China Business NOW

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Chinese premier addresses opening plenary of Summer Davos, noting profound changes in the world's economic landscape;

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 

Chinese Premier Li Qiang said today that the international economic and trade landscape is undergoing a profound change, Xinhua reported. 

Li made the remarks when addressing the opening plenary of the 16th Annual Meeting of the New Champions, also known as the Summer Davos, in north China's Tianjin Municipality on Wednesday.

The global economic and trade system is becoming increasingly diverse, with the Global South rising rapidly, Li said, noting that while the growth of traditional trade is slowing down, emerging trade has grown against the odds.

Apart from impact on global institutions and multiplying regional collaborations, the world is also experiencing volatile declines of cross-border investment and growing risks of fragmented production and supply chains, Li added.

We should adopt a proactive approach and take constructive actions, unswervingly embrace inclusive economic globalization, safeguard free trade and multilateralism, and promote stable development of the world economy, Li told the forum.

The premier also noted that China is confident in and capable of maintaining rapid economic growth. 

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.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

AIIB's 10th Annual Meeting of the Board of Governors takes place in Beijing;

Chinese premier holds talks with Singaporean PM.

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

In the face of mounting challenges to global development, Asian Infrastructure Investment Bank (AIIB) president Jin Liqun believes that multilateral cooperation remains the surest route forward.

"The essence of multilateralism lies in cooperation that benefits all," Jin told Xinhua in an exclusive interview ahead of AIIB's 10th Annual Meeting of the Board of Governors, scheduled for June 24 to 26 in Beijing.

"As a multilateral institution, AIIB aims to serve as a bridge for both North-South and South-South collaboration," he said.

Founded in 2015 with 57 members, AIIB has grown to 110 members worldwide. Over the past decade, it has approved over USD60 billion in financing for 320 projects, mobilizing more than 200 billion dollars in infrastructure investment.

"Asia cannot thrive in isolation," Jin said, noting that while the bank's primary focus is Asia, its work also supports broader cooperation that contributes to meaningful development outcomes around the world.

Jin attributes the bank's progress to its strong commitment from the start to high standards and sound governance.

"We built AIIB to be lean, clean, and green, and these core values have resonated widely among our members," he said. "From day one, we embedded best practices drawn from other multilateral development banks into our policies and governance framework."

The bank is increasingly helping its members embrace the digital era. Last year, AIIB launched InfraTech Portal, a digital platform that shares comprehensive, neutral, and free information on infrastructure technologies.

Jin emphasized the growing importance of digital transformation in infrastructure development. "Artificial intelligence holds vast potential and offers developing countries an opportunity to leap ahead in their development,” he said.

Looking back at AIIB's first decade, the bank has achieved remarkable milestones. As of the end of May, the bank had issued over USD54 billion equivalent bonds across multiple currencies and has consistently maintained triple-A credit ratings from Moody's, S&P, and Fitch.

As the bank enters its second decade and prepares for a leadership transition, Jin called for a renewed commitment to multilateral cooperation and shared development.

China has nominated Zou Jiayi, a former vice-minister of finance, as its candidate for the next president of the AIIB. The presidential election will be conducted this week.

Chinese Premier Li Qiang will deliver the keynote address at the 16th Annual Meeting of the New Champions, commonly known as Summer Davos, which begins today in Tianjin. Li will also meet with government leaders and business representatives attending the two-day conference hosted by the World Economic Forum. His appearance comes as China seeks to reassure investors that China remains a beacon of calm in a time of geopolitical and trade tensions, and to emphasize its continued commitment to global collaboration, innovation, and quality development. About 1,800 attendees from more than 90 countries are expected at the conference, including the leaders of Ecuador, Singapore, Kyrgyzstan, Senegal, and Vietnam, along with executives from some of China's largest companies.

GBA express

Nasdaq-listed auto driving company WeRide filed for a public listing in Hong Kong, media reported. In May, the Guangzhou-based company received a USD100 million investment from Uber. The two companies plan to deploy robotaxi fleets in 15 new cities across Europe and the Middle East over the next five years. 

Hong Kong's railway operator MTR said yesterday that it would extend the two-month trial scheme that allows pet owners to travel with their cats and dogs on light rail trains on weekdays and public holidays to the end of August.

Industry and company news

Chinese airlines are ramping up efforts to expand their global networks as the summer vacation approaches. Starting from Tuesday, China Eastern Airlines is expected to open a direct flight from Xi'an to Istanbul. Juneyao Air on Monday launched a direct flight service between Shanghai and Vladivostok, while China Southern will open a new direct flight route from Guangzhou to Almaty on Wednesday, a new direct flight route from Guangzhou to Tashkent on June 30, and a new direct flight route from Harbin to Vladivostok on July 1. As of June 16, the number of inbound and outbound air ticket bookings for the first month of the summer travel season exceeded 3.8 million, up about 8 percent year-on-year, according to statistics industry information provider Umetrip.

Alibaba-backed bike-sharing company Hellobike has teamed up with Ant Group and CATL to create a new CNY3 billion robotaxi company aimed at accelerating adoption of L4 autonomous driving, where vehicles operate without human intervention.

Apple’s China website joined the national electronics subsidy program today, offering up to CNY2,000 discount on Mac laptops and up to CNY500 off iPhones, iPads, and Apple Watches. The deal is limited to Beijing online orders and Apple Stores in Shanghai.

China Post launched a new international cargo route yesterday connecting Zhengzhou and Luxembourg, with one weekly flight to start from and plans to increase frequency based on demand. The route surpasses traditional cross-border e-commerce, carrying high-tech and high-value goods, including pharmaceuticals and precision manufacturing parts.

BYD, China's leading EV maker, took delivery of its fifth car-carrying ship to meet demand for its vehicles overseas. The 220-meter-long ship has 16 vehicle decks with total capacity of 9,200 vehicles. It is powered by liquified natural gas clean-propulsion technology that reduces harmful emissions.

China, the world's largest gold producer and consumer, said it plans to increase production of gold and silver at least 5 percent in the next two years and upgrade the supply chain for the two precious metals. Last year, China produced 380,000 kilograms of gold, according to CEIC Data.

Asia-Pacific highlights

Chinese Premier Li Qiang and visiting Singaporean Prime Minister Lawrence Wong vowed on Monday during their talks in Beijing that the two countries will enhance bilateral ties, expand third-market cooperation, safeguard the multilateral trading system, and uphold unimpeded global industrial and supply chains. Li said that China stands ready to make full use of its bilateral cooperation mechanism with Singapore, implement their cooperation plan for the joint construction of the Belt and Road Initiative, and expand and strengthen flagship cooperation projects. Wong said that Singapore looks forward to maintaining close high-level exchange and cooperation in various fields with China, deepening friendship and mutual trust, and promoting flagship cooperation projects as well as exploring cooperation potential in emerging fields. Wong’s five-day visit starting on Sunday marks his first official visit to China since he took office as Singaporean PM in May.

The 9th China-South Asia Expo has secured 163 deals worth over CNY8.66 billion so far, according to a press conference during the ongoing event held in Kunming, Yunnan Province, on Monday.

Saudia Cargo, Saudi Arabia’s national cargo airline, announced on Monday its plans to set up a joint venture with a Hong Kong-based agent to expand its operations into China and the Asia-Pacific region. Named Saudia Cargo Global, the new venture aims to serve as a springboard for the global cargo carrier to tap into the Chinese market by leveraging Hong Kong’s position as a cargo hub in the e-commerce era.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Chinese economy shows resilience, a WEF official said ahead of the 2025 Summer Davos in Tianjing;

Payment Connect kicks off with 25,900 cross-boundary transactions between the Chinese mainland and HK.

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

China's economic development is taking a long-term view by investing in technology and human capability, which is evident in the way new industries have evolved, whether in green energy sectors or industrial transformation and advanced manufacturing, said Gim Huay Neo, managing director of the World Economic Forum (WEF).

In an exclusive interview with Xinhua ahead of the upcoming 2025 Summer Davos Forum, scheduled to run from June 24 to 26 in North China's Tianjin municipality, Neo said that the expected attendance of 1,800 participants at the forum, more than half of which being global businesses, signifies a strong interest in China as well as Asia as a whole.

Businesses and investors attending the Tianjin event will be looking to secure partnerships in advanced manufacturing, the technology sector, healthcare and other areas, she said.

Commenting on the investment environment in China and Asia, Neo said the "ingredients" in terms of policy coherence and consistency, availability of human capital, technology readiness and broader market support, are "pretty strong."

Notably, Neo stated that the Chinese economy has been more resilient during a time of global economic uncertainty. She said Asia is expected to contribute about 60 percent of global GDP growth this year, with China to contribute around 30 percent, citing projections.

"The outlook for Asia and China is still pretty strong," Neo said, adding that there will be a lot of interest and focus on China and Asia's potential during this year's upcoming meeting in Tianjin. "Specifically, we will have sessions around China's economic outlook, the approach to AI, as well as a broader innovation ecosystem."

Concerning rising global trade tensions, Neo said the WEF has a working group focused on trade and investment, seeking to bring businesses together with governments, academia and international organizations for constructive dialogue and forge win-win partnerships.

Neo said the WEF has a very long-standing friendship with China, and that the forum hopes to continue working with the Chinese government, Chinese businesses and Chinese people to bridge conversations between China, Asia and the rest of the world.

This year's Summer Davos Forum, also known as the 16th Annual Meeting of New Champions of the World Economic Forum, is themed "Entrepreneurship in the New Era" and will focus on five key areas -- deciphering the world economy, outlook on China, industries disrupted, investing in people and the planet, and new energy and materials.

GBA express

Payment Connect - a milestone program to facilitate cross-boundary transactions and payments between the Chinese mainland and Hong Kong - recorded 25,900 transactions on its first day of operation on Sunday, with the first real-time transaction carried out in Shenzhen. According to the Hong Kong Monetary Authority (HKMA), some 19,000 transactions, with an average value of CNY3,100 each, had flowed southbound from the mainland to the SAR as of 6 pm on Sunday. There were about 6,900 northbound transactions, averaging HKD800 each. Payment Connect refers to the linkage between the mainland's Internet Banking Payment System (IBPS) and Hong Kong's Faster Payment System (FPS). It supports real-time cross-boundary payment service for residents in both places, according to the PBOC. By simply inputting the recipient's mobile number or account number, residents in both places can make instant small-value cross-boundary remittances using Payment Connect.

At least 27 companies listed on mainland stock markets have announced plans or filed applications to sell shares in Hong Kong to tap offshore capital and expand international exposure. Eve Energy, Jinjiang Hotels, and Roborock are among those reporting progress toward initial public offerings, after food giant Haitian and auto chipmaker Sanhua debuted in Hong Kong this month.  

Hong Kong’s New Capital Investment Entrant Scheme (New CIES) has received nearly 1,400 applications since it was launched last year as the city’s asset and wealth management sector continues to record a “strong growth momentum”, Financial Secretary Paul Chan Mo-po said Monday. Chan said the applicants are expected to bring in potential investments of over USD5.2 billion.

High-speed rail commuters between Hong Kong and the Chinese mainland will be served with seven new stations from July 1, taking the number of mainland destinations that directly connect the city to 96. The new stations include Jingdezhen in Jiangxi province, and Furongzhen in Hunan province, as well as Shaoguan and Enping in Guangdong province.

Hong Kong has decided to extend its Elderly Health Care Voucher Scheme to Zhuhai to provide more convenience to elderly residents. Two medical institutions in Zhuhai - the Fifth Affiliated Hospital, Sun Yat-sen University and Zhuhai People's Hospital - will launch the Elderly Health Care Voucher Greater Bay Area Pilot Scheme starting from Thursday.

Industry and company news

Alibaba Group Holding has integrated its on-demand delivery platform Ele.me and online travel service Fliggy into its domestic e-commerce business group, marking a strategic shift toward building a one-stop platform for takeout, travel, and shopping, according to an internal memo. Ele.me and Fliggy will retain their own corporate management models but will work together and align decision-making and execution with the overarching goals of Alibaba’s China e-commerce business group, Chief Executive Eddie Wu wrote in an internal email to relevant departments today.

Meituan said today it is ramping up its instant retail push, with over 30,000 flash warehouses built nationwide. Xiaoxiang Supermarket will expand to all major Chinese cities, while its overseas version, Keemart, has launched trials in Riyadh and plans further global rollout.

Luckin Coffee, China's largest coffee chain by number of outlets, will open its first two stores in the US on June 30 in New York. Ahead of the launch, Luckin is hosting a four-day pop-up event from June 20 to today.

Hillhouse Capital recently joined Starbucks China’s reverse roadshow and showed interest in buying the US coffee chain’s local business, media reports today. The unit is reportedly valued at USD5 billion to USD6 billion. Other investment institutions, including Carlyle Group and CITIC Capital, also participated in the event.

The first trailer of Blood Message, NetEase's first single-player AAA game, got 8 million views on Bilibili since its release on June 20. Developed by 24 Entertainment Studio, the action-adventure, Uncharted-like game narrates the story of an unsung hero in the last years of the Tang Dynasty while exploring historical Chinese cultural landmarks such as Dunhuang.

Chinese scientists have successfully implanted a wireless "brain computer" in a human, resulting in a paralyzed man regaining control of parts of his body. China becomes the second country, after Elon Musk's Neuralink project in the US, to enter full clinical trials for invasive "brain-computer interface" technology.

China is accelerating the building of five major cities — Shanghai, Beijing, Guangzhou, Tianjin and Chongqing — into international consumption centers on a par with global metropolises such as New York, Paris and Tokyo, as part of the country's broader efforts to boost domestic spending.

Swiss-based EHL Hospitality Business School announced it has received approval from China's Ministry of Education to open the Hainan Lausanne Tourism University. The school's curriculum is aimed at training staff for the island province's booming tourism sector.

Nearly 500,000 cinema-goers have watched over 400 films from 71 countries and regions in 43 theaters during the Shanghai International Film Festival as of June 21, contributing CNY5 billion in economic benefit.

The USD550 million Legoland Shanghai Resort, the world's largest theme park based on the popular Danish building blocks, is set to officially open on July 5th. Trial operations began on Friday. The park is expected to attract up to 2.4 million visitors annually. It boasts eight themed areas, 75 interactive rides and a 250-room hotel – all constructed with over 85 million Lego bricks.

Asia-Pacific highlights

South China's Guangxi has announced new measures aimed at promoting high-quality, innovative development in both services trade and digital trade. One of the key initiatives is the development of a China-ASEAN cross-border e-commerce livestreaming base. By introducing new models like "e-commerce + livestreaming," Guangxi aims to help ASEAN businesses better showcase and sell their products in the Chinese market. Another example involves pilot programs for cross-border digital yuan payments.  

Flight bookings from China to the five Central Asian countries surged nearly 80 percent in the first half of this year, driven by an expanding network of air routes and deepening economic and trade cooperation. Air bookings to Central Asia jumped 78 percent year-on-year, according to online travel agency Qunar. Ticket sales to Tajikistan rose 70 percent, travel to Kyrgyzstan more than doubled, bookings to Kazakhstan climbed 85 percent, and reservations to Uzbekistan increased 62 percent.

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

As summer heats up, lychee fruit becomes one of the season's most sought-after treats. And guest what? In the sweltering summer of 2025, an historical drama exploded onto screens like a burst of ripe lychee juice, staining the Lingnan cultural landscape in vibrant red. 

Adapted from awards-winning author Ma Boyong’s sharp-witted novella, "The Litchi Road" galloped into hearts as Tang Dynasty low-ranking official Li Shande’s Herculean quest to deliver fresh lychees from Lingnan to Chang’an unfolded. 

This was simply “Mission Impossible”: Lingnan was a region roughly encompassing the provinces of Guangdong, Hainan, and Guangxi, even parts of Yunnan and Fujian provinces, while his destination Chang'an, was the country's then capital, now Xi'an, in Northwest China's Shaanxi province. The journey spanned over 2,500 kilometers and took more than 20 days on horseback, yet lychees only stayed fresh for three days.

For people living in northern China during ancient times, lychee was a luxury, most time, impossible to procure, even for the Emperor and his precious concubine Yang Yuhuan.

Starring actor Lei Jiayin as Li, the drama follows life-or-death challenge amid an already difficult life. How could Li devise a feasible method to fulfill the emperor's seemingly absurd demand? 

First aired on national TV and streaming sites last Saturday, the plots continue to unfold as Li manages to overcome obstacles inflicted both by nature and human, to reach an unlikely goal.

But this wasn’t your average period drama—it soon became a tidal wave, drowning social media in lychee emojis, emptying fruit stalls faster than a summer storm, and even redrawing China’s tourism map with lychee-shaped pins.

From its first episode, "The Litchi Road" smashed records like overripe fruit under a galloping horse. Tencent Video’s “binge-o-meter” hit a ridiculous 25,913 in just three days, catapulting it into the platform’s VIP club—reserved for shows so hot, they come with a fan and a cold drink.

Over on CCTV-8, it dominated the primetime viewership, snagging a 1.20% average rating and a peak of 1.38%—top dog among all dramas that summer.

The “lychee effect” continues to spill over to e-commerce platforms.  JD.com saw Guangdong lychee orders soar 560% year-on-year, while Meituan’s searches for “Guangdong lychee” spiked 143% in June.

Alibaba’s marketplace Taobao even went full Tang Dynasty, creating a virtual “Lychee Bazaar” with lantern-lit livestreams and merchants wearing ancient costumes selling lychees. The campaign racked up 600 million views.

Brands are also riding the lychee wave, as Pagoda, China’s premium fruit store chain, sold 110,000 packs of "The Litchi Road"-branded Feizixiao lychees in 48 hours—each box stamped with Li Shande’s exhausted face.

Dongguan, one of Guangdong’s lychee hub, dazzles with creative-lychee derived food. Locals craft sun-dried lychee snacks for herbal teas, ferment tangy lychee vinegar, and infuse rice wine with lychee notes. Trendy cafes serve lychee-oolong cold brews, rose-infused lychee spritzers, and lychee coffee tonics. Even savory innovations like lychee-stuffed sausages and dim sum appear in local feasts, as the city redefines lychee from fruit to cultural culinary icon.

The frenzy continues to charge into tourism market. Suddenly, Lingnan’s lush orchards and Chang’an’s bustling markets weren’t just backdrops—they became pilgrimage site for tourists and fans.

The crew teamed up with Guangdong’s tourism bureau to recreate the show’s “lychee relay” IRL—12 hours, 1,800 kilometers, and a convoy of refrigerated trucks dressed as Tang carriages. News outlets worldwide lost their minds, calling it “the sweetest logistics mission since the Silk Road.”

“A horse’s hooves raised red dust as it raced; no one knew the lychees were for the concubine’s smile.” Lychee, once a seasonal commodity, is now a symbol of Tang Dynasty romance, of modern marketing magic, and of how a 1,300-year-old poem can echo in a 2025 Luckin Coffee cup.

For millennia, lychees have been more than a fruit in Lingnan culture—they’re a living symbol weaving history, tradition, and economic life.

Native to southern China with 4,000 years of cultivation records, these ruby-red gems carry profound symbolism: their vibrant skin represents prosperity, while the sweet pulp embodies love and fertility in art and literature. In traditional medicine, lychees are revered for enhancing vitality and beauty, blending culinary delight with healing wisdom.

In Guangdong, the "lychee heartland," the fruit anchors local economies, with annual harvest festivals celebrating its role in community heritage.

From Han Dynasty records to modern-day cultural events, lychees illustrate how a simple fruit can transcend time—binding together agricultural tradition, artistic expression, and commercial life. Their story is a testament to human culture’s ability to invest nature’s bounty with meaning that spans dynasties.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

China will further advance the opening-up of its financial sector and capital markets, with Shanghai spearheading the efforts;

Guangdong Week at Osaka Expo kicks off next Friday, celebrating Lingnan’s cultural vitality.

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

China's Shanghai will basically evolve into an international financial center that matches the country's overall strength and global influence over the next five to ten years, according to a guideline released by China's Central Finance Commission, Xinhua reported Wednesday.

Six key measures to solidify Shanghai's role as a global financial hub are developing Shanghai's financial market, boosting financial institutions' capabilities, building a globally leading financial infrastructure system, expanding two-way financial opening-up, improving the quality and efficiency of serving the real economy, and ensuring financial security amid its opening-up efforts.

To implement the guideline, the National Financial Regulatory Administration and the Shanghai municipal government have issued an action plan, which introduced a series of measures aimed at enhancing the competitiveness and influence of Shanghai as an international financial center. These measures encompass areas such as improving financial services, expanding institutional opening up, and strengthening financial regulations.

At the Lujiazui Forum held in Shanghai on Wednesday, Pan Gongsheng, governor of the People's Bank of China (PBOC), the country's central bank, announced eight new financial measures, in a bid to further promote the construction of Shanghai as an international financial center.

Among these eight measures, four were aimed at strengthening financial infrastructure to facilitate the opening-up and yuan internationalization, including setting up an international operation center for the digital yuan.  

Three measures were announced to enrich financial products and services in the China (Shanghai) Pilot Free Trade Zone. The last one was dedicated to enhancing Shanghai's role as a financial center. Shanghai will pilot measures including cross-border financing, carbon reduction and sci-tech bonds, Pan said. 

China’s securities regulator also announced plans to relax listing requirements on Shanghai's Star market to allow easier entry for emerging technology companies with high potential but no profits yet. 

The CSRC said that participants in the "qualified foreign institutional investors" (QFII) program will be allowed to invest in exchange-traded fund options on domestic markets, starting October 9.

At the Lujiazui Forum, which is held from Wednesday to Thursday, under the theme "Financial Opening-Up and Cooperation for High-Quality Development in a Changing Global Economy," China's financial regulators also announced a raft of financial policies aimed at broadening China's opening-up in the financial sector.

GBA express

Guangdong will hold a three-day event at the China Pavilion in Japan’s Osaka Expo from June 27-29 under the theme "Green Guangdong, Smart Innovation for the Future,” China’s trade promotion commission told a press briefing today. Xie Huirong, Vice President of CCPIT Guangdong Committee, said the event will showcase Guangdong's intangible cultural heritages like Yingge Dance, Cantonese opera, and lion dance through innovative performances, presenting the vibrant blend of traditional and modern Lingnan culture to the world.  

Zhuhai’s Hengqin promoted its latest cross-border tourism offerings at the 39th International Travel Expo (ITE) Hong Kong, highlighting new joint tour routes with Macao aimed at international travelers. The special zone unveiled a 72-square-meter pavilion featuring local tourism brands such as Chimelong Group and Starry Town. The Hengqin delegation also engaged with Hong Kong tourism stakeholders to explore opportunities for cross-border travel cooperation within the Greater Bay Area. The four-day ITE attracted over 500 exhibitors from around 50 countries and regions and featured over 110 events.

Five Hong Kong universities secured positions in the top 100 of the 2026 QS World University Rankings released on Thursday, with the University of Hong Kong (HKU) rising to 11th globally — the highest place obtained by a Chinese university in the ranking’s history. In the Chinese mainland, Peking University ranked 14th, Tsinghua University climbed to 17th, and Fudan University jumped nine spots to 30th.

Industry and company news

BYD has sold more than 1.5 million Yuan models under the Dynasty lineup globally, the Chinese automaker said on Weibo. The subcompact SUV family includes the Yuan Up, Yuan Plus, and Yuan Pro, priced at CNY100,000 to CNY150,000.

JD.Com plans to launch hotel and travel services, providing supply chain services to the hospitality industry, the Chinese e-commerce giant said in an open letter to hoteliers yesterday. JD is offering hotel operators up to three years of zero commission if they join its "JD Hotel PLUS Membership Program.” JD aims to reduce operational costs for hotels and restaurants by two-thirds through supply chain services, said founder Liu Qiangdong.

Foshan Haitian Flavoring & Food Company rose on its Hong Kong “A+H” listing debut today. The company opened 3 percent higher before dropping to below the offering price of HKD36.3 midday, and ended up 0.55 percent. The company successfully raised a net amount of HKD10.1 billion by issuing a total of 279 million H shares.

Alibaba-backed MiniMax is considering an IPO in Hong Kong, people familiar with the situation said, in what would be a landmark industry debut for a Chinese mainland AI startup valued at about USD3 billion. MiniMax, one of the country’s so-called AI Dragons or Tigers, could aim to list as soon as this year, according to the people.

Hong Kong-based US insurance company AIA and Dutch life insurance giant Aegon have got regulatory approval to become the first wholly foreign-owned insurers to set up asset management subsidiaries in Shanghai, Li Yunze, head of the NFRA, said at the Lujiazui Forum yesterday.

The Exim Bank of China released on Thursday a CNY10 billion bond to stabilize foreign trade. With one-year maturity, the bond will be used to support Shanghai-based foreign trade companies. The product has already received much subscription from investors.

Pop Mart's popular Labubu 3.0 series debuted its first-ever online pre-sale on Wednesday, leading to a sharp drop in resale prices of the dolls. Last night, the Labubu vinyl plush doll 3.0 series restocked across multiple channels, and Pop Mart's official mini-program also introduced a pre-sale option for the first time. On some secondary platforms, a full set of six Labubu 3.0 blind boxes that previously listed at over CNY1,500, has dropped significantly to between CNY650 and CNY800, media reports.

Asia-Pacific highlights

JD Logistics launched an express delivery service called JoyExpress in Saudi Arabia yesterday. JoyExpress covers most regions of the kingdom and offers doorstep delivery options, including cash-on-delivery and same or next-day delivery.

Alibaba Cloud announced today it will open its second data center in South Korea by the end of June, three years after launching its first. The move aims to meet rising demand for AI infrastructure amid the growing adoption of generative AI services.

China Eastern Airlines signed a MoU with Auckland Airport yesterday to launch a new route connecting Shanghai, Auckland, and Buenos Aires in December. This will be the airline’s first entry into South America, creating the only direct air link between China and Argentina.

Shanghai signed a sister-city agreement with Almaty, Kazakhstan, during the second China-Central Asia Summit in Astana that ended yesterday. With this addition, the number of sister-city partnerships between China and the five Central Asian countries surpassed 100.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

HKEX is absolutely confident in having mainland giants, said CEO Bonnie Chan;

China's central bank unveils eight major financial opening-up measures at 2025 Lujiazui Forum in Shanghai.

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

Since Hong Kong Exchanges and Clearing (HKEX) reformed its listing rules in 2018, 33 Chinese firms listed in the U.S. have debuted in Hong Kong, accounting for over 70 percent of the total market value of all U.S.-listed Chinese equities. 

In 2025, Hong Kong’s IPO market is booming, with geopolitical tensions driving more leading firms from the Chinese mainland to seek secondary listings in Hong Kong.

In an exclusive interview with the 21st Century Business Herald, Bonnie Chan, CEO of HKEX, underscored the exchange’s readiness to accommodate mega-listings, categorically dismissing liquidity concerns. 

“The HKEX is absolutely confident in having these mainland giants," she said. "Quality enterprises attract capital naturally, and our market’s depth is proven."

The numbers speak for themselves: Hong Kong’s average daily trading volume hit HK$242.3 billion in the first five months of 2025, double the 2024 figure.

Last year, the market set a record HK$650 billion daily turnover, while 2025’s IPO proceeds of HK$773.46 billion in the first five months nearly matched 2024’s full-year total.

Notable debuts include CATL’s H-share listing, which became the world’s largest IPO of the year, attracting top global investors like Kuwait’s sovereign wealth fund.

Market focus now centers on whether HKEX will relax dual-class share restrictions. Of 27 U.S.-listed Chinese firms with over $1 billion in market cap, 22 currently fail to meet the exchange’s ownership rules.

Chan vowed more flexibility, stating HKEX reviews listing rules regularly "to serve the real economy," citing the "Technology Enterprises Channel" that has so far guided over 20 innovative firms through pre-listing processes.

The A+H listing model is gaining steam, fueled by policy support. China has optimized overseas listing procedures, while a new rule allowing Greater Bay Area firms listed in Hong Kong to dual-list in Shenzhen (H+A) promises stronger cross-market synergy.

"Liquidity begets more liquidity," Chan noted, highlighting CATL’s listing as a case where Hong Kong and A-share markets boosted each other’s trading activity.

Driven by economic resilience in the Chinese mainland and the intensifying trend of "de-dollarization" in the global market, Hong Kong has seen robust capital inflows. International placements for CATL’s H-share IPO accounted for 92.5 percent, with 23 global corner investors joining the offering.

"Investors are rediscovering Chinese assets as they reassess their portfolio," Chan said, emphasizing Hong Kong’s role as a gateway for global capital eyeing non-U.S. markets.

At the opening ceremony of the 2025 Lujiazui Forum held in Shanghai on Wednesday, People's Bank of China (PBOC) Governor Pan Gongsheng introduced a package of financial reforms aimed at modernizing China's markets and enhancing global integration. These include improved interbank market monitoring, international expansion of the digital yuan, and further development of offshore finance, credit systems, and monetary policy tools. A digital yuan international operation center will be set up to advance the currency's global usage and facilitate development of digital currency innovation, the PBOC head said. The central bank is also working with regulators to explore yuan-based foreign exchange futures trading. It will also support Shanghai in piloting innovative structural monetary policy tools.

GBA express

Shanghai and Hong Kong inked a joint action plan on the occasion of the opening of the Lujiazui Forum today, aimed at promoting the coordinated development of the two financial hubs, enhancing their respective strengths and increasing China’s influence in the global financial system. The action plan outlines 38 measures across six main areas. These include better linking of their financial infrastructure, co-developing financial products and services, and strategically complementing each other in offshore finance. The two cities plan to keep improving cross-border investment channels such as the Bond Connect and Swap Connect. They will also explore new areas of cooperation such as cross-border clearing, interconnection of gold trading, new application scenarios for the digital yuan in cross-border payments, and helping Shanghai financial firms to expand into the reinsurance sector through Hong Kong.

JD.Com will launch six innovative projects in the short term, including the issuance of stablecoins, according to the chairman of the Chinese e-commerce giant. JD aims to apply for stablecoin licenses in major global currencies to facilitate currency exchanges between enterprises, reduce cross-border payment costs by 90 percent, and shorten transborder payments to within 10 seconds, Richard Liu said at a media briefing yesterday, without disclosing any details about the other projects.

A Juneyao Airlines jetliner with Legoland livery flew on its maiden flight to Guangzhou from Shanghai on Monday. The Airbus A321 craft operated by the Chinese airline also carries the theme in interior décor. The airline is promoting China's first Legoland theme park, due to open in Shanghai next month.

Industry and company news

The Chinese yuan has become the world’s second-largest trade financing currency, governor of the PBOC said today. On a full-scale basis, the yuan is now the third payment currency globally, holding the highest weighting in the IMF’s Special Drawing Rights currency basket.

China National Chemical Engineering Group signed an agreement on the first coal-to-gas project in Kazakhstan with QazaqGaz Scientific and Technical Center at the China-Central Asia Summit in Astana yesterday. QazaqGaz operates Kazakhstan’s largest natural gas pipeline network, with an annual capacity of 255 billion cubic meters.

Cainiao today launched a new budget L4 unmanned express vehicle, the GT-Lite, which has started pre-sales at only 16,800 yuan after time-limited discounts, Alibaba’s logistics arm said today. GT-Lite is designed for short-distance transportation between express delivery spots, with a cargo-carrying range of 100 km.

China's online literature readership has swelled to 575 million, with those born after the year 2000 accounting for nearly a quarter of the total, according to a report released by the China Writers Association today. Around 2 million online literary works were added last year.

As of yesterday, the Harbin-Dalian high-speed railway (Harbin-Dalian HSR), China’s first high-speed railway built for extreme cold, has safely handled more than 1 billion passenger trips, the railway’s operator said.

The 2025 Summer Davos forum will be held from June 24 to 26 in China's northern Tianjin Municipality, with all preparations for the meeting finalized, the organizers said yesterday. The event expects around 1,800 participants from over 90 countries and regions.

The Western Tramway Project, Colombia's first regional railway connecting the capital Bogotá with nearby satellite cities, broke ground on Tuesday (local time), Chinese infrastructure giant CCECC said on Wednesday. The project is also the first large-scale infrastructure project launched in Colombia since it joined the Belt and Road Initiative in May.

Pop Mart’s inaugural global live‑stream on AliExpress today drew an audience of 240,000 from the UK, Canada, Australia, New Zealand, and other countries, with more than 10 best-selling items, including the hugely popular Labubu dolls, sold out within seconds.

Asia-Pacific highlights

China and five Central Asian countries, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan reaffirmed yesterday their firm support for each country's independence, sovereignty, territorial integrity as well as the principles of sovereign equality and the inviolability of borders, Xinhua reported.

China’s Cross-Border Interbank Payment System signed agreements with six foreign lenders to become direct participants of the Chinese payment system offering clearing and settlement services in yuan. CIPS will cover offshore yuan centers in Africa, the Middle East, Central Asia, and Singapore through foreign direct participants for the first time, further facilitating cross-border yuan use, CCTV reported.

China plans to add 11 more freight train runs for the China-Laos Railway, China-Europe freight train service as well as China-Central Asia train service to ensure a stable international supply and industrial chain between Asia and Europe, the State Railway Group said Tuesday.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

As China-Central Asia tourism heats up, travel agencies are launching more products amid growing visitor numbers; 

Nvidia will debut at this year’s CISCE, with US firms’ participation up 15%.

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

On Monday, China Southern Airlines flight CZ6051, with 173 passengers on board, departed from Beijing for Dushanbe, the capital of Tajikistan, the debut of the first direct air route connecting the two capitals, which will be serviced twice a week, on Tuesdays and Saturdays, CCTV reported.

Increased connectivity along with visa-free policies is contributing to the growing tourism exchanges between China and Central Asia, according to data from Chinese travel agencies, part of a broader trend of burgeoning ties.

This year marks the China tourism year in Kazakhstan and Uzbekistan's year of tourism in China. More and more Chinese tourists enjoy the convenience provided by visa-free travel agreements between China and Central Asian countries, including Kazakhstan and Uzbekistan, according to Xinhua.

Trip.com data showed that since the start of this year, inbound bookings from Central Asian tourists have risen by 106 percent year-on-year, with the number of bookings from Uzbekistan seeing a 164-percent increase. 

Cities such as Guangzhou, Hangzhou, and Beijing are among the top destinations for these travelers. Outbound travel from China to Central Asia has also increased 74 percent, with a 60-percent rise in bookings to Uzbekistan, per the Trip.com data.

Travel platform Utour reported that the number of Chinese tourists traveling to Central Asia so far this year has doubled year-on-year. On the Fliggy platform, bookings for flights to Kazakhstan and Uzbekistan have increased by 60 percent and 47 percent, respectively. 

In response to these trends, tourism firms are making arrangements to launch more products this summer. Shanghai-based Spring Travel is set to launch two Central Asia-themed tourism products, the In-depth Kazakhstan Tour and the Kazakhstan-Uzbekistan dual-country tour. 

Leveraging a new visa-free policy enacted on June 1, Uzbekistan intends to attract 1 million Chinese tourists in the medium term, according to Laziz Kudratov, Uzbekistan's minister of investment, industry and trade.

"We are establishing ourselves as a primary destination for tourists from around the world, and Chinese tourism is a useful index of this industry's recent growth. In 2024, we recorded an increase of 75 percent in the number of Chinese tourists visiting Uzbekistan," Kudratov said.

China is one of the most important sources of tourists for Kazakhstan too. Data from the Ministry of Tourism and Sports of Kazakhstan showed that in 2024, visits by Chinese tourists reached 655,000, up 78 percent year-on-year. 

GBA express

Hong Kong is a strong contender for the number one position in the global initial public offering market in 2025. Edward Au, southern region managing partner of Deloitte China said the firm maintains its full-year forecast of around 80 new listings in the city, raising funds between HKD130 billion and 150 billion. Louis Lau, partner and head of Hong Kong capital markets group at KPMG China, said the Hong Kong stock market hosted 27 IPOs in total in the first five months of this year, raising approximately HKD77.7 billion. This figure represents an increase of more than eight times that of the same period last year.

Shenzhen Stock Exchange announced on Monday that CATL has been added to the Southbound Stock Connect eligible securities list, with the adjustment taking effect immediately. CATL was added to Shanghai-Hong Kong Stock Connect on June 14.  The exchange also adjusted the constituents for major indices including the Shenzhen Component Index and ChiNext Index, adding more companies from emerging and high-tech industries.

Foshan Haitian Flavouring & Food Co has raised HKD10.1 billion after robust demand for its shares to be listed in Hong Kong that allowed the Chinese mainland’s biggest soy sauce maker to increase the deal size. The company sold 279 million shares at HKD36.30 each, the top end of the marketed price range. The fund-raising ends on Monday, oversubscribing by nearly 700 times.

Geely-backed ride-hailing firm Caocao announced today it will go public on the Hong Kong Stock Exchange on June 25. Caocao plans to issue 44.17 million shares at an offering price of HKD41.94 apiece, aiming to raise about HKD1.9 billion.

Reitar Logtech, an Hong Kong logistics technology firm, said on Monday it plans to apply for a stablecoin issuer license once the city’s new regulations take effect on August 1. Reitar aims to launch its own Hong Kong dollar-pegged stablecoin, RHKD, which will mainly be used for payments and settlements in cross-border e-commerce, logistics, and supply chains.

Hong Kong welcomed about 4.08 million visitor arrivals in May, a 20 percent year-on-year increase, primarily driven by the Chinese mainland’s May Day break, and major local events such as concerts and exhibitions. The Hong Kong Tourism Board said on Monday that tourist arrivals over the first five months of 2025 amounted to over 20 million, up 12 percent from the same period last year. Meanwhile, a total of 100 million inbound and outbound passenger trips were recorded in 2025 via checkpoints in Zhuhai connecting to Macao and Hong Kong by Sunday, 22 days earlier than last year.

The People's Bank of China will issue this year's fourth batch of central bank bills worth CNY30 billion with a maturity of six months in Hong Kong, with the SAR becoming the world's largest offshore yuan center.

Industry and company news

The 3rd China International Supply Chain Expo (CISCE) is scheduled to be held in Beijing from July 16-20, with participation already beating expectations. The number of US exhibitors has increased by 15 percent compared with last year, while chip giant Nvidia will debut at the expo this year, said Yu Jianlong, vice chairman of the China Council for the Promotion of International Trade, on Tuesday. Over 650 Chinese and foreign enterprises and institutions from 75 countries and regions will participate in the expo. Fortune Global 500 companies and leading enterprisesaccount for over 65 percent of all the participants.

China's COMAC penned MoUs with French aircraft engine maker Safran and US industrial products maker Crane on C929, the Airbus A330neo and Boeing 787 Dreamliner's competitor, at the Paris Air Show yesterday, where the Chinese planemaker showcased the basic models of C909, C919 and C929.

Tencent has launched a global algorithm competition aimed at attracting new professional talent, offering a prize pool of CNY3.6 million. The contest challenges teams of contestants to develop AI model recommendations using image, text and behavioral tools. The top team will win CNY2 million, and members of the top 10 teams will be eligible for full-time jobs.

China will roll out its departure tax refund policy in Dalian, northeastern Liaoning province, and central Hubei province from July 1, the finance ministry said yesterday. Overseas tourists can claim back value-added tax on eligible purchases made at designated tax refund stores before leaving the country.

China's cross-border e-commerce exports exceeded CNY2 trillion for the first time last year, up 16.9 percent from the previous year, China’s customs said yesterday. The US was China's largest export market, accounting for 36 percent.

Goldman Sachs issued a list of China's top private companies, dubbed the "Prominent 10," which it called a counterpart to the "Magnificent Seven" in the US. They are Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Pharmaceuticals, Ctrip, and Anta, which collectively represent USD1.6 trillion in market cap and make up 42 percent of the MSCI China Index. Goldman projects the "Prominent 10" will show 13 percent compound annual earnings growth in the next two years.

Asia-Pacific highlights

The opening ceremony of Kazakhstan's "China Tourism Year" was held on Monday at the National Museum of Kazakhstan, with around 300 guests from China and Kazakhstan attending. As a major highlight of the event, the exhibition titled "Silk and the Silk Road: From China to Kazakhstan" also opened on the same day at the National Museum.

Meitu, a Chinese photo and video editing app, has topped the App Store download chart in Cambodia, Laos, and Brunei within a week and the Photo & Video category on the App Store in 11 Southeast Asian and European countries.

The Labubu fever is now sweeping Australia, with customers forming long lines at stores for the toys in major cities, per media reports. The quirky monster dolls from Chin'a Pop Mart are drawing huge crowds, including many adult shoppers, to stores in Sydney, Melbourne and Brisbane.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

China’s economy displays resilience in May, bolstered by government’s pro-growth policy package;

China and Central Asia see robust trade this year.

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

China’s economy withstood pressures, maintaining stable growth momentum in May, as its resilience is bolstered by the government’s latest package of stimulus policies, official data showed on Monday.

In May, the total value added of industrial enterprises above the designated size grew by 5.8 percent year-on-year, while from January to May, it increased by 6.3 percent, according to latest data released by the National Bureau of Statistics (NBS).  

Notably, the value-added of equipment manufacturing sector rose by 9.0 percent, and that of high-tech manufacturing grew by 8.6 percent, both outpacing the overall industrial growth rate, indicating a strong development momentum.  

On domestic consumption, market sales rebounded significantly in May, with rapid growth in goods related to the trade-in programs, the spokesperson told a press conference on Monday.

NBS data showed that total retail sales of consumer goods reached 413.26 billion yuan, up 6.4 percent year-on-year, accelerating by 1.3 percentage points from a month earlier. 

The services sector growth has gained pace, with modern services maintaining strong momentum. In May, the national services production index increased by 6.2 percent year-on-year.

Fixed asset investment continued to expand, with manufacturing sector investment growing rapidly. From January to May, national fixed asset investment (excluding rural households) rose by 3.7 percent year-on-year. 

Investment in the information service sector rose 41.4 percent, while investment in aviation, aerospace, and equipment manufacturing grew by 24.2 percent year-on-year.

The average surveyed urban unemployment rate in the first five months stood at 5.2 percent. In May, the rate was 5.0 percent, down 0.1 percentage points from April.  

With the continued release of policy effects and the visible results of macro measures to stabilize economic development, China’s economy has maintained generally stable performance with steady progress seen in May, which demonstrated its resilience and vitality, said NBS spokesperson Fu Linghui .  

However, Fu cautioned that external uncertainties remain abundant, while domestic demand still requires stronger internal momentum, and the foundation for sustained economic recovery needs further consolidation.  

China's yuan-denominated foreign trade with the five Central Asian countries of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan jumped a record 10.4 percent to 286.4 billion yuan in the first five months from a year earlier, according to China's General Administration of Customs on Sunday. The data came as the second China-Central Asia Summit is scheduled to take place in Astana, Kazakhstan from June 16 to 18, according to Xinhua. China's trade with the five Central Asian countries expanded from 312.04 billion yuan in 2013 to 674.15 billion yuan in 2024, up 116 percent. The average annual growth rate reached 7.3 percent, 2.3 percentage points higher than the average rate of China's overall trade during the same period.

GBA express

Macao will implement a new visa policy to allow citizens from Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman to enter the special administrative region of China without a visa or with pre-entry permission, CCTV News reported.

Hong Kong Chief Executive John Lee Ka-chiu announced the start of public consultation for his fourth Policy Address, set to be delivered in September. The government will gather input from residents and stakeholders to shape policies aimed at driving reform, enhancing competitiveness, and improving livelihoods, he said. In a social media post, the Hong Kong leader emphasized that reform and innovation remain key priorities for Hong Kong’s development.

InvestHK and the Hong Kong Science and Technology Parks will lead a delegation on Monday to showcase the city’s unrivaled advantages and opportunities as a global biotech hub during a major international convention in the United States. The delegation comprises of 16 life science and health technology companies and will attend the BIO International Convention 2025 in Boston.

Industry and company news

The 4th China-Africa Economic and Trade Expo wrapped up with fruitful results, as the event, after review by the organizing committee, announced 176 signed projects with a total value of USD11.39 billion, up 45.8 percent in project numbers and up 10.6 percent in project value compared with the previous edition, the organizers said on Sunday.

Baidu announced its largest-ever AI talent hiring program to recruit top AI professionals, with a 60-percent increase in positions compared with last year, media reported on Sunday. The program covers 23 core businesses and 11 research areas, focusing on cutting-edge AI fields such as large language model algorithms, machine learning and speech technology. To recruit top campus talent, the program offers salaries with no upper limit.

Pop Mart has opened the first store of its jewelry brand Popop in Shanghai. The store features accessories inspired by the Chinese toymaker’s most popular characters, including Labubu, Molly, and Crybaby, with prices ranging from 319 to 2,699 yuan.

Beijing has become the first Chinese mainland city to support contactless fare payments for foreign American Express, MasterCard, JCB, Visa, and UnionPay card holders, on all of its 29 metro lines, the local metro authority said today.

The overseas box office revenue of “Ne Zha 2” is projected to exceed USD100 million, setting a new record for Chinese films’ international releases in the past two decades, said Wang Changtian, chairman of Enlight Media, the distributor of the Ne Zha franchise. Wang also estimated that the derivative merchandise of the blockbuster could surpass 100 billion yuan.

The 27th Shanghai International Film Festival opened in a glittering ceremony that paid tribute to the 120th anniversary of Chinese cinema, the 130th anniversary of world cinema and Shanghai's long contribution to the movie industry. The opening of the 10-day event on Saturday saw a record number of tickets sold.

Asia-Pacific highlights

New Zealand yesterday announced a 12-month visa waiver policy starting from November that will allow Chinese citizens with a valid Australian visa to stay in the country for up to three months with only a New Zealand Electronic Travel Authority. The visa policy doesn't apply to people transiting through Australia.

Singapore recorded 1.37 million visitor arrivals in May, marking a 7.6 percent year-on-year increase, with China remaining the top source of tourists from January to May, according to data released by the Singapore Tourism Board on Monday.

WeRide announced today it signed an MoU with Dubai’s Roads and Transport Authority and Uber to pilot autonomous vehicle operations in the city. During the initial phase, the vehicles will operate with a safety driver onboard, laying the groundwork for the full-scale commercial launch of driverless services next year.

Marking the 50th anniversary of diplomatic relations between Thailand and China, Parnpree Bahiddha-Nukara, former Thai deputy prime minister and foreign minister, said bilateral ties have developed into a strategic partnership founded on mutual trust and common values. Parnpree highlighted several major achievements in recent years, including the launch of a foreign ministerial dialogue mechanism and a mutual visa exemption agreement. He said China plays a crucial role in the development of Global South countries. In a world facing turbulence and uncertainties, Parnpree believed Thailand-China collaboration will contribute to regional peace and development.

Host: Stephanie LI 

Guest: Jack Zhang, SFC Hong Kong Correspondent

Stephanie: Hello, everyone! Welcome to CBN Correspondent. Today, we’re diving into the world of stablecoins and the regulatory race heating up between Hong Kong and the U.S. Joining me is Jack Zhang, our reporter in Hong Kong who has recently been covering the stablecoins regulation in the city. Jack, thanks for being here!

Jack: Thanks for having me, Stephanie. Excited to talk about this pivotal moment in digital finance.

Hong Kong’s Race to Regulate: Why Now?

Stephanie: Let’s start with the big news: Hong Kong recently passed the Stablecoins Ordinance, becoming the first jurisdiction to fully regulate fiat-backed stablecoins. Why is this a big deal, and why did Hong Kong move so quickly?

Jack: Great question. Think of it as a battle for financial dominance in the digital age. The global stablecoin market hit US$250 billion in 2025, approximately the amount of M2 money supply in the U.S., and countries realize whoever masters regulation will shape the future of payments and finance. Hong Kong’s move is strategic—they want to solidify their role as an international financial center.

But it’s not just about status. Stablecoins like USDT have faced scrutiny over opaque reserves—remember, only 83% of Tether’s reserves meet the U.S. GENIUS Act’s standards. 

Hong Kong saw a gap: by mandating strict reserve separation, regular audits, and 1:1 redemption guarantees, they’re creating a trust framework that could attract global issuers tired of regulatory ambiguity.

Stephanie: So it’s both a defensive and offensive play—protecting their market while positioning for growth. How does this fit into Hong Kong’s broader Web 3.0 strategy?

Jack: Exactly. Since 2023, Hong Kong has rolled out policies like the Virtual Asset Trading Platform regime. The stablecoin ordinance complements that, creating a full-stack regulatory ecosystem. As Jeffrey Ding, Chief Analyst of HashKey Group said, it’s about balancing innovation and risk—giving businesses a clear “playbook” while preventing another TerraUSD collapse.

HashKey Exchange is the largest licensed virtual asset exchange in Hong Kong. During the legislative process of stablecoins, as an industry representative, it actively participates in policy consultation and promotes the implementation of the compliance framework.

Hong Kong vs. U.S.: Regulatory Frameworks Compared

Stephanie: Speaking of the U.S., their GENIUS Act is also making waves. How does Hong Kong’s framework differ from what’s happening in the U.S.?

Jack: Let’s break it down. Both focus on fiat-backed stablecoins, but the how differs. The U.S. uses a dual regulatory system—federal laws plus state oversight. 

Hong Kong, though, centralizes regulation under the Monetary Authority (HKMA). That’s simpler, but they also stay flexible. For instance, they welcome non-HKD stablecoins (like USD or offshore yuan), whereas the U.S. leans more toward dollar-centric rules. Hong Kong’s approach is about being a “neutral hub”—open to global issuers but with tight controls on reserves and transparency.

Stephanie: Are there similarities?

Jack: Absolutely. Both stress “same risk, same regulation”—meaning stablecoin activities should be regulated like similar financial services. But in Hong Kong’s regulation, it explicitly targets cross-border promotion. If a stablecoin markets to Hong Kong users, even from overseas, it needs a license. That’s a smart move to curb regulatory arbitrage.

Hong Kong’s Regulatory Edge: Flexibility and Strategic Positioning

Stephanie: You mentioned flexibility. How does Hong Kong balance strict rules with innovation?

Jack: Look at their sandbox approach. Companies like JD Coinlink are testing stablecoins in phases—first with B2B cross-border payment, then expanding to retail. The HKMA isn’t shutting down experimentation; it’s guiding it. For example, they allow issuers to hold a mix of cash and high-quality liquid assets (like government bonds), as long as they’re segregated and audited monthly. That’s more pragmatic than the U.S., which leans toward stricter cash-only reserves.

Also, Hong Kong’s geographic edge can’t be ignored. Sitting at the crossroads of Chinese mainland and Southeast Asia, it’s ideally placed to test cross-border use cases. Imagine a Hong Kong-issued stablecoin settling trades between a Shenzhen manufacturer and a Singaporean buyer—fast, cheap, and blockchain-based. That’s the future they’re betting on.

Hong Kong’s openness to multi-currency stablecoins gives it a unique angle. If a Hong Kong issuer can offer USD, HKD, and CNY stablecoins under one license, that’s a one-stop shop for global businesses—a huge selling point.

Stablecoins and the Yuan: Implications for RMB Internationalization

Stephanie: Let’s shift to the bigger picture. How could Hong Kong’s stablecoin framework impact the yuan’s global role?

Jack: This is where it gets really interesting. China has long wanted to reduce reliance on the SWIFT system, and stablecoins offer a potential workaround. Hong Kong’s ordinance doesn’t mention RMB directly, but issuers like JD Coinlink are eyeing offshore yuan stablecoins. Imagine a digital yuan proxy—regulated in Hong Kong, backed by yuan reserves, and used for trade settlements across Asia.

Now, there are hurdles. Offshore yuan stablecoins need careful coordination. But thanks to the “one country, two systems” policy, Hong Kong is able to do the experimentation.

As the yuan is increasingly being accepted by more economies and market players, driving its internationalization, stablecoins could become tools for monetary sovereignty, said Sha Jun, a legal expert from Yingke Law Firm.

Stephanie: Could this challenge SWIFT?

Jack: Maybe not overnight, but consider the stats: traditional cross-border payments cost 6.4% in fees and take days. Stablecoins do it in minutes for pennies. If Hong Kong can onboard enough businesses (like the 30,000+ cross-border firms in their ecosystem), the network effect could grow exponentially.

OKG Research predicts stablecoins could handle USD100 trillion in transactions by 2030—that’s twice the current global GDP. SWIFT isn’t going away, but stablecoins might carve out a significant niche, especially in Asia.

Challenges Ahead: Trust, Adoption, and Competition

Stephanie: Sounds promising, but what are the risks?

Jack: Trust is the biggest hurdle. USDT has dominated for years, despite its controversies. Convincing users and institutions to switch to a Hong Kong-regulated stablecoin requires time and marketing. Also, retail adoption is tricky—consumers won’t switch payment methods unless there’s a killer app. Right now, stablecoins shine in businesses and crypto trading, but customers use is lagging.

Competition is another factor. The EU is drafting its own stablecoin rules, and Singapore is watching closely. Hong Kong needs to keep innovating—maybe by linking stablecoins to its digital yuan pilot or integrating with ASEAN’s payment systems.

A New Era for Global Finance

Stephanie: To wrap up, how do you see Hong Kong’s role evolving in this space?

Jack: Hong Kong is creating a template for how to regulate digital assets without stifling innovation. This could be a blueprint for other jurisdictions, especially in emerging markets.

For China, it’s a crucial step to push for yuan internationalization in digital form. For the world, it’s a sign that the financial landscape is shifting—away from traditional banking systems and toward a more decentralized, blockchain-driven future. Whether Hong Kong can maintain this edge depends on execution, but so far, they’ve thrown down the gauntlet.

Stephanie: Fascinating. Thanks for breaking it down, Jack. For our listeners, if you want to dive deeper, we’ll link to Jack’s full report on the Hong Kong Stablecoins Ordinance. Until next time.

Jack: Thanks for having me, Stephanie. Stay curious, everyone!

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Guangdong plans to boost supply chain cooperation with ASEAN;

Ant Group plans to file for stablecoins permits in Hong Kong as soon as August.

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

Guangdong plans to further strengthen cross-border cooperation with the Association of Southeast Asian Nations, the Chinese province’s largest trading partner, to drive two-way trade and investment growth, according to a conference to promote trade and supply chain collaboration between the pair.

In terms of transborder e-commerce cooperation, the two regions enjoy clear advantages in industrial synergy and digital empowerment, effectively driving the deep integration of “Guangdong manufacturing” with “ASEAN demand” and injecting strong momentum into the regional economy, Cui Shuang, vice president of the Guangdong committee of the China Council for the Promotion of International Trade, said at the conference yesterday.

ASEAN has been Guangdong’s largest trading partner for five consecutive years, Cui noted. Guangdong-ASEAN trade rose 8 percent to 1.5 trillion yuan last year from 2023, accounting for a fifth of China’s foreign trade with the regional bloc.

The pair will hopefully strengthen policy exchange, create an efficient and convenient regional supply chain environment, and promote the coordinated upgrading of key supply chains and further deepen platform cooperation, Pov Somnang, special assistant to the secretary-general of ASEAN and president of the ASEAN Economic and Trade Promotion Association, told the conference.

Going forward, Guangdong and Thailand can deepen cooperation in five areas, according to Li Wenli, president of the Thai Chamber of Commerce in China. They are supply-chain synergy to boost efficiency; smart upgrades to logistics systems; optimized bilateral tax collaboration mechanisms; joint talent and culture promotion; and strengthened, standardized cross-border payments.

Cambodia welcomes enterprises from Guangdong to build production bases in the country and invest in agricultural processing, electronics assembly, garment manufacturing, logistics, and other areas, said Swinali, a deputy secretary of state at Cambodia’s commerce ministry.

Also at the conference, the CCPIT Guangdong inked memoranda of understanding with business organizations from ASEAN member countries, and the Guangdong-ASEAN enterprise service platform was launched, aimed at helping Chinese firms expand in ASEAN countries and vice versa.

Moreover, seven projects were signed, including an Indonesian coal mine investment deal between Guangdong Import and Export and China Qinfa Group, as well as a USD3.1 billion tie-up between Guangdong Provincial Tourism Holdings and New Hua Sheng 2022.

Additionally at the conference, Guangdong’s first five overseas trade and investment service centers were set up in Cambodia, Malaysia, Singapore, Indonesia, and Vietnam.

The United States should resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, Chinese Vice Premier He Lifeng has said, Xinhua reported yesterday. China reiterates that the United States should work with China to honor their words with actions, and demonstrate sincerity in keeping commitments and concrete efforts to implement consensus, so as to jointly safeguard the hard-won outcomes of dialogue, He said. He made the remarks during the first meeting of the China-U.S. economic and trade consultation mechanism held in London from Monday to Tuesday. China hopes U.S. will jointly implement consensus reached in two presidents' phone call, Chinese Foreign Ministry Spokesperson Lin Jian said on Thursday. 

Chinese and African government officials and businesses are gathering in Changsha, Central China's Hunan Province, for the fourth China-Africa Economic and Trade Expo that kicks off today. Themed "China and Africa: Together Toward Modernization," the event will feature 30 economic and trade activities in fields including China-Africa industrial chain collaboration, green minerals, infrastructure, traditional medicine, cultural industries and youth entrepreneurship, according to the organizer. As of Wednesday, more than 30,000 participants from home and abroad, and more than 4,700 Chinese and African businesses have registered to attend the conference and the exhibition.

GBA express

Ant International today confirmed media reports that it plans to apply for stablecoin issuer licenses in Hong Kong immediately when the city's Stablecoins Ordinance becomes effective in August. The Singapore-based unit of Ant Group is also targeting permits in Singapore and Luxembourg as part of a broader blockchain expansion strategy, media reported on Tuesday. The move represents a significant entry into the crypto space for Ant International, which processed over USD1 trillion in global transactions last year. 

A new institution for higher learning, the Great Bay University, a key initiative under the Outline Development Plan for the Greater Bay Area, will soon open its doors for undergraduate enrollment. This follows an announcement by the Ministry of Education of a list of 10 newly approved universities, including GBU, on its website on Wednesday. Located in Dongguan, Guangdong province, GBU is a publicly funded university, which will initially offer five undergraduate programs: mathematics and applied mathematics, physics, computer science and technology, materials science and engineering, and industrial engineering.

Chinese EV startup Leapmotor has opened its first store in Hong Kong, launching the right-hand drive versions of the two main models it uses in global markets, the C10 and the T03, in the city. The two models have been sold in 13 European countries since last September and entered some Middle Eastern, African, Asia-Pacific, and South American markets.

Industry and company news

China's massive transport system consisting of rail, road, air and water ways handled 640 million inter-regional passenger trips, averaging 180 million trips per day, marking a 5.4 percent growth year-on-year, according to data released by China's Ministry of Transport on Thursday. In 2024, the total passenger volume reached 730 million, an increase of 17.9 percent from a year earlier. The total passenger turnover amounted to 1,291.5 billion person-kilometers, a growth of 25.3 percent. 

China added around 91,000 public EV charging piles in May, up 34 percent from the same period last year, according to official data released today. The number of public charging piles rose 45 percent to 14 million as of May 31 from a year earlier.

GAC Toyota announced today a new partnership with Xiaomi, officially joining the Chinese tech giant’s ‘Human x Car x Home’ smart ecosystem. The Bozhi 7 will be GAC Toyota’s first model to feature the integrated system. Going forward, more of the JV’s vehicles will adopt Xiaomi ecosystem devices, such as smart intercoms and phone holders.

After becoming Henan province's richest person, Wang Ning, founder of Chinese toymaker Pop Mart, was the world's 92nd richest person yesterday, with a net worth of USD22.6 billion, according to Forbes Real Time Billionaire List. Pop Mart's revenue from The Monsters blind box series, including the best-selling Labubu, exceeded 3 billion yuan last year, up 727 percent from the previous year.

Online quotas of the three-year and five-year electronic Chinese government savings bonds that were launched yesterday sold out instantly on some banks’ mobile apps, media reports. Fifty billion yuan of bonds sold like hot cakes despite interest rates being trimmed 30 bps to 1.63 percent for the three-year bond and 1.7 percent for the five-year one. Yet they still offer a better return than fixed deposits at state-owned banks.

Asia-Pacific highlights

China today added Indonesia to its 240-hour visa-free transit program, bringing the total number of countries eligible for the policy to 55, immigration authorities announced today. Eligible Indonesian travelers can enter China and stay up to 10 days without a visa before heading to a third destination.

Growth in the ASEAN region could slip below 4 percent by 2026 as trade policy uncertainty in the United States reaches unprecedented levels, economists warned at a seminar organized by the ASEAN+3 Macroeconomic Research Office on Wednesday. The bloc, which includes economies in ASEAN, China, Japan and South Korea, will see growth slip to 3.8 percent this year and 3.4 percent in 2026 in the worst-case scenario.