https://www.scmp.com/rss/318200/feed Financial news and features about China's wealthy, and how they spend their money. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Xinyi Wu Xinyi Wu Beijing has raised the limit on banks’ overseas lending – a move that analysts say will support Chinese firms in outbound investment expansions while helping to stabilise the yuan. Regulators raised the overseas-loan leverage ratio for foreign banks in China and their joint ventures with Chinese lenders from 0.5 to 1.5 on Wednesday, according to a statement published by the central bank and the foreign exchange regulator. In a separate statement, the regulators said that the new rules would... https://www.scmp.com/economy/china-economy/article/3350350/chinas-pboc-raises-leverage-ratios-foreign-lenders-support-outbound-investment?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3350350/chinas-pboc-raises-leverage-ratios-foreign-lenders-support-outbound-investment?utm_source=rss_feed Thu, 16 Apr 2026 12:30:13 +0000 Sylvia Ma Sylvia Ma As the French central bank repatriates gold reserves from the United States, analysts say China should seize this “strategic window” to develop itself into the next global gold hub. They added that Beijing can leverage policy stability, alongside Hong Kong’s strengths in fintech such as blockchain, to build a modern gold trading centre, particularly as policy volatility under US President Donald Trump’s second term heightens global concerns and deepens the de-dollarisation trend. “I think [the... https://www.scmp.com/economy/china-economy/article/3349343/france-pulls-gold-us-how-can-china-develop-next-global-gold-hub?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3349343/france-pulls-gold-us-how-can-china-develop-next-global-gold-hub?utm_source=rss_feed Wed, 08 Apr 2026 12:00:08 +0000 Julie Zhang Julie Zhang US dollar-denominated funds could face more hurdles when investing in Chinese tech and biotech companies as Beijing adopts a stricter approach to companies seeking listings via offshore incorporated vehicles. Indicative of Chinese regulators’ caution in overseeing sensitive industries, industry sources say the move ensures that any sale of assets does not escape regulatory scrutiny. And for any offshore incorporated structures that are approved, the stock regulator requires listing applicants to... https://www.scmp.com/business/banking-finance/article/3349166/stricter-chinese-scrutiny-offshore-vehicles-blow-tech-and-biotech-ipo-candidates?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3349166/stricter-chinese-scrutiny-offshore-vehicles-blow-tech-and-biotech-ipo-candidates?utm_source=rss_feed Tue, 07 Apr 2026 00:00:09 +0000 Mia Nurmamat Mia Nurmamat As the country with the world’s largest cohort of billionaires, China is no stranger to wealthy elites engaging in luxurious leisure activities, but one common pastime in the West does not seem to have attracted a commensurate level of interest across the Pacific – yachting. While Chinese e-commerce billionaire Richard Liu recently announced a multibillion-dollar investment in a new yacht company, regulatory hurdles and infrastructure gaps have kept China’s wealthiest individuals from fully... https://www.scmp.com/economy/china-economy/article/3346817/chinas-high-end-yacht-owners-say-industry-growth-stifled-structural-gaps?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3346817/chinas-high-end-yacht-owners-say-industry-growth-stifled-structural-gaps?utm_source=rss_feed Sun, 29 Mar 2026 08:00:10 +0000 Kandy Wong Kandy Wong Professor Kenneth Rogoff of Harvard University has repeatedly warned that the US dollar is approaching a crisis of legitimacy. Having written extensively on the global recession in the late 2000s, Rogoff has turned his focus to the US currency’s increasingly unstable place at the top of the world’s financial hierarchy. A former chief economist at the International Monetary Fund and a chess grandmaster, he published Our Dollar, Your Problem in May last year. In this interview, Rogoff elaborates... https://www.scmp.com/plus/news/china/money-wealth/article/3347930/euro-chinese-yuan-end-us-dollar-dominance-top-economist-says?utm_source=rss_feed https://www.scmp.com/plus/news/china/money-wealth/article/3347930/euro-chinese-yuan-end-us-dollar-dominance-top-economist-says?utm_source=rss_feed Thu, 26 Mar 2026 02:31:08 +0000 James David Spellman James David Spellman As war in the Middle East escalates, the financial fallout extends beyond energy price and supply-chain disruptions. Vulnerabilities in the US$3 trillion-plus global private-credit market are accelerating, driving investors to safe havens, while global finance undergoes a rapid transformation. China, the world’s largest creditor to developing countries, will feel the repercussions. This is the first real stress test confronting the vast lending empire. A meltdown was inevitable; only the timing... https://www.scmp.com/opinion/china-opinion/article/3347602/why-global-private-credit-meltdown-would-hit-china-hard?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3347602/why-global-private-credit-meltdown-would-hit-china-hard?utm_source=rss_feed Wed, 25 Mar 2026 08:30:09 +0000 Julie Zhang Julie Zhang Private equity investment in the Asia-Pacific region is increasingly flowing into advanced manufacturing and healthcare, as global uncertainties push investors towards businesses with more predictable cash flow, according to Bain & Co research. The move away from the previously dominant technology, media and telecommunications sector “has been a gradual move, driven by the external environment and uncertainties”, said Elsa Sit, practice vice-president in the Asia-Pacific private equity team with... https://www.scmp.com/business/banking-finance/article/3347629/asian-private-equity-focused-cash-flow-fundraising-falls-12-year-low?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3347629/asian-private-equity-focused-cash-flow-fundraising-falls-12-year-low?utm_source=rss_feed Tue, 24 Mar 2026 01:00:31 +0000 Emma Zang Emma Zang China is betting artificial intelligence will solve its labour shortage, as policymakers ramp up a nationwide push to deploy AI and robotics across the economy. But it may be worsening a different problem: the erosion of stable jobs for young workers. China’s push has accelerated investment in industrial automation, installing more than half of the world’s robots in 2024 alone and doubling down on AI-enabled production. The strategy is presented as a necessary response to the demographic... https://www.scmp.com/opinion/china-opinion/article/3347386/why-chinas-ai-automation-push-risky-social-experiment?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3347386/why-chinas-ai-automation-push-risky-social-experiment?utm_source=rss_feed Mon, 23 Mar 2026 12:30:10 +0000 Lijia Zhang Lijia Zhang My grandmother kept her banknotes under the mattress. Even after savings accounts became common and the money my siblings and I gave her began to accumulate, she still preferred to hide cash away at home. She loved saving and hated spending. I thought of her when China’s leaders again emphasised the need to boost domestic consumption at this year’s “two sessions” meetings. With exports facing geopolitical headwinds and the property sector struggling, policymakers hope households will become a... https://www.scmp.com/opinion/china-opinion/article/3346765/chinas-high-household-savings-reflect-old-values-and-new-anxieties?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3346765/chinas-high-household-savings-reflect-old-values-and-new-anxieties?utm_source=rss_feed Thu, 19 Mar 2026 21:30:08 +0000 Xinmei Shen Xinmei Shen US crypto advocates have increasingly pointed to competition with China’s new interest-bearing e-CNY to demand legislative clarity on stablecoin yields, but China is charting a completely different course for the future of digital money, experts said. “The world’s two largest economies are not so much competing in digital assets as they are pursuing very different strategies,” said Andrew Fei, a partner at law firm King & Wood Mallesons in Hong Kong. Winston Ma, adjunct professor and executive... https://www.scmp.com/news/us/article/3347221/us-china-split-digital-money-deepens-stablecoin-debate-stalls-clarity-act?utm_source=rss_feed https://www.scmp.com/news/us/article/3347221/us-china-split-digital-money-deepens-stablecoin-debate-stalls-clarity-act?utm_source=rss_feed Thu, 19 Mar 2026 17:22:14 +0000 Julie Zhang Julie Zhang The wealth management businesses of Chinese investment banks in Hong Kong are growing faster than those of international rivals, as a buoyant initial public offering (IPO) market and rising cross-border flows strengthen their competitive edge. “Chinese investment banks are seeing accelerated growth … because [their] base is smaller and the current market environment favours them,” said Wang Lei, CEO of Huatai Financial Holdings (Hong Kong), in an interview with the South China Morning Post,... https://www.scmp.com/business/china-business/article/3346865/chinese-banks-outpace-rivals-hong-kong-wealth-growth-ipo-boom-capital-flows?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3346865/chinese-banks-outpace-rivals-hong-kong-wealth-growth-ipo-boom-capital-flows?utm_source=rss_feed Tue, 17 Mar 2026 23:30:09 +0000 Julie Zhang Julie Zhang In a landmark development, Neuracle Medical Technology has secured the country’s first-ever approval for an implantable brain-computer interface (BCI) system designed to restore hand motor function in patients with spinal cord injuries, in a regulatory milestone that underscores China’s accelerating push in neurotechnology. China’s BCI start-ups, seen as potential rivals to Elon Musk’s Neuralink, are gaining momentum as regulatory support and fresh capital fuel growth. Shares of BCI companies... https://www.scmp.com/business/banking-finance/article/3346495/first-china-neuracles-implantable-brain-computer-interface-wins-approval?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3346495/first-china-neuracles-implantable-brain-computer-interface-wins-approval?utm_source=rss_feed Fri, 13 Mar 2026 09:30:13 +0000 Ji Siqi Ji Siqi The full implementation of taxation reforms pledged in China’s new five-year plan would substantially ease the fiscal strains on local governments, a leading tax policy expert said, while adding that it would not alter the central government’s dominant role in the country’s fiscal landscape. As a unitary state, China’s systematic advantage lay in strong central government finance that could coordinate fiscal resources in a unified manner and redistribute them through transfer payments, in... https://www.scmp.com/economy/china-economy/article/3346372/fiscal-family-adviser-says-chinas-tax-flows-should-resemble-parental-ties?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3346372/fiscal-family-adviser-says-chinas-tax-flows-should-resemble-parental-ties?utm_source=rss_feed Fri, 13 Mar 2026 03:00:10 +0000 Xinyi Wu Xinyi Wu Beijing has stressed that it does not intend to rely on a weaker yuan for trade gains, amid a recent rally in the currency and mounting pressure from trade partners to allow it to strengthen. “China has neither the need nor the intention to gain competitive advantages in trade through currency depreciation,” said Pan Gongsheng, governor of the central bank, at a press conference of the country’s top economic officials on Friday. The comments came ahead of a new round of trade talks between China... https://www.scmp.com/economy/china-economy/article/3345755/china-fires-back-currency-depreciation-claims-denies-using-weak-yuan-boost-exports?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3345755/china-fires-back-currency-depreciation-claims-denies-using-weak-yuan-boost-exports?utm_source=rss_feed Fri, 06 Mar 2026 12:00:09 +0000 Yulu Ao,Julie Zhang Yulu Ao,Julie Zhang Mainland China and Hong Kong should ease listing rules for biotechnology companies and lower takeover thresholds for listed firms to capitalise on renewed foreign interest in the healthcare sector, venture capitalist Nisa Leung said. “Besides artificial intelligence, Premier Li Qiang also highlighted biomedicine in the ‘two sessions’ annual government work report,” said Leung, a managing partner at Aulis Capital. “We are paying attention to medical insurance and commercial insurance, but at the... https://www.scmp.com/business/banking-finance/article/3345589/china-and-hong-kong-should-relax-biotech-listing-rules-venture-capitalist-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3345589/china-and-hong-kong-should-relax-biotech-listing-rules-venture-capitalist-says?utm_source=rss_feed Thu, 05 Mar 2026 10:59:42 +0000 Julie Zhang Julie Zhang Ahead of China’s annual legislative meetings – typically a window into Beijing’s top-level policy agenda – this is the eighth entry in a series examining the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications for local governments, financial investors and private enterprises. Investors are watching Beijing’s annual “two sessions” this week for signs that the country will address drug pricing and shore up its drug payment system, as a new form of... https://www.scmp.com/business/china-business/article/3345310/healthcare-investors-keeping-eye-two-sessions-clarity-drug-pricing?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3345310/healthcare-investors-keeping-eye-two-sessions-clarity-drug-pricing?utm_source=rss_feed Wed, 04 Mar 2026 00:44:27 +0000 Coco Feng Coco Feng The iPhone 17e, the entry-level addition to Apple’s latest iPhone 17 series, faces an uphill battle in China’s highly competitive smartphone market, according to analysts, as presales for the new handset start on Wednesday. The new budget-priced iPhone “lacks competitiveness”, said IDC China research manager Guo Tianxiang, who pointed out that the handset “still uses outdated moulds, with the chip being the only major upgrade”. “The shortcomings in imaging and display persist, making its overall... https://www.scmp.com/tech/tech-trends/article/3345273/will-apples-budget-priced-iphone-17e-make-splash-chinas-tough-smartphone-market?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3345273/will-apples-budget-priced-iphone-17e-make-splash-chinas-tough-smartphone-market?utm_source=rss_feed Tue, 03 Mar 2026 11:00:14 +0000 Julie Zhang Julie Zhang Beijing should create a “connect” scheme for initial public offerings (IPOs) in the Greater Bay Area to allow mainland Chinese and Hong Kong investors to buy into new listings across the border, HSBC Asia-Pacific chairman Peter Wong Tung-shun said on the eve of China’s annual “two sessions” meetings. “If investors in both Shenzhen and Hong Kong are further allowed to participate simultaneously in IPOs in both markets – achieving a more comprehensive IPO connect mechanism for the Greater Bay Area... https://www.scmp.com/business/banking-finance/article/3345285/hsbc-chairman-floats-ipo-connect-hong-kong-shenzhen-ahead-chinas-two-sessions?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3345285/hsbc-chairman-floats-ipo-connect-hong-kong-shenzhen-ahead-chinas-two-sessions?utm_source=rss_feed Tue, 03 Mar 2026 10:30:09 +0000 Enoch Yiu Enoch Yiu Hong Kong and Shanghai have signed an accord deepening their collaboration in promoting digitised cargo trade finance and strengthening mainland China’s connection to the global data ecosystem. The Hong Kong Monetary Authority (HKMA) on Monday signed a memorandum of understanding (MOU) with the Shanghai Data Bureau and the National Technology Innovation Centre for Blockchain, according to a statement from Hong Kong’s de facto central bank. “This marks an important milestone in the collaboration... https://www.scmp.com/business/banking-finance/article/3345160/hong-kong-shanghai-sign-pact-digital-trade-finance-cross-border-data-link?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3345160/hong-kong-shanghai-sign-pact-digital-trade-finance-cross-border-data-link?utm_source=rss_feed Mon, 02 Mar 2026 10:55:30 +0000 Julie Zhang,Yulu Ao Julie Zhang,Yulu Ao Until last year, Fidelity International’s most significant cornerstone commitments on the Hong Kong initial public offering (IPO) market dated back to 2021, when Chinese short-video platform Kuaishou Technology raised US$5.4 billion and healthcare firm Medlive Technology completed a US$543.4 million listing. Then for the next four years, the asset manager went quiet. Late last year it returned to Chinese assets in force. It backed gold miner Zijin Gold International’s US$3.2 billion listing in... https://www.scmp.com/business/banking-finance/article/3344890/big-cornerstone-comeback-whats-driving-investors-back-hong-kong-ipos?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344890/big-cornerstone-comeback-whats-driving-investors-back-hong-kong-ipos?utm_source=rss_feed Sat, 28 Feb 2026 02:00:57 +0000 Sylvia Ma Sylvia Ma With China’s currency having steadily strengthened in recent months, the central bank has rolled out a pair of measures to lower foreign exchange hedging costs and support cross-border yuan financing. In a notice on Thursday, the People’s Bank of China refined the framework for domestic banks to conduct cross-border yuan interbank financing, explicitly endorsing their role in providing stable yuan liquidity to offshore markets through regulated channels. The move comes as Beijing has been... https://www.scmp.com/economy/china-economy/article/3344894/yuan-sizzles-chinas-central-bank-deploys-double-barrelled-policy-tweak?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3344894/yuan-sizzles-chinas-central-bank-deploys-double-barrelled-policy-tweak?utm_source=rss_feed Fri, 27 Feb 2026 10:36:47 +0000 Daniel Ren Daniel Ren Beijing is encouraging equity investors to pursue representative action against unscrupulous listed or delisted firms in an apparent effort to bolster confidence in the country’s stock markets, as trading resumed on Tuesday following a 10-day break. The Supreme People’s Court, mainland China’s highest judicial organ, also announced at a press conference that it would issue more edicts on civil compensation for insider trading and market manipulation to better safeguard retail investors’... https://www.scmp.com/business/markets/article/3344453/chinas-top-court-backs-legal-action-against-corrupt-firms-amid-equity-markets-rally?utm_source=rss_feed https://www.scmp.com/business/markets/article/3344453/chinas-top-court-backs-legal-action-against-corrupt-firms-amid-equity-markets-rally?utm_source=rss_feed Tue, 24 Feb 2026 10:00:20 +0000 He Huifeng He Huifeng People across China are buying up gold in large volumes ahead of the Lunar New Year holiday, as surging prices for the precious metal fuel its popularity as both a festive gift and an investment. From migrant workers splashing out on gold-coated jewellery, to white-collar workers pouring their savings into gold-linked investment funds, the metal is widely seen not only as a marker of social respectability, but also as a safety net amid an uncertain world. The rising demand comes amid an... https://www.scmp.com/economy/china-economy/article/3343554/chinas-gold-rush-why-families-are-doubling-down-precious-metals?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3343554/chinas-gold-rush-why-families-are-doubling-down-precious-metals?utm_source=rss_feed Sat, 14 Feb 2026 12:00:16 +0000 Julie Zhang Julie Zhang China’s state-backed investors are stepping up funding for artificial intelligence-driven drug developers as Beijing pushes for technological self-reliance, with at least one company already advancing an AI-designed therapy into late-stage clinical trials. Hangzhou-based METiS TechBio, founded in 2020, raised 400 million yuan (US$57.9 million) in series D financing in August last year, led by the Beijing Medical and Health Industry Investment Fund and the Daxing Industrial Investment Fund – both... https://www.scmp.com/business/banking-finance/article/3343151/capital-injection-china-backs-ai-drug-makers-self-reliance-drive?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3343151/capital-injection-china-backs-ai-drug-makers-self-reliance-drive?utm_source=rss_feed Wed, 11 Feb 2026 06:00:13 +0000 Ji Siqi,Eunice Xu Ji Siqi,Eunice Xu With China explicitly banning onshore tokenisation of real-world assets (RWAs) while tightening scrutiny of related offshore activities, analysts say the clampdown is aimed at curbing financial fraud and disorderly capital outflows, while still preserving space for regulated innovation in markets such as Hong Kong. Tokenisation refers to the process of converting the rights to an RWA – including real estate, art, bonds and commodities like gold – into a digital token. Such tokens represent... https://www.scmp.com/economy/china-economy/article/3342952/chinas-necessary-asset-tokenisation-ban-targets-scams-and-capital-flight-analysts-say?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3342952/chinas-necessary-asset-tokenisation-ban-targets-scams-and-capital-flight-analysts-say?utm_source=rss_feed Mon, 09 Feb 2026 12:30:19 +0000 Luna Sun Luna Sun For those in China’s cross-border trade business, a sweeping tax crackdown is beginning to be felt. Heightened scrutiny of unreported overseas income is reshaping cost structures, squeezing margins and forcing exporters to rethink how they operate across borders. “It has taken a real bite out of profits,” said Henry Huang, a Zhejiang-based exporter who now faces higher taxes yet little room to pass on costs to price-sensitive customers in the United States and Europe. “It’s hitting everyone in... https://www.scmp.com/economy/global-economy/article/3342697/china-intensifies-offshore-tax-hunt-exporters-struggle-compliance?utm_source=rss_feed https://www.scmp.com/economy/global-economy/article/3342697/china-intensifies-offshore-tax-hunt-exporters-struggle-compliance?utm_source=rss_feed Sun, 08 Feb 2026 02:00:14 +0000 Xinmei Shen Xinmei Shen US Treasury Secretary Scott Bessent said he “would not be surprised” if China is already looking into ways to challenge the US’ pre-eminence in digital assets, given Hong Kong's efforts to develop the industry. When testifying before the Senate Banking Committee on Thursday, Bessent said that there are “lots of rumours of Chinese digital assets” possibly being backed by something other than its currency yuan, such as gold, but that the US could not confirm such claims. “We don’t know that for... https://www.scmp.com/news/us/article/3342569/us-treasury-chief-warns-china-could-challenge-us-digital-asset-lead-hong-kong?utm_source=rss_feed https://www.scmp.com/news/us/article/3342569/us-treasury-chief-warns-china-could-challenge-us-digital-asset-lead-hong-kong?utm_source=rss_feed Thu, 05 Feb 2026 20:12:01 +0000 Julie Zhang Julie Zhang Cathy Zhang, head of Asia-Pacific equity capital markets at Morgan Stanley, sounded hoarse after a day of back-to-back meetings with companies keen to go public in Hong Kong. “It’s very possible that the value and number may exceed last year’s IPO figures, given the momentum we have seen in January,” Zhang said in an interview on January 30. Nearly 100 companies filed for stock offerings in the city last month, more than triple the same period in 2025, a year which saw Hong Kong crowned as the... https://www.scmp.com/business/banking-finance/article/3342365/morgan-stanley-sees-another-record-year-hong-kong-ipos-pipeline-hits-450?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3342365/morgan-stanley-sees-another-record-year-hong-kong-ipos-pipeline-hits-450?utm_source=rss_feed Wed, 04 Feb 2026 23:30:38 +0000 Mandy Zuo Mandy Zuo China’s economic locomotive Shanghai is aiming for a growth rate of around 5 per cent this year, after gradually rebounding since 2023 and reaching a better-than-expected 5.4 per cent growth last year. The megacity, whose economic size is comparable to that of Belgium with last year’s GDP totalling 5.67 trillion yuan (US$816.2 billion), is upgrading its role as a global financial, trade and shipping centre, Mayor Gong Zheng told the city’s annual plenary sessions on Tuesday. The government is... https://www.scmp.com/economy/china-economy/article/3342202/chinas-financial-powerhouse-shanghai-aims-5-growth-global-influence?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3342202/chinas-financial-powerhouse-shanghai-aims-5-growth-global-influence?utm_source=rss_feed Tue, 03 Feb 2026 09:00:37 +0000 Ji Siqi Ji Siqi China has tightened tax incentives and raised preferential rates in several sectors as part of a broader push to generate more government funds, after experiencing a sharp drop in fiscal revenues amid an economic slowdown and persistent deflationary pressure. The Ministry of Finance and State Taxation Administration released a slew of detailed provisions for the country’s new value-added tax (VAT) law over the weekend, which included raising the rate applied to telecommunication services from 6... https://www.scmp.com/economy/china-economy/article/3342098/china-pushes-shore-government-finances-tax-rises-several-sectors?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3342098/china-pushes-shore-government-finances-tax-rises-several-sectors?utm_source=rss_feed Mon, 02 Feb 2026 13:30:11 +0000 Neil Denslow Neil Denslow President Xi Jinping has called for China’s yuan to become a global reserve currency, underscoring ambitions to carve out a greater role for it in world finance. The country needed a “powerful currency” that could be “widely used in international trade, investment and foreign exchange markets, and attain reserve currency status”, Xi said in a commentary published on Saturday in Qiushi, the Communist Party’s ideology journal. The comments were first made in a 2024 speech to officials. Xi spoke of... https://www.scmp.com/plus/economy/china-economy/article/3342099/xi-wants-yuans-global-punch-match-chinese-economic-might?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3342099/xi-wants-yuans-global-punch-match-chinese-economic-might?utm_source=rss_feed Mon, 02 Feb 2026 09:00:11 +0000 Julie Zhang,Themis Qi Julie Zhang,Themis Qi Another gold fund in mainland China suspended new investments as precious metals extended a plunge on Monday, heightening dilemmas for investors. The Harvest Gold Securities Investment Fund, a listed open-ended fund (LOF) investing in gold-related products, said it would suspend new investments from Tuesday until further notice. The fund manager said it aimed to ensure stable operation and protect the interests of unit holders. On Wednesday, E Fund Management’s E Fund Gold Theme LOF also closed... https://www.scmp.com/business/banking-finance/article/3342079/gut-check-time-how-chinese-gold-and-silver-investors-assess-metals-volatility?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3342079/gut-check-time-how-chinese-gold-and-silver-investors-assess-metals-volatility?utm_source=rss_feed Mon, 02 Feb 2026 08:30:13 +0000 Kun Tian Kun Tian China did not slip into outright deflation last year and that in itself matters. When weak global demand, geopolitical frictions and a prolonged property correction weighed heavily on sentiment, consumer prices stayed marginally positive. The latest data suggests an economy not in free fall but navigating a transition towards more balanced and sustainable growth, albeit at a subdued pace. December’s inflation figures underline this point. Consumer prices rose by 0.8 per cent year on year, the... https://www.scmp.com/opinion/china-opinion/article/3341556/chinas-deflation-near-miss-isnt-economic-story-2025?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3341556/chinas-deflation-near-miss-isnt-economic-story-2025?utm_source=rss_feed Sun, 01 Feb 2026 08:30:08 +0000 Yulu Ao Yulu Ao Labubu toymaker Pop Mart plans to establish its European headquarters in London, as UK Prime Minister Keir Starmer met the company’s founder during a high-profile China visit aimed at rebuilding Britain’s economic ties with the world’s second largest economy. That plan was revealed at a closed-door CEO round table on Friday during the UK-China Business Forum, where Starmer met a group of Chinese business leaders that included Pop Mart founder and CEO Wang Ning. “London stands at the heart of the... https://www.scmp.com/business/china-business/article/3341948/labubu-toymaker-pop-mart-picks-london-european-headquarters-rolls-out-new-stores?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3341948/labubu-toymaker-pop-mart-picks-london-european-headquarters-rolls-out-new-stores?utm_source=rss_feed Sat, 31 Jan 2026 11:30:11 +0000 Ben Jiang Ben Jiang Chinese regulators have slapped a 26 million yuan (US$3.7 million) fine on a unit of Kuaishou Technology, operator of the country’s No 2 short video platform, over multiple violations and misconduct in its live-streaming e-commerce operations, signalling tighter oversight of this market segment. Chengdu Kuaigou Technology, a unit of Beijing-based Kuaishou, was found to have committed seven breaches including failure to disclose information in accordance with the law, charging unreasonable fees... https://www.scmp.com/tech/policy/article/3341936/china-slaps-us37-million-fine-kuaishou-over-live-streaming-e-commerce-violation?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3341936/china-slaps-us37-million-fine-kuaishou-over-live-streaming-e-commerce-violation?utm_source=rss_feed Sat, 31 Jan 2026 07:39:43 +0000 Xiaofei Xu Xiaofei Xu Wingtech Technology, the Chinese owner of chipmaker Nexperia, is expected to post a loss of between 9 billion yuan (US$1.3 billion) and 13.5 billion yuan in 2025, owing to the Dutch government’s takeover of the semiconductor firm, the Shanghai-listed company said in a statement on Friday. Wingtech said that its authority over the chipmaker continues to be “temporarily restricted” since the October 7 ruling of the Dutch Enterprise Chamber, a special division of the Amsterdam Court of Appeal,... https://www.scmp.com/tech/big-tech/article/3341932/chinas-wingtech-owner-nexperia-expects-wider-loss-amid-row-over-dutch-chipmaker?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3341932/chinas-wingtech-owner-nexperia-expects-wider-loss-amid-row-over-dutch-chipmaker?utm_source=rss_feed Sat, 31 Jan 2026 06:31:31 +0000 Coco Feng Coco Feng Enterprises across China’s semiconductor industry recorded hefty profit growth last year, according to their unaudited financial results, driven by the country’s artificial intelligence infrastructure buildout and Beijing’s push for tech self-reliance. Graphics processing unit (GPU) designer Cambricon Technologies on Friday reported a net profit of 2.2 billion yuan (US$316 million) in 2025, its first profitable year, on the back of “the continuous rise in computing power demand within the AI... https://www.scmp.com/tech/tech-trends/article/3341834/chinas-semiconductor-firms-post-hefty-2025-profits-amid-ai-boom-tech-self-reliance-drive?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3341834/chinas-semiconductor-firms-post-hefty-2025-profits-amid-ai-boom-tech-self-reliance-drive?utm_source=rss_feed Sat, 31 Jan 2026 06:00:19 +0000 Reuters Reuters China’s factory activity faltered in January as weak domestic demand dragged down production at the start of the new ‍year, an official survey showed on Saturday. The official purchasing managers’ index (PMI) dropped to 49.3 in January, from 50.1 in December, below the 50-mark separating growth from contraction. It missed a forecast of 50 in a Reuters poll of analysts. Sub-indexes of new orders and new export orders also saw declines, respectively, down to 49.2 from 50.8 ⁠in December and 47.8... https://www.scmp.com/business/china-business/article/3341925/chinas-factory-activity-contracts-january-weak-domestic-demand?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3341925/chinas-factory-activity-contracts-january-weak-domestic-demand?utm_source=rss_feed Sat, 31 Jan 2026 05:07:19 +0000 Coco Feng Coco Feng ByteDance and Alibaba Group Holding are poised to ratchet up their artificial intelligence infrastructure initiatives, as the global AI arms race continues to intensify. The two companies’ latest moves lend weight to Nvidia CEO Jensen Huang’s recent remarks at the World Economic Forum in Davos, Switzerland, that the world was witnessing the biggest infrastructure buildout in history and that trillions of dollars of infrastructure still had to be built. Beijing-based ByteDance, operator of TikTok... https://www.scmp.com/tech/big-tech/article/3341863/china-tech-giants-bytedance-and-alibaba-ramp-ai-infrastructure-efforts?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3341863/china-tech-giants-bytedance-and-alibaba-ramp-ai-infrastructure-efforts?utm_source=rss_feed Fri, 30 Jan 2026 12:00:05 +0000 Josephine Ma Josephine Ma Lawrence J. Lau is a Hong Kong economist specialising in economic development and East Asian economies. He was an economics professor at Stanford University in the United States before becoming vice-chancellor and president of the Chinese University of Hong Kong until 2010. Lau has held the Ralph and Claire Landau Professor of Economics chair at the university since 2007. For other interviews in the series, click here. SCMP Plus readers get early access to articles in the Open Questions series.... https://www.scmp.com/plus/economy/china-economy/article/3341714/china-needs-more-education-higher-wages-advance-lawrence-lau-says?utm_source=rss_feed https://www.scmp.com/plus/economy/china-economy/article/3341714/china-needs-more-education-higher-wages-advance-lawrence-lau-says?utm_source=rss_feed Fri, 30 Jan 2026 02:00:15 +0000 He Huifeng He Huifeng The sudden demise of a major gold trading platform has rocked the southern Chinese city of Shenzhen, leaving tens of thousands of retail investors with combined losses totalling more than 10 billion yuan (US$1.4 billion), according to investors and domestic media reports. Chinese retail investors have rushed to capitalise on the unprecedented rally in global gold prices in recent months, leading many to put their funds into the online metals trading platform JWR. But as the gold spot price... https://www.scmp.com/economy/china-economy/article/3341633/chinas-gold-fever-sparks-us1-billion-scandal-trading-platform-collapses?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3341633/chinas-gold-fever-sparks-us1-billion-scandal-trading-platform-collapses?utm_source=rss_feed Thu, 29 Jan 2026 04:40:07 +0000 Vincent Chow Vincent Chow Education in China’s countryside should shift away from rote-based learning to focus on nurturing curiosity and creativity in the artificial intelligence era, Alibaba Group Holding founder Jack Ma said in a meeting with rural teachers on Monday. In remarks published by the Jack Ma Foundation on Tuesday, former English teacher Ma said the dawn of the AI era posed a challenge for rural education, but also presented an opportunity to “return to the fundamentals of education”. Alibaba owns the South... https://www.scmp.com/tech/tech-trends/article/3341543/teach-our-children-well-jack-ma-urges-changes-chinas-rural-education-ai-era?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3341543/teach-our-children-well-jack-ma-urges-changes-chinas-rural-education-ai-era?utm_source=rss_feed Wed, 28 Jan 2026 11:00:09 +0000 Eunice Xu Eunice Xu Alibaba Cloud’s Qwen-3 became one of the world’s first general-purpose artificial intelligence models to be uploaded and operated in orbit, marking a milestone in China’s bid to lead the nascent space-based computing sector. Chinese aerospace start-up Adaspace Technology successfully deployed Qwen-3 to a space computing centre in orbit where it executed multiple inference tasks in November, according to company executive vice-president Wang Yabo, who spoke at a conference on Monday, as reported... https://www.scmp.com/tech/tech-trends/article/3341388/alibabas-qwen-3-becomes-worlds-first-ai-model-operate-orbit?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3341388/alibabas-qwen-3-becomes-worlds-first-ai-model-operate-orbit?utm_source=rss_feed Tue, 27 Jan 2026 08:00:25 +0000 Kandy Wong Kandy Wong Gold surged to an all-time high of US$5,100 an ounce on Monday, with analysts forecasting further gains as the precious metal is increasingly viewed as a strategic hedge amid heightened geopolitical risks linked to the current US administration’s foreign policy shifts and a growing push for de-dollarisation. “We see the recent move as justifiable, given the rise in geopolitical risks and [the] macro environment,” said Alexandra Symeonidi, a senior corporate credit and sustainability analyst with... https://www.scmp.com/economy/china-economy/article/3341217/gold-surge-has-analysts-eyeing-new-highs-after-us5000-record-amid-trump-era-geopolitics?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3341217/gold-surge-has-analysts-eyeing-new-highs-after-us5000-record-amid-trump-era-geopolitics?utm_source=rss_feed Mon, 26 Jan 2026 05:10:56 +0000 Matteo Giovannini Matteo Giovannini As China prepares its digital yuan for wider domestic and cross-border use, the global debate has turned again to a familiar question: is Beijing trying to challenge the US dollar’s dominance? But this misses the more consequential point. The significance of China’s digital currency push lies not in substitution, but in the transformation of the infrastructure that underpins international payments. Over the past few years, the e-CNY has evolved into one of the world’s most advanced central bank... https://www.scmp.com/opinion/china-opinion/article/3341064/talk-digital-yuan-challenging-dollar-dominance-misses-real-power-shift?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3341064/talk-digital-yuan-challenging-dollar-dominance-misses-real-power-shift?utm_source=rss_feed Sun, 25 Jan 2026 21:30:08 +0000 Julie Zhang Julie Zhang As Chinese biotech and pharmaceutical firms gain importance on the global stage, foreign investors from sovereign wealth funds to industry players are securing strategic stakes in their future success. International institutional investors have built up significant positions in Chinese biotech firms over the past decade. These positions often approach, and in some cases exceed, the 5 per cent disclosure threshold for substantial shareholders in Hong Kong. BlackRock, the world’s largest asset... https://www.scmp.com/business/china-business/article/3340801/revealed-global-funds-blackrock-temasek-back-chinas-largest-biotech-firms?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3340801/revealed-global-funds-blackrock-temasek-back-chinas-largest-biotech-firms?utm_source=rss_feed Fri, 23 Jan 2026 00:30:09 +0000 Ben Jiang Ben Jiang Frontier research lab MiroMind, a subsidiary of the China-founded multinational firm Shanda Group, has asked some of its staff in Shanghai to relocate to Singapore, according to people with knowledge of the matter, raising comparisons to artificial intelligence start-up Manus’ pull-out from China last year. Those actions came amid Sunday’s reorganisation announcement by Shanda and Singapore-based MiroMind, which said its research on artificial general intelligence (AGI) and fundamental... https://www.scmp.com/tech/tech-trends/article/3340721/china-founded-shandas-ai-lab-boosts-singapore-operation-pulling-research-china?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3340721/china-founded-shandas-ai-lab-boosts-singapore-operation-pulling-research-china?utm_source=rss_feed Wed, 21 Jan 2026 13:30:09 +0000 Iris Deng Iris Deng The municipal government of Shanghai will open “free-to-fly” zones in the city for drones from February 1, as part of streamlined regulations designed to support the country’s development of a low-altitude economy. According to Shanghai’s new guidelines for civil unmanned aerial vehicles (UAVs), consumer drones will be allowed to fly in certain “suitable airspace” in the city without prior declaration, provided these devices are registered. These include UAVs categorised as micro, light and... https://www.scmp.com/tech/policy/article/3340696/shanghai-open-free-fly-zones-covering-46-city-consumer-drones?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3340696/shanghai-open-free-fly-zones-covering-46-city-consumer-drones?utm_source=rss_feed Wed, 21 Jan 2026 10:15:08 +0000 Julie Zhang Julie Zhang China has emerged as a credible challenger to the US in artificial intelligence-driven drug discovery, where advantage depends not only on computing prowess but also on the ability to effectively mine data, from genomes to clinical trial results, according to Leung Chuen-yan, a private equity investor and life sciences scientist. “Globally, the way companies develop and use AI to discover drugs is similar, from finding the drug target and designing the molecule to planning clinical trials,” said... https://www.scmp.com/business/china-business/article/3340403/china-challenges-us-ai-drug-race-rivals-still-reliant-each-other?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3340403/china-challenges-us-ai-drug-race-rivals-still-reliant-each-other?utm_source=rss_feed Tue, 20 Jan 2026 00:30:11 +0000 Iris Deng,Coco Feng,Wency Chen Iris Deng,Coco Feng,Wency Chen China’s Unitree Robotics shipped more than 5,500 humanoid robots in 2025, according to a person with knowledge of the matter, as the Hangzhou-based company ramped up production ahead of its planned listing on the mainland. That number – covering “pure” full-body, bipedal humanoid models – exceeded those of its American peers such as Tesla, Figure AI and Agility Robotics, which shipped 150 humanoid robots each last year, according to market research firm Omdia. Unitree saw its annual output... https://www.scmp.com/tech/tech-trends/article/3340446/chinas-unitree-ships-more-5500-humanoid-robots-2025-surpassing-us-peers?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3340446/chinas-unitree-ships-more-5500-humanoid-robots-2025-surpassing-us-peers?utm_source=rss_feed Mon, 19 Jan 2026 12:15:09 +0000