6 h. ago As Chinese exporters explore home market, how are letters of credit helping?

After the United States imposed so-called reciprocal tariffs on imports from China in April, Beijing took steps to help Chinese exporters sell their products domestically. In addition to the staging of product promotion events across the country and the offering of fiscal and financial incentives, Beijing also encouraged the increased use of letters of credit (L/Cs) to help such businesses switch focus to the domestic market. What is a domestic letter of credit? A letter of credit, also known as...

Politics

8 h. ago China’s car industry runs on empty as supply chain bills go unpaid

China’s car industry runs on empty as supply chain bills go unpaid  Financial Times

Politics

8 h. ago China delays approval of $35bn US chip merger amid Donald Trump’s trade war

China delays approval of $35bn US chip merger amid Donald Trump’s trade war  Financial Times

Politics

22 h. ago Hongkongers may have to pay higher tolls at Aberdeen Tunnel, Shing Mun Tunnels

Hongkongers may have to pay more to use the Aberdeen Tunnel and the Shing Mun Tunnels under a government proposal to raise tolls from HK$5 (64 US cents) to HK$8 to help recoup some of their hefty annual losses, the Post has learned. The tunnels’ current flat fee of HK$5 for all vehicles has remained unchanged for 34 years. A source said on Thursday that authorities were planning to raise the toll to HK$8. The Shing Mun Tunnels recorded a deficit of HK$52 million in the 2023-24 financial year,...

Politics

23 h. ago WeChat Pay records fourfold rise in mainland tourist taxi payments in Hong Kong

WeChat Pay Hong Kong has recorded a fourfold increase in mainland Chinese tourist payments for taxi services in the city from last year and growing usage among locals and visitors alike, according to parent company Tencent. Vice-President of Tencent Financial Technology Daniel Hong Danyi said on Thursday that the number of transactions from mainland tourists paying for taxi fares through WeChat Pay had seen a fourfold increase year on year. “We saw that previously, many mainland tourists coming...

Economics

23 h. ago Xpeng and Chinese EV peers aim to win over Hongkongers amid global push

Chinese electric vehicle (EV) maker Xpeng aims to start offering Hong Kong consumers smart cars featuring semi-autonomous driving systems next year as it gears up to take on Tesla’s FSD (Full Self-Driving) feature outside mainland China. He Xiaopeng, co-founder and CEO of the Guangzhou-based carmaker, said in Hong Kong on Thursday that testing of its Xpeng Navigation Guided Pilot (X NGP) driver-assistance system in the city would take only two months before sales could begin. However, he added...

Politics

36 h. ago US venture capital firm to unload stakes in 40 Chinese tech start

Shares of a few dozen China-based start-ups may be up for grabs as their investor, US venture-capital firm Eight Roads, plans to exit its Chinese technology holdings. The move, reported by Bloomberg on Tuesday, comes as geopolitical tensions and a sluggish Chinese economy prompt some global investors to retreat. Domestic and government-backed funds and financing products would increasingly drive start-up funding in the world’s second-largest economy, analysts said. Fidelity Ventures-backed Eight...

Politics

52 h. ago Hong Kong student spared jail for faking exam results via beauty app Meitu

A Hong Kong student has been spared prison time over her attempt to secure a university placement with bogus entrance exam results edited by Chinese beauty filter app Meitu, with the presiding magistrate accepting the crime was a lapse in judgment. Ng Tsz-ying, 22, was sentenced to a 12-month probation order at Fanling Court on Wednesday for submitting a fake copy of her certificate in the Diploma of Secondary Education examination to the Education University of Hong Kong last year. Last month,...

Events

52 h. ago Starbucks garners ‘a lot of interest’ in China business stake, chief says

Starbucks garners ‘a lot of interest’ in China business stake, chief says  Financial Times

Politics

53 h. ago How Indonesian fintech firm is bridging funding gaps for women entrepreneurs

Across Indonesia’s vast archipelago, millions of women running small businesses in rural areas remain locked out of traditional banking – a gap increasingly filled by fintech firms offering microloans as economic pressures mount. One of the most prominent players in this space is Amartha, a Jakarta-based lending platform that connects borrowers in remote communities with financial institutions. Founded in 2010, it now counts about 3 million active borrowers – 99 per cent of them women operating...

Economics

54 h. ago China plans to turn Shenzhen into AI and aviation hub amid US sanctions

China has outlined a string of reforms to accelerate the development of hi-tech emerging industries in the city of Shenzhen, as the tech hub in southern China grapples with a barrage of US trade restrictions. The plan focuses on boosting Shenzhen’s ability to create scalable business models in industries such as artificial intelligence and aviation that can be replicated across China, by helping the city cultivate a larger talent pool, expand local companies’ access to financing, and speed up...

Politics

54 h. ago Beijing primary school showcases holistic education to intl journos

Beijing primary school showcases holistic education to intl journos  Amader Barta

Politics

55 h. ago ‘Uncertainty has costs’: the Asian students rethinking US education plans

As a teenager in military-ruled Myanmar, Muang* viewed a US college degree as the ultimate escape – a passport to freedom, stability and a future unbound by the limits of a junta-run state. At 19, he made it. A full scholarship to one of America’s most prestigious universities marked the culmination of years of perseverance. But today, that hard-won dream feels precarious. “You grow up in a country where it’s a dictatorship and you don’t have any opportunities to build your own life,” Muang...

Politics

59 h. ago English lessons in Hong Kong primary schools to cover national security

Hong Kong primary schools will need to strengthen patriotic and national security education under a revised curriculum guide for the English-language subject. The previous edition of the guide suggested English teachers let pupils explore value-laden matters including human rights and equal opportunities but they have been replaced by issues such as respect for others, animal rights and environmental protection. The Education Bureau on Tuesday released the “English Language Education Key...

Events

67 h. ago In China, fears grow of an EV financial crisis amid pricing war

In China, fears grow of an EV financial crisis amid pricing war  CNBC

Events

3 d. ago Hongkongers warned not to download mobile game ‘promoting secessionist agenda’

Hong Kong police have warned residents against downloading a mobile game application advocating Hong Kong and Taiwanese independence or risk breaking national security laws. The force also said on Tuesday that action had been taken under the Beijing-imposed national security law to allow police to require the relevant electronic platforms to remove access to the game Reversed Front: Bonfire, which was developed by ESC Taiwan and released in April. Individuals who downloaded the app could be...

Events

3 d. ago Guardians of the Great Wall: Shaping China's future through education

Guardians of the Great Wall: Shaping China's future through education  Tehran Times

Politics

3 d. ago China’s solar panel makers seek antidote to market ills as glut, price war, tariffs bite

China’s solar photovoltaic (PV) manufacturers are looking for solutions to years of price wars and losses at home amid excess capacity and waning demand as executives gathered in Shanghai to discuss the problems crippling the industry. They will get a chance to gauge the crisis as the financial hub plays host to the SNEC PV+ Photovoltaic Power Conference and Exhibition from Tuesday to Friday. The conference is the largest of its kind, attracting some 3,000 enterprises from more than 100...

Economics

3 d. ago Malaysia’s new luxury tax a hard sell for Anwar as popularity wanes

Many Malaysians may find life’s little indulgences suddenly beyond their reach from next month, when fresh taxes bite on premium goods and services like salmon and silk – and even haircuts – after the cash-strapped government said it would raise revenue from so-called luxury spending. Taxes of between 5 and 10 per cent will be imposed on “discretionary and non-essential goods” as well as financial and beauty services and private education from July 1, the Finance Ministry said in a statement...

Events

3 d. ago China’s $1.1tn asset manager becomes star player on ‘national team’

China’s $1.1tn asset manager becomes star player on ‘national team’  Financial Times

Politics