost 10 years. It also plans to launch a new daily flight between Dubai and Hangzhou by the end of this month, and will upgrade its planes on the Dubai-Shanghai route.

South Korean carrier Jeju Air will expand its routes to Chinese destinations due to growing demand, adding a new route from Busan to Shanghai on July 25 and another from Incheon to Guilin on Oct. 1, both with four flights per week, the airline said today.

Cambodia has seen a remarkable increase in the number of Chinese tourists to its iconic Angkor Archaeological Park in the first half of 2025. A total of 47,571 Chinese tourists visited the UNESCO-listed world heritage site during period, up 25 percent over the same period last year and remained the fourth biggest source of international tourist arrivals, said the state-owned Angkor Enterprise's report.

In a recent interview with 21st Century Business Herald, Cambodian State Minister H.E. SOK Siphana said while the U.S. remains Cambodia's top export market, the country is actively diversifying export markets and products to mitigate risks, with its garment and footwear sectors showing remarkable flexibility and resilience. Siphana highlighted the critical role of RCEP in navigating global uncertainties. "As RCEP's largest economy, China's influence will drive regional integration and multilateral confidence," he said, emphasizing China's new market opportunities for RCEP members. Looking ahead to the second decade of the Belt and Road Initiative, Siphana stated Sino-Cambodian cooperation will focus on capacity building in industry and agriculture, prioritizing quality and standards. "The first phase centered on 'hardware' infrastructure, while the second phase will emphasize 'software' development," he added.

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li.

While many fans eagerly count down to the next FIFA World Cup, football fever has already surged through eastern China. Stadiums pulse with human waves, bars are packed, and social media is ablaze - all in celebration of an amateur football league known as the "Su Super League."

Named with tongue-in-cheek flair after the English Premier League and the Chinese Super League, the electrifying grassroots phenomenon has become an Internet sensation, eclipsing even the 2025 FIFA Club World Cup in domestic popularity.

Comprising 13 teams, each representing a city in Jiangsu Province, the Jiangsu Football City League has captured the hearts of millions. Five derbies in the league's fourth round drew an average of more than 25,000 spectators per match, surpassing the average attendance of China's top-tier league this year.

Despite featuring mainly amateur players -- more than 65 percent of whom have day jobs -- the league has attracted remarkable public attention, as related content has amassed over 7 billion views on Douyin, China's version of TikTok, as of last Friday.

But beyond the numbers lies something more profound. The euphoria on display is producing more than goals and glory - it is forging vibrant connections between sport, cities and communities, casting a powerful arc across China's sports economy and hinting at its untapped potential.

On the evening of June 15, a basement battle between home team Wuxi and neighboring Changzhou drew 25,655 fans, their cheers rising in thunderous unison. The local derby aired on 24 online platforms, racking up more than 20 million live viewers.

According to leading services provider Meituan, search volume for the league spiked more than 16 times over the previous week. As of June 13, cumulative online views of the tournament had surpassed 5 billion.

Despite China's struggles on the international football stage, passion for the sport runs deep in cities and communities across the country. Unlike its professional counterparts, the "Su Super League" draws players from all walks of life - high schoolers, couriers, IT workers and more.

The league's community-driven ethos has struck a chord. Originally priced at just 5 to 20 yuan, some tickets have been resold for as much as 620 yuan, reflecting the league's surging popularity. 

Some cities have bundled match access with tourism packages, transforming football fervor into a local-economy driver. Wuxi offers buy-one-get-one-free honey peach sales, free shopping mall parking, and 40 percent off taxi rides. 

Yangzhou opens state-run attractions for free on home-match weekends, with bundled discounts on hotels, restaurants and performances. 

Nanjing has even launched a direct high-speed train route exclusively for away-game fans, offering round-trip service to rival city Huai'an, with second-class fare discounts.

Summed up neatly in the words of one fan: "I came for football and received a gift from the whole city."

Launched with just six sponsors, the "Su Super League" now counts 20 - including industry giants like JD.com and Yili Dairy. Sponsorship bids have reportedly reached 3 million yuan, with advertising slots in short supply.

The league has become a carnival of local pride and sporting delight, where laughter, banter and hometown loyalty intermingle in the stands and online. That fervor has fueled a boom in local tourism and cultural consumption.

Government figures underscore the league's economic impact. From June 13 to 15, Wuxi's tourism and cultural spending via UnionPay hit 581 million yuan, up 21 percent from the previous weekend. Nighttime cultural spending alone jumped 31 percent on match day.

During the league's third round, which coincided with the Dragon Boat Festival holiday, six host cities saw intercity tourism and cultural spending rise 14.6 percent via UnionPay. Jiangsu welcomed 12.41 million visitors and recorded 4.69 billion yuan in tourism revenue.

The tournament has also driven strong demand for football field construction and equipment upgrades, according to CMG. From boots, jerseys, and fan towels to artificial turf and stadium facilities, related enterprises across Jiangsu are ramping up production to meet the surge.

At a recent provincial economic briefing, Jiangsu Governor Xu Kunlin urged officials to "fully leverage city football leagues to drive deep integration of culture, tourism, sports and commerce, and promote a consumption-driven economy."

"Sporting events now drive not only massive crowds, but also targeted tourism consumption," said Wu Guoping, chairman of a cultural tourism development company in Wuxi. "This is spurring cities to innovate and upgrade their tourism offerings."

The “Su Super League” has planted sports culture at the grassroots, and proven that the value of sports events extends far beyond the matches.

But what makes this league special is its deep roots in regional culture. Teams are nicknamed after the specialties of their cities - Wuxi is symbolized by honey peaches, while the provincial capital Nanjing by its famed salted duck.

Changzhou, still searching for its first win, has found unexpected fame through its dinosaur mascot and a flood of social media memes. Dinosaur Land, a landmark attraction in Changzhou, has seen a spike in popularity amid the buzz and related tourism campaigns. The land's cultural creative team swiftly launched a line of "dinosaur sister" plush toys, with sales surpassing 15,000 units as of June 22.

When fans flood social media with videos of inflatable peaches waving in stadiums or fighter jets releasing colored smoke during games, they’re not just cheering for teams; they’re showcasing the city’s vibrant spirit.

As one fan joked, "We’re not just watching football; we’re eating, shopping, and celebrating our hometowns all at once." This phenomenon reveals how a simple game can weave together community, culture, and commerce into a national sensation.

The success of cultural tourism lies in tapping into the inner needs of the general public. As China's economy grows, more people are seeking cultural and emotional fulfillment. The league has gained popularity and driven cultural tourism, precisely because it resonates with the emotional needs of everyday football fans and spectators.

From Village Super League and Village BA that went viral in 2022, to today’s "Su Super League,” together with phenomena across cinema, tech, design and sport in 2025 reveal an increasingly confident China that is telling its own stories in its own way.

They became new icons of Chinese culture and creativity which are not the result of top-down, state-led campaigns, but rather a dynamic expression of a nation that is becoming more diverse, imaginative and outward-looking.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Post-gaokao economy sweeps the country with shopping and travel spree, fueled by government and industry subsidies;

Guangdong motorists can apply for HK entry permits from November.

Here’s what you need to know about China in the past 24 hours 

With the results of China's national college entrance exams, or gaokao, now released, a significant wave of spending is sweeping the nation as 13.35 million high school graduates and their families embrace what has been dubbed the "post-gaokao economy".

The purchasing of the "tech trio" — smartphones, laptops and tablets — has become a near-universal ritual, often seen as a reward or necessities for university preparations. E-commerce platform JD.com reported that the sale of electronics during the "618" shopping festival, which coincides with the post-exam period, jumped 45 percent, accounting for half of all sales.

Governments and manufacturers are offering subsidies to encourage purchases. In Suzhou, Anhui province, combined national subsidies and vendor discounts could save graduates up to CNY800 yuan on a single phone. The city reported more than 77,000 subsidized transactions worth CNY280.7 million.

Meanwhile, graduates are also marking the end of high school with celebratory travel. Tongcheng Travel reported that bookings surged 137 percent year-on-year in the period after the exams, with long-distance travel particularly popular. Bookings on travel platform Qunar rose 35 percent.

China expects to set a new record high for air passenger traffic this summer. Airlines may handle 150 million passengers this month and next, a 7 percent increase from a year earlier and an all-time high for the summer season, according to a forecast by the Civil Aviation Administration of China. Daily passenger volume could peak at 2.6 million, surpassing the previous record of 2.48 million set during the Chinese New Year holiday on Feb. 3.

Rising demand is already evident in ticket bookings. As of June 26, domestic bookings for July had reached 17.9 million, up 5 percent on the previous year. International bookings rose 14 percent to 7.7 million, according to data from Umetrip.com, a flight information website.

GBA express

Guangdong motorists will be able to drive their own vehicles to Hong Kong from November, with a daily cap of 100 applications, Hong Kong’s transportation chief said on Wednesday. The southbound cross-border driving program, as a reciprocal arrangement of the Northbound Travel for Hong Kong Vehicles program implemented in July 2023, is expected to benefit various industries in Hong Kong and create more regional synergy. It will allow Guangdong vehicles with only Chinese-mainland-issued plates to enter the city through the Hong Kong-Zhuhai-Macao Bridge.

The nation’s first domestically built aircraft carrier, the CNS Shandong, sailed into Hong Kong Special Administrative Region waters on Thursday on its maiden visit to the city, accompanied by a powerful escort fleet. It makes Hong Kong the only city to have played host to two serving Chinese carriers, following CNS Liaoning’s 2017 visit for the handover’s 20th anniversary. The PLAHK garrison has distributed 10,000 free tickets through its WeChat account, with 2,000 allocated for tours of the Shandong anchored near Victoria Harbour.

Luxshare Precision, a Guangdong-based electronics manufacture and a major Apple supplier, is planning to list on the Hong Kong Stock Exchange, according to its announcement released on Wednesday on the Shenzhen Stock Exchange. The company went public in Shenzhen in 2010.  

Industry and company news

Synopsys said it received a notice from the US Department of Commerce that export curbs to China have been revoked, with the electronic design automation software supplier working to resume sales there. Some Chinese semiconductor companies told media they also got confirmation from overseas EDA firms.

Popular Chinese coffee chain Luckin ventured into Starbucks territory, opening its first two outlets in the US with splashy debuts in New York City. Drinks were priced as low as USD1.99.

CATL, the world's biggest maker of EV batteries, began operation of its first production lines based inside a carmaking factory. Two CATL assembly lines at Seres Group's mega-factory in Chongqing will make power cells for the group's premium EV brand Aito, which was developed in partnership with Huawei.

Chinese lithium battery maker Eve Energy opened a CNY10 billion facility in the northeastern city of Shenyang to develop electric car batteries capable of enduring extreme cold.  

China's central bank will require reporting of large cash purchases of gold under new anti-money laundering rules. According to the People's Bank of China, gold transactions of CNY100,000 or more in cash must be reported to a designated agency within five days, effective August 1.

The Chinese mainland’s three major stock exchanges stepped up the pace of approvals for IPOs last month. The Beijing, Shanghai, and Shenzhen bourses accepted 150 IPO filings in June, compared with 77 in 2024. The cumulative total for the first half of this year is 177.

Asia-Pacific highlights

Chinese bike-sharing firm HelloRide received approval from Singapore's Land Transport Authority to expand its fleet from 15,000 to 20,000 bicycles. Launched in 2022 with just 1,000 bikes, HelloRide's Singapore venture is a natural fit for a city that restricts downtown car traffic. The city now has licensed use of 55,000 share bikes, with local operator Anywheel managing 35,000 of them.

JD Property has partnered with Abu Dhabi Airport Free Zone to jointly develop and operate a 70,000-sqm, high-standard logistics infrastructure, marking the JD.Com-backed property service provider's first self-constructed project in the Middle East, media reported today.

The economic cooperation between China and Laos will not only enhance the connectivity of the two countries but also bring shared benefits for the whole of Southeast Asia, a Laotian business leader told Chinese media. Laos and China have formed a close political partnership, and now it is time to develop their economic relations as well and involve all the stakeholders from both countries, said Oudet Souvannavong, president of the Lao National Chamber of Commerce and Industry. "The connectivity between Laos and China will also enhance further connectivity of the rest of Southeast Asia," he said. With improved transport infrastructure and logistics including the China-Laos Railway, Oudet said it supports Laotian manufacturing, agriculture, and tourism alongside the railway. In addition, Vietnam's planned railway project to connect with China will further increase regional connectivity, which will create a boost for industries, said Oudet, adding that Laos is planning to build another railway to connect Vietnam.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

China's NEV makers post record H1 deliveries amid robust domestic and overseas demand;

Hong Kong IPO market surges in H1, with funds raised up 688%.

Here’s what you need to know about China in the past 24 hours 

Several Chinese new-energy vehicle (NEV) manufacturers have reported record-breaking deliveries for the first half of 2025, underscoring the sector's continued growth momentum despite intensifying competition.

BYD, China’s largest NEV maker, delivered 382,585 vehicles globally in June, which marked a new high for the year and represented a 10.5 percent increase year-over-year. Exports surged to 90,049 vehicles, more than tripling from June 2024 and marking the seventh consecutive month of record overseas sales.

In the first half of 2025, BYD sold over 2.1 million passenger cars, up 31.5 percent from the prior year. 

XPeng delivered 34,611 vehicles in June, up 224 percent year-on-year. The company delivered a total of 103,181 vehicles in the second quarter, setting a new quarterly record. In the first half, XPeng's cumulative deliveries reached 197,189 units, surpassing its full-year total for 2024.

Zeekr sold 43,000 vehicles in June, bringing total sales in the first half to 244,877 units, which is a jump of 14.5 percent from a year earlier. The Geely-backed premium NEV brand has forayed into over 60 international markets, with more than 1,200 stores across the world, serving nearly 2 million customers.

Leapmotor, a Chinese NEV start-up, reported deliveries of 48,000 vehicles in June, a new monthly record and a year-on-year increase of more than 138 percent. Its total deliveries for the first half reached 221,700 units, thanks to the company's ongoing overseas expansion efforts.

Xiaomi Auto, the EV arm of the consumer electronics giant, reported deliveries of more than 25,000 vehicles in June, just days after debuting its second model - the YU7, an all-electric SUV that bagged 240,000 orders in the first 18 hours of pre-orders on June 26.

Nio said its June deliveries rose 17.5 percent year-on-year to 24,925 vehicles, bringing cumulative deliveries in the first half to 785,714 units.

Dongfeng Motor's high-end smart EV brand Voyah also posted solid results, delivering 10,053 units last month, up 83 percent from a year earlier. 

While Li Auto's shipments plunged 24 percent in June from a year earlier to 36,279 vehicles. The firm delivered 111,074 autos in the second quarter, bringing its first-half deliveries to 1.3 million units.

Although overall growth in new vehicle sales is slowing, the NEV penetration rate in China is expected to rise further, driven by government-backed consumer incentives, technological innovation, and improving brand perception, industry analysts noted.

According to the China Association of Automobile Manufacturers, NEV production and sales in China both jumped more than 30 percent year-on-year in May, with the monthly penetration rate reaching a record high of 48.7 percent.

GBA express

In the first half of 2025, the Hong Kong IPO market boomed, according to data from Wind. A total of 43 IPO projects were completed, up 13 projects year-on-year. The total funds raised reached HKD106.7 billion, up 688 percent and exceeding the full-year total of HKD88.15 billion in 2024. As of June 30, there were 220 companies in the IPO queue, a significant rise from the same period last year. There were only 80 listing applications throughout 2024. According to consulting and accounting firm PwC, Hong Kong is on track to regain its position as the world’s top spot in global IPOs this year.

The Hong Kong Monetary Authority ramped up purchases of the city’s currency as it sought to defend a peg that has been strained by volatility in the greenback. The HKMA bought HKD20.02 billion after indicative pricing suggested the local dollar breached the upper end of its permitted trading range in late New York trading. That’s more than double the HKD9.42 billion it bought last week. 

Hong Kong plans to roll out a scheme this year that will allow cars in Guangdong to enter the city's urban areas. This came as Secretary for Transport and Logistics Mable Chan met her counterparts in Guangzhou on Monday to discuss details of the Southbound Travel for Guangdong Vehicles Scheme.

Industry and company news

Baidu Search today rolled out its biggest update in a decade, upgrading its search bar to a “smart box” supporting text inputs of over 1,000 words and adding enhanced photo, voice, and video queries. Users can now directly access AI tools, such as text and image generation, from the search interface.

Taobao announced today that it will issue CNY50 billion in subsidies for consumers and merchants over a 12-month period starting immediately. The spending incentives on Taobao's "flash purchase" feature will take the form of red envelopes – a digital form of traditional cash gifts – as well as discounts on products, deliveries and commissions, it added.

The sale of power banks without the 3C certification is prohibited in Huaqiangbei, the world’s biggest electronics market in Shenzhen, media reports today, citing vendors. The local market supervision authority had fined some vendors for selling non-3C certification power banks. Since June 28, only power banks with the 3C logo can be taken aboard flights, following a ban by China's Civil Aviation Administration.

BYD rolled out its first vehicle from its Brazilian plant yesterday. It took the Chinese carmaker only 15 months to build the passenger car factory as part of a BRL5.5 billion (USD1 billion) project in Camacari, with annual output expected to reach 150,000 NEVs while creating 20,000 jobs.

China opened 117 international air cargo routes in the first half of the year, adding more than 233 round-trip flights per week, according to the China Federation of Logistics and Purchasing. Major shipments included cross-border e-commerce goods, electronic products, auto parts, and fresh food.

Cities in China will allocate over CNY570 million in subsidies to boost summer consumption, Xinhua reported. The Ministry of Culture and Tourism will launch a nationwide campaign from July to August to introduce seasonal cultural and tourism products and activities, while local governments will give additional incentives such as consumption vouchers, ticket discounts, spend-and-save offers, and discounted packages.

Asia-Pacific highlights

Inbound tourism has recovered to 70 percent to 80 percent of the pre-pandemic levels, with Southeast Asian visitors resuming the fastest and Shanghai being among the top destinations, according to Trip.Com. The online travel agency sees a future boost of USD100 to USD200 billion in inbound travel.

Air China yesterday launched its first international flight using the domestically developed C909 jet. The route offers seven round-trip flights weekly between Hohhot, the capital of the Inner Mongolia Autonomous Region, and Mongolia's capital Ulaanbaatar.

TikTok launched its e-commerce service TikTok Shop in Japan on Monday that enables users to buy products directly through videos, marking the app’s entry into its 17th global market. The company has also been expanding its e-commerce operations with launches in France, Germany and Italy earlier this year.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Hong Kong celebrates the 28th anniversary of its return to the motherland, with CE stressing the city to be “reformer”;

China’s box office hits 29 billion yuan in first half of 2025, with "Ne Zha 2" concluding China run with over 15 billion yuan.

Here’s what you need to know about China in the past 24 hours 

Hong Kong Chief Executive John Lee has underscored the importance of carrying out reforms instead of being complacent, while urging Hong Kong to grasp opportunities to shine on the international stage.

In an address marking the 28th anniversary of the SAR's establishment on Tuesday, he said opportunities for the city outweighed challenges.

"We would rather be reformers who rise to challenges than become complacent idlers. Amid an ever-changing geopolitical landscape and constantly increasing uncertainties, Hong Kong is able to showcase exactly to the world the certainties of safety, stability and development opportunities," he said.

Outlining his vision for Hong Kong's future, the city chief pledged to balance high-quality development and security, fast-track the Northern Metropolis project and address livelihood issues.

Since the return of Hong Kong to the motherland 28 years ago, with the solid support of the central government and the continuous financial opening-up in the Chinese mainland, the attractiveness of Hong Kong as an international financial hub has continued to rise. 

According to statistics from the Hong Kong Exchanges and Clearing Ltd, the capitalization of the Hong Kong stock market reached about HKD43 trillion on Friday, 13.4-fold from HKD3.2 trillion at the end of 1997.

Hong Kong's financial market boasts mature institutions, transparent regulation, and free capital flows. Backed by strong support from the central government, it has emerged as a key asset allocation platform for global investors.

According to Deloitte China, the Hong Kong stock market held the No.1 spot in global fundraising in the first half of this year, with a total of HKD102.1 billion, followed by the Nasdaq and New York Stock Exchange.

With more innovative enterprises and new-economy companies listing in the city, coupled with the continuous expansion of the Stock Connect mechanism, Hong Kong's competitiveness in attracting high-quality businesses and global capital will continue to grow steadily, experts noted.

In terms of connectivity between the mainland and Hong Kong, with the rollout of initiatives such as the Stock Connect, Bond Connect, Swap Connect, Cross-boundary Wealth Management Connect, and the newly-launched cross-boundary Payment Connect linking users in the mainland and Hong Kong, two-way opening-up has continued to deepen, contributing to the stability and prosperity of Hong Kong's financial market.

As part of the July 1 celebrations, the city offers free rides and free museum visits to residents and visitors alike. Over 3,800 restaurants and merchants will also offer special promotions, with most eateries allowing patrons to pay only 71 percent of the original price, echoing the date.

GBA express

Guangdong province’s total trade with the Hong Kong SAR totaled CNY470.77 billion in the first five months of 2025, marking a year-on-year increase of 7.8 percent, official data showed on Monday. Guangdong remained Hong Kong’s largest trading partner on the Chinese mainland, accounting for 50 percent of the mainland’s total trade with the SAR. Conversely, Hong Kong ranked as Guangdong’s second-largest trading partner, contributing 12.6 percent to the province’s total trade volume.

Monday marked the one-year opening of the Shenzhen-Zhongshan Link, handling more than 31.5 million vehicle trips in its first year of operation, averaging 86,000 vehicles per day. As the world's first cross-sea cluster project that includes a bridge, island, tunnel, and underwater interchange, the 24-kilometer-long link connects Shenzhen, Zhongshan, and Guangzhou and enhances the integration of the one-hour traffic circle of the Greater Bay Area.

TF International Securities Group Ltd is seeking regulatory approval to offer a wide range of virtual asset-linked services in Hong Kong and kick-start growth outside the traditional brokerage business, media reports, citing a person familiar with the matter. The firm, a wholly owned unit of Shanghai-listed Tianfeng Securities, recently applied to the Hong Kong SFC to provide virtual asset in/out services, enabling investors to deposit and withdraw cryptocurrencies rather than traditional currencies when dealing in virtual assets, said the person.  

Industry and company news

China's box office exceeded CNY29.2 billion in the first half of this year, a 22.91 percent year-on-year increase, with more than half raked in by animated blockbuster "Ne Zha 2", followed by Detective Chinatown 1900 and Creation of the Gods II: Demon Force, according to China Film Administration. "Ne Zha 2" concluded its theatrical run in the Chinese mainland by the end of Monday, raking in total box office of 15.44 billion yuan with 324 million admissions, making it the most-watched and highest-grossing film ever in China.

China is expected to see 953 million railway passenger trips during the upcoming summer travel rush, which kicks off on Tuesday and last for 62 days until Aug. 31. The figure is 5.8 percent higher than the number of railway passenger trips recorded in the summer travel rush in 2024, China State Railway Group said on Monday. 

Finance, taxation, and commerce authorities on Monday unveiled a tax incentive granting foreign investors a 10 percent corporate income tax credit on direct domestic investments funded by dividends from Chinese resident companies. The measure, which takes effect from Jan 1, 2025 through Dec 31, 2028, allows unused credits to be carried forward and applies lower rates under existing tax treaties. Meanwhile, China yesterday granted USD3.08 billion in investment quotas to eligible QDII to meet the demand for overseas asset allocation and further support the institutions in conducting cross-border investment activities.

Asia-Pacific highlights

In the first half of 2025, the cross-border transport handled by China-Laos Railway hit a record high. According to the Mohan border in Yunnan Province, the Mohan railway port had processed more than 145,000 inbound and outbound passenger trips as of Monday, marking year-on-year increases of 16 percent and 3.5 percent, respectively. More than 4,400 cross-border trains were processed, up 6.4 percent year-on-year. Among the travelers, foreign nationals accounted for some 18.7 percent, a 14.4 percent increase from the previous year. Notably, more than 53 percent of these foreign arrivals entered under visa-free policies, up 6.2 percent. The top three nationalities were travelers from Laos, Thailand, and Malaysia.

Eve Energy, a major Chinese battery producer, said it will invest CNY8.7 billion to build an energy storage battery factory in Kulim, Malaysia after announcing plans to construct a second plant there less than a year ago. The new plant will take no more than two and a half years to build, Eve Energy said, without disclosing the annual production capacity.

Flights between Kunming in China's Yunnan Province, and Mandalay in Myanmar resumed on Sunday, restoring a key route that had been suspended after a powerful earthquake in March, according to China Eastern Airlines.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

China's manufacturing PMI edged up to 49.7 in June;

China yesterday conditionally resumed imports of aquatic products from certain regions of Japan.

Here’s what you need to know about China in the past 24 hours 

China's factory activity gauge improved slightly in June, but was still below the 50-point mark that separates contraction from expansion, official data showed on Monday.

Data from the National Bureau of Statistics showed that China's official purchasing managers index for the manufacturing sector came in at 49.7 in June, up from 49.5 in May.

Zhao Qinghe, an NBS statistician, said the improvement was mainly supported by the recovery in both supply and demand, with improvement in gauges for production and new orders.

The sub-index for production was 51 in June versus 50.7 in May, while the gauge for new orders came in at 50.2 in June, up from 49.8 in May, the NBS reported.

Notably, the PMIs for equipment manufacturing, high-tech manufacturing and consumer products sectors came in at 51.4, 50.9 and 50.4 in June, respectively, remained in expansion for a second consecutive month.

China's non-manufacturing PMI, which includes subindexes for service sector activity and construction, came in at 50.5 in June, up from 50.3 in May. However, the services PMI dipped slightly to 50.1 in June from 50.2 in May.

The country's official composite PMI, which encompasses both manufacturing and non-manufacturing activities, rose from 50.4 in May to 50.7 in June, indicating continued modest expansion in overall business activity.

GBA express

Hong Kong led the world in initial public offerings by value in the first half of the year, with 40 companies raising HKD102 billion. The top five share sales were battery giant CATL, Hengrui Pharmaceuticals, Haitian Flavoring & Food, Sanhua Intelligent Controls and bubble tea chain Mixue, according to professional services firm Deloitte. Mainland exchanges also reported a wave of IPOs, with 44 new Class-A share listings that raised CNY37 billion. In the same six-month period, 36 Chinese companies went public in the US, raising USD869 million.

The Shanghai Gold Exchange opened its first offshore warehouse in Hong Kong to bolster international trading of its contracts. The vault is operated by the Bank of China's Hong Kong branch.

China Southern Airlines Cargo is ramping up efforts to ensure fresh lychees from southern China make their way swiftly to markets across the country and around the world. As the lychee harvest hits its peak, air freight volumes have soared—over 7,000 tons of the fruit have been transported by China Southern since January 2025, with shipments experiencing a 40 percent week-on-week increase in late June alone.

Chinese mainland-based Lens Technology Co aims to raise up to HKD4.77 billion listing its shares in Hong Kong, a regulatory filing showed on Monday. The company, which makes glass and metal products used in smartphones and watches, will issue 262.3 million H-shares with a maximum offer price of HKD18.18 per share, it said in the filing to the Hong Kong exchange.

Industry and company news

Chinese technology giant Baidu said it will make its Ernie generative AI large-language model open source, beginning today, in what could be another "DeepSeek moment" in lowering the costs of artificial intelligence. 

More than 8.3 million passenger trips are expected to pass through two major airports in southern island province of Hainan as the summer travel season begins on Tuesday, airport authorities said. Meanwhile, Shanghai’s two major airports are expected to move 396,000 passengers a day during the summer vacation travel peak from tomorrow to Aug. 31, up 7 percent from a year ago. Some 150,000 flights will be operated during the period. 

China's Comac has delivered some 166 of its commercial jetliner C909, formerly known as ARJ21, over the nine years since its maiden flight, operating on more than 700 routes and transporting over 24 million passengers, the plane maker said on Saturday.

BYD started expansion works of its electric bus and truck plant in Hungary. The new 29,000 sqm production facility will triple the annual production capacity to over 1,000 electric buses and trucks and generate over 600 new jobs.

Asia-Pacific highlights

China resumed imports of aquatic products from specified regions of Japan, lifting a ban it imposed in 2023 after Japan began releasing treated wastewater from the Fukushima nuclear power plant into the Pacific Ocean. Imports from 10 prefectures, including Tokyo and Fukushima, will continue to be banned. China's General Administration of Customs said the partial lifting of the ban is based on the understanding that "international monitoring of wastewater discharge and independent sampling inspections by Chinese authorities show no abnormalities."  

Tourism authorities in Thailand will launch a new safety certification program for hotels, restaurants and shopping malls by August, in an effort to lure back Chinese visitors after a sharp decline in arrivals ahead of China's October National Day holiday season. The new certification initiative, called "Thailand Safe Travel Stamp," which will be granted to qualified hotels, restaurants, shopping malls, and tourism operators by August, local media outlets reported.

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Coming up on today’s program

China is confident in achieving healthy economic growth in 2025, with full-fledged government policy support, NDRC said;

Hong Kong unveils its second policy statement to boost use of digital assets.

Here’s what you need to know about China in the past 24 hours 

China is confident and also capable of minimizing the uncertainty and adverse impacts of external shocks, promoting sustained and healthy economic growth as existing stimulus policies take effect, to be reinforced by new pro-growth measures being planned by the government, according to the National Development and Reform Commission (NDRC), the country’s economic planner, on Thursday. 

The remarks came in response to a media question about assessing the impact of external factors such as sluggish global growth on China's economic outlook, given the OECD's lowered global growth forecast and a latest warning from JPMorgan Chase’s CEO about US bond market risks.

Facing a more complex and severe external environment, China has adhered to steady economic progress, aided by the government’s more proactive policies, said Li Chao, spokesperson for the NDRC. She noted that the economy has generally operated smoothly, with accelerated efforts to stabilize employment.

While the World Bank and OECD cut global growth forecasts, China's growth outlook remains stable, with Deutsche Bank, Morgan Stanley, and Goldman Sachs raising their forecasts for China, Li said. For example, Deutsche Bank analysts recently raised China's GDP forecast by 0.2 percentage points to 4.7 percent growth for the full year of 2025.

Speaking on the expanded policy support for equipment upgrade and consumer goods trade-in programs, Li noted that ultra-long special treasury bonds provide CNY200 billion in support for equipment upgrades. 

The first batch of approximately CNY173 billion has been allocated to around 7,500 projects across 16 sectors, and the second batch is currently undergoing project review and selection. 

For consumer goods trade-in, CNY300 billion in ultra-long special treasury bonds have been allocated, with the first two batches totaling CNY162 billion disbursed as planned in January and April.

To stabilize employment, Li said that the NDRC and the Ministry of Finance allocated CNY16.5 billion in 2025 central special investments for the work-relief programs, supporting over 3,900 projects nationwide which are expected to address employment and income issues for 380,000 people in difficulty. 

GBA express

Hong Kong on Thursday released its second policy statement on the development of digital assets to establish a framework for service providers. The government also plans to regularize the issuance of tokenized government bonds and incentivize the tokenization of real-world assets to enhance liquidity and accessibility. Guotai Junan International shares extended gains to a fourth day, bringing this week’s advance to nearly 300 percent. The broker obtained regulatory approval to offer trading services of cryptocurrencies in Hong Kong yesterday.

Hong Kong will launch its own drug and medical device regulator by late 2026, ending dependence on foreign approvals, Director of Health Ronald Lam Man-kin said on Thursday. The city will also begin setting up a mechanism for primary evaluation for new drugs in phases in 2026, with the goal of completing the setup in 2030, he added. Currently, to get registered in the city under the secondary evaluation system, western-style drugs need approval from at least two overseas regulators. Chinese medicines and medical devices are able to get primary evaluation in the city.

SF Express aims to raise nearly HKD3 billion through share placement to strengthen the firm’s cross-border logistics capabilities and R&D and optimize its capital structure, the Chinese courier said in a bourse filing today.

Reconova Technologies, a Chinese mainland AI company specializing in visual perception, is planning an IPO in Hong Kong as soon as this year, according to people familiar with the matter. The Intel Capital Corp-backed firm is said to be working with advisers on a share sale that could raise about USD100 million.

Industry and company news

Unitree Robotics’ annual revenue has surpassed CNY1 billion, founder and CEO Wang Xingxing said at the Summer Davos today. The time humanoid robots can be used in large quantities has not yet come, Wang said. AI robots will undergo stepwise development, and products need to be precisely aligned with the market, he added.

BYD said it has penned a supply agreement with Voestalpine for the leading Austrian steel producer to supply its new passenger car factory in Hungary. The deal covers sheet steel and makes Voestalpine one of the first confirmed supply partners for BYD's Szeged factory, the carmaker announced yesterday.

Geely said it will take a 26 percent stake in a Brazilian joint venture controlled by France's Renault in its first foray into Latin America's largest car market. The venture will manufacture and distribute both Renault and Geely brand vehicles.

China unveiled new regulations aimed at countering tax evasion and income concealment by online vendors. The rules, released in a policy document from the State Council, China's cabinet, require digital platforms to provide names and income figures on a quarterly basis for all merchants they host, beginning in October. Failure to comply is punishable by fines of up to CNY500,000 and possible suspension from operation.

Louis Vuitton unveiled its new cruise ship-shaped landmark today in Shanghai's Jingan district. The Louis includes a boutique store, a restaurant, exhibition spaces, and an outdoor terrace, the French luxury brand said, noting that it will open to the public from June 28, with visitors able to make reservations via a WeChat mini-program.

Asia-Pacific highlights

China has played a transformative role in expanding global connectivity, with its Belt and Road Initiative serving as a vital platform and successful example of fostering multilateral cooperation and infrastructure development, Qatar's Minister of Finance Ali bin Ahmed Al Kuwari said at the AIIB Annual Meeting in Beijing.

Foreign investment banks see a lot of opportunities in China with supporting policies such as lower cost funding for ESG, Kenya Yoshiura, president and vice-Chairman at Mizuho China, said at Summer Davos. Many foreign firms, including Japanese ones, are looking for business partners there, he added. 

PCG Global, a platform specializing in the development and management of commercial and industrial photovoltaic (PV) assets, formally entered the New Zealand market through a joint venture with Dreamhome Group, a local property and construction company, marking a new phase of integration for China's renewable energy expertise in global markets.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Summer Davos attendees are optimistic over China's prospects amid rapid AI and NEV progress;

Guotai Junan International soared after getting HK’s approval for cryptocurrency trading.

Here’s what you need to know about China in the past 24 hours

Industry representatives and experts from around the world showed strong interest in the booming opportunities within China's rapidly advancing technology industries during the ongoing forum, especially in areas like artificial intelligence (AI) and new-energy vehicles (NEVs).

Belgian multinational materials company Syensqo CEO Ilham Kadri has expressed strong optimism about the Chinese market during an interview with the 21st Century Business Herald.

“We were early to integrate generative AI into our innovation processes, sales channels, and Syensqo's proprietary SyGPT. Our Chinese OEM partners and local employees were among the first to use generative AI in daily operations. This, I believe, shows Chinese people's mindset and execution towards innovation,” said Kadri, who is also Co-chair of the Summer Davos.

Kadri noted that Europe is actively attracting Chinese enterprises to localize technologies. Syensqo aims not only to expand its presence in China's domestic market but also to partner with Chinese companies going global, particularly leading players in the electric vehicle industry, Kadri said.

In 2024, Syensqo and Nio announced the establishment of a joint laboratory to research and develop lightweight materials and battery technologies. To meet China's growing demand for EVs, the partners have doubled the production capacity of their joint factory in Jiangsu province since 2022, media reported.

"China contributed about 15 percent in our revenue in the global market, which has the potential to double in size,” Kadri said, adding that Asia-Pacific outperformed other regions.

GBA express

Guotai Junan International skyrocketed nearly 200 percent today in Hong Kong after it received approval from the city’s regulators to offer virtual asset trading services. Guotai Junan International’s subsidiary, Guotai Junan Securities (Hong Kong), has become the first Chinese mainland brokerage in Hong Kong to win the upgraded license, which allows its clients to directly trade cryptocurrencies, including Bitcoin and Ethereum, and stablecoins, such as Tether, on its platform.

Despite pressure stemming from US tariffs, the GBA has sustained solid momentum in foreign trade during the first five months of the year, customs data showed on Tuesday. From January to May, the nine mainland cities within the GBA posted a total import and export volume of 3.61 trillion yuan, rising by 4.4 percent year-on-year, 1.9 percentage points higher than the national growth rate, and accounting for 20.1 percent of China's total foreign trade. ASEAN, the Hong Kong SAR, and the EU were the region's top three trading partners in the first five months. 

The Hong Kong SAR government is partnering with local businesses and community groups to host over 100 events across the city in celebration of the 28th anniversary of its return to the motherland on July 1. As part of the festivities, public transportation operators, including the MTR, tram, and ferry, will offer free rides to residents and tourists alike.

MegaRobo Technologies Co is reportedly planning a Hong Kong IPO as soon as this year. The WuXi AppTec-backed company, which applies robotics and AI in life-sciences research, is working with advisers to raise USD300 million or above in the listing, media reports, citing people familiar with the matter. The Hang Seng Biotech Index has risen more than 50 percent this year.

Chinese mainland's Anjoy Foods Group aims to raise up to HKD2.64 billion from its listing in the Hong Kong Stock Exchange, a regulatory filing showed on Wednesday. The frozen food maker will offer about 40 million H-shares under the issue, with a maximum offer price of HKD66.0 apiece.

Industry and company news

Starbucks Corp is reportedly exploring strategic opportunities for its China operations, including potential partnerships or a partial stake sale, to reinvigorate growth in its second-largest market. The remarks followed market reports on Monday that Hillhouse Capital Group and other investors are considering buying it. On Tuesday, the US coffee giant told media that it remains "firmly committed" to the Chinese market and is "evaluating the best ways to capture future growth opportunities.”

In a display of the rapid recovering cruise economy, three large cruise ships — Costa Serena, Royal Caribbean’s Spectrum of the Seas, and Adora Magic City— docked at Shanghai’s Wusongkou International Cruise Terminal on Tuesday. Together, the three cruise liners handled 22,000 inbound and outbound passengers on a single day, according to Shanghai Baoshan, where the cruise port is located.

Seres Group said yesterday that its subsidiary, Seres Automobile, has bagged CNY5 billion in a strategic financing round, with investors including ICBC Financial Asset Investment and BoCom Investment. Huawei's carmaking partner noted that the funding would boost the unit's capital strength.

Xiaomi will unveil its first AI smart glasses at 7 p.m. tomorrow, the Chinese electronics giant said today. The product will feature a dual-core architecture with built-in cameras, which are expected to achieve photo effects similar to Meta Ray-Ban, a digital blogger revealed today.

Asia-Pacific highlights

Former Chinese Vice Minister of Finance Zou Jiayi was elected as the next President of the Asian Infrastructure Investment Bank yesterday, the Ministry of Finance said. The deputy secretary-general of the National Committee of the CPPCC will start her five-year term in January 2026. 

Chinese solar technology giant Longi Green Energy announced a 1.6 GW solar panel factory in Indonesia's West Java, partnering with Indonesia's state-owned Pertamina's renewable arm. Set to start preparations by June 2025, the project will significantly boost the country's solar production capacity and meet Southeast Asia's clean energy goals.

BAIC Foton Motor's sales unit signed a four-party MOU with Saudi Arabia government and local firm Petromin to jointly set up a plant for commercial autos in the region, the Chinese carmaker said yesterday.

China's Xiaomi will open its first brick-and-mortar store in South Korea on June 28 at the IFC Mall in Yeouido, Seoul's financial hub. The experiential showroom will feature the Xiaomi's full product lineup, including smartphones, tablets, TVs, home appliances, and IoT devices.

China remains one of the most important overseas markets for Singaporean businesses because its sheer scale is matched by a hyper-fast innovation ecosystem, often setting the global pace in e-commerce logistics, AI deployment and the renewable-energy arena, Ong Tze Guan, chairman of the Singapore Chamber of Commerce and Industry in China, told Chinese media in an interview on Tuesday. The chamber head said that "China's market size, resilience and dynamism invite Singapore firms not only to develop the Chinese market but also to pair Singapore's trusted regulatory framework, deep financing networks and ASEAN reach with Chinese technology, products and platforms for regional or worldwide rollouts.” Commenting on expectations for the high-level visit to China by Singaporean Prime Minister Lawrence Wong, Ong said the visit is viewed as a raising of the all-round high-quality future-oriented partnership and translate this high level of goodwill into deeper and more focused collaboration.