Afleveringen
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Hi everyone. I’m Stephanie LI.
Coming up on today’s program
China’s central bank reduces LPR and major lenders cut deposit rates;
CATL jumped 16 percent in its Hong Kong debut as the year’s biggest IPO sizzles.
Here’s what you need to know about China in the past 24 hours
China's one-year loan prime rate (LPR), a market-based benchmark lending rate, was lowered to 3.0 percent on Tuesday, down by 10 basis points, in the central bank's first cut of the rate this year.
The over-five-year LPR, on which many lenders base their housing mortgage rates, dropped to 3.5 percent from the previous reading of 3.6 percent, according to the National Interbank Funding Center.
The cut will further drive down financial costs for companies and Chinese residents, helping bolster market confidence and support the steady growth of the real economy, according to Xinhua News Agency.
These rate cuts come shortly after Beijing unveiled a series of sweeping monetary easing measures aimed at boosting liquidity and supporting growth.
On May 7, the country’s central bank announced a series of rate cuts, including a reduction in the seven-day reverse repo rate and the interest rates for the standing lending facility, to better implement the moderately loose monetary policy and enhance support for the real economy.
"The cut in LPR, the first round this year, has shown that the comprehensive financial support policies have led to further easing of monetary and credit policies, which in turn has reduced the borrowing costs of medium- and long-term funds," said Yan Yuejin, research director at Shanghai-based E-house China R&D Institute.
"The policy to further reduce interest rate will help lower mortgage loans costs, which also should stimulate the housing consumption demand," Yan said.
In the meantime, China's major state-owned commercial banks and some joint-stock banks announced reductions in deposit interest rates on Tuesday morning.
The one-year fixed-term deposit interest rate was cut by 15 basis points to 0.95 percent, according to the official deposit interest rates released by Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of Communications.
China Merchants Bank, a joint-stock bank based in Shenzhen, also cut its deposit interest rate, with one-year fixed-term deposit interest rate being reduced to 0.95 percent.
The National Development and Reform Commission (NDRC), China's economic planner, said on Tuesday that China is accelerating the formulation of measures to stabilize employment and the economy, promote high-quality development, and address issues related to excessive competition, which are expected to be implemented by the end of June. Meanwhile, NDRC will introduce a series of measures to attract and utilize foreign capital more effectively, and it will continue to create favorable conditions for multinational companies to invest and grow in China. Moreover, the NDRC will publicize the Private Economy Promotion Law, which took effect today, facilitate the implementation of its supporting policy measures, and address private enterprises' concerns.
GBA express
China’s leading battery maker CATL made another IPO at the Hong Kong Stock Exchange on Tuesday, with its shares opening 12.5 percent higher at HK$296 and closed up 16.4 percent at HK$306.2. At the debut ceremony on Tuesday, Chairman Zeng Yuqun noted the listing also marks “a new starting point” in promoting the global zero-carbon economy. CATL’s prospectus reveals that approximately 90 percent of its IPO proceeds will go to fund the first and second phases of its Hungary battery plant. Hong Kong Financial Secretary Paul Chan Mo-po said that CATL’s listing has become a focal point in global markets, reflecting strong confidence from both corporates and investors in Hong Kong’s stock market. The offering attracted investments from sovereign wealth funds, industrial capital, long-term institutional investors, insurance funds, and multi-strategy funds from 15 countries and regions.
Hong Kong authorities have identified nine projects involving big local industrial brands, the four most beautiful peaks and old town travels in the first phase of developing tourism hotspots to attract more tourists seeking in-depth tours in the city. At least four industrial brands, including food seasoning company Lee Kam-kee, bakery giant Kee Wah, vinegar maker Pat Chun and probiotic drink company Yakult, confirmed that they would organize tours with travel agencies starting from the third quarter of this year. Measures to boost in-depth tourism will also cover two popular old neighborhoods in Kowloon City and Central, featuring the local characteristics and history.
Industry and company news
Xiaomi has started mass producing its self-developed flagship chip with a 3-nanometer processor, the Xring O1, after four years of development and a total R&D investment of 13.5 billion yuan, CEO Lei Jun said on Weibo yesterday. Two flagship devices featuring the chip, the Xiaomi 15S Pro smartphone and Xiaomi Pad 7 Ultra OLED tablet, will be launched at 7 p.m. on Thursday.
Nvidia is leasing a new office space for its employees in Shanghai as part of its efforts to deepen its presence in China while complying with US export control measures, the US chip giant told media today.
Tencent’s QQ developed a version for Huawei's computers running on its self-developed HarmonyOS that launched yesterday, media reported. WeChat and WeCom, two other instant messaging platforms under Tencent, are accelerating the development of their own versions for HarmonyOS.
Trip.Com's net profit stayed flat at 4.3 billion yuan in the first quarter from a year earlier, while its net revenue rose 16 percent to 13.8 billion yuan, the Chinese online travel agency said today. Inbound tourism bookings on Trip.Com more than doubled in the first quarter from a year earlier, while outbound hotel and flight reservations exceeded the levels in the same period of 2019 by about 20 percent.
Leapmotor's stock opened 2.6 percent up after the Chinese EV maker said its net loss narrowed 89 percent to 130 million yuan in the first quarter from a year ago, while its revenue soared 187 percent to 10 billion yuan. Its sales surged 162 percent to 87,552 units.
Kweichow Moutai yesterday announced it repurchased 4 billion yuan in shares and approved a new share buyback scheme of up to 6 billion yuan. The Chinese liquor giant will distribute 34.7 billion yuan worth of cash dividends.
Chinese commercial space firm Galactic Energy successfully conducted a sea-based launch of its CERES-1 carrier rocket at 3:38 pm (local time) on Monday, completing the first phase of the Tianqi constellation, the country's low-Earth orbit Internet of Things (IoT) satellite constellation.
Asia-Pacific highlights
Thailand and Indonesia announced the elevation of bilateral relations to a strategic partnership following the first official visit to Thailand of President of Indonesia Prabowo Subianto on Monday. Southeast Asia’s two biggest economies pledged strong support for more two-way investment, and expanded cooperation in food security, fisheries, halal products, energy security and green economy, education and healthcare. Moreover, both sides are committed to increasing bilateral trade and they also agreed to enhance tourism cooperation, especially cruise and yacht tourism and wellness.
Chinese pea protein maker Shuangta Food today announced plans to expand its production capacity by 10,000 tons once its new Thailand plant is completed and put into operation in the second half of the year.
American pop singer Katy Perry today announced the Asia leg of her fifth world tour The Lifetimes Tour in three cities, Hangzhou and Shanghai in China and Tokyo in Japan.
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Hi everyone. I’m Stephanie LI.
Coming up on today’s program
Chinese economy displays strong resilience in April, marked by 6.1% rise in industrial output and 5.1% growth in retail sales;
HKEX is set to become the world's top destination for IPOs after CATL’s listing tomorrow.
Here’s what you need to know about China in the past 24 hours
China's economy continued to grow steadily in April with supportive macroeconomic policies despite external shocks, official data showed on Monday.
Figures released by the National Bureau of Statistics showed that China's value-added industrial output- a gauge of activity in the manufacturing, mining and utilities sectors - rose by 6.1 percent year-on-year in April after a 7.7 percent growth in March.
Retail sales, a key measurement of consumer spending, grew by 5.1 percent year-on-year in April versus the 5.9 percent increase in March.
Fixed-asset investment - a gauge of expenditures on items including infrastructure, property, machinery and equipment – rose by 4 percent during the January-April period compared to a year ago, while in the first quarter, it grew by 4.2 percent.
The surveyed urban unemployment rate came in at 5.1 percent in April, down from 5.2 percent in March, according to the NBS.
Boosted by the government's latest package of pro-growth stimulus policies, major economic indicators have witnessed a pattern of strong resilience, NBS spokesperson Fu Linghui said at a press conference on Monday.
“The fundamentals of China’s long-term sound economic growth will not change, with concerted efforts on macro policies, the growing momentum of consumption and innovation,” Fu said.
However, the NBS warned of mounting external uncertainties, saying the foundation for sustained recovery is yet to be consolidated.
Responding to a question whether Fu expects a surge in exports to the US following the recent Geneva agreement on significant tariff cuts, and on the trade outlook for the rest of the year, Fu said that in April, the external environment changed drastically, and the pressure on foreign trade increased. However, China’s foreign trade overcame difficulties and maintained steady growth.
According to the NBS, in April, China’s total import and export of goods rose by 5.6 percent, of which, exports grew 9.3 percent, maintaining a faster growth.
Fu noted that amid growing external shocks, China’s foreign trade has withstood the pressure and maintained growth, reflecting the solid support capacity of the industrial base, as the country’s complete industrial system with upgrading of the manufacturing industry occupies an important position in the global industrial chain, and has a strong advantage in international competition.
Home prices in 70 major Chinese cities remained flat or fell in April from March, the NBS said today. The prices continued to fall on a yearly basis, but the pace of decline further eased. The NBS data also revealed a narrowing in the year-on-year decline in the volume of new home sales during the January-April period, compared with the first quarter of the year.
GBA express
Hong Kong's bourse is expected to become the world's largest destination for IPOs after a big new energy firm from the Chinese mainland debuts tomorrow, bringing its total fundraisers this year to over HKD60 billion, Financial Secretary Paul Chan said yesterday.
The Guangdong-Hong Kong-Macao Greater Bay Area and Hungary (Europe) Economic and Trade Cooperation Conference was held Friday in Budapest, marking a new milestone in China-Hungary economic relations. The high-level conference saw the signing of 36 investment projects worth over USD3.8 billion, involving leading enterprises from China's Greater Bay Area and Hungarian partners. One of the key projects is Guangdong-based electric vehicle giant BYD setting up its new European headquarters in Budapest.
Tencent's R&D investment surged by 21 percent year on year to 18.9 billion yuan in the first quarter of 2025, as the company upgraded its comprehensive AI ecosystem, the tech giant revealed at the Tencent Global Digital Ecosystem Summit held in Guangzhou. Tencent has also established data centers in Guangzhou, Qingyuan, Shaoguan and other locations across the GBA. It will further expand its overseas investments by investing USD150 million in the Middle East to establish its first data center in Saudi Arabia, and another USD500 million in Indonesia to build its third data center in the country.
Industry and company news
Nvidia's next chip for China after the export-restricted H20 will not be based on Hopper architecture as "it's not possible to modify Hopper anymore," CEO Jensen Huang said regarding a recent rumor that the US chipmaker may rework existing Hopper series to fit the Chinese market. Meanwhile, Huang told media that Nvidia has begun producing the DGX Spark, the world's smallest AI supercomputer, which may launch in the coming weeks.
QQ Browser announced today it was upgraded to an AI-powered browser with the launch of QBot, featuring AI models Tencent Hunyuan and DeepSeek. The browser under Tencent now supports intelligent agents capable of handling complex tasks.
GAC Group has forayed into the Ethiopian market with the launch of two NEV models, the Aion Y Plus and GAC ES9, the firm said yesterday. The Chinese automaker plans to launch five NEV models in the East African country over the next three years, GAC International’s GM Wei Haigang said.
Xiaomi Auto will launch its first SUV model, the YU7, on May 22, CEO Leijun said on Weibo today. The launch event will also feature other products, including the flagship Xiaomi 15s Pro and the Xiaomi Pad 7 Ultra.
Shanghai Disneyland announced today that it has broken ground on its Spiderman-themed land. The theme park will launch a series of events and activities related to Disney Pixar films in June.
Asia-Pacific highlights
Chinese automaker Changan Automobile's first overseas electric vehicle production plant started operations in Thailand on Friday. Located in Rayong Province in eastern Thailand, the facility represents Changan's inaugural comprehensive overseas EV production base. With an initial investment of 10 billion baht (USD301.4 million) for the first phase, the plant is poised to serve as a manufacturing center for the ASEAN region and global right-hand drive markets.
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Zijn er afleveringen die ontbreken?
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Stephanie: Hey everyone, and welcome to this edition of CBN x ASEAN Watch. I’m Stephanie, your host, and today we’re diving into a phenomenon that’s taking Southeast Asia by storm: Chinese mini dramas.
These bite-sized shows, packed with drama, romance, and plenty of “shuangdian” (those satisfying plot twists), are becoming a big deal overseas. Joining me today to unpack this trend is Sharon, our ASEAN correspondent who’s recently been covering the rise of mini dramas in the Southeast Asian market and here to share her observations.
Sharon: This is such an exciting topic—who would’ve thought that short, sometimes even “cheesy” Chinese dramas would become a hit from Jakarta to Bangkok?
Stephanie: Let’s start with the basics. What exactly are these micro-short dramas, and why are they blowing up in Southeast Asia?
Sharon: Right! So, micro-short dramas are typically 1-10 minute episodes, often serialized, with tight plots—think “fast food TV” for the smartphone era.
In China, they exploded during the pandemic, riding the wave of short-form video apps like Douyin. Shows like The Fragrance of Plum Blossoms—about a woman overcoming family pressure to build her career—racked up 30 million views in Southeast Asia. Why? They’re addictive, easy to watch during commutes, and surprisingly relatable, even across cultures.
Stephanie: Relatable despite cultural differences? How does that work?
Sharon: Great question! Southeast Asia has a huge Chinese diaspora, so there’s a shared cultural base—family values, respect for elders, even romantic tropes. But it’s not just about familiarity. Shows with “nixi” (rising against odds) or “tianchong” (sweet romance) themes tap into universal emotions.
For instance, Jiuzhou Culture, one of the big players—their app ShortMax has 6 million daily active users in Southeast Asia, mostly hooked on stories about underdogs fighting back. Plus, the production cost is a third of what it would be in North America, so they can pump out content fast.
Stephanie: Speaking of players, who’s leading the charge? I’ve heard names like ReelShort and DramaBox.
Sharon: Yes, it’s a mix of tech giants, content studios, and even web novel companies. Chinese online literature giant COL Group started this trend with ReelShort, adapting their popular novels into mini dramas —think werewolf romances and CEO marriages.
In 2024, ReelShort made $142 million globally, but here’s the twist: while North America still spends more, Southeast Asia is growing faster, with 7.8 million downloads in just February 2025. Other big names include Dianzhong Tech with DramaBox and ByteDance with Melolo, which launched in Indonesia and Philippines last year and already has 1.3 million downloads.
Stephanie: Wait, so it’s not just about exporting Chinese shows? Some companies are making local content now?
Sharon: Exactly! That’s the 2.0 phase. At first, it was all about translating Chinese hits—like Afternoon Rose with actress Li Ruotong, which even aired on Southeast Asian TV.
But now, companies like Zhitao Media are producing localized content. In Thailand, they’ll set a bossy CEO as a Chinese-Thai businessman; in Malaysia, they weave in Nyonya culture. Why? Because while 90% of current content is translated, local originals earn 75% more in-app purchases. Crazy Maple Studio’s VP once said, “A Thai audience relates better to a story set in their neighborhood, even if the production is simpler.”
Stephanie: But it can’t be all smooth sailing. What challenges are these companies facing?
Sharon: Oh, plenty. First, local competition. Southeast Asia has its own content creators—think Indonesia’s RCTI+ or Thailand’s GMMTV—who understand local humor and slang better. Then there’s the cost of localization. Even though it’s cheaper than the US, hiring local actors, writers, and dealing with permits adds up.
Plus, audience preferences vary: Indonesians love family dramas, while Thais go for spicy rom-coms. Oh, and let’s not forget platform wars. ByteDance’s Melolo is offering free episodes with ads, undercutting the traditional pay-per-episode model. During an interview with me, Jiuzhou Culture’s CEO Wang Jiacheng said, “It’s like a buffet versus a la carte—users love free, but can we keep the lights on?”
Stephanie: Speaking of culture, are these dramas just entertainment, or are they sneaking in some soft power?
Sharon: Great point! While it’s not intentional, they’re definitely a cultural window. For example, Indonesian viewer Faziah started learning Chinese because she loved the traditional Chinese clothing “hanfu” in The Fragrance of Plum Blossoms. Thai fan Bobo told me, “I didn’t know Chinese rural life was like this—now I want to visit Sichuan!”
Zhang Yi, an industry analyst from iMedia Consulting told me that these dramas spread values subtly—female empowerment, hard work—through stories, not lectures. It’s soft power in bingeable form.
Stephanie: What’s next for this trend? Could Southeast Asia become the new frontier for Chinese entertainment?
Sharon: Absolutely. Companies are already building local studios— Jiuzhou Culture’s “Chengfeng Plan” is setting up production hubs in Thailand and Malaysia. And it’s not just about making money; they’re betting on long-term brand loyalty.
But it won’t be easy—they need to balance Chinese elements with local flavor, like adding Malay proverbs to a romance plot or casting Indonesian influencers. As Yang Liu from RisingJoy, a content agency, puts it, “You can’t just copy-paste. Southeast Asia wants stories that feel like theirs, even if the producer is Chinese.”
Stephanie: Final question: For someone new to this, what’s a must-watch example?
Sharon: Start with The Fragrance of Plum Blossoms—it’s got all the ingredients: underdog story, cultural touches, and that addictive “just one more episode” vibe. Plus, it’s a perfect example of how a “Chinese” story can feel universal.
Stephanie: Love it! Thanks for breaking down this fascinating trend, Sharon. It’s clear that Chinese mini dramas are more than just a fad—they’re reshaping how we consume stories across borders. For our listeners, stay tuned for more deep dives into global culture trends. Until next time!
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Hi everyone. I’m Stephanie LI.
Coming up on today’s program
China's social financing surges in first 4 months, with this year’s first RRR cut expected to further lift market demand;
US container bookings for shipments from China surged threefold after the two countries mutually lowered tariffs.
Here’s what you need to know about China in the past 24 hours
China’s central bank cut the reserve requirement ratio (RRR) by 0.5 percentage points for financial institutions on Thursday, marking its first RRR cut of the year. The move is expected to provide about 1 trillion yuan in long-term liquidity into the market.
The RRR reduction came following the announcement of the People’s Bank of China on May 7 that it would roll out a package of monetary policies to enhance macro-economic regulation, including lowering the lending policy rate and RRR.
Central bank governor Pan Gongsheng said that the RRR cut would improve the structure of liquidity provided by the central bank to the country’s banking system, reduce banks' liability costs, and help cement the stability of their liabilities.
Meanwhile, China’s social financing continued to improve, surging by 3.61 trillion yuan year-on-year to 16.34 trillion yuan in the first four months of 2025, official data showed yesterday, as pro-growth policies are gaining traction in bolstering the real economy.
Notably, yuan loans issued to the real economy rose by 9.78 trillion yuan, an increase of 339.7 billion yuan compared with the same period last year.
In the first four months, yuan loans increased by 10.06 trillion yuan. By sector, household loans rose by 518.4 billion yuan. Loans to enterprises and institutions surged by 9.27 trillion yuan.
The growth in social financing and credit indicates stronger financial support for the real economy, boosting economic expansion, experts noted. At the same time, improved investment and business conditions have spurred fresh financing demand, creating a positive cycle between policy stimulus and market-driven growth. Following China's cuts to interest rates and RRR, market analysts predict further positive effects on financial data in May.
After the US and China mutually lowered tariffs, container shipping bookings ordered in the US for shipments from China surged nearly 300 percent, CCTV reported, citing tracking agency Vizion. Average bookings were 5,709 standard containers in the seven days ended May 5, which soared to 21,530 in the seven days ended yesterday.
China and the EU yesterday concluded a two-day financial working group meeting in Brussels for intensive exchanges on global economy uncertainty, financial stability conditions, and regulatory frameworks for banking and insurance sectors, according to the Chinese central bank.
China will grant 30-day visa-free entry to visitors from Brazil, Argentina, Chili, Peru and Uruguay from June 1, 2025 to May 31, 2026, CCTV reported today, citing a spokesperson from the Ministry of Foreign Affairs.
GBA express
Hong Kong Chief Executive John Lee Ka-chiu has hailed his four-day visit to Qatar and Kuwait with a business delegation comprising representatives from Hong Kong and Chinese mainland enterprises, saying it yielded fruitful results. The Middle East visit resulted in a total of 59 memoranda of understanding and agreements – 35 in Qatar and 24 in Kuwait – spanning across diverse areas and laying a robust groundwork for multifaceted cooperation, he said.
Hong Kong and Hunan province signed several trade and business agreements on Wednesday during the 2025 Hunan and Hong Kong investment and financing matchmaking conference. The province brought more than 200 projects to the conference and about 60 percent are high-tech related. Officials from Hunan province said they recognize Hong Kong’s status as Hunan's largest source of foreign investment and the largest overseas trading partner, and expect Hong Kong to assist Hunan in connecting with global markets.
Funds raised through Hong Kong IPOs totaled USD303 billion between 2014 and last year, leading all stock exchanges globally, Securities Times reported, citing the HKEX Global Business Services. Information technology, consumption, and public utilities were the top three IPO fundraisers during 2018-2024.
Jiangsu Hengrui Pharmaceuticals has started taking investor orders for a Hong Kong listing that could raise as much as HKD9.9 billion. The Chinese mainland drugmaker is offering 225 million shares at HKD41.45 to HKD44.05 apiece, according to its listing document on Thursday.
Industry and company news
China on Wednesday launched 12 space-computing satellites, advancing its push into satellite-based networking. The satellites are the first phase of China's "Three-Body Computing Constellation," a space-based infrastructure designed to support integrated computing capabilities developed by Zhejiang Lab and global partners.
Chinese internet giant Tencent Holdings said its profit rose 22 percent to 61.3 billion yuan in the first quarter of the year, with strategic AI investments and implementation across key business segments starting to yield tangible returns. Revenue rose 13 percent to 180 billion yuan. Income from the value-added services and social network segments climbed 17 percent and 7 percent to 92.1 billion and 32.6 billion yuan, respectively. Domestic games revenue jumped 24 percent to 42.9 billion yuan, driven by Honour of Kings and other new releases. In addition, Tencent reiterated its commitment to repurchase at least HKD100 billion of its stock.
Geely Auto’s first-quarter net profit more than tripled to 5.6 billion yuan from a year earlier, the Chinese auto giant’s latest earnings report showed today. Revenue soared 25 percent to 72.5 billion yuan. Meanwhile, the automaker’s EV brand Zeekr announced today that the 10,000th Zeekr 007 GT had rolled off the production line and was delivered to its customer. The e-wagon was only released a month ago.
Chinese beverage giant Wahaha said it terminated its bottled water subcontracting deal with Jinmailang last month due to some batches of the instant noodle maker's manufactured purified water products failing to pass its quality inspection.
Asia-Pacific highlights
A new cross-border railway between China and Mongolia started construction on Wednesday at the Ganqimaodu port in North China's Inner Mongolia. To be operational by 2027, the railway will be the second cross-border railway between the two nations in nearly 70 years. The project is expected to increase Mongolia's coal exports to 165 million tons annually, generating an additional USD1.5 billion in revenue, local media reported.
Australian beef producers are poised to further tap the lucrative Chinese market, driven by strong growth in demand in China. In April, Australia's beef export volume hit a record high, exceeding 127,000 tons, with 21,572 tons imported by China, ranking as the second largest buyer. As of the end of April, China has bought 42,000 tons of Australian grain-fed beef this year, jumping 36 percent year-on-year.
China Petroleum Engineering Corporation, the construction engineering unit of oil and gas giant PetroChina, has secured its third major gas contract in the Middle East this year, worth USD1.6 billion.
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Hi everyone. I’m Stephanie LI.
Coming up on today’s program
China-Brazil financial cooperation highlights vitality in China-LAC community with a shared future;
Hong Kong seeks to ink free-trade deals with Gulf nations.
Here’s what you need to know about China in the past 24 hours
The central banks of China and Brazil on Tuesday inked a memorandum of understanding (MOU) on financial strategic cooperation, according to the People's Bank of China (PBOC).
The PBOC also renewed a bilateral currency swap agreement with the central bank of Brazil on the same day, with a total value of 190 billion yuan, or 157 billion reais. The agreement is valid for a period of five years and can be renewed upon mutual consent, it said.
The increasingly close economic and trade relationship between the two countries calls for strengthening financial collaboration. Since 2009, China has consistently been Brazil's largest trading partner. According to Chinese customs statistics, bilateral trade reached $188.17 billion in 2024, a year-on-year increase of 3.56 percent.
China primarily exports machinery, chemicals, telecommunications equipment and textiles to Brazil, while importing iron ore, soybeans, crude oil and pulp.
The significant level of trade has highlighted the need for a more stable and efficient settlement mechanism, as the traditional dollar-based system exposes businesses on both sides to the volatility of the dollar exchange rate and incurs additional transaction costs.
Beyond trade facilitation, the China-Brazil currency swap mechanism also creates a more stable financial environment for mutual investment, and help the South American country tap into yuan liquidity to stabilize its foreign exchange market
This development not only underscores the deepening of financial ties between China and Brazil, but also serves as a positive example for other Latin American countries grappling with the volatility of the international financial market.
In 2024, China-LAC trade surpassed $500 billion for the first time, more than 40 times the amount at the beginning of this century. Over 20 LAC countries have joined the Belt and Road Initiative by signing different cooperation memoranda with China, and Colombia confirmed its participation in the BRI during the the China-CELAC (the Community of Latin American and Caribbean States) Forum in Beijing on Tuesday.
From Chancay Port to the Phoenix Park Industrial Estate, numerous major projects have taken root and yielded fruitful results. In cutting-edge sectors, such as new energy, photovoltaics, electric vehicles, digital technology and cross-border e-commerce, China-LAC cooperation continues to expand, with mutual benefit and win-win cooperation providing strong momentum for the partnership.
Trade between China and Colombia hit a record of 48.34 billion yuan in the first four months of 2025, an 8.5 percent increase year-on-year, marking the highest trade volume ever recorded for the same period, according to data from China’s General Administration of Customs on Wednesday. Colombia has become China’s third-largest source of imported coffee and fresh-cut flowers. From January to April, China imported 470 million yuan of Colombian coffee, representing 14.2 percent of its total coffee imports. Fresh-cut flower imports from Colombia rose 14.6 percent year-on-year to 13.6 million yuan, representing 10 percent of China’s total in that category.
GBA express
Hong Kong Chief Executive John Lee Ka-chiu on Tuesday sought Kuwait’s support for free trade agreements between the SAR and Gulf Cooperation Council members during his visit to Kuwait, which chairs the GCC this year. Lee added that Hong Kong could support Kuwait’s Vision 2035, which aims to establish the country as a regional financial center, as the city is ready to offer valuable expertise in law, finance, and talent development.
Shenzhen has established a 5 billion yuan investment fund for the semiconductor and integrated circuit industry, with focus on building, reinforcing and expanding the industrial chain around Shenzhen's major integrated circuit manufacturing clusters. Shenzhen's semiconductor and integrated circuit industry investment fund completed its business registration on Tuesday, and it is managed by Shenzhen Capital Group.
CATL’s retail book-building has received over HK$147 billion via margin financing, marking an oversubscription of 63 times, as local lenders race to attract orders with offers, media reports today. More than 20 cornerstone investors from around the world have committed a total of US$2.63 billion to the IPO. It is seeking to raise at least HK$31 billion from its IPO in Hong Kong. The Chinese battery giant's listing is scheduled for May 20.
Industry and company news
Yunnan province's coffee exports surged 122 percent to 310 million yuan in the first quarter from a year earlier, CCTV reported, citing official figures. The southwestern Chinese province exported 3.25 tons of coffee last year, up 358 percent from 2023.
China's Wandong Medical, the medical devices unit of Midea Healthcare, inked a deal with Brazil's VMI Group on May 12 to set up a JV in the South American country focusing on the research, development, and localized production of high-end medical equipment, including MRI, CT, and Cath lab, Midea said yesterday.
Baidu is reportedly in talks with Swiss Post-backed public transport service provider PostAuto to debut its Apollo Go robotaxi service in Switzerland. The Chinese tech firm may also launch its driverless ride-hailing service in Türkiye.
Global electric vehicle sales are expected to exceed 20 million this year, accounting for more than one-quarter of overall sales, according to the Global EV Outlook released by the IEA today. EVs are projected to reach around 60 percent of the total in China this year, it added.
Chinese e-commerce giant JD.com's first-quarter net profit surged 53 percent to 10.9 billion yuan, according to its latest earnings report. Quarterly revenue totaled 301.08 billion yuan for the quarter ending in March, up 15.8 percent from a year earlier. Revenue from new businesses, which includes food delivery this year, rose 18 percent to 5.8 billion yuan, compared with a year-on-year decline of 19 percent in the same period last year. JD.Com's food delivery business average daily orders will soon exceed 20 million, with the number of registered stores surpassing one million, JD's CEO Sandy Xu said yesterday. The instant delivery service brings new users to the Chinese e-commerce platform, as its active users surged over 20 percent in Q1, achieving a double-digit growth for the sixth consecutive quarter.
China's State Administration for Market Regulation (SAMR) and four other government departments recently summoned three major Chinese food delivery platforms—JD.com, Meituan, and Ele.me—to address core issues in the food delivery industry, the regulator announced Tuesday. The companies were asked to abide by laws and regulations, compete fairly and safeguard the legitimate rights and interests of consumers, business operators and food delivery workers.
Asia-Pacific highlights
China today launched two direct international road freight routes to Hanoi, with trucks departing from Nanning and Kunming. This is the first time Chinese freight vehicles enter Vietnam under the Greater Mekong Subregion Cross-Border Transport Facilitation Agreement.
Cambodia has seen a significant uptick in the number of Chinese tourists to its famed Angkor Archeological Park in the first four months of 2025, with a total of 36,368 Chinese holidaymakers visited Angkor during the period, up 29 percent year on year.
China and Saudi Arabia have signed contracts at a forum on Tuesday in Beijing that exceeded $4 billion to increase their agricultural cooperation.
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Hi everyone. I’m Stephanie LI.
Coming up on today’s program
China's commerce ministry holds meeting with trade companies, vows full support for firms to overcome difficulties;
The PBOC and four other authorities announced 30 measures to boost Nansha’s role in GBA finance opening-up.
Here’s what you need to know about China in the past 24 hours
Despite mounting external pressures, China's foreign trade has remained generally stable this year, demonstrating strong resilience, said China's top commerce official.
During his meeting with 12 foreign trade companies and representatives from six business chambers, as well as trade experts in Beijing on Monday, Chinese Commerce Minister Wang Wentao said that in response to the United States' unwarranted imposition of high tariffs on Chinese products, China took firm countermeasures to defend its national interests and uphold international fairness and justice - actions that have earned broad international respect.
Recent high-level economic and trade talks between China and the US reached important consensus and made substantial progress, laying the foundation and creating conditions for further bridging differences and deepening cooperation, the commerce minister said.
The two countries announced a series of tariff adjustment measures aimed at easing trade tensions on Monday, after a two-day high-level meeting on economic and trade affairs in Switzerland, according to a joint statement issued by both governments in Geneva.
Looking ahead, the commerce ministry will coordinate domestic economic efforts with international economic and trade challenges, and work together with relevant departments to fully support foreign trade enterprises in overcoming difficulties. It will provide more support to help foreign trade enterprises expand markets and promote the stable development of foreign trade.
According to the General Administration of Customs, in the first four months of 2025, China's total value of goods trade reached 14.14 trillion yuan, an increase of 2.4 percent year-on-year against the backdrop of a complex and volatile global economic environment.
China on Tuesday announced to offer a visa-free policy to five countries in Latin America and the Caribbean, and will expand the policy to cover more regional countries in due course.
GBA express
China on Monday announced measures to bolster the opening-up of the financial sector of the Greater Bay Area through stepped-up support for Nansha, one of the three areas in the Guangdong Pilot Free Trade Zone. The 30 key measures, jointly announced by five Chinese departments, including the central bank, cover areas including improving financial services for innovation and entrepreneurship, strengthening financial support in social and livelihood sectors, developing specialized financial services, advancing interconnectivity in the GBA financial markets, conducting cross-border financial innovation and exchanges, and enhancing financial regulatory mechanisms. The package also includes steps to ease cross-border financing, settlements, futures trading, and equity investment, further boosting Nansha’s role as a springboard for Chinese firms going global.
Hong Kong passport holders will enjoy immediate visa-free entry to Qatar for stays of up to 30 days, removing previous visa requirements for the city’s residents, Chief Executive John Lee Ka-chiu announced on Monday, following a high-level business luncheon in Qatar, on the first leg of his six-day visit to the Middle East. Lee also revealed that Hong Kong and Qatar signed 35 memorandums of understanding and agreements covering a range of crucial fields, including trade, investment, technology, legal cooperation, and financial markets, which he described as laying “a solid foundation for long-term collaboration”.
Huawei and Ubtech Robotics inked a deal in Shenzhen yesterday to ally in embodied intelligence and humanoid robotics in industrial, home, and other scenarios. The pair also plan to jointly establish an embodied intelligence innovation center.
Shenzhen will hold two AI-related expos from May 22 to 24, the Global AI Device Expo 2025 and 6th Shenzhen Global AI Expo, showcasing nine types of AI end devices, including smartphones, personal computers, tablets, and wearable devices, marking the first such exhibition in the country. Covering 25,000 square meters, the expos are expected to attract more than 300 industry players from 15 countries and regions worldwide.
Industry and Company news
Meituan will launch its food delivery service Keeta in Brazil in the coming months and invest USD1 billion over the next five years to support the project’s development, according to a signing ceremony witnessed by Brazilian President Luiz Inácio Lula da Silva and Meituan’s founder and CEO Wang Xing yesterday. The Brazilian president is in China on a state visit to attend a China-Latin American meeting of regional leaders. He called the Beijing forum "another major step in our friendly and strategically close relationship with China, Brazil's largest trading partner since 2009."
Chinese bubble tea chain Mixue yesterday signed an MoU with the Brazilian Trade and Investment Promotion Agency to deepen economic and trade cooperation, including the procurement of agricultural products, such as coffee beans, worth over 4 billion yuan over the next three to five years. Mixue will open its first store in Brazil and begin construction of supply chain plants later this year, expecting to provide 25,000 jobs in the country.
Alibaba and Baidu, along with the Magnificent Seven Stocks, were included in Wedbush's Defining AI's Future 30 list of the world's top tech firms from hyperscalers, cybersecurity, software, semiconductors, internet, and autonomous/robotics.
US sandwich chain Subway will expand its brick-and-mortar stores in China to about 1,000 from 800 by August, media reports. Subway plans to add 500-1,000 outlets in the Chinese market per year and reach 10,000 shops.
Chinese respondents showed much higher trust in and acceptance of artificial intelligence than the world at large in a survey of 48,000 people in 47 countries conducted by the University of Melbourne and consultancy firm KPMG. Globally, 58 percent of respondents said they use AI tools, with 93 percent of Chinese reporting workplace use.
Asia-Pacific highlights
Chery Holding Group, the owner of Chinese automaker Chery Automobile, announced that its Kaiyang Laboratory signed a deal with Singapore’s Nanyang Technological University to establish the first overseas collaborative innovation center under Chery Auto’s global open-source program.
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Hi everyone. I’m Stephanie LI.
Coming up on today’s program
Asian stocks rose as China and the US made “substantial progress” on trade talks;
China and the US announce measures to ease tariff tensions.
Here’s what you need to know about China in the past 24 hours
Asian stock markets rose on Monday amid substantial progress in the high-stakes China-US trade talks in Geneva over the weekend.
China’s benchmark Shanghai Composite gained 0.8 percent and the Shenzhen Component was up 1.7 percent. Hong Kong’s Hang Seng Index climbed 3 percent, with the TECH index rallying 5.2 percent.
Shares in Australia, Japan and South Korea advanced at the open, with the Topix index gaining for a 12th day for its longest winning streak since October 2017.
China and the United States announced in a joint statement Monday a series of tariff modification measures aimed at easing trade tensions between the world's two largest economies, Xinhua reported.
According to the statement, the US has committed to removing 91 percent of the additional tariffs imposed on Chinese goods under two executive orders issued in April. It will also adjust 34 percent of the reciprocal tariffs imposed under a separate executive order dated April 2, by suspending 24 percent for an initial period of 90 days, while maintaining the remaining 10 percent.
In response, China will eliminate 91 percent of its counter-tariffs on US goods. For the 34 percent of counter-tariffs corresponding to the US measures, China will suspend 24 percent for 90 days and retain the remaining 10 percent. Additionally, the country will suspend or remove its non-tariff countermeasures against the US accordingly.
In the joint statement, the two sides have committed to implement the actions by May 14 and emphasized the importance of building a sustainable, long-term and mutually beneficial economic partnership. They will establish a mechanism to continue discussions about economic and trade relations.
Chinese Vice Premier He Lifeng said in Geneva on Sunday that the China-US high-level meeting on economic and trade affairs were in-depth, candid and constructive, according to Xinhua.
The vice premier said substantive progress has been made and a series of major consensuses have been reached as China and the US have taken important step to resolve differences through equal dialogue and consultation, adding that both sides have also agreed to establish an economic and trade consultation mechanism.
China's US dollar-denominated exports to the US declined 21 percent in April from a year earlier, compared with a 9.1 percent rise in March, according to data from the General Administration of Customs. China's exports excluding the US expanded 13 percent, including a 21 percent increase in exports to the ASEAN.
GBA express
Hong Kong Chief Executive John Lee Ka-chiu began a busy round of meetings with Qatari officials in Doha on Sunday at the head of a delegation of more than 50 Hong Kong and Chinese mainland officials and entrepreneurs looking to explore business opportunities and attract investment. In a social media post late on Saturday, Lee said he looks forward to creating new opportunities for Hong Kong enterprises, attracting Middle Eastern investment to the SAR and promoting the alignment of local industries, such as finance, with Middle Eastern markets. The Hong Kong delegation is in Qatar on the first stop of a six-day visit that will also take in Kuwait. It is Lee’s second trip to the Middle East since taking office.
Invest Hong Kong (InvestHK), the government department responsible for foreign direct investment, will promote Hong Kong in Eastern Europe and the Middle East as the premier gateway for businesses to expand into the Chinese mainland and the Asia-Pacific region. Alpha Lau Hai-suen, director-general of Investment Promotion at InvestHK, will embark on a series of visits on Sunday to Türkiye, Hungary, and Egypt, some of the key economies along the Belt and Road to strengthen economic ties.
Industry and company news
China's passenger car sector recorded a surge in retail sales in April, growing by 14.5 percent year on year and reached about 1.76 million units, according to the China Passenger Car Association (CPCA) on Sunday. Since the beginning of 2025, total retail sales of passenger cars have reached about 6.87 million units, representing year-on-year growth of 7.9 percent. China's new-energy vehicle (NEV) exports also saw a notable jump in April. CPCA data showed that NEV passenger vehicle exports hit 189,000 units in April, up 44.2 percent year-on-year, accounting for 44.6 percent of total passenger vehicle exports - a 14-percentage-point increase from the same period last year.
China’s auto production and sales reached 10.17 million and 10.06 million in the first four months of the year, up 13 percent and 11 percent, respectively, from a year earlier, according to the China Association of Automobile Manufacturers. NEV sales soared 46 percent to 4.3 million in the period.
About 5,400 companies listed on China's Shanghai, Shenzhen and Beijing stock exchanges have reported first-quarter results, with more than 70 percent posting a profit. Chinese listed companies generated combined first-quarter profits of 1.49 trillion yuan, up 3.64 percent year-on-year, Xinhua reported over the weekend.
CATL surged as much as 3.43 percent on the Shenzhen Exchange today as the Chinese EV battery maker said in a prospectus filed with the Hong Kong Stock Exchange that it plans to raise over HKD31 billion in a share listing. The world′s largest electric vehicle battery producer is offering 117.9 million shares at a maximum price of HKD263 per share, with an option to increase the offering size.
Asia-Pacific highlights
Japan won’t accept any initial trade agreement with the US that excludes auto tariffs, according to Prime Minister Shigeru Ishiba. Ishiba on Monday made his stance clear when asked in parliament about the possibility that Washington might urge Tokyo to strike a provisional agreement that doesn’t address US tariffs on car imports. In the same parliamentary session, top trade negotiator Ryosei Akazawa said that Japan will continue to seek a reprieve from all the tariff measures imposed by the US.
Cambodia has reported a 50.6 percent rise in the number of Chinese tourists in the first quarter of 2025, said a Cambodian Ministry of Tourism's report released on Friday. A total of 286,156 Chinese visitors traveled to the Southeast Asian country during the January-March period of this year, accounting for 15.6 percent of the total international tourist arrivals to Cambodia, the report said.
Saleem Mandviwalla, Chairman of Pakistan's Senate Finance Committee, stated in an exclusive interview with 21st Century Business Herald that Pakistan is ready to collaborate with China to advance the high-quality Belt and Road Initiative and upgrade the China-Pakistan Economic Corridor (CPEC). The "upgraded" CPEC will focus on fundamental development, leveraging industrial cooperation and economic zone construction to maximize the effectiveness of past achievements and unlock Pakistan's economic potential. Witnessing the signing of a memorandum on molecular-assisted breeding between the two countries, Mandviwalla emphasized that this collaboration represents a systemic upgrade of Pakistan's agricultural system by helping the nation develop climate-resilient "future seeds," hugely boosting food production and farmers' incomes, as 43 percent of Pakistan's workforce is engaged in agriculture.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Hi everyone. I’m Stephanie LI.
Coming up on today’s program
China’s economy got off to a strong start in Q1 of 2025;
E-commerce platforms from China top US' shopping apps download chart.
Here’s what you need to know about China in the past 24 hours
China's gross domestic product expanded by 5.4 percent year-on-year in the first quarter, the same pace as the previous quarter, official data showed on Wednesday, posting a steady recovery despite headwinds and mounting uncertainties.
The country's GDP grew to 31.88 trillion yuan in the first quarter, according to the National Bureau of Statistics.
During the period, China’s value-added industrial output grew by 6.5 percent compared to the same period last year, while retail sales, a key measurement of consumer spending, rose by 4.6 percent in the quarter compared to the same period last year. Fixed-asset investment - a gauge of expenditures on items including infrastructure, property, machinery and equipment – rose by 4.2 percent in the first three months.
The steady growth of Chinese economy in the first quarter, amid looming tariff war launched by the US and expected impacts on world trade in the second quarter, injected stability and positive momentum to the global economic growth, analysts noted.
Despite the improvement in key economic indicators, the NBS warned of pressures from a more complicated and grimmer external environment and lackluster domestic demand, saying the foundation for sustained recovery is yet to be consolidated.
In the next step, the NBS said the country should implement more proactive and effective macro policies. More efforts should also be made to stimulate the vitality of market entities of all types and actively respond to uncertainties from the external environment.
In response to the question regarding the impact of the US' "reciprocal tariffs" on China's GDP, Sheng Laiyun, a deputy head of the bureau, told a press conference on Wednesday that high tariffs imposed by the US cannot change the long-term positive trend of the Chinese economy.
Meanwhile, China on Wednesday unveiled a work plan to boost service consumption in 2025, part of the country's efforts to unleash new drivers of domestic demand and spur economic growth. The plan, jointly issued by the Ministry of Commerce and eight other government departments, aims to expand the supply of consumer services, improve service quality and unlock the growth potential of the sector.
The plan proposes 48 specific measures across a broad spectrum of industries, covering both main service sectors as well as new forms of business and new consumption scenarios. The measures outlined focus mainly on six areas, including policy support, promotional activities, opening up and the consumption environment. It calls for increasing the supply of quality consumer services by expanding opening up and reducing restrictions for domestic market players.
Notably, the plan has also formulated special policy measures for elderly care, childcare, housekeeping and other services concerning people's livelihood.
Canton Fair Global Share
Guangzhou has put in place trade-in subsidies for compatriots from Taiwan and the Hong Kong and Macao special administrative regions as well as foreign nationals, in order to further spur and expand consumption. The subsidies will reach up to 20,000 yuan if the consumers trade in their old vehicle for a new energy car, and 2,000 yuan, or 20 percent of the prices, for a household appliance, according to the guidelines. Each person can utilize the trade-in subsidies to purchase a maximum of three air conditioners. The move also aims to help the large number of merchants and business representatives from outside the mainland who attend the Canton Fair, enhance their shopping experiences as well as fully sense the charm of the southern metropolis, which is an international consumption center.
Foreign exhibitors and business representatives attending the Canton Fair can now go through customs clearance procedures for their exhibits and related exhibition business via a single website, according to Guangzhou Customs. It has introduced 12 specific facilitation measures to help ensure smooth and efficient customs clearance of personnel, exhibits, and related materials entering and exiting the fair, as well as provided a one-stop service to help foreign Canton Fair participants go through customs procedures to facilitate offshore exhibitors' participation in the fair and implement the tax incentives for imported exhibits.
A dedicated Service Robot Zone in the Canton Fair officially debuted yesterday, featuring 46 companies showcasing 184 booths with a variety of service robots designed for personal, household, and professional use, reflecting China's latest advancements in AI and smart manufacturing. A considerable part of the service robots displayed at this Canton Fair are embodied intelligent robots represented by humanoid and quadruped robots, said Zhou Nan, secretary general of the China Chamber of Commerce for Import and Export of Machinery and Electronic Products' home appliance branch.
GBA express
Amid rising trade tensions between China and the US, Hong Kong is stepping up efforts to attract high-quality issuers from around the world. Hong Kong Financial Secretary Paul Chan Mo-po said on Sunday that he has instructed Hong Kong Exchanges and Clearing Ltd and the Securities and Futures Commission to prepare and ensure that "Hong Kong must be the preferred listing destination" of overseas-listed Chinese mainland firms seeking to return. He added that Hong Kong has now established a regulatory framework to facilitate dual listings or secondary listings of companies listed overseas in Hong Kong.
Hongkong Post said today that it will suspend postal service for items containing goods addressed to the US, with surface mail stopping today and air one on April 27, after the US said earlier that it would eliminate the duty-free treatment for postal items despatched from Hong Kong and increase the tariffs for postal items to the US starting from May 2.
Nansha District of Guangzhou has introduced a new policy package to promote high-quality foreign trade development, offering rewards of up to 10 million yuan for enterprises. The focus is on four key areas: strengthening enterprises, fostering new trade formats, enhancing platform functions, and improving services, providing comprehensive support for foreign trade enterprises.
Macao Chief Executive Sam Hou-fai on Monday highlighted closer integration with Hengqin's development, expanded tourism offerings and a more efficient government, during his maiden policy address. Speaking at the Legislative Assembly, Sam emphasized Macao's commitment to the strategy of "one center, one platform and one base "under the "one country, two systems" framework. He vowed to deepen the development of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, calling it a critical platform for the city's integration into national development.
Industry and company news
Chinese e-commerce platforms DHgate, Taobao, and Shein have topped the free shopping apps download ranking on Apple's App Store in the US, with consumers paying more attention to Chinese goods amid trade frictions between the world's two largest economies. DHgate, which only recently became very popular in the US, topped the relevant chart yesterday, followed by Alibaba Group Holding's Taobao in second and online budget fashion retailer Shein in third. Taobao also climbed to the top of France's app store and secured the second spot in the shopping category in both the UK and Canada, according to Sensor Tower's data.
Zhejiang China Commodities City Group yesterday signed a three-year deal with Alibaba Cloud to establish an innovative ecological system integrating global digital trade with the real economy, the operator of the world’s largest small commodities market in Yiwu said today.
Flying cars may account for 20 percent of the total commercial vehicles over the next two decades, Xpeng's CEO He Xiaoping said yesterday. The Chinese NEV startup is building a flying car plant in Guangzhou with an annual production capacity of 10,000 units, expecting to achieve mass production and deliveries of its Land Aircraft Carrier models next year, he added.
Some 3,499 Teslas, including 3,015 revamped Model Ys, were shipped from the Shanghai Nangang port to Australia's Port Kembla yesterday, marking the first international delivery of the new China-made Model Ys in batches.
Legoland Shanghai Resort will run a trial operation in June and officially open in July, said Wang Zhen, director of the Shanghai Housing Administration Bureau. Located in Jinshan district, the theme park has eight themed lands featuring over 75 interactive rides, shows, and attractions.
Asia-Pacific highlights
This year marks the 75th anniversary of China-Vietnam diplomatic ties, a milestone in the two nations' profound traditional friendship featuring "camaraderie plus brotherhood.” China and Vietnam pledged joint efforts to accelerate the building of a community with a shared future that carries strategic significance. The two countries also signed 45 bilateral cooperation agreements on Monday, including memoranda on railway projects, trade certification, and enhanced production ties.
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Hi everyone. I’m Stephanie LI.
Coming up on today’s program
Canton Fair kicks off with record export exhibitor turnout and new thematic zones debut;
China sees 33.4% growth in foreign visitors in Q1.
Here’s what you need to know about China in the past 24 hours
The China Import and Export Fair, also known as Canton Fair, which is one of the world's largest trade events, kicks off its 137th session today in Guangzhou, South China’s Guangdong province, with 31,000 exhibitors participating, exceeding 30,000 for the first time as there are over 4,200 newcomers.
At 9 am on Tuesday, the first phase of the Canton Fair, with an exhibition area of 520,000 square meters in total, welcomed a large influx of people.
The service robot zone, which debuts for the first time, was particularly lively. Many overseas buyers held up their mobile phones to take pictures of robotic dogs, industrial exoskeleton equipment, automatic cruise robots and other scenes. The zone is dedicated to showcase a diverse array of robotic solutions for personal, domestic, and professional use. A new section for integrated housing is also introduced.
The Canton Fair, where numerous merchants gather, has long been regarded as the “barometer of China's foreign trade.” As of Sunday, more than 200,000 overseas purchasers from 215 countries and regions have pre-registered for this session.
Covering approximately 1.55 million square meters, the biannual event will present a broader scope of exhibition themes, with each of its three phases spotlighting a distinct focus: "Advanced Manufacturing," "Quality Home Life," and "Better Life,” and will feature 55 exhibition sections and 172 product zones in total, according to China's Ministry of Commerce.
Furthermore, the fair boasts higher quality participation with over 4,200 new exhibitors. Among all the exhibitors, more than 9,700 participating companies have earned national titles, such as specialized and sophisticated small and medium enterprises, manufacturing single champions, and national high-tech enterprises, a 20 percent increase from the previous session.
Nearly 3,700 companies focus on new energy vehicles, lithium batteries, solar cells, digital technology, and intelligent manufacturing. Additionally, more than 17,000 exhibitors will showcase their own brands, and nearly 22,000 companies have obtained various international certifications.
GBA express
China Southern Airlines has boosted flights and services to support the ongoing Canton Fair, which expects to operate over 15,600 flights in and out of Guangzhou during China's largest trade show, an 18 percent increase from the previous session. The airline is also offering complimentary shuttle buses between Guangzhou Baiyun International Airport and the exhibition venue for verified exhibitors and buyers.
Dongguan in Guangdong unveiled a work plan on Monday to support stable foreign trade growth, with a focus on minimizing the negative impact of trade frictions on the city. The document highlighted strengthening ties with leading mobile phone producers to monitor supply risks and guiding key enterprises to improve their response to supply chain issues, including imbalances in raw materials, components and price fluctuations.
Guangdong signed 30 cooperation projects worth over two billion yuan during a trade and investment promotion event held on the sidelines of the 5th China International Consumer Products Expo (CICPE) on Sunday. Meanwhile, at the 5th CICPE, Guangdong's exhibition spanned more than 2,300 square meters, making it one of the largest provincial showcases.
In 2024, the Guangdong Pilot Free Trade Zone (FTZ) recorded 749.39 billion yuan in imports and exports, marking a robust year-on-year growth of 25.6 percent. This figure accounted for 8.2 percent of Guangdong's total foreign trade value and contributed 1.8 percentage points to the province's overall trade growth.
Industry and Company news
China recorded 163 million inbound and outbound trips in the first quarter of the year, up 15 percent from a year earlier, data from the National Immigration Administration showed today. About 17.4 million foreigners entered and exited the country, up 33 percent in the period.
CATL’s net profit widened 33 percent to 14 billion yuan in the first quarter of the year from a year earlier, the Chinese battery giant said in its latest earnings report yesterday. Revenue rose 6.2 percent to 84.7 billion yuan. The US "reciprocal tariffs" have little impact on CATL's performance because its US business only accounts for a small proportion of its shipments, the firm added.
Meituan will invest 100 billion yuan over the next three years to support the catering industry, Xue Bing, GM of Meituan’s delivery business, said yesterday. The funds will go toward consumer subsidies, merchant incentives, rewards for quality operators, and expanding open kitchens to 100,000 stores to enhance industry infrastructure.
BASF’s Cellasto business will invest 500 million yuan to build a second plant in Shanghai to tap into China’s fast-growing EV market. The factory, set to open in 2027, will have a modern mold production line and boost overall production capacity by nearly 70 percent.
Sinopec yesterday launched the country's first cross-region hydrogen heavy-duty truck route, spanning 1,150 kilometers from Chongqing to Qinzhou Port in southern Guangxi province, the oil giant said today. The route has four hydrogen refueling stations.
Brazil has overtaken the US as China's largest soybean supplier despite China remaining the US' largest soybean export destination, CCTV News reported.
Chinese cross-border e-commerce platform DHgate has become very popular in the US, climbing to No. 2 on Apple’s free app chart behind ChatGPT. Last week, it ranked 352nd among non-game free iPhone apps, according to Appfigures.
China EximBank announced on Monday that it has issued two themed financial bonds totaling 12 billion yuan in the interbank bond market to facilitate the quality and efficiency improvements of the country's foreign trade and support connectivity in related infrastructure.
China's services consumption is not only rebounding but evolving rapidly, becoming a key driver of overall consumption growth, according to a report released by the China Institute for Reform and Development. The report forecasts that by 2030, the per capita services consumption of China's urban and rural residents could exceed 20,000 yuan, accounting for more than half of total consumption.
Asia-Pacific highlights
The ASEAN+3, which consists of the 10 member states of the Association of Southeast Asian Nations and China, Japan, and South Korea, remains resilient with strong economic fundamentals, as governments in the region have sufficient policy flexibility to manage short-term challenges, and their central banks have room for monetary easing and ensuring financial stability amid sweeping tariffs shock, according to the bloc's economic outlook released today. It projected the region's economy will grow more than 4 percent this year and the next, "supported by robust domestic demand, recovering investment, and low, stable inflation.” However, the US’ “reciprocal tariffs” could drag the growth to below 4 percent this year and 3.4 percent in 2026, it added.
The partnership between Australian and Chinese companies is expected to remain "strong and flourishing" for “a high degree of complementarity”, despite intensified global trade volatility amid the US' tariff increases and lingering political uncertainties, said Vaughn Barber, chair of the China-Australia Chamber of Commerce in an interview. According to Barber, Woodside Energy's liquefied natural gas supply agreement with China Resources Gas International last month — the first time that the Australian energy giant signed a long-term sale agreement with a customer in China on a standalone basis — has showcased the strong complementarity and collaboration potential of the two countries in clean energy.
The upcoming May Day holiday has sparked a surge in China’s short-haul outbound travel, with over 750,000 outbound and inbound flight bookings for the 5-day break. Reservations to Japan and South Korea have risen by 28 percent year-on-year as of April 9, industry data showed.
The Chinese Embassy in Japan issued a notice on Monday reminding Chinese nationals to remain vigilant and take precautions against potential earthquake disasters following a Japanese government report released on March 31 estimating that up to 298,000 people could die in a megaquake occurring in the Nankai Trough.
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Hi everyone. I’m Stephanie LI.
Coming up on today’s program
China's foreign trade grew 1.3% in the first quarter of 2025;
Guangdong firms including BYD and Huawei offer over 35,000 positions at Shanghai job fair.
Here’s what you need to know about China in the past 24 hours
Despite a complex and challenging external environment, "the sky won't fall" for China's export, a Chinese customs official told a press conference on Monday.
China's foreign trade recorded steady performances in the first quarter of 2025, with total goods trade volume growing by 1.3 percent year-on-year to 10.3 trillion yuan ($1.41 trillion), data from the General Administration of Customs (GAC) showed on the same day. In March alone, the country's foreign trade rose by 6 percent year-on-year.
The foreign trade data comes amid a new round of trade tensions, with the United States recently raising tariffs on several trading partners, including China.
Exports rose 6.9 percent from the same period last year to reach 6.13 trillion yuan in the first quarter, while imports went down 6 percent year-on-year to 4.17 trillion yuan, according to customs data.
In recent years, China has made steady progress in diversifying its foreign trade markets and deepening industrial and supply chain cooperation with partners around the world, according to Lyu Daliang, an official with the GAC.
"These efforts have not only supported our partners' development but also enhanced our own resilience," Lyu said.
He emphasized that China's vast domestic market remains a strong backup for the economy, adding that the country will turn domestic certainty into a buffer against global volatility.
China's foreign trade with economies participating in the Belt and Road Initiative grew faster than the overall foreign trade, which totaled 5.26 trillion yuan in the first quarter, up by 2.2 percent on a yearly basis, accounting for 51.1 percent of the nation's total foreign trade. Trade with the ASEAN soared 7.1 percent year-on-year to 1.71 trillion yuan from January to March,.
In the meantime, China's exports of electromechanical products amounted to 5.29 trillion yuan in the first three months, marking a 7.7 percent increase year-on-year, said the GAC.
US Customs and Border Protection announced late Friday that smartphones, computers, laptops, semiconductor devices, memory chips and flat panel displays are among exempted products.
A spokesperson for the Ministry of Commerce said Sunday the move can be seen as a small step toward correcting its erroneous unilateral practice of “reciprocal tariffs.”
Smartphones were the top US import from China in 2024, totaling $41.7 billion, while Chinese-built laptops ranked second at $33.1 billion, according to US Census Bureau data.
GBA express
More than 35,000 positions were up for grabs at a spring job fair held in Shanghai by Guangdong province-based companies, including BYD, Huawei Technologies, and Tencent Holdings. BYD is offering nearly 1,000 positions covering departments like research and development, production, and operation at this job fair, with annual salaries ranging from 500,000 yuan to 1 million yuan. A total of 751 employers from Guangdong attended the two-day job fair that kicked off at the Shanghai National Exhibition and Convention Center yesterday. More than 4,000 openings were for jobs with annual salaries of 500,000 to 1 million yuan, and over 800 had salaries of over 1 million yuan.
Hong Kong International Airport (HKIA) retained its position in 2024 as the world’s busiest cargo airport. Fresh from expanding and adding a third runway, it handled 4.9 million metric tons of freight, a 3.3 percent year-on-year increase, according to provisional figures released on Monday by Airports Council International. It is the thirteenth time since 2010 that HKIA has been named the world's busiest cargo airport, slipping in 2020 because of the COVID-19 pandemic.
Some 6.04 million travelers — both outbound and inbound — are expected during the upcoming four-day Easter break, Hong Kong authorities said on Monday.
Industry and company news
China issued 9.78 trillion yuan in new yuan-denominated loans in the first three months of 2025, central bank data showed yesterday. China's yuan-denominated deposits increased by 12.99 trillion yuan in the period from a year earlier, with household deposits accounting for 9.22 trillion yuan.
Chinese food delivery platform Ele.me signed a deal with Rino.ai to pilot L4 self-driving delivery with vans of the Chinese autonomous driving firm, the pair announced yesterday. The first batch will cover 100 universities and colleges in China.
Chinese e-commerce giant JD.Com and Alibaba Group’s supermarket chain Freshippo have rolled out initiatives to support export companies reach domestic sales channels. JD.Com will purchase products worth no less than 200 billion yuan from firms that previously relied on exports and then sell them in China through its e-commerce and logistics channels, while Freshippo said it will open a green channel for foreign trade firms wishing to open stores on its platform.
Didi unveiled a 2 billion yuan investment plan to stabilize employment and boost consumption. The Chinese ride-hailing giant will invest 1 billion yuan this year to support new driver groups in key export regions and another 1 billion yuan in passenger subsidies to stimulate consumption.
The fifth China International Consumer Products Expo kicked off yesterday in Haikou, Hainan province, and will run until April 18. Highlighting innovation and global collaboration, this year’s event features over 4,100 brands from more than 70 countries and regions.
Asia-Pacific highlights
Cambodian Prime Minister Hun Manet said on Saturday that the kingdom's ties with China will be deepened continuously for mutual benefits, as both countries have been working together to build a community with a shared future. Noting that he has presided over the inauguration ceremonies of many Chinese mega-projects, the Cambodian leader said that Cambodia-China relations are walking on the track of mutual support and mutual respect for sovereignty and rights since he took office. Meanwhile, Hun said China is the top investor in Cambodia, and has greatly contributed to Cambodia's socio-economic development and the improvement of Cambodian people's livelihoods. He added that both countries would continue to work together closely under the frameworks of the Belt and Road Initiative and "Diamond Hexagon" cooperation towards a high-quality, high-level and high-standard Cambodia-China community with a shared future in the new era.
Sunday marked the 75th anniversary of the establishment of China-Indonesia diplomatic relations. Chinese Ambassador to Indonesia Wang Lutong said China and Indonesia are actively exploring new areas for collaboration in various sectors, with industries such as digital economy and green development emerging as priorities. Wang said the bilateral ties have maintained strong momentum, and this partnership has become a model among Global South nations. Bilateral trade between China and Indonesia exceeded 1 trillion yuan for the first time last year, according to customs data. China imported its first batch of 200 kg of fresh coconuts from Indonesia to Fuzhou in Fujian province on April 12.
Sunday marks the second anniversary of China-Laos Railway's launch of international passenger trains. Over the past two years, the international passenger trains have transported a total of 1.91 million passengers, including 487,000 cross-border passengers from 112 countries and regions worldwide, according to China Railway.
Singapore on Monday downgraded its economic growth forecast for this year, the government said, as the trade-dependent nation braced for the sweeping US tariffs. The Ministry of Trade and Industry said preliminary estimates showed that the economy grew 3.8 per cent year-on-year in the first quarter, slower than the previous quarter’s 5 percent.
Pop Mart is setting up several regional HQs, including Asia Pacific, Europe, and America, as part of the Chinese toy maker's organizational restructure, media reported today, citing a letter CEO Wang Ning sent to all staffers today.
The China Pavilion officially opened on Sunday at the Osaka Expo, with an opening ceremony held in front of the pavilion's main building, which is designed to resemble a traditional Chinese scroll. Inspired by traditional Chinese calligraphy scrolls, the pavilion's architectural design embodies the theme of "Building a Community of Life for Man and Nature -- Future Society of Green Development." Osaka Expo 2025 will run for 6 months starting April 13. The China Pavilion, one of the largest foreign self-built pavilions at the event, covers approximately 3,500 square meters.
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