39 m. ago US Treasury chief slams ‘unreliable’ China at House hearing on Trump trade policy

US Treasury Secretary Scott Bessent slammed Beijing on Wednesday for its aggressive export policies, urged it to be a more dependable partner and depicted China’s disjointed economic structure as hurting not only the US but the entire globe. “China currently has the most unbalanced economy in the history of the world,” Bessent, a former hedge fund manager, told the powerful House Ways and Means Committee. “They cannot be allowed to export their way back to prosperity, not only for working...

Politics

3 h. ago Rice imports, policy inertia put ‘future of Filipino farming’ at risk: report

The Philippines’ rice industry is in danger of being “drowned out by cheap imports”, according to a new report, with experts also warning that prolonged policy inertia could affect the country’s food security. The report, produced by the Integrated Rural Development Foundation, said policy failures and under-investment had pushed the country’s farming industry into its “most vulnerable position in decades”, according to The Manila Times. The Philippines became the world’s top rice importer in...

Events

6 h. ago Major Pakistan defense boost as China military ties deepen and India tensions soar

Major Pakistan defense boost as China military ties deepen and India tensions soar  Newsweek

Events

8 h. ago ‘Panda fever’ created 19% attendance boost at Hong Kong’s Ocean Park: official

“Panda fever” has translated into a significant boost in business for Hong Kong’s Ocean Park, with the debut of several new bears leading to a 19 per cent surge in attendance year on year since their debut, according to the city’s tourism minister. Secretary for Culture, Sports and Tourism Rosanna Law Shuk-pui also said in a written reply on Wednesday to lawmakers’ questions that an additional HK$121 million (US$15.4 million) had been secured from the Hong Kong Jockey Club Charities Trust to...

Politics

8 h. ago iFlytek says using local chips in AI models extends development time by 3 months

A senior Chinese tech executive admits that using mainland-produced semiconductors could delay the development of artificial intelligence (AI) models by three months, but insisted that his company would continue to use these chips and push improved processes. Liu Qingfeng, chairman and founder of Chinese voice recognition solution provider iFlytek, said that the extended AI model development process was due to the need for additional computing resources, compared with using Nvidia chips and...

Politics

8 h. ago From AI to chips: China courts private tech firms to help drive next 5

China has signalled growing support for the private sector, as the head of the government department that oversees economic reform sat down with representatives of the tech industry to gather input ahead of Beijing’s next five-year development blueprint, analysts said. Zheng Shanjie, chairman of the National Development and Reform Commission (NDRC), met leaders from five private enterprises to “gather opinions and suggestions for the scientific formulation of the ‘15th Five-Year Plan’, with a...

Economics

9 h. ago Beijing slams Washington for supporting jailed Hong Kong activist Joshua Wong

China’s foreign ministry arm in Hong Kong on Wednesday voiced its disapproval of the United States’ “blatant support” of jailed activist Joshua Wong Chi-fung, while accusing Washington of smearing police’s enforcement actions. Last Friday, Hong Kong national security police levelled a fresh charge against Joshua Wong Chi-fung, accusing him of conspiring with fugitive ex-lawmaker Nathan Law Kwun-chung to collude with foreign forces five years ago. A US Department of State spokesman strongly...

Events

12 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

12 h. ago Game on for Hong Kong economy as Kai Tak Stadium proves to be a roaring success

Hong Kong should capitalise on the success of the Asian Cup qualifier at Kai Tak Stadium on Tuesday night by maximising the potential of the venue and engagement with business sectors to boost the economy, according to analysts. A total of 42,570 football fans witnessed Hong Kong’s 1-0 victory over India, packing the stands with a sea of red and roaring chants as the team hosted an international match for the first time at the new stadium. Vincent Cheng Wing-shun, vice-chairman of the major...

Sport

13 h. ago GoPro rival Insta360 eyes global expansion after strong Shanghai IPO

Insta360, the Chinese action camera maker challenging GoPro, surged 285 per cent in its trading debut on Shanghai’s Star Market after raising 1.9 billion yuan (US$264.5 million) in the city’s largest initial public offering (IPO) in 17 months. Max Richter, who co-founded the company with 34-year-old Chinese entrepreneur Liu Jingkang in 2015, said Insta360 is “committed to expanding [its] global presence and elevating brand influence to boost [its] market share worldwide”. He identified China,...

Politics

15 h. ago Haitian eyes US$1.22 billion Hong Kong IPO, one of the year’s largest

Foshan Haitian Flavouring and Food Company, the largest listed condiment producer in mainland China, is seeking to raise up to HK$9.56 billion (US$1.22 billion) in Hong Kong, marking one of the city’s largest initial public offerings (IPOs) this year and giving a boost to its status as a world-leading fundraising hub. The company is offering 263.2 million H shares at a maximum price of HK$36.30 each, with the final offer price to be determined on or before June 17, Haitian said in a statement to...

Economics

28 h. ago Chinese children under 14 become latest targets of tougher US visa policies

The United States embassy in China has tightened its visa policy for children under the age of 14 years by removing an interview-free application process. The decision follows Washington’s recent threats to “aggressively revoke” the visas of Chinese students studying in the country and increase scrutiny of future applications. In a notice posted on its official visa application website USTravelDocs on Monday, the embassy said that applicants under 14 who submit a non-immigrant visa application...

Events

28 h. ago Chinese academy launches automated system to speed up chip design

The Chinese Academy of Sciences (CAS), the nation’s premier science institution, has unveiled a chip design system driven by artificial intelligence (AI) that has the potential to significantly accelerate semiconductor development and replace human programmers. Developed by the State Key Laboratory of Processor and the Intelligent Software Research Centre, both under CAS, and the University of the Chinese Academy of Sciences, the fully automated integrated circuit design system is called QiMeng,...

Politics

30 h. ago Trump–Xi call boosts Chinese president’s tough man image — and may have handed him the upper hand in future talks

Trump–Xi call boosts Chinese president’s tough man image — and may have handed him the upper hand in future talks  The Conversation

Politics

30 h. ago India expected to maintain robust growth despite Pakistan tensions, trade woes

India is poised to remain the world’s fastest-growing major economy this year, analysts have said, with a recent jumbo rate cut by its central bank expected to boost consumption and investment, even as the country contends with fresh military tensions with Pakistan and an uncertain global trade environment. The Reserve Bank of India (RBI) last week delivered a larger-than-expected interest rate cut of 50 basis points and reduced the cash reserve ratio – the minimum amount of capital banks must...

Events

31 h. ago A quantum leap: Chinese institute begins photonic chip production

An institute affiliated with Shanghai Jiao Tong University has commenced production of photonic chips, marking a milestone in China’s semiconductor sector and providing a boost to the country’s quantum computing capabilities in spite of increased US export controls. The Chip Hub for Integrated Photonics Xplore (CHIPX), located in Wuxi in eastern Jiangsu province, now produces 6-inch thin-film lithium niobate photonic chip wafers, according to local authorities. The development underscores...

Politics

31 h. ago US trade officials mull further rollback of port fee rules – what’s different now?

As the world awaits the outcome of the China-US trade talks in London this week, the US Trade Representative (USTR) has proposed changes to shipping policy – marking another possible rollback from the stricter measures announced in April that aimed to revive the domestic industry and curb China’s shipbuilding dominance. The proposed revisions, issued in a short press release over the weekend, would reduce port fees for car carriers and ease restrictions on liquefied natural gas (LNG) tankers....

Politics

32 h. 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

33 h. ago US crackdowns on academia will only send global talent elsewhere

Where would the United States be without immigrant talent? Some of the country’s leading tech companies, including Alphabet and Nvidia, were founded or co-founded by immigrants. Two-thirds of the tech workers in Silicon Valley are foreign-born. According to research by the Institute for Progress, 60 per cent of the US’ top artificial intelligence (AI) companies have immigrant founders, including former international students. The role of Cambridge, Massachusetts as a magnet for global talent is...

Politics

37 h. ago Megaquake scare in Japan, Philippines boosts air power: 7 Asia highlights

We have selected seven stories from the SCMP’s coverage of Asia over the past week that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. Japan on alert as Hokkaido tremors reignite megaquake fears A string of moderate earthquakes off the coast of Japan’s northern island of Hokkaido has reignited concerns among experts and residents about the risk of a catastrophic seismic event – though scientists stress...

Politics