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Chinese loans fuel Angola’s future cities but analysts cautious over the costs
1760954416 from SCMP
Since nearly three decades of civil war ended in 2002, Angola has been relying heavily on China – its key financier of post-war infrastructure – to help the southern African country’s government deliver on its promise of a million new homes. When the West was unwilling to finance its projects, Luanda secured loans from Chinese state banks under the so-called Angolan model, using its oil as collateral. Angola became the largest recipient of Chinese financing in Africa, attracting 270 loans worth...
Hong Kong officials involved in water procurement fiasco face disciplinary probe
1760952743 from SCMP
Hong Kong authorities will launch a disciplinary investigation into officials involved in a bottled water procurement scandal after an initial probe by the audit watchdog found that human error may have been a factor in the case. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu on Monday also announced six recommendations to improve the government’s procurement process. The move came two months after the Government Logistics Department awarded a three-year HK$52.9...
Hong Kong’s social work, construction sectors hit as jobless rate rises to 3.9%
1760951988 from SCMP
Hong Kong’s jobless rate rose to 3.9 per cent between July and September, with higher unemployment in social work and construction, authorities said. Preliminary data released by the Census and Statistics Department on Monday showed the unemployment rate rose by 0.2 percentage points over the preceding three-month period. This marks the highest rate since the three-month period between July and September 2022, when it was 4 per cent. Unemployment in the food and beverage sector remained...
Mainland Chinese buyers fuel 25% of Hong Kong home sales last quarter: Centaline
1760951707 from SCMP
Mainland Chinese homebuyers remain a strong driving force in Hong Kong’s residential property market, spending HK$38 billion (US$4.9 billion) to account for 25 per cent of the city’s total home transactions in the third quarter, according to Centaline Property Agency. Buyers with names in pinyin – the mainland’s system of romanisation of Chinese script – registered 3,797 deals between July and September, up 7 per cent from the previous quarter, Centaline said in a report on Monday. It noted that...
‘Weirdest alliance’: Japan’s new ruling coalition tipped for collapse
1760950857 from SCMP
Japan’s centre-right opposition Innovation Party (JIP) has thrown its support behind a controversial new ruling coalition led by Sanae Takaichi, paving the way for her to be elected the country’s first female prime minister on Tuesday despite concerns the alliance may quickly unravel. The surprise deal with the long-dominant Liberal Democratic Party, headed by Takaichi, marks a dramatic shift for the Osaka-based JIP. Instead of joining other opposition groups to challenge the LDP’s grip on...
Will Zelensky join Trump and Putin in Budapest for peace talks? Only if invited
1760949066 from SCMP
Ukrainian President Volodymyr Zelensky has said he would be ready to join Russian President Vladimir Putin and US counterpart Donald Trump at their summit in Hungary if he is invited. Trump and Putin said they would meet in the Hungarian capital, possibly in a matter of weeks, as the US leader continues to try to broker a peace deal to end the three-and-a-half-year war, triggered by Russia’s 2022 invasion. “If I am invited to Budapest – if it is an invitation in a format where we meet as three...
Why Thai property investors can find reason for cheer in dismal 2025
1760949008 from SCMP
For a country known as the “land of smiles”, Thailand has had little reason to be cheerful this year. While export-dependent economies in Asia have had a rough time since US President Donald Trump launched his assault on the global trading order, the headwinds buffeting Thailand have been multifaceted and more severe. HSBC said Southeast Asia’s third-largest economy has suffered “a rare misalignment of events” and has been “swimming against the tide for quite some time now”. This is putting it...
China’s new home prices slump at fastest pace in 11 months
1760947604 from SCMP
China’s new home prices fell at the fastest pace in 11 months in September across 70 major cities despite easing policies, as high inventories, concerns over job security and economic uncertainty continued to hurt confidence in the property market, analysts said. New home prices fell 0.4 per cent month on month, following a 0.3 per cent decline in August, according to National Bureau of Statistics (NBS) data released on Monday. It was the biggest monthly decline since last October’s 0.5 per cent...
China’s Communist Party kicks off fourth plenum amid tight security in Beijing
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China’s ruling Communist Party kicked off a key four-day conclave on Monday that will determine the country’s development over the next five years. The fourth plenum of the party’s Central Committee began on Monday morning, according to state news agency Xinhua. Party General Secretary Xi Jinping, who is also the nation’s president, delivered a work report to the meeting and outlined the party’s proposals for the next five-year plan, which will be submitted for deliberation, a brief report said...
India’s capital celebrates Diwali cloaked in a blanket of acrid smog
1760945075 from SCMP
India’s capital New Delhi was shrouded in a thick, toxic haze on Monday as air pollution levels soared to more than 16 times the World Health Organization’s recommended daily maximum. New Delhi and its sprawling metropolitan region – home to more than 30 million people – is regularly ranked among the world’s most polluted capitals, with acrid smog blanketing the skyline each winter. Cooler air traps pollutants close to the ground, creating a deadly mix of emissions from crop burning, factories...
China’s Akeso gets share boost as data shows cancer drug’s benefits
1760943612 from SCMP
Shares of Chinese drug firm Akeso – likened by some Western media outlets to artificial intelligence start-up DeepSeek – rose after the company unveiled clinical-trial data showing that its lung-cancer drug outperformed a highly effective existing treatment. The data showed that ivonescimab had “a decisive and strong positive outcome with both significant and clinically meaningful benefits”, Akeso said in a filing with the Hong Kong stock exchange on Monday. The drug, used along with...
As China drafts its next 5-year plan, is GDP still the magic number?
1760941402 from SCMP
For decades, the annual target for gross domestic product growth was the most critical policymaking benchmark across China. In pursuit of that all-important figure, officials around the country embarked on a spree of infrastructure investment, industrial expansion and resource mobilisation that helped make China the world’s second-largest economy and lift 800 million people out of poverty. But as growth rates have slowed, that outlook may have lost some of its resonance. Attention has turned to...
Apple’s new iPhone 17 outsells previous generation by 14% in US, China
1760940904 from SCMP
Apple’s latest generation of iPhones is off to a faster start than usual, with its most basic model surging in popularity in the US and China. The iPhone 17 series outsold the iPhone 16 range by 14 per cent over their respective first 10 days on sale in the US and China, according to Counterpoint Research. The data, giving the first quantified indication of consumer response in Apple’s top two markets, shows the standard iPhone 17 is in much higher demand than the corresponding US$799 model last...
Hong Kong set for IPO flurry next week with Sany leading the charge
1760940015 from SCMP
The Hong Kong stock exchange is poised for a blockbuster day next week, as four stocks – including Sany Heavy Industry, China’s largest construction machinery manufacturer – are set to debut, positioning the city to reclaim its status as the world’s top fundraising venue this year. Among the four stocks launching on October 28, Sany Heavy Industry, already listed in Shanghai, aims to raise the highest amount, targeting up to HK$12.36 billion (US$1.59 billion) by offering 580.42 million shares in...
Hong Kong lawmaker Michael Tien to step down from Legco, Mark Chong to contest
1760937494 from SCMP
Hong Kong lawmaker Michael Tien Puk-sun has announced that he will not seek another term, becoming the latest veteran to opt out of the Legislative Council election in December. Tien, 75, on Monday said he was ready to step down and pass on the torch, instead of wondering whether to seek re-election again “when I will be 79 or even 83”. He promised to keep contributing to Hong Kong and the country, while continuing to offer guidance on railway policies. Meanwhile, Mark Chong Ho-fung, of the...
Goldman says investors should back China firms expanding overseas despite tariff risks
1760936451 from SCMP
Investors should pay attention to Chinese listed companies seeking to grow their overseas revenue, as their global expansion will be supported by a weak yuan, cost advantages and China’s dominant role in global supply chains, according to Goldman Sachs. Goldman recommended 25 companies – including Alibaba Group Holding, Contemporary Amperex Technology (CATL) and BYD – to ride on this theme, analysts led by Si Fu and Kinger Lau said in the report released over the weekend. These firms, which...
China reports 4.8% quarterly GDP growth, moving closer to annual target
1760925804 from SCMP
China’s economy grew 4.8 per cent year on year in the third quarter of 2025, keeping the country largely on track to achieve its full-year target, but analysts said further policy support is still needed to maintain this stable trajectory and improve domestic demand. The closely watched figure for gross domestic product, released by the National Bureau of Statistics (NBS) on Monday, came in just above the 4.76 per cent forecast in a survey of economists by Chinese financial data provider...
Hong Kong should blame policymakers, not seniors, for ageing pressures
1760923814 from SCMP
The topic of ageing has been catapulted into Hong Kong’s political stratosphere ever since a wave of septuagenarian legislative councillors began dropping out of the city’s Legislative Council race. Having public discourse veer off in this direction is unbecoming of a city that styles itself as a meritocracy. Are our seniors a burden? Are they standing in the way of the youth or dragging the rest of us down? The discussion surrounding older lawmakers bowing out of the electoral race could have...
Stronger Hong Kong residential property market whets investor appetite: analysts
1760923808 from SCMP
Hong Kong’s residential property market is gradually mending investor sentiment, according to analysts, who are nonetheless cautious about a full recovery amid geopolitical tensions and economic uncertainties. Investors accounted for 20 per cent of the market’s total transactions so far in 2025, according to UBS property analyst Mark Leung, who added that some districts with residential projects near universities might have a higher proportion. The average gross rental yield for mass residential...
How iPhone Air’s eSIM debut reshapes China’s telecoms landscape
1760922017 from SCMP
The launch of the iPhone Air as the first eSIM-supported smartphone sold in China marks a pivotal moment in the country’s telecoms history, as state-owned mobile carriers vie for dominance in a changing landscape. Beijing approved “commercial trials” of the handset’s eSIM function by the country’s “Big Three” telecoms operators – China Unicom, China Mobile and China Telecom – last week, and the iPhone Air sold out within minutes of its release on Friday. Domestic brands quickly followed suit....
Liu Qian on Chinese innovation, the US rivalry and women holding up half the sky
1760911216 from SCMP
Liu Qian is the founder of Wusawa Advisory and formerly the managing director of The Economist Group in Greater China. She is also a prominent advocate for gender equality, and the only Chinese representative in the core working group of the UN Women Leaders Network. In this interview, she discusses how Chinese innovation differs from Western innovation, where the US-China rivalry is headed and the critical role of women’s voices in policymaking. This interview first appeared in SCMP Plus. For...
Why Hong Kong must not be hasty in seeing off its ‘silver’ officials
1760877008 from SCMP
I think we should be bracing ourselves for a wave of disgruntled legislative councillors, and it might not end there. If a Legislative Council stalwart goes out the door, could an Executive Council heavyweight be far behind? Every day seems to bring news of another of our 89 legislative councillors not seeking re-election this year, with more than a dozen already pulling out of the race. In some instances, the legislator claims plausibly to wish to pursue other career or life objectives. That...
China’s economy can grow by up to 5% over next 5 years, ex-finance official says
1760875215 from SCMP
China can sustain annual growth of 4.5 to 5 per cent over its next five-year plan period, former finance vice-minister Zhu Guangyao has said, just days ahead of a key Communist Party conclave to roll out the 2026-2030 blueprint. “We have full confidence that we will accomplish the economic development goal this year. The economic growth will be around 5 per cent,” Zhu said at a conference in Beijing on Friday, hosted by the Chongyang Institute for Financial Studies at Renmin University. “I...
Chinese firm thanks ‘sales consultant’ Trump as tariff threat spurs orders
1760875210 from SCMP
A Chinese exporter said it has seen a sudden surge in orders as US humanoid robot makers and artificial intelligence (AI) companies – including industry leader OpenAI – rush to secure critical components amid Washington’s threat to impose an additional 100 per cent tariff on goods from the country. MyActuator, a Suzhou-based manufacturer of intelligent drive modules for humanoid robots, has received more than 1,000 new orders in the past week alone, according to a person familiar with the...
Chinese minister calls out US ‘protectionism’ in shipping industry
1760872516 from SCMP
China’s Minister of Transport Liu Wei has called on shipping companies and port operators worldwide to promote free trade in a “concerted effort” to combat “protectionism” after the US administration slapped port fees on Chinese vessels. “All the companies dealing with shipping businesses should work together to promote a fair, just and open environment and safeguard the common interests of global economic and trade development,” he said at the North Bund Summit, a shipping industry conference,...
Xi congratulates new KMT leader, calls for efforts to ‘advance reunification’
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Chinese President Xi Jinping on Sunday sent his congratulations to the newly elected leader of Taiwan’s main opposition Kuomintang, Cheng Li-wun, calling for joint efforts to promote reunification. Xi said he hoped both the mainland’s ruling Communist Party and the island’s KMT could “strengthen their common political foundation and unite the vast majority of people in Taiwan to deepen exchange and cooperation, boost common development, and advance national reunification”, according to state...
US-China tit-for-tat escalation is now a feature, not a bug
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Beijing has expanded export controls on rare earths. The latest move requires foreign buyers to obtain a Chinese export licence and extends controls to foreign-made products that use rare earths or technology from China. Washington shot back with threats of sweeping tariff hikes. Markets shuddered and supply-chain chiefs braced. The stakes are systemic. China wields a chokepoint through its dominance in processing of rare earths and manufacture of magnets; the US wields the world’s most powerful...
Nexperia China tells employees to ignore orders from Dutch head office
1760866208 from SCMP
Nexperia China, the local unit of the Dutch chipmaker, has told its employees to follow orders from local management and ignore instructions from the Dutch head office, according to a letter issued to employees over the weekend. In open revolt against the headquarters in Nijmegen, the Netherlands, Nexperia China said in a Chinese-language statement on its official social media channel on Saturday that it was an “independent” Chinese entity and that Nexperia employees in China “should continue to...
China accuses US of carrying out cyberattacks on national time centre
1760853853 from SCMP
China’s top counter-espionage agency has accused the United States of conducting cyberattacks against the country’s national time centre, which it said could have had a severe impact on the orderly functioning of society. In a social media post on Sunday, the Ministry of State Security said the US National Security Agency was behind a number of cyberattacks against China’s National Time Service Centre. The centre – affiliated with the Chinese Academy of Sciences and based in Xian, Shaanxi...
‘Work from the air’: Chinese airline offers free Wi-fi to lure back travellers
1760839209 from SCMP
China’s biggest airlines have started offering free Wi-fi to passengers on a growing number of domestic flights, as they vie to win back business travellers who now often prefer to shuttle between cities on high-speed trains. China Eastern Airlines on October 11 launched a free “basic” Wi-fi service on all its widebody aircraft operating on domestic routes, said a company representative who spoke anonymously per company rules. The planes cover a total of 37 routes serving major Chinese cities...
Robots take centre stage at Canton Fair, defying US tariff concerns
1760792410 from SCMP
At the autumn session of the twice-yearly Canton Fair – China’s oldest and largest trade exhibition – which opened this week, the busiest pavilions were those showcasing robotics, smart manufacturing and new energy vehicles. At the exhibition halls in Guangzhou, the capital of southern China’s Guangdong province, cameras flashed, crowds surged and long queues formed at booths displaying hi-tech products, with concerns about the shadows cast by US tariff increases thin on the ground. The sales...
Battery fire aboard Air China flight to South Korea forces emergency landing
1760783422 from SCMP
An Air China flight from Hangzhou to Seoul was forced to make an emergency landing in Shanghai on Saturday after a lithium battery caught fire in the plane’s cabin. In a statement on social media, Air China confirmed the incident. “On October 18, on flight CA139 from Hangzhou to Incheon, a lithium battery in a passenger’s carry-on luggage stored in the overhead compartment spontaneously ignited,” the airline said. The crew handled the situation quickly and no one was injured, it added. “To...
Hong Kong arts hub cancels gay-themed play hours before tickets go on sale
1760782416 from SCMP
Hong Kong’s West Kowloon Cultural District cancelled a gay-themed play set to be staged at its Xiqu Centre less than two hours before tickets went on sale at 11am on Saturday, citing complaints the work promoted confrontation and defamed the city. The author of We Are Gay, Candace Chong Mui-ngam, was also attacked in a 1,000-word opinion piece in the pro-Beijing Wen Wei Po Chinese-language newspaper for “building her happiness on Hongkongers’ pain”. “It is with regret that we announce the...
Sacked Chinese generals ‘disloyal’, dealt ‘serious blow’ to military: PLA Daily
1760776226 from SCMP
China has accused the nine generals expelled from the Communist Party on Friday of seriously undermining the principle that the military should be loyal to the party, saying that they dealt a serious blow to the unity of the armed forces and the image of senior officers. In an editorial published on Saturday, military mouthpiece PLA Daily said the disgraced nine – including He Weidong, vice-chairman of the Central Military Commission (CMC) and a member of the 24-man Politburo – had been...
Overseas expansion adds fuel to Chinese energy storage firms’ hunt for bosses
1760767216 from SCMP
Openings at overseas energy storage operations flood John Yang’s screen anytime he browses recruitment websites, with listed giants and small and medium-sized enterprises (SMEs) alike offering salaries well above those typically found in China’s manufacturing sector. “Job seeking has never felt easier. The only worry is whether the new role could last beyond next year,” joked Yang, Thailand director at a Shenzhen-based energy storage firm. Yang’s experience reflects the recent, rapid overseas...
Why India is hedging its bets on another China charm offensive
1760304608 from SCMP
In a fast and furious year of devastating wars and high-stakes diplomacy, the historic meeting between Chinese President Xi Jinping and Indian Prime Minister Narendra Modi stands out as a potential harbinger of a new global order. In his first visit to China in seven years, Modi agreed with Xi that Asia’s two powers should be “partners” rather than “rivals”, on the sidelines of the Shanghai Cooperation Organisation summit in Tianjin. Modi stressed that “their differences should not turn into...
In a reverse Marshall Plan, Trump is squeezing US allies for cash
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In what Martin Wolf at the Financial Times called “pure gangsterism”, US President Donald Trump has extracted pledged investments of at least US$1.5 trillion from America’s trading partners. This amounts to the Marshall Plan in reverse. The scheme Washington initiated in 1947 essentially provided economic aid to Europe and later Japan. Of the US$13 billion provided, 90 per cent were grants. But in the US-Japan trade deal, seen as a political trophy for Trump, money will flow in the other...
Will Japan’s new PM reopen old war wounds with South Korea?
1759968008 from SCMP
As Japan prepares to swear in its first female prime minister, old ghosts of the past are threatening to haunt her leadership. Sanae Takaichi’s hard-edged views on history and national identity have stirred anxieties from Seoul to Beijing, even though analysts believe the former security minister’s stance may be tempered by the realities of fragile coalitions in a volatile region. Takaichi’s election last weekend as leader of the ruling Liberal Democratic Party marked a moment of both historic...
Can North Korea’s Kim Jong-un forge a legacy that goes beyond the bomb?
1759959008 from SCMP
The ruling party of North Korea is approaching its 80th official anniversary amid an unprecedented rise in the country’s international stature. North Korean leader Kim Jong-un’s presence alongside Chinese President Xi Jinping and Russian President Vladimir Putin at China’s Victory Day parade early last month was more than ceremonial; it was a strategic declaration. Kim carried himself with the assurance of a man who has successfully recalibrated his nation’s place in the world. This confidence,...
India’s diplomatic weight is best exercised closest to its borders
1759887008 from SCMP
As the global order fragments, India’s foreign policy orientation has become a question of consequence far beyond South Asia. For three decades, “Look East” has been New Delhi’s mantra, positioning itself as an emerging player in the broader region. The strategy has included engaging the Association of Southeast Asian Nations, deepening India’s presence in Asia-Pacific institutions and eventually leaning into the “Indo-Pacific” frameworks shaped by the United States, Japan and Australia. It...
India’s tech sector fears impact of Trump’s US$100,000 H-1B on US market
1758633044 from SCMP
US President Donald Trump’s announcement of an up to fifty-fold increase in the cost of skilled worker permits under the H-1B visa programme has rattled India’s tech industry, which has provided highly qualified manpower and services to American enterprises for decades. On Friday, Washington announced that the H-1B fee would be raised to US$100,000, from a range of US$2,000 to US$5,000 previously, based on the manpower strength of the company applying for the visa. The H-1B is a three-year...
Chinese tech workers miss mainland wedding, rethink plans amid H-1B fee chaos
1758631288 from SCMP
Chinese technology workers in the United States saw their travel plans disrupted and reassessed their future in the world’s biggest economy, after US President Donald Trump signed a proclamation requiring companies to pay US$100,000 per year for new H-1B applications. The policy change, which initially appeared vague on who was responsible for paying the fee, prompted H-1B visa holders Selena Tang and her husband to skip their planned Chinese wedding on Tuesday in Wuxi, in eastern Jiangsu...
Many stranded at Hong Kong airport after last flight departs at 6pm on Tuesday
1758627048 from SCMP
Some air travellers took their last chance to fly out of Hong Kong at 6pm on Tuesday before most airlines suspended flights due to the approaching Super Typhoon Ragasa, while others remain stuck at the airport and plan to stay overnight. A total of 382 flights have been cancelled and 43 delayed as of 10.30am on Tuesday at Hong Kong International Airport, according to the Airport Authority. A check on the airport website by the Post found that no flights were scheduled between 6pm and midnight....
Super Typhoon Ragasa to delay the close of Zijin Gold’s IPO
1758625279 from SCMP
Super Typhoon Ragasa is expected to force Zijin Gold International, which launched Hong Kong’s second-biggest initial public offering (IPO) this year, to delay the book close offering for its retail investors from tomorrow, according to its listing prospectus. The Hong Kong Observatory on Tuesday afternoon issued the No 8 warning signal, as the typhoon is expected to bring hurricane-force winds with speeds of up to 230km/h (143mph) and thunderstorms. The weather forecaster said it would assess...
China has policy window for more private sector support, official says
1758625216 from SCMP
China’s top economic planner acknowledged on Tuesday there is still room to improve the country’s business environment, a sign Beijing may roll out stronger support for the private sector even after this year’s passage of a law ensuring equal legal treatment and other protections for non-state firms. “Despite notable progress in recent years, gaps remain in meeting the demands of the private sector and private enterprises’ expectations,” wrote Wu Xiaoyan, director general of the National...
Alibaba challenges OpenAI and Google with new multimodal AI model
1758623408 from SCMP
Alibaba Group Holding on Tuesday unveiled a suite of new artificial intelligence models, including a multimodal system rivalling OpenAI’s GPT-4o and Google’s popular “Nano Banana” image editor, intensifying both domestic and international competition in the field. Chief among the new releases was Qwen3-Omni, a flagship multimodal model akin to OpenAI’s GPT-4o launched in May 2024. The Alibaba model is designed to process a combination of text, audio, image and video inputs and respond with text...
Xi Jinping is first Chinese president to attend Xinjiang anniversary celebration
1758623371 from SCMP
China’s President Xi Jinping has arrived in Urumqi to attend the 70th anniversary of the Xinjiang Uygur autonomous region, according to state media reports, making him the first national leader to attend such a landmark celebration. Xi arrived in the regional capital on Tuesday afternoon, along with two members of the Politburo Standing Committee, the top Communist Party body, state news agency Xinhua reported. Accompanying him are Wang Huning, China’s fourth-ranking official and chairman of the...
Li Ka-shing-controlled CK Hutchison’s bond sale gets high rating from Fitch, S&P
1758623117 from SCMP
Hong Kong-listed conglomerate CK Hutchison Holdings, which is in the midst of a controversial ports divestment, secured an upper medium-grade rating for its planned bond issuance on Tuesday. Fitch Ratings assigned the Li Ka-shing-controlled group’s notes an A- and flagged them as a potential catalyst for a rating upgrade, while S&P Global Ratings gave them an A. The size and pricing of the notes, to be issued through a special-purpose vehicle and guaranteed by the company, have yet to be set....
Drones disrupt Copenhagen Airport in Denmark’s worst infrastructure attack
1758622003 from SCMP
Large drones that flew over Copenhagen Airport for hours and caused it to shut down were the “most serious attack on Danish critical infrastructure” to date, Prime Minister Mette Frederiksen said on Tuesday. Airports in Copenhagen and Oslo reopened early on Tuesday, hours after unidentified drones in their airspace caused dozens of flights to be diverted or cancelled, disrupting thousands of passengers. “This is part of the development we have recently observed with other drone attacks, airspace...
‘Final straw’: Chinese workers in US explore fleeing to Europe after H-1B chaos
1758621613 from SCMP
When Alan, a Chinese national working at a chip company in the San Francisco Bay Area, saw that US President Donald Trump was proposing a US$100,000 payment for H-1B working visas on Friday, he immediately reached out to his friend in Paris. “I cannot take it any more,” Alan, who gave only his English name due to the sensitivity of the topic, wrote in an instant message. “I want to ask you about the work environment in Europe and if their immigration policies are friendly.” Even though the White...