China Business NOW

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

China adopts first law promoting private sector, underscoring “nation's commitment to safeguarding rights of private businesses”;

China expects to handle 144 million railway passenger trips over May Day holiday.

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

China's national lawmakers on Wednesday voted to adopt the country's first fundamental law dedicated to promoting the private sector, underscoring support for a key part of the world's second-largest economy.

After over a year of legislative process, the private sector promotion law, passed at a session of the Standing Committee of the National People's Congress, will take effect on May 20, 2025.

The adoption of the private sector promotion law marks a milestone in the development of the nation's private economy, a major economic driver, since the beginning of reform and opening-up, experts said, noting its importance as the country ramps up efforts to foster new quality productive forces.

Comprising 78 articles in nine chapters, the law covers such areas as fair competition, investment and financing promotion, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The law aims to further improve the environment for the development of the private sector and ensure fair market competition for all types of economic entities. It also promotes the healthy development of the private economy and supports the comprehensive growth of entrepreneurs.

During the drafting and deliberation process, lawmakers solicited public opinions through 54 legislative outreach offices and gathered broad feedback from private enterprises in various sectors, according to the members of the NPC Standing Committee.

Private enterprises have long been a key driving force behind China's economic ascendance, contributing more than 60 percent of GDP and 80 percent of urban employment.  

In the first quarter, 1.979 million new private enterprises were registered, marking a 7.1 percent year-on-year increase - surpassing the average growth rate of the past three years. By the end of March, the number of registered private enterprises surpassed 57 million, accounting for 92.3 percent of all businesses nationwide, according to the State Administration for Market Regulation.

New quality productive forces have become a key highlight of China's private sector. In the first quarter, 836,000 new private firms were registered in the "four new economies" - new technologies, industries, business formats and models, accounting for more than 40 percent of new private enterprises.

GBA express

Hong Kong Exchanges and Clearing (HKEX), operator of Asia’s third-largest stock market, said its first-quarter profit reached a record high, thanks to more new listings and increased turnover. Net profit rose 37 percent to HK$4.08 billion in the first three months, the exchange said on Wednesday. HKEX also topped its record profit of HK$3.84 billion posted in the first quarter of 2021.

Nansha District in Guangzhou said children of non-local residents who purchase newly built homes in the area will be given access to school placements. This "home-for-school" policy is the first of its kind among China's major cities and comes as Nansha marks its 10th year as a free trade zone.  

Industry and company news

China's railway network is expected to handle approximately 144 million passenger trips during the eight-day May Day holiday travel rush, which kicked off on Tuesday. The figure represents a year-on-year increase of 4.9 percent, according to China State Railway Group. To cater to this surge in traffic, China's rail authorities have scheduled additional train services, operating an average of more than 12,000 passenger trains each day.

The purchasing managers' index (PMI) for China's manufacturing sector came in at 49 in April, down 1.5 percentage points from March, official data showed Wednesday. China's non-manufacturing PMI came in at 50.4 in April, down 0.4 percentage points from the previous month.

Xiaomi today open-sourced its first LLM designed for reasoning, namely Xiaomi MiMo. According to the Chinese tech firm, MiMo outperformed OpenAI's closed-source reasoning model o1-mini and Alibaba's reasoning model QwQ-32B-Preview, with just seven billion parameters.

Alibaba's Taobao joined the instant retail war by renaming its one-hour delivery service to “flash buy”, a joint effort of Taobao and its affiliate food delivery platform Ele.me. The service is available in 50 cities today and will expand nationwide on May 6.

Kweichow Moutai's net profit widened 12 percent to 26.8 billion yuan in the first quarter from a year earlier, the Chinese liquor giant said yesterday. Revenue rose 11 percent to 51.4 billion yuan in the period, with overseas revenue surging 38 percent.

China's three biggest airlines reported deeper first-quarter losses on Tuesday from the same period a year ago. Air China, the country's flagship carrier, reported a net loss of 2.04 billion yuan for the quarter, 22 percent lower than the prior-year period. China Southern, the country's largest carrier by capacity, moved into a net loss of 747 million yuan in the first three months of this year, having posted a comparable quarterly profit of 756 million yuan last year. And Shanghai-headquartered China Eastern Airlines reported a quarterly net loss of 995 million yuan, down 24 percent from last year.

Asia-Pacific highlights

Chinese Foreign Minister Wang Yi said on Monday that China always gives China-Thailand relations high priority in neighborhood diplomacy when meeting with his Thai counterpart. Wang said China is ready to work together with Thailand to deepen practical cooperation across various fields and bring more certainty to regional peace and stability. China welcomes Thailand's participation as a BRICS partner country and supports its full engagement in BRICS cooperation, he added.

Australian wine exports recorded a strong rebound in the 12 months to March 2025, driven by surging demand from China after the removal of tariffs on Australian bottled wine. According to the latest export report released on Tuesday by Wine Australia, the country's wine industry regulator, wine exports to the Chinese mainland soared to 96 million liters, valued at AU$1.03 billion, accounting for nearly 40 percent of Australia's total wine export value.

Against the backdrop of profound global geopolitical shifts, China and ASEAN are focusing on building a China-ASEAN Common Market. Rebecca Fatima STA Maria, former APEC Executive Director, said during an interview with the 21st Century Business Herald that the building of a common market presents a key opportunity for ASEAN, prompting reflection on the sufficiency of intra-ASEAN integration efforts. With the China-ASEAN Free Trade Area 3.0 negotiations concluding with substantial results, she stressed that ASEAN must integrate trade and investment environments, reduce barriers, and strengthen regional economic unity. Under U.S. unilateralism, she pointed out that ASEAN and Asian nations should leverage frameworks like RCEP to deepen regional cooperation, forming tighter economic partnerships with China, Japan, South Korea, Australia, and New Zealand to enhance resilience against unilateralist impacts.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

China’s inbound tourism trips for Labor Day holiday surge 173%, trip.com says;

Goldman Sachs raises 2025 southbound fund flow forecast due to growing attractiveness of HK stocks.

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

The number of inbound tourism orders for the upcoming Labor Day holiday on Trip.Com has climbed 173 percent from a year earlier, according to data from the Chinese online travel agency.

The top Chinese destinations for foreign tourists are Shanghai, Beijing, Guangzhou, Shenzhen, and Chengdu, according to Trip.Com. Their main countries of origin are South Korea, Japan, Singapore, Russia, Malaysia, Thailand, the United States, Australia, the United Kingdom, and Vietnam.

China is expected to see an average of 2.15 million daily border crossings during the five-day holiday, representing a 27 percent increase from last year, according to the National Immigration Administration on Monday.

The inbound tourism boom is part of the result of recent social media exposure from foreign influencers. For example, overseas users’ searches for hotels in China tripled after YouTuber IShowSpeed visited the country. 

China’s recent policies allowing foreign tourists to obtain instant tax refunds upon purchase also help fuel the China travel heat. The country announced a lower threshold for tax refunds for foreign tourists among a series of policies on Sunday, from the previous 500 yuan to 200 yuan. The upper limit for their tax rebate in cash also has been doubled to 20,000 yuan. 

Domestic tourism is also expected to achieve new highs during the Labor Day holiday, which will run from May 1 to May 5. China’s Ministry of Transport forecast more than 270 million daily cross-regional trips during the period.

Chinese airlines are expanding international routes to accommodate the ever-growing "China Travel" fever. On Monday, China Eastern Airlines launched a direct flight from Shanghai Pudong International Airport to Abu Dhabi, marking the first time a Chinese airliner flies this route.

Sichuan Airlines will also open a direct route from Chengdu to Penang of Malaysia with five flights per week starting tomorrow. Additionally, the airline inaugurated a commercial charter service from Chengdu to Pokhara, Nepal, last month.

On the accommodation end, over 80 percent of hotel reservations for the Labor Day holiday are cross-region stays, as the 5-day break prompted residents to venture farther, Trip.Com said, adding that about 20 percent of such bookings are for stays of two or more days for in-depth travel experiences.

Another characteristic of this year’s Labor Day holiday is the pronounced shift toward rural destinations. Tourism demand in fourth- and lower-tier cities soared 25 percent from a year earlier, compared with a growth of 14 percent for higher-tier cities, Trip.Com data also showed. High-star hotel consumption in rural areas also greatly exceeded that in cities.

GBA express

Goldman Sachs has significantly raised its 2025 forecast for southbound fund flows under the mainland-Hong Kong stock connects, raising the estimate from $75 billion to $110 billion, citing the growing attractiveness of Hong Kong stocks. Goldman Sachs said in a report that the upward revision reflects the more attractive H-share profiles in terms of earnings growth, valuation and dividend yields, as well as the expanded investable universe due to newly listed and home-coming companies.

Hong Kong Chief Executive John Lee Ka-chiu has said he believes there is ample room for cooperation between the SAR and the Slovakia Republic in the application of innovation and technology during a meeting with Slovak Deputy Prime Minister for the European Union Recovery Plan and the Knowledge Economy Peter Kmec on Monday. Hong Kong is striving to become an international inno-tech center and Slovakia has announced various long-term digital transformation development strategies in recent years, Lee said. During the meeting, a memorandum of understanding on cooperation in science, research, and innovation was signed between the two places.  

Shenzhen’s Qianhai & Shekou pilot free trade area is making big strides in promoting business development in the region, as the cumulative transaction volume of Qianhai free trade accounts hit 1 trillion yuan, with nearly 80 percent of the balance of payments relating to cross-boundary transactions with Hong Kong, the latest official data showed on Sunday. Thanks to a raft of preferential policies, an increasing number of Hong Kong-funded enterprises have set up office in the Qianhai & Shekou area of the China (Guangdong) Pilot Free Trade Zone (Guangdong pilot FTZ), with the number reaching 8,048. The area also provides strong support for nurturing startups from Hong Kong. So far, Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub has incubated 1,450 entrepreneurial teams, of which 943 are from the SAR.

Passenger trips made by foreign nationals through the Zhuhai port of the Hong Kong-Zhuhai-Macao Bridge surged 70 percent to about 172,000 this year as of April 27, according to official data. Overall passenger trips via the land port exceeded 10 million on Sunday, achieving such milestone 25 days earlier than last year.

Industry and company news

China's services trade saw an 8.7 percent year-on-year growth in the first quarter, totaling 1.97 trillion yuan, according to the Ministry of Commerce on Tuesday. Services exports reached 835.15 billion yuan, up 12.2 percent from a year earlier, and services imports rose 6.2 percent to 1.14 trillion yuan, resulting in a deficit of 303.88 billion yuan. Trade in travel-related services continued robust growth momentum, jumping 21.8 percent year on year to reach 584.9 billion yuan.

China's logistics volume hits 91 trillion yuan in the first quarter with a year-on-year increase of 5.7 percent, 0.4 percentage points higher than the growth rate in the first two months, according to data released by the China Federation of Logistics & Purchasing (CFLP) on Tuesday.

Nvidia today denied rumors claiming the US chip maker is considering establishing a JV in China and is preparing to separate its Chinese operations due to restrictions from the US on its H20 chip exports to China, media reports.

Sinopec reported a 28 percent decline in net profit in the first quarter of this year, mainly because of falling international crude oil prices. Net profit was 13.3 billion yuan in the period, while operating revenue rose 6.9 percent to 735.4 billion yuan.

Chagee has started trial operations at its first North American store at Westfield Century City in Los Angeles, media reported. The Chinese tea chain began its global expansion in 2019 and has opened hundreds of stores across Southeast Asia since then.

Asia-Pacific highlights

China’s BYD yesterday started building an automotive assembly plant in Cambodia, the Council for the Development of Cambodia said. BYD is Cambodia’s most popular EV brand, ahead of Toyota and Tesla, according to the Southeast Asian nation’s Ministry of Public Works and Transport. The EV giant also plans to set up two service centers and install 200 electric vehicle charging stations across Cambodia.

Guiyang, in China's Guizhou province, seeks to become a transit hub for Eurasian trade, opening up to the west and south by creating a land outlet to the sea. Guiyang's international dry port should be a "gateway" for a new highland of an open economy in inland Guizhou, according to a new document the provincial government released yesterday. The initiative aims to make it a global trade transit hub and logistics center, targeting the ASEAN, Central Asia, and Europe, turning it into an important global logistics hub in Southwest China.

Singapore has cut the country's growth forecast for 2025 to zero percent to 2 percent in the face of US tariffs, a downgrade from the 1 percent to 3 percent range previously. Singapore's economy grew 4.4 percent last year.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

The NDRC expressed confidence in achieving full-year development targets after China released data showing upturn of industrial profits in Q1;

137th Canton Fair draws over 220,000 overseas buyers.

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

With ample policy reserves and sufficient policy room, China is fully confident in achieving this year's economic and social development goals and tasks, Zhao Chenxin, deputy head of the National Development and Reform Commission, told a press conference on Monday.

China will roll out measures to keep its employment and economic performance stable and promote high-quality development, Zhao said, adding that the nation will intensify efforts to ensure the full effect of existing policies, including special campaigns to boost consumption and effectively utilize the 5-trillion-yuan investment funds at the national level.

At the same press conference, Zou Lan, deputy governor of the People's Bank of China, said that any single market volatility has limited impact on China’s foreign exchange reserves. It will also strengthen the resilience of the forex market, stabilize market expectations, enhance market management, and prevent the RMB exchange rate overshoot, Zou noted.

On the monetary policy front, Zou said the central bank will cut the reserve requirement ratio and interest rates at the appropriate time, based on economic conditions and financial market developments, to maintain abundant liquidity, and will continue to implement a moderately loose monetary policy and intensify support for the real economy. 

Meanwhile, industrial profits has shown improvement in the first quarter, underpinned by the strengthening of high-tech sectors and pointing to strong economic resilience amid trade tensions with the United States. 

Profits at China's major industrial companies saw total profits increase 0.8 percent year-on-year to reach 1.5 trillion yuan, following a 3.3 percent decline last year, data from the National Bureau of Statistics showed on Sunday.

In March, profits of industrial enterprises above designated size jumped 2.6 percent year-on-year, reversing a 0.3 percent decline in the first two months.

The NBS said the rebound in industrial profits was mainly driven by the robust performance of high-tech manufacturing, aided by stimulus packages including incentives for large-scale equipment upgrades and trade-in deals for consumer goods.

Despite the continued recovery in industrial profits, the bureau noted that amid rising instability and uncertainties in the external environment, more efforts are needed to better implement the announced policy measures and fully unleash the policy potential.

China on Sunday introduced a new policy that enables foreign visitors to claim departure tax refunds for purchases as low as 200 yuan per day at the same store, significantly reducing the previous threshold of 500 yuan. 

GBA express

A total of 224,372 overseas buyers from 219 countries and regions had attended the 137th China Import and Export Fair, also known as the Canton Fair, by the conclusion of its second phase on Sunday, according to the China Foreign Trade Centre. The second phase, focusing on quality home furnishings, kicked off on Wednesday with a total exhibition area of 515,000 square meters, featuring 24,735 booths and 10,313 exhibitors, up by 273 from the previous session.  

Hong Kong is expected to welcome about 840,000 tourists from the Chinese mainland during the upcoming five-day May Day holidays, which would be up 10 percent from the same period last year and up 13 percent from this year's Spring Festival holidays in terms of average daily visitor arrivals, the SAR Financial Secretary Paul Chan Mo-po said on Sunday. 

China's self-developed car carrier, the BYD Shenzhen, the largest of its kind worldwide, set off on its maiden voyage with over 7,000 NEVs of the Chinese auto giant from Taicang Port in China's eastern Jiangsu province yesterday and is expected to reach Itajai Port in Brazil after over 30 days.

Industry and company news

China is expected to see an average of 2.15 million daily border crossings during May Day holiday, representing a 27 percent increase from last year, according to the National Immigration Administration (NIA) on Monday. Also, some 10.75 million domestic air passenger trips are expected to be taken during the holiday, with a daily average of 2.15 million, up by record 8 percent from a year earlier, according to China's civil aviation authority.

China’s cabinet has given the green light to 10 new nuclear reactors across five projects, with a total investment of more than 200 billion yuan. Each reactor unit, which will cost over 20 billion yuan, will be powered by China’s third-generation atomic power technologies, including Hualong One and CAP1000, and have an installed capacity of about 1,200 megawatts each.

Around 40 Brazilian soybean ships are expected to dock at Zhoushan port in Zhejiang Province in April, a 48 percent year-on-year increase from the 27 shipments recorded in the same period last year, media reported on Monday, as China accelerates shift to Brazilian soybeans amid a tariff-induced plunge in US agricultural exports.

JD.Com said yesterday that it plans to recruit another 100,000 full-time riders for its new food delivery service over the next three months, intensifying its rivalry with takeaway market leader Meituan. JD is offering comprehensive benefits, including full coverage of social insurances and housing fund, paid leaves, health check-ups, etc.

Xiaomi's smartphone shipments soared 40 percent to 13.3 million units in the first quarter of the year from a year earlier, seizing a Chinese market share of 19 percent and reclaiming the top position after a decade, Chairman Lei Jun said on Weibo, citing Canalys' data.

China had applied for 1.57 million AI patents as of April 9, ranking first worldwide, accounting for nearly 39 percent of the global total, CCTV reported, citing official data.

Adora Cruises said China's second domestically-built large cruise ship, the Adora Flora City, has completed its in-dock floating at Shanghai Waigaoqiao Shipbuilding. The project is over 70 percent complete and has entered the critical interior decoration and system debugging stage.

The crew of China's Shenzhou-19 spacecraft held a handover ceremony with that of Shenzhou-20 yesterday and will return to the Dongfeng landing site tomorrow, according to the China Manned Space Agency.

Asia-Pacific highlights

The China Pavilion at the Osaka Expo in Japan has accepted almost 90,000 international visitors since opening on April 13, an official from the China Council for the Promotion of International Trade said today.

Singapore has experienced an influx of restaurant brands from the Chinese Mainland entering its market. It is reported that the country had around 32 Chinese catering brands as of the end of June last year, which are now operating 184 outlets. Cao Zhongming, the Chinese Ambassador to Singapore, said on a Friday event that for those visiting the city country, try and search for the “Black Pearl Restaurant Guide-Singapore”, the Chinese equivalent of the Michelin Guide.

Leading Chinese powertrain manufacturer Weichai has been honored with the Manufacturing accolade at the Singapore Business Review (SBR) International Business Awards 2025 for its achievement in developing a diesel engine with a 53.09 percent thermal efficiency, the first of its kind globally.

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

In recent weeks, Hollywood has found itself at the epicenter of a crisis fueled by geopolitical tensions and economic uncertainty. 

The Trump administration’s tariffs on Chinese imports—and Beijing’s countermeasures—have sent shockwaves through the American film industry, exposing vulnerabilities that threaten its global dominance. From soaring production costs to shrinking international markets, the signs of collapse are undeniable.

Tariffs can affect any imported good that may be used in filming, from equipment to props to costumes. Trump’s tariffs have directly targeted materials critical to filmmaking, such as lumber, steel, and textiles. These increases have forced studios to grapple with 30% hikes in paint costs and rising expenses for imported costumes and props. But the pain doesn’t stop there.

The ripple effects extend to advertising and distribution—a cornerstone of Hollywood’s revenue model. China’s decision to limit American film imports has sparked fears of declining IP licensing fees, a key source of income for studios. 

Advertisers are already scaling back investments, with industry analysts slashing 2025 growth forecasts from 4.5% to 3.6%. The result? Film production in Los Angeles has plummeted by 28.9% year-over-year, with studio usage dropping to a six-year low.

Hollywood is and long has been intertwined with the global economy. More recently, the rise of streaming platforms investing heavily in international productions is reshaping the global cinematic landscape.  

Amid geopolitical tensions, streaming giants like Netflix are aggressively expanding their international production portfolios. Netflix’s commitment to invest $1 billion in Mexican film and TV production over the next four years exemplifies this trend.

Such investments not only diversify content offerings but also reduce dependence on traditional Hollywood productions. This strategic pivot enables streaming platforms to cater to a global audience with localized content, potentially diminishing the dominance of American-centric narratives in the global market.

For decades, Hollywood relied on its ability to shape global narratives and dominate box offices worldwide. China’s burgeoning film market used to be a key revenue stream for Hollywood, with American studios eager to capitalize on the expanding Chinese audience base.

Yet today, its grip is slipping. In 2024, American films accounted for just 15.1% of China’s market share—a stark contrast to the days when blockbusters like “Avengers: Endgame” raked in 858 million domestically.

Meanwhile, Chinese productions like “Ne Zha 2” have shattered records, earning $2.09 billion domestically compared to Hollywood’s top-grossing film “Avatar" ($2.92 billion globally).

This shift isn’t just about numbers; it’s about cultural influence. If China turns away from American films, the ripple effects will devastate industries tied to IP and branding.

Already, Hollywood’s global market share has fallen from 60% a decade ago to 51%, with audiences in France, India, and beyond increasingly favoring local content.

Domestically, Hollywood faces its own demons. Streaming giants like Netflix and Disney+ have cannibalized theater attendance, with 73% of Americans now preferring home viewing. Ticket sales have plummeted from 12 billion in 2018 to a projected 7 billion in 2025.

Beyond the shrinking numbers, Hollywood has also grown conservative creatively, leaning too heavily on Marvel and other franchise fare. The visual spectacle remains, but viewers are experiencing aesthetic fatigue.

According to a China Film News report, original Hollywood productions accounted for just 18.6% of all US studio releases in 2024, a dramatic decline from 40.9% in 2000. In contrast, sequels, reboots, adaptations and spinoffs now account for 81.4%. This cost-efficient but creatively cautious model has dampened Chinese viewers' expectations for high-quality cinematic content.

The world’s tastes are shifting at the meantime. Japanese animation continues to draw steady crowds, while European and Southeast Asian films are gaining ground. This year's surprise hits, Italy's "There's Still Tomorrow" and Britain's "National Theatre Live: Prima Facie," have exceeded expectations. Thailand's "How to Make Millions Before Grandma Dies" became a breakout sleeper last year.

But Hollywood's box office and creative slump is only part of the picture. Film accounts for a significant portion of the broader US services sector, where the US has traditionally maintained a trade surplus with China.

According to the US Department of Commerce, US service exports to China grew more than eightfold between 2001 and 2023, with the annual surplus peaking at nearly $40 billion. Film and other IP-driven content have long been a key part of that advantage.

The tariffs’ true cost lies beyond economics—they erode Hollywood’s role as a cultural ambassador. For years, American movies projected ideals of heroism and innovation, subtly promoting US values. Now, as films like “Godzilla vs. Kong” struggle to find audiences, the industry’s ability to shape global perceptions is waning.

A recent film agreement with Spain calls for deepening collaboration on co-productions, film festivals and mutual screenings, signaling that China is broadening its cultural partnerships.

The irony is stark: Washington's trade restrictions and tariff moves, designed to protect American industries, may end up crippling one of the country's most impactful exports -- its cultural influence.

The world is watching, and if Hollywood’s collapse teaches us anything, it’s that no empire, not even one built on celluloid dreams, is immune to the consequences of hubris.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

China’s central bank governor warned of the world veering towards “high friction, low trust” in Washington meeting;

Commerce ministry met with foreign firms to discuss US tariff impact.

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

China will persist in opening up to the outside world, firmly support the rules of free trade and multilateral trading system, promote inclusive economic globalization while safeguarding global economic and financial stability, Governor of the People's Bank of China Pan Gongsheng said on Wednesday during the G20 finance ministers and central bank governors meeting in Washington, CCTV reported today. 

Pan said the global economy is grappling with heightened uncertainty as increasing economic fragmentation and escalating trade tensions disrupt industrial and supply chains, fuel financial market volatility and undermine growth momentum. He also called for enhanced international cooperation to prevent the global economy from veering toward a trajectory of high friction and low trust. 

Trade and tariff wars yield no winners, and unilateralism and protectionism offer no viable path forward, serving the interests of no one, Pan added.

Meanwhile, China’s Ministry of Commerce vowed to further expand opening-up and urging firms to jointly defeat unilateralism and protectionism. 

Ling Ji, vice minister of commerce and deputy China international trade representative, chaired a roundtable with foreign-invested enterprises on Wednesday to discuss the impact of US tariff hikes on their operations and investment in China.

The meeting, hosted by the China Association of Enterprises with Foreign Investment, was attended by representatives from over 80 foreign-funded enterprises and foreign chambers of commerce in China

The US' unilateralism and bullying behavior of abusing tariffs have drawn strong opposition from the international community, severely undermining the rules-based multilateral trading system and international economic order, disrupting global industrial and supply chains, and harming businesses worldwide, including those in China, Ling noted. 

The official called on foreign-invested enterprises to voice their rational opinions, strengthen their confidence, overcome difficulties, turn crises into opportunities, and jointly defeat unilateralism and protectionism. 

"China will continue to expand high-level opening-up, protect the lawful rights and interests of foreign-invested enterprises, and take more proactive steps to help address their operational challenges," Ling said.

Representatives from participating companies expressed their willingness to continue investing in China, deepen mutually beneficial cooperation, and tackle challenges together, according to the ministry’s statement on Thursday.

China has just sent off its Shenzhou-20 crewed spacecraft to its space station from the Jiuquan Satellite Launch Center in northwest China. Chinese astronauts Chen Dong, Chen Zhongrui and Wang Jie carry out the mission.

GBA express

Hong Kong and Zhejiang province on Thursday inked a landmark agreement outlining 51 joint projects across 13 strategic sectors, according to Hong Kong’s Chief Executive John Lee Ka-chiu. Part of a new cooperation mechanism between the two regions, the memorandum of understanding spans key areas including Belt and Road cooperation, finance, investment, aviation, trade, and sci-tech innovation. It was finalized at the first-ever Zhejiang-Hong Kong Cooperation Conference. The Hong Kong delegation led by the CE visited six leading Chinese AI startups in Hangzhou, including DeepSeek, Unitree Robotics, and Game Science, to explore their developments and innovations in the fields of LLM, humanoid robots, AI, and brain-machine interface.  

Hong Kong invested nearly 5,900 new enterprises in Shenzhen last year, according to a senior official of Shenzhen. During the “Opportunities in the Greater Bay Area” thematic interview event on Wednesday, the official highlighted that last year, Qianhai’s GDP reached 300.88 billion yuan, reflecting an 8.6 percent year-on-year growth and underscoring its active role in advancing the development of the GBA.

Industry and company news

China released a new version of its market access negative list, reducing the number of items to 106 from 117, the National Development and Reform Commission announced today. The update reflects efforts to streamline market entry and expand access across sectors.

China today launched a larger and earlier-than-expected first batch of special treasury bonds for this year, totaling 286 billion yuan, which accounts for 16 percent of the annual quota, according to the Ministry of Finance. This batch was issued more than three weeks earlier than last year’s and represents a significant increase from the 40 billion yuan issued in the first round of 2024.

China imported 65,700 tons of LNG from the US in February, down by 128,500 tons from January, after it imposed a 15 percent retaliatory tariff on US-produced LNG on Feb. 10, media reported. China has stopped importing LNG from the US in March.

Seventeen countries and international organizations, as well as over 50 international research institutions, have joined China’s International Lunar Research Station to cooperate in lunar explorations, said an official at the China National Space Administration.

Chinese tech giant Huawei’s investment arm has reportedly issued 4 billion yuan worth of ultra-short-term bonds. The bonds of subsidiary Huawei Investment and Holding have a maturity of 248 days, at an interest rate of 1.59 percent, media reported.

New Oriental has started using AI tools to empower the education process, but it has no plan to develop its own LLM, CFO Yang Zhihui said during an earnings conference call. The Chinese edtech firm saw its revenue fall 2 percent to USD1.2 billion in the third fiscal quarter from a year earlier.

FAW Group yesterday unveiled its first flying car under the Hongqi brand. With a flight range of more than 200 km, the flying car is scheduled to make its maiden flight later this year.

Xiaohongshu today notified employees that they will no loner be required to work every other Saturday from May 1, media reported. Moreover, the Chinese lifestyle platform will stop cash or option-based competition.

Asia-Pacific highlights

Electric vehicles are gaining ground in Indonesia, industry participants said. Moeldoko, general chairman of the Electric Vehicle Industry Association (PERIKLINDO), said about 130 brands of electric passenger automobiles, motorcycles and commercial vehicles will be displayed at Electric Vehicle Show 2025, an annual trade expo to be held April 29 to May 5 in the capital city of Jakarta. That number is significantly higher than the 82 brands exhibited last year. He said this shows the growing demand for EVs in Indonesia. Some of the world's biggest EV brands like China's BYD and Wuling, South Korea's Hyundai, and Germany's BMW will be showcased. Indonesia is the biggest automotive market in Southeast Asia, with total car sales hitting over 860,000 units in 2024. It's also a growing market for EVs, with the government aiming to deploy 2 million electric cars and 12 million electric two-wheelers by 2030.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Global shares gain after US says tariffs on China will drop “substantially”;

IMF downgrades global growth forecast to 2.8% in 2025 amid increased tariffs.

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

Asian shares mostly rose Wednesday after US stocks advanced on Tuesday, as investors grew optimistic that US-China trade tensions may soon ease.

Hong Kong’s Hang Seng Index leads the regional gains, ending 2.4 percent higher today, while Japan’s Nikkei 225 was up about 2 percent and South Korea’s Kospi rose 1.5 percent. Australia's S&P/ASX 200 also surged 1.6 percent. China’s benchmark Shanghai Composite was little changed, down by 0.1 percent. 

Shares in Europe also opened shapely higher on Wednesday’s trading. Germany's DAX rose by 2.4 percent, while France’s CAC 40 traded up 1.1 percent. The UK FTSE 100 rose 1 percent, and the Euro Stoxx 50 climbed 1.8 pecent.

US stocks jumped in a widespread rally Tuesday, and other US investments steadied a day after falling sharply. The S&P 500 climbed 2.5 percent, while the Dow Jones Industrial Average and the Nasdaq composite each gained 2.7 percent. All three indexes more than made up their big losses from the start of the week.

The rally gained traction after US Treasury Secretary Scott Bessent told investors that there would be a "de-escalation" in the ongoing trade war with China. "No one thinks the current status quo is sustainable," he said Tuesday during a meeting with investors hosted by JPMorgan Chase.

US President Donald Trump later said at a White House news event Tuesday local time that the high tariffs on Chinese goods will “come down substantially,” signaling a potential U-turn on his trade war with China amid continued market volatility.  

Chinese Foreign Ministry spokesperson Lin Jian said on April 16 that the tariff war was started by the US. China has taken necessary countermeasures in order to defend its legitimate rights and interests and international fairness and justice.

“China's position has been very clear. Tariff and trade wars have no winners. China does not want to fight these wars but is not scared of them,” said the spokesperson.

The International Monetary Fund (IMF) on Tuesday downgraded its global growth forecast in 2025 to 2.8 percent, a hefty 0.5 percentage point decrease from its January projection, and growth in 2026 slashed from 3.3 percent to 3 percent, according to the latest World Economic Outlook (WEO). "Since the release of the January WEO Update, a series of new tariff measures by the United States and countermeasures by trading partners have been announced and implemented, ending up in near-universal U.S. tariffs on April 2 and bringing effective tariff rates to levels not seen in a century," the report said. Growth in advanced economies is projected to be 1.4 percent in 2025, while in emerging market and developing economies, growth is expected to slow down to 3.7 percent in 2025. Growth in the US is expected to slow to 1.8 percent, 0.9 percentage points lower than the previous projection due to "greater policy uncertainty, trade tensions, and softer demand momentum.”

GBA express

Guangdong province, China's economic powerhouse, recorded a GDP of 3.35 trillion yuan in the first quarter of 2025, marking a 4.1 percent year-on-year growth, according to official data released on Wednesday. As China's manufacturing powerhouse, the province's critical manufacturing sector grew 4.4 percent. Advanced manufacturing and high-tech manufacturing reported growth of 5.9 percent and 5.3 percent respectively. The output of new energy vehicles, lithium-ion batteries for energy storage, industrial robots, and service robots increased by 29.9 percent, 83.5 percent, 31.3 percent, and 10.8 percent, respectively. The service industry, which now comprises more than 60 percent of Guangdong's GDP, showed renewed momentum, growing 4.3 percent in the first quarter.

Hong Kong is set to ink deals with Zhejiang province across key sectors, including tech, housing, trade and youth development, said Chief Executive John Lee Ka-chiu on Tuesday as he began a four-day visit accompanied by one-third of Hong Kong’s top officials. Lee said Hong Kong and Hangzhou have room for collaboration amid rising geopolitical complexities, with both cities placing a strong emphasis on innovation and technology.

Cathay Pacific Airways reported a nearly 20 percent rise in passenger volume to 2.26 million passengers in March compared to the same month last year. Hong Kong’s flagship carrier’s passengers jumped 23.4 percent to 6.67 million in the first three months of the year, compared to the same period last year.

Industry and company news

China plans to launch the Shenzhou XX mission on Thursday afternoon for a crew shift aboard the nation's Tiangong space station. The China Manned Space Agency announced on Wednesday that the Shenzhou XX spacecraft, carrying three crew members, Chen Dong, Chen Zhongrui and Wang Jie, is set to launch at 5:17 pm on Thursday using a Long March 2F carrier rocket. Meanwhile, the agency said its first astronauts from the Hong Kong and Macao SARs, selected as payload specialists, are on track to make their inaugural spaceflight as early as 2026. 

The 21st Shanghai International Automobile Industry Exhibition has officially opened in the eastern Chinese city today and will run until May 2. Nearly 1,000 companies from 26 countries and regions will attend the Auto Shanghai 2025, setting a new attendance record. More than 100 new car models will debut at the event.

Japanese automaker Toyota on Tuesday signed an agreement to establish a wholly owned EV plant with the Shanghai municipal government, investing a total of 14.6 billion yuan into the NEV project in Jinshan District, which focuses on the research and development, production and sales of Lexus EVs and EV batteries.

GAC showed four new models at the Auto Shanghai 2025, including a highly automated L4 Robotaxi from the alliance of its Aion brand with Didi and the mid-to-large SUV Trumpchi Xiangwang S9, co-developed with Huawei's Qiankun division and Chinese battery giant CATL. The robotaxi will likely complete testing by next year and launch in 2027.

Avatr Technology, the smart EV brand of Changan Auto, displayed its new sedan, Avatr 06, at the Shanghai Auto Show. Starting from 209,900 yuan, the new car is equipped with Huawei's Qiankun ADS and Harmony smart cockpit. Meanwhile, CEO of Huawei's Smart Car BU Richard Jin said yesterday that Huawei spent more than 10 billion yuan on auto R&D last year, employing 8,000 researchers, as the tech giant debuted the driving assistance system Qiankun ADS 4 and smart cockpit operation system HarmonySpace 5 ahead of the Auto Show.

BMW's first China-tailored EV model, the iX3L, will hit the market next year, CEO Oliver Zipse said at the Auto Shanghai 2025. The German auto giant will integrate DeepSeek’s AI models into its new vehicles for the Chinese market this year, he added.

Pop Mart's shares gained today after the Chinese toy maker’s preliminary earnings figures showed its revenue likely soared 165 percent to 170 percent in the first quarter of the year from a year earlier, thanks to strong overseas sales growth.

China's first ‌Embodied AI Robot Games‌ will be held from ‌tomorrow through April 26‌ in Wuxi, eastern Jiangsu province, according to organizer Chinese Institute of Electronics. The inaugural event will showcase the latest advancements in embodied intelligence technology.

Asia-Pacific highlights

Thailand has postponed tariff negotiations with the United States, while Japan remains unwilling to yield to Washington's demands. Thailand's negotiations with Washington on steep trade tariffs were postponed after the US requested that Bangkok review key issues, Prime Minister Paetongtarn Shinawatra said on Tuesday. Japanese Prime Minister Shigeru Ishiba told the country's parliament on Monday that Japan won't concede to all US demands in trade talks, citing the need to protect national interests.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Chinese and Asian equities become more appealing as they stabilize amid trade tensions and Wall Street fallout;

Ant Group begins cross-border trade operation centers in Guangzhou.

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

With rising strategic importance in terms of improving expectations and boosting confidence, China's capital market now provides opportunities for both Chinese and foreign investors as global economic growth stagnates due to Sino-US trade frictions.

The benchmark Shanghai Composite Index gained 0.25 percent today following a 0.45 percent rise on Monday. Hong Kong’s Hang Seng Index also added 0.8 percent on Tuesday.

This followed messages delivered during a State Council executive meeting on Friday, which included making continuous efforts to stabilize the stock market and advance the sound and stable development of the property sector. The implementation efficiency of the measures should be improved and their effect ensured, according to the meeting.

Meanwhile, foreign institutions have increased their holdings of Chinese yuan-denominated bonds since the start of this year. The size of the bond holdings of more than 1,160 foreign institutions rose 270 billion to 4.5 trillion yuan as of April 15 from the end of last year. China's bond market topped 183 trillion yuan to rank second in the world.

China's bond market has a strong appeal in terms of actual yield and hedge attributes, according to industry experts. With the overall improvement of China's economic performance, the fluctuation in the price of Chinese bonds is slight, with stable returns, they added.

Also in Asia, stock markets fought to hold their footing on Tuesday after a furious flight from US assets undermined Wall Street and the dollar. 

U.S. stocks stumbled Monday as the Dow Jones Industrial Average fell 2.48 percent, while the S&P 500 sank 2.36 percent and the Nasdaq Composite Index shed 2.55 percent. 

The loss of confidence in US assets took a heavy toll on the dollar which touched its lowest since March 2022 against a basket of currencies at 97.923 on Monday.

The fallout from Wall Street saw Japan's Nikkei ease a modest 0.3 percent, while MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2 percent.

Relatively limited losses in Asia sparked talk that funds could be reallocating money to equities in the area, though the impact of tariffs on economic growth remained a major drag.

GBA express

Ant Group's digital operation center in south China and Wanlihui cross-border trade operation center have settled in Guangzhou's Pazhou, the Chinese financial technology giant said at the Canton Fair yesterday. In early April, the group’s Alipay+ cross-border services upgraded the deep interconnection of electronic wallets in the Greater Bay Area, allowing users from the three regions to use Alipay, AlipayHK in Hong Kong and MPay in Macao to make payments and travel seamlessly across 11 cities in the area.

Guangdong has introduced a new framework and guidance on artificial intelligence education for primary and secondary school students, aiming to boost students' AI literacy from an early age. The province will require at least six hours of AI education annually for students in grades one through four. Students in grades five and six, as well as those in junior high school, must complete no fewer than 10 hours per year. For senior high school students in grades one and two, the guidance mandates at least one AI class hour every two weeks.

Industry and company news

China launched a tourism promotion campaign featuring over 6,000 beneficial measures for tourists nationwide yesterday, with over 1 billion yuan of subsidies to be provided by more than 60 cooperative entities. The campaign will run through May 31.

China's auto exports jumped 16 percent to 1.54 million units in the first quarter of the year from the same period last year, CPCA Secretary-General Cui Dongshu said today. In March alone exports reached 570,000 units, up 16 percent from a year earlier.

Meituan cannot restrict delivery riders from picking orders on multiple platforms, the Chinese food delivery giant said yesterday, after newcomer JD.Com claimed earlier that some rivals forced part-time delivery riders to work only for one platform. Riders from Meituan, Ele.me, FlashEx, and others work for several platforms, Meituan added.

Dubai’s Roads and Transport Authority teamed up with Baidu's Apollo Go to begin trial operation of 50 driverless vehicles in the UAE in the next few months, hoping to officially launch robotaxi services next year, according to the Dubai Media Office. Baidu will deploy its latest-generation autonomous vehicle RT6, gradually expanding the scale of its local fleet to 1,000 over the next three years.

China's second-hand platform Xianyu yesterday unveiled a support scheme for small and medium Chinese exporting firms and merchants, including measures to help them quickly open accounts, reach new sales channels, and explore the domestic market.

China on Monday issued a guideline policy to further enhance the country's pilot free trade zones. The guideline calls for comprehensively enhancing the level of institutional openness, the effectiveness of systematic reforms and the quality of an open economy in the pilot free trade zones in the next five years and further improving the policy system, focusing on the free and convenient flow of trade, investment, capital, transportation and personnel, and the orderly flow of data with an emphasis on security.

China’s Ministry of Education on Tuesday announced an updated undergraduate program catalogue, adding 29 new majors in emerging sectors such as artificial intelligence (AI) and low-altitude economy, which will be included in this year’s gaokao, according to an official statement.

Asia-Pacific highlights

Foreign Ministers and Defense Ministers of China and Indonesia on Monday co-chaired the First Ministerial Meeting of China-Indonesia Joint Foreign and Defense Ministerial Dialogue. The two sides vowed to deepen strategic mutual trust, maintain close high-level exchanges, enhance cooperation in fields such as defense and security and jointly safeguard regional peace and stability.

The eighth batch of emergency humanitarian aid supplies dispatched by the Chinese government on Tuesday arrived at Yangon International Airport in Myanmar, which was devastated by a 7.9-magnitude earthquake on March 28.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

May Day travel bookings surge, signaling robust Q2 consumption growth;

Over 40% of new private enterprises are registered in the "four new economies” in Q1.

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

As China gears up for the May Day holidays, a wave of travel bookings has swept across online travel platforms, painting a vivid picture of a burgeoning consumer market, which signals robust consumption growth for the second quarter.

The domestic travel demand is particularly striking this year. Tuniu.com said on Sunday that domestic travel reservations for the five-day May Day holidays have more than doubled year-on-year.

Data from Trip.com showed that in just the past week, domestic hotel searches soared 100 percent week-on-week, while flight ticket searches spiked 80 percent. 

Meituan Travel said that since early April, searches for "May Day travel" have increased by more than 500 percent year-on-year, searches for "tourist attractions" have risen 167 percent and the popularity of five-star hotels has climbed nearly 40 percent.

The trends in this year's May Day travel market are diverse and eye-catching. Inbound tourism has experienced explosive growth, with Trip.com reporting that the search index for inbound hotels during the May Day holiday period has surged 200 percent year-on-year, while inbound tourism bookings have increased by 173 percent. 

The viral success of American YouTuber IShowSpeed's China travel series and recent policies like the instant tax refund for overseas tourists have significantly contributed to this growth, according to Trip.com.

Economists are optimistic about the far-reaching impact of these trends, as major holidays serve as key barometers of consumer trends. This holiday consumption surge is set to further accelerate overall consumption growth in the second quarter, they said.

Official data also reflected positive momentum. First-quarter retail sales expanded 4.6 percent year-on-year, 1.1 percentage points faster than in 2024, reaching 12.47 trillion yuan. 

Notably, services consumption outpaced goods sales, with retail sales of services growing 5 percent year-on-year. Per capita expenditure on transportation and communications rose 10.4 percent, while spending on education, culture and entertainment increased 13.9 percent.

GBA express

The first phase of the 137th edition of the China Import and Export Fair, also known as the Canton Fair, concluded on Saturday. By April 19, a total of 148,585 overseas buyers from 216 countries and regions had attended the event, marking a 20.2 percent increase compared to the same period last year.

Hong Kong Chief Executive John Lee Ka-chiu is set to lead a delegation to visit Zhejiang on Tuesday. The group will attend the the Hong Kong/Zhejiang Co-operation Conference in Hangzhou, and the Hong Kong Investment Promotion Conference in Ningbo. Hong Kong and Zhejiang have long maintained frequent exchanges, keeping close ties in economic affairs and trade, cultural exchanges and youth engagement, Lee said.

Hong Kong's associate director-general of investment promotion at InvestHK Charles Ng commenced his duty visit to India's Mumbai and New Delhi on Sunday. Ng's visit includes high-level discussions with prominent Indian firms and investors focusing on establishing a presence in Hong Kong to capitalize on its strategic advantages to expand into the Chinese mainland and across North Asia and Southeast Asia.

Industry and Company news

Over 1.97 million private enterprises were established in China in the first quarter of the year, up 7.1 percent from a year earlier, data from the SAMR showed today. China’s registered private enterprises topped 57 million as of March 31, accounting for over 92 percent of the country’s total. New quality productive forces have become a key highlight for China's private sector, with 836,000 new private firms registered in the "four new economies”, namely new technologies, industries, business formats, and models, accounting for over 40 percent of new private enterprises in the period. 

Chinese e-commerce giant JD announced on Monday that, starting today, consumers who wait more than 20 minutes for their takeaway orders will receive them free of charge. This move comes as its rival restricts food delivery riders to take orders from only one platform. The company said in an open letter that it will step up the recruitment of full-time delivery riders, raising the quota from 50,000 to 100,000 in the next three months.

Tiangong Ultra, developed by the Beijing Humanoid Robot Innovation Center, won the world's first humanoid robot half marathon in Yizhuang, Beijing's Daxing district, on April 19. It crossed the finish line in 2 hours and 40 minutes, with Noetix's N2 coming in second and the robot of Shanghai-based DroidUp third.

BYD’s luxury brand Yangwang said today its sales have exceeded 10,000 units, setting a new milestone for China’s premium car segment. New Oriental founder Yu Minhong was the 10,000th buyer after getting a Yangwang U8.

A Boeing 737 MAX set for delivery at Boeing’s Completion Center in Zhoushan in China’s Zhejiang province departed today for Seattle, media learned today. Due to the US new “reciprocal tariffs,” Chinese airlines have started suspending acceptance of Boeing aircraft.

China will provide subsidies of no less than 1 billion yuan for movie tickets, as the country launched the China Film Consumption Year campaign, which will last till the end of next year’s Spring Festival movie season.

China’s grain output will likely top 709 million tons this year, with the soybean output growing 2.5 percent to 21.2 million tons from the previous year, according to a report released by the Ministry of Agriculture and Rural Affairs yesterday.

China's one-year loan prime rate, a market-based benchmark lending rate, remained unchanged at 3.1 percent in April from March, according to the National Interbank Funding Center. The over-five-year LPR also stayed the same at 3.6 percent.

Asia-Pacific highlights

Koh King Kee, President of Malaysia’s Centre for New Inclusive Asia, said in an exclusive interview with 21st Century Business Herald that intimate interactions between Malaysian and Chinese leaders reflect political mutual trust, aiding in addressing U.S. tariff challenges. Koh believes global trade turbulence from U.S. "reciprocal tariffs" will, to some extent, indirectly advance economic and trade cooperation between China and ASEAN. Having followed China for 40 years, Koh has personally witnessed the great achievements of China’s reform and opening-up and the vigorous momentum of Chinese-style modernization. Looking ahead, with the expected signing of the China-ASEAN Free Trade Agreement 3.0, Koh believes Malaysia and China can explore broader cooperation in the digital economy. As China and Malaysia have already launched local currency settlement cooperation, Malaysia is expected to gain more convenience in cross-border trade and investment settlement, he said.

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

In the lively springtime of Guangzhou, the 137th Canton Fair, the world's biggest trade event, opened its doors to welcome global buyers.  

While the United States tries to create a new trade order that is exclusively beneficial to itself with its so-called “reciprocal tariffs,” more than 31,000 enterprises are participating the biannual event, with over 4,200 new faces in the mix. The export exhibition alone boasts nearly 73,000 booths, and for the very first time, the number of exhibitors has soared past 30,000.

What's more, the exhibition layout has become far more diversified. Newly-added zones such as the service robot zone and integrated housing zone have injected fresh energy into the fair.

Our correspondents, Sharon, is joining us with firsthand observations today. She's been covering the Canton Fair for three years in a row. 

As we all know, the US' so - called "reciprocal tariffs" are casting a shadow over global trade. How are Chinese exporters at the fair navigating through this tough situation?

Sharon: From my on-the-ground observation, Chinese exporters are displaying incredible resourcefulness. A great number of them are placing a strong emphasis on product innovation. Take the "new trio,” namely new energy vehicles, lithium-ion batteries, and photovoltaic products, for instance. There are a plethora of state-of-the-art exhibits in these sectors. 

Besides, they're actively seeking out new markets. Instead of being overly reliant on traditional Western markets, they're exploring emerging economies in Southeast Asia, the Middle East, and Africa, opening up new channels for growth.

Some companies have even adjusted their supply chain strategies. They're setting up factories overseas to avoid the impact of tariffs.

Take a company in Dongguan as an example, they've transferred part of their production to Southeast Asia, while still maintaining close cooperation with Chinese suppliers for raw materials.

Stephanie: What about the foreign buyers? Are they still as enthusiastic about the Canton Fair and "Made in China" products?

Sharon: Absolutely! There are over 200,000 pre-registered overseas buyers hailing from 215 countries and regions.

At the service robot zone, I saw many foreign purchasers snapping pictures of robotic dogs and industrial exoskeleton equipment with great excitement.

A buyer from Australia told me that he was really impressed by the high tech products at the fair, like the service robots. He believed these products had great potential in the Australian market.

And it's not just the high-tech products. Here, products featuring the latest technology, unique designs, and innovative solutions are on display, with product lines catering to diverse purchasers. Buyers now not only consider product prices but also care about product novelty, the new technologies incorporated, and the novel functions offered.

In the fiercely competitive domestic environment, Chinese manufacturing has sped up technological upgrades, leaving global competitors far behind. Enterprise R&D and product-driven strategies have become the core driving force for "Made in China" to succeed globally.

Stephanie: Thank you, Sharon, for sharing these invaluable insights. Indeed, the Canton Fair serves as a vivid portrayal of the resilience of China's foreign trade.

For years, in the narrative of Western media, "Made in China" was commonly linked to affordability. There was a lopsided perception that "Chinese enterprises depend on the US market for survival, rather than the US market relying on Chinese goods". This misguided view provided the pretext for the US to impose tariffs recklessly and initiate trade wars. However, the market is now dispelling this false belief.

Take, for instance, IShowSpeed, the American YouTuber with 38 million followers, has wrapped up his Chinese odyssey, livestreaming the unedited, authentic China to the world using 5G network on China-built bullet train, experiencing flying car in Shenzhen and taking home three Huawei smartphones.

At a time when the US administration's bullying and threats are creating increasing uncertainty, the Canton Fair is being widely viewed as a "barometer" of China's continued commitment to opening-up and its willingness to share its development opportunities with the world.

Forty-plus years ago, when China launched its reform and opening-up policy, the event was mainly a market for foreign buyers to purchase agricultural produce, handicrafts and local specialties, and a window for the Chinese to see the outside world.

Now it has become a major platform displaying not only "Made in China" but "Innovation in China”, attracting countless companies to access the Chinese market.

Highlighting this transformation, the event this year has for the first time set up a service robot zone, reflecting the new pulse of the industry. Notably, the number of enterprises with titles such as national high-tech, specialized and new "little giants", and manufacturing champions in their respective niche exceeds 9,700, an increase of 20 percent over the previous event.

It is this spirit that has not only enabled the phenomenal rise of new kids on the tech-block, such as DeepSeek, but also generated an insatiable industrial and market yearning for collaboration and openness as a means to innovations.

The key message sent by the trade event is that openness and cooperation are the general trend, and the nation will never cease its endeavor to advance in technological development. Amid external uncertainties, China will stick to joining hands rather than shaking fist, dismantling barriers rather than erecting walls, and fostering connectivity instead of decoupling.

Hi everyone. I’m Stephanie LI.

Coming up on today’s program

Chinese travel to ASEAN soars 40% in Q1, fueled by tourism and business demand;

Nvidia CEO Jenson Huang arrived in Beijing.

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

Outbound travel from the Chinese mainland to ASEAN destinations surged in the first quarter of 2025, driven by both steady growth in leisure tourism and booming business activity, according to a report by Chinese travel agency Tongcheng Travel.

Data from the platform showed that ticket bookings from major mainland cities to key cities in ASEAN countries, including Thailand, Vietnam, Cambodia, Malaysia, Singapore and Indonesia, rose about 40 percent year-on-year in Q1 2025.

Flight bookings from major Chinese mainland cities to destinations such as Penang, Malaysia, rose 130 percent year-on-year. Bookings to popular cities in Vietnam increased nearly 60 percent, while those to Cambodia jumped close to 90 percent, according to the platform.

Tongcheng attributed part of the growth to favorable visa policies. Countries like Thailand and Malaysia, which offer visa-free access to Chinese travelers, have maintained strong growth momentum since 2024.

From a demand perspective, while leisure travel continued to grow steadily, business travel between Chinese mainland cities and major destinations in Vietnam, Malaysia, Cambodia and Indonesia saw rapid growth, according to the report.

In the first quarter, ASEAN remained China's largest trading partner, with total trade reaching 1.71 trillion yuan, a 7.1 percent year-on-year increase and accounting for 16.6 percent of China's overall foreign trade, said Lü Daliang, a spokesperson for the General Administration of Customs, on Monday.

Canton Fair Global Share

Chinese home appliance manufacturers have focused more on innovation to attract international buyers through competitive differentiation at the first of this year's bi-annual Canton Fair. The number of AI-powered home appliances, including air conditioners, televisions, refrigerators, and washing machines, has significantly increased at the event this year. For example, Haier Group displayed its smart refrigerator that can recommend recipes using DeepSeek-R1. 

GBA express

Swire Properties has not slowed down its investment pace in the Chinese mainland, as it is looking for new opportunities in Shenzhen, according to the Hong Kong-based builder's chief executive officer. "We hope to find new opportunities in Shenzhen, as it is a suitable city for the development of Swire Properties," Tim Blackburn said at the 10th-anniversary ceremony of mixed-use development Taikoo Li Chengdu.

Hong Kong's greenhouse gas (GHG) emissions in 2023 amounted to approximately 34.5 million tons of carbon dioxide equivalent (CO2-e), representing about 20 percent decrease compared to the 2005 levels and about 25 percent decrease from the peak emissions in 2014, official data showed on Thursday.

Industry and company news

Nvidia CEO Jensen Huang arrived in Beijing today on an invitation by the China Council for the Promotion of International Trade(CCPIT), CCTV News reported. Huang arrives at a time when the US has put new restrictions on China-bound shipments of H20 GPUs, the only compliant AI chip Nvidia can sell legally to China. During his meeting with Chairman of the CCPIT, Huang said the US chip company will “spare no effort” to optimize its product portfolio in compliance with regulatory requirements and remain “unswervingly committed” to serving the Chinese market.

Chinese AI startup DeepSeek's founder and CEO Liang Wenfeng was featured in the Pioneers category of Time Magazine's 100 Most Influential People of 2025. "The buzz around DeepSeek’s low-cost AI helped add billions to the value of tech stocks," Time said.

Tencent today unveiled its largest-ever employment plan, adding 28,000 internship roles and expanding graduate hiring over the next three years. This year alone, the Chinese tech giant will offer 10,000 campus internship positions, 60 percent of which will be geared toward tech talents.

Douyin said it will launch a special support program for foreign sellers of premium goods, including lowering commission fees and offering interest-free loans to ease cash flow pressures to help them expand into the Chinese market. Merchants will be able to register and list products on a new dedicated section on its recruitment site, with the entry thresholds for qualified small and medium-sized sellers further lowered with a "free entry" policy, it added.

China's railway passenger trips exceeded 1 billion last quarter, up 5.9 percent from a year earlier, China Railway Group announced today. Railway freight volume rose 1 percent to 1.25 billion tons in the period.

Shanghai will provide policy support for private firms to invest in AI and new infrastructure and promote commercial banks to offer preferential interest rate loans for their key projects, such as trusted data space, embodied intelligence, and the low-altitude economy, Chen Yanfeng, deputy director of the Shanghai Municipal Development & Reform Commission, said at a press briefing today.

The global merchandise trade volume is likely to decline 0.2 percent this year under the current tariff conditions, nearly 3 percentage points lower than the previous prediction based on a “low tariff” baseline scenario, according to the WTO's latest Global Trade Outlook and Statistics report.

Asia-Pacific highlights

China and Malaysia jointly announced on Thursday that the two sides have agreed to build a high-level strategic China-Malaysia community with a shared future to accelerate their modernization efforts and jointly promote regional and global prosperity and stability. China and Malaysia vowed to strengthen strategic coordination, deepen synergy of development, tighten people-to-people bonds, maintain peace and stability in the South China Sea, strengthen regional cooperation, and conduct multilateral cooperation. Focusing on four key areas of digital economy, green economy, blue economy and tourism economy, the two sides pledged to expand future economic cooperation. The two governments has signed an official agreement of mutual visa-free arrangement for their citizens, Chinese foreign ministry said on Thursday. 

Ascott told media yesterday that it remains bullish on China's long-term prospects, with over 130 projects in operation and nearly 100 to open within five years. The Singaporean real estate and lodging firm plans to launch a new business model in the second half of this year to speed up its expansion in China.