2 m. ago Pentagon reliant on Chinese suppliers and ‘not prepared’ for war, report warns

The US defence industrial base remains dependent on Chinese suppliers despite efforts to decouple – and that raises concerns over war readiness, according to a report by data analytics firm Govini. Chinese firms still made up 9.3 per cent of the primary contractors, or Tier 1 suppliers, involved in major US defence programmes across nine critical sectors in 2024, Govini said in its annual National Security Scorecard. “The United States is not prepared for the war that we may have to enter if...

Events

2 h. ago China’s Xi Jinping puts domestic market at forefront in high

President Xi Jinping reiterated the need for China to develop a “unified national market” at a high-profile economic meeting on Tuesday, a task which has taken on greater urgency as the country prioritises domestic demand amid a more uncertain external landscape. Greater efforts are needed to address a variety of issues facing the world’s second-largest economy, the Central Financial and Economic Affairs Commission said in a readout from their sixth meeting, explicitly calling for a crackdown on...

Politics

4 h. ago China bets on tax perks to win back foreign investors amid global headwinds

China has stepped up efforts to attract foreign investors, as policymakers look to bolster the domestic economy and safeguard its position in global supply chains amid negotiations with major trade partners. New tax breaks unveiled this week aim to encourage foreign firms to reinvest profits locally – part of a broader effort to restore confidence and signal openness as challenging trade talks continue with the European Union and United States. The Ministry of Commerce, the Ministry of Finance...

Economics

7 h. ago Chinese President Xi calls to regulate exercise of power to fight corruption

President Xi Jinping has called for a “clear, transparent and traceable” mechanism to regulate the exercise of power in China’s anti-corruption drive and boost supervision by the people and the media to better rein in disciplinary and legal violations. Xi made the remarks while presiding over a group study session of the 24-seat decision-making Politburo in Beijing on Monday, a day before the 104th anniversary of the party’s founding, according to Xinhua. Xi spoke on enforcing party discipline...

Politics

7 h. ago Chinese President Xi Jinping calls to regulate exercise of power to fight corruption

Chinese President Xi Jinping calls to regulate exercise of power to fight corruption  South China Morning Post

Politics

7 h. ago China’s Xi tells party ‘power is granted by people’ amid corruption crackdown

China must allow for more public and media oversight of the government and the Communist Party to ensure accountability and to uncover abuses of power, according to President Xi Jinping. Addressing a group study session of the 24-member Politburo on Monday, Xi said the country needed a “clear, transparent and traceable” process to oversee the national anti-corruption drive, according to state news agency Xinhua. “To fight corruption, [we must] regulate the exercise of power,” Xi said on the eve...

Politics

16 h. ago Trump’s Golden Dome: will the numbers add up to deter China in the Indo

America’s view of China as a “pacing threat” has shaped its defence priorities as the military seeks to maintain an edge over a rapidly modernising PLA. In the first of a three-part series on how US budget tensions will affect efforts to deter China, we look at the Golden Dome missile defence system. China’s expanding military footprint in the Indo-Pacific is now a focus of America’s defence strategy, with a renewed emphasis on space-based capabilities since Donald Trump returned to the White...

Politics

48 h. ago Ronnie O’Sullivan ‘hasn’t given up on Hong Kong’, immigration chief says

Snooker star Ronnie O’Sullivan, who obtained Hong Kong residency last year through a talent scheme, “has not given up” on the city, the immigration chief has said, despite the newlywed seven-time world champion recently revealing plans to move to the Middle East. Asked about O’Sullivan’s intentions after he confirmed two days ago that he had married actress Laila Rouass, Director of Immigration Benson Kwok Joon-fung said on Sunday that he had been in touch with him and had stressed that Hong...

Politics

49 h. ago Hong Kong striving to create favourable environment for stablecoins: Paul Chan

Hong Kong authorities will strive to create a conducive environment for the wide-ranging application of stablecoins in a bid to provide practical help for businesses to resolve cross-border payment issues, the city’s finance chief has said. Financial Secretary Paul Chan Mo-po on Sunday reaffirmed the government’s efforts in applying fintech to resolve long-standing “pain points” such as slow and costly cross-border payments, highlighting new stablecoin laws set to take effect on August...

Politics

54 h. ago Hong Kong to mandate digital job applications for civil service

Hong Kong will extend digital-only applications to all civil service positions from next month, as part of the government’s efforts to promote digitalisation and improve recruitment efficiency. Civil Service Secretary Ingrid Yeung Ho Poi-yan announced on social media on Sunday that, as of Tuesday, July 1, all applications for civil service jobs must be submitted electronically, unless stated otherwise. She also highlighted other measures adopted by the Civil Service Bureau under the same...

Politics

3 d. ago Hong Kong developers urged to link up with mainland firms on border project

Hong Kong’s development minister has suggested that local developers join hands with their mainland Chinese counterparts to take part in the Northern Metropolis border town megaproject using a new approach. Secretary for Development Bernadette Linn Hon-ho said on Saturday that the government was studying proposals submitted by various developers and aimed to put one or two large land parcels in the Northern Metropolis project up for tender in the second half of the year. Linn stressed that the...

Politics

3 d. ago Meet the Hong Kong tour guide offering visitors an Anthony Bourdain

For most visitors to Hong Kong, no trip would be complete without a stop at The Peak to take in the city’s sweeping vistas or a walk along the Avenue of Stars to witness the skyline lit up at night. With such glitzy attractions having become synonymous with the city, few people would ever consider visiting a wet market in one of the city’s poorest neighbourhoods or a public housing estate slated for demolition. But for Hong Kong tour guide Angel Lau Tsz-tung, these lesser-known locations reveal...

Politics

3 d. ago Talks over threats: South Korea tries a new tack to sway its nuclear neighbour

On a day heavy with memory, South Korea’s President Lee Jae-myung invoked the language of peace, urging restraint and dialogue even as the nuclear-armed North forges deeper ties with Russia and the Korean peninsula bristles with tension. “The surest way to secure our safety is to build peace – peace so strong that there is no need to fight,” Lee said in a solemn social media post, commemorating the 75th anniversary of the onset of the Korean war. The conflict from 1950–53 left millions dead and...

Events

4 d. ago Will the US strikes on Iran push China to ramp up its nuclear arms programme?

Instead of crushing Tehran’s nuclear programme, Israeli and US strikes on Iranian facilities in the past week might have dealt a blow to international nuclear non-proliferation efforts. Analysts warned that the attacks might not only encourage Iran to accelerate its nuclear weapon programme, but also prompt countries such as China and North Korea to expand their deterrence efforts. The pre-emptive strikes also risked setting a precedent for US adversaries to justify similar action against any...

Events

4 d. ago China’s $50 Billion Chip Fund Switches Tack to Fight US Curbs

China’s $50 Billion Chip Fund Switches Tack to Fight US Curbs  Yahoo Finance

Economics

4 d. ago US reaches deal with China to speed up rare earth shipments, White House says, amid efforts to end trade war

US reaches deal with China to speed up rare earth shipments, White House says, amid efforts to end trade war  The Guardian

Events

4 d. ago Hong Kong sharpens crypto hub focus amid rising global competition

Hong Kong is intensifying its bid to become a global digital asset (DA) hub with the release of an updated policy statement focused on accelerating stablecoin use and tokenisation efforts, amid renewed momentum in the US this year. “The government’s highly anticipated Policy Statement 2.0, aimed at establishing Hong Kong as a global digital assets hub, comes at a time when Trump 2.0 is trying to make America the ‘crypto capital of the planet’,” said Andrew Fei, a partner at King & Wood Mallesons...

Politics

4 d. ago Murder suspect’s girlfriend charged over abetting his escape from Hong Kong

The girlfriend of a murder suspect has been charged and remanded in custody in Hong Kong on suspicion of helping the alleged offender flee to mainland China by boat as police continue to search for the missing woman. Police also recovered a mobile phone believed to belong to the missing Vietnamese national in Ma Wan, a source confirmed on Friday, but efforts to uncover human remains have been unsuccessful so far. The suspect, Nguyen Minh Nghia, is believed to have fled Hong Kong after allegedly...

Events

5 d. ago Shanghai Gold Exchange launches first offshore vault in Hong Kong

The Shanghai Gold Exchange opened its first offshore warehouse in Hong Kong on Thursday, a move that is likely to bolster the international trading of its contracts. The vault witnessed several transactions of spot gold contracts after it became operational, according to a statement from Bank of China (Hong Kong), which runs the warehouse. Analysts said the launch of the vault and two yuan-denominated gold products represented a step forward for Beijing and Hong Kong in their effort to promote...

Politics

5 d. ago Mount Rinjani tragedy puts spotlight on Indonesia’s adventure tourism safety

The death of a Brazilian woman who fell while climbing a volcano in Indonesia has renewed scrutiny of safety standards at the country’s adventure tourism hotspots, amid a string of recent accidents involving foreign visitors. Juliana Marins, 26, fell some 600 metres (1,968 feet) while attempting to summit Mount Rinjani, a volcano on Lombok island, on Saturday. Her body was only recovered four days later after rescue efforts were hampered by dense fog, steep cliffs and unstable terrain. The...

Politics