Hi everyone. I’m Stephanie LI.
Coming up on today’s program
- Chinese economy shows resilience, a WEF official said ahead of the 2025 Summer Davos in Tianjing;
- Payment Connect kicks off with 25,900 cross-boundary transactions between the Chinese mainland and HK.
Here’s what you need to know about China in the past 24 hours
China's economic development is taking a long-term view by investing in technology and human capability, which is evident in the way new industries have evolved, whether in green energy sectors or industrial transformation and advanced manufacturing, said Gim Huay Neo, managing director of the World Economic Forum (WEF).
In an exclusive interview with Xinhua ahead of the upcoming 2025 Summer Davos Forum, scheduled to run from June 24 to 26 in North China's Tianjin municipality, Neo said that the expected attendance of 1,800 participants at the forum, more than half of which being global businesses, signifies a strong interest in China as well as Asia as a whole.
Businesses and investors attending the Tianjin event will be looking to secure partnerships in advanced manufacturing, the technology sector, healthcare and other areas, she said.
Commenting on the investment environment in China and Asia, Neo said the "ingredients" in terms of policy coherence and consistency, availability of human capital, technology readiness and broader market support, are "pretty strong."
Notably, Neo stated that the Chinese economy has been more resilient during a time of global economic uncertainty. She said Asia is expected to contribute about 60 percent of global GDP growth this year, with China to contribute around 30 percent, citing projections.
"The outlook for Asia and China is still pretty strong," Neo said, adding that there will be a lot of interest and focus on China and Asia's potential during this year's upcoming meeting in Tianjin. "Specifically, we will have sessions around China's economic outlook, the approach to AI, as well as a broader innovation ecosystem."
Concerning rising global trade tensions, Neo said the WEF has a working group focused on trade and investment, seeking to bring businesses together with governments, academia and international organizations for constructive dialogue and forge win-win partnerships.
Neo said the WEF has a very long-standing friendship with China, and that the forum hopes to continue working with the Chinese government, Chinese businesses and Chinese people to bridge conversations between China, Asia and the rest of the world.
This year's Summer Davos Forum, also known as the 16th Annual Meeting of New Champions of the World Economic Forum, is themed "Entrepreneurship in the New Era" and will focus on five key areas -- deciphering the world economy, outlook on China, industries disrupted, investing in people and the planet, and new energy and materials.
GBA express
- Payment Connect - a milestone program to facilitate cross-boundary transactions and payments between the Chinese mainland and Hong Kong - recorded 25,900 transactions on its first day of operation on Sunday, with the first real-time transaction carried out in Shenzhen. According to the Hong Kong Monetary Authority (HKMA), some 19,000 transactions, with an average value of CNY3,100 each, had flowed southbound from the mainland to the SAR as of 6 pm on Sunday. There were about 6,900 northbound transactions, averaging HKD800 each. Payment Connect refers to the linkage between the mainland's Internet Banking Payment System (IBPS) and Hong Kong's Faster Payment System (FPS). It supports real-time cross-boundary payment service for residents in both places, according to the PBOC. By simply inputting the recipient's mobile number or account number, residents in both places can make instant small-value cross-boundary remittances using Payment Connect.
- At least 27 companies listed on mainland stock markets have announced plans or filed applications to sell shares in Hong Kong to tap offshore capital and expand international exposure. Eve Energy, Jinjiang Hotels, and Roborock are among those reporting progress toward initial public offerings, after food giant Haitian and auto chipmaker Sanhua debuted in Hong Kong this month.
- Hong Kong’s New Capital Investment Entrant Scheme (New CIES) has received nearly 1,400 applications since it was launched last year as the city’s asset and wealth management sector continues to record a “strong growth momentum”, Financial Secretary Paul Chan Mo-po said Monday. Chan said the applicants are expected to bring in potential investments of over USD5.2 billion.
- High-speed rail commuters between Hong Kong and the Chinese mainland will be served with seven new stations from July 1, taking the number of mainland destinations that directly connect the city to 96. The new stations include Jingdezhen in Jiangxi province, and Furongzhen in Hunan province, as well as Shaoguan and Enping in Guangdong province.
- Hong Kong has decided to extend its Elderly Health Care Voucher Scheme to Zhuhai to provide more convenience to elderly residents. Two medical institutions in Zhuhai - the Fifth Affiliated Hospital, Sun Yat-sen University and Zhuhai People's Hospital - will launch the Elderly Health Care Voucher Greater Bay Area Pilot Scheme starting from Thursday.
Industry and company news
- Alibaba Group Holding has integrated its on-demand delivery platform Ele.me and online travel service Fliggy into its domestic e-commerce business group, marking a strategic shift toward building a one-stop platform for takeout, travel, and shopping, according to an internal memo. Ele.me and Fliggy will retain their own corporate management models but will work together and align decision-making and execution with the overarching goals of Alibaba’s China e-commerce business group, Chief Executive Eddie Wu wrote in an internal email to relevant departments today.
- Meituan said today it is ramping up its instant retail push, with over 30,000 flash warehouses built nationwide. Xiaoxiang Supermarket will expand to all major Chinese cities, while its overseas version, Keemart, has launched trials in Riyadh and plans further global rollout.
- Luckin Coffee, China's largest coffee chain by number of outlets, will open its first two stores in the US on June 30 in New York. Ahead of the launch, Luckin is hosting a four-day pop-up event from June 20 to today.
- Hillhouse Capital recently joined Starbucks China’s reverse roadshow and showed interest in buying the US coffee chain’s local business, media reports today. The unit is reportedly valued at USD5 billion to USD6 billion. Other investment institutions, including Carlyle Group and CITIC Capital, also participated in the event.
- The first trailer of Blood Message, NetEase's first single-player AAA game, got 8 million views on Bilibili since its release on June 20. Developed by 24 Entertainment Studio, the action-adventure, Uncharted-like game narrates the story of an unsung hero in the last years of the Tang Dynasty while exploring historical Chinese cultural landmarks such as Dunhuang.
- Chinese scientists have successfully implanted a wireless "brain computer" in a human, resulting in a paralyzed man regaining control of parts of his body. China becomes the second country, after Elon Musk's Neuralink project in the US, to enter full clinical trials for invasive "brain-computer interface" technology.
- China is accelerating the building of five major cities — Shanghai, Beijing, Guangzhou, Tianjin and Chongqing — into international consumption centers on a par with global metropolises such as New York, Paris and Tokyo, as part of the country's broader efforts to boost domestic spending.
- Swiss-based EHL Hospitality Business School announced it has received approval from China's Ministry of Education to open the Hainan Lausanne Tourism University. The school's curriculum is aimed at training staff for the island province's booming tourism sector.
- Nearly 500,000 cinema-goers have watched over 400 films from 71 countries and regions in 43 theaters during the Shanghai International Film Festival as of June 21, contributing CNY5 billion in economic benefit.
- The USD550 million Legoland Shanghai Resort, the world's largest theme park based on the popular Danish building blocks, is set to officially open on July 5th. Trial operations began on Friday. The park is expected to attract up to 2.4 million visitors annually. It boasts eight themed areas, 75 interactive rides and a 250-room hotel – all constructed with over 85 million Lego bricks.
Asia-Pacific highlights
- South China's Guangxi has announced new measures aimed at promoting high-quality, innovative development in both services trade and digital trade. One of the key initiatives is the development of a China-ASEAN cross-border e-commerce livestreaming base. By introducing new models like "e-commerce + livestreaming," Guangxi aims to help ASEAN businesses better showcase and sell their products in the Chinese market. Another example involves pilot programs for cross-border digital yuan payments.
- Flight bookings from China to the five Central Asian countries surged nearly 80 percent in the first half of this year, driven by an expanding network of air routes and deepening economic and trade cooperation. Air bookings to Central Asia jumped 78 percent year-on-year, according to online travel agency Qunar. Ticket sales to Tajikistan rose 70 percent, travel to Kyrgyzstan more than doubled, bookings to Kazakhstan climbed 85 percent, and reservations to Uzbekistan increased 62 percent.
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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