Gulf financiers bet on 35% returns from Chinese assets on stimulus expectations
By Salina Li
Gulf financiers expect investments in China to return up to 35 per cent next year based on bets that Beijing will implement additional stimulus measures, according to speakers at a summit in the United Arab Emirates (UAE).
“Our portfolio companies are growing, and we’re pushing our way into Asia, and we are very encouraged by the growth prospects in Asia,” Karim El Solh, co-founder and CEO of Gulf Capital, said on Tuesday during a panel discussion at the China-UAE summit taking place during Abu Dhabi Finance Week (ADFW).
Gulf Capital, the largest private-equity firm in the region, invests across several asset classes including private equity, growth capital and real estate.
“I tell my global investors, if you want growth, you have to be in this corridor from the near to the Far East,” he said. “We’re creating this new silk road. So we’re very encouraged by the growth prospects in China and broader Asia.”
China’s capital market will grow by 35 per cent next year if aggressive economic stimulus measures come through, but only by single digits without those measures, El Solh said.
Other panellists shared his view, including Ethan Chan, chairman of Arte Capital Group, a multi-strategy asset manager headquartered in Hong Kong.
“[There are] a lot of opportunities in China, with the tumble after three years from 2021, the valuations have become very attractive, and also with the recent supportive measures by the central government,” he said “We take a very bullish view and see the market has stabilised and has very good potential upside.”
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By Salina Li
Gulf financiers expect investments in China to return up to 35 per cent next year based on bets that Beijing will implement additional stimulus measures, according to speakers at a summit in the United Arab Emirates (UAE).
“Our portfolio companies are growing, and we’re pushing our way into Asia, and we are very encouraged by the growth prospects in Asia,” Karim El Solh, co-founder and CEO of Gulf Capital, said on Tuesday during a panel discussion at the China-UAE summit taking place during Abu Dhabi Finance Week (ADFW).
Gulf Capital, the largest private-equity firm in the region, invests across several asset classes including private equity, growth capital and real estate.
“I tell my global investors, if you want growth, you have to be in this corridor from the near to the Far East,” he said. “We’re creating this new silk road. So we’re very encouraged by the growth prospects in China and broader Asia.”
China’s capital market will grow by 35 per cent next year if aggressive economic stimulus measures come through, but only by single digits without those measures, El Solh said.
Other panellists shared his view, including Ethan Chan, chairman of Arte Capital Group, a multi-strategy asset manager headquartered in Hong Kong.
“[There are] a lot of opportunities in China, with the tumble after three years from 2021, the valuations have become very attractive, and also with the recent supportive measures by the central government,” he said “We take a very bullish view and see the market has stabilised and has very good potential upside.”
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Hong Kong’s high-speed rail brought in HK$2.5 billion in revenue last year: minister
By Oscar Liu
The local segment of the Guangzhou-Shenzhen-Hong Kong high-speed rail generated HK$2.5 billion (US$321.5 million) in revenue last year for the MTR Corporation, the transport minister has said.
In a written reply to a lawmaker on Wednesday, Secretary for Transport and Logistics Mable Chan also revealed the number of patrons for the local segment in the first eight months of 2024, about 21 million, had surpassed the total for all of last year.
The minister noted the average passenger volume for those commuting to and from West Kowloon terminus on a daily basis was about 72,000 as of October this year, with 80.5 per cent of those trips involving short-distance destinations.
The figures from the minister showed the number of daily commuters reached their highest recorded level this year on February 12, hitting about 120,000.
“The average daily patronage in the first 10 months of 2024 has reached nearly 90 per cent of the forecast in 2018,” Chan said in her reply to legislator Gary Zhang Xinyu.
She added that short-haul service patronage over the same period had reached 87 per cent of 2018 levels, while use of long-haul services stood at 95 per cent.
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By Oscar Liu
The local segment of the Guangzhou-Shenzhen-Hong Kong high-speed rail generated HK$2.5 billion (US$321.5 million) in revenue last year for the MTR Corporation, the transport minister has said.
In a written reply to a lawmaker on Wednesday, Secretary for Transport and Logistics Mable Chan also revealed the number of patrons for the local segment in the first eight months of 2024, about 21 million, had surpassed the total for all of last year.
The minister noted the average passenger volume for those commuting to and from West Kowloon terminus on a daily basis was about 72,000 as of October this year, with 80.5 per cent of those trips involving short-distance destinations.
The figures from the minister showed the number of daily commuters reached their highest recorded level this year on February 12, hitting about 120,000.
“The average daily patronage in the first 10 months of 2024 has reached nearly 90 per cent of the forecast in 2018,” Chan said in her reply to legislator Gary Zhang Xinyu.
She added that short-haul service patronage over the same period had reached 87 per cent of 2018 levels, while use of long-haul services stood at 95 per cent.
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By Enoch Wong
Explosions were heard in the southern Chinese city of Shenzhen after a fire broke out in a high-end residential compound, local media reported.
The fire started at Shenzhen Bay Yuefu Phase II, one of the city’s most exclusive addresses, in the Nanshan district at around 3pm.
Emergency services, including police, firefighters, and medical personnel, quickly arrived on the site.
Details of casualties and the cause of the blaze are yet to be confirmed.
The city’s fire department said it had sent 16 fire engines and 80 firefighters to the scene.Explosions were heard in the southern Chinese city of Shenzen after a fire broke out in a high-end residential compound in Shenzhen. Photo: Weibo
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Defence of Guam: US conducts first ballistic missile intercept amid contest with China
By Seong Hyeon Choi
Washington has conducted the first-ever test of a ballistic missile interception from Guam, which US military officials described as a “critical milestone” to “defend against evolving adversary threats” amid the growing missile competition with China in the Indo-Pacific region.
The Missile Defence Agency (MDA), a subsidiary of the US defence department responsible for developing a comprehensive missile defence, said it had “successfully conducted” the first live intercept of a ballistic missile target on Monday.
During the experiment, dubbed Flight Experiment Mission-02 (FEM-02), the Aegis Guam system fired a Standard Missile-3 Block IIA to intercept an air-launched medium-range ballistic missile target off the coast of Andersen Air Force Base in Guam.
The system uses the new AN/TPY-6 radar and vertical launching system. The target was tracked shortly after launch to intercept it in the first end-to-end tracking use of the radar during a live ballistic missile flight test.
The Missile Defence Agency said the test marked a “pivotal step” in the defence of Guam and provided “critical support to the overall concept, requirements validation, data-gathering and model maturation” for the future Guam defence system (GDS).
The Pentagon has been outlining the long-term initiative to defend Guam and to develop and operate its defence system to provide a persistent layered integrated air and missile defence capability.
“Today’s flight test is a critical milestone in the defence of Guam and the region,” said Commander of the Joint Task Force-Micronesia Rear Admiral Greg Huffman.
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By Seong Hyeon Choi
Washington has conducted the first-ever test of a ballistic missile interception from Guam, which US military officials described as a “critical milestone” to “defend against evolving adversary threats” amid the growing missile competition with China in the Indo-Pacific region.
The Missile Defence Agency (MDA), a subsidiary of the US defence department responsible for developing a comprehensive missile defence, said it had “successfully conducted” the first live intercept of a ballistic missile target on Monday.
During the experiment, dubbed Flight Experiment Mission-02 (FEM-02), the Aegis Guam system fired a Standard Missile-3 Block IIA to intercept an air-launched medium-range ballistic missile target off the coast of Andersen Air Force Base in Guam.
The system uses the new AN/TPY-6 radar and vertical launching system. The target was tracked shortly after launch to intercept it in the first end-to-end tracking use of the radar during a live ballistic missile flight test.
The Missile Defence Agency said the test marked a “pivotal step” in the defence of Guam and provided “critical support to the overall concept, requirements validation, data-gathering and model maturation” for the future Guam defence system (GDS).
The Pentagon has been outlining the long-term initiative to defend Guam and to develop and operate its defence system to provide a persistent layered integrated air and missile defence capability.
“Today’s flight test is a critical milestone in the defence of Guam and the region,” said Commander of the Joint Task Force-Micronesia Rear Admiral Greg Huffman.
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550,000 tourists drawn to Hong Kong mega-events, spending HK$2.4 billion
By Wynna Wong
Mega-events held in Hong Kong in the first half of the year attracted around 550,000 tourists who collectively spent HK$2.4 billion (US$307.7 million), the government has said.
Rosanna Law Shuk-pui, the new secretary for culture, sports and tourism, said on Wednesday that 110 mega-events in the first six months of 2024 drew an estimated 550,000 tourists to “participate”.
“They brought around HK$2.4 billion of spending and a value add of about HK$1.4 billion,” she said in a written response to lawmakers’ questions.
Conventions and exhibitions accounted for the most events with 38, followed by cultural, arts and creative ones with 31, and 15 related to finance, economy, innovation and technology. Fourteen were sports events.
Law said mega-events bore strategic significance to the city’s development.
“Not only [do they] bring business opportunities and economic benefits to different industries, including hotel, catering, retail, transport, but [they] also generate positive publicity for Hong Kong in the globe to showcase the city’s position as a liberal cosmopolitan with rich cultural heritage,” she said.
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By Wynna Wong
Mega-events held in Hong Kong in the first half of the year attracted around 550,000 tourists who collectively spent HK$2.4 billion (US$307.7 million), the government has said.
Rosanna Law Shuk-pui, the new secretary for culture, sports and tourism, said on Wednesday that 110 mega-events in the first six months of 2024 drew an estimated 550,000 tourists to “participate”.
“They brought around HK$2.4 billion of spending and a value add of about HK$1.4 billion,” she said in a written response to lawmakers’ questions.
Conventions and exhibitions accounted for the most events with 38, followed by cultural, arts and creative ones with 31, and 15 related to finance, economy, innovation and technology. Fourteen were sports events.
Law said mega-events bore strategic significance to the city’s development.
“Not only [do they] bring business opportunities and economic benefits to different industries, including hotel, catering, retail, transport, but [they] also generate positive publicity for Hong Kong in the globe to showcase the city’s position as a liberal cosmopolitan with rich cultural heritage,” she said.
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Chinese man arrested for posing as delivery rider 43 times in a day with baby to gain sympathy
By Fran Lu
An influencer in China with over 400,000 followers was arrested by police after he fabricated a story about delivering food with his toddler daughter to portray himself as a single father.
The man, who operated under the handle @qianyibaobei on Douyin, claimed to be a single father to a toddler named Qianyi, whom he brought along while working as a delivery rider because her mother had abandoned them.
In large font across all his videos, he writes, “She does not have a mother.”
In one particularly sympathetic video, the man, dressed in the yellow uniform of food delivery app Meituan, states that he delivered 43 orders alongside Qianyi and earned 300 yuan (US$40) in a single day, so he could buy her nice food.
He also urged his audience to like his videos, revealing that he had accidentally injured his daughter’s face while working.
He amassed over 400,000 followers combined on Douyin and Kuaishou, producing more than 100 similar videos, and profited from live-streaming sales, all under the guise of supporting his daughter’s livelihood.
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By Fran Lu
An influencer in China with over 400,000 followers was arrested by police after he fabricated a story about delivering food with his toddler daughter to portray himself as a single father.
The man, who operated under the handle @qianyibaobei on Douyin, claimed to be a single father to a toddler named Qianyi, whom he brought along while working as a delivery rider because her mother had abandoned them.
In large font across all his videos, he writes, “She does not have a mother.”
In one particularly sympathetic video, the man, dressed in the yellow uniform of food delivery app Meituan, states that he delivered 43 orders alongside Qianyi and earned 300 yuan (US$40) in a single day, so he could buy her nice food.
He also urged his audience to like his videos, revealing that he had accidentally injured his daughter’s face while working.
He amassed over 400,000 followers combined on Douyin and Kuaishou, producing more than 100 similar videos, and profited from live-streaming sales, all under the guise of supporting his daughter’s livelihood.
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Hong Kong police look into claims Han Academy owes parents HK$5.8 million
By William Yiu
Hong Kong police and education authorities are looking into claims that a school has failed to refund at least HK$5.8 million (US$745,970) worth of debentures to parents who withdrew their children from the institution.
A lawmaker helping the parents also said on Wednesday that Han Academy was HK$100 million in debt.
Education minister Christine Choi Yuk-lin said her bureau had already asked the Aberdeen-based private school to stop charging parents a capital levy, at a cost of HK$600,000 per student, after authorities became aware of its financial difficulties.
A police spokeswoman said its Western division had received reports from 11 parents between November 15 and 18 over claims they had been defrauded as they had not received refunds for their debentures.
“It involves around HK$5.8 million, but they could not get the refund after their children withdrew from the school,” she said.
She added no arrests had been made and the case was classified as “request for police investigation”. The Western district crime squad will follow up.
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By William Yiu
Hong Kong police and education authorities are looking into claims that a school has failed to refund at least HK$5.8 million (US$745,970) worth of debentures to parents who withdrew their children from the institution.
A lawmaker helping the parents also said on Wednesday that Han Academy was HK$100 million in debt.
Education minister Christine Choi Yuk-lin said her bureau had already asked the Aberdeen-based private school to stop charging parents a capital levy, at a cost of HK$600,000 per student, after authorities became aware of its financial difficulties.
A police spokeswoman said its Western division had received reports from 11 parents between November 15 and 18 over claims they had been defrauded as they had not received refunds for their debentures.
“It involves around HK$5.8 million, but they could not get the refund after their children withdrew from the school,” she said.
She added no arrests had been made and the case was classified as “request for police investigation”. The Western district crime squad will follow up.
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British dancer Akram Khan honoured by Hong Kong Academy for Performing Arts
By Ashlyn Chak
British-Bangladeshi dancer and choreographer Akram Khan was awarded an honorary fellowship by the Hong Kong Academy for Performing Arts (HKAPA) on December 5, in recognition of his long years of collaboration within the city’s dance community.
Through his enduring partnership with Hong Kong’s Leisure and Cultural Services Department, he “showcased multiple outstanding productions in this city” and left “a lasting impact within the local community”, said Anna Chan Chung-ying, dean of the HKAPA’s School of Dance, at the ceremony to confer the fellowship.
She added that Khan had been “instrumental in nurturing the next generation of dancers” by offering internships to HKAPA students and thanked him for being a role model and respected figure for aspiring artists.
London-based Khan, who attended the ceremony in person, said that he has had close ties with Hong Kong throughout his career and has visited every few years through his work.
“I’m interested in stories that originate from Asia. [The] value system and way of looking at stories are very similar to my upbringing,” he said.
“There are predominantly a lot of gods and demons in Asian mythologies, whether it’s Indian or Chinese, so it never felt foreign to me. I felt very [close] to anything that was dragon-related or mythological, [anything] to do with gods and goddesses and demons.”
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By Ashlyn Chak
British-Bangladeshi dancer and choreographer Akram Khan was awarded an honorary fellowship by the Hong Kong Academy for Performing Arts (HKAPA) on December 5, in recognition of his long years of collaboration within the city’s dance community.
Through his enduring partnership with Hong Kong’s Leisure and Cultural Services Department, he “showcased multiple outstanding productions in this city” and left “a lasting impact within the local community”, said Anna Chan Chung-ying, dean of the HKAPA’s School of Dance, at the ceremony to confer the fellowship.
She added that Khan had been “instrumental in nurturing the next generation of dancers” by offering internships to HKAPA students and thanked him for being a role model and respected figure for aspiring artists.
London-based Khan, who attended the ceremony in person, said that he has had close ties with Hong Kong throughout his career and has visited every few years through his work.
“I’m interested in stories that originate from Asia. [The] value system and way of looking at stories are very similar to my upbringing,” he said.
“There are predominantly a lot of gods and demons in Asian mythologies, whether it’s Indian or Chinese, so it never felt foreign to me. I felt very [close] to anything that was dragon-related or mythological, [anything] to do with gods and goddesses and demons.”
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TikTok Shop opens in Spain, Ireland in e-commerce expansion ahead of potential US ban
By Coco Feng
TikTok has announced the launch of its in-app e-commerce feature in Ireland and Spain, bringing TikTok Shop to its first market in continental Europe, an expansion that comes just ahead of a potential ban in the US.
TikTok announced on Tuesday the roll-out in Spain, where its 20 million monthly active users (MAUs) can shop while watching short videos or live-streaming sessions without leaving the app, according to a statement on its website.
In a separate statement on the same day, the company said its 2.2 million MAUs in Ireland will get access to TikTok Shop “this week”. The roll-out is the result of a partnership with Guaranteed Irish, a local organisation representing foreign businesses in the country.
The company said merchants on the platform are registered locally in each market.
The company did not immediately respond on Wednesday to emailed questions about whether merchants from other countries, especially China, would be allowed to sell to Spanish or Irish buyers. The cross-border model is widely used in other markets, including the US, UK and six Southeast Asian countries.
TikTok has been preparing for the launch for months, inviting merchants as early as August to join for the anticipated Spain launch, the South China Morning Post previously reported.
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By Coco Feng
TikTok has announced the launch of its in-app e-commerce feature in Ireland and Spain, bringing TikTok Shop to its first market in continental Europe, an expansion that comes just ahead of a potential ban in the US.
TikTok announced on Tuesday the roll-out in Spain, where its 20 million monthly active users (MAUs) can shop while watching short videos or live-streaming sessions without leaving the app, according to a statement on its website.
In a separate statement on the same day, the company said its 2.2 million MAUs in Ireland will get access to TikTok Shop “this week”. The roll-out is the result of a partnership with Guaranteed Irish, a local organisation representing foreign businesses in the country.
The company said merchants on the platform are registered locally in each market.
The company did not immediately respond on Wednesday to emailed questions about whether merchants from other countries, especially China, would be allowed to sell to Spanish or Irish buyers. The cross-border model is widely used in other markets, including the US, UK and six Southeast Asian countries.
TikTok has been preparing for the launch for months, inviting merchants as early as August to join for the anticipated Spain launch, the South China Morning Post previously reported.
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China’s Wang Yi calls for progress with Vietnam on South China Sea cooperation
By Zhao Ziwen
China and Vietnam should properly manage their differences and make new progress in maritime cooperation, Chinese Foreign Minister Wang Yi told his Vietnamese counterpart Bui Thanh Son in Beijing on Tuesday.
Son arrived in China on Sunday for a four-day visit, against the backdrop of the long-standing South China Sea disputes between the two socialist neighbours, as well as looming uncertainties ahead of US president-elect Donald Trump’s second term.
Wang also said that Beijing and Hanoi should strengthen economic cooperation and establish a “stable and smooth cross-border industrial and supply chain”, according to a report on the meeting in party newspaper People’s Daily.
“We should promote mutual benefit and a win-win situation, build a stable and smooth cross-border industrial chain and supply chain, and strengthen cooperation in emerging areas,” he said.
Son’s visit saw the establishment of a “3+3” strategic dialogue mechanism on diplomacy, defence and public security, which met for the first time on Monday, according to the newspaper.
Also on Monday, the Vietnamese foreign minister visited Beijing’s cutting-edge hi-tech hub Zhongguancun, according to Vietnam Government News.
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By Zhao Ziwen
China and Vietnam should properly manage their differences and make new progress in maritime cooperation, Chinese Foreign Minister Wang Yi told his Vietnamese counterpart Bui Thanh Son in Beijing on Tuesday.
Son arrived in China on Sunday for a four-day visit, against the backdrop of the long-standing South China Sea disputes between the two socialist neighbours, as well as looming uncertainties ahead of US president-elect Donald Trump’s second term.
Wang also said that Beijing and Hanoi should strengthen economic cooperation and establish a “stable and smooth cross-border industrial and supply chain”, according to a report on the meeting in party newspaper People’s Daily.
“We should promote mutual benefit and a win-win situation, build a stable and smooth cross-border industrial chain and supply chain, and strengthen cooperation in emerging areas,” he said.
Son’s visit saw the establishment of a “3+3” strategic dialogue mechanism on diplomacy, defence and public security, which met for the first time on Monday, according to the newspaper.
Also on Monday, the Vietnamese foreign minister visited Beijing’s cutting-edge hi-tech hub Zhongguancun, according to Vietnam Government News.
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Hong Kong zoo to reopen mammal section on Friday, 2 months after bacterial outbreak
By Lo Hoi-ying
Authorities will reopen the mammal section at a Hong Kong zoo to the public on Friday, two months after a bacterial outbreak linked to contaminated soil from a nearby construction site killed 12 monkeys.
Part of the Hong Kong Zoological and Botanical Gardens, including the site’s monkey enclosure, was closed off on October 14 after several of its animals were found dead, prompting authorities to launch an investigation.
The Leisure and Cultural Services Department said on Wednesday that the government would implement “rigorous environmental hygiene management measures” as part of the reopening to ensure the safety of both animals and visitors.
“Multiple preventive and control measures have immediately been implemented, including thoroughly disinfecting and cleansing animal cages, arranging for staff who take care of the animals to put on protective gear and reminding them to closely monitor their own health conditions,” a spokesman said.
“Bacterial tests for staff have shown negative results, while samples collected from surrounding soil and water have also tested negative.”
The department also reminded visitors not to touch, feed or throw anything at the animals, adding that the park had handwashing facilities.
Officials earlier said that digging during pipe-repair work in early October in a nearby flower bed area could have caused contaminated soil to be exposed to the environment, resulting in a bacterial outbreak.
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By Lo Hoi-ying
Authorities will reopen the mammal section at a Hong Kong zoo to the public on Friday, two months after a bacterial outbreak linked to contaminated soil from a nearby construction site killed 12 monkeys.
Part of the Hong Kong Zoological and Botanical Gardens, including the site’s monkey enclosure, was closed off on October 14 after several of its animals were found dead, prompting authorities to launch an investigation.
The Leisure and Cultural Services Department said on Wednesday that the government would implement “rigorous environmental hygiene management measures” as part of the reopening to ensure the safety of both animals and visitors.
“Multiple preventive and control measures have immediately been implemented, including thoroughly disinfecting and cleansing animal cages, arranging for staff who take care of the animals to put on protective gear and reminding them to closely monitor their own health conditions,” a spokesman said.
“Bacterial tests for staff have shown negative results, while samples collected from surrounding soil and water have also tested negative.”
The department also reminded visitors not to touch, feed or throw anything at the animals, adding that the park had handwashing facilities.
Officials earlier said that digging during pipe-repair work in early October in a nearby flower bed area could have caused contaminated soil to be exposed to the environment, resulting in a bacterial outbreak.
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China ramps up economy-boosting rhetoric ahead of critical conference
By Frank Chen
China’s top leadership has made “critical choices at a critical juncture” for the economy, a Xinhua commentary proclaimed on Wednesday as economic officials guiding the world’s second-largest economy were readying for their annual conclave to flesh out policies for 2025.
“The economy had fluctuations this year, particularly in the second and third quarters, but critical choices made by the top leadership headed by [President] Xi Jinping have got growth back on track,” said the 7,109-word article, which also ran on the front page of Communist Party mouthpiece People’s Daily.
“China is at a critical stage of transformation and upgrading for high-quality development, national rejuvenation and modernisation, but challenges are also mounting,” the article said, stressing that the policy choices, therefore, carry considerable weight at such a consequential time.
Analysts said the commentary aimed at ramping up emphasis on the nation’s economy and major decisions made by the top leadership recently, with more decisions expected at the central economic work conference. But they added that Beijing will continue to make hard choices and decisions next year as challenges are far from over.
“Beijing has the conviction that its slew of critical choices since September are paying off for the economy, but next year it will have to make more hard decisions and take concrete action,” said Li Xuenan, a finance professor with the Cheung Kong Graduate School of Business.
“The commentary is a detailed account of troubles, and of how the top leadership is viewing and tackling them. Initial results are encouraging, but the critical juncture facing the economy is far from over, with Donald Trump’s new trade war looming and stubbornly weak consumption at home.”
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By Frank Chen
China’s top leadership has made “critical choices at a critical juncture” for the economy, a Xinhua commentary proclaimed on Wednesday as economic officials guiding the world’s second-largest economy were readying for their annual conclave to flesh out policies for 2025.
“The economy had fluctuations this year, particularly in the second and third quarters, but critical choices made by the top leadership headed by [President] Xi Jinping have got growth back on track,” said the 7,109-word article, which also ran on the front page of Communist Party mouthpiece People’s Daily.
“China is at a critical stage of transformation and upgrading for high-quality development, national rejuvenation and modernisation, but challenges are also mounting,” the article said, stressing that the policy choices, therefore, carry considerable weight at such a consequential time.
Analysts said the commentary aimed at ramping up emphasis on the nation’s economy and major decisions made by the top leadership recently, with more decisions expected at the central economic work conference. But they added that Beijing will continue to make hard choices and decisions next year as challenges are far from over.
“Beijing has the conviction that its slew of critical choices since September are paying off for the economy, but next year it will have to make more hard decisions and take concrete action,” said Li Xuenan, a finance professor with the Cheung Kong Graduate School of Business.
“The commentary is a detailed account of troubles, and of how the top leadership is viewing and tackling them. Initial results are encouraging, but the critical juncture facing the economy is far from over, with Donald Trump’s new trade war looming and stubbornly weak consumption at home.”
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Why China is taking on more responsibility in Central Asia
By Nigel Li
Chinese Foreign Minister Wang Yi met his Central Asian counterparts in Chengdu, Sichuan province, earlier this month as part of the fifth China-Central Asia Foreign Ministers’ Meeting. The outcomes of the event underscore Beijing’s growing presence in Central Asia.
Following their independence in 1991, the Central Asian states of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan grappled with challenges ranging from domestic strife and cross-border tensions – such as those between Kyrgyzstan and Tajikistan – to the threats posed by Islamic extremism. While the region seems to be trending towards stability, the underlying causes of instability persist.
The war in Ukraine, now nearing its third year, has shifted some of Moscow’s attention away from Central Asia. The symbiotic relationship China and Russia each have with Central Asia has been characterised as Moscow holding the gun while Beijing holds the wallet. However, this dynamic has evolved, with Beijing inheriting the responsibilities of financial investor and security guarantor.
Beijing views strengthened economic and trade ties with Central Asia as a strategic pathway to guaranteed stability. By fostering regional integration and deepening cooperation, China aims to create an environment of shared prosperity that supports broader security objectives.
China’s trade with Central Asia surpassed US$70 billion in 2022 and reached US$90 billion in 2023. It has replaced Russia as the region’s top trade partner. Kazakhstan is China’s primary partner in the region, with the volume of imports and exports hitting US$41 billion last year.
The region is also a major recipient of Belt and Road Initiative investments. As of 2023, the cumulative turnover of completed projects in the region was nearly US$64 billion. Central Asia plays an important geographic role as a transit hub for China.
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By Nigel Li
Chinese Foreign Minister Wang Yi met his Central Asian counterparts in Chengdu, Sichuan province, earlier this month as part of the fifth China-Central Asia Foreign Ministers’ Meeting. The outcomes of the event underscore Beijing’s growing presence in Central Asia.
Following their independence in 1991, the Central Asian states of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan grappled with challenges ranging from domestic strife and cross-border tensions – such as those between Kyrgyzstan and Tajikistan – to the threats posed by Islamic extremism. While the region seems to be trending towards stability, the underlying causes of instability persist.
The war in Ukraine, now nearing its third year, has shifted some of Moscow’s attention away from Central Asia. The symbiotic relationship China and Russia each have with Central Asia has been characterised as Moscow holding the gun while Beijing holds the wallet. However, this dynamic has evolved, with Beijing inheriting the responsibilities of financial investor and security guarantor.
Beijing views strengthened economic and trade ties with Central Asia as a strategic pathway to guaranteed stability. By fostering regional integration and deepening cooperation, China aims to create an environment of shared prosperity that supports broader security objectives.
China’s trade with Central Asia surpassed US$70 billion in 2022 and reached US$90 billion in 2023. It has replaced Russia as the region’s top trade partner. Kazakhstan is China’s primary partner in the region, with the volume of imports and exports hitting US$41 billion last year.
The region is also a major recipient of Belt and Road Initiative investments. As of 2023, the cumulative turnover of completed projects in the region was nearly US$64 billion. Central Asia plays an important geographic role as a transit hub for China.
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Jimmy Lai denies instigating US move to revoke Hong Kong’s special economic status
By Brian Wong
Former media boss Jimmy Lai Chee-ying has denied instigating a US government move to revoke Hong Kong’s special economic status in 2020, but said Washington was “right” to do so as a way to compel Beijing to “come to terms” with America’s demands.
Lai said on Wednesday he did not initially think it necessary for the US to rescind Hong Kong’s trade privileges as he felt the city would be “finished anyway” after Beijing’s imposition of the national security law.
But he later changed his mind and said he believed that punishing Hong Kong – China’s window to the outside world – would be beneficial to Washington.
Lai returned to the witness box for a 15th day in his high-profile trial at West Kowloon Court, as he explained his thoughts on foreign governments’ responses to what he saw as Beijing’s encroachment on Hongkongers’ fundamental freedoms after the 2019 anti-government protests.
The founder of the now-defunct Apple Daily tabloid has denied two conspiracy charges of collusion with foreign forces and a third count of conspiracy to print and distribute seditious publications.
The court heard Mary Kissel, who was an assistant to former US secretary of state Mike Pompeo, approached Lai through his right-hand man Mark Simon after noting the former media boss’ remarks on US-Hong Kong relations.
Simon, who formerly worked for US naval intelligence, told Lai via messaging app Signal that the Trump administration was “a bit confused” by the tabloid founder’s earlier comments that Washington should maintain economic ties with Hong Kong despite the national security law.
via SCMP Full Text Feed
By Brian Wong
Former media boss Jimmy Lai Chee-ying has denied instigating a US government move to revoke Hong Kong’s special economic status in 2020, but said Washington was “right” to do so as a way to compel Beijing to “come to terms” with America’s demands.
Lai said on Wednesday he did not initially think it necessary for the US to rescind Hong Kong’s trade privileges as he felt the city would be “finished anyway” after Beijing’s imposition of the national security law.
But he later changed his mind and said he believed that punishing Hong Kong – China’s window to the outside world – would be beneficial to Washington.
Lai returned to the witness box for a 15th day in his high-profile trial at West Kowloon Court, as he explained his thoughts on foreign governments’ responses to what he saw as Beijing’s encroachment on Hongkongers’ fundamental freedoms after the 2019 anti-government protests.
The founder of the now-defunct Apple Daily tabloid has denied two conspiracy charges of collusion with foreign forces and a third count of conspiracy to print and distribute seditious publications.
The court heard Mary Kissel, who was an assistant to former US secretary of state Mike Pompeo, approached Lai through his right-hand man Mark Simon after noting the former media boss’ remarks on US-Hong Kong relations.
Simon, who formerly worked for US naval intelligence, told Lai via messaging app Signal that the Trump administration was “a bit confused” by the tabloid founder’s earlier comments that Washington should maintain economic ties with Hong Kong despite the national security law.
via SCMP Full Text Feed
