Hi everyone. I’m Stephanie LI.
Coming up on today’s program
- Global 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 express
- China 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 news
- A 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 highlights
- Singapore-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.
Executive Editor: Sonia YU
Editor: LI Yanxia
Host: Stephanie LI
Writer: Stephanie LI
Sound Editor: Stephanie LI
Graphic Designer: ZHENG Wenjing, LIAO Yuanni
Produced by 21st Century Business Herald Dept. of Overseas News.
Presented by SFC
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