China Business NOW

• China-Central Asia tourism heats up as visitor numbers soar

  Hi everyone. I’m Stephanie LI.Coming up on today’s programAs China-Central Asia tourism heats up, travel agencies are launching more products amid growing visitor numbers; Nvidia will debut at this year’s CISCE, with US firms’ participation up 15%.Here’s what you need to know about China in the past 24 hours On Monday, China Southern Airlines flight CZ6051, with 173 passengers on board, departed from Beijing for Dushanbe, the capital of Tajikistan, the debut of the first direct air route connecting the two capitals, which will be serviced twice a week, on Tuesdays and Saturdays, CCTV reported.Increased connectivity along with visa-free policies is contributing to the growing tourism exchanges between China and Central Asia, according to data from Chinese travel agencies, part of a broader trend of burgeoning ties.This year marks the China tourism year in Kazakhstan and Uzbekistan's year of tourism in China. More and more Chinese tourists enjoy the convenience provided by visa-free travel agreements between China and Central Asian countries, including Kazakhstan and Uzbekistan, according to Xinhua.Trip.com data showed that since the start of this year, inbound bookings from Central Asian tourists have risen by 106 percent year-on-year, with the number of bookings from Uzbekistan seeing a 164-percent increase. Cities such as Guangzhou, Hangzhou, and Beijing are among the top destinations for these travelers. Outbound travel from China to Central Asia has also increased 74 percent, with a 60-percent rise in bookings to Uzbekistan, per the Trip.com data.Travel platform Utour reported that the number of Chinese tourists traveling to Central Asia so far this year has doubled year-on-year. On the Fliggy platform, bookings for flights to Kazakhstan and Uzbekistan have increased by 60 percent and 47 percent, respectively. In response to these trends, tourism firms are making arrangements to launch more products this summer. Shanghai-based Spring Travel is set to launch two Central Asia-themed tourism products, the In-depth Kazakhstan Tour and the Kazakhstan-Uzbekistan dual-country tour. Leveraging a new visa-free policy enacted on June 1, Uzbekistan intends to attract 1 million Chinese tourists in the medium term, according to Laziz Kudratov, Uzbekistan's minister of investment, industry and trade."We are establishing ourselves as a primary destination for tourists from around the world, and Chinese tourism is a useful index of this industry's recent growth. In 2024, we recorded an increase of 75 percent in the number of Chinese tourists visiting Uzbekistan," Kudratov said.China is one of the most important sources of tourists for Kazakhstan too. Data from the Ministry of Tourism and Sports of Kazakhstan showed that in 2024, visits by Chinese tourists reached 655,000, up 78 percent year-on-year. GBA expressHong Kong is a strong contender for the number one position in the global initial public offering market in 2025. Edward Au, southern region managing partner of Deloitte China said the firm maintains its full-year forecast of around 80 new listings in the city, raising funds between HKD130 billion and 150 billion. Louis Lau, partner and head of Hong Kong capital markets group at KPMG China, said the Hong Kong stock market hosted 27 IPOs in total in the first five months of this year, raising approximately HKD77.7 billion. This figure represents an increase of more than eight times that of the same period last year.Shenzhen Stock Exchange announced on Monday that CATL has been added to the Southbound Stock Connect eligible securities list, with the adjustment taking effect immediately. CATL was added to Shanghai-Hong Kong Stock Connect on June 14. The exchange also adjusted the constituents for major indices including the Shenzhen Component Index and ChiNext Index, adding more companies from emerging and high-tech industries.Foshan Haitian Flavouring & Food Co has raised HKD10.1 billion after robust demand for its shares to be listed in Hong Kong that allowed the Chinese mainland’s biggest soy sauce maker to increase the deal size. The company sold 279 million shares at HKD36.30 each, the top end of the marketed price range. The fund-raising ends on Monday, oversubscribing by nearly 700 times.Geely-backed ride-hailing firm Caocao announced today it will go public on the Hong Kong Stock Exchange on June 25. Caocao plans to issue 44.17 million shares at an offering price of HKD41.94 apiece, aiming to raise about HKD1.9 billion.Reitar Logtech, an Hong Kong logistics technology firm, said on Monday it plans to apply for a stablecoin issuer license once the city’s new regulations take effect on August 1. Reitar aims to launch its own Hong Kong dollar-pegged stablecoin, RHKD, which will mainly be used for payments and settlements in cross-border e-commerce, logistics, and supply chains.Hong Kong welcomed about 4.08 million visitor arrivals in May, a 20 percent year-on-year increase, primarily driven by the Chinese mainland’s May Day break, and major local events such as concerts and exhibitions. The Hong Kong Tourism Board said on Monday that tourist arrivals over the first five months of 2025 amounted to over 20 million, up 12 percent from the same period last year. Meanwhile, a total of 100 million inbound and outbound passenger trips were recorded in 2025 via checkpoints in Zhuhai connecting to Macao and Hong Kong by Sunday, 22 days earlier than last year.The People's Bank of China will issue this year's fourth batch of central bank bills worth CNY30 billion with a maturity of six months in Hong Kong, with the SAR becoming the world's largest offshore yuan center.Industry and company newsThe 3rd China International Supply Chain Expo (CISCE) is scheduled to be held in Beijing from July 16-20, with participation already beating expectations. The number of US exhibitors has increased by 15 percent compared with last year, while chip giant Nvidia will debut at the expo this year, said Yu Jianlong, vice chairman of the China Council for the Promotion of International Trade, on Tuesday. Over 650 Chinese and foreign enterprises and institutions from 75 countries and regions will participate in the expo. Fortune Global 500 companies and leading enterprisesaccount for over 65 percent of all the participants. China's COMAC penned MoUs with French aircraft engine maker Safran and US industrial products maker Crane on C929, the Airbus A330neo and Boeing 787 Dreamliner's competitor, at the Paris Air Show yesterday, where the Chinese planemaker showcased the basic models of C909, C919 and C929.Tencent has launched a global algorithm competition aimed at attracting new professional talent, offering a prize pool of CNY3.6 million. The contest challenges teams of contestants to develop AI model recommendations using image, text and behavioral tools. The top team will win CNY2 million, and members of the top 10 teams will be eligible for full-time jobs.China will roll out its departure tax refund policy in Dalian, northeastern Liaoning province, and central Hubei province from July 1, the finance ministry said yesterday. Overseas tourists can claim back value-added tax on eligible purchases made at designated tax refund stores before leaving the country.China's cross-border e-commerce exports exceeded CNY2 trillion for the first time last year, up 16.9 percent from the previous year, China’s customs said yesterday. The US was China's largest export market, accounting for 36 percent.Goldman Sachs issued a list of China's top private companies, dubbed the "Prominent 10," which it called a counterpart to the "Magnificent Seven" in the US. They are Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Pharmaceuticals, Ctrip, and Anta, which collectively represent USD1.6 trillion in market cap and make up 42 percent of the MSCI China Index. Goldman projects the "Prominent 10" will show 13 percent compound annual earnings growth in the next two years.Asia-Pacific highlightsThe opening ceremony of Kazakhstan's "China Tourism Year" was held on Monday at the National Museum of Kazakhstan, with around 300 guests from China and Kazakhstan attending. As a major highlight of the event, the exhibition titled "Silk and the Silk Road: From China to Kazakhstan" also opened on the same day at the National Museum.Meitu, a Chinese photo and video editing app, has topped the App Store download chart in Cambodia, Laos, and Brunei within a week and the Photo & Video category on the App Store in 11 Southeast Asian and European countries.The Labubu fever is now sweeping Australia, with customers forming long lines at stores for the toys in major cities, per media reports. The quirky monster dolls from Chin'a Pop Mart are drawing huge crowds, including many adult shoppers, to stores in Sydney, Melbourne and Brisbane.

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  11:03
• China's economy maintains recovery momentum in May

  Hi everyone. I’m Stephanie LI.Coming up on today’s programChina’s economy displays resilience in May, bolstered by government’s pro-growth policy package;China and Central Asia see robust trade this year.Here’s what you need to know about China in the past 24 hours China’s economy withstood pressures, maintaining stable growth momentum in May, as its resilience is bolstered by the government’s latest package of stimulus policies, official data showed on Monday.In May, the total value added of industrial enterprises above the designated size grew by 5.8 percent year-on-year, while from January to May, it increased by 6.3 percent, according to latest data released by the National Bureau of Statistics (NBS). Notably, the value-added of equipment manufacturing sector rose by 9.0 percent, and that of high-tech manufacturing grew by 8.6 percent, both outpacing the overall industrial growth rate, indicating a strong development momentum. On domestic consumption, market sales rebounded significantly in May, with rapid growth in goods related to the trade-in programs, the spokesperson told a press conference on Monday.NBS data showed that total retail sales of consumer goods reached 413.26 billion yuan, up 6.4 percent year-on-year, accelerating by 1.3 percentage points from a month earlier. The services sector growth has gained pace, with modern services maintaining strong momentum. In May, the national services production index increased by 6.2 percent year-on-year.Fixed asset investment continued to expand, with manufacturing sector investment growing rapidly. From January to May, national fixed asset investment (excluding rural households) rose by 3.7 percent year-on-year. Investment in the information service sector rose 41.4 percent, while investment in aviation, aerospace, and equipment manufacturing grew by 24.2 percent year-on-year.The average surveyed urban unemployment rate in the first five months stood at 5.2 percent. In May, the rate was 5.0 percent, down 0.1 percentage points from April. With the continued release of policy effects and the visible results of macro measures to stabilize economic development, China’s economy has maintained generally stable performance with steady progress seen in May, which demonstrated its resilience and vitality, said NBS spokesperson Fu Linghui . However, Fu cautioned that external uncertainties remain abundant, while domestic demand still requires stronger internal momentum, and the foundation for sustained economic recovery needs further consolidation. China's yuan-denominated foreign trade with the five Central Asian countries of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan jumped a record 10.4 percent to 286.4 billion yuan in the first five months from a year earlier, according to China's General Administration of Customs on Sunday. The data came as the second China-Central Asia Summit is scheduled to take place in Astana, Kazakhstan from June 16 to 18, according to Xinhua. China's trade with the five Central Asian countries expanded from 312.04 billion yuan in 2013 to 674.15 billion yuan in 2024, up 116 percent. The average annual growth rate reached 7.3 percent, 2.3 percentage points higher than the average rate of China's overall trade during the same period.GBA expressMacao will implement a new visa policy to allow citizens from Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman to enter the special administrative region of China without a visa or with pre-entry permission, CCTV News reported.Hong Kong Chief Executive John Lee Ka-chiu announced the start of public consultation for his fourth Policy Address, set to be delivered in September. The government will gather input from residents and stakeholders to shape policies aimed at driving reform, enhancing competitiveness, and improving livelihoods, he said. In a social media post, the Hong Kong leader emphasized that reform and innovation remain key priorities for Hong Kong’s development.InvestHK and the Hong Kong Science and Technology Parks will lead a delegation on Monday to showcase the city’s unrivaled advantages and opportunities as a global biotech hub during a major international convention in the United States. The delegation comprises of 16 life science and health technology companies and will attend the BIO International Convention 2025 in Boston.Industry and company newsThe 4th China-Africa Economic and Trade Expo wrapped up with fruitful results, as the event, after review by the organizing committee, announced 176 signed projects with a total value of USD11.39 billion, up 45.8 percent in project numbers and up 10.6 percent in project value compared with the previous edition, the organizers said on Sunday.Baidu announced its largest-ever AI talent hiring program to recruit top AI professionals, with a 60-percent increase in positions compared with last year, media reported on Sunday. The program covers 23 core businesses and 11 research areas, focusing on cutting-edge AI fields such as large language model algorithms, machine learning and speech technology. To recruit top campus talent, the program offers salaries with no upper limit.Pop Mart has opened the first store of its jewelry brand Popop in Shanghai. The store features accessories inspired by the Chinese toymaker’s most popular characters, including Labubu, Molly, and Crybaby, with prices ranging from 319 to 2,699 yuan.Beijing has become the first Chinese mainland city to support contactless fare payments for foreign American Express, MasterCard, JCB, Visa, and UnionPay card holders, on all of its 29 metro lines, the local metro authority said today.The overseas box office revenue of “Ne Zha 2” is projected to exceed USD100 million, setting a new record for Chinese films’ international releases in the past two decades, said Wang Changtian, chairman of Enlight Media, the distributor of the Ne Zha franchise. Wang also estimated that the derivative merchandise of the blockbuster could surpass 100 billion yuan.The 27th Shanghai International Film Festival opened in a glittering ceremony that paid tribute to the 120th anniversary of Chinese cinema, the 130th anniversary of world cinema and Shanghai's long contribution to the movie industry. The opening of the 10-day event on Saturday saw a record number of tickets sold. Asia-Pacific highlightsNew Zealand yesterday announced a 12-month visa waiver policy starting from November that will allow Chinese citizens with a valid Australian visa to stay in the country for up to three months with only a New Zealand Electronic Travel Authority. The visa policy doesn't apply to people transiting through Australia.Singapore recorded 1.37 million visitor arrivals in May, marking a 7.6 percent year-on-year increase, with China remaining the top source of tourists from January to May, according to data released by the Singapore Tourism Board on Monday.WeRide announced today it signed an MoU with Dubai’s Roads and Transport Authority and Uber to pilot autonomous vehicle operations in the city. During the initial phase, the vehicles will operate with a safety driver onboard, laying the groundwork for the full-scale commercial launch of driverless services next year.Marking the 50th anniversary of diplomatic relations between Thailand and China, Parnpree Bahiddha-Nukara, former Thai deputy prime minister and foreign minister, said bilateral ties have developed into a strategic partnership founded on mutual trust and common values. Parnpree highlighted several major achievements in recent years, including the launch of a foreign ministerial dialogue mechanism and a mutual visa exemption agreement. He said China plays a crucial role in the development of Global South countries. In a world facing turbulence and uncertainties, Parnpree believed Thailand-China collaboration will contribute to regional peace and development.

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  9:38
• Correspondent丨The How and Why Hong Kong Spearheads in Stablecoins Regulation

  Host: Stephanie LI Guest: Jack Zhang, SFC Hong Kong CorrespondentStephanie: Hello, everyone! Welcome to CBN Correspondent. Today, we’re diving into the world of stablecoins and the regulatory race heating up between Hong Kong and the U.S. Joining me is Jack Zhang, our reporter in Hong Kong who has recently been covering the stablecoins regulation in the city. Jack, thanks for being here!Jack: Thanks for having me, Stephanie. Excited to talk about this pivotal moment in digital finance.Hong Kong’s Race to Regulate: Why Now?Stephanie: Let’s start with the big news: Hong Kong recently passed the Stablecoins Ordinance, becoming the first jurisdiction to fully regulate fiat-backed stablecoins. Why is this a big deal, and why did Hong Kong move so quickly?Jack: Great question. Think of it as a battle for financial dominance in the digital age. The global stablecoin market hit US$250 billion in 2025, approximately the amount of M2 money supply in the U.S., and countries realize whoever masters regulation will shape the future of payments and finance. Hong Kong’s move is strategic—they want to solidify their role as an international financial center.But it’s not just about status. Stablecoins like USDT have faced scrutiny over opaque reserves—remember, only 83% of Tether’s reserves meet the U.S. GENIUS Act’s standards. Hong Kong saw a gap: by mandating strict reserve separation, regular audits, and 1:1 redemption guarantees, they’re creating a trust framework that could attract global issuers tired of regulatory ambiguity.Stephanie: So it’s both a defensive and offensive play—protecting their market while positioning for growth. How does this fit into Hong Kong’s broader Web 3.0 strategy?Jack: Exactly. Since 2023, Hong Kong has rolled out policies like the Virtual Asset Trading Platform regime. The stablecoin ordinance complements that, creating a full-stack regulatory ecosystem. As Jeffrey Ding, Chief Analyst of HashKey Group said, it’s about balancing innovation and risk—giving businesses a clear “playbook” while preventing another TerraUSD collapse.HashKey Exchange is the largest licensed virtual asset exchange in Hong Kong. During the legislative process of stablecoins, as an industry representative, it actively participates in policy consultation and promotes the implementation of the compliance framework.Hong Kong vs. U.S.: Regulatory Frameworks ComparedStephanie: Speaking of the U.S., their GENIUS Act is also making waves. How does Hong Kong’s framework differ from what’s happening in the U.S.?Jack: Let’s break it down. Both focus on fiat-backed stablecoins, but the how differs. The U.S. uses a dual regulatory system—federal laws plus state oversight. Hong Kong, though, centralizes regulation under the Monetary Authority (HKMA). That’s simpler, but they also stay flexible. For instance, they welcome non-HKD stablecoins (like USD or offshore yuan), whereas the U.S. leans more toward dollar-centric rules. Hong Kong’s approach is about being a “neutral hub”—open to global issuers but with tight controls on reserves and transparency.Stephanie: Are there similarities?Jack: Absolutely. Both stress “same risk, same regulation”—meaning stablecoin activities should be regulated like similar financial services. But in Hong Kong’s regulation, it explicitly targets cross-border promotion. If a stablecoin markets to Hong Kong users, even from overseas, it needs a license. That’s a smart move to curb regulatory arbitrage.Hong Kong’s Regulatory Edge: Flexibility and Strategic PositioningStephanie: You mentioned flexibility. How does Hong Kong balance strict rules with innovation?Jack: Look at their sandbox approach. Companies like JD Coinlink are testing stablecoins in phases—first with B2B cross-border payment, then expanding to retail. The HKMA isn’t shutting down experimentation; it’s guiding it. For example, they allow issuers to hold a mix of cash and high-quality liquid assets (like government bonds), as long as they’re segregated and audited monthly. That’s more pragmatic than the U.S., which leans toward stricter cash-only reserves.Also, Hong Kong’s geographic edge can’t be ignored. Sitting at the crossroads of Chinese mainland and Southeast Asia, it’s ideally placed to test cross-border use cases. Imagine a Hong Kong-issued stablecoin settling trades between a Shenzhen manufacturer and a Singaporean buyer—fast, cheap, and blockchain-based. That’s the future they’re betting on.Hong Kong’s openness to multi-currency stablecoins gives it a unique angle. If a Hong Kong issuer can offer USD, HKD, and CNY stablecoins under one license, that’s a one-stop shop for global businesses—a huge selling point.Stablecoins and the Yuan: Implications for RMB InternationalizationStephanie: Let’s shift to the bigger picture. How could Hong Kong’s stablecoin framework impact the yuan’s global role?Jack: This is where it gets really interesting. China has long wanted to reduce reliance on the SWIFT system, and stablecoins offer a potential workaround. Hong Kong’s ordinance doesn’t mention RMB directly, but issuers like JD Coinlink are eyeing offshore yuan stablecoins. Imagine a digital yuan proxy—regulated in Hong Kong, backed by yuan reserves, and used for trade settlements across Asia.Now, there are hurdles. Offshore yuan stablecoins need careful coordination. But thanks to the “one country, two systems” policy, Hong Kong is able to do the experimentation.As the yuan is increasingly being accepted by more economies and market players, driving its internationalization, stablecoins could become tools for monetary sovereignty, said Sha Jun, a legal expert from Yingke Law Firm. Stephanie: Could this challenge SWIFT?Jack: Maybe not overnight, but consider the stats: traditional cross-border payments cost 6.4% in fees and take days. Stablecoins do it in minutes for pennies. If Hong Kong can onboard enough businesses (like the 30,000+ cross-border firms in their ecosystem), the network effect could grow exponentially.OKG Research predicts stablecoins could handle USD100 trillion in transactions by 2030—that’s twice the current global GDP. SWIFT isn’t going away, but stablecoins might carve out a significant niche, especially in Asia.Challenges Ahead: Trust, Adoption, and CompetitionStephanie: Sounds promising, but what are the risks?Jack: Trust is the biggest hurdle. USDT has dominated for years, despite its controversies. Convincing users and institutions to switch to a Hong Kong-regulated stablecoin requires time and marketing. Also, retail adoption is tricky—consumers won’t switch payment methods unless there’s a killer app. Right now, stablecoins shine in businesses and crypto trading, but customers use is lagging.Competition is another factor. The EU is drafting its own stablecoin rules, and Singapore is watching closely. Hong Kong needs to keep innovating—maybe by linking stablecoins to its digital yuan pilot or integrating with ASEAN’s payment systems.A New Era for Global FinanceStephanie: To wrap up, how do you see Hong Kong’s role evolving in this space?Jack: Hong Kong is creating a template for how to regulate digital assets without stifling innovation. This could be a blueprint for other jurisdictions, especially in emerging markets.For China, it’s a crucial step to push for yuan internationalization in digital form. For the world, it’s a sign that the financial landscape is shifting—away from traditional banking systems and toward a more decentralized, blockchain-driven future. Whether Hong Kong can maintain this edge depends on execution, but so far, they’ve thrown down the gauntlet.Stephanie: Fascinating. Thanks for breaking it down, Jack. For our listeners, if you want to dive deeper, we’ll link to Jack’s full report on the Hong Kong Stablecoins Ordinance. Until next time.Jack: Thanks for having me, Stephanie. Stay curious, everyone!

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  8:09
• Guangdong and ASEAN to build deeper supply chain integration

  Hi everyone. I’m Stephanie LI.Coming up on today’s programGuangdong plans to boost supply chain cooperation with ASEAN;Ant Group plans to file for stablecoins permits in Hong Kong as soon as August.Here’s what you need to know about China in the past 24 hours Guangdong plans to further strengthen cross-border cooperation with the Association of Southeast Asian Nations, the Chinese province’s largest trading partner, to drive two-way trade and investment growth, according to a conference to promote trade and supply chain collaboration between the pair.In terms of transborder e-commerce cooperation, the two regions enjoy clear advantages in industrial synergy and digital empowerment, effectively driving the deep integration of “Guangdong manufacturing” with “ASEAN demand” and injecting strong momentum into the regional economy, Cui Shuang, vice president of the Guangdong committee of the China Council for the Promotion of International Trade, said at the conference yesterday.ASEAN has been Guangdong’s largest trading partner for five consecutive years, Cui noted. Guangdong-ASEAN trade rose 8 percent to 1.5 trillion yuan last year from 2023, accounting for a fifth of China’s foreign trade with the regional bloc.The pair will hopefully strengthen policy exchange, create an efficient and convenient regional supply chain environment, and promote the coordinated upgrading of key supply chains and further deepen platform cooperation, Pov Somnang, special assistant to the secretary-general of ASEAN and president of the ASEAN Economic and Trade Promotion Association, told the conference.Going forward, Guangdong and Thailand can deepen cooperation in five areas, according to Li Wenli, president of the Thai Chamber of Commerce in China. They are supply-chain synergy to boost efficiency; smart upgrades to logistics systems; optimized bilateral tax collaboration mechanisms; joint talent and culture promotion; and strengthened, standardized cross-border payments.Cambodia welcomes enterprises from Guangdong to build production bases in the country and invest in agricultural processing, electronics assembly, garment manufacturing, logistics, and other areas, said Swinali, a deputy secretary of state at Cambodia’s commerce ministry.Also at the conference, the CCPIT Guangdong inked memoranda of understanding with business organizations from ASEAN member countries, and the Guangdong-ASEAN enterprise service platform was launched, aimed at helping Chinese firms expand in ASEAN countries and vice versa.Moreover, seven projects were signed, including an Indonesian coal mine investment deal between Guangdong Import and Export and China Qinfa Group, as well as a USD3.1 billion tie-up between Guangdong Provincial Tourism Holdings and New Hua Sheng 2022.Additionally at the conference, Guangdong’s first five overseas trade and investment service centers were set up in Cambodia, Malaysia, Singapore, Indonesia, and Vietnam.The United States should resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, Chinese Vice Premier He Lifeng has said, Xinhua reported yesterday. China reiterates that the United States should work with China to honor their words with actions, and demonstrate sincerity in keeping commitments and concrete efforts to implement consensus, so as to jointly safeguard the hard-won outcomes of dialogue, He said. He made the remarks during the first meeting of the China-U.S. economic and trade consultation mechanism held in London from Monday to Tuesday. China hopes U.S. will jointly implement consensus reached in two presidents' phone call, Chinese Foreign Ministry Spokesperson Lin Jian said on Thursday. Chinese and African government officials and businesses are gathering in Changsha, Central China's Hunan Province, for the fourth China-Africa Economic and Trade Expo that kicks off today. Themed "China and Africa: Together Toward Modernization," the event will feature 30 economic and trade activities in fields including China-Africa industrial chain collaboration, green minerals, infrastructure, traditional medicine, cultural industries and youth entrepreneurship, according to the organizer. As of Wednesday, more than 30,000 participants from home and abroad, and more than 4,700 Chinese and African businesses have registered to attend the conference and the exhibition.GBA expressAnt International today confirmed media reports that it plans to apply for stablecoin issuer licenses in Hong Kong immediately when the city's Stablecoins Ordinance becomes effective in August. The Singapore-based unit of Ant Group is also targeting permits in Singapore and Luxembourg as part of a broader blockchain expansion strategy, media reported on Tuesday. The move represents a significant entry into the crypto space for Ant International, which processed over USD1 trillion in global transactions last year. A new institution for higher learning, the Great Bay University, a key initiative under the Outline Development Plan for the Greater Bay Area, will soon open its doors for undergraduate enrollment. This follows an announcement by the Ministry of Education of a list of 10 newly approved universities, including GBU, on its website on Wednesday. Located in Dongguan, Guangdong province, GBU is a publicly funded university, which will initially offer five undergraduate programs: mathematics and applied mathematics, physics, computer science and technology, materials science and engineering, and industrial engineering.Chinese EV startup Leapmotor has opened its first store in Hong Kong, launching the right-hand drive versions of the two main models it uses in global markets, the C10 and the T03, in the city. The two models have been sold in 13 European countries since last September and entered some Middle Eastern, African, Asia-Pacific, and South American markets.Industry and company newsChina's massive transport system consisting of rail, road, air and water ways handled 640 million inter-regional passenger trips, averaging 180 million trips per day, marking a 5.4 percent growth year-on-year, according to data released by China's Ministry of Transport on Thursday. In 2024, the total passenger volume reached 730 million, an increase of 17.9 percent from a year earlier. The total passenger turnover amounted to 1,291.5 billion person-kilometers, a growth of 25.3 percent. China added around 91,000 public EV charging piles in May, up 34 percent from the same period last year, according to official data released today. The number of public charging piles rose 45 percent to 14 million as of May 31 from a year earlier.GAC Toyota announced today a new partnership with Xiaomi, officially joining the Chinese tech giant’s ‘Human x Car x Home’ smart ecosystem. The Bozhi 7 will be GAC Toyota’s first model to feature the integrated system. Going forward, more of the JV’s vehicles will adopt Xiaomi ecosystem devices, such as smart intercoms and phone holders.After becoming Henan province's richest person, Wang Ning, founder of Chinese toymaker Pop Mart, was the world's 92nd richest person yesterday, with a net worth of USD22.6 billion, according to Forbes Real Time Billionaire List. Pop Mart's revenue from The Monsters blind box series, including the best-selling Labubu, exceeded 3 billion yuan last year, up 727 percent from the previous year.Online quotas of the three-year and five-year electronic Chinese government savings bonds that were launched yesterday sold out instantly on some banks’ mobile apps, media reports. Fifty billion yuan of bonds sold like hot cakes despite interest rates being trimmed 30 bps to 1.63 percent for the three-year bond and 1.7 percent for the five-year one. Yet they still offer a better return than fixed deposits at state-owned banks.Asia-Pacific highlightsChina today added Indonesia to its 240-hour visa-free transit program, bringing the total number of countries eligible for the policy to 55, immigration authorities announced today. Eligible Indonesian travelers can enter China and stay up to 10 days without a visa before heading to a third destination.Growth in the ASEAN region could slip below 4 percent by 2026 as trade policy uncertainty in the United States reaches unprecedented levels, economists warned at a seminar organized by the ASEAN+3 Macroeconomic Research Office on Wednesday. The bloc, which includes economies in ASEAN, China, Japan and South Korea, will see growth slip to 3.8 percent this year and 3.4 percent in 2026 in the worst-case scenario.

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  10:11
• China, U.S. conduct professional, candid talks: senior official

  Hi everyone. I’m Stephanie LI.Coming up on today’s programGlobal markets rallied on optimism over China-U.S. trade talks;China unveils new guidelines to deepen reforms in Shenzhen.Here’s what you need to know about China in the past 24 hours China and the United States have over the past two days conducted professional, rational, in-depth and candid exchanges, said a senior Chinese official on Tuesday.Li Chenggang, China international trade representative with the Ministry of Commerce and vice minister of commerce, made the remarks when briefing the press following the first meeting of the China-U.S. economic and trade consultation mechanism held in London, Xinhua reported.The two sides have agreed in principle the framework for implementing consensus between the two heads of state during their phone talks on June 5, as well as those reached at Geneva talks, Li said.It is hoped that progress made at the London meeting will be conducive to strengthening trust between China and the United States, and to further promoting the steady and healthy development of economic and trade ties between the two countries, he said, adding that the meeting also adds positive energy to global economic growth.Asian stocks mostly advanced on Wednesday, led by gains in Chinese markets, as optimism grew over news on a China-U.S. trade framework.China's benchmark Shanghai Composite Index opened higher, led by gains in consumer products and battery stocks. The Shanghai Composite ended 0.52 percent higher to stand above the 3,400-point mark, the Shenzhen Component rose 0.83 percent, and the ChiNext board rallied 1.21 percent.In Hong Kong, the benchmark Hang Seng Index advanced 0.84 percent and the TECH Index added 1.09 percent.South Korea’s KOSPI rose 0.6 percent to an 11-month high. Japan’s Nikkei 225 climbed 0.4 percent, while the broader TOPIX was flat amid concerns on Bank of Japan rate policy.Australia’s ASX 200 rose 0.3 percent after hitting a record intraday high early on. U.S. stocks also closed higher on Tuesday, with the Dow Jones rising by 0.25 percent. The S&P 500 closed up 0.55 percent, and the Nasdaq climbed 0.63 percent.China will implement zero-tariff measures for 100 percent of tariff items for 53 African countries with diplomatic ties, providing more convenience for exports from Africa's least developed countries to China, Foreign Ministry Spokesperson Lin Jian said today. China’s total imports and exports with African countries increased from less than 100 billion yuan in 2000 to 2.1 trillion yuan in 2024, marking an average annual growth of 14.2 percent, according to data released by the General Administration of Customs (GAC) on Wednesday ahead of the fourth China-Africa Economic and Trade Expo.GBA expressChina will further advance comprehensive reforms in the vibrant southern city of Shenzhen, and push for greater innovation and opening-up in the city, according to a set of guidelines unveiled on Tuesday, according to Xinhua. They emphasize strengthening the integration of innovation, industrial, capital, and talent chains, while exploring new pathways, scenarios, and platforms for the GBA cooperation. Specifically, the guidelines call for a coordinated push to integrate reforms in education, science and technology, and talent development systems and mechanisms. This includes reinforcing the central role of enterprises in technological innovation and improving effective pathways for leading tech companies to serve as "problem setters" in R&D. Universities and enterprises are also encouraged to jointly cultivate high-caliber, interdisciplinary engineering talent and foster a pool of innovative entrepreneurs proficient in cutting-edge technologies. In addition, the guidelines propose measures to enable the high-quality development of the real economy through finance, technology, and data integration. This includes supporting Shenzhen in launching a pilot program for the integration of finance and the tech industry. They also support reforms in unmanned aerial vehicle flight management, improvement of low-altitude flight regulations, and exploration of general aviation services such as cross-border helicopter flights and public service missions.Foshan Haitian Flavouring & Food Co began taking investor orders for a Hong Kong listing that could raise as much as HKD9.56 billion, the latest deal of its kind powering the city’s share-sale recovery this year. The Chinese maker of soy sauce and other condiments is offering 263 million shares at HKD35 to HKD36.30 each, according to a listing document on Wednesday.The organizing committee of the 15th National Games on Tuesday unveiled the designs of the gold, silver and bronze medals. The medals are named Tongxinyue — meaning “united leaps” — which symbolizes the collaborative spirit and development pulse of the Hong Kong and Macao SARs, and Guangdong province. Ticket sales for the games will kick off in August with the trio using the same ticketing platform.Industry and company newsA total of 13 Chinese automakers made a statement on Wednesday, promising to unify their supplier payment time to within 60 days, in a move to ensure the stability of the automobile sector supply chain, according to a post released by China's Ministry of Industry and Information Technology (MIIT) on Wednesday. Companies including BYD, Chang'an Automobile, FAW Group, Xiaomi Auto, Li Auto, and Xpeng, along with other domestic automakers, have issued the initiative so far this week.Tencent Music Entertainment announced late Tuesday that it will acquire leading audio platform Ximalaya for approximately USD1.3 billion in cash plus the issuance of shares. Upon completion of the transaction, Ximalaya will become a wholly owned subsidiary of the Chinese music platform. In response to news of the merger, Ximalaya said it will continue to operate under its existing brand and will maintain independent management of its current products, core leadership team, and overall strategic direction.China's domestically developed AG600 "Kunlong" amphibious aircraft has officially entered mass production after receiving the production certificate from the Civil Aviation Administration of China on Wednesday.The number of departure tax refund transactions processed by China’s tax authorities surged 116 percent from a year ago, while sales at tax refund shops rose 56 percent between April 27 and May 26 since the refined tax-refund-upon-departure policy rolled out, the State Taxation Administration said.ByteDance today released its latest generation of AI model, Doubao 1.6, which includes Doubao-Seed-1.6-thinking, Doubao-Seed-1.6, and Doubao-Seed-1.6-flash, cutting the price by 63 percent compared with Doubao 1.5 to as low as 2.6 yuan per million tokens.Midea Energy today unveiled its three-dimensional growth strategy focused on energy storage, heat pumps, and AI. The Chinese home appliance giant aims to develop the energy sector into a core pillar of its overall business, said Wei Chang, VP and CTO of Midea Group.Arashi Vision soared 274 percent on its trading debut in Shanghai today. The Chinese maker of the Insta360 action camera issued 41 million shares in its IPO, raising 1.9 billion yuan.A mint green, 130cm-tall Labubu figurine was sold for 1.08 million yuan in a Labubu-themed auction in Beijing yesterday. Another brown limited-edition Labubu was auctioned for 820,000 yuan. The ugly-cute monster created by Hong Kong artist Kasing Lung and exclusively sold by Pop Mart has sparked a global buying frenzy. Stock price in Pop Mart continued to hit new high today, climbing over 4 percent to HKD270, with a market cap reaching HKD362.3 billion.Asia-Pacific highlightsSingapore-based budget airline Jetstar Asia will close at the end of next month after over 20 years of operation, its Australian owner Qantas announced today. The airline is expected to log an AUD35 million (USD22.8 million) underlying EBIT loss this fiscal year. Its closure will not impact Australia-based Jetstar Airways or Jetstar Japan.JD Logistics has reportedly set up a team of nearly 1,000 employees in Saudi Arabia and started providing delivery services in Riyadh. The express delivery arm of JD.Com declined to comment on the media report.

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