Ex-Hong Kong politician, 6 others convicted over clash at MTR station in 2019
By Fiona Chow
A former Hong Kong opposition lawmaker and six other men have been convicted of rioting at a railway station amid the 2019 protests, with the judge criticising the former for taking part in unlawful activities to gain political fame.
District Judge Stanley Chan Kwong-chi said former lawmaker and district councillor Lam Cheuk-ting, 47, had taken part in an unlawful assembly at Yuen Long MTR station on the evening of July 21, 2019.
The incident quickly escalated when Lam and other participants provoked another group of white-clad rioters at the scene, Chan said.
Video evidence shows the former lawmaker and dozens of other residents taking part in the clash with about 100 white-clad men holding rattan and wooden sticks, who stood outside the turnstile gates on the upper floor of the station platform.
Lam said his only intention that night had been to manage the conflict and protect the public in his capacity as a legislator, heading to the station after he was notified of the violence happening in the area.
He earlier took to the witness box and said he had asked his assistant to live stream the incident to help collect evidence against the men in white, saying he suspected they were triad members.
But Chan dismissed the lawmaker’s defence and said Lam had done the opposite of what he claimed, acting as an instigator rather than a mediator.
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By Fiona Chow
A former Hong Kong opposition lawmaker and six other men have been convicted of rioting at a railway station amid the 2019 protests, with the judge criticising the former for taking part in unlawful activities to gain political fame.
District Judge Stanley Chan Kwong-chi said former lawmaker and district councillor Lam Cheuk-ting, 47, had taken part in an unlawful assembly at Yuen Long MTR station on the evening of July 21, 2019.
The incident quickly escalated when Lam and other participants provoked another group of white-clad rioters at the scene, Chan said.
Video evidence shows the former lawmaker and dozens of other residents taking part in the clash with about 100 white-clad men holding rattan and wooden sticks, who stood outside the turnstile gates on the upper floor of the station platform.
Lam said his only intention that night had been to manage the conflict and protect the public in his capacity as a legislator, heading to the station after he was notified of the violence happening in the area.
He earlier took to the witness box and said he had asked his assistant to live stream the incident to help collect evidence against the men in white, saying he suspected they were triad members.
But Chan dismissed the lawmaker’s defence and said Lam had done the opposite of what he claimed, acting as an instigator rather than a mediator.
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Nobel Prize-winning research on institutions gains traction in China to aid private sector
By Frank Chen
Riding on recent discussions by Nobel Prize-winning economists on the importance of institutions to growth, some members of the Communist Party’s elite have renewed calls for more policy support for private entrepreneurs as China looks for ways to reinvigorate its sluggish economy.
Hu Deping, the eldest son of late liberal leader Hu Yaobang who was instrumental in China’s opening up, called for greater attention for the research conducted by Western scholars James Robinson, Daron Acemoglu and Simon Johnson.
The trio were awarded the Nobel Prize in economics in October for their elaboration on how institutions and inclusiveness are critical factors that separate rich and poor nations.
While their theory has been viewed by some with suspicion in China, Hu – a vocal voice of the so-called princeling faction that refers to descendants of the past state leaders – said it deserved closer reading and further discussion.
Other prominent Chinese intellectuals, including economist Xiang Songzuo and Renmin University professor Nie Huihua, have also called for a rethink about the role of institutions.
Hu, meanwhile, said the theory about “institutional economics” had caused a sensation in China and overseas, according to a transcript of a speech published in the December issue of China Private Business magazine.
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By Frank Chen
Riding on recent discussions by Nobel Prize-winning economists on the importance of institutions to growth, some members of the Communist Party’s elite have renewed calls for more policy support for private entrepreneurs as China looks for ways to reinvigorate its sluggish economy.
Hu Deping, the eldest son of late liberal leader Hu Yaobang who was instrumental in China’s opening up, called for greater attention for the research conducted by Western scholars James Robinson, Daron Acemoglu and Simon Johnson.
The trio were awarded the Nobel Prize in economics in October for their elaboration on how institutions and inclusiveness are critical factors that separate rich and poor nations.
While their theory has been viewed by some with suspicion in China, Hu – a vocal voice of the so-called princeling faction that refers to descendants of the past state leaders – said it deserved closer reading and further discussion.
Other prominent Chinese intellectuals, including economist Xiang Songzuo and Renmin University professor Nie Huihua, have also called for a rethink about the role of institutions.
Hu, meanwhile, said the theory about “institutional economics” had caused a sensation in China and overseas, according to a transcript of a speech published in the December issue of China Private Business magazine.
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China loosens purse strings to boost demand as economic conference ends
By Frank Chen
China’s leaders pledged on Thursday to open the country’s coffers wider to provide a much-needed jolt to domestic demand, according to a statement issued after the central economic work conference – a high-profile agenda-setting meeting held annually in Beijing.
This would be accomplished, they said, by raising the fiscal deficit ratio and increasing the issuance of treasury bonds in the coming year.
The world’s second-largest economy must complete the tasks set out for 2021 to 2025 in a “high-quality” way, state broadcaster CCTV reported, citing the document released following the closed-door conference’s conclusion.
“For the next year, China needs to keep steady economic growth, maintain the overall stability of job and price levels, as well as safeguard the basic balance of international payments,” the CCTV report said.
Authorities should cut interest rates and the reserve requirement ratio in a timely manner, it added.
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By Frank Chen
China’s leaders pledged on Thursday to open the country’s coffers wider to provide a much-needed jolt to domestic demand, according to a statement issued after the central economic work conference – a high-profile agenda-setting meeting held annually in Beijing.
This would be accomplished, they said, by raising the fiscal deficit ratio and increasing the issuance of treasury bonds in the coming year.
The world’s second-largest economy must complete the tasks set out for 2021 to 2025 in a “high-quality” way, state broadcaster CCTV reported, citing the document released following the closed-door conference’s conclusion.
“For the next year, China needs to keep steady economic growth, maintain the overall stability of job and price levels, as well as safeguard the basic balance of international payments,” the CCTV report said.
Authorities should cut interest rates and the reserve requirement ratio in a timely manner, it added.
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Hong Kong’s Jimmy Lai denies seeking new Cold War with praise for Pompeo
By Brian Wong
Former media boss Jimmy Lai Chee-ying has denied seeking a new Cold War through praises he offered on social media to a top US official who called for “a new alliance of democracies” to counter the perceived threat Beijing posed to Hong Kong and other parts of the world.
Lai on Thursday told his high-profile national security trial that he endorsed on social media a July 2020 speech by then US secretary of state Mike Pompeo calling on the “free world” to “triumph over this new tyranny” that was the Communist Party.
The founder of the now-defunct Apple Daily tabloid newspaper denied instigating anti-China responses from foreign governments, saying he was initially unaware that Pompeo had in the same address offered justifications for US sanctions on mainland Chinese officials and businesses.
Lai’s oral testimony at West Kowloon Court resumed for a 16th day, as he explained comments he made on Twitter, now known as X, after Beijing’s imposition of the national security law in June, 2020.
The court has recorded a not guilty plea from the 77-year-old on two conspiracy charges of collusion with foreign forces, as well as on a third count of conspiracy to print and distribute seditious publications.
Lai, in a text conversation with former Apple Daily publisher Yeung Wai-hong, appeared to take joy from the possibility that Pompeo’s speech, delivered on July 23, 2020, might reinvigorate conflicts between China and the United States amid an ongoing trade war.
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By Brian Wong
Former media boss Jimmy Lai Chee-ying has denied seeking a new Cold War through praises he offered on social media to a top US official who called for “a new alliance of democracies” to counter the perceived threat Beijing posed to Hong Kong and other parts of the world.
Lai on Thursday told his high-profile national security trial that he endorsed on social media a July 2020 speech by then US secretary of state Mike Pompeo calling on the “free world” to “triumph over this new tyranny” that was the Communist Party.
The founder of the now-defunct Apple Daily tabloid newspaper denied instigating anti-China responses from foreign governments, saying he was initially unaware that Pompeo had in the same address offered justifications for US sanctions on mainland Chinese officials and businesses.
Lai’s oral testimony at West Kowloon Court resumed for a 16th day, as he explained comments he made on Twitter, now known as X, after Beijing’s imposition of the national security law in June, 2020.
The court has recorded a not guilty plea from the 77-year-old on two conspiracy charges of collusion with foreign forces, as well as on a third count of conspiracy to print and distribute seditious publications.
Lai, in a text conversation with former Apple Daily publisher Yeung Wai-hong, appeared to take joy from the possibility that Pompeo’s speech, delivered on July 23, 2020, might reinvigorate conflicts between China and the United States amid an ongoing trade war.
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Hong Kong cinema chain MCL’s Diamond Hill branch likely to close on Friday
By Ambrose LiLo Hoi-ying
Hong Kong cinema chain MCL’s branch in Diamond Hill is likely to cease operations from Friday, becoming the seventh movie theatre in the city to close this year despite a spate of record-breaking blockbusters from the local film industry.
The website for the branch in Plaza Hollywood has no screenings after Thursday evening, with only three films – the Last Dance, An Abandoned Team, and Strange Darling – available that day.
Most screenings from 4pm onwards had sold fewer than 10 tickets.
The last screening at 7.15pm had only sold five tickets by 4pm. The cinema has six halls and a total capacity of nearly 1,600 seats.
A nearby cinema at Telford Gardens in Kowloon Bay, also under MCL, published its screenings up to Sunday and is showing nine films.
Staff members at the Diamond Hill branch told the Post they were unaware of the rumoured closure, but stopped short of refuting the claim.
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By Ambrose LiLo Hoi-ying
Hong Kong cinema chain MCL’s branch in Diamond Hill is likely to cease operations from Friday, becoming the seventh movie theatre in the city to close this year despite a spate of record-breaking blockbusters from the local film industry.
The website for the branch in Plaza Hollywood has no screenings after Thursday evening, with only three films – the Last Dance, An Abandoned Team, and Strange Darling – available that day.
Most screenings from 4pm onwards had sold fewer than 10 tickets.
The last screening at 7.15pm had only sold five tickets by 4pm. The cinema has six halls and a total capacity of nearly 1,600 seats.
A nearby cinema at Telford Gardens in Kowloon Bay, also under MCL, published its screenings up to Sunday and is showing nine films.
Staff members at the Diamond Hill branch told the Post they were unaware of the rumoured closure, but stopped short of refuting the claim.
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Student loses over HK$500,000 to Hong Kong scammers who told her to go to Thailand
By Jess Ma
A master’s candidate at a Hong Kong university has lost over HK$500,000 (US$64,300) to scammers posing as mainland Chinese officials, who took her money then told her to travel to Thailand, prompting police to contact Interpol to rescue the student - the first time authorities have dealt with a victim being pushed to go overseas.
The force on Thursday revealed details of the case as it reported that the number of university students scammed by fraudsters posing as government officials or law enforcement personnel had risen from an average of 24 between July to September to 91 in October.
There were 874 scam cases using such imposter tactics in the first 10 months of this year, with total losses reaching HK$1.42 billion – more than doubled the figure over the same period last year.
Of the cases, 283 involved university students, with 72 per cent coming from the mainland and the rest from the city.
“For students coming from the mainland, they might not be very familiar with Hong Kong upon their arrival,” Superintendent Theodora Lee Wai-see of the police’s Anti-Deception Coordination Centre said.
“Therefore, they might be particularly worried about losing their school spot or not being able to obtain maintenance fees from their parents.”
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By Jess Ma
A master’s candidate at a Hong Kong university has lost over HK$500,000 (US$64,300) to scammers posing as mainland Chinese officials, who took her money then told her to travel to Thailand, prompting police to contact Interpol to rescue the student - the first time authorities have dealt with a victim being pushed to go overseas.
The force on Thursday revealed details of the case as it reported that the number of university students scammed by fraudsters posing as government officials or law enforcement personnel had risen from an average of 24 between July to September to 91 in October.
There were 874 scam cases using such imposter tactics in the first 10 months of this year, with total losses reaching HK$1.42 billion – more than doubled the figure over the same period last year.
Of the cases, 283 involved university students, with 72 per cent coming from the mainland and the rest from the city.
“For students coming from the mainland, they might not be very familiar with Hong Kong upon their arrival,” Superintendent Theodora Lee Wai-see of the police’s Anti-Deception Coordination Centre said.
“Therefore, they might be particularly worried about losing their school spot or not being able to obtain maintenance fees from their parents.”
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Chinese fashion brand Urban Revivo opens in Bangkok, eyes New York, London
By Yuke Xie
Chinese fast-fashion retailer Urban Revivo, which outperforms Zara and H&M on its home turf, had the official launch of its largest overseas store on Thursday in Bangkok as it continues an international push that also includes coming stores in London and New York.
“We strive to become the world’s most influential fashion brand, whether in China, Southeast Asia, or markets across Europe and the Americas,” Leo Li Mingguang, chairman and CEO of parent company Fashion Momentum Group (FMG), said at a briefing in the Thai capital on Thursday.
Going global can not only capture the spending power of global consumers but also provide benefits like early feedback that can help the company make adjustments to its product line-up and marketing strategy, Li said. It signed contracts recently for its planned New York and London locations.
“Chinese companies often focus on achieving significant scale domestically before expanding overseas, which is a valid strategy,” Li said. “But if you look at brands in the US, many are global from day one.”
FMG is reportedly planning to raise more than US$100 million via an initial public offering in Hong Kong. FMG declined to provide details on the timeline of the listing.
Urban Revivo’s store in One Bangkok, at the heart of the city, spans close to 3,000 square metres. Nearby is the first overseas location of Benlai, FMG’s casual brand that emphasises sustainable materials and enhanced functionality. The Benlai store, unveiled simultaneously, spans 1,286 square metres.
Li likes the brands’ chances in the international arena.
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By Yuke Xie
Chinese fast-fashion retailer Urban Revivo, which outperforms Zara and H&M on its home turf, had the official launch of its largest overseas store on Thursday in Bangkok as it continues an international push that also includes coming stores in London and New York.
“We strive to become the world’s most influential fashion brand, whether in China, Southeast Asia, or markets across Europe and the Americas,” Leo Li Mingguang, chairman and CEO of parent company Fashion Momentum Group (FMG), said at a briefing in the Thai capital on Thursday.
Going global can not only capture the spending power of global consumers but also provide benefits like early feedback that can help the company make adjustments to its product line-up and marketing strategy, Li said. It signed contracts recently for its planned New York and London locations.
“Chinese companies often focus on achieving significant scale domestically before expanding overseas, which is a valid strategy,” Li said. “But if you look at brands in the US, many are global from day one.”
FMG is reportedly planning to raise more than US$100 million via an initial public offering in Hong Kong. FMG declined to provide details on the timeline of the listing.
Urban Revivo’s store in One Bangkok, at the heart of the city, spans close to 3,000 square metres. Nearby is the first overseas location of Benlai, FMG’s casual brand that emphasises sustainable materials and enhanced functionality. The Benlai store, unveiled simultaneously, spans 1,286 square metres.
Li likes the brands’ chances in the international arena.
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China-US study replicates ancient rice wine identified from 10,000 years ago
By Dannie Peng
A group of international researchers has uncovered evidence that people in southeast China’s Zhejiang province were fermenting rice into the wine known as mijiu some 10,000 years ago – far earlier than previously thought.
The findings – from a Shangshan archaeological site in Pujiang county, part of ancient China’s Lower Yangtze region – mark “the earliest known alcohol fermentation technique in East Asia”, said the researchers, in a study published on Monday.
The research, which appeared in the peer-reviewed journal Proceedings of the National Academy of Sciences, revealed “the complexity and innovation of early rice wine brewing”, the team said.
“[It also] provides an important scientific basis for exploring the origins of rice agriculture, early social structures and technology diffusion in East Asia.”
The study was co-led by Liu Li, from Stanford University’s department of East Asian languages and cultures in the United States, and Zhang Jianping of the Institute of Geology and Geophysics (IGG), an affiliate of the Chinese Academy of Sciences.
Because wine is a volatile liquid that is difficult to preserve, let alone discover and study, the mystery of when and how winemaking technology originated and developed remains unsolved, according to an IGG said in a statement on Tuesday.
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By Dannie Peng
A group of international researchers has uncovered evidence that people in southeast China’s Zhejiang province were fermenting rice into the wine known as mijiu some 10,000 years ago – far earlier than previously thought.
The findings – from a Shangshan archaeological site in Pujiang county, part of ancient China’s Lower Yangtze region – mark “the earliest known alcohol fermentation technique in East Asia”, said the researchers, in a study published on Monday.
The research, which appeared in the peer-reviewed journal Proceedings of the National Academy of Sciences, revealed “the complexity and innovation of early rice wine brewing”, the team said.
“[It also] provides an important scientific basis for exploring the origins of rice agriculture, early social structures and technology diffusion in East Asia.”
The study was co-led by Liu Li, from Stanford University’s department of East Asian languages and cultures in the United States, and Zhang Jianping of the Institute of Geology and Geophysics (IGG), an affiliate of the Chinese Academy of Sciences.
Because wine is a volatile liquid that is difficult to preserve, let alone discover and study, the mystery of when and how winemaking technology originated and developed remains unsolved, according to an IGG said in a statement on Tuesday.
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Beijing decries South Korean leader Yoon’s ‘Chinese spy’ defence of martial law
By Seong Hyeon Choi
China has hit back against comments South Korean President Yoon Suk-yeol made about alleged Chinese espionage when defending his decision to declare martial law, calling the remarks “deeply unsettling”.
In a speech on Thursday, Yoon said his martial law decree last week was a response to his political opponents blocking legislation aimed at preventing Chinese espionage, citing two cases of alleged Chinese spies targeting US and South Korean military facilities in June and November.
Chinese foreign ministry spokeswoman Mao Ning responded by saying Beijing was “deeply surprised” by the comments and found them “deeply unsettling”.
“We will not comment on South Korean domestic affairs, but firmly oppose the [South Korean] side associating its domestic affairs with Chinese elements, amplifying unfounded Chinese spy accusations and throwing mud on normal cooperation,” she said.
“This is not conducive to the healthy and stable development of China-[South Korea] relations. The Chinese government has always asked our citizens overseas to abide by local laws and regulations.”
In June, three Chinese nationals studying in South Korea were arrested for using a drone to film the US aircraft carrier USS Theodore Roosevelt docked in the port city of Busan.
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By Seong Hyeon Choi
China has hit back against comments South Korean President Yoon Suk-yeol made about alleged Chinese espionage when defending his decision to declare martial law, calling the remarks “deeply unsettling”.
In a speech on Thursday, Yoon said his martial law decree last week was a response to his political opponents blocking legislation aimed at preventing Chinese espionage, citing two cases of alleged Chinese spies targeting US and South Korean military facilities in June and November.
Chinese foreign ministry spokeswoman Mao Ning responded by saying Beijing was “deeply surprised” by the comments and found them “deeply unsettling”.
“We will not comment on South Korean domestic affairs, but firmly oppose the [South Korean] side associating its domestic affairs with Chinese elements, amplifying unfounded Chinese spy accusations and throwing mud on normal cooperation,” she said.
“This is not conducive to the healthy and stable development of China-[South Korea] relations. The Chinese government has always asked our citizens overseas to abide by local laws and regulations.”
In June, three Chinese nationals studying in South Korea were arrested for using a drone to film the US aircraft carrier USS Theodore Roosevelt docked in the port city of Busan.
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John Lee urges Hong Kong firms in Beijing to take lead on integration push
By Willa Wu
Hong Kong’s leader has urged Beijing-based businesspeople from the city to spearhead efforts on national integration and foster cultural exchanges between their hometown and the capital.
Chief Executive John Lee Ka-chiu, who is on a four-day annual duty visit to the capital, held a lunch meeting on Thursday with 15 business representatives, where he also encouraged young Hongkongers in Beijing to embrace unlimited opportunities for personal growth.
He also asked them to help more Beijing companies to list in Hong Kong.
Lee is set to meet President Xi Jinping and Premier Li Qiang on Friday afternoon to report on Hong Kong’s economic, social and political developments.
Business representatives at the lunch were from HSBC, Swire Group, the Bank of East Asia, Beijing MTR Corporation, Douyin Group and Tencent among others, according to a social media post by Lee.
Judith Yu, chairwoman of the Hong Kong Chamber of Commerce in China (HKCCC), which organised the lunch, said the chief executive had asked them to act as a platform for city companies in Beijing to adapt to the local environment.
“He also asked us to help more Beijing companies to list in Hong Kong and invest overseas using Hong Kong as a stepping stone,” she said.
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By Willa Wu
Hong Kong’s leader has urged Beijing-based businesspeople from the city to spearhead efforts on national integration and foster cultural exchanges between their hometown and the capital.
Chief Executive John Lee Ka-chiu, who is on a four-day annual duty visit to the capital, held a lunch meeting on Thursday with 15 business representatives, where he also encouraged young Hongkongers in Beijing to embrace unlimited opportunities for personal growth.
He also asked them to help more Beijing companies to list in Hong Kong.
Lee is set to meet President Xi Jinping and Premier Li Qiang on Friday afternoon to report on Hong Kong’s economic, social and political developments.
Business representatives at the lunch were from HSBC, Swire Group, the Bank of East Asia, Beijing MTR Corporation, Douyin Group and Tencent among others, according to a social media post by Lee.
Judith Yu, chairwoman of the Hong Kong Chamber of Commerce in China (HKCCC), which organised the lunch, said the chief executive had asked them to act as a platform for city companies in Beijing to adapt to the local environment.
“He also asked us to help more Beijing companies to list in Hong Kong and invest overseas using Hong Kong as a stepping stone,” she said.
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Tada in Hong Kong could cost less than Uber, but longer wait time
By Harvey KongJiang Chuqin
A test of Singapore-based ride-hailing operator Tada, newly launched in Hong Kong, suggests it could cost less than market leader Uber but might have longer waiting times, even as both services remain illegal.
The Post invited a lawmaker to try the ride booked through the new operator, during which the driver conceded that he did not possess a hire-car permit, exploiting the same loophole that allows Uber to operate illegally.
Asked about the absence of hire-car permits among its drivers, Tada told the Post on the first day of its operations that it was following “market practices” and said the early interest “showed the value of offering a diverse set of commuting choices to Hong Kong residents”.
Tada began operating in the city on Thursday and allows customers to pay by cash or credit card in its beta launch covering Hong Kong Island, Kowloon and the airport.
It touts a zero-commission model for drivers, although the Post found it charges a fixed fee of HK$3 (39 US cents) for rides that cost over HK$60 and the same amount each time a driver withdraws his earnings from the company.
The app allows passengers to hire both private vehicles and taxis.
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By Harvey KongJiang Chuqin
A test of Singapore-based ride-hailing operator Tada, newly launched in Hong Kong, suggests it could cost less than market leader Uber but might have longer waiting times, even as both services remain illegal.
The Post invited a lawmaker to try the ride booked through the new operator, during which the driver conceded that he did not possess a hire-car permit, exploiting the same loophole that allows Uber to operate illegally.
Asked about the absence of hire-car permits among its drivers, Tada told the Post on the first day of its operations that it was following “market practices” and said the early interest “showed the value of offering a diverse set of commuting choices to Hong Kong residents”.
Tada began operating in the city on Thursday and allows customers to pay by cash or credit card in its beta launch covering Hong Kong Island, Kowloon and the airport.
It touts a zero-commission model for drivers, although the Post found it charges a fixed fee of HK$3 (39 US cents) for rides that cost over HK$60 and the same amount each time a driver withdraws his earnings from the company.
The app allows passengers to hire both private vehicles and taxis.
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New generative AI services slow in China as regulators approve 64 more apps for release
By Ben Jiang
China has approved 64 generative artificial intelligence (GenAI) services for release in Beijing’s latest regulatory approvals, making it the smallest of the three batches to be given the go-ahead this year, in a fresh sign that the domestic AI market is becoming saturated.
The November approvals have gone to a diverse group of products and applications, spanning a variety of industries, according to a document published by the Cyberspace Administration of China, the national internet watchdog. Licences have been granted to GenAI models for legal services, medical research, educational tech and online gaming, among other use cases.
China’s market for GenAI – algorithms that create new content in the form of text, images, audio and video – has been rife with competition in the two years since OpenAI launched ChatGPT, as the country’s Big Tech firms and start-ups rushed into the market with their own AI models and services.
To be released to the Chinese public, a GenAI model must receive the green light from Beijing under the country’s licensing system. All 252 approved GenAI services so far are from domestic companies.
Among the tech giants to receive approval in this new batch are Tencent Holdings, for an AI-enhanced search system, and NetEase, for a sales and marketing system under its e-commerce unit.
The regulator also approved two video-creation tools from Beijing-based Kuaishou Technology, rival to ByteDance’s short-video platform Douyin, and Damo Academy, a research institution under e-commerce giant Alibaba Group Holding. Alibaba owns the South China Morning Post.
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By Ben Jiang
China has approved 64 generative artificial intelligence (GenAI) services for release in Beijing’s latest regulatory approvals, making it the smallest of the three batches to be given the go-ahead this year, in a fresh sign that the domestic AI market is becoming saturated.
The November approvals have gone to a diverse group of products and applications, spanning a variety of industries, according to a document published by the Cyberspace Administration of China, the national internet watchdog. Licences have been granted to GenAI models for legal services, medical research, educational tech and online gaming, among other use cases.
China’s market for GenAI – algorithms that create new content in the form of text, images, audio and video – has been rife with competition in the two years since OpenAI launched ChatGPT, as the country’s Big Tech firms and start-ups rushed into the market with their own AI models and services.
To be released to the Chinese public, a GenAI model must receive the green light from Beijing under the country’s licensing system. All 252 approved GenAI services so far are from domestic companies.
Among the tech giants to receive approval in this new batch are Tencent Holdings, for an AI-enhanced search system, and NetEase, for a sales and marketing system under its e-commerce unit.
The regulator also approved two video-creation tools from Beijing-based Kuaishou Technology, rival to ByteDance’s short-video platform Douyin, and Damo Academy, a research institution under e-commerce giant Alibaba Group Holding. Alibaba owns the South China Morning Post.
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44% of businesses have negative economic outlook for Hong Kong, poll finds
By Fan Chen
About 44 per cent of businesses have a negative economic outlook for Hong Kong for the next 12 months, the highest level in five years, according to a survey by one of the city’s most prominent commerce groups.
The Hong Kong General Chamber of Commerce released the findings of its annual survey on Thursday, after interviewing 219 respondents from November 12 to 26. Research started just days before Donald Trump clinched the US presidential election.
Patrick Yeung Wai-tim, the business group’s CEO, said: “Trump is famous for not deciding which move to make until the very end a lot of the time … Increased geopolitical uncertainty has led companies to adopt a wait-and-see approach.”
The poll found that 44.3 per cent of respondents had a negative outlook on Hong Kong’s business situation, surpassing the previous high point of 40.1 per cent recorded in the 2020 survey.
Major challenges cited by businesses included the decline in local consumption, high operating costs and external risks such as China’s economic slowdown and the sluggish global economy.
According to the survey, the number of companies that planned to increase their investment in Hong Kong over the 12 months stood at about 14 per cent, a drop from last year’s figure of 18 per cent.
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By Fan Chen
About 44 per cent of businesses have a negative economic outlook for Hong Kong for the next 12 months, the highest level in five years, according to a survey by one of the city’s most prominent commerce groups.
The Hong Kong General Chamber of Commerce released the findings of its annual survey on Thursday, after interviewing 219 respondents from November 12 to 26. Research started just days before Donald Trump clinched the US presidential election.
Patrick Yeung Wai-tim, the business group’s CEO, said: “Trump is famous for not deciding which move to make until the very end a lot of the time … Increased geopolitical uncertainty has led companies to adopt a wait-and-see approach.”
The poll found that 44.3 per cent of respondents had a negative outlook on Hong Kong’s business situation, surpassing the previous high point of 40.1 per cent recorded in the 2020 survey.
Major challenges cited by businesses included the decline in local consumption, high operating costs and external risks such as China’s economic slowdown and the sluggish global economy.
According to the survey, the number of companies that planned to increase their investment in Hong Kong over the 12 months stood at about 14 per cent, a drop from last year’s figure of 18 per cent.
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Tencent boss Pony Ma praises China’s economic policy, stimulus for private sector
By Iris Deng
Pony Ma Huateng, the founder and CEO of Chinese tech giant Tencent Holdings, published a rare commentary in an official newspaper on Thursday, praising Beijing’s recent economic policies for supporting the private sector.
The stimulus policies that Beijing started implementing in late September have shown private enterprises the central government’s “strong determination” to sustain its push for economic recovery by focusing on the business pain points and responding comprehensively to market demands, Ma wrote in a piece published in People’s Daily, the mouthpiece of the ruling Communist Party.
The package of regulatory and legislative measures “has truly formed policy synergy, allowing enterprises to concentrate more on doing their main business well and developing with reassurance”, wrote Ma, who has largely kept a low profile in recent years.
Ma offered his remarks alongside those of other Chinese business leaders – including Liu Yonghao, chairman of agribusiness company New Hope Group, and Zhang Xinghai, chairman of carmaker Seres Group – commenting on how the private sector can further drive the country’s economic development.
Beijing has implemented a series of stimulus packages since September that have lifted the market and raised growth projections, while sparking anticipation of further measures to inject vitality into the world’s second-largest economy.
The readout of a Politburo meeting chaired by President Xi Jinping on Monday has fanned speculation that next year Beijing is likely to deliver more interest-rate cuts, increase the government’s borrowing limit and take more steps to stabilise the beleaguered property market.
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By Iris Deng
Pony Ma Huateng, the founder and CEO of Chinese tech giant Tencent Holdings, published a rare commentary in an official newspaper on Thursday, praising Beijing’s recent economic policies for supporting the private sector.
The stimulus policies that Beijing started implementing in late September have shown private enterprises the central government’s “strong determination” to sustain its push for economic recovery by focusing on the business pain points and responding comprehensively to market demands, Ma wrote in a piece published in People’s Daily, the mouthpiece of the ruling Communist Party.
The package of regulatory and legislative measures “has truly formed policy synergy, allowing enterprises to concentrate more on doing their main business well and developing with reassurance”, wrote Ma, who has largely kept a low profile in recent years.
Ma offered his remarks alongside those of other Chinese business leaders – including Liu Yonghao, chairman of agribusiness company New Hope Group, and Zhang Xinghai, chairman of carmaker Seres Group – commenting on how the private sector can further drive the country’s economic development.
Beijing has implemented a series of stimulus packages since September that have lifted the market and raised growth projections, while sparking anticipation of further measures to inject vitality into the world’s second-largest economy.
The readout of a Politburo meeting chaired by President Xi Jinping on Monday has fanned speculation that next year Beijing is likely to deliver more interest-rate cuts, increase the government’s borrowing limit and take more steps to stabilise the beleaguered property market.
via SCMP Full Text Feed
