China Business NOW

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li.Not long ago, China’s "new trio" of exports – new energy vehicles, lithium batteries, and solar panels – turned "Made in China" into a label for green manufacturing. Today, artificial intelligence, robotics, and innovative pharmaceuticals emerged as the new "new trio", marking a pivotal transition for China’s economy that powered by technological breakthroughs. To anyone tracking China’s rise, these three sectors are no longer just market darlings, but have formed the backbone of its high-quality development and hold the key to redefining Chinese assets on the global stage.Technology companies now make up over a quarter of China's A-share market as the country steps up support for sci-tech innovation, China Securities Regulatory Commission (CSRC) Chairman Wu Qing announced at a recent press conference. The market cap of tech stocks is significantly higher than the combined market cap of the banking, non-bank financial, and real estate sectors, Wu said. This signals a clear paradigm shift: robots, AI, and innovative drugs have officially taken over as the new growth engines of China’s economy.The rise of the new "new trio" is no accident. Globally, technological competitiveness has become the cornerstone of national strength, while domestically, the land-finance growth model has run its course, with AI breakthroughs taking the wheel to drive on the lane of new productive forces. Each of these three sectors fills a non-negotiable niche: Robotics serves as the "physical engine" of smart manufacturing, addressing labor shortages and boosting efficiency. AI acts as the "digital brain," supercharging everything from factory operations to drug R&D. Innovative pharmaceuticals stand as the "value core" of life sciences, safeguarding public health while generating high returns to fund further innovation.Let’s examine the market dynamics. In the robotics sector—particularly humanoid robots, viewed as the next transformative smart terminal after computers, smartphones, and new energy vehicles—A-share leader Inovance Technology boasts a market cap exceeding 200 billion yuan. Sanxie Motor surged by more than 785% on its debut trading day, while unlisted players like UBTECH and DeepRobotics have also become darlings of capital.In AI, multiple enterprises already hold a market cap of over 100 billion yuan. The colloquial “Ji Lian Hai" refers to Cambricon, Foxconn Industrial Internet, and Hygon—firms focusing on AI computing chips and infrastructure. Their order books and profit margins hit record highs in H1 2024. Meanwhile, “Yi Zhong Tian" denotes Eoptolink, Zhongji Innolight, and Tianfu Communication, whose optical modules are in high demand for high-speed data transmission in large AI models, driving simultaneous growth in both earnings and stock prices.For innovative drugs, Hengrui Pharmaceuticals is approaching a 500 billion yuan market cap, with WuXi AppTec, Hansoh Pharma, and Innovent Biologics each exceeding 100 billion yuan, with their business models shifting from "capital-intensive investment" to "profit-generating operations."In a global perspective, China’s position in these three sectors is evolving from "catch-up" to "leadership." Robotics leads the pack, ranking among the global first tier as it boasts a complete industrial chain, the world’s largest market, and advanced localization of components, though high-end servo motors still rely on imports as Japanese firms control 60% of the servo market.AI is in "overall catch-up, with leadership in specific applications"—excelling in computer vision and speech recognition, but facing gaps in core chips (NVIDIA dominates 80% of the global market) and framework ecosystems.Innovative pharmaceuticals are moving from "follow-up" to "catch-up," with overseas transaction volumes surging, a sign of international recognition for R&D capabilities, yet challenges remain in target discovery and basic research translation.But these bottlenecks are far from dead ends; they’re precisely the arenas where China’s strengths will come to the fore. The solution is clear: Unlock cross-sector data to unleash AI’s full potential; speed up approvals for life-saving technologies; build more computing hubs and train interdisciplinary talent; implement "regulatory sandboxes" to allow room for innovation experimentation, avoiding "one-size-fits-all" policies that restrict development; and join global tech standard-setting to ensure China’s voice is heard.The shift from the old "new trio" to the new "new trio" reflects the intrinsic logic of China’s industrial upgrading. While challenges lie ahead, the performance of leading enterprises, supportive policy rollouts, and tangible technological breakthroughs all indicate that capital is casting a "vote of confidence" with real investment.For international investors and collaborators, this is likely the masterplan for the upcoming wave of tech-driven expansion. Leveraging its vast market expanse, targeted policy impetus, and robust industrial ecosystems, China’s new "new trio" stands poised to transmute present-day trials into triumphs of tomorrow.

Stephanie: Hey everyone, and welcome to this edition of CBN x ASEAN Watch. I’m Stephanie, your host, and today we’re taking you to the ongoing China-ASEAN Expo. Entering its 22nd edition this year, the old-line China-ASEAN Expo (CAEXPO) for the first time set up a 10,000-square-meter pavilion dedicated to Artificial Intelligence (AI), underscoring the ever-expanding and deepening cooperation between China and the Association of Southeast Asian Nations (ASEAN).The expo opened on Wednesday in Nanning, the capital of Guangxi province in southern China. This year, it boasts an exhibition area of nearly 160,000 square meters, with over 3,200 enterprises from 60 countries participating.Joining me today is Sharon and Jiaying, our ASEAN correspondents who are now at the very location of the expo in Nanning. Hi, Jiaying.Jiaying: Hi, Stephanie, and hello to our listens. Can you guess where I am now? Yes, I’m at the AI Pavilion, the absolute spotlight of this year’s China-ASEAN Expo.The AI pavilion is the largest single-theme hall in the expo's history. It hosts nearly 200 tech firms, from industry leaders to innovative startups, showcasing about 1,200 innovative products and technologies, ranging from consumer-grade smart devices to industrial-grade solutions, forming a complete innovation chain.Stephanie: Wow, this is so exciting! How is the AI pavilion like? Jiaying: Of course. On opening day, the AI pavilion quickly became a major draw for visitors. I’ve been talking with some of the exhibitors, and they are very excited to be here with their latest AI products. Take a listen.(In Chinese: Staff from InMyShow Digital Technology Group, a Guangxi-based MCN company that incubate online influencers, introduces their latest AI digital avatars that support Chinese as well as the languages used in all 10 ASEAN member countries.)Stephanie: What are some of the “hardcore” AI products that impressed you? And how do they serve ASEAN clients?Jiaying: Major tech giants such as Huawei, Alibaba, iFlytek, Unitree Robotics and Qi-Anxin Group are prominently featured in the AI pavilion, where they showcased their advanced products.(iFlytek staff: We have recently launched a multilingual AI model specifically designed for the 10 ASEAN members. This model has significant enhancement in capabilities, including language understanding, machine translation, knowledge question-and-answer facilities and text generation. In 2024 we sold approximately 15,000 smart devices in ASEAN countries, generating total revenue of about 13 million yuan.) Stephanie: Thank you, Jiaying, for bringing us the vibe of the AI pavilion.As an important open platform for China-ASEAN cooperation, the expo has tightly embraced the new era of AI.The theme of this year's expo, "Digital Intelligence and Innovation Empower Development – Leveraging China-ASEAN FTA 3.0 New Opportunities for an Even Closer China-ASEAN Community with a Shared Future," highlights the role of technology in boosting bilateral trade and cooperation.Cambodian Permanent Deputy Prime Minister Vongsey Vissoth said that the theme underscores "the urgent need" for cooperation in building a region that is both prosperous and peaceful by leveraging digital technology and innovation, as well as promoting trade and investment.At this year’s edition, ASEAN members have also been actively engaging with the expo's emphasis on AI. The AI pavilion is also presenting the latest scientific and technological achievements from many ASEAN members, including Brunei, Malaysia and Thailand.Now let’s talk to Sharon. She’s been covering the ASEAN Zone.Sharon: Hi Stephanie. The ASEAN Zone at the dedicated AI pavilion has been warmly welcomed by ASEAN members, including the Brunei Innovation Lab, Indonesian Telematics Society, Malaysian Global Telecom Group, Myanmar Computer Industry Association, and Thai Mitr Phol Group, which showcase smart agriculture technologies, remote communication equipment, and scientific and technological innovation projects from ASEAN countries.For example, the Indonesian Telematics Society - a non-profit dedicated to information, communication and broadcasting technology - has showcased Indonesia's cutting-edge products. Sarwoto Atmosutarno, the organization's president, said the firm has collaborated with Chinese tech leaders like ZTE and Huawei. It now boasts 31 member units, all actively applying AI and building data centers and cloud services.Meanwhile, Vietnam's Ministry of Science and Technology has been organizing Vietnamese enterprises to exhibit high-tech projects at the Vietnamese Commodities Pavilion.Stephanie: Collaboration between China and ASEAN members through platforms such as this expo is crucial for sharing knowledge, resources, and best practices in AI.This partnership not only strengthens economic ties but also promotes technological advancements that can address common challenges faced by the region.Sharon: Exactly. With the demand for AI solutions ever increasing, the debut of these products at the expo serves as a catalyst for further cooperation and innovation, paving the way for a more integrated and technologically advanced future for both China and ASEAN.I was talking with the Vice President of the Laos Chamber of Commerce, and he told me that Guangxi is a strategic location to implement China-ASEAN cooperation in AI.(Thanousone Phonamat, vice president of Lao National Chamber of Commerce and Industry: This morning I had the opportunity to attend the Ministerial Round Table on AI with high level officials from China and ASEAN. After discussion between ASEAN member countries and China, the conclusion from theChina side is that Guangxi is located in very strategic location. It’s the gateway for collaboration between ASEAN and China.I’ve also come to Guangxi many times. We work with quite a few technology companies. Every time we come, we see that Gangxi’s technology development is quite fast, because I also travel to cities in China, like Shenzhen or Shanghai, and I found that it's not too big different. We are happy to be close to Guangxi as we share similar culture, similar food, and our communication is easier and we are very happy to cooperate with the Guangxi government and Guangxi businesses, for our AI development. )Stephanie: Thanks Sharon for sharing your observations at the expo. Official data show that bilateral trade volumes have consistently risen, with China remaining ASEAN's largest trading partner for 16 consecutive years, while ASEAN has been China's largest trading partner for the past five years.By enhancing trade frameworks and embracing AI, China-ASEAN economic and trade cooperation is set to become even more dynamic and deliver even greater win-win outcomes.And that’s our program today. Thanks for listening and until the next time!

After engaging in a months-long price war of instant retail, two of China’s “Big Three” delivery platforms - Alibaba and Meituan - are again wrestling on a different ring as they unveiled new initiatives targeting each other’s turf.Chinese internet giant Alibaba Group Holding on Wednesday released a major update to its navigation platform Amap, adding a new artificial intelligence-powered feature allowing users to leave a ranking for local businesses just like on Dianping, an app by rival Meituan.Now when you open Amap to find a nearby restaurant, this new "Street Stars” ranking is going to pop up—not just any list, but one weighted by your actual behavior and Alipay's credit score. This seemingly small change is quietly rewriting the rules of how we discover and choose local businesses, as users can review restaurants, hotels, tourist attractions, and others using the new Amap ranking. Alibaba also promised to offer over CNY1 billion of incentives to support the spending of 10 million customers on car rides, dining, and other services.Alibaba set up the Amap “Street Stars” project in June and has since been making secret progress, covering over 1.6 million offline service providers in more than 300 Chinese cities, including over 870,000 restaurants, 230,000 hotels, and nearly 50,000 scenic spots.Amap “Street Stars” is based on users' behavior trends rather than their likes or favorites, values returning customers, and will never be commercialized, said Guo Ning, chief executive of Amap.Interestingly, Alibaba linked the feature to Amap rather than its Taobao Flash Buy, which market analysts attributed to the former's mapping and navigation data.Alibaba’s move isn't just another marketing push—it's a full-on assault on Meituan's most profitable territory: in-store services. Let's put things in perspective. China's local services market is predicted to hit CNY35.3 trillion by 2025, with only 30.8% of that happening online. So there's massive room to grow. Alibaba's strategy here is cleverly layered. Let's break it down. First, traffic. As one of the most popular map apps in China, Amap hails national utility with 700 million monthly active users. Every time someone searches for directions, that's a chance to nudge them toward a nearby café or shop. It's like turning every car ride or walk into a potential shopping trip.Then there's the tech angle. By tying in Alipay's credit system, they're filtering reviews through a trust layer. So a five-star rating from someone with a solid credit score matters more than a random anonymous review. Add AI to eliminate fake comments, and suddenly you've got a more reliable recommendation engine.And let's not forget the ecosystem play. That CNY1 billion subsidyworks hand-in-hand with Ele.me's delivery services, creating a loop: find a place on Amap, go there, or get it delivered via Ele.me, avoiding Meituan's stronghold in food delivery and hitting where Meituan is vulnerable: trusted recommendations.The numbers back up why Alibaba's doubling down. Their local services arm grew 12% last fiscal year to CNY67 billion. Even better, losses are shrinking—down to CNY2.3 billion in Q4. They're getting more efficient, which gives them the cash to invest here. And who can blame them? Meituan once saw 43.3% profit margins in in-store services. Alibaba certainly wants a piece of that.But Meituan isn’t sitting idle. On the same day, Meituan’s Dianping platform relaunched its “Premium Delivery” service, promising 30-minute delivery from top-rated restaurants featured in its “Must Eat” list and “Black Pearl” guide.Dianping said it would "restore" its quality food delivery service by using a self-developed business-to-business AI model to analyze users' demand based on a vast amount of review data, filtering non-genuine reviews to provide a reliable reference for decision-making, with consumer-facing AI agents set to launch within a week. It will also issue 25 million large-denomination "quality takeout" consumption coupons. The effect of Dianping's new project remains to be seen because its users tend to dine in, while restoring the food delivery business requires guiding users to order food on the app, analysts pointed out.Meituan "suffered grievously" in the last round of the food delivery war with JD.Com and Alibaba's Ele.me. Its net profit plunged 89% to CNY1.5 billion in the six months ended June 30 from a year earlier, while its revenue rose 12% to CNY91.8 billion, it said in its first-half financial report released on Aug. 27.Meituan's strength has always been its network effect—more restaurants mean more riders, which brings more customers. But that doesn't protect them in in-store services, where fake reviews have long been a problem. Alibaba's "never commercialize" promise for its rankings hits right at that trust issue.Now, Alibaba is building a "home delivery + in-store" and "long-distance + nearby" ecosystem. But to challenge Meituan's Dianping—with its deep content and user habits—Amap needs more than traffic and data. It will need a richer content ecosystem and stronger merchant partnerships. The more intriguing fact is that this AI-driven battle is rewriting the rules of local services, shifting trust from subjective reviews to real behaviors, moving decision-making from users to machines, and refocusing businesses from traffic chasing to value creation.The endgame here won’t be endless app wars. It’ll be a showdown between super AI assistants—the one that truly understands what consumers want, and the one that delivers better experiences and more choices for both businesses and consumers. That’s where the future of local services will be decided.

Imagine the frustration. For years, Alexei, a small business owner from Moscow, has wanted to attend the Canton Fair in Guangzhou to source new products. Each time, the process was the same: a lengthy application process, the wait for visa approval, and the constant worry that a minor error could derail his entire trip. The dream of easily exploring Chinese markets or even taking his family to see the Great Wall felt distant.But things are about to change. In a significant policy shift, China has announced a trial program that addresses this very challenge. As of September 15, 2025, the door to China will swing open for Russian citizens, marking a new era of travel and cooperation.Russian passport holders can stay in China for up to 30 days without a visa starting from Sept. 15 this year to Sept. 14 next year, the Ministry of Foreign Affairs announced on Tuesday.The introduction of the China visa-free for Russians policy is more than just an administrative update; it’s a game-changer for tourists, entrepreneurs, and families alike, sparking an immediate surge in searches for flights from Moscow on Chinese online travel sites.Moscow to China flight searches almost doubled within half an hour after the visa waiver was announced, soaring by as much as four times at one point, according to travel agency Qunar. Russia was among China's top three sources of international tourists this summer, with such visitor numbers expected to soar once the new policy kicks in."China's main sources of inbound tourism are Japan and South Korea, but the number of Russian visitors is rapidly growing, and they are particularly fond of traveling to Sanya on the southern tropical island of Hainan," a deputy general manager of travel agency Spring Tour told media. He expects that lower-tier cities and unique tourist destinations will also grow in popularity with this trial visa-free policy.Over the summer holiday, the top 10 destinations in China for Russian tourists were Beijing, Shanghai, Sanya, Guangzhou, Harbin, Shenzhen, Xi'an, Zhangjiajie, Chengdu, and Hangzhou, according to Trip.Com data.Cross-border tourism has significantly benefited in recent years as bilateral ties continue to deepen. Chinese mainland residents made 1.04 million trips to Russia last year, up 209 percent from the previous year, while the number of Russian tourists traveling to China surged 115 percent to 1.5 million, according to the Chinese Foreign Ministry.Evgeny Kozlov, First Deputy Head of the Moscow Mayor's Office and Chairman of the Moscow City Tourism Committee, told the 21st Century Business Herald in a previous interview that the city has made various efforts to attract Chinese tourists. Moscow has opened accounts on most popular Chinese social media platforms, including Douyin, WeChat, Xiaohongshu, and Weibo, and it was the first Russian city to have an official page on Trip.Com.In 2024, Moscow held large-scale Chinese Spring Festival celebrations for the first time, with over 300 events taking place from February 9 to 18. Chinese-language signs have also been installed at Moscow's airports and major scenic spots. There have been over 100 restaurants in Moscow specializing in Chinese cuisine, Kozlov noted.China's trial visa-free policy for Russian citizens is "amazing news" that will change Russians' approach to travel in China, said the Russian Union of Travel Industry (RST), Xinhua reported, adding that tourist numbers are expected to surge significantly.The policy could boost tourist flows from Russia by 30 to 40 percent, the Association of Tour Operators of Russia said.Alexander Bragin, director of the Association of Travel Aggregators, said that the number of search queries for flights and accommodation in China has doubled after the announcement of the pilot visa-free policy.According to data from Russia's Federal Security Service, 836,600 Russians visited China for tourism and private purposes in the first half of 2025, up 38.5 percent from the same period a year earlier.As China expands its visa-free access to a growing list of countries, the nation is repositioning itself to be a more open and accessible destination for global travelers. Guo Jiakun, spokesperson for the Chinese Foreign Ministry, said that “China attaches great importance to activating exchanges between the peoples of the two countries,” highlighting the people-centric philosophy behind the policy.At its core, this policy is a testament to the robust and deepening partnership between China and Russia. For years, the two nations have been aligning on multiple fronts, and simplifying travel is a logical next step in solidifying this relationship.By removing a significant barrier to entry, the policy encourages more frequent interaction not just at the governmental level but also among ordinary citizens and business leaders. This fosters a sense of goodwill and mutual understanding that paper agreements alone cannot achieve. It is a practical contribution to the "comprehensive strategic partnership of coordination for a new era" that both countries have cultivated, which have set a model for the world on building new-type international relations.Besides the visa-free policy, there have been a lot going on in terms of cultural exchanges between the two neighboring countries. For instance, a China-Russia people-to-people and cultural exchange event commemorating the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the Soviet Union's Great Patriotic War was held on Wednesday. The event was co-hosted by China Media Group and All-Russia State Television and Radio Broadcasting Company.It is one of the hundreds of events launched within the framework of the 2024-25 China-Russia Years of Culture that kicked off in May last year. Cultural events have been and will be held in 51 Chinese cities and 38 cities in Russia over the two years.Other recent initiatives include the movie Red Silk, coproduced by Chinese and Russian filmmakers, that is currently showing in Russia and achieving great box office success, and a new version of the opera Eugene Onegin, created by artists from the two countries, that has just debuted in China.China is not only paying great attention to the cultural events between the two sides to ensure their success but is also committed to making its people-to-people and cultural exchanges with Russia sustainable in the long run, so as to strengthen the bonds between the two peoples.History shows that it is the mutual trust, mutual respect, mutual learning and mutual understanding realized through people-to-people and cultural exchanges that is the requisite for any substantial engagement between major countries and a defining characteristic of the healthy and sustainable development of Sino-Russian relations.

Hello! Welcome to this edition of CBN Perspective. I’m Stephanie Li.On August 26, Guangzhou inaugurated its first in-city duty-free store in Tianhe District, drawing throngs of shoppers. Notably, Shenzhen also rolled out its first in-city duty-free outlet on the very same day—a synchronized move that marks a pivotal step in enhancing outbound travel convenience for residents of the two Pearl River Delta megacities, offering them streamlined access to duty-free shopping prior to international trips.This milestone follows a key policy push: in August 2024, five central government ministries, including the Ministry of Finance, jointly released the Notice on Optimizing Policies for In-City Duty-Free Stores. The notice announced the approval of 8 new in-city duty-free locations nationwide, with Guangzhou and Shenzhen each securing one slot—underscoring the central government’s strategic focus on leveraging duty-free commerce to stimulate high-end consumption and fortify the two cities’ roles as regional economic hubs.Authorized by the State Council, in-city duty-free stores are situated in urban cores and cater exclusively to travelers departing China. Their competitive edge over traditional port-based duty-free shops is stark: unlike port stores, which tie shoppers to tight customs clearance timelines, in-city outlets offer unparalleled flexibility. This allows consumers to browse and purchase a diverse range of duty-free goods at their leisure, eliminating the rush often associated with last-minute airport or port shopping and better aligning with modern travelers’ demand for convenient, stress-free retail experiences.What sets Guangzhou and Shenzhen’s new stores apart is their deep integration with each city’s unique cultural and industrial identities—a deliberate design choice that transforms them from mere retail spaces into showcases of local character. As a global hub for electronics innovation, Shenzhen’s store features an extensive lineup of “Made-in-Shenzhen” products, such as cutting-edge smartphones and panoramic cameras. This not only highlights the city’s technological prowess but also provides an international platform for local high-tech brands to reach outbound travelers, strengthening Shenzhen’s reputation as a leader in global tech manufacturing.In contrast, Guangzhou’s store doubles as a gateway to Lingnan culture. Infused with design elements that pay homage to Guangzhou’s nickname, the “Flower City,” the outlet includes a dedicated atrium zone for experiencing Lingnan traditions and Chinese time-honored brands. This cultural integration serves a dual purpose: it enriches the shopping experience by connecting consumers to local heritage, and it positions Guangzhou as a city where commerce and culture intersect—an essential trait for building a globally appealing international consumption center.Regulatory guidelines for in-city duty-free shopping are clear and targeted. Eligible shoppers include all travelers (Chinese and foreign alike) departing China via air or international cruise within 60 days. For Guangzhou and Shenzhen residents with upcoming outbound trips, the process is straightforward: they can shop at the in-city stores using valid 60-day outbound flight/cruise tickets and entry-exit documents. Importantly, purchases are not available for immediate pickup; instead, goods are held at dedicated duty-free collection points in the departure isolation areas of ports, ensuring compliance with customs regulations and seamless transport abroad.Early indicators of success are already evident. Since Shenzhen’s store entered a trial operation phase on August 23, it has become a hotspot for “prospective international students”—a demographic with significant demand for duty-free goods like electronics and skincare. Their enthusiastic spending has sparked an immediate “in-city duty-free shopping boom,” signaling strong initial consumer interest and validating the policy’s relevance to key traveler groups.The launch of these stores carries far-reaching implications for both cities’ economic recovery and long-term competitiveness. Data from the first half of 2025 underscores their growth potential: Shenzhen’s ports handled 130 million inbound and outbound passengers, a year-on-year increase of 16.2%, while Shenzhen Airport recorded a passenger throughput of 32.57 million, up 10.9% year-on-year. This surge in cross-border travel creates a massive pool of potential duty-free consumers, directly fueling the stores’ viability and their ability to drive consumption growth.The initiative is a multi-faceted catalyst: it will accelerate the development of the duty-free economy, boost inbound tourism-related spending, and crucially, redirect domestic consumers’ overseas purchases back to China.Additionally, by integrating consumption with culture and tourism, the stores will enhance both cities’ international profiles and competitiveness—key goals in their quest to become globally influential international consumption centers.Looking ahead, these in-city duty-free stores will play a dual role: they will complement existing high-end commercial districts, filling a gap in pre-travel duty-free access, and serve as “new consumption landmarks” that accelerate Guangzhou and Shenzhen’s progress toward their long-term urban development goals.

Stephanie: Hello everyone, I'm Stephanie Li. Today's episode dives into how Chinese enterprises are reshaping Southeast Asia's e-commerce landscape.Joining me is our ASEAN correspondent Sharon Hu, whose on-the-ground reporting brings fresh insights. Sharon, let's start with those staggering growth numbers you mentioned earlier.Sharon: Absolutely, Stephanie. A report released by DBS Group of Singapore and Cube, a market research company, shows that from 2012 to 2024, the annual sales of e-commerce in Southeast Asia increased from USD4 billion in 2012 to USD184 billion in 2024—that's a 45 times jump! What's fascinating is how this mirrors China's own e-commerce boom a decade ago.Stephanie: That's exactly what struck me. In Jakarta for example, street vendors were using Lazada's logistics for deliveries, just like how Taobao revolutionized rural China, but faster. How much of this do you attribute to Chinese companies' influence?Sharon: A significant chunk. Take Lazada—Alibaba's investment didn't just pour money in, but instead they brought AI algorithms that personalize shopping. During last year's Double 12 shopping festival, 46% more users interacted with their AI tools. I’ve been talking with Liu Teng, who owns a cross-border e-commerce business in Xiamen that also provide relevant services, which I believe will give us an insider look at this trend.Stephanie: Great! Small and medium sized enterprises are often the unsung heroes in these ecosystem shifts.Sharon: Exactly. Liu entered Southeast Asia three years ago, mainly selling cosmetics, and what's interesting is their strategy. Instead of just listing products on platforms, they also have Chinese customers who want the full package—product plus setup. Basically every day, there’re Chinese merchants approach Liu for advice on how to expand business into Southeast Asia, from local policies and legal compliance, to on-the-ground operational strategies. Due to the robust demand, Liu established a 20-member local team in Malaysia, acting as a liaison between Chinese enterprises and local influencers to boost sales in live-streaming e-commerce, and assisting them to handle procedures such as registration, tax, and product certification.Stephanie: That's brilliant. Let's talk infrastructure. As I've always said, logistics is the backbone—you can't have e-commerce without reliable delivery.Sharon: And here's where the ecosystem support comes in. Many Chinese delivery giants, including Alibaba’s Cainiao, SF Express, ZTO, and Best Express, have set up overseas warehouses in Southeast Asia, which cuts delivery Tim es to under 48 hours. In the first half of this year, JD Logistics has added three new self-operated overseas warehouses in Malaysia and Vietnam.Stephanie: Payment systems are another frontier. It reminds me of Alipay's early days in China, overcoming cash habits through convenience. How are they cracking that market?Sharon: Through partnerships. For payments, they rely on global payment platforms such as the Hangzhou-based PingPong to handle cross-border transactions, which has been working with major e-commerce sites,  such as Amazon, TikTok Shop, Lazada and Shopee in Southeast Asia. And PingPong isn't replacing local payment apps—they're integrating with them, offering real-time currency exchange for sellers. Data shows that the penetration rate of e-payments in the region has exceeded 50%. In 2024, mobile payment based on QR code technology in Thailand accounted for approximately 55% of e-commerce transactions, and the proportions in Malaysia and Indonesia were even higher. It's a perfect example of how larger Chinese platforms are enabling smaller players to thrive.Stephanie: That's the ripple effect we often miss. Big companies build the highways, and SMEs drive the traffic. What's their growth look like?Sharon: Liu said they only started testing the waters of product exports in Southeast Asia three years ago. Back then, he could hardly imagine that one day, he would not only be able to create a top-selling product across all Malaysian e-commerce platforms, but also lead more Chinese enterprises to achieve one successful live-streaming sales feat after another on Southeast Asian platforms. They're now expanding into Indonesia, using TikTok Shop's live streams to demo their products. It's localization at every step.Stephanie: And TikTok Shop is another game-changer. I remember when live-stream commerce took off in China, skeptics thought it wouldn't work elsewhere. But research finds 75% of Southeast Asian consumers are more willing to buy products out of online influencers’ recommendations. And I believe that's a cultural shift, not just a business model.Sharon: You're spot on. TikTok creator studios in Southeast Asia are training local influencers in Chinese-style live-stream techniques: product demos, limited-time flash sales, even the way hosts interact with viewers. It's localization with Chinese DNA.Stephanie: As we wrap up, let's look ahead. With projections hitting US$410 billion by 2030, this is just the beginning. What excites me most is how this collaboration is elevating the entire region's digital economy. It's not one-way—Southeast Asia's unique challenges are pushing Chinese firms to innovate, too.Sharon: Well said. This isn't just Chinese companies reshaping Southeast Asia—it's a mutual evolution.Stephanie: Thanks for sharing your insights, Sharon. And for our listeners, stay tuned as we explore more on the fascinating cultural and business exchange between China and ASEAN. Until next time!

Hi everyone. I’m Stephanie LI.Coming up on today’s programToy maker Pop Mart posts over 360% rise in profit in H1 as Guochao trend accelerates global expansion;Xiaomi reports 75% leap in Q2 profit as EV business gains momentum.Here’s what you need to know about China in the past 24 hours Shares in Chinese toymaker Pop Mart reversed course to rise Wednesday, a day after the company posted a near-400% surge in net profit, driven by booming global demand for its LABUBU dolls.Pop Mart jumped 12.5 percent today in Hong Kong to close at HKD316, with a market cap surpassing HKD400 billion, both setting new highs. Shares in Pop Mart have risen more than 200 percent in the last year, resulting in a market valuation of HKD424.4 and making the company worth more than Barbie-maker Mattel, Nerf-seller Hasbro, and Hello Kitty-owner Sanrio combined.The LABUBU-maker on Monday released its financial results for the first half of 2025, reporting a 362.8 percent jump in net profit, reflecting the rise of China's Guochao trend and its intellectual property incubation capacity.Adjusted net profit reached CNY4.71 billion, while revenue stood at CNY13.88 billion, up 204.4 percent year-on-year, extending the strong momentum from the previous two quarters.Revenue from China stood at CNY8.28 billion, up 135.2 percent; Asia-Pacific (excluding China) revenue was CNY2.85 billion, rising 257.8 percent; revenue from the Americas surged to CNY2.26 billion, up 1,142.3 percent; and revenue from Europe and other regions rose 729.2 percent to CNY480 million.The company, best known for creating the global sensation LABUBU, has also seen explosive sales growth across other in-house products with intellectual property rights. In the first half of 2025, 13 artist IPs each generated more than 100 million yuan in revenue.Thanks to its distinctive appeal and unique style, LABUBU, a member of The Monsters family, with a revenue topping CNY4.8 billion, was one of the world's most popular IPs in the first half of 2025.Pop Mart founder and CEO Wang Ning said Wednesday that the firm was well-positioned to hit its 2025 revenue target of CNY20 billion, adding that reaching CNY30 billion this year “should also be quite easy.” Pop Mart also said it will roll out a miniature LABUBU this week that can be clipped onto phones.As one of the leading representatives of China's rising pop toy industry, Pop Mart established four regional headquarters in April for the first time, underscoring its deepening globalization strategy. The company attributed its growing market presence to continuous improvements in operational effectiveness and business efficiency in China.In the first half of 2025, Pop Mart opened its first stores in landmark locations such as Cambridge in the UK and Bali in Indonesia, continuing its push into iconic global destinations. Pop Mart will expand into markets including the Middle East, South Asia, Central and South America, and Russia, Co-Chief Operating Officer Justin Moon said on today’s earnings conference call.As of June 30, the company was operating 571 stores across 18 countries, including 40 new physical outlets and 105 new Robo Shops, according the company.HShares in Chinese toymaker Pop Mart reversed course to rise Wednesday, a day after the company posted a near-400% surge in net profit, driven by booming global demand for its LABUBU dolls.Pop Mart jumped 12.5 percent today in Hong Kong to close at HKD316, with a market cap surpassing HKD400 billion, both setting new highs. Shares in Pop Mart have risen more than 200 percent in the last year, resulting in a market valuation of HKD424.4 and making the company worth more than Barbie-maker Mattel, Nerf-seller Hasbro, and Hello Kitty-owner Sanrio combined.The LABUBU-maker on Monday released its financial results for the first half of 2025, reporting a 362.8 percent jump in net profit, reflecting the rise of China's Guochao trend and its intellectual property incubation capacity.Adjusted net profit reached CNY4.71 billion, while revenue stood at CNY13.88 billion, up 204.4 percent year-on-year, extending the strong momentum from the previous two quarters.Revenue from China stood at CNY8.28 billion, up 135.2 percent; Asia-Pacific (excluding China) revenue was CNY2.85 billion, rising 257.8 percent; revenue from the Americas surged to CNY2.26 billion, up 1,142.3 percent; and revenue from Europe and other regions rose 729.2 percent to CNY480 million.The company, best known for creating the global sensation LABUBU, has also seen explosive sales growth across other in-house products with intellectual property rights. In the first half of 2025, 13 artist IPs each generated more than 100 million yuan in revenue.Thanks to its distinctive appeal and unique style, LABUBU, a member of The Monsters family, with a revenue topping CNY4.8 billion, was one of the world's most popular IPs in the first half of 2025.Pop Mart founder and CEO Wang Ning said Wednesday that the firm was well-positioned to hit its 2025 revenue target of CNY20 billion, adding that reaching CNY30 billion this year “should also be quite easy.” Pop Mart also said it will roll out a miniature LABUBU this week that can be clipped onto phones.As one of the leading representatives of China's rising pop toy industry, Pop Mart established four regional headquarters in April for the first time, underscoring its deepening globalization strategy. The company attributed its growing market presence to continuous improvements in operational effectiveness and business efficiency in China.In the first half of 2025, Pop Mart opened its first stores in landmark locations such as Cambridge in the UK and Bali in Indonesia, continuing its push into iconic global destinations. Pop Mart will expand into markets including the Middle East, South Asia, Central and South America, and Russia, Co-Chief Operating Officer Justin Moon said on today’s earnings conference call.As of June 30, the company was operating 571 stores across 18 countries, including 40 new physical outlets and 105 new Robo Shops, according the company.GBA expressGuangdong Province on Tuesday revealed a 21-point action plan to promote high-quality development of the province's commercial space industry from 2025 to 2028. The action plan supports enterprises investing in the satellite constellations for civil and commercial applications, offering a "green channel" for project approval and coordination support for satellite frequencies and orbital resources. Financial support of 10 percent of total investment will be provided, with a maximum of CNY2 million per node and an annual cap of CNY10 million per enterprise, according to the plan.Hong Kong Exchanges and Clearing (HKEX) on Wednesday posted its best-ever half-yearly revenue and profit for the first six months of the year following a stock market boom. The city's bourse operator reported that its revenue and other income soared 33 percent year on year to nearly HKD14.1 billion, boosted by record high volumes in the money market, equity market, and higher investment income. Profit, meanwhile, jumped 39 percent to stand at about HKD8.52 billion between January and June.  China's southern tech hub Shenzhen saw its foreign trade hit CNY2.58 trillion in the first seven months of this year, topping all Chinese mainland cities, the local customs said yesterday. Private firms contributed CNY1.8 trillion of the total.Chinese video streaming platform iQiyi hired Bank of America, CICC, and JPMorgan to work on a second listing in Hong Kong before mid-February, which could raise between USD200 million and USD300 million, media reported, citing people with knowledge of the matter.Luxshare Precision Industry has filed for a secondary listing of shares in Hong Kong, with CITIC Securities, Goldman Sachs, and CICC as joint sponsors. The Shenzhen-listed Apple supplier reportedly aims to raise over USD1 billion.Industry and company newsChinese smartphone and electric carmaker Xiaomi reported second-quarter adjusted net profit surged 75 percent from a year earlier to CNY10.8 billion on a 31 percent increase in revenue to CNY116 billion. The Hong Kong-listed company said revenue from smartphones fell 2 percent to CNY45.5 billion on price reductions. Global shipments of 42 million phones ranked the company third in the world, after Samsung and Apple, with a 15 percent market share.Ping An Healthcare reported first-half profit surged 137 percent to CNY134 million from a year earlier on growth driven by expanding corporate customers and the successful adoption of artificial intelligence. Revenue rose 19.5 percent to CNY2.5 billion. Revenue from the smart EV, artificial intelligence, and other new initiatives segment reached CNY21.3 billion in the second quarter on a doubling of deliveries of 81,300 vehicles.  BYD inked a deal with Finnish auto dealer Veho Group to upgrade its sales and service network layout in Finland. The Chinese car giant plans to establish new retail outlets in Helsinki, Espoo, Tampere, and other cities.China's collection of stamp duty on securities in July trading doubled from a year earlier to CNY15 billion and rose 29 percent from June, according to the Ministry of Finance. The surge coincided with bullish stocks markets, where volume across Shanghai, Shenzhen and Beijing exchanges topped CNY2 trillion for a sixth straight day on Wednesday.Asia-Pacific highlightsMeituan today launched its international food delivery platform Keeta in Doha, Qatar, as it further expands in the Middle East, the Chinese on-demand service giant said. Meituan forayed into the Saudi Arabian market last September and now is available in 20 Saudi cities.Japanese investment company SoftBank will invest USD2 billion to take about a 2 percent stake in ailing US chipmaker Intel amid reports the US government is in talks to buy up to a 10 percent stake.  

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina's summer box office surpasses CNY10 billion, led by domestic films;Japan prepares to approve first yen-backed stablecoin.Here’s what you need to know about China in the past 24 hours China's summer box office revenue has surpassed CNY10 billion as of Monday, with homegrown titles dominating the season's top earners.According to ticketing platforms Maoyan and Beacon, domestic films currently occupy four of the top five slots.Leading the charge is "Dead To Rights," a film about the Nanjing Massacre during World War II, which has grossed CNY2.6 billion since its July 25 release. It is the only summer release to top the 2-billion-yuan threshold so far, and now ranks as the year's third-highest earner overall in China.The film has received a rating of 8.7 out of 10 on review platform Douban and won widespread critical acclaim. Director Feng Xiaoning has hailed it as "a new high point for Chinese cinema," while audiences have described screenings as harrowing yet profoundly moving. This year's summer slate has been shaped by the 80th anniversary of victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War. Alongside "Dead To Rights," themed releases include historical drama "Dongji Rescue" and documentary "Mountains and Rivers Bearing Witness."Animation has also been a breakout category. "Nobody," a spinoff from the acclaimed "Yao-Chinese Folktales" animation series, ranks second on the summer chart, raking in more than CNY1 billion since its Aug. 2 release. It has become the highest-grossing two-dimensional animated film ever released in China.Other strong performers include "The Lychee Road," a bittersweet drama set during the Tang Dynasty (618-907) which has grossed more than CNY670 million, and "The Legend of Hei 2," the sequel to a 2019 animated hit and now at nearly CNY450 million. Universal's "Jurassic World Rebirth" is the highest-ranking imported film, currently in fourth place with more than CNY560 million earned to date.China's summer moviegoing season runs from June 1 through Aug. 31 and is traditionally one of the country's most lucrative film periods. Analysts note that local hits have revitalized what began as a sluggish season.GBA expressCathay Group said it would continue to increase investment in the Chinese mainland and hire more staff from the Chinese mainland to meet growing demand. By the end of this year, the Hong Kong flagship airline plans to raise the total number of mainland staff members to 4,000 from 3,000 plus currently. In Shenzhen and Guangzhou, the company has two offices that focus on technology and it hopes to soon expand these teams to about 200 people in total.Dongfeng Motor has listed its 50 percent stake in Dongfeng Honda Engine, its Guangzhou-based joint venture with the Japanese auto giant, for sale to accelerate its new energy vehicle shift. Dongfeng Motor has not yet set a reserve price, with the listing deadline being Sept. 12.Industry and company newsNongfu Spring has become the world’s third-most valuable non-alcoholic beverages brand, following Coca-Cola and Pepsi. The largest bottled water company in China climbed one spot ahead of Red Bull in the annual Non Alcoholic Drinks 50 compiled by the London-based brand valuation agency Brand Finance, with its brand value climbing nearly 34 percent year on year to USD11.1 billion. JD.Com said it has offered social insurance benefits and housing fund to over 150,000 full-time delivery riders from March 1 to today, with an average of CNY2,000 per month. All of its delivery persons can enjoy employee welfare, including annual leave, physical examination, and paid sick leave.Leapmotor is only the second Chinese EV startup to achieve profit in the first half, along with Li Auto, with a net profit of CNY30 million, the firm said today. This is a big turnaround from the net loss of CNY2.2 billion it racked up a year earlier. Revenue soared 174 percent to CNY24.3 billion and deliveries surged two-and-a-half to over 221,660 units.Xpeng Motors has formed a strategic partnership with China Citic Bank, under which the lender’s Guangzhou branch will provide CNY10 billion in credit to support the Chinese EV maker’s business operations and development.Tesla launched the Model Y L on its website in China today, with deliveries expected in September. The Model Y L is a six-seat, longer-wheelbase version of the popular Model Y and is priced from CNY339,000.Sales of German automotive giant Mercedes-Benz Group in China have plunged to the lowest in nearly five years last month, falling over 40 percent to 26,653 units from the previous month, according to industry data.China’s railroads have completed about 712 million passenger trips from July 1 to yesterday, up 4.1 percent from a year earlier, according to China State Railway Group. Meanwhile, the nation’s railway system transported over 2.3 billion tons of cargo in the first seven months of the year, up 3.3 percent from a year earlier.China opened a total of 145 new air cargo routes in the first half of this year, among which 117 were international air cargo routes, marking a year-on-year increase of 58.1 percent, according to data from the China Federation of Logistics & Purchasing (CFLP). Asia-Pacific highlightsJapan's Financial Services Agency is poised to approve the issuance of the first yen-denominated stablecoin as early as this autumn. Tokyo-based fintech firm JPYC will register as a money transfer business within the month and will lead the rollout. The cryptocurrency will be valued on a 1-to-1 ration with the yen. JPYC plans to issue up to JPY1 trillion of stablecoins within three years.Nio will expand to Singapore, Costa Rica, and Uzbekistan this year and next in partnership with local dealers, the Chinese EV startup said today. The Shanghai-based carmaker plans to introduce models from its Nio, Onvo, and Firefly brands in these new markets.Chinese lithium battery and chip supplier Azure said yesterday that it plans to invest USD83.9 million to build an LED chip packaging factory in Malaysia to better meet overseas demand and hedge against shifting international trade and tariff risks.Australia's third-largest iron ore exporter Fortescue Group had completed a record syndicated term loan worth CNY14.2 billion. The financing drew strong participation from leading banks in China, Australia and other global markets, marking the first syndicated yuan-denominated loan by an Australian company, FMG said.Lenovo Group is setting up a regional headquarters in Riyadh, Saudi Arabia, the PC giant said today. The new factory there is expected to start trial producing laptops, desktops, mobile phones, servers and other hardware next year.

Hi everyone. I’m Stephanie LI.Coming up on today’s programShanghai Composite Index hits 10-year high on Monday, with gross A-shares market cap surpassing CNY100 trillion;China’s economy remains steady despite July data dip.Here’s what you need to know about China in the past 24 hours The Shanghai Composite Index surpassed 3,740 points and reached an intraday high of 3,745 on Monday, marking a ten-year record since August 20, 2015. Since hitting a low of 3,040 points on April 7, 2025, the benchmark index has risen by 22.72 percent. Notably, during the same period, the Shenzhen Component Index gained nearly 30 percent, while the ChiNext Index soared by 47 percent. Meanwhile, as of 10:34 am on Monday, China's total A-share market capitalization has surpassed CNY100 trillion, setting a new record and marking the first time in A-share history to break the threshold. The Shanghai Composite Index closed up 0.85 percent at 3,728 points today, while the Shenzhen Component Index jumped 1.73 percent to end at 11,835 points, with total turnover topping CNY2.8 trillion. Hong Kong stocks also opened higher for the week, as the southbound capital accelerates its flow into the city’s stocks market. Last Friday, investors in the Chinese mainland set a new record for the highest single-day net inflow of HK$35.876 billion.Regarding individual companies, Agricultural Bank of China (ABC) leads the A-share market capitalization rankings with CNY2.19 trillion, followed by Industrial and Commercial Bank of China (ICBC) with CNY2.02 trillion. And, the A-share market capitalizations of Kweichow Moutai, PetroChina, Bank of China, and CATL all exceeded CNY1 trillion.Pan Helin, member of the Expert Committee on Information and Communication Economy under the Ministry of Industry and Information Technology (MIIT), told the 21st Century Business Herald that the latest market rally, which began at the start of the year, reflects the concentrated emergence of China's efforts in advancing technological innovation.He noted that breakthroughs in areas such as artificial intelligence, large models, and digital transformation have boosted the global appeal of Chinese assets. This, in turn, has drawn overseas capital inflows and fueled the prosperity of China's stock market.Several of China’s key economic indicators slipped last month due to the difficult external environment and adverse weather at home. Industrial production rose 5.7 percent in July from a year ago, slowing from June’s 6.8 percent, while retail sales of consumer goods rose 3.7 percent, compared with 4.8 percent in the prior month, data released by the National Bureau of Statistics showed. From January to July, fixed asset investment rose 1.6 percent, down from 2.8 percent in January to June. NBS spokesperson Fu Linghui said while the economy is stable overall, further efforts will be made to maintain the continuity and stability of policies, and to enhance their flexibility and foresight.GBA expressMonday marked the fifth anniversary of the opening of the new passenger inspection area at Hengqin Port in Zhuhai, which has seen 75.64 million inbound and outbound passenger trips in the past five years, as a core hub for personnel exchanges, economic and trade cooperation, and livelihood integration between Guangdong and Macao, as well as a vital gateway for the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, CCTV reported. Data shows that so far this year, the average daily passenger flow at Hengqin reached 76,946, a 1.88-fold growth compared to before the new passenger inspection area was launched in 2019. UK-based consumer goods multinational Unilever began operation at its new food-production center in Guangdong Province to strengthen its supply chain on the mainland. The company's brands include baby food, bottled water, breakfast cereals, dairy products, ice cream, instant noodles and soft drinks.Baidu's Apollo Go robotaxi service completed 20,000 kilometers of "safe driving" in Hong Kong road tests, the Chinese company said on Saturday, earning it the go-ahead to expand to another area of the city. City officials approved robotaxi road tests to expand to a technology hub in the southern part of the city.Industry and company newsHuawei topped China's phone market in the second quarter, followed by Vivo and Oppo, according to data released by IDC today. Global smartphone shipments rose 1.4 percent to 297 million units last quarter from a year earlier. The report also showed the scale of China's AI public cloud service market expanded 55 percent to CNY19.6 billion last year from the year before, with Alibaba Cloud and Baidu AI Cloud jointly ranking first by market share, followed by Tencent Cloud and Huawei Cloud.JD.Com's first offline catering brand 7Fresh Food Mall is in talks to open new stores in over 10 Chinese cities to expand its services nationwide, media reported today, citing the Chinese retail giant. 7Fresh Food Mall opened its first mall in China's northeastern Harbin in June.Great Wall Motor has launched production at its factory in Brazil, the Chinese carmaker's first plant in Latin America. The plant will produce Haval H6 fuel and hybrid SUV models, the Haval H9 SUVs, and Poer pickup trucks, with an initial annual capacity of 50,000 units that will eventually reach 100,000 units, according to Great Wall.China's summer box office, including presale, surpassed CNY10 billion as of 2.28 p.m. today, according to data from ticket info tracker Maoyan. Chinese movie Dead to Rights is leading the summer box office earnings ranking with a market share of nearly 26 percent.China recorded over 64.7 million air passenger trips in July, up 2.7 percent from a year earlier, of which nearly 7.1 million were on international routes, up 16 percent in the period, CCTV reported, citing the CAAC. Air passenger trips rose 5.6 percent to about 440 million in the first seven months from the same period last year.Asia-Pacific highlightsWeRide will receive a strategic investment from Grab, Southeast Asia’s leading all-in-one app that covers services from ride-hailing to package delivery, the Chinese self-driving tech startup said. The deal is part of a partnership aimed at fast-tracking the roll out and commercialization of Level 4 robotaxis and shuttles across Southeast Asia. Guangzhou-based WeRide has tested or operated its vehicles in 30 cities worldwide and currently has autonomous driving permits in China, Singapore, France, Saudi Arabia and the United Arab Emirates. A direct air cargo route for fruits and vegetables from Urumqi in China's northwest Xinjiang to Dubai launched on Aug. 16, with the inaugural flight moving over 18 tons of melons, tomato products, grapes, dried apples, and others, Xinhua reported.Zhaowei Machinery & Electronics, which supplies robotic parts to Tesla, said it will invest as much as US$100 million to build a factory in Thailand to expand overseas operations. Shares in the Shenzhen-listed firm have risen about 80 percent this year.

Hi everyone. I’m Stephanie LI.Coming up on today’s programA-share market is poised for sustained bull run;Tencent’s stock soars to 4-year high on strong Q2 performance.Here’s what you need to know about China in the past 24 hours The signs of a bull run are slowly but steadily emerging in China's A-share market, underpinned by ongoing structural reforms and sustained long-term capital inflows. The Shanghai Composite Index rose for an eighth straight session on Wednesday, climbing to close at 3,683, its highest since December 2021. On Thursday, the benchmark index opened higher, hitting 3,700 points in early tradings, before heading down to close 0.46 percent lower.Nevertheless, investor enthusiasm is surging on both the institutional and retail fronts. The combined trading value at the Shanghai and Shenzhen bourses topped CNY2.15 trillion and CNY 2.28 trillion in the latest two sessions.July also witnessed a record monthly number of new mutual fund launches, reflecting rising interest among households in equity assets as returns from traditional savings and wealth management products continue to decline. Total assets under management in public mutual funds have now exceeded CNY34 trillion.Insurance companies are also ramping up their presence in the A-share market. The number of public disclosures triggered by insurers' equity holdings surpassing the 5 percent threshold has already exceeded last year's total. Analysts said insurers are increasingly focusing on companies from the emerging industries and advanced manufacturing sectors, supporting China's shift toward high-quality development.Retail investor participation is also rising. Nearly 14.6 million individual trading accounts were opened in the first seven months of 2025, a 37 percent year-on-year increase, according to data provider Wind Info.Furthermore, foreign investors have been steadily increasing their exposure to Chinese equities, including A-shares and Hong Kong-listed stocks. Net foreign inflows totaled US$2.7 billion in July, more than double the level in June, according to a recent report by Morgan Stanley.Analysts said the macro environment is becoming increasingly favorable for Chinese equities. Expectations of a weaker US dollar and potential interest rate cuts by the Federal Reserve are improving the outlook for emerging markets. The narrowing interest rate differential between China and the United States could further accelerate foreign capital inflows.Hong Hao, chief investment officer at Lotus Asset Management, said the upward momentum of Chinese stocks will sustain for a long time if the US dollar's weakness proves to be a multiyear trend. Also, the Chinese market has been increasingly resilient in the face of negative tariff headlines.Given the current favorable liquidity conditions in the Chinese market and the fear-of-missing-out sentiment, any corrections in the A-share market are likely to be quickly absorbed by buyers, he added.GBA expressAliExpress has upgraded its logistics hub in Dongguan, Guangdong province, into the Alibaba-owned marketplace’s first fully automated cross-border logistics park, media reported. The enhancement is expected to shorten package transit times by as much as six hours.Industry and company newsShares of Tencent Holdings climbed to the highest at HKD600 today in more than four years after the Chinese internet giant reported a strong financial performance in the second quarter of the year. Net profit widened 17 percent to CNY55.6 billion in the period, while revenue climbed 15 percent to CNY184.5 billion, both significantly beating market expectations. Th company reported double-digit growth in most segments. Gaming was a key driver, with mainland revenue rising 17 percent and international sales up 35 percent on the success of titles including "Honor of Kings" and "Dungeon & Fighter Mobile." Tencent has been increasing investment in AI. Capital expenditure in the latest quarter surged 119 percent to CNY19 billion, which was mainly spent on AI-related infrastructure.  Chinese ride-hailing giant Didi Global has invested in China's unmanned delivery vehicle company Neolix, although the amount is unknown, media reported citing people familiar with the matter. Neolix has deployed over 7,500 autonomous vehicles across more than 280 cities.RayNeo and Ant Group said today they have allied to launch the RayNeo X3 Pro AI glasses, the world’s first full-color smart payment glasses, enabling “just look and pay” without needing a voice assistant or entering an amount on Ant's Alipay.China's newly-added yuan-denominated loans rose CNY12.87 trillion in the first seven months of the year, according to data released by the PBOC yesterday. Of the total, CNY680 billion were household loans.China's data sector reached CNY5.86 trillion by the end of 2024, up 117 percent from the end of 2020, the National Data Administration told a press conference on Thursday. The number of data-related Chinese firms exceeded 400,000 as of the end of last year.China has allocated CNY188 billion from its 2025 ultra-long special treasury bond funds to support equipment upgrades across major economic sectors, the National Development and Reform Commission said on Wednesday. The funds will support about 8,400 projects, leveraging more than CNY1 trillion in total investment. Asia-Pacific highlightsLeading Australian wine producer Treasury Wine Estates (TWE) reported a 15.5 percent increase in its annual profit on Wednesday, amid a stabilization of exports to the major Chinese mainland market. The winemaker posted underlying net profit after tax of AU$470.6 million for the year ending June 30, according to the company. The Penfolds range delivered another strong result, reflecting a successful return to China for the Australian country of origin portfolio and continued positive momentum in a number of other key Asian markets, said TWE CEO Tim Ford.Bangkok’s Iconsiam shopping mall is hosting a Charming Shanghai Week event from Aug. 8 to 15, featuring a full-scale recreation of Shanghai’s famed Yuyuan Lantern Festival in Thailand for the first time. The event celebrates the 50th anniversary of diplomatic relations between China and Thailand.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina launches a 1-percentage point personal consumer loan interest subsidy to boost spending;Shanghai Composite Index recorded a near 4-year high on multiple boosts.Here’s what you need to know about China in the past 24 hours China has unveiled an interest subsidy for personal consumer loans to boost domestic consumption, with a CNY3,000 cumulative subsidy limit per borrower at designated lending institutions.Residents can receive the subsidy if they use personal consumer loans (excluding credit cards) issued by designated institutions from Sept. 1 this year to Aug. 31 next year, but need to use the funds for consumption and transactions musts be traceable, according to a policy document jointly issued by the Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration yesterday.Eligible purchases include single transactions below CNY50,000, with single transactions of CNY50,000 or more allowed only if related to autos, elderly care and childbirth, education and training, sightseeing, home furnishing and decoration, electronic products, and healthcare, the document said.Such subsidies can directly reduce residents' consumer credit, enhance their willingness and ability to use financial leverage to spend more, improve living standards, and stimulate effective financing demand from lenders and residents, industry experts noted.According to the document, 1 percentage point of the annual interest on loans will be subsidized, not exceeding 50 percent of the contractual interest rate. The central government will cover 90 percent of subsidy funds, with provincial governments providing the rest.Six big state-owned banks, 12 national joint-stock lenders, and five consumer lenders will serve as qualified lending institutions.Meanwhile, eight categories of eligible service sector businesses, including catering and accommodation, health care, elderly care, childcare, housekeeping, culture and entertainment, tourism and sports, will also benefit from a similar subsidy plan that rebates loan interest of 1 percentage point for no more than a year, said the finance ministry.To qualify for the subsidy, loans must be extended between March 16, 2025 and December 31, 2025, provided that the loans are used for improving consumption infrastructure or service supply capacity. The maximum loan amount eligible for subsidies per operator is CNY1 million.GBA expressAs the countdown ticks down for the 15th National Games, 400,000 tickets for the Hong Kong competition region are set to go on sale in phases beginning August 28 with a real-name registration system. The initial batch includes tickets for the beach volleyball, men's handball, men's under-22 basketball, and rugby sevens that will be held in the city, with remaining events released in phases starting at the end of September. There will be 5 million tickets on sale in batches for most of the competitive and mass participation events at the National Games and the National Special Olympic Games, including the events in Guangdong and Macao.Hong Kong’s capital markets continue to demonstrate remarkable resilience, emerging as the world’s top destination for IPOs in the first seven months of 2025. Christopher Hui, Hong Kong’s secretary for financial services and the Treasury, said on Tuesday the number of IPOs in Hong Kong this year has already surpassed its annual fundraising totals for each of the past three years, with 53 new listings raising HK$127 billion, a staggering sixfold year-on-year increase. Hong Kong’s exceptional performance comes as global IPO markets saw only a modest 10 percent growth in capital raise in the first half of 2025, with deal numbers declining 5 percent worldwide, Hui noted.Margin trading balance on the Shanghai and Shenzhen stock markets, which is a key gauge of market sentiment and leverage levels, topped CNY2 trillion yesterday for the first time in a decade, official data show. Margin financing in Shanghai was about CNY1.021 trillion, while that in Shenzhen came in at roughly CNY983.9 billion.Industry and company newsChinese stocks extended winning streak on Wednesday with the benchmark Shanghai Composite Index closing up 0.48 percent, a record high since December 2021. The index has risen 10 percent so far this year. The Shenzhen Component Index also jumped 1.76 percent today, while the tech-focused ChiNext Index soared 3.64 percent. Total turnover of both the Shanghai and Shenzhen bourses hit CNY2.15 trillion, surpassing the CNY2 trillion threshold again since February. China's summer box office, including presales, topped CNY9 billion as of 15:06 today, led by Dead To Rights,  Nobody, and The Lychee Road, according to film data tracker Beacon.Tencent Music's shares soared over 15 percent today, after the music streaming arm of Tencent said its revenue climbed 18 percent to CNY8.4 billion and adjusted net profit widened 33 percent to CNY2.6 billion in the second quarter.CATL, the world's biggest maker of electric vehicle batteries, has rolled out a repair service for its batteries using cell-to-pack technology to reduce expenses for car owners and seek a new growth driver. Replacing a battery typically costs around CNY100,000, while the new repair costs can be as low as CNY10,000.China has announced its first batch of nine pilot projects for liquefied green fuels as part of efforts to meet its 30/60 environmental targets. The projects, which use renewable energy to produce e-fuels, include five for methanol, three for ammonia, and one for ethanol, according to the National Energy Administration's recent notice. Eight are located in northeastern China, known for abundant renewable resources, while one is in the country’s economically developed east.Ingka Group, parent of Swedish retail giant Ikea, has invested in Shanghai-based Re-Mall Environmental Protection New Material, a Chinese recycler of consumer packaging waste. Ingka, which operates 39 Ikea stores and 10 shopping malls under the Livat brand on the Chinese mainland, said the investment is a commitment to tackle the global waste problem.Nine Chinese mainland universities and research institutes, including Peking University, Tsinghua University, and Fudan University, together with five Hong Kong universities and one from Macao jointly initiated a life science open alliance today to promote the technological innovation and integrated development of the life science industry, according to the Chinese Ministry of Education.Asia-Pacific highlightsChinese Foreign Minister Wang Yi will chair the tenth Lancang-Mekong Cooperation (LMC) Foreign Ministers' Meeting in Anning, Yunnan from August 14 to 15, a spokesperson for the foreign ministry announced on Wednesday. The Informal Discussion Between the Foreign Ministers of China, Laos, Myanmar and Thailand will be held on the sidelines of the LMC Foreign Ministers' Meeting, the spokesperson said.Agriculture ministers of China, South Korea and Japan held their fourth trilateral meeting in South Korea's western port city of Incheon on Monday, the first since its last edition in China in 2018. The meeting focused on issues including food security, animal diseases, and sustainable agriculture, according to a joint statement.U.S. tariff rhetorics won't significantly alter global trade, as America's expanding fiscal deficit will sustain its import demand, David E. Sumual, chief economist at Bank Central Asia, Indonesia's largest private bank, said in a recent interview with the 21st Century Business Herald. Sumual said lower production costs in Southeast Asia, coupled with exchange rate factors, will prompt the U.S. to increase consumer goods imports from the region. Sumual noted ASEAN's local currency settlement (LCS) has expanded, with intra-ASEAN trade settled in local currencies reaching 25 percent in 2024, up from 10 percent in 2019, reducing reliance on the U.S. dollar. He believes with growing China-ASEAN trade, LCS may advance faster in ASEAN+3, and the Chinese yuan will be the best choice for regional currency diversification.

Hi everyone. I’m Stephanie LI.Coming up on today’s programBeijing’s home viewing jumps after lifting curbs on suburban house buying;China will extend tariff suspension on imported U.S. products.Here’s what you need to know about China in the past 24 hours Recent policy adjustments in major Chinese cities are fueling expectations that more policy fine-tuning and easing measures are likely in the coming months to support the real estate sector's steady recovery. Sales offices of property projects under development in Beijing outside the Fifth Ring saw a significant increase in traffic over the past weekend. Even during the hottest hours, many homebuyers went out to view properties.Beijing on Friday announced it would lift the limits on the number of home purchases outside the Fifth Ring for local residents to boost the local property market, effective Aug. 9. The Fifth Ring road is a ring-shaped expressway surrounding the city’s central urban area. The ring has a radius of around 16 kilometers, with the center being Tiananmen Square. The home purchase restriction on non-residents is still valid though.Suburban areas are the main focus of homebuyers in Beijing. In terms of transaction volume, apartments outside the Fifth Ring accounted for 80 percent of the city’s new home sales and over 50 percent of second-hand house sales in the first seven months of the year, according to data from the China Index Academy.Easing home-buying curbs will certainly have positive effects on Beijing’s property market, said Yan Yuejin, deputy director of the Shanghai E-House Real Estate Research Institute. However, if the number of second-hand home listings in the city is not reduced, the recovery in new house demand would still be constrained, he added.Official data showed that Beijing’s property market experienced a recovery in sales in the first half of the year, but the market slid again in July. New home sales plunged 30 percent from a year earlier and 28 percent from June last month, while pre-owned house sales dropped 16 percent and 18 percent, respectively.Shanghai's housing market showed signs of recovery in July. Newly-built home prices averaged CNY71,353 per square meter, up 7.2 percent year-on-year, albeit with a soft decline month-on-month, according to property consultancy Centaline Shanghai.Among China’s four first-tier cities, Guangzhou is the only one that has fully lifted home purchase restrictions. Meanwhile, Beijing, Shanghai, and Shenzhen still retain curbs for their core urban areas, with conditional relaxations in suburban areas.While China's real estate sector is undergoing structural transformation, there are policy tools available to manage the transition, experts noted. The central government has emphasized the importance of meeting housing demand and preventing systemic risks — a dual focus that is likely to shape upcoming policy moves across major cities.They added that the latest development may point to a trend of calibrated policy easing, especially in top-tier cities, and demonstrate stronger policy objective to stabilize the country's property market.China will continue to suspend 24 percentage points of additional duty rate on imports from the United States within 90 days starting from 12:01 p.m. Tuesday, while retaining the remaining additional tariffs of 10 percent on those articles, Xinhua reported today, citing the Customs Tariff Commission of the State Council. Also, China’s commerce ministry announced Tuesday that it has continued to suspend or removed export-control measures on some U.S. entities from Tuesday, in line with the consensus reached during the high-level China-U.S. economic and trade meeting in Stockholm, per another Xinhua report. GBA expressChina Resources Longdation plans to establish a center at its Wan Chai headquarters to source high-quality gerontechnology as well as elderly-friendly products from the mainland. Hong Kong Lawmaker Peter Douglas Koon Ho-ming, also the chairman of the Hong Kong Council of Social Service, said the center could handle maintenance and after-sales services for mainland age-tech products, which are significantly more affordable than those in Hong Kong.The Greater Bay Area Cultural and Sports Center in Guangzhou, marked its debut operation with a men's basketball competition on Sunday. The center includes a stadium with 60,000 seats, an indoor arena that can accommodate 20,000 people, and a water sports center equipped with a 50-meter standard swimming pool and diving pool, which can accommodate 4,000 people, along with related supporting facilities.Industry and company newsChina sees 13.278 million new market entities set up in the first half of 2025, led by culture, sports, and entertainment companies, which posted an impressive 17.5 percent year-on-year increase, latest data from the State Administration for Market Regulation (SAMR) revealed on Tuesday. A total of 4.346 million new private enterprises were established, up 4.6 percent year-on-year, while foreign-funded entities grew by 4.1 percent to 33,000.Car production in China jumped 13.3 percent in July from the year before to 2.591 million units, while vehicle sales soared 14.7 percent to 2.593 million autos, according to data released by the China Association of Automobile Manufacturers. New energy vehicle production in China surged 26.3 percent in July from a year earlier to 1.243 million units, while electric car sales soared 27.4 percent to 1.262 million autos. NEV sales accounted for almost half of all new car sales at 48.7 percent.China Earth Group denied the online rumor that the Chinese company will co-develop the world's first rare earth-backed Chinese yuan stablecoin with the People's Bank of China and Ant Group, reminding investors of potential risks. Ant Group denied the news yesterday.Shanghai Clearing House yesterday announced it has dropped the requirements for agreement commitment documents for overseas central banks and similar institutions to open accounts to further optimize China’s bond market.Asia-Pacific highlightsUnionPay is scheduled to debut in Brazil in 2025, local media reported. On Brazilian soil, the Asian country's institution intends to operate credit cards and integrate with PIX. The operation will be enabled by fintech Left, which is working to connect the Chinese company to banking networks, vending machines and ATMs in the country.Singapore's economy grew slightly faster than initially estimated, prompting the government to upgrade the city state's growth forecast for this year. Singapore’s GDP rose by 4.4 percent year-on-year in the April-June quarter, government data showed on Tuesday, ahead of an advance estimate of a 4.3 percent gain released last month. The trade ministry raised its GDP growth forecast for 2025 to 1.5-2.5 percent from 0-2 percent, saying it largely reflected a better-than-expected first half performance.Cambodia's trade with the Regional Comprehensive Economic Partnership (RCEP) member countries reached nearly USD23 billion in the first seven months of 2025, up 15.7 percent over the same period last year, said an official report on Monday.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina sees positive price trends in July amid demand pickup;“ChatGPT moment” for robots is likely to arrive within 3 years, said Unitree’s Wang Xingxing.Here’s what you need to know about China in the past 24 hours China reported positive signs in terms of both consumer and producer prices last month, as government policies to boost domestic demand continued to take hold.The consumer price index (CPI), a main gauge of inflation, climbed 0.4 percent in July compared with the previous month, reversing a 0.1-percent drop in June and exceeding the average seasonal pace of 0.3 percent, data from the National Bureau of Statistics (NBS) showed Saturday.On an annual basis, the CPI was unchanged in July, while the core CPI, which excludes food and energy, rose 0.8 percent -- a rising streak for three consecutive months.NBS statistician Dong Lijuan said these positive trends were driven mainly by higher prices for services and industrial consumer goods, while emphasizing the effective role of policy measures in expanding demand.China has intensified moves to bolster domestic economic circulation this year, including stronger fiscal support for consumer goods trade-ins nationwide and strengthened focus on key service sectors such as elderly care and childcare and digital consumption.Saturday's data also revealed improved signs in the industrial sector. The producer price index (PPI), which measures costs for goods at the factory gate, fell 0.2 percent from a month ago in July -- an improvement considering the 0.4 percent-drop recorded in June, while also marking the first month-on-month narrowing since March. Compared with a year earlier, the PPI slid by 3.6 percent in July, the same as in June.Dong attributed the improving PPI performance in part to optimized market competition order, ongoing industrial shifts and unleashed domestic demand potential.GBA expressAs of the end of July, the number of local companies registered in the Hong Kong SAR exceeded 1.5 million, and the number of non-Hong Kong companies registered in the city surpassed 15,000, both hitting record highs, John Lee Ka-chiu, chief executive of the HKSAR, said on Sunday. From January 2023 to July 2025, InvestHK assisted 1,333 companies in setting up or expanding operations in the region and created more than 19,000 new jobs. The agency also attracted HK$174 billion in first-year direct investment, Lee said.Chinese mainland insurers have stepped up their holdings in Hong Kong-listed companies during the first half of the year. Public announcements showed that 13 out of the 19 major increased shareholding cases reported by mainland insurance companies so far this year have targeted companies trading on the Hong Kong stock exchange. According to the latest report released by the Insurance Asset Management Association of China, 63 percent of the surveyed Chinese mainland insurers will expand their investment in Hong Kong stocks this year.Ab&B Bio-Tech soared as much as 169 percent in its trading debut in the Hong Kong SAR, after retail investors flocked to the Chinese mainland vaccine maker’s initial public offering. The stock climbed to as high as HK$34.64 per share on Monday morning, more than double its HK$12.90 IPO price, which was set at the low end of the marketed range.  Industry and company newsThe "ChatGPT moment" for robots could arrive within the next two to three years, said Wang Xingxing, CEO, CTO and founder of Chinese robot startup Unitree in his speech on Saturday's 2025 World Robot Conference. Wang noted that in the first half of this year, China's humanoid robot industry saw significant growth and gained worldwide attention. Including both complete machine manufacturers and component manufacturers, companies in the sector posted average growth of 50 to 100 percent. Unitree's humanoid robot G1, priced from CNY99,000, has become one of the most widely shipped humanoid robots worldwide, he added.  Nvidia and rival AMD have reportedly agreed to give the US government 15 percent of their revenue from chip sales to China, under an arrangement to obtain export licenses for the semiconductors. Separately, Nvidia's chips pose security concerns for China, said an article posted on WeChat by Yuyuan Tantian, an account affiliated with CCTV. "When a type of chip is neither environmentally friendly, nor advanced, nor safe, we as consumers certainly have the option not to buy it," the article concluded. The company was recently summoned by the Cyberspace Administration of China for “serious security issues” concerning its H20 chips.Tech titan Huawei will reportedly announce this week a major advance in AI inference, the technology that runs the models. The breakthrough could reduce China's reliance on high-bandwidth memory technology, a critical bottleneck in the performance of AI models, boosting large-model inference speeds.China Mobile, the world's largest mobile carrier by subscribers, said first-half net income rose 5 percent from a year earlier to CNY84.2 billion. Telecom revenue rose 0.7 percent to CNY467 billion. The company said it expanded its customer base to over 1 billion mobile users, including 599 million 5G network customers.CATL announced on Monday that it has temporarily suspended mining operations at its Yichun project in East China’s Jiangxi province following the expiration of the mining license on August 9. CATL is currently applying for a renewal of the permit and will resume production as soon as it is approved, the battery giant said. Asia-Pacific highlightsThis summer, two-way tourism between China and Southeast Asia is booming, fueled by China's visa-free policies and Chinese tourists' enthusiasm for Southeast Asia travel. China was Malaysia's largest source of tourists outside ASEAN in the first five months of this year, with about 1.81 million visitors, up 38.8 percent year-on-year. Vietnam hosted 1.95 million Chinese tourists in the period, while Cambodia saw a 50 percent jump in Chinese tourists, topping 280,000. China has been the top source of tourists for Vietnam, Thailand and Malaysia for three years, contributing over a quarter of their tourism revenue. Meanwhile, Southeast Asian visitors to China also surged this year. At Kunming airport, arrivals from Malaysia, Thailand and Singapore rose 406 percent, 119 percent and 273 percent respectively, compared with 2019.Global trade is estimated to expand 0.9 percent this year from a year earlier, up from the 0.2 percent contraction predicted in April but below the pre-tariff projection of 2.7 percent, the WTO said in its latest update released on Aug. 8. Higher international tariffs will slow trade growth to 1.8 percent next year, according to the new prediction. This compares with a 2.5 percent increase forecast in April. WTO added that Asian economies are projected to remain the largest positive driver of world merchandise trade volume growth in 2025, although their contribution in 2026 will be smaller than predicted in April.

While much of China swelters under scorching summer heat, Harbin, capital of northeast China's Heilongjiang Province, is drawing visitors with a refreshing contrast, offering a chilly escape with a comfortable 23-degree-Celcius coolness.As the northern hemisphere enters its hottest months, China's "Ice city” is welcoming another heat waves of tourists not just from the rest of the nation, but even from ASEAN countries. Data from Harbin Orange Vacation Travel Service show that the company received a total of 1,300 summer vacationers from Southeast Asian countries in June."May, June, September and October are the peak months for inbound tourism from Southeast Asia," said Wang Hongxin, the company's general manager.  The footsteps of Southeast Asian tourists have knocked on the summer gate of the "Ice City”. The company received over 60 summer vacation groups from Southeast Asian countries in June, marking a year-on-year increase of 30 percent, according to the manager. Bookings for September have already exceeded 100 groups and over 2,000 visitors, with some reservations extending into the end of 2026, he added.With the increasing popularity of Harbin, the customer base is also expanding. In addition to traditional customer sources such as Malaysia, Singapore and Indonesia, Wang finds emerging markets such as Vietnam, Cambodia, the Philippines and Laos are also rapidly increasing this summer.The country’s expanded visa-free policy also allows visitors from afar to enjoy their journey with peace of mind. Since February 2024, Singaporeans have been able to stay in China visa-free for up to 30 days, as against 15 days earlier. Malaysia and Thailand have also established mutual visa exemption policies with China, making spontaneous trips a reality.Travel agencies reported that the number of group bookings for flights from Singapore to China in the first half of 2025 matches the total for all of 2024.Data from the Harbin immigration station show that in July, a total of 61,000 inbound and outbound passengers were inspected at Harbin Airport, an increase of nearly 10,000 compared with the number in June and a year-on-year increase of 19.3 percent. Among them, the number of inbound foreign passengers was nearly 10,000, with a year-on-year increase of 15.9 percent."Visitors from Southeast Asia and other regions can now reach Harbin more easily with continuous increase in charter flights, significantly reducing time spent traveling," Wang said. Bringing winter into summer, Harbin Ice and Snow World Park remains a popular destination even though it is no longer the official ice and snow season. Its indoor pavilion, maintained at -10 C, features nine themed areas and 19 attractions that blend urban culture, artistic creativity and ice-themed innovations.Visitors can explore ice sculpture exhibits, displays on the history of the Asian Winter Games and European-style streetscapes. Simulated snowfall, a giant slide and figure skating performances add to the immersive experience.Yet, Harbin has much more to offer. For some, an authentic experience with China's bathhouse culture is worth the trip. In northeastern China, bathhouses are more than places to relax — they are social hubs. The tradition of "scrubbing "in bathhouses, where guests are meticulously cleaned and massaged, is quite an exotic “adventure” for those living in tropical regions.Watching Siberian tigers casually pacing in Heilongjiang Northeast Tiger Forest Park, touching ice sculptures in the Ice and Snow World, and eating “guobaorou” (crispy fried pork in sweet and sour sauce), these all become the most vivid "Harbin memories" of ASEAN tourists.After enjoying their time in Harbin, many vacationers extend their itineraries to areas further north, such as Yichun and Mohe. A chartered tourist train, named "Yichun", offers guests an extraordinary experience aboard one of the best-quality trains dedicated to sightseeing in the country. Bookings for the tourist train have been scheduled until the end of 2026.From the forest oxygen bar in Yichun to the exotic streets and lanes in Harbin, these guests from afar are measuring the diverse charm of Heilongjiang with their footsteps.These Mandarin-, Cantonese-, and Hokkien-speaking tourists in Southeast Asia, have then shared their experiences in English on social media platforms such as Xiaohongshu, TikTok and YouTube, broadening the appeal to non-Chinese-speaking communities.Local travel agencies are even hiring students from ASEAN who have stayed and loved the city, while travel agencies are also busy going abroad to market the city and secure business orders. Southeast Asian customers not only asked about winter tours, but also expressed interest about our summer offerings, said the manager of a Harbin-based international travel agency.Harbin has ignited a fervor for ice and snow tourism on Chinese social media this winter, since the opening of the 41st Harbin International Ice and Snow Festival on Jan 5. Then in February, the 9th Asian Winter Games marked yet another major ice and snow celebration in all of Asia.The city greeted over 90 million visitors in 2024-2025 winter season, with Thailand, Malaysia, Singapore, Korea and Indonesia being the top 5 sources of international arrivals. From January to June this year, Harbin welcomed 87 million tourist visits, indicating an all-time travel season for the city.Harbin, once known globally as a winter wonderland, is now redefining its allure under the summer sun—proving that its charm is no seasonal fluke, but a year-round symphony of contrasts. This "Ice City" has unlocked a new chapter, where the warmth of its hospitality meets the cool of its summers, and where every footstep from Southeast Asia leaves not just a memory, but a bridge between latitudes.

Hi everyone. I’m Stephanie LI.Coming up on today’s programChina's foreign trade rises 3.5% in first seven months of 2025;China’s NEV penetration rate surpassed 54% in July.Here’s what you need to know about China in the past 24 hours China's foreign trade has maintained a growth trend in the first seven months of this year, with total imports and exports reaching CNY25.7 trillion, up 3.5 percent year-on-year. The growth rate accelerated by 0.6 percentage points compared with the first half of the year, according to data released by the General Administration of Customs on Thursday.Of the total, exports reached CNY15.31 trillion, up 7.3 percent. While imports declined by 1.6 percent to CNY10.39 trillion, the decline narrowed by 1.1 percentage points compared with the first half of the year.In July alone, China’s exports expanded 7.2 percent, while imports jumped 4.1 percent compared to a year ago, beating market forecasts. The country's trade value grew by 6.7 percent to CNY3.91 trillion last month, customs data showed.Notable data include mechanical and electrical products trade, which now accounts for 60 percent of exports, with exports of automatic data processing equipment and parts, integrated circuits and automobiles all growing, highlighting the initial results of China's efforts to promote new quality productive forces.Looking at the data by country and region, ASEAN remained to be China's largest trading partner, with total trade reaching CNY4.29 trillion, up 9.4 percent, accounting for 16.7 percent of China's total foreign trade. The EU was China's second-largest trading partner, with trade totaling CNY3.35 trillion, up 3.9 percent, making up 13 percent of total trade. The US ranked third, with trade amounting to CNY2.42 trillion, down 11.1 percent, accounting for 9.4 percent of the total.During the same period, China's total imports and exports with countries in joint construction of the Belt and Road reached CNY13.29 trillion, an increase of 5.5 percent.GBA expressHong Kong flagship carrier Cathay Pacific reported a 1 percent increase in first half profit to HK$3.7 billion on a 9.5 percent growth in revenue from a year earlier. The airline said it is exercising an option with Boeing to buy 14 more 777-9 jets and warned that the outlook for cargo transport remains uncertain.CaoCao Chuxing opened up 7.4 percent today after the Chinese ride-hailing firm announced a deal with Hong Kong-licensed Victory Securities to tokenize its green mobility assets under the city’s regulated real-world asset tokenization.IQiyi is reportedly seeking to raise US$300 million for a listing in Hong Kong this year, media reported citing anonymous source. The Netflix-style streaming service, owned by Baidu, has begun discussions with global banks about a second listing in the city, the people said. IQiyi’s US stock rose as much as 6 percent but pared gains to close little changed in New York.Industry and company newsChina's car sales rose 10 percent to more than 12.7 million units in the first seven months from a year earlier, with those of new energy vehicles (NEVs) jumping 30 percent to over 6.47 million, according to data released by the China Passenger Car Association. In July, retail sales of NEVs reached 1 million units, up 14 percent year-on-year, with the NEV market's retail penetration rate reaching 54.7 percent.Chinese drone maker DJI launched a robotic vacuum cleaner series yesterday, expanding its tech expertise beyond aerial devices. The ROMO series features sweeping and mopping capabilities, starting at CNY4,699.ByteDance has expanded its 2026 campus recruitment program by about 25 percent from a year earlier, driven by a growing shortage of tech talent. The tech giant recently launched its latest annual hiring campaign, aiming to recruit over 5,000 graduates across eight categories, including R&D, product management, and operations.Asia-Pacific highlightsThailand and Cambodia on Thursday signed an agreement on border issue after an extraordinary meeting of the General Border Committee, according to a Thai representative, Xinhua reports.The China-Laos Railway has transported over 14 million tons of import and export goods, amounting to more than CNY60 billion, since its opening in December 2021, according to Kunming Customs on Wednesday. The railway's cross-border freight volume exceeded 3.43 million tons with a value surpassing CNY15.4 billion in the first seven months this year, both of which are record highs for this period.The magnitude of bilateral trade decline seen in dollar-denominated terms between China and Australia continues to narrow, as GAC data show that bilateral trade saw a negative growth of 9.7 percent in July year-on-year, the fourth consecutive month of improvement. In terms of Chinese goods exports to Australia, there was a positive growth of 2.3 percent in July, up from 0.3 percent in June.

Hi everyone. I’m Stephanie LI.Coming up on today’s programSearches for flights to Seoul surge on travel platform as South Korea is reportedly offering visa-free entry to Chinese group tourists;China will make care and education for kids in the third year at public kindergartens free starting this fall.Here’s what you need to know about China in the past 24 hours South Korea will implement a temporary visa-free policy for Chinese group tourists starting from September 29, and the policy will remain in effect until June next year, CCTV reported today, citing South Korean news agency Yonhap.The decision came after China in November 2024 extended its visa-free transit policy to allow ordinary passport holders from 38 countries including South Korea, to visit China for a maximum of 30 days without applying for a visa. According to an earlier report by Xinhua News Agency, the Ministry of Culture, Sports and Tourism of South Korea said in March that it planned to implement a phased visa-free policy for Chinese group tourists in the third quarter of this year.Following South Korea’s reported policy, a travel index on Chinese travel platform Qunar.com showed a 68 percent surge in flight search volume for Seoul, capital of South Korea, compared to the previous hour, ranking it second among popular international flight destinations, the platform said on Wednesday.Based on international flight and hotel booking volumes for this summer, South Korea has consistently been among the top three most popular destinations for Chinese travelers. With the support of the group visa-free policy, South Korea's popularity is expected to rise steadily in the second half of the year, the platform said.The South Korean government said that with the rapid recovery of South Korea's tourism market, this move is expected to boost potential demand for tourism to South Korea, help revitalize the local economy and stimulate domestic demand, Yonhap reported. In recent years, the South Korean government has designated tourism as a strategic industry. The northeastern Asian country has been attracting foreign tourists by simplifying entry procedures for popular tourist areas and extending the length of stay of foreign tourists in South Korea to 15 days, aiming to attracting 30 million foreign tourists and generating USD30 billion in tourism revenue, according to a CCTV report.GBA expressCathay Pacific said today it bought 14 Boeing 777-9 aircraft with the option to purchase up to 7 more, in its first deal with the US planemaker in 12 years. The basic price of these jets is around USD8.1 billion, and they are expected to be delivered by 2034.Mainland hotel chain Atour is reportedly seeking second listing in the Hong Kong SAR, according to people familiar with the matter. The Shanghai-based chain is working with advisers on a share sale to potentially raise several hundred million dollars, the people said, media reported.Industry and company newsChina will waive tuition fees for all children in their final year of preschool at public kindergartens, Xinhua News Agency reported, citing the State Council. Private kindergartens can charge fees if their tuition costs more than the waived amount.China’s sales of passenger vehicles are expected to climb 6 percent this year from the year before to 24.3 million units, and exports should jump 14 percent to 5.4 million autos, the Chinese Passenger Car Association said today. Passenger car sales surged 10.8 percent in the first half year on year.China's domestic air travel reported a 3 percent rise in passengers to about 60 million in July, as average economy fares fell 7.3 percent from a year earlier, media reported. Among the most popular destinations were tourism hotspots. Passengers on international routes rose 10 percent to 7.7 million.Meituan announced yesterday it has rolled out a new program to help small and medium merchants grow by offering a one-time subsidy of up to CNY50,000 to more than 100,000 small- and medium-sized restaurants that have been open for a long time and have many recurring customers and a good reputation this year.WeRide said yesterday that it had been approved for robotaxi road tests at the High-Level Autonomous Driving Demonstration Zones in Beijing from 10 p.m. to 7 a.m., marking a step closer to realizing a 7/24 all-weather driverless service network in the city.  Vanke secured another loan from its largest shareholder Shenzhen Metro worth nearly CNY1.7 billion to deal with its mounting debt repayments, the Chinese property developer announced yesterday. Shenzhen Metro has lent a total of CNY24.4 billion to Vanke in eight times this year.A record number of Chinese companies are seeking initial public offerings on US stock exchanges this year despite trade tensions and more scrutiny over Chinese firms, media reported. In the first half, 36 Chinese companies went public, with another 40 waiting in line, which is expected to break the record 64 set in 2024. So far this year, tearoom chain Chagee Holdings has been the biggest IPO in New York, raising USD411 million.Asia-Pacific highlightsAsia-US sea freight rates have slumped up to 58 percent since June 1 and are expected to drop further this year as shipping capacity outpaces demand and trade routes shift due to US tariff policies, media reported. Sea freight had a brief increase in late May and early June as shippers took advantage of a 90-day pause in US implementation of tariffs.Indonesia's economic growth accelerated to 5.1 percent in the second quarter from 4.9 percent in the previous three months, the fastest pace in two years. Ahead of Tuesday's data, Bank Indonesia, which has cut policy rates four times since September, forecast economic growth would be up to 5.4 percent this year.China and Myanmar signed 14 projects under the 2025 Lancang-Mekong Cooperation (LMC) Special Fund to support Myanmar's development in areas such as agriculture, environmental protection, science and technology, culture, education, and disaster prevention, the Chinese Embassy in Myanmar said on Tuesday.

Coming up on today’s programChina reinstates tax on bond interest income and steps up enforcement of income tax on overseas investments gains;Survey found Chinese brands are increasingly popular among Singaporean consumers.Here’s what you need to know about China in the past 24 hours China plans to reintroduce tax on bond interest income in a surprise move that could boost government coffers by as much as CNY31.6 billion this year. A 6 percent value-added tax will be levied on interest income from newly issued treasury bills, local government bonds, and corporate notes from Aug. 8, according to the Ministry of Finance and the State Taxation Administration. Bonds sold before Aug. 8 will remain exempt until maturity. The preferential policy for “small” taxpayers will also be retained, allowing individuals to earn VAT-free interest income on bond purchases up to CNY100,000 a month. The tax exemption on interest income was introduced in the 1990s to spur growth of the bond market and aid fundraising. China’s bond market is now the world’s second largest, and officials have said that the exemption has fulfilled its purpose.The government tax take may increase by about CNY31.6 billion this year following the move, according to calculations by Yang Yewei, chief fixed income analyst at Guosheng Securities.Given that new bond issuance is set to increase in the next few years, the tax income from the new policy will also mount, growing to CNY64.8 billion next year and CNY98.8 billion in 2027, according to Sun Binbin, chief economist at Caitong Securities. Meanwhile, China is stepping up the enforcement of a long-standing policy requiring residents to pay personal income tax on gains accruing from overseas investments.Social media platforms in China saw a surge in posts from investors sharing tax payment notices, many of which refer to a 20 percent personal income tax on overseas investment income such as dividends and capital gains. Investment in the Hong Kong Stock Exchange via the Stock Connect will remain exempt from income tax until the end of 2027. The increased enforcement coincides with the expansion of China's golden tax phase IV system, a robust data analytics platform that compares invoices, bank transactions, contracts and other relevant data to identify discrepancies and signs of tax evasion, and its integration with the Common Reporting Standard, an international framework for the automatic exchange of financial account information.The CRS system now enables Chinese tax authorities to access offshore financial data from more than 100 countries and regions, with coverage expected to grow to over 150 jurisdictions by 2025.The tightening of tax policies on overseas investment could trigger a series of ripple effects for China's A-share market. Some investors may keep their funds within the Chinese mainland, which will support the stable development of A-shares, experts noted.GBA expressThe Hong Kong Stock Exchange (HKEX) has introduced significant reforms to its IPO pricing mechanism, which came into effect on Monday. The reforms focus on several key areas, including optimizing the allocation ratio for share placements, lowering the public float threshold, and facilitating issuers with dual listings on the A-share and H-share markets (A+H issuers), according to the HKEX.The Hong Kong Monetary Authority (HKMA) bought HK$6.429 billion of the local currency on Tuesday, in addition to its purchases on Aug 1 and July 30. The resumption of currency intervention underscores the persistent depreciation pressure on the Hong Kong dollar, as the city’s wide interest-rate gap with the US spurs traders to short the local currency in favor of the higher-yielding greenback.On Tuesday, torrential rain continued to batter multiple cities across southern China. Shenzhen issued its first citywide red rainstorm alert since 2018, while Hong Kong announced its fourth highest-level black rainstorm warnings within a single week. Huizhou also raised its rainstorm alert to red at 2:28 am on Tuesday, while Macao issued a black rainstorm warning at 8:18 am and extended it until 12 noon.Industry and company newsJD.Com will launch its first five large-scale discount supermarkets in China's Jiangsu and Hebei provinces this month, media reported today. The Zhuozhou store in Hebei will span 5,000 sqm and offer over 5,000 cost-effective goods priced below the market average. On the other hand, Alibaba’s grocery chain Freshippo is shutting its X Membership Stores, with the final location in Shanghai to close on Aug. 31. Shops in Beijing, Suzhou, and Nanjing have already closed.Chinese EV brand Neta Auto announced yesterday that potential investors interested in joining the restructuring of its owner Hozon Auto should pay a deposit of CNY50 million before 5 p.m. on Sept. 15. Fifty-three entities have submitted applications so far, according to Alibaba's asset disposal platform.Pony.ai has teamed up with Jinjiang Taxi to roll out robotaxi services in Shanghai's Pudong district, covering Jinqiao and Huamu areas, since Aug. 1, the Chinese autonomous driving firm said today. A robotaxi can be hailed using Pony.ai's app or WeChat mini program anytime between 7.30 a.m. and 9.30 p.m. on weekdays.Baidu and Lyft yesterday announced a strategic partnership to bring Baidu’s Apollo Go autonomous vehicles to key European markets through Lyft’s platform. The first launches are planned for Germany and the UK next year, with the fleet expected to expand to thousands of units across Europe in the following years.China's foreign trade in services jumped 8 percent in the first half from a year earlier to CNY3.89 trillion, with knowledge-intensive services accounting for 38.7 percent of the total, according to data released by the Ministry of Commerce yesterday. Specifically, service exports rose 15 percent to CNY1.69 trillion, while imports increased 3.2 percent to CNY2.2 trillion. China has approved 183 Brazilian coffee firms to export their products to the Chinese market, the Embassy of China in Brazil said. The measure took effect on July 30 and is valid for five years.Asia-Pacific highlightsChinese brands are gaining growing favor among Singaporean consumers across a range of categories, according to a recent survey conducted by Singapore-based market research firm Blackbox. The survey, which polled over 1,500 adults, found that Singaporeans now prefer Chinese brands over American ones in several key sectors. In motor vehicles, 34 percent of respondents favored Chinese brands, compared to 28 percent for American brands. Chinese products also lead in several categories such as groceries, household appliances, lifestyle experiences, and snacks and convenience food.Ant Group is reportedly pulling from Paytm. The Chinese fintech giant is allegedly selling its whole remaining stakes in the Indian payment firm at a floor price of INR1,020 (USD11.61) per share for a total of INR69 billion (USD785.7 million).Uzbekistan Airways on Monday opened a direct cargo route between Urumqi in China’s Xinjiang and Uzbekistan's Urgench, marking the first one connecting China with the western Uzbek city.China Petroleum Engineering Corp under the Chinese oil and gas giant PetroChina, secured a US$2.5 billion contract from Iraq's Basra Oil for a seawater pipeline project in Iraq. Construction is expected to take 54 months.

Hi everyone. I’m Stephanie LI.Coming up on today’s programMainland buying in Hong Kong stock market doubles in first seven months;China's summer box office surpasses 7 billion yuan mark.Here’s what you need to know about China in the past 24 hoursSouthbound capital flowing into the Hong Kong stock market hit an all-time high in the first seven months of 2025, reflecting investor confidence in the city on the back of surging turnover and a revived pipeline of initial public offerings (IPOs).Investors in the Chinese mainland snapped up more Hong Kong equities so far this year than in all of 2024, as southbound flows hit HK$866.8 billion up to July, according to data compiled by Wind. That was already 107 percent of last year’s total.The total value of Hong Kong stocks held by mainland investors had reached record highs and southbound trades accounted for 20 to 30 percent of Hong Kong’s daily turnover, according to a strategist at Everbright Securities International, as many are turning to the Hong Kong market for high-dividend quality names, especially among Chinese enterprises.The sharp increase in mainland buying came as trading and fundraising activity in the city rebounded strongly after a multi-year slump. The southbound trades via the Stock Connect program accounted for 23.1 percent of total turnover on the Hong Kong stock exchange in the first six months of 2025, up from 18.3 percent from a year earlier, according to a midyear review released by the Hong Kong Securities and Futures Commission (SFC) on Thursday.In the first half, average daily turnover in Hong Kong jumped 82.2 percent from a year earlier to HK$240.2 billion, the SFC said.The buoyant sentiment was partly driven by the IPO market, which was experiencing a robust recovery. A total of 42 new listings raised a combined HK$107.1 billion, a sevenfold increase from a year earlier, putting Hong Kong at the top of the global league table, according to the SFC’s report. Four companies raised more than HK$5 billion each, while a batch of seven dual-listed firms together accounted for HK$77 billion in proceeds.Net purchases via the southbound channel during the first half of the year reached HK$731.2 billion – equivalent to 91 percent of the total for all of 2024, the report showed. All told, the southbound scheme brought in HK$4.42 trillion as of the end of June 30 since its inception, according to the report.GBA expressHong Kong is poised to become the world's largest global wealth management center in the coming years, according to an article by Eddie Yue, chief executive of the HKMA, citing the recent expansion plans of global financial institutes in the city. Participating investors in the Cross-boundary Wealth Management Connect (WMC) 2.0 scheme have surged over 1.2 times since its launch last year, exceeding 162,000 by the end of June, Yue said. The transaction amount of digital and tokenized assets traded in Hong Kong banks reached HK$26.1 billion in the first half of the year, up 233 percent from a year earlier.Hong Kong is putting the final touches on its preparations for the upcoming 15th National Games, with organizers ensuring smooth logistics for athletes, free-to-air TV coverage for local audiences, and special entry arrangements for delegations. In a move to maximize public engagement, the games will be broadcast locally through free-to-air television stations, with CCTV handling the primary production of event footage. Meanwhile, ticketing systems are undergoing final testing, and details on public sales will be announced soon. To facilitate smooth arrivals for athletes and officials, special clearance channels will be set up at four major entry points.Industry and company newsChina's 2025 summer box office, including presales, exceeded CNY7 billion (USD979 million) as of 9.28 p.m. yesterday, according to online ticketing platform Beacon. The summer movie season runs from June 1 to Aug. 31.China's Shenhua Energy announced plans to acquire 13 subsidiaries from its parent, China Energy Investment Corp, as part of a sweeping asset restructuring that could prove to be one of the nation's largest mergers and acquisitions. The cash-and-share deal involves coal, coal-fired power and coal-chemical businesses. Shenhua's shares in Shanghai will be suspended for 10 trading sessions, beginning today.A Hong Kong court has frozen an HSBC bank account holding US$1.8 billion related to the estate of Zong Qinghou, late founder of beverage giant Wahaha. The account freeze stems from a lawsuit filed by three of Zong's extramarital children against Kelly Zong Fuli, Wahaha's chief executive who is publicly known as sole heiress. The plaintiffs claim Kelly breached a family agreement by withdrawing over US$6 million and failing to establish offshore trusts worth US$2.1 billion. The court ruled the account will remain frozen until related proceedings in a Hangzhou court are resolved or a further order is issued. China's State Administration for Market Regulation on Saturday unveiled new guidelines on how much e-commerce platforms can charge participating merchants. The aim is to reduce the cost burden on sellers and create a more transparent pricing structure. Three major instant food delivery platforms, Ele.me, Meituan and JD.com, issued statements promising more reasonable discounts and subsidies, and opposing malicious competition.JD inked a deal with Ikea to launch the Swedish furniture giant's flagship store on Aug. 8, the Chinese e-commerce platform said today. The shop has listed over 6,500 products across 168 categories, with visible and interactive experiences based on JD's naked-eye 3D tech.CATL said today it is working with CAR to roll out over 100,000 battery-swappable autos on the Chinese car rental platform this year, with the battery giant relying on the platform's 2,000 outlets and parking resources to co-build a battery swap network covering core transport hubs.Panda bonds worth CNY116.7 billion had been issued via China's interbank market this year as of yesterday, bringing the overall figure to more than CNY1 trillion, according to financial data provider Wind.Asia-Pacific highlightsErenhot, the largest land port on the China-Mongolia border, recorded a milestone of 20,000 entry and exit China-Europe freight trains since its service launch in 2013, said the China Railway Hohhot Group on Sunday. As a pivotal entry-exit point for the central corridor of the China-Europe railway service, Erenhot port now serves 73 routes linking over 60 cities across 24 Chinese provincial-level regions to more than 70 stations in over 10 countries, including Germany and Poland.

Stephanie: Hey everyone, welcome back to CBN x ASEAN Watch. I’m Stephanie, and today we’re zooming in on a surprising trend in Malaysia: Chinese tourists flocking in for concerts. It’s not just about music—it’s a full-on economic and cultural wave.Joining me is Amy, our correspondent, who’s been on the ground exploring the“concert tourism” in Malaysia. Amy, what’s the vibe like?Amy: Thanks for having me, Stephanie! It’s electric! Imagine thousands of Chinese fans singing “Norwegian Forest” at Wu Bai’s concert in Kuala Lumpur. It’s more than just music—it’s a cross-border adventure. Chinese tourists are visiting Malaysia, combining concerts with travel, and it's driving a significant economic surge.Stephanie: That sounds incredible! So why are Chinese tourists choosing Malaysia for concerts, and what’s fueling this trend?Amy: It’s a perfect storm of advantages. First, accessibility. The visa-free policy, fully implemented on July 17, 2025, slashed barriers—tourism searches spiked 163% that day, per Tongcheng Travel. Flights are plentiful and cheap, following Malaysia's announcement of the visa-free policy. The number of flights between China and Malaysia has continued to increase.According to data from VariFlight, by July 24, the actual number of domestic flights operating between China and Malaysia surpassed 37,556, marking a 25% year-on-year growth and a 6% increase compared to 2019.In China, concert tickets are hard to get due to high demand, but in Malaysia, fans can score tickets without the hassle. The visa-free policy makes it even easier—cheap flights and no visa hassles make Malaysia a go-to destination for many. Add to that Malaysia’s large Chinese diaspora, where Mandarin is widely spoken and payments like Alipay and WeChat Pay are accepted, and it feels like a home away from home. Compared to pricier options like Singapore or less accessible spots like Thailand, Malaysia’s cost-effectiveness and cultural familiarity seal the deal. Stephanie: So, it’s not just about the music—it’s a full travel experience. How big is the concert scene in Malaysia right now?Amy: Huge! 2025 is set to be a record year for concerts. By June, there were already 44 major shows, with another 32 lined up for the rest of the year. Jay Chou’s Carnival World tour drew 62,000 fans in 2024, a 37.8% increase from 2023. G.E.M.’s “I AM GLORIA” concert set a record with 65,000 attendees in one night.Stephanie: Those are massive numbers! Let’s start with the big picture: how is this “concert tourism” trend reshaping the travel industry? Amy: Concert tourism is rewriting the playbook for travel. It’s showing that tying cultural events to tourism can supercharge economies. From January to April 2025, Malaysia welcomed 13.4 million international visitors—a 21% jump from last year. Among them, 1.4 million were from China, making it the third-largest source market. Malaysia even surpassed Thailand in tourist arrivals during this period.In 2024, Chinese visitors hit 3.29 million, a significant increase from 2023. In 2025, Malaysia anticipates tourism spending to reach 125.5 billion yuan (US$28.1 billion), with a target of 31.4 million international tourist arrivals, according to TTG Asia. This marks a significant increase compared to previous years. Tourism Malaysia has set a target of 31.4 million international tourist arrivals and 125.5 billion ringgit (US$28.1 billion) in revenue for 2025.Stephanie: Are tourists just coming for the concerts, or are they exploring more?Amy: It’s definitely a "music + tourism" model. Following concerts in Kuala Lumpur, fans can visit to Penang or Kota Kinabalu, checking out local favorites like Jackson Wang’s nasi lemak and Julian Cheung’s bak kut teh.Stephanie: That’s an awesome combo! Are local businesses benefiting from this?Amy: Absolutely. First, it’s combining entertainment with travel packages. Malaysia’s Concert and Event in Malaysia Incentives (CEMI) program, launched with 10 million ringgit in 2025, offers rebates to attract global acts. This pulls in fans who spend on more than just tickets. Second, lean into social media—Xiaohongshu’s “Malaysia concert” topic has 23.7 million views, guiding fans to net-famous spots like Jackson Wang’s nasi lemak joint. Finally, cater to special forces-style travelers—fans doing quick weekend trips need flexible flights and curated experiences, like small-group cultural tours.Local industries, especially dining and catering, are seeing the benefits. A durian shop in Penang, for example, joined Xiaohongshu to attract Chinese tourists and it’s working—the place is packed, with Chinese signs and WeChat QR codes. I also heard of a Kuala Lumpur driver learning Mandarin to chat with Chinese tourists. Malaysia’s Tourism Board predicts 5 million Chinese visitors in 2025, and they’re heavily promoting in cities like Chengdu and Qingdao to keep the momentum going. It’s fandom-driven cultural exchange, building bridges between China and ASEAN.Stephanie: Amazing! But what’s the deeper significance for China-ASEAN ties?Amy: This trend is a powerhouse for China-ASEAN cooperation. Economically, it’s driving Malaysia toward its US$28.1 billion revenue goal. Culturally, it fosters mutual understanding—Chinese fans learn about Malaysia’s heritage, while Malaysia gains exposure in China. This model could inspire Thailand or Indonesia.Stephanie: Any challenges to maintaining this growth?Amy: Well, given the convenience brought by visa-free policy and Malaysia’s affordability comparing with nearby Singapore, the influx of Chinese tourists is putting some pressure on local infrastructure—crowded restaurants, busy attractions. Businesses also need to cater to Chinese tourists’ preference for personalized experiences, like small-group tours.Stephanie: So, what’s next for this trend? Can Malaysia keep it going?Amy: It looks promising. Malaysia’s embracing the “concert economy” with more global acts like the CEMI program. Promoting diverse spots like Sabah and Selangor, plus Mandarin-speaking guides and Alipay-friendly businesses, will sustain the appeal.Also, tourism Malaysia plans to woo Chinese tourists via social media by Cool photo spots and viral food videos.Looking ahead, with stars like Zhang Xueyou planning to hold a concert in Kuala Lumpur and more K-pop groups adding stops, the momentum will keep the “concert economy” humming. The key to continued success will be evolving to meet the changing needs of Chinese tourists, while preserving what makes Malaysia unique and attractive to visitors. One official summed it up well: Chinese tourists want that Malaysian flavor, but with a touch of home.Stephanie: Any tips for someone planning a concert trip to Malaysia?Amy: Definitely catch a Jay Chou or G.E.M., or any of your favorite stars’ concert in Kuala Lumpur—the atmosphere is amazing. Afterward, check out the Petronas Towers or grab some street food at Jalan Alor. If you have time, head to Penang for the street art in Georgetown, or go to Kota Kinabalu for unforgettable sunsets. And don’t forget to try the nasi lemak—it’s a must!Stephanie: That sounds like the perfect plan! Thanks, Amy, for breaking down this vibrant trend. That’s a wrap for today—stay tuned for more insights on ASEAN’s booming trends!

Hi everyone. I’m Stephanie LI.Coming up on today’s programGlobal investors accelerate Chinese asset purchases with major ETF inflows surging in July;China vows to pledge more economic support at top meeting.Here’s what you need to know about China in the past 24 hours Global investors are demonstrating remarkable confidence in Chinese assets, with five major overseas China equity exchange-traded funds (ETFs) collectively attracting USD2.7 billion in net inflows in July, according to market data tracker FUTU.From end-June to July 25, the iShares MSCI China ETF's assets under management expanded 12.38 percent to USD7.187 billion, while the KraneShares CSI China Internet ETF saw a 20 percent jump to USD7.648 billion. The scale of Direxion Daily FTSE China Bull 3X Shares grew 14.13 percent to USD1.253 billion. Assets under management at Xtrackers Harvest CSI 300 China A-Shares ETF and iShares China Large-Cap ETF grew 10.54 percent and 5.32 percent, according to FUTU.This surge came amid heightened interest from South Korean retail investors, which executed USD5.764 billion in Chinese stock trades through July 25 year-to-date, making China their second-largest overseas investment destination, according to SEIbro, a market data provider under the Korea Securities Depository.South Korean investors have shown particular enthusiasm for Chinese tech giants, with Xiaomi, BYD, and Alibaba topping their Hong Kong buy lists. In the A-share market on the Chinese mainland, BYD, Hengli Hydraulics, and Huatai Securities were the most popular picks. This also mirrors a growth trend among institutional investors, as evidenced by the Hang Seng Index's 27 percent year-to-date rally through July 29.Foreign institutions have been particularly active in Hong Kong's market, with the cumulative shareholding ratio of stable foreign capital and flexible foreign capital reached 60.4 percent as of the second quarter.In a recent research note, Goldman Sachs pointed out that Chinese equities have recently broken out of their trading ranges, with the MSCI China reaching a near four-year peak and the CSI300 a year-to-date high. The drivers of these gains include robust second-quarter GDP growth, the revival of Hong Kong's IPO market, record-breaking Southbound inflows, and a wide gap between rising foreign investor interest in Chinese stocks and their still-conservative equity allocations, the investment bank said.China's Politburo held a top meeting on Wednesday, pledging to "step up" economic support in the second half of 2025 amid internal and external challenges. The meeting said it is imperative to make good use of various structural monetary policy tools to intensify support for scientific and technological innovation, boost consumption, support small and micro enterprises, and stabilize foreign trade, while underlining a crucial role the country's provincial economic powerhouses have to play in driving growth, Xinhua reported.  China's manufacturing PMI dipped to 49.3 from 49.7 in July from the prior month, according to the NBS. The non-manufacturing PMI dropped to 50.1 from 50.5.GBA expressAs China’s fifth‑largest urban economy and a major trading hub, Guangzhou gained momentum in the second quarter, propelling the city’s first-half growth to 3.8 percent on the back of policy‑driven consumption, fast‑growing emerging industries, and a stabilizing property market. Guangzhou’s GDP was CNY1.5 trillion in the first six months, after growth accelerated from a 3 percent clip in the first quarter, according to data released yesterday by the local statistics bureau.The proxy witness bank account opening service for residents of Hong Kong and Macao, aiming to ease payments in the Chinese mainland, officially expanded to all nine mainland cities in the Greater Bay Area yesterday. Through a collaborative mechanism involving "proxy witnesses" by local banks in Hong Kong and Macau and "remote account opening" by mainland lenders, it enables residents of the two SARs to obtain mainland bank accounts "at their doorstep."  The largest hydrogen refueling station in South China has been completed and put into operation in Guangzhou’s Baiyun district yesterday. It has a maximum daily refueling capacity of 4,000 kilograms, equivalent to the total of four typical medium-sized hydrogen refueling stations.Industry and company newsChinese state-owned power producer State Grid came in at 3rd place in the latest Fortune Global 500 List that ranks the world’s biggest companies by revenue, topping all other Chinese companies for the second consecutive year. US retailer giant Walmart headed the ranking for the 12th straight year, followed by Amazon. Also in the top 10, energy giants Saudi Arabian Oil Company, Sinopec, and China National Petroleum ranked fourth to sixth, respectively. The number of Chinese companies on the Fortune Global 500 list fell to 130 this year from 133 last year, with total revenue of USD10.7 trillion. JD.Com and Alibaba Group Holding were 44th and 63rd, respectively, China Mobile at 58th, and Huawei Technologies at 83rd. BYD jumped 52 positions to 91st, becoming the only Chinese automaker making it into top 100.China's top industry regulator reaffirmed its support for foreign firms during talks with the US-China Business Council in Beijing on Tuesday. Li Lecheng, Minister of the Industry and Information Technology (MIIT) met with senior executives from major US companies, including Apple, Thermo Fisher and Otis, to stress the government's commitment to maintaining an open, fair and transparent business environment, and to welcome further investment in China's industrial transformation.Chinese coffee chain operator Luckin Coffee said its net profit widened 44 percent to CNY1.3 billion in the second quarter of the year, mainly thanks to robust revenue, an increase in the store count, and a rise in monthly transacting customers. Revenue surged 47 percent to CNY12.4 billion in the period, the company announced yesterday. Luckin Coffee had 26,206 stores at the end of the second quarter, up 8.8 percent from last quarter.CATL's net profit jumped 33 percent to CNY30.5 billion in the first half from a year ago, while revenue rose 7 percent to CNY178.9 billion, the Chinese battery giant said in an earnings report yesterday. JD.Com has further increased its investments in the robotics sector by leading the latest financing round of RoboScience, the fourth such fundraiser the internet giant has led this month. RoboScience bagged nearly CNY200 million in an angel financing round, it announced today.China’s cyberspace regulator today summoned Nvidia over security risks linked to backdoor vulnerabilities in its H20 chips sold in China, requiring the US chipmaker to provide an explanation and submit supporting documents.China will earmark CNY90 billion dedicated for its new childcare subsidy program for this year, Guo Yang, director of the finance ministry's social security department, said yesterday. Local governments will begin accepting applications for the grants by Aug. 31.Asia-Pacific highlightsUS President Donald Trump announced a new trade deal with South Korea on Wednesday, stating that the US will impose a 15 percent tariff on goods imported from the country — 10 percent lower than what was initially proposed — under a trade deal that would charge America no tariffs.Air China yesterday launched a direct route between Beijing and Almaty, Kazakhstan, the Chinese carrier said. The new round-trip service runs every Monday, Wednesday, Friday, and Sunday using Boeing 737 aircraft.Malaysia's digital economy is poised for growth, fueled by strong interest from Chinese investors following a recent successful high-level mission, the Digital Ministry of Malaysia said on Wednesday. The delegation undertook the mission in conjunction with the WAIC 2025 held in Shanghai and reaffirmed Malaysia's growing role as a regional leader in digital transformation and innovation, the ministry said. Malaysia has secured digital investments from leading Chinese technology players, which will create over 6,800 high-value digital jobs across the country.