5 h. ago Economists call for reform as China’s famed marketisation index drops

Chinese economists have called for more pro-market reforms to tackle economic imbalances and vicious intra-industry competition, as a new report has revealed a decline in a major index tracking the country’s marketisation. In a new assessment from the National Economic Research Institute, a Beijing-based think tank, China’s overall level of marketisation – measured by five criteria, including government-market relations – stood at 5.62 out of 10 in 2023, slipping by 0.1 from 2019 and by 0.4 from...

Economics

5 h. ago China’s influential marketisation index declines, sparking calls for reforms

Chinese economists have called for more pro-market reforms to tackle economic imbalances and vicious intra-industry competition, as a new report has revealed a decline in a major index tracking the country’s marketisation. In a new assessment from the National Economic Research Institute, a Beijing-based think tank, China’s overall level of marketisation – measured by five criteria, including government-market relations – stood at 5.62 out of 10 in 2023, slipping by 0.1 from 2019 and by 0.4 from...

Politics

18 h. ago Sale of 11 Skies could relieve New World of liabilities in project, UBS says

A potential sale of 11 Skies, a mall located near Hong Kong’s international airport in Chek Lap Kok, could help New World Development (NWD) lighten its debt burden as the developer steps up efforts to divest noncore assets to overcome its worst financial crisis, according to UBS. “Any successful disposal of 11 Skies could be a positive catalyst for NWD,” analysts at the Swiss bank said in a report on Thursday. The project “is embedded with contingent liabilities” of HK$1.8 billion (US$229.3...

Politics

19 h. ago HKMA dismisses ‘bad bank’ rumours, saying industry remains healthy

The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, said it had no plans to establish a “bad bank” to absorb troubled debt in the financial system, saying that the local banking sector remained healthy and profitable. “Overall, banks in Hong Kong maintain a healthy balance sheet; their credit risk is manageable and provisions are sufficient,” the authority said in a statement on Thursday. “The HKMA has no intention to set up the rumoured ‘bad bank’. We understand that the...

Politics

19 h. ago HKMA dismisses ‘bad bank’ rumour, says Hong Kong banks are sound

The Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, said it had no plans to establish a “bad bank” to absorb troubled debt in the financial system, saying that the local banking sector remained healthy and profitable. “Overall, banks in Hong Kong maintain a healthy balance sheet; their credit risk is manageable and provisions are sufficient,” the authority said in a statement on Thursday. “The HKMA has no intention to set up the rumoured ‘bad bank’. We understand that the...

Politics

23 h. ago Syria’s future tied to Israel peace deal as billions in investment set to arrive

Some US$20 billion of foreign investment and financial aid is set to pour into Syria over the next few years, kick-starting the reconstruction of the war-torn country after Western sanctions were lifted two months ago. But the desperately needed funds forthcoming from Gulf Arab, Turkish and Western firms remain tied to Syrian President Ahmed al-Sharaa’s willingness to reach some kind of Washington-backed peace agreement with an antagonistic Israel, according to several Middle East experts who...

Economics

23 h. ago Hong Kong’s unemployment rate remains at 3.5%, continuing 30

Hong Kong’s jobless rate remained at 3.5 per cent between April and June, continuing the 30-month high set during the previous three month, with authorities warning of an ongoing uncertain external environment and worsening unemployment from more graduates entering the workforce. Preliminary data from the Census and Statistics Department on Thursday showed that the number of unemployed people during the three months was 136,200, slightly higher than 135,800 in the previous three months. “While...

Politics

23 h. ago Maersk downplays hit from US port fees as doubts swirl over anti

When the United States unveiled plans to charge hefty fees to any China-built or operated ship entering an American port earlier this year, the shipping industry appeared to face a stark choice: cut Chinese vessels out of their fleets or see their costs soar. But months ahead of the charges coming into force, the global shipping giant Maersk insists that it will be able to avoid making that decision, casting further doubt over the US’ ability to curtail the dominance of China’s...

Events

24 h. ago Philippines ‘least safe’ to travel to? Sorry, Canadian firm says

A Canadian travel insurance comparison firm has issued a formal apology and withdrawn a controversial ranking that labelled the Philippines as the least safe country in the world – a designation that provoked sharp condemnation from the Philippine government and tourism industry. HelloSafe, which had published its “2025 Safety Index” in early June, scored the Philippines 82.32 – placing it at the bottom of a list measuring safety through indicators such as natural disasters, healthcare, societal...

Politics

26 h. ago Australia news live: PM dismisses Coalition criticism of China trip claiming ‘they didn’t have a phone conversation’ with Beijing during last term in government

Australia news live: PM dismisses Coalition criticism of China trip claiming ‘they didn’t have a phone conversation’ with Beijing during last term in government  The Guardian

Politics

26 h. ago China’s corruption busters target science sector in research funds crackdown

China’s top anti-corruption watchdog has pledged to focus on funding for scientific research in its latest crackdown to help ensure that hi-tech development and innovation remain a driving force for the country’s economy. Li Xi, party chief of the Central Commission for Discipline Inspection (CCDI), told a meeting of the body’s standing committee on Tuesday that it needed to ensure that the country’s scientific and technological development advanced “in the right direction” to create a good...

Events

28 h. ago Hong Kong cabbies call for subsidies and grace period to meet new regulations

Some Hong Kong taxi drivers have called on authorities to provide subsidies and a grace period to help the industry comply with looming requirements to accept fares through electronic payment methods and install journey recorders. In a paper submitted to the Legislative Council on Wednesday, the Transport and Logistics Bureau revealed that the mandatory requirement for taxi drivers to provide e-payment methods would be implemented on April 1 of next year. The bureau said a significant portion of...

Events

29 h. ago Emirates flight from Dubai diverted after failing to land in Hong Kong

An Emirates flight from Dubai to Hong Kong was unexpectedly rerouted to Taiwan on Monday after multiple unsuccessful attempts to land, reportedly because of bad weather. Flight EK382, operated by Dubai’s flagship carrier, was diverted to Kaohsiung International Airport in Taiwan after it was unable to land in Hong Kong. The crew and passengers stayed overnight in Kaohsiung and flew back to Hong Kong on the Emirates plane – a Boeing 777-31H(ER), registered A6-EPU – on Tuesday. Flight data shows...

Events

37 h. ago US firms consider China market critical despite fraying relations, other issues, survey says

A new survey of American companies operating in China indicated that most of them consider the country’s market critical despite fraying bilateral relations, tariffs, economic weakness and lost market share. Nearly all respondents participating in an annual US-China Business Council survey said they cannot remain globally competitive without their business in the world’s second-largest economy, according to a report about the survey published by the advocacy group on Wednesday. This is despite...

Economics

37 h. ago US firms say China market vital despite fraying relations, other issues: survey

A new survey of American companies operating in China has indicated that most of them consider the country’s market critical despite fraying bilateral relations, tariffs, economic weakness and lost market share. Nearly all respondents participating in an annual US-China Business Council survey said they cannot remain globally competitive without their business in the world’s second-largest economy, according to a report about the survey published by the advocacy group on Wednesday. This is...

Economics

39 h. ago Healthy Returns: Chinese obesity drug emerges as a potential rival to Eli Lilly’s Zepbound

Healthy Returns: Chinese obesity drug emerges as a potential rival to Eli Lilly’s Zepbound  CNBC

Events

43 h. ago China vows to regulate 'irrational' competition in EV industry

China vows to regulate 'irrational' competition in EV industry  Reuters

Politics

44 h. ago ‘Actionable results’ needed to get Chinese spending again, No 4 official says

The Communist Party’s chief theoretician has urged groups outside the party – including China’s eight minor political parties, industry and commerce representatives, and public figures without party affiliation – to contribute to the discussion on how to boost domestic demand, as Beijing steps up efforts to entice the public to spend more. Improving domestic demand is a strategic priority and a necessary step towards ensuring the long-term and healthy development of China’s economy, said Wang...

Politics

44 h. ago Hong Kong airport to pay first dividend in decade as profits surge 52.3%

Hong Kong International Airport has posted a net profit growth of 52.3 per cent to HK$2.45 billion (US$313 million) for the 2024-25 financial year, while also paying the government a HK$1.3 billion dividend, its first in a decade. The Airport Authority also reported a 20 per cent growth in revenue to HK$16.4 billion. It started retaining operating surpluses in 2014-15 to finance the three-runway system project, but has acknowledged uncertainties remained amid geopolitical tensions. In the...

Economics

50 h. ago Airbus signs fresh deal with Chinese partner amid talk of massive China order

Airbus has signed a new cooperation deal with its Chinese partner that will see the company localise more production of its A321 jet in China, with the announcement coming just a week ahead of a key China-Europe leaders’ summit. The European aviation giant will work with its partner AVIC Xi’an Aircraft Industry Group to start fuselage equipping – installing components onto the front and rear parts of an aircraft – for the A321 at its factory in Tianjin under the agreement. The programme is an...

Politics