Editor's note: Lin G. is a CGTN economic commentator. The views expressed in this article are the author's own and do not necessarily reflect those of CGTN.

As the World Economic Forum's 17th Annual Meeting of the New Champions — better known as Summer Davos — gets underway in China's Dalian, a fundamental choice confronts global leaders: one that will determine whether artificial intelligence becomes humanity's great equalizer or its most formidable divider.

The timing could not be more urgent. Artificial intelligence is reshaping industries and societies at exponential velocity. Yet paradoxically, our global technology landscape grows more fractured. Inside the United States alone, rival AI giants compete fiercely, each fortifying proprietary fortresses with closed-source models and exclusive data pipelines. Extend this logic globally, and the nightmare scenario writes itself: a world carved into incompatible technological silos, where developing economies are permanently consigned to digital dependency, forced to rent intelligence from the few gatekeepers who built the walls.

Against this backdrop, the 2026 Summer Davos Forum held in China has embraced "Innovating at Scale" as its defining theme. And the question hovering over every panel, every corridor conversation, every multilateral meeting among leaders and professionals from nearly 100 countries, is this: Can we scale innovation without surrendering equity or excluding the majority?

There is, in fact, a path forward — but it demands we confront the most uncomfortable question that technology leaders prefer to avoid: Who captures the dividends of AI, and to whom should they flow?

Two philosophies, two futures

Let us be clear-eyed about the alternatives. The closed-source trajectory championed by dominant American AI firms is, from a narrow capital-return perspective, eminently rational. Proprietary models generate scarcity. Scarcity commands premium pricing. Premium pricing maximizes shareholder value. The logic is impeccable—if one accepts that technology exists primarily to enrich its creators.

China has largely chosen a different route. Not out of altruistic naivety, but from a strategic conviction that artificial intelligence, given its transformative potential, functions less like conventional software and more like a public utility — a foundational layer upon which entire economies and societies will be built.

The Chinese approach centers on open-source ecosystems: foundational models, core architectures, and development frameworks made freely available to any nation, institution, or individual willing to contribute. It enables an agricultural researcher in Africa to fine-tune a model for local crop conditions, a community health worker in Southeast Asia to adapt diagnostic tools for rural clinics, and an educator in South America to build language-appropriate learning assistants — all without seeking permission from any corporate headquarters.

Critics will object that this approach naively ignores competitive realities, that it surrenders first-mover advantage to adversaries who will happily exploit openness while building their own defenses. But this objection fundamentally misunderstands the nature of the goods in question. Artificial intelligence is not a zero-sum game where my gain requires your loss. Its value compounds with participation; a model trained on diverse global data, refined by distributed expertise, and deployed across varied contexts becomes more robust, more adaptable, and ultimately more valuable for everyone.

This is what scalable innovation truly means: not scaling a single company's market share, but scaling participation itself.

Consider the alternative scenario. If every major economy embraced closed, proprietary development, artificial intelligence would rapidly devolve into a patchwork of incompatible kingdoms. Developing nations, lacking both capital and the installed engineering base to compete, would find themselves locked into vendor relationships that extract perpetual rents while offering limited sovereignty over their own digital futures.

Capability without limits, values that bind

Here, a distinction must be drawn with clarity: We should never allow human capability to constrain the upper bounds of AI performance. But human values must constitute the boundaries within which AI operates.

We can pursue maximum technical achievement while simultaneously insisting that the fruits of that achievement be distributed with justice. This is precisely where the divergence between closed-source capitalism and open-source commons becomes most evident.

Yet even the most generous open-source architecture, left to its own devices, will not automatically produce equitable outcomes. The governance superstructure must evolve in parallel.

Who decides what constitutes acceptable AI use? How do we prevent data colonialism—the extraction of valuable local knowledge without fair return? How do we ensure that the Global South participates not merely as consumers of AI products but as co-creators of AI infrastructure? These are not questions that code alone can answer. They require multilateral dialogue, shared rule-making, and global mechanisms that give developing economies genuine agency.

The Summer Davos Forum in Dalian, convening representatives from over 90 countries and regions, represents precisely the kind of platform where such conversations can advance. There is no shortage of technical capability among Chinese AI enterprises and institutions; what distinguishes their posture is an openness to partnership that transcends mere commercial calculation. The message from Dalian is unmistakable: Come, collaborate, co-build. This commons has room for all.

The moment of choice

We stand at a fork in the technological road. One path leads toward fragmentation, rent-seeking, and the replication of global inequality in digital form. The other path—scalable, open, governed by human values while pushing technical boundaries—leads toward a future where AI serves as humanity's common inheritance.

China's open-source commitment is not a concession; it is an investment in a future where innovation scales not by erecting walls, but by tearing them down.

The code is open. The invitation stands.

China's per capita disposable income has grown over 250 times from 1978 to 2025, rising from 171 yuan ($25) to 43,377 yuan ($6,409). Meanwhile, the national Engel coefficient has fallen sharply from 63.9% in 1978 to 29.3% in 2025.

Swipe through to discover the numbers behind China's growth and transformation, as CGTN launches a series of data-driven posters charting 105 years of rapid change in living standards across the country, marking the 105th anniversary of the founding of the Communist Party of China. 

The World Economic Forum's Summer Davos 2026 opens tomorrow in Dalian, Liaoning Province, China.

Check out the poster for its hottest focuses this year. 

For the first time, Australia is the guest country of honor for the 4th China International Supply Chain Expo (CISCE).

From clean energy to healthcare, more than 50 participating Australian companies are showcasing their strengths as key players in the next chapter of the global supply chain shift.

Libya's total oil output reached about 1.49 million barrels per day (bpd) on Sunday, the highest level since 2013, the National Oil Corporation (NOC) said on Facebook.

Crude oil output hit 1.44 million bpd, while condensate output stood at 49,163 bpd, it said.

Libya depends heavily on its oil industry, which accounts for more than 90% of government revenues and over 95% of export earnings, according to official and international estimates.

However, production has been repeatedly disrupted in recent years due to conflict and political instability.

The NOC achieved its highest monthly revenue in 10 years this May, generating nearly 4 billion US dollars, according to local media reports.

China's Dragon Boat Festival this year is reflecting a consumer market in quiet transition, where traditional holiday spending is being reshaped by regional inventions, health awareness and cultural creativity.

Zongzi market embraces new trends

One of the clearest shifts is in zongzi, or sticky rice dumplings, which have evolved into a fast-expanding product category. E-commerce data showed explosive growth in niche regional varieties, with zongzi from Guizhou, Sichuan and Yunnan surging by 1,240%, 315% and 200% respectively on Tmall. Guizhou-style zongzi, for example, blends local ingredients such as chili-braised pork ribs, spicy chicken and sour soup beef, turning a traditional food into a form of regional branding.

At the same time, health has become a key driver. Low-glycemic index (low-GI), sugar-free and multigrain zongzi are gaining popularity, while excessive packaging is being phased out. Some retailers have also introduced themed products linked to exam success, using wordplay on "zong" to connect festive food with good wishes for the annual college entrance exam, which took place in early June.

The festival is increasingly global. In south China's Shenzhen, foreign visitors are taking part in workshops to learn how to make sea urchin zongzi, a local variety. Export momentum is rising as well, with over 487 tonnes of zongzi shipped through Shenzhen customs since May, worth more than 9.18 million yuan ($1.35 million), up 48.5% and 16.9% year on year.

Traditional crafts find new appeal

Festive goods beyond food are also being reimagined. Mugwort and calamus, traditionally used for warding off impurities and praying for blessings, are now appearing as decorative bouquets and home ornaments. 

In Kunming, the capital city of southwest China's Yunnan Province, sales of Dragon Boat Festival flower arrangements have more than doubled, driven largely by younger consumers who prefer new interpretations of traditional symbols.

In Qingyang, northwest China's Gansu Province, centuries-old embroidered sachets are entering new markets, including exports to Central Asia. Online, DIY kits for sachets and festival ornaments are also popular, reflecting growing demand for personalized participation.

Industry analysts say the trend reflects a broader shift: consumers are seeking emotional value, health benefits and engagement rather than simple utility, pushing traditional products toward reinvention.

Dragon boat races and tourism lift consumption

The same trend is visible in tourism and sports. Across China, dragon boat races are drawing large crowds, boosting travel demand to southern cities such as Foshan and Xiamen.

Shanghai's international dragon boat race brought together more than 50 teams and over 1,000 athletes from Malaysia, Germany, Russia and other countries, while organizers added digital mascots and AI-generated theme songs to expand its appeal.

In southwest China's Sichuan Province, humanoid robots even joined dragon boat training and demonstrations, highlighting the merging of tradition and technology.

In south China's Guangdong Province, sports events and football screenings in tea houses are creating new consumption scenes that combine sports and dining, reinforced by local subsidies and themed tourism packages.

New advanced technology for cars - the so-called steering-by-wire system has been put into mass production in China. This system aims to provide smarter solutions to autonomous driving, which is a mutual achievement by China and Europe.

In the past four decades, China has transformed itself into the world's second-largest economy.

But with a slowing population, rising geopolitical tensions and growing questions about the future of global growth, many are asking: where will the next China emerge?

According to a new book co-written by Joe Ngai, Chair of McKinsey Greater China, and Senior Partner Nick Leung, the answer is simple: the next China is still China.

In this edition of The Agenda, Joe Ngai joins Juliet Mann to share an insider's guide to succeeding in this new era of Chinese growth and opportunity.

FIND MORE STORIES FROM THE AGENDA HERE

Walk past and you might think this is a nightclub or an arena. Yet, the Gen Z buzz here is all about farming and food – how do we grow it, how do we secure it and how do we make sure everyone can afford it?

If the China-US Sub-national Cooperation Dialogue can predict a future trend, it's this: more and more young people care about agriculture. And they want to join hands across the Pacific to plant the seeds of the future now. Join CGTN reporter Wang Tao for a closer look.

After five years of consolidating national poverty alleviation achievements, China's rural areas are now turning to economic revitalization through innovative governance models and more diverse business entities. Our new special coverage, Rural Remix, explores three villages with unique development paths. In this third episode, we visit Sankengtan in Guangdong Province, where a surging river draws more than two million tourists every year. CGTN's Vivienne Nunis takes us to the rapids.

AI isn't cheap. Every chat burns tokens. But China is cutting infrastructure costs through global teamwork. Uzbekistan's 300MW AI center is breaking ground—one of the world's largest. 

A $5 billion China-Indonesia data center is on the way in Batam, Indonesia. And Shantou's cross-border compute pipeline is already live, slashing costs for overseas users. Global computing capacity doubled in two years, with China driving 21%. This is a relay, not a sprint.

The story of China's poverty reduction is an economic miracle etched into the annals of world history. And the epic is far from complete, with per capita disposable income of rural residents in poverty-stricken counties continuing to rise, increasing from 12,588 yuan ($1,861) in 2020 to 18,627 yuan in 2025.

Swipe through to discover the numbers behind China's growth and transformation, as CGTN launches a series of data-driven posters charting 105 years of rapid economic change across the country, to mark the 105th anniversary of the founding of the Communist Party of China.

China's top financial regulators have sent out a consistent signal to address headwinds and curb financial risks. The 2026 Lujiazui Forum, which is the top annual financial conference, wrapped up in Shanghai on June 18. A basket of new measures was unveiled during the two-day conference, signalling China’s commitment to curbing financial risks. 

Editor's note: Li Haoran is an assistant professor at the School of Applied Economics and the associate director of the Center for Research on Global Energy Strategy at Renmin University of China. Ren Wenli is a PhD student at the School of Applied Economics at Renmin University of China. The article reflects the authors' opinions and not necessarily the views of CGTN.

A reopened Strait of Hormuz would be a relief. It would not be reassurance. 

Hormuz is not just another shipping lane. According to the International Energy Agency (IEA)'s 2026 factsheet for the Strait of Hormuz, around 20 million barrels a day of crude oil and oil products moved through the strait in 2025, about a quarter of the world's seaborne oil trade. Around 80% of those flows were destined for Asia. The gas exposure is just as striking: just over 112 billion cubic meters of LNG transited Hormuz in 2025, almost one-fifth of global LNG trade, and nearly 90% went to Asian markets.

The alternatives are limited. Saudi Arabia and the United Arab Emirates have some pipeline capacity to bypass the strait, but the IEA puts the usable room at only about 3.5 million to 5.5 million barrels a day. That is meaningful, but it is nowhere near enough to replace Hormuz. Those numbers explain why a threat to Hormuz travels so quickly.

The United States said on Thursday that it had lifted its maritime blockade on Iran, while Tehran announced measures to reopen the Strait of Hormuz following the signing of a memorandum of understanding (MoU) between the two countries, marking a significant step towards easing regional tensions.

Prices should calm with normal passage resuming. Crude and LNG will lose part of their war premium. Freight and insurance costs should ease. Importing economies will get some breathing space. But a strait can be declared open before companies believe it is safe. Tanker schedules, insurance clauses and procurement plans do not reset as quickly as futures prices. A few cargos moving again is not the same as confidence returning.

Nor has the US-Iran conflict disappeared. Sanctions, nuclear disputes, regional influence and military deterrence are still there. A memorandum can lower the temperature. It cannot remove the furnace. Markets know this. The next escalation, if it comes, may be priced faster than the last one. Geopolitical risk is no longer something traders can put in a footnote and call a tail event. It is entering the ordinary calculation of oil, LNG, shipping and insurance.

A deeper problem sits behind that lesson. Chokepoints can become bargaining chips. If control over a narrow waterway can move energy prices, raise insurance costs, disturb inflation expectations and unsettle financial markets, then the waterway is no longer just infrastructure. It is leverage. For decades, energy trade was built around one assumption: take the cheapest route and keep inventories lean. The system worked as long as routes stayed open and politics stayed outside the shipping contract. Hormuz shows how fragile that assumption was.

The adjustment will not be elegant. Governments will hold more reserves than accountants would like. Companies will pay for backup routes they hope never to use. Importers will sign contracts that are not the cheapest, but safer. Some of this will look inefficient. However, inefficiency under the old language of globalization turns into insurance under the new language of security.

Asia should pay special attention. The region is both the world's manufacturing center and one of its largest energy-importing regions. A Hormuz disruption does not only mean a higher oil bill. It can raise factory costs, squeeze exporters, lift household prices and reduce the room for monetary easing. For Asia, the strait is not a distant Middle Eastern problem. It is part of the region's economic security map.

Energy transition now has a harder edge as well. Renewable, storage, grids and regional power cooperation are not only climate policies. They are ways to reduce exposure to places where energy can be delayed, priced up or politicized. The aim is not to escape global energy trade overnight. That is impossible. The aim is to reduce the number of points where one crisis can hold an entire economy hostage.

Hormuz may reopen, and the immediate war premium may fall. That is good news. But the higher price has already been paid: the world has seen how easily a transport corridor can become a political instrument. The next phase of energy security will not be about cheap supply alone. It will be about delivery that is reliable, diversified and difficult to weaponize. For Asia in particular, that lesson should not be forgotten once oil prices start to fall.

China's Ministry of Industry and Information Technology and six other departments have jointly issued an action plan to promote coordinated development of large, medium-sized and small enterprises in the platform economy from 2026 to 2028.

The plan aims to advance synergy in innovation, ecosystems and openness among enterprises of different sizes, fully stimulate the creativity and competitiveness of the platform economy and promote deeper integration of the real economy and the digital economy.

By 2028, China aims to significantly improve the level of coordinated development among platform enterprises of different sizes, form a number of replicable models for collaborative innovation and cultivate a group of leading firms that specialize in specific manufacturing niches in the platform economy, according to the plan.

The plan also calls for greater openness and sharing of technologies and data and lays out key tasks and special actions, including guiding platform enterprises to strengthen innovation in artificial intelligence, deepening governance of algorithms and traffic and promoting algorithm transparency.

The platform economy is a new form of economy built on internet platforms. China's platform economy is currently at a critical stage of transformation and upgrading, making it urgent to adapt to new requirements arising from economic and social development during the 15th Five-Year Plan period (2026-2030) and from technological and industrial changes.

Yu Xiaohui, president of the China Academy of Information and Communications Technology, said all parties should take the implementation of the action plan as a starting point to build an open, shared, diversified and innovation-driven platform economy system.

These efforts will enable large enterprises to gain ecosystem strength through opening up their capabilities, help small and medium-sized enterprises unleash innovation potential through the flow of production factors and push the development of the platform economy to a new level, Yu said.

Chinese Vice President Han Zheng on Thursday held separate meetings in Beijing with a delegation of prominent business leaders led by Canada's Minister of Industry Melanie Joly, and with Lars Rebien Sørensen, chair of the Novo Nordisk Foundation and chair of the board of directors of Novo Nordisk.

While meeting with the Canadian delegation, Han stressed that China and Canada enjoy strong economic complementarities and vast potential for cooperation.

China stands ready to work with Canada to implement the important consensus reached by the two countries' leaders, consolidate cooperation in traditional areas, strengthen collaboration in emerging sectors such as new energy vehicles and artificial intelligence, and advance the development of China-Canada new strategic partnership on a sound, stable and sustainable track, Han said.

Joly said that Canada is willing to deepen mutually beneficial cooperation between the two countries' enterprises and promote the sound and stable development of bilateral relations.

During his meeting with Sørensen, Han noted that the Chinese government attaches great importance to public health and expressed the hope that Novo Nordisk will leverage its strengths to actively participate in the Healthy China Initiative.

China will continue to expand high-level opening up, strive to foster a first-class business environment that is market-oriented, law-based and internationalized, and support foreign-funded enterprises including Novo Nordisk in achieving better development in the country, Han said.

Emphasizing that Novo Nordisk is optimistic about China's economic prospects, Sørensen said that the company will continue to expand its business in China and participate in the development of the country's pharmaceutical industry.

The 2026 World Cup is about more than just football. Behind the scenes, Chinese companies are contributing everything, ranging from AI-powered jersey production to digital infrastructure that supports event operations. It's a thrilling story of how Chinese firms are moving beyond manufacturing and becoming global providers of technology and innovation.

Myanmar’s President Min Aung Hlaing is on a visit to China until Friday. In a joint statement, both sides agreed to expand the scale of bilateral trade and promote greater diversification. At the 10th China-South Asia Expo, which concluded on Tuesday, trade ties were once again in focus as businesses from both countries highlighted new opportunities for cooperation.

China's instant retail sector continues to surge forward, emerging as a powerful new growth driver for the country's broader retail market. Check out the infographics for more! 

This week, European leaders gather for a summit that was expected to focus on "competitiveness and global economic challenges." But behind the scenes, one issue has proven so contentious that officials have reportedly tiptoed towards a trade confrontation with China. Our reporter Zhou Jiaxin has the following analysis. 

In recent years, specialty marine products such as yellow croaker and sea cucumber have become pillars of the local marine economy in Xiapu County, a coastal area in southeastern China's Fujian Province. They have also created job opportunities far beyond the region. During the harvest season, workers from inland and once-impoverished areas—including remote parts of Yunnan, Guizhou, and Sichuan—are brought to the coast for seasonal work. At its peak, nearly 20,000 migrant workers are employed offshore, earning an average monthly income of around 7,000 to 8,000 RMB (approximately 970 to 1,100 USD) per person.

Gas cars to smart EVs — the auto world is transforming fast! Global auto supply chains have joined hands across mines, batteries and factories, sharing win-win outcomes and growth.

As technology, manufacturing and markets become increasingly interconnected, efficient collaboration is helping every link in the supply chain unlock new value and drive sustainable development.

More than half of the goods Brazil exports to the US market could be subject to additional tariffs after the United States threatened to impose new tariffs, according to a report released Monday by the National Industry Confederation (CNI), the main organization representing Brazilian industry.

The proposed tariffs could impact 35.2% of Brazil's exports to the United States. Taking into account the sector-specific tariffs that are already in force, the total share of Brazilian products subject to additional duties could rise to 54.1%, the confederation said.

The CNI added that there would be no immediate impact as the US government plans to hold public consultations and hearings before making a final decision.

The new additional tariffs were proposed by the Office of the United States Trade Representative (USTR). An additional 25% tariff on Brazilian products was proposed, with exemptions for 1,698 items including coffee, orange juice and meat.

The USTR also included Brazil among countries that it claimed have failed to adopt or effectively enforce restrictions on the importation of goods produced with forced labor, and therefore proposed an additional 12.5% tariff, with exemptions for 1,655 items.

When both measures apply to the same product, the added tariff can be as high as 37.5%.

CNI President Ricardo Alban noted that the potential tariff increases would benefit neither side.

"They would increase costs for businesses, reduce competitiveness and create uncertainty for investment. The most efficient path is dialogue, based on technical criteria and the search for solutions that preserve a strategic economic partnership for both countries," said Alban.

Global food prices are on the rise. But in Kazakhstan, sugar beet yields have nearly doubled while water use has dropped. In Guyana, rice farmers are using drones to squeeze out 12% more grain. What's the common link? A network of agritech experiments across the Global South. CGTN looked at the numbers, and the trend is worth watching. Check it out. 

As the global economy faces mounting geopolitical tensions, trade uncertainties and slower growth prospects, innovation must be deployed at scale across economies and societies to unlock new sources of growth, according to Gim Huay Neo, Managing Director and Chair of Greater China at the World Economic Forum (WEF).

In an interview with CGTN anchor Guan Xin ahead of the Annual Meeting of the New Champions 2026, also known as the Summer Davos Forum, Neo said this year's gathering will focus on how technological breakthroughs can be translated into broad-based economic and social benefits.

"We are living in a time of uncertainty and disruption, but also one marked by tremendous technological progress in areas such as artificial intelligence and quantum computing," Neo said. "Technology on its own is insufficient. The key challenge is how to scale innovation so that its benefits reach the wider economy and society and contribute to the common good."

While global economic forecasts remain subdued, she said emerging technologies have the potential to create new growth opportunities if governments, businesses and communities work together to accelerate their adoption.

China entering a new phase of innovation-driven growth

Neo described China as a crucial partner of the World Economic Forum, noting that 2026 marks the 20th anniversary of the WEF's Beijing Representative Office.

She said global businesses remain highly interested in China's development trajectory as the country embarks on a new stage of growth characterized by innovation, technological advancement and the expansion of new economic drivers.

"There is strong interest from international businesses not only in China's manufacturing capabilities, but increasingly in its innovation capacity and its emphasis on new sources of growth," she said.

According to Neo, sectors such as healthcare and education are attracting growing attention from global investors and companies seeking opportunities for collaboration.

As China advances its modernization agenda and implements its latest development priorities, international businesses are looking for ways to participate in and contribute to the country's next phase of growth, she added.

Cooperation evolving despite fragmentation concerns

Addressing concerns over economic fragmentation and shifting global partnerships, Neo said international cooperation is adapting rather than disappearing.

She cited a recent World Economic Forum assessment showing that while traditional multilateral cooperation has slowed, new forms of collaboration are emerging among governments, businesses and coalitions focused on areas such as climate action, innovation and manufacturing partnerships.

"The overall level of cooperation is not necessarily declining. It is evolving in new ways," she said.

Neo emphasized the WEF's role as a platform for dialogue and partnership-building at a time when many global challenges require collective action.

"Whether it is AI governance, environmental sustainability or other global issues, we are all interconnected," she said. "Without collaboration, it will be difficult to address many of these challenges effectively."

Energy transition can drive competitiveness and growth

Discussing the global energy transition, Neo argued that governments should view energy transformation not simply as a cost burden but as a strategic component of industrial development.

She said energy policy today must balance affordability, sustainability, security and resilience, while supporting long-term economic competitiveness.

China, she noted, offers an example of how investment in renewable energy, battery storage technologies and AI-powered grid management can create new competitive advantages and economic opportunities.

"China has invested significantly in new energy technologies, whether in renewable energy, battery storage or integrating AI into grid management systems," she said. "These efforts can create new sources of competitive advantage and unlock growth opportunities for the economy."

Neo also highlighted strong global interest in the upcoming Summer Davos Forum.

"There is considerable interest in understanding how to participate in and contribute to China's development, as well as exploring opportunities for partnership in technology, innovation and talent development," she said.

She added that the forum will serve as an important platform for fostering dialogue, exchanging ideas and building new partnerships.

China pledged stronger support for Shanghai to develop into a global hub for RMB asset allocation, as senior officials set out a series of measures to deepen financial reform and opening up at the 2026 Lujiazui Forum that opened in Shanghai on June 17.

Speaking at the opening ceremony of the two-day forum, Chinese Vice-Premier He Lifeng said China will continue to follow the development path of finance with Chinese characteristics, implement the 15th Five Year Plan (2026-2030), and work to stabilize the global economy. He said China will further open its financial sector to international institutions, safeguard financial security, and promote global financial governance cooperation through multilateralism and win-win outcomes.

He added that China will support Shanghai in piloting offshore financial business, accelerating its role as a global hub for RMB asset allocation and risk management, streamlining cross border investment, and expanding financial services such as shipping insurance to strengthen international competitiveness.

Pan Gongsheng, governor of the People's Bank of China, announced six measures at the Lujiazui Forum to advance financial reform, opening up, and RMB internationalization. 

These include refining the short-term interest rate mechanism by narrowing the floating range from 70 basis points to 50 basis points, launching the Foreign and International Monetary Authorities RMB Repo Facility to provide liquidity to overseas official institutions, and introducing a pilot program for offshore RMB forex trading in the Shanghai Free Trade Zone.

Additional measures include targeted liquidity support tools for non-bank financial institutions, an action plan for Shanghai's offshore finance development, and the establishment of an interbank market data repository.

China Securities Regulatory Commission Chairman Wu Qing also addressed the forum, saying regulators will strengthen the global influence of "Shanghai prices", develop Shanghai into a financial innovation pilot zone, and promote technology driven financial models to enhance financial soft power.

Highlighting China's broader roadmap for financial opening up, the forum aims to reinforce Shanghai's role in global financial markets, advance RMB internationalization, and expand cooperation opportunities for international investors.

(Cover via VCG)

The Taiwan Affairs Office of China's State Council slammed Taiwan's Democratic Progressive Party authorities on Wednesday for forbidding any local officials from any people-to-people exchanges with the mainland. The DPP authorities confirmed earlier on Wednesday that they will investigate Rao Ching-ling, head of Taiwan's Taitung County, for possible prosecution after she praised cross-Strait business deals signed last week via a video clip. Rao was blocked by the DPP authorities from traveling to the mainland last week to attend the Straits Forum, the largest cross-Strait people-to-people exchange event.

CGTN's anchor Guan Xin sat down for an exclusive interview with Gim Huay Neo, Managing Director and Chair of Greater China at the World Economic Forum. She hailed China's economy as "very competitive," offering abundant opportunities for partnerships and growth, while also highlighting the country's progress in green energy.

China will continue to steadily expand institutional opening up in the financial sector and welcomes financial institutions from all countries to deepen their presence in the Chinese market and share in China's development opportunities, Chinese Vice Premier He Lifeng said on Wednesday.

He, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks while delivering a speech at the opening ceremony of the 2026 Lujiazui Forum in Shanghai.

Noting the accelerating evolution of major global changes unseen in a century, He said the world economy and global financial system are facing challenges.

China will remain firmly committed to the path of financial development with Chinese characteristics, without wavering or deviation, and will fully implement the priorities set out in the 15th Five-Year Plan (2026-2030), serve high-quality economic development and inject stability into the global economy, He said.

The Chinese vice premier emphasized that in the face of global development and governance challenges, the only viable path forward is one grounded in mutual respect, peaceful coexistence, and win-win cooperation based on international rules and multilateralism.

Noting China has in recent years adhered to the main line of strengthening risk prevention, enhancing regulatory oversight and promoting high-quality development in the financial sector, he said China will continuously improve its financial legal and regulatory framework and firmly safeguard national financial security.

China is willing to work with all parties to strengthen cooperation in global financial governance and jointly address risks and challenges, he said.

Highlighting that Shanghai brings together global financial resources and factors and its unique advantages as an international financial center are increasingly evident, He said China will support Shanghai in piloting and experimenting with the development of offshore finance, accelerate the building of Shanghai into a global allocation center for RMB assets and a risk management center, and enhance the facilitation of cross-border trade and investment.

Efforts will also be made to further enrich and improve financial products including credit, insurance, and bonds such as shipping insurance, and promote new breakthroughs and improvements in Shanghai's development as an international financial center.

China is helping power the 2026 FIFA World Cup. From official sponsors to the match ball, merchandise and host-city transport, Chinese involvement can be seen across almost the entire tournament!

Editor's note: Warwick Powell is an adjunct professor at Queensland University of Technology. The article reflects the author's opinions and not necessarily the views of CGTN.

Recent data from the People's Bank of China (PBOC) and China's National Bureau of Statistics paint a picture of resilient economic adaptation in China amid global uncertainties. Total Social Financing (TSF) stock reached 458.8 trillion yuan by the end of May 2026, up 7.7% year on year, with cumulative new TSF in the first five months hitting 17.48 trillion yuan. New yuan loans have rebounded, underscoring continued credit support for the real economy.

Simultaneously, household bank deposits have seen a rare two-month decline, with funds shifting toward non-bank financial institutions, wealth management products, insurance, and equities as deposit rates fall. This redeployment of "dormant" savings signals money re-entering active circulation. Complementing these trends, industrial profits have rebounded solidly, particularly in high-tech manufacturing and equipment sectors, with Q1 2026 profits for major industrial enterprises rising 15.5% year on year to 1.696 trillion yuan and high-tech manufacturing surging 47.4%.

Against a global backdrop strained by energy supply concerns — exemplified by disruptions from conflicts in the Middle East — these developments reflect not mere cyclical recovery but an ongoing deeper, policy-orchestrated structural transformation. In my previous analysis, integrating classical production theory with endogenous money dynamics and demand-led growth frameworks like Kaldor-Verdoorn, we can better appreciate how credit growth, profit realization, and sectoral recomposition are enabling China to raise its productive potential while navigating transitional challenges.

Credit growth as the foundation for profit realization

In monetary production economies, credit is not a passive intermediary but an active enabler of expansion. Enterprises advance costs — wages, materials, energy — before revenues materialise. Profits emerge only when these "price claims" achieve closure through actual sales, requiring sufficient liquidity and effective demand in circulation. Net liquidity expansion is a precondition for aggregate profit realisation: In a closed system, a firm's surplus necessitates expanded purchasing power elsewhere.

China's TSF growth exemplifies this. The PBOC's coordinated approach directs credit toward strategic priorities, supporting investment that precedes and generates income. This contrasts with loanable funds views that treat savings as a prior constraint. In China's model, investment drives incomes, with savings adjusting endogenously. The 7.7% TSF increase provides the monetary space for firms in high-tech and manufacturing to scale operations, validate costs, and realise surpluses.

This dynamic aligns with my analysis of liquidity's dual role. Faster credit growth not only finances higher investment and output but also improves working capital cycles and asset valuations, imparting a "liquidity premium" on profits. When credit acceleration slows, as during earlier real estate deleveraging, realization tightens — even at high absolute debt levels. Recent rebounds suggest policy is recalibrating to sustain momentum in productive sectors.

Mobilizing dormant savings: Money in motion

The decline in household savings deposits, offset by rises in non-bank channels, is particularly significant. Households are shifting from low-yield bank holdings toward higher-return or more liquid assets amid falling rates. Rather than being a sign of distress, it is one of confidence and opportunity. Real incomes, supported by productivity gains and policy measures, allow redeployment of buffers accumulated during precautionary phases.

Savings in China's context are largely a residual of rising real incomes rather than a binding constraint. Endogenous credit allows investment to expand the economy, generating the incomes that fund savings. The current mobilization reduces hoarding, boosts velocity, and expands the effective demand pool. Households drawing down dormant balances can sustain consumption even as distributional shifts (higher profit shares in upgrading sectors) moderate wage growth in some areas, and where there are some, albeit modest, upward pressures on consumer goods inflation. This "savings-augmented closure" helps bridge realization gaps during structural shifts.

In circuit terms (M–C–M'), credit-financed production raises incomes and output; redeployed savings validate expanded supply by enabling purchases. This counters underconsumption risks and supports the transition from property-heavy growth to high-tech manufacturing and services.

Rising profits and Sraffa-inspired structural change

Industrial profits' rebound, led by high-tech manufacturing (47.4% in Q1) and equipment sectors, reveals ongoing recomposition of the production system. Sub-sectors like electronics, semiconductors, optical devices, and intelligent equipment show explosive gains, while older vintages face margin pressures from "involution" (Nei Juan) — intense price competition among overlapping industrial capacities.

We can understand these dynamics when we analyze economies as interconnected systems where outputs of one sector serve as inputs to others, with technical coefficients determining relative prices and reproduction conditions under prevailing wage-profit distributions. Structural change involves shifts in these coefficients: Retiring lower-productivity methods (higher unit costs, labor-intensive) in favor of advanced ones  — higher fixed capital, complex intermediates, and innovation complementarities.

China is managing a "transitional overlap of industrial vintages." Legacy capacities from prior waves continue operating, generating competitive pressures, while new quality productive forces scale up. This is creative destruction managed through policy: Equipment renewal programs, consolidation to curb destructive pricing, and directed credit. Profits in core sectors (equipment manufacturing as the “structural backbone”) provide resources for reinvestment, raising overall productivity via Kaldor-Verdoorn dynamics — where output growth induces learning, scale, specialization, and embodied technical progress.

Empirical patterns confirm strong Verdoorn coefficients in China, with output shocks driving most productivity variance. High-tech value-added and investment outpace averages, PPI has turned positive, and modern services consumption accelerates. This is demand-led transformation, not static overcapacity.

We can further contextualize this: Autonomous demand (policy-led investment in strategic sectors) induces private investment and capacity expansion, with productivity feedbacks reinforcing growth. Credit and policy steer resources toward higher-complexity activities, altering inter-sectoral balances and distributional outcomes in favor of sustained accumulation.

Global energy context and thermodynamic resilience

These domestic shifts occur against global energy security challenges. Conflicts disrupt supplies, raising input costs. Yet China's advances in renewables, EVs, batteries, and efficiency improvements — sectors driving profit gains — have enhanced its energetic metabolism. By building domestic supply chains and exporting green tech, China reduces vulnerability to hydrocarbon chokepoints while supporting global partners, particularly in the Global South.

I also suggest that it is useful to frame modernization partly through a materialist, thermodynamic lens: Raising energy return on energy invested (EROEI) and reorganizing production for resilience and abundance. Use-value expansion (more physical output, lower unit costs in key goods) supports real living standards even amid nominal adjustments or "good deflation."

Challenges and Policy Horizons

Transitional frictions persist, of course. Uneven sectoral impacts, external uncertainties, and the need to balance profit realization with broad-based demand remain critical issues to watch closely. Managing involution requires continued emphasis on quality competition, consolidation and innovation. Sustaining credit momentum without excess will be key, while mobilizing household balances productively. Geographic and demographic rebalancing — supporting inland and rural incomes — remains vital.

Policy tools like equipment upgrades, consumption supports, and industrial guidance demonstrate capacity for adaptive orchestration. Unlike narratives fixated on debt levels or consumption shares in isolation, we can instead focus on production conditions, monetary circulation, and cumulative causation. Investment-led growth, properly directed, expands the pie for all.

A trajectory of purposeful modernization

China's current indicators — solid credit growth, savings mobilization, and profit-led upgrading in strategic sectors — signal a system in dynamic recomposition. We can and should reject simplistic "debt trap" or "overcapacity" tropes, and instead emphasize how policy coordinates credit with structural shifts in technical coefficients and demand conditions to realize profits and raise productive forces.

This path positions China to export productivity gains (machinery, green technologies) while deepening domestic resilience. In a multipolar world facing energy and supply chain stresses, such transformation offers lessons in purposeful development: Credit as a tool for realization, circulation as the bridge between production and consumption, and structural change as the engine of long-term prosperity. A subsidiary benefit is that Chinese capacity is supporting a world in need for energy transition.

As global headwinds persist, China's focus on high-quality, innovation-driven growth — anchored in material realities and monetary dynamics —provides a stable foundation. The data affirm not fragility but adaptive strength, validating a model where investment, policy direction, and market mechanisms together advance shared modernization goals. With continued calibration, this trajectory promises sustained improvements in living standards and global contribution.

Amid a global slowdown in the film and television industry, cross-Strait cultural cooperation is experiencing a resurgence in 2026. Popular productions from both sides of the Taiwan Strait are reaching new audiences, while new mainland policies are opening the door to deeper industry collaboration. CGTN's Zheng Yibing reports from the annual Straits Forum underway in Xiamen.

China-Lusophone trade totaled $225.8 billion last year, with Chinese investment stock at $80 billion and engineering contracting turnover at $140 billion, among China's highest regional totals. Now Macao is testing the future: digital currencies. Through its digital sandbox and cross-border settlement links with the central bank, Macao is enabling faster, smarter payments between these markets. Macao is not just a gateway — it is a laboratory for the future of trade.

Editor's note: Michael Wang is a CGTN anchor. The article reflects the author's opinion and not necessarily the views of CGTN.

When people talk about China's economy today, the word "resilience" often comes to mind. It is a useful description, but it may no longer be sufficient.

A resilient system withstands shocks and returns to its previous state. An anti-fragile system, as described by scholar and risk theorist Nassim Taleb, does something more: It adapts, reorganizes and becomes stronger under pressure. By that standard, the Chinese economy, in many respects, is moving beyond resilience and toward anti-fragility.

This is not to say China is immune to challenges. Every country faces its own economic headwinds. What makes China different is its ability to convert stress into strength, a process that might be called "shock metabolism," where pressure becomes a forcing mechanism that upgrades its economy.

Trade tensions have accelerated market diversification, ensuring that foreign trade remains robust. Technology restrictions have spurred indigenous innovation. Dependence on imported energy and the environmental costs of rapid industrialization have helped drive China's rise as a clean-energy and green-technology powerhouse. Demographic pressure is speeding up the adoption of robotics and automation. Meanwhile, the property-sector adjustment is occurring alongside greater investment in advanced manufacturing, information services, aerospace and intellectual property.

The latest economic data make this transformation increasingly visible. In May, the value added of China's high-tech manufacturing sector increased by 15.1% year on year, more than three times the 4.5% growth of overall industrial production. Production of 3D-printing equipment rose by 54.4%, lithium-ion batteries by 40% and industrial robots by 27.9%.

Investment patterns point in the same direction. During the first five months of 2026, investment in intellectual-property products rose by 9.3%. Investment in computer and office-device manufacturing increased by 18.3%, aerospace equipment manufacturing by 16.7% and information services by 13.8%. These figures do not mean that China's transition away from property-intensive growth is complete. They do show that the decline of an old growth engine is taking place alongside the formation of new productive capacity.

This matters far beyond China. The International Monetary Fund estimates that China contributes around 30% of global economic growth. At a time when global expansion remains subdued and geopolitical uncertainty is disrupting trade, investment and energy markets, stability in an economy of China's scale provides an important floor under global demand and output.

The latest trade figures illustrate this outward stabilizing effect. In the first five months of 2026, China's total goods trade increased by 15.3% year on year. More significantly, imports rose by 20.5%, considerably faster than the export growth of 11.8%. In May alone, imports increased by 21.5%.

This distinction is important. China's contribution to the world economy is not limited to supplying manufactured goods. Its vast market also generates orders, revenue and employment for commodity producers, agricultural exporters and manufacturing partners around the world. Trade with Belt and Road partner countries grew by 13.6% during the first five months of the year, underscoring how China's commercial relationships have become more geographically diversified.

That diversification is one of the clearest examples of anti-fragility. Restrictions in certain markets have encouraged Chinese companies to build deeper ties with Southeast Asia, Africa, Latin America and the Middle East. The result is not simply an economy that is less dependent on any single destination. It is also a broader web of trade capable of keeping goods, components and capital moving when particular bilateral relationships come under strain.

China's role in the global energy transition provides another example. The International Energy Agency estimates that Chinese exports of clean-energy technologies exceeded $165 billion in 2025, representing about half of the global clean-energy technology exports excluding trade among European Union member states. The expansion of Chinese manufacturing has helped drive down the cost of solar modules and battery packs, making renewable power, electric mobility and energy storage more accessible.

China is therefore becoming not only a growth stabilizer, but also a clean energy transition-cost stabilizer. Technologies developed and scaled in response to China's own energy-security and environmental challenges are helping other countries electrify their economies and reduce dependence on fossil fuels. This is particularly important for developing countries, where the cost of capital and technology often determines whether the energy transition can move from aspiration to implementation.

The same process may increasingly apply to automation. China's response to an aging workforce is accelerating the production and deployment of industrial robots. These capabilities will not remain relevant to China alone. Europe, Japan, the Republic of Korea and many other economies face similar demographic pressures. Solutions developed at scale in China may eventually help raise productivity across a much wider group of aging societies.

China is also creating entirely new economic categories. A prominent example is what China calls the "low-altitude economy." This is commercial and industrial activity in airspace below 1,000 meters, including drones, aerial logistics, and urban air mobility. The low-altitude economy is just the beginning. China's economy in the AI-era is likely to give rise to entirely new industries that we can barely imagine today.

Many assume trade restrictions, technology denial, and demographic headwinds will cap China's rise. The anti-fragility thesis suggests the opposite. These pressures are catalysts for a next-generation development model.

China is not invulnerable but its track record shows this is an economy that possesses a distinctly unique ability to digest shocks, turn them into opportunities, and gain strategic optionality.

China's 15th Five-Year Plan offers a global roadmap — and the Macao SAR is at the center. As a free port under "one country, two systems," Macao is bridging the 300M-strong Portuguese-speaking markets and reaching into Spanish-speaking countries. It helps overseas brands enter China and Chinese brands go global — backed by Macao's financial, legal and service strengths. This is Macao stepping up as the ultimate super-connector.

China's GDP has expanded more than 2,000 times (unadjusted) since 1952. Meanwhile, incomes have risen significantly and urbanization has reshaped everyday life. 

Swipe through to discover the numbers behind China's growth and transformation, as CGTN launches a series of data-driven posters charting 105 years of rapid economic change across the country, to mark the 105th anniversary of the founding of the Communist Party of China.

China's top market regulator has held talks with Walmart China regarding food safety problems found in Sam's Club's brick-and-mortar stores and online shops, the regulator said on Monday.

The State Administration for Market Regulation recently summoned officials of Walmart (China) Investment Co., Ltd., the headquarters of Sam's Club in China, for regulatory talks in accordance with the law, a statement released by the administration noted.

The administration urged the company to conduct food business activities in strict accordance with Chinese laws and regulations. It also required the company to strengthen food safety awareness, strictly fulfill its primary responsibility for food safety, shoulder its corporate social responsibility, prevent food safety risks across the entire chain and effectively safeguard public safety.

Walmart China said in a statement to multiple Chinese media outlets that it "fully acknowledged, deeply reflected on, and sincerely accepted" the concerns and rectification requirements raised by regulators during the regulatory interview.

The company said it has established a special task force led by senior management and immediately launched a comprehensive review and corrective action campaign across all sales channels and throughout its supply chain.

(With input from Xinhua)

Known as the "world's supermarket", Yiwu, a small city in China's Zhejiang Province, supplies an estimated 2.1 million kinds of goods to 233 countries and regions. The world's largest wholesale market for small commodities, which is also well known for its large market share of global Christmas decorations, has recently kicked into World Cup mode. Nearly 70% of the production of World Cup-related merchandise is located in Yiwu, according to data from the Yiwu Sports Goods Association. This shift comes even as the excitement for this particular edition of the World Cup is being shaped more and more by commercial and economic calculations.

Patents and licensing move competition beyond just price

Many companies moved early to apply for design patents and secure official IP licenses from national teams and football clubs, in a bid to compete on more than just price. Official data shows that Yiwu registered 1,546 new intellectual property customs filings in 2025, up 29.05% year on year.

To meet growing demand from merchants, local authorities have even set up an intellectual property service center inside the Yiwu International Trade Market, offering 34 one-stop services ranging from patent applications and trademark registration to overseas rights protection.

Quality and speed reshape the supply chain

Analysis of consumer goods suggests that the role of "Made in China" in sports merchandise is evolving — shifting from a low-cost manufacturing base to a supply network built around consistent quality and rapid response.

The Financial Times writes that industrial strategies in many countries often lack the "long-term and holistic approach" seen in China. Complex regulations, higher energy costs, shortages of skilled labor and slower infrastructure development continue to weigh on competitiveness.

Against that backdrop, China's combination of manufacturing scale, production efficiency and accumulated industrial know-how remains difficult to replicate.

Tian Xuan, dean of the Guanghua School of Management at Peking University, said that beyond cost advantages, the real strength of China's supply chain lies in its ability to respond quickly to market demand while maintaining large-scale delivery capacity.

Trend-driven consumption fuels the market

Street vendors in Mexico are often among the first to spot which souvenirs football fans want, feeding those signals back to suppliers almost in real time. And a common response from sellers is that Chinese products offer more variety, sell quickly and can be restocked fast, according to a report by Global Times. 

According to Yiwu Customs, exports of sporting goods and equipment from Yiwu reached 11.65 billion yuan ($1.72 billion) in 2025, up 20.3% year on year. In just the first two months of this year, exports had already reached 2.34 billion yuan, an increase of 38.5%. Exports of sporting goods to the US, Canada and Mexico totaled 550 million yuan, up 21.3% from a year earlier.

China's top political advisor Wang Huning has called for high-quality construction of the demonstration zone for integrated development across the Taiwan Strait and urged greater progress in advancing such integration during the 15th Five-Year Plan period (2026-2030).

Wang, a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference, made the remarks on Saturday in Xiamen, a city in southeast China's Fujian Province, at a meeting on advancing the demonstration zone's development.

He said the 15th Five-Year Plan period will bring broad opportunities and prospects for deepening cross-Strait integrated development and for promoting the development of the demonstration zone.

Wang called for supporting Fujian in exploring new mechanisms, pathways and models for cross-Strait integrated development, and for promoting higher-quality, deeper and broader integration in cross-Strait integrated development.

He stressed the need to implement the requirements of the 15th Five-Year Plan in developing the demonstration zone and to ensure high-quality development throughout the process.

Focusing on key tasks in building the demonstration zone, efforts should be made to boost policy and institutional innovation, and to let the zone take the lead in piloting new measures and generating replicable experience, Wang said.

He also called for improving policies and measures to facilitate cross-Strait exchanges and cooperation, enhancing the business environment, strengthening industrial cooperation, and expanding the benefits and sense of gain for Taiwan compatriots and Taiwan-funded enterprises.

Wang urged closer people-to-people and cultural exchanges across the strait, saying that more efforts should be made to strengthen Taiwan compatriots' sense of identification with the Chinese nation, Chinese culture and the motherland.

He also called for expanding channels for Taiwan youth to pursue development on the mainland.

On Sunday morning, Wang also conducted an inspection tour in Xiamen, reviewing work on cross-Strait integrated development, as well as the provision of more convenient and intelligent services for Taiwan compatriots, and efforts to promote exchanges and cooperation among young people from both sides of the strait.

Global investor sentiment toward China remains resilient, with major international surveys and ratings agencies pointing to sustained confidence in the country's economic outlook, export strength and role in global supply chains, despite a challenging global environment.

China continues to be a major investment destination for global CEOs, with the share of those favoring it rising from 9% to 11% worldwide, according to PwC's 29th Annual Global CEO Survey China Report.

The survey also found that more than one-fifth of the CEOs in countries including Indonesia, the Republic of Korea and Germany ranked Chinese mainland among their top three overseas investment destinations.

Meanwhile, Moody's Ratings has revised China's outlook to stable from negative while affirming its A1 sovereign rating, indicating expectations that the country's economic and fiscal position will remain broadly resilient despite domestic pressures and ongoing external trade and geopolitical challenges.

Fitch Ratings, which lowered its global growth forecast to 2.4% amid geopolitical tensions in the Middle East, nonetheless raised China's outlook to 4.6%, citing stronger-than-expected first-quarter data and continued export resilience.

China remains a key part of global supply chains and retains cost advantages, said Jeremy Zuck, Asia-Pacific sovereign ratings director at Fitch, adding that supportive factors are likely to sustain China's export strength in 2026.

China is strongly dissatisfied with and firmly opposes the US Department of Defense's move to list several Chinese companies as "military companies," a spokesperson for the Chinese Ministry of Commerce said on Saturday.

The US side disregards the consensus reached by the two heads of state during their meeting in Beijing and ignores the overall interests of China-US economic and trade relations, said the spokesperson, adding that the US side continuously generalizes the concept of national security and abuses state power to unjustifiably suppress Chinese companies.

Such actions by the US seriously undermine the international economic and trade order, gravely threaten the stability of global industrial and supply chains, and severely harm the legitimate rights and interests of Chinese enterprises, the spokesperson said.

The spokesperson added that China urges the US to immediately stop its erroneous practices, revoke the relevant measures without delay, and return to the right track of building a constructive and stable China-US strategic relationship

The US should provide Chinese companies with fair, just, and non-discriminatory treatment, the spokesperson said, adding that otherwise, China will take firm and forceful countermeasures, and all consequences and responsibilities arising therefrom will be borne entirely by the US side.

The 10th China-South Asia Expo is underway in Kunming, southwest China, bringing together exhibitors from across South and Southeast Asia. From vibrant handicrafts and flavorful snacks to elegant home décor, the event offers a colorful showcase of the region’s rich cultural and commercial diversity.

Shares in Elon Musk's SpaceX closed almost 20% higher on their trading debut on Friday after the biggest initial public offering (IPO) in history, making the polarizing entrepreneur the world's first trillionaire as he vowed to take humanity to Mars.

The blockbuster IPO, which raised more than $75 billion, is expected to kick off a series of major IPOs by AI companies in the coming months.

The stock climbed as high as $176, or 31% above its offering price of $135, in its first session before ending the day at $161.50.

"SpaceX wants to be able to take you to the moon, take you to Mars, and ultimately beyond," Musk said at a launch event in Starbase, Texas, surrounded by staff, many of whom became multi-millionaires with the launch of trading.

"I'm confident at this point that with the incredible team that we have here at SpaceX, that we will do that for you," Musk added.

About 100 people assembled outside the Nasdaq's home in New York, where SpaceX also marked the occasion with a neon sign in Times Square.

Musk "sets very futuristic goals that no one else is doing, and I think that has got a lot of people excited," said Sarin Sio, of financial company Dovetail, who had come to the Nasdaq headquarters.

The company priced more than 555 million shares at $135 each in a Thursday filing with the US markets regulator, valuing SpaceX at just under $1.8 trillion.

Friday's gain lifted SpaceX's market value to more than $2 trillion, placing it among the 10 most valuable American companies – ahead of Tesla, Facebook-owner Meta and Walmart.

Options for nearly 83 million additional shares could push the total raised above $86 billion.

Co-founded by Musk in 2002, the rocket startup has since expanded into a major satellite operator and has also folded in Musk's artificial intelligence company xAI, alongside the social media platform X.

Trading under the ticker symbol "SPCX," the conglomerate is being closely watched for how Wall Street absorbs the offering and what it will mean for its AI rivals looking to trade on the public markets as early as this year.

OpenAI and Anthropic have both recently filed initial documents with regulators.

How much money is $1 trillion?

The milestone makes Musk by far the world's richest person – the first trillionaire in human history.

But what does $1 trillion actually look like?

A trillion dollars is roughly equivalent to the annual GDP of countries such as Switzerland or Poland, which is about $1.04 trillion in 2025, according to the International Monetary Fund. It is also around three times the current value of France's gold reserves.

According to The New York Post, if one trillion one-dollar bills, each about 0.0043 inches (about 0.01 centimeters) thick, were stacked on top of each other, the tower would reach more than 67,000 miles (about 107,200 kilometers) high, over one-quarter of the distance between Earth and the moon. Laid end-to-end, with each bill measuring about 6.14 inches in length, the same stack would stretch nearly 4 million miles beyond the distance between Earth and the sun.

NBC News notes that a stack of $100 bills worth $1 trillion would rise about 679 miles high, which is nearly 11 times the distance from Earth to the edge of outer space.

In economic reality, $1 trillion exceeds the combined net worth of five of the world's richest individuals, including Google co-founders Larry Page and Sergey Brin, Amazon founder Jeff Bezos, Meta CEO Mark Zuckerberg, and Oracle co-founder Larry Ellison.

But experts cautioned that Musk's wealth, unlike gold or other tangible assets, is largely tied to stock holdings, making it far more volatile.

"If Elon Musk wanted to sell off a huge chunk of his shares to buy real estate or whatever, the stock price would drop hugely," warned Alexandre Baradez, head of market analysis for investment company IG France, adding the it would also trigger broader investor reactions, further decreasing the stock's value.

(With input from AFP)

Demand for artificial intelligence (AI) tokens is surging, with trends such as "tokenmaxxing" – maximizing token usage to boost perceived productivity gains – intensifying an already fierce race for computing power.

As pressure mounts on computing and energy infrastructure, China is leveraging its clean energy advantages to support AI growth, while "token exports" emerge as a new way to deliver AI services to global users.

What's the future like for the "token economy"? Join us on BizTalk as we explore the economics behind the AI revolution.

The new National Human Rights Action Plan of China (2026-2030) places stronger emphasis on the rights to subsistence and development, common prosperity, environmental rights, digital-era human rights and business-related human rights, highlighted Liu Huawen, director of the Institute of International Law at the Chinese Academy of Social Sciences, at the 2026 Forum on Global Human Rights Governance in Beijing on Friday.

China's total social financing stock reached 458.8 trillion yuan ($67.7 trillion) at the end of May 2026, up 7.7% year-on-year, the central bank data showed on Friday. 

In the first five months of 2026, the cumulative total social financing added was 17.48 trillion yuan, preliminary statistics from the People's Bank of China (PBOC) showed on Friday.

Meanwhile, China's yuan-denominated loans rose by 9.11 trillion yuan in the first five months, the official data showed. Outstanding yuan loans stood at 281.02 trillion yuan at the end of May, up 5.5 percent year on year.

The broad money supply (M2) stood at 353.67 trillion yuan, up 8.6% year on year.

The M1, which covers cash in circulation, demand deposits and client reserves of non-bank payment institutions, reached 114.89 trillion yuan at the end of May, up 5.5% year on year.

The total balance of domestic and foreign currency deposits was 352.38 trillion yuan, increasing by 8.7% from the same period of last year.

(With inputs from Xinhua)

The duty to share and cooperate is the foundation of a just global order, said Jorge Alberto Da Silva Borges, former foreign minister of Cabo Verde, at the 2026 Forum on Global Human Rights Governance in Beijing on Friday.

What the world needs is a more balanced, cooperative, and equitable international order, said Abdul Latif Muhammad Jamal Rashid, former president of the Republic of Iraq, at the 2026 Forum on Global Human Rights Governance in Beijing on Thursday.

Robot dogs patrol above. Crabs live below. And 10,000 m³ of green hydrogen is produced daily. That's China's solar-hydrogen farm in Jiangsu Province — smart, clean, and surprisingly cute.

Development is the foundation for solving all major challenges and the indispensable path toward the advancement of human rights, said Xie Fuzhan, president of the China Foundation for Human Rights Development, at the 2026 Forum on Global Human Rights Governance in Beijing on Thursday.

Roughly 70% of Uruguay is covered by grassland. The natural pasture, also found in northern Argentina and southern Brazil, contribute to the quality of Uruguayan beef which gives it a commercial advantage in markets such as China and Europe. Uruguay has now signed an agreement with a Chinese university to create a Joint Pasture Agriculture Laboratory, designed to drive progress in Genetic Improvement and Plant Biotechnology for pasture and forage production.

This laboratory is just one of the outcomes from Uruguay President Yamndu Orsi’s state visit to China in February where he met with Chinese President Xi Jinping. The two leaders signed over 30 agreements covering trade, investment, as well as  science and technology cooperation. CGTN's Joel Richards reports.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

The World Cup is bringing the world’s greatest football players to the pitches in North America for an epic competition that FIFA expects to attract as many as six billion viewers worldwide. In the age of AI, FIFA is also going more hi-tech than ever to improve the overall experience. Mark Niu has more.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

Young Peruvians took part in a competition involving Chinese arts and culture in early June. At stake: A chance to represent their country in China at one of its most important Chinese language and culture competitions. 

It's the 25th edition of Puente Chino, or Chinese Bridge, and Dan Collyns visited this year’s contest in the Peruvian capital Lima.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

Apple held its annual Worldwide Developers Conference, WWDC26, where it’s making clear it intends to go all-in on AI. As Mark Niu reports, this also comes at a time when there’s a shuffle at the top of Apple.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

Global airline leaders gathered in Rio de Janeiro for the International Air Transport Association’s (IATA) annual summit amid growing disruption in the Middle East. IATA officials have been raising fresh concerns across the aviation industry. 

Against that backdrop, the association sharply cut its 2026 outlook, citing higher fuel prices and airspace disruptions linked to the conflict. 

CGTN’s Lucrecia Franco reports from Rio.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

China's consumer inflation rose 1.2% year on year in May, with sectors including tourism and healthcare showing robust growth. In a live interview with CGTN's Global Business, Daniel Yao, Head of Research at JLL China, offered his analysis of the latest inflation figures. He noted that as service consumption outpaces goods, policymakers now see this structural trend - not a short-term spike - as a lasting driver of China's economic upgrade.

Shanghai hosted an event to attract investment from the Middle East while providing support for Chinese companies expanding into the region at the Shanghai Eastern Hub International Business Cooperation Zone (Eastern Hub IBCZ) on Tuesday.

China and countries in the Middle East are strengthening rapidly growing economic ties, with trade exceeding $450 billion last year. The region also remains a key source of global investment capital.

Shanghai's commerce authorities, the Abu Dhabi Investment Office, and the Eastern Hub zone showcased investment opportunities and cooperation platforms. 

Shanghai authorities said it welcomes participation from Middle East's sovereign wealth funds and investment institutions in innovation and industrial development through direct investment and partnerships.

"Middle Eastern capital is very active, and ties between the Middle East and China are getting closer," said Zhao Yugang, deputy director of the Shanghai Eastern Hub International Business Cooperation Zone Administration. "We hope to further expand two-way investment."

He added that the zone will continue organizing investment matchmaking events to accelerate the conversion of exchanges into concrete projects.

The event also highlighted several initiatives, including a Middle East liaison office under Pudong's "going global" service center, a project roadshow platform for regional opportunities, and new services for Chinese tech and construction firms entering Middle East's markets.

The zone has already begun attracting international projects. Last month, a global medical device training, exhibition, trade, and innovation center was launched there. The A3 International Medical Technology Innovation Exchange Center, led by Boston Scientific with Danaher and Siemens Healthineers, was among the first major projects to operate.

Located near Pudong International Airport and Shanghai East Railway Station, the zone focuses on high-end manufacturing, digital technology, and green industries, supporting international business travel, trade, and investment.

This growing institutional cooperation is reflected in rising private-sector confidence. A 2025 PwC survey shows nearly 90% of Chinese companies now plan to enter or expand in the Middle East, while 44% already have detailed expansion plans, up 7 percentage points from 2022. Around 40% reported positive returns from Middle East operations, and over 30% said the region contributes more than 20% of total revenue, an increase of 8 percentage points.

Editor's note: Lin G. is a CGTN economic commentator. The views expressed in this article are the author's own and do not necessarily reflect those of CGTN.

For years, AI discourse centered on algorithms and models, a digital phenomenon, detached from the physical world. A remarkable shift unfolding in China challenges that assumption. AI is no longer confined to the digital realm, it is now moving commodity prices: copper, optical fiber, semiconductors, industrial equipment.

That shift is driving one of China's most significant economic developments this year: the end of a three-year producer price decline. Chinese Producer Price Index (PPI) in May stood at 3.9%, up from 2.8% in April and just 0.5% in March, as the latest official data showed on Wednesday. It marked one of the sharpest increases in recent years.

Economic cycles rarely reverse this fast. When they do, a new demand driver is usually behind it. Increasingly, that driver is China's AI investment boom.

AI: The new engine of industrial demand

Every advanced AI model demands enormous computing power, and computing power demands data centers which in turn need servers, chips, cooling systems, power infrastructure, and fiber networks. Each layer pulls heavily on industrial supply chains.

A single AI server consumes several kilograms of copper for wiring and power distribution, significant aluminum for thermal management, and rare specialty metals like tantalum, indium and gallium for semiconductor components.

At cluster scale, the material intensity multiplies: large data centers depend on dense fiber networks spanning tens or hundreds of kilometers.

That chat window on your screen rests on a vast physical infrastructure rooted deep in the industrial economy.

Which is exactly why China's latest producer-price data matters. In May, non-ferrous metal mining prices surged 36.5% year-on-year, while smelting and processing rose 24%. Electrical machinery and equipment manufacturing climbed 4.5%, while computer, communications and electronics manufacturing gained 2.1%.

The National Bureau of Statistics (NBS) attributed price gains directly to AI's deeper industrial integration and surging demand for computing power, pushing up non-ferrous metals, electrical machinery, and computer-related manufacturing.

A window into China's economic transformation

For decades, China's infrastructure investment meant roads, ports, railways, and power grids — physical buildout that shaped industrial demand and upstream price cycles.

Had the current price recovery been driven by property, cement, or traditional materials, it would read as a familiar infrastructure cycle, traditional growth engines reasserting themselves.

That is not what the data show. The sectors leading the price recovery, computing power, advanced manufacturing, digital production chains, point to something structurally different.

Infrastructure investment has expanded to encompass data centers and next-generation networks, generating tangible demand across a broad supply chain. Computing infrastructure is now treated as a strategic physical asset.

Seen this way, the producer price recovery is not a cyclical rebound. It signals the emergence of a new infrastructure cycle, one centered on computing power.

Producer price movements are not isolated events. They mirror shifts in capital allocation, production decisions, and expectations about future demand. It is thus acting as a gauge of a deeper industrial transition already in motion.

China's long producer-price downturn is over. More than a cyclical recovery, it is an early signal that new quality productive forces are beginning to reshape the country's industrial landscape.

As the US-Israel-Iran conflict continues into more than 100 days, its impact has extended far beyond the Middle East. Energy price fluctuations, increased shipping risks, and rising supply chain costs have caused the conflict to transmit pressure throughout the global economy.

One of the most direct spillover effects of the conflict is the inflationary pressure it has created worldwide. The Middle East is a key region for global energy supply and maritime transport. The conflict has driven up the costs of crude oil, natural gas and shipping, increasing expenses for transportation and logistics, industrial manufacturing, agricultural production and household living costs.

Experts believe that some countries heavily reliant on energy imports are attempting to alleviate price pressures by suppressing domestic market demand, but this approach does not address the root problem.

"Reducing energy demand is by no means a good solution. Decreasing demand means a decline in manufacturing and production capacity, ultimately leading to reduced inventories and thus higher prices. Higher prices mean inflation, which is the dilemma we are currently facing. Shifting to renewable energy requires significant investment and time, and this cannot be solved in the short term," said George Khoury, Global Head of Research & Education at CFI, an online trading broker in the Middle East and North Africa​ region.

The conflict has led to a systemic increase in the operating costs of the global economy, with the Gulf region being more directly impacted. Gulf countries like Saudi Arabia and the UAE are not only major energy exporters but also important hubs in global capital, logistics, aviation, and financial networks.

For many years, these countries have established a relatively stable development model based on energy revenue, open markets, and security cooperation, but the latest conflict has forced them to reassess their relationships with other countries.

Professor Mohamad Firas Naeb, president of the Dubai-based Strategia Center for Studies, told CGTN that Gulf states are re-evaluating themselves and their relationships with other countries. This reassessment, he said, is not limited to political relations but also extends to trade and broader economic cooperation.

Business leaders in the Gulf region are also calling for greater international cooperation to address the crisis. Mohamed Alabbar, founder of Emaar Properties, said this conflict has become a global issue, so countries will need to work together to resolve it because doing so would benefit the whole world.

Editor's note: Lu Hao, a special commentator on current affairs for CGTN, is dean of the Strategic Studies Department of the Institute of Japanese Studies, Chinese Academy of Social Sciences. The article reflects the author's opinions and not necessarily the views of CGTN.

Economic security has become a core pillar of Japan's political agenda, with supply chain resilience, technology controls, and industrial "decoupling" now standard policy tools. Driven by nationalist politicians led by Sanae Takaichi, this fusion of right-wing politics and security policy has spawned a mounting economic burden — "The Takaichi Fallout". Security-first policies inflate fiscal outlays, fracture regional supply chains, and squeeze trade and investment, as political logic hollows out Japan's economic foundations. These costs feed on social anxiety, which politicians exploit — locking Japan in a destructive cycle of public fear, rightward policy drift, and economic damage.

Japan's embrace of economic security rhetoric is rooted in decades of social malaise following the asset bubble collapse. Real wages have largely flatlined for 30 years, the middle class has fragmented, and an aging, shrinking workforce keeps driving up pension and care costs. Stagnant wages and bleak prospects have exhausted public patience for reform. Right-wing politicians exploit this frustration — deflecting governance failures by hyping external threats. Building on Abe's nationalist playbook, Takaichi weaponized national insecurity, spearheading the Economic Security Promotion Act to enshrine tech controls, state support for critical industries, and tighter foreign investment screening into law. 

Takaichi costs are now dragging on growth across the economy. Successive defense budget hikes, accelerated arms production, and relaxed weapons export rules have diverted public funds from household support, small and medium-sized enterprises (SME) subsidies, and industrial upgrading. 

With public debt exceeding 230% of GDP, runaway spending and a weak Japanese yen are stoking imported inflation and squeezing living standards. The Economic Security Promotion Act's curbs on semiconductor, materials, and manufacturing technology outflows — and tightened foreign investment screening — are chilling China–Japan technical ties. Manufacturers forced to overhaul supply chains face steeper procurement and R&D costs, while firms with deep East Asian roots sacrifice scale efficiencies, leaving SMEs with shrinking orders and thinner margins. Politically inflamed rhetoric has poisoned bilateral business sentiment. The steep decline in Chinese tourist arrivals could, in a worst‑case scenario, trim Japan's GDP by up to 0.3 percentage points — laying bare how quickly the dividends of economic complementarity can come under pressure.

Rising Takaichi costs have split public opinion and distorted economic restructuring, trapping Japan in a feedback loop where anxiety, polarization, and economic decline reinforce each other. Conservative voters back hawkish policies, solidifying the right's electoral grip, while businesses and wage earners facing higher prices, eroding jobs, and falling disposable incomes grow louder in their criticism — deepening fragmentation and governance volatility. 

Industrial resources are being channeled into defense manufacturing, alternative energy, and domestic chip production at the expense of traditional export industries. Japan's proven growth model — built on East Asian industrial specialization — is being abandoned for a costly, subsidy-dependent push for self-sufficiency that undermines long-term growth.

Japan's strategy of manufacturing anxiety to fuel conservatism — and sacrificing economic efficiency to security imperatives — is a prescription for structural stagnation. Fear-driven politics, forced industrial fragmentation, and mounting Takaichi costs cannot cure Japan's demographic headwinds or weak consumption; they only erode its industrial base faster. Only by shedding right-wing populism, respecting market logic, and re-engaging in regional economic cooperation can Japan halt the spiral and repair its fractured social compact.

China's consumer market remained generally stable in May, with the Consumer Price Index (CPI) up 1.2% year on year, according to data released Wednesday by the National Bureau of Statistics (NBS).

On a monthly basis, the CPI fell 0.1%, mainly due to lower energy and service prices, said Dong Lijuan, chief statistician at the NBS.

The decline was partly driven by changes in fuel prices. Following a sharp increase in April, domestic gasoline prices fell 0.3% in May as international oil prices eased. As a result, gasoline's contribution to monthly CPI changed from contributing 0.39 percentage points in April to reducing it by 0.01 percentage point in May, Dong Lijuan said.

Service prices also softened after the May Day holiday travel peak. While service prices rose 0.5% in April, they fell 0.1% in May.

Food prices declined 0.4% from a year earlier, although the pace of decline narrowed by 1.2 percentage points compared with the previous month. Pork prices fell 1.6% as supply remained abundant.

Meanwhile, China's Producer Price Index (PPI), which measures factory-gate prices, rose 3.9% year-on-year and 0.5% month on month, supported by stronger demand in certain domestic industries and the transmission of fluctuations in global commodity prices.

Dong Lijuan attributed the increase in producer prices partly to industrial upgrading and equipment renewal efforts. Prices in the ferrous metal smelting and rolling sector rose 1.2% month on month as manufacturing equipment upgrades continued.

Seasonal demand also contributed to higher prices in some industries. Demand for coal increased ahead of the summer peak electricity consumption season and for non-power uses. At the same time, volatility in international crude oil prices affected related domestic industries, causing price gains to moderate or decline in some sectors, Dong Lijuan said.

After five years of consolidating national poverty alleviation achievements, China's rural areas are now turning to economic revitalization through innovative governance models and more diverse business entities. Our new special coverage, Rural Remix, explores three villages with unique development paths. In the second episode, our reporter He Jingyi travels deep into the mountains of Fujian, where Yanxiang Village is home to centuries-old Hakka architecture and an aging population. She spoke with a returnee born after 1995 who blends modern ideas with traditional heritage, breathing new life into this millennium-old rural settlement.

China's economy maintained steady and sound growth across multiple sectors in May, according to the latest data released Tuesday by the National Development and Reform Commission (NDRC). 

Check out the posters for more! 

Chongqing is turning riverfronts, backstreets, rooftops and former air-raid shelters into new night-time destinations as the municipality in southwest China seeks to boost evening consumption and extend the appeal of its tourism economy.

Drawing on its dramatic mountain terrain, riverside scenery and distinctive urban culture, the city is developing what local authorities describe as a three-dimensional network of consumption spaces built around rivers, cliffs, streets, caves and elevated sites. Improved transport links between the city center and scenic areas, as well as between major attractions, are intended to make it easier for visitors to move from one venue to another after dark.

The approach is already reshaping Chongqing's night-time landscape. Historic lanes have become leisure districts, while former air-raid shelters are now house tea bars, bookshops and hotpot restaurants. High-altitude attractions, including a swing suspended 250 meters above the ground, add another draw for visitors seeking night views and entertainment.

In recent years, Chongqing has developed nearly 100 new consumer projects combining culture, tourism, retail, dining and urban commercial complexes. Many are designed to keep visitors spending later into the evening by linking sightseeing with food, shopping and leisure.

The city's consumer market has remained stable while becoming more diversified this year, according to an official with the Chongqing Municipal Commission of Commerce. In the first quarter of 2026, value added in wholesale and retail rose 5.3% year on year, while accommodation and catering grew 5.5%. Sales of smart products increased rapidly, and service consumption also gained momentum.

(Cover: Chongqing glows along the riverfront at night, December 21, 2025. /VCG)

It has been 100 days since the conflict between US, Israel and Iran erupted, and the situation is not getting any better.

For the Gulf states – which have long relied on a stable environment and energy wealth for economic development – these 100 days have not only been a security crisis, but also a major test prompting them to rethink their development models and strategic positioning, as well as accelerate their strategic shifts.

They now face two new challenges: maintaining stability and prosperity in a more volatile and multipolar world, and building a more resilient, self-reliant development path amid rising security risks, accelerated energy transition and a reshaped international landscape. 

100 days of conflict: Gulf states reassess development paths

Since the outbreak of this round of conflict, missiles and drones have targeted almost all types of civilian infrastructure in the Gulf Arab states, in some cases severely damaging energy facilities.

The security situation in the Strait of Hormuz – a crucial route for oil and gas exports – remains tense.

For a long time, the development model of the Gulf states has been based on two fundamental premises: a relatively stable regional environment and unimpeded international trade and energy transportation networks.

Escalating tensions in the Strait of Hormuz, rising international shipping costs and increased volatility in the energy market have all directly impacted the economic operations of the Gulf states.

Divergent paths: Gulf states explore different development models

Faced with the same security challenges, the Gulf states have not opted for a unified strategic choice, but rather have demonstrated distinctly different response paths based on their respective development needs, geopolitical environments and national positioning.

On May 1, the United Arab Emirates officially withdrew from OPEC and the OPEC+ mechanism, ending its nearly 60-year membership. 

This decision not only attracted widespread attention in the international energy market but was also seen as a significant signal of strategic adjustment in the Gulf region.

In contrast, Saudi Arabia continues to view OPEC and OPEC+ mechanisms as important tools for maintaining stability in the international energy market, focusing its main efforts on advancing its "Vision 2030" and economic structural reforms.

Oman continues to play its long-standing role as a mediator. With a relatively balanced foreign policy and lower geopolitical sensitivity, it has maintained relative stability during this crisis and has become one of the important channels for indirect communication between the US and Iran.

Qatar, which shares the world's largest single natural gas field with Iran—known as the South Pars field on the Iranian side and the North Field on the Qatari side— recognized the importance of security immediately after its gas facilities were attacked, and worked with Oman to push forward US-Iran negotiations.

These differences indicate that this round of conflict has not changed the Gulf states' shared goal of pursuing stability and development, but it is accelerating the divergence of their strategic paths.

Accelerated transformation: Gulf states speed up economic transitions

For decades, oil wealth and the Strait of Hormuz have been the two pillars of the Gulf economy. 

However, with the ongoing global energy transition and changes in the regional security environment, Gulf states are simultaneously pursuing two important transformations: reducing dependence on oil revenues and reducing reliance on the single passage of the Strait of Hormuz.

The UAE continues to improve its energy infrastructure in Fujairah on its east coast, enhancing its energy export capabilities by bypassing the Strait of Hormuz; Simultaneously, it is vigorously developing artificial intelligence, the digital economy, and high-end manufacturing.

Saudi Arabia is advancing economic structural reforms through its "Vision 2030," hoping to reduce the share of oil revenue in its national economy and develop new growth drivers such as new energy, tourism, and advanced manufacturing.

Qatar, on the other hand, is leveraging the increased demand for natural gas during its energy transition to solidify its position as a global energy supplier.

Meanwhile, Gulf countries are beginning to regard technological innovation, green transformation, and industrial upgrading as important sources of national competitiveness.

From withdrawing from OPEC to expanding natural gas production capacity, from building new energy projects to promoting the development of the digital economy, these seemingly scattered measures by Gulf countries actually all point to the same goal: enhancing the resilience and autonomy of national development. 

(Cover via VCG)

Editor's note: Lin G. is a CGTN economic commentator. The views expressed in this article are the author's own and do not necessarily reflect those of CGTN.

Much has been written about China's development through the lens of national strategies, industrial policies and long-term planning. Often, less attention is paid to another force that has shaped the country's transformation: the ability of local communities and grassroots entrepreneurs to identify opportunities, respond to market demand and build thriving local economies.

The story of a small town named Yiwu offers a vivid example.

Located in central Zhejiang Province, Yiwu lacks many of the advantages commonly associated with economic success: It is neither a coastal city nor a border trade hub. It lacks significant natural resources. It was not built upon a strong industrial base, nor did it benefit from large inflows of foreign investment.

And yet today, Yiwu has become the world's largest wholesale market for small commodities. What began as a local marketplace now brings together more than 1.26 million market entities and over 2.1 million products, serving buyers from more than 230 countries and regions. From festive decorations and toys to household essentials and sporting goods, countless products used by consumers worldwide pass through Yiwu's vast marketplace every year. 

The rise of Yiwu offers a perspective on China's development that is often overlooked abroad. Its transformation did not begin with strategic mega projects. 

In the early 1980s, it was a poor inland county with few economic opportunities. What it did have, however, was intense survival-driven entrepreneurship.

By the 1990s, in the absence of large firms or significant external investment, local households and small traders were expanding small-scale, flexible trading activities. Family-run workshops and informal trading networks gradually emerged, each responding directly to shifting and often uncertain market demand. Business decisions were rarely based on long-term planning; they were shaped by immediate necessity and continuous experimentation.

Over time, this fragmented and improvised activity began to cluster, eventually drawing the attention of regional governments. On April 30, 2006, the Zhejiang Provincial Party Committee and Government issued a notice on learning and promoting the development experience of Yiwu.

Some of the most transformative ideas do not originate in conference rooms or policy documents. They are often generated in laboratories, workshops, marketplaces and within small firms that are directly engaged with real-world problems. Strategic guidance remains essential. But equally important is the ability of institutions to adapt to bottom-up innovation. As China enters a new stage of growth characterized by rapid technological change and widespread application of artificial intelligence (AI), Yiwu has once again provided a compelling contemporary example.

As a global wholesale hub, Yiwu has in recent years been further strengthened by digital transformation. Many local merchants are using AI-powered digital avatars as part of their daily business operations. These traders are dealing with customers across dozens of languages. It is simply not realistic to hire dozens of professionals who combine multilingual fluency with the practical business knowledge required. As a result, digital avatars have become the best solution.

Observing how market participants were already relying on digital tools, local governments introduced supporting infrastructure, including the Yiwu Global Digital Trade Center, to better serve and scale these emerging business practices.

In this sense, the sequence is important. It is market behavior pushing institutional adaptation.

Twenty years after the concept of the "Yiwu Development Experience" was first articulated, its significance extends far beyond a single city.

It reminds governments that effective governance often involves creating space for experimentation rather than prescribing every outcome. And it reminds societies that ordinary people, when empowered to innovate and pursue opportunities, can become powerful drivers of economic transformation.

For the international community, Yiwu offers another important lesson.

There is no single formula for development. Every country, region, and community must find its own path based on its own realities. What makes Yiwu remarkable is not merely its commercial success but the fact that it began with very few natural or structural advantages and no special preferential policies, yet transformed itself through initiative, entrepreneurship, and adaptability.

There was a time when the biggest challenge for Laos's tropical fruit farmers was getting their crop to market. Now, thanks to the cold-chain freight trains operating on the China-Laos Railway, their fresh fruit reaches China in a matter of hours, reducing losses and boosting sales — as evidenced by a daily shipment record set earlier this year of over 3,600 tonnes.

China's Hong Kong Special Administrative Region (HKSAR) is intensifying efforts to become a leading artificial intelligence (AI) hub, pairing major investments in computing infrastructure and innovation with a citywide initiative aimed at improving AI literacy and adoption across society.

In a blog post published on Sunday, HKSAR Financial Secretary Paul Chan announced that a mainland embodied AI company will soon open its first fully autonomous robotic retail store at the Hung Hom waterfront in the HKSAR. The store will be operated by a robot manager capable of providing round-the-clock customer service in multiple languages.

Chan said the arrival of a robot store manager signals a broader trend of AI becoming increasingly embedded in everyday life. He said while the HKSAR is actively promoting AI development to drive industrial upgrading and strengthen economic competitiveness, the government also aims to ensure that technological advances bring tangible benefits to residents.

The latest development comes as the HKSAR accelerates efforts to build a comprehensive AI ecosystem. In recent years, the city has focused on expanding computing capacity, strengthening fundamental research, cultivating talent and creating more application scenarios for AI technologies.

The HKSAR's total computing power has now reached 5,000 peta-floating point operations per second (PFLOPS). Construction of the Sandy Ridge Data Facility Cluster site is underway and is expected to provide 180,000 PFLOPS of computing power by 2032, around 36 times the city's current capacity.

The HKSAR government's AI Subsidy Scheme has approved more than 30 projects spanning large language models, medical AI and embodied intelligence. Chan said that through collaboration among government, industry, academia, research and investment, the HKSAR is attracting more top international AI talent to use the city as a base for research, exchange and entrepreneurship.

Beyond expanding the supply side of the AI sector, the city is also placing greater emphasis on adoption and practical applications.

Chan noted that the HKSAR government's latest budget introduced a dual-track strategy centered on "AI+ Industry" and "AI training for all." The initiative aims to bridge AI technologies with a wide range of industries, promote the integration of technological and industrial innovation, and foster the development of new products, services and business models.

He said that the committee on AI+ and Industry Development Strategy has been successfully formed and will hold its first meeting soon. Comprised of experts, academics and representatives from business chambers, enterprises and technology parks, the committee will initially focus on life and health sciences as well as embodied intelligence. It will also explore strategies to expand AI applications in sectors including transportation, cultural and creative industries, and sustainable development.

At the same time, under the notion of "AI training for all," HK$50 million (about $6.38 million) has been allocated to organize more than 200 events over the next two fiscal years, benefiting an estimated 50,000 participants.

Meanwhile, the HKSAR is stepping up support for small and medium-sized enterprises (SMEs) seeking to upgrade their operations through digital technologies. 

Chan said the government has allocated HK$300 million this year to to enhance the Digital Transformation Support Pilot Program, helping SMEs adopt readily available AI and cybersecurity solutions to forecast consumer trends, optimize marketing, and automate daily operations. 

China's central bank expanded its gold reserves for the 19th consecutive month in May, adding 320,000 ounces to reach 74.96 million ounces (approximately 2,332 tonnes), according to data released by the People's Bank of China on June 7, 2026. China's total foreign exchange reserves reached $3.44 trillion by the end of May.

Globally, gold has overtaken the US dollar as the leading reserve asset. According to the European Central Bank's annual report on the international role of the euro released on June 2, gold accounted for 27% of total global official reserves by the end of 2025, while the share of US Treasury bonds fell from 25% to 22%. This marks the first time gold has surpassed US government debt as the largest component of central bank reserves worldwide, reflecting a strategic shift toward diversification away from single-currency dependence.

The central bank's continued gold purchases are not just a simple adjustment of its asset structure, but a highly strategic and forward-looking deployment of gold as a strategic resource amid profound global macroeconomic and geopolitical restructuring, said Gu Fengda, chief analyst at Guoxin Futures, in an interview with Caijing, a prominent business magazine.

He added that current lower gold prices offer greater value for central banks, and the structural trend of gold accumulation will not reverse due to short-term price fluctuations. China's steady buying "fundamentally reflects the strong buffer capacity provided by the country's complete industrial system, massive domestic market and sizable forex reserves." This also gives China ample policy space to treat gold as a long-term strategic asset rather than a short-term liquidity tool, Gu noted. 

(Photo via VCG)

Located in east China's Zhejiang Province, Yiwu is neither on the border, nor on the coast. Once hindered by poor transportation links and scarce resources, the county-level city has written a remarkable chapter in China's county-level economic development over the past four decades, since the opening of its first-generation small commodities market in 1982.

Forging what has become known as the "Yiwu development experience," marked by a spirit of innovation and the ability to "create something from nothing," the city has grown into the world-renowned "capital of small commodities."

Today, Yiwu is home to more than 1.26 million business entities and maintains trade links with more than 230 countries and regions. In 2025, its export value ranked first among all county-level regions in China.

Yiwu built a "world's supermarket" from scratch, a transformation powered by decades of market-oriented reforms and a dense ecosystem of small commodity producers that connect Chinese factories with buyers across the globe.

Over the past four decades, the market relocated six times, expanded 13 times and underwent five rounds of upgrading. Its form kept evolving, now extending to a global digital trade hub, but the guiding principle remained unchanged: to develop the market is to drive development.

The proposed tariffs on 60 economies over so-called "forced labor" claims by the Office of the United States Trade Representative (USTR) has drawn sharp criticism from the international community and experts who call the move baseless and a threat to global trade rules. 

The USTR released its findings from Section 301 investigations into 60 economies on June 2, 2026, claiming that they had failed to impose or effectively enforce prohibitions on imports of goods produced with so-called "forced labor". Consequently, the USTR is proposing additional tariffs of 10% on 15 economies and 12.5% on 45 economies.

EU: A deal is a deal

European Commissioner for Trade and Economic Security Maros Sefcovic expressed surprise that EU countries were targeted given their high labor standards, but emphasized that both sides have agreed to uphold the 15% tariff cap agreed in the Turnberry deal. "I believe that the European parliamentarians will approve the Turnberry agreement with the US. A deal is a deal," he said. The EU is working to introduce a bloc-wide ban on all products involving forced labor by December 2027.

Vietnam: US findings do not accurately reflect reality

Vietnamese Foreign Ministry spokesperson Pham Thu Hang rejected the USTR's conclusions, stating that they "do not accurately reflect the reality and Vietnam's efforts in preventing and mitigating forced labor." She affirmed that Vietnam's consistent policy is to strictly prohibit all forms of forced labor and to strictly comply with International Labour Organization regulations and free trade agreements.

Australia: US tariffs are unjustified and inconsistent

Australian Prime Minister Anthony Albanese declared US tariffs on Australia as "unjustified and inconsistent," stating that "Australia has robust, comprehensive, and world-leading legislation addressing forced labor and modern slavery". Former Australian treasurer and ambassador to the US Joe Hockey publicly criticized the proposed measures, stating that they lack "a legitimate basis" and that it is unreasonable for the US to impose such measures on allies. He added that Donald Trump remains convinced tariffs are beneficial to the US and noted that "the US is running out of money and needs to find new sources of revenue."

China: Opposes political manipulation under 'forced labor' pretext

Chinese Foreign Ministry spokesperson Mao Ning said at a regular press conference that "there is no such thing as 'forced labor' in China, and we oppose using it as a pretext for political manipulation." She added that China opposes all forms of unilateral tariff measures, and that tariff wars and trade wars serve no one's interests.

Chinese Commerce Ministry spokesperson He Yongqian told a press conference that China opposes all forms of unilateral restrictive measures, including trade restrictions imposed on China under the pretext of "forced labor". She urged the US to work with China to maintain the stability of bilateral economic and trade relations.

Trade expert warns of eroding trade cooperation

Wendy Cutler, a trade expert at the Brookings Institution and former US deputy assistant trade representative, has noted in previous analyses that the US is increasingly using Section 301 investigations to address non-traditional trade issues, a practice that could further expand trade frictions and increase uncertainty for global trading partners. She cautioned that large-scale Section 301 investigations could erode the foundation of trade cooperation between the US and its allies.

The USTR is scheduled to hold a public hearing on July 7. Following the hearing, it will determine whether to proceed with the proposed additional tariffs.

Enterprises from the Chinese mainland and businesses and trade associations from various parts of Taiwan region signed cooperation agreements at a matchmaking and signing event held in the coastal city of Xiamen, southeast China's Fujian Province, on Saturday, aiming to expand cross-Strait economic exchanges and trade.

Under the agreements, mainland companies will purchase a range of specialty agricultural and fishery products from Taiwan region, including atemoya, pomelos and tea produced in counties and cities such as Taitung, Yunlin and Nantou.

The event was held to advance a package of 10 policies and measures unveiled by the Taiwan Work Office of the Communist Party of China (CPC) Central Committee in April to promote cross-Strait exchanges and cooperation. The measures are designed to address the practical needs of Taiwan compatriots and benefit young people, farmers, fishermen and small- and medium-sized businesses.

Addressing the event, Song Tao, head of both the Taiwan Work Office of the CPC Central Committee and the State Council Taiwan Affairs Office, said Taiwan's future hinges on the Chinese mainland's development and progress and on the motherland's reunification and strength.

He called on people on both sides of the strait to uphold the broader interests of the Chinese nation, deepen integrated development across the strait and work towards national reunification.

Chang Jung-kung, vice chairman of the Chinese Kuomintang party, said cross-Strait exchanges and cooperation remain the best way to enhance mutual understanding and improve the well-being of people on both sides. He said the Kuomintang will continue to support the peaceful development of cross-Strait relations and seek greater benefits for the public.

Taiwan business representatives attending the event said the 10 measures are a "shot in the arm" for revitalizing Taiwan's related industries and improving people's livelihoods. They said the agreements would help more Taiwan agricultural and fishery products enter the mainland market and bring tangible benefits to farmers and fishermen.

The representatives also expressed hope that the two sides would strengthen communication and dialogue in a spirit of goodwill, enabling more cooperation initiatives to deliver concrete results.

A signing ceremony was held on Saturday in the coastal city of Xiamen in east China's Fujian province to boost cross-Strait ties. The event covers the import of agricultural and fishery products from Taiwan to the mainland. It is one of the phased outcomes of a package of ten policies and measures rolled out by the mainland in April to strengthen cross-Strait ties in trade, travel and cultural exchanges.

Editor's note: Yu Miao is a CGTN business editor. The views expressed in this article are the author's own and do not necessarily reflect those of CGTN.

The FIFA World Cup is often celebrated as one of the world's most influential sporting events. Yet, behind every tournament lies a vast economic engine. As host nations increasingly use the World Cup to accelerate economic transformation and urban development, Chinese companies have expanded their role. No longer confined to the sidelines of merchandising or billboard advertising, China is now integrating itself into the very "operating system" of the World Cup—providing the high-tech infrastructure, AI-driven officiating, and sustainable energy solutions that define the modern game.

From commodity hub to agile supply chain

China's connection to the World Cup began long before Chinese brands appeared on stadium advertising boards. For decades, manufacturers from the city of Yiwu in east China's Zhejiang Province, often referred to as the world's largest wholesale market for small commodities, have supplied flags, scarves, and other fan merchandise for tournaments. Today, however, the story is less about the volume of goods and more about the intelligence and agility of the supply chain behind them.

The 2026 FIFA World Cup, hosted by Canada, Mexico, and the United States, is the largest in history, featuring 48 teams and 104 matches. Such a scale creates rapidly shifting demand patterns that traditional mass-production models struggle to accommodate. Leveraging integrated industrial clusters and digital tools, Yiwu suppliers can now move from design to prototype within a single day and adjust production schedules in response to developments in the field.

The data-driven insights of platforms like TikTok and cross-border e-commerce fuel this evolution. Chinese merchants are no longer just filling orders; they are sensing global trends. New products ranging from sun-protection fan hats to portable cooling devices and even pet jerseys are being launched at a remarkable speed, with some companies introducing dozens of new products every week.

Perhaps the most significant shift is the move from manufacturing to intellectual property. Instead of simply producing licensed goods for others, some Yiwu firms have secured official authorizations from national teams and football clubs while registering dozens of overseas design patents for fan apparel.

The transformation of Yiwu reflects a broader evolution of Chinese manufacturing. What Chinese companies are exporting today is not merely merchandise, but a highly responsive supply-chain system capable of sensing demand, organizing production and reaching global consumers with unprecedented speed.

From brand exposure to technology enablement

For many years, participation largely meant sponsorship. Chinese companies such as Hisense and Mengniu utilized the World Cup's massive viewership to strengthen their international visibility. That strategy remains important, but it is no longer the whole story.

The 2026 tournament has already been described by industry observers as the first "AI World Cup". FIFA has openly embraced artificial intelligence and digital technologies to improve tournament management, refereeing accuracy, and fan engagement. Against this backdrop, Chinese tech giants are moving from the LED boards into the tournament's core infrastructure.

Hisense has become the official Video Assistant Referee (VAR) review TV provider for the 2026 tournament. Its cutting-edge RGB Mini LED TVs are deployed at FIFA's VAR rooms, where image clarity and color accuracy can directly influence critical decisions involving offsides, handballs, and other game-changing moments.

Meanwhile, Lenovo provides devices across all 16 tournament venues while deploying AI-powered digital modeling and video enhancement technologies. Among its innovations are highly accurate 3D player avatars generated through pre-tournament scans, improving the transparency and visualization of match decisions like offsides.

As AI is moving from the sidelines to the operating system of major sporting events, China is exporting not only products but also technological capabilities in data processing, visualization, and intelligent decision support.

From tournament projects to sustainable urban assets

The World Cup is no longer simply a sporting event. It has become a national development project—one that can accelerate investment and reshape cities for decades to come. In the Middle East and beyond, hosting the World Cup is increasingly viewed not as a one-month event, but as a catalyst for economic diversification and urban transformation.

The 2022 Qatar World Cup offers a clear example. While Qatar welcomed more than 1.4 million visitors during the tournament, the country's long-term gains extend far beyond ticket sales and tourism revenues. The Lusail Stadium, built with significant Chinese participation, hosted the World Cup final and has since become one of Qatar's most recognizable landmarks, even appearing on the country's 10-riyal banknote. Meanwhile, the Al Kharsaah Solar Power Plant, Qatar's first large-scale non-fossil-fuel power project and one supported by Chinese companies, continues to supply clean energy long after the tournament concluded.

This logic of "enduring value" is shaping future World Cups. Morocco, which will co-host the 2030 tournament, is investing billions of dollars in high-speed rail expansion connecting key cities such as Casablanca and Marrakech. Chinese companies are participating in segments of these projects while supplying critical railway equipment. Saudi Arabia, host of the 2034 World Cup, is integrating tournament preparations into its broader Vision 2030 strategy. Chinese firms are already involved in stadium construction and urban development projects designed to support not only the tournament itself but also the Kingdom's long-term economic diversification goals.

For host nations, the true value of a World Cup increasingly extends far beyond ticket sales, broadcasting revenues, or a few weeks of global attention. The real treasure lies in the infrastructure, technologies, and urban assets that continue creating economic value long after the tournament ends. Many of the projects involving Chinese companies are designed with precisely that long-term purpose in mind.

In many ways, the World Cup has become a showcase not only for footballing talent but also for the supply chains, technologies, and development models that shape the modern global economy. China's growing presence reflects a broader shift: its contribution to global sporting events is increasingly measured not only by what it sells, but by the sustainable future it helps build.

(Cover via VCG)

The World Bank and IMF on Thursday slashed key growth projections, warning that the conflict in the Middle East is weighing on the global economy, as rising energy prices and heightened market uncertainty threaten growth.

In its latest Global Economic Prospects report, the World Bank lowered its 2026 global growth forecast to 2.5% but warned that growth could slow further to 1.3% if energy supply disruptions intensify and trigger financial market stress.

The World Bank said the conflict has pushed up energy prices, adding inflationary pressures and increasing the likelihood of tighter monetary policy, particularly affecting energy-importing economies. Commodity prices are expected to rise by 22% this year, said the report. However, it noted that greater investment in artificial intelligence could help support economic activity.

The World Bank's forecast for the US economy this year was kept at 2.2%, as in January, while the growth outlook for 2026 in the euro area and emerging markets was downgraded by 0.1 percentage points to 0.8% and by 0.4 percentage points to 3.6%, respectively.

In concurrence with the World Bank, the IMF also cut its 2026 growth forecast for the euro area to 0.9%, down from 1.1% projected in April, and raised its inflation outlook to 2.8%, citing the impact of higher energy costs.

IMF described the Middle East conflict as a "large but temporary adverse supply shock" that has weakened the region's economic outlook.

The dire reminder of the conflict's detrimental impact on the global economy does, however, come at a time when there is optimism that a US-Iran deal is close, and may be signed imminently between the two nations in Europe, as per US President Trump.

From premium agricultural specialties and intangible cultural heritage artworks, to intelligent equipment and innovative consumer brands, the 10th China-South Asia Expo presents the most vibrant side of China-South Asia economic and cultural exchanges.

Kicking off on Thursday in Kunming, capital of southwest China's Yunnan Province, the expo has attracted participants from 68 countries, regions and international organizations. Over 560 companies from South Asian countries are taking part in the event. Over 1,500 professional buyers have registered, with overseas buyers, including those from 45 countries such as Germany, Brazil and Egypt, making up more than 60% of the total.

Following a delegation of journalists from Sri Lanka, CGTN's Chen Qiaoshen explored a dazzling array of goods, and how immersive cultural experience has transformed the expo from a trade show into a global gathering.

Lambert Bu, senior partner at McKinsey & Company, notes that human-artificial intelligence collaboration has grown into a company-wide core skill, required from executives to frontline staff. Human strengths like empathy and critical thinking remain irreplaceable, he adds.

As artificial intelligence (AI) transforms industries worldwide, competition in AI is increasingly driven not only by technology, but also by talent, skills and workforce development. In this episode of BizTalk, CGTN's Lily Lyu speaks with industry experts to explore how AI is reshaping talent demand across industries, and how China is building a broader AI talent pipeline for the future.

General Secretary of the Lao People's Revolutionary Party Central Committee and Lao President Thongloun Sisoulith made a trip to Anji County in east China's Zhejiang Province Wednesday to learn about China's practices in green development.

At the entrance of Yucun Village, Thongloun took a photo of the inscription carved on a boulder, which reads "lucid waters and lush mountains are invaluable assets."

Yucun is the concept's birthplace and the boulder stands as a spiritual landmark that has guided the village to pursue an eco-friendly development path.

On his visit, Thongloun talked with the operator of Chunlin Villa, Yucun's first agritainment business. He was impressed when told it now earns over 1 million yuan (around $146,621) annually, which reflects the village's transformation from reliance on quarrying to developing eco-tourism.

Before leaving, Thongloun presented the village with a hand-made souvenir plate patterned with Laos' national treasure That Luang Temple, and received a miniature replica of the inscription boulder as a return gift.

Thongloun also visited a homestay cluster in Anji's Lingfeng national tourist resort. The national model homestay community has drawn over 100 young entrepreneurs and generated an annual revenue of more than 100 million yuan.

He spoke highly of Anji's practices of attracting investment and rolling out supportive policies, which had created job opportunities for local young people and college graduates returning to their hometown.

Thongloun said his visit to Zhejiang has given him first-hand insight into China's socialist modernization achievements.

This year marks the 65th anniversary of diplomatic relations between China and Laos and the China-Laos Friendship Year. Thongloun said he expects the state visit, which also includes a visit to Beijing, to further deepen bilateral practical cooperation and deliver more outcomes for the two countries' comprehensive strategic cooperative partnership.

Brazil will stand firm and not bow to the pressure of the latest US trade offensive, Brazilian President Luiz Inacio Lula da Silva said Wednesday.

At a cabinet meeting, Lula focused on a proposed 25% tariff on Brazilian goods announced by the Office of the United States Trade Representative two days ago.

"We have decided that this country will no longer adopt a 'stray dog' policy toward the great powers. No one needs to be afraid of anything; we will not bow our heads. We are a democratic and sovereign country. We will not give in," said Lula.

Brazil will maintain its independent position and seek alternative partnerships, he said.

"We are not going to sit around crying. We are going to look for other partners. If he doesn't want to buy, we'll sell to whoever does," said Lula, referring to US President Donald Trump.

The Cuban government recently enacted a decree-law which regulates partnerships between private and public companies. The legislation aims to boost the economy through new business models amid a severe economic crisis in the country. 

Luis Chirino takes a look at the development of new business partnerships on the island.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

Brazil has decades of experience in biofuels. China is at the forefront of electric mobility. Now researchers from both countries are teaming up on a new generation of clean energy solutions. 

Paulo Cabral has more from Campinas.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

SpaceX is planning a massive IPO, targeting a $1.8 trillion valuation when it hits the market. But there are still a lot of questions around Elon Musk’s company and how it could affect your personal finances. Through major NASDAQ rule changes, its IPO could be added quickly to millions of people's 401(k) and indexes.

The rules have been modified as bigger tech companies like OpenAI plan to launch IPOs, hoping to gain easier access on stock indexes. Learn more.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

Editor's note:  Li Haodong is an associate research fellow of China Center for International Economic Exchanges (CCIEE).The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.

Japan's manufacturing sector — once globally renowned for its "lean production" model and exceptional reliability — is losing ground as global industrial chains rapidly restructure.

Falling behind in the AI era

The future of advanced manufacturing lies in AI and data integration, and Japan has been slow to catch up. According to Japan's Ministry of Internal Affairs and Communications' 2025 White Paper, only 26.7% of Japanese individuals have used generative AI — far below China (81.2%), the US (68.8%), and Germany (59.2%). Without deep AI integration, Japanese manufacturing still relies heavily on the experience-based approach of traditional engineers. Decades of accumulated "know-how" are now at risk of being overtaken by computing power and data-driven technologies.

At the same time, emerging economies are closing the gap fast. In silicon-based and silicon carbide (SiC) power chips, Chinese companies have surged ahead, backed by lower energy costs and a vast domestic market, while Renesas Electronics pulled out of the SiC market entirely. China's share of mature-node chip manufacturing is predicted to rise to 42% of global output by 2028, up from 37% in 2026. Japan now risks being undercut on speed, scale, and price even in its traditional strongholds.

Retreating from end products

The decline is equally visible in end-product industries. Japan's top automakers posted sharp losses in fiscal year 2025: Toyota's net profit fell 19.2%; Nissan recorded losses for a second straight year, totalling 533.1 billion yen; Honda posted a net loss of 423.9 billion yen. In home appliances, the retreat is even more striking — Sony handed its BRAVIA television business to a TCL-led joint venture in January 2026, following Toshiba's sale of its TV brand to Hisense in 2018 and Panasonic's decision to exit low-end appliance production in China.

Japan has repositioned toward high-margin core components and precision instruments, and may retain control over key supply chain chokepoints in the short term. But the costs are mounting. Japan is now heavily dependent on overseas markets, having ceded both brand influence and pricing power. Industrial hollowing-out is intensifying, with multinationals reaping the gains while Japan absorbs large-scale job losses and widening inequality. Upstream suppliers are also losing direct access to market demand signals, weakening the innovation feedback loop and slowing industrial upgrading.

The strategic repositioning may have bought Japan time. Whether it is enough remains to be seen.

Brazil and China have a strong agricultural relationship, with most of it built between China and Brazilian agribusiness. 

Now those ties are expanding into a deeper science and technology partnership, which is also benefiting smaller Brazilian farms.

Paulo Cabral reports from Paraná state, in the South of Brazil.

For more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.

China opened 80 new international air cargo routes in the first five months of 2026, according to data released by the Air Logistics Committee of the China Federation of Logistics & Purchasing (CFLP) as of May 31st.

The newly launched routes mainly link China to Europe and elsewhere in Asia: 35 connect China with Europe, 33 with Asia, 10 with North America, one with South America and one with Africa.

In May alone, China opened 11 new international air cargo routes: seven to Asia, three to Europe and one to North America.

The cargo transported on the newly opened routes mainly consists of cross-border e-commerce goods, high-end manufactured products, high-value-added goods and fresh produce.

Peng Chun, deputy director of the Department of Logistics Management at Beijing Jiaotong University, said the steady expansion of China's international air cargo network helps ease pressure on maritime and rail transport while providing efficient logistics support for high-value-added exports.

"More importantly, the increase in air cargo routes helps strengthen China's independent transportation capacity and safeguard supply chain security," Peng said.

The Canadian government has officially notified the United States and Mexico of its intention to renew the Canada-United States-Mexico Agreement (CUSMA), according to Canadian media reports.

Canada is proposing a 16-year extension of the trilateral free trade deal and seeking to avoid the annual review process outlined in the agreement, Dominic LeBlanc, Canada's minister responsible for Canada-US trade, said in a letter to US Trade Representative Jamieson Greer and Mexican Secretary of Economy Marcelo Ebrard, Canadian television network CTV reported on Tuesday.

Under CUSMA, which took effect on July 1, 2020, replacing the North American Free Trade Agreement that had been in force since 1994, the three countries must decide by July 1 whether to extend the agreement for another 16 years or move to an annual review process.

"Canada recognizes that either or both other parties to the agreement may wish to propose areas where improvements may be warranted to strengthen North American competitiveness," LeBlanc wrote in the letter, adding that Canada "looks forward to continued engagement" with the United States and Mexico.

LeBlanc also stressed that discussions with the United States on sectoral tariffs would be essential.

While the United States and Mexico have reported progress in their formal bilateral negotiations, Canada has yet to take part in any formal talks related to the agreement's review.

LeBlanc traveled to Washington on Tuesday for talks with Greer.

After five years of consolidating national poverty alleviation achievements, China's rural areas are now shifting focus to economic revitalization through innovative governance models and more diverse business entities. Our new special coverage, Rural Remix, explores three villages, each with its own unique development path. In the first episode, we visit a Dai ethnic village near China's southwestern border, where CGTN's Lincoln Humphries spoke with the CEO who manages all local businesses there.

Editor's note: Xu Yi is a business reporter at the CGTN. The article reflects the author's views and not necessarily those of CGTN.

2026 marks the 65th anniversary of the establishment of diplomatic relations between China and Laos. Bilateral economic and trade cooperation has expanded from conventional sectors into emerging frontiers including the digital economy and green energy, brimming with robust vitality across all dimensions and at diverse levels. In 2025, bilateral trade between the two countries hit $9.82 billion, growing by 19.3% on a yearly basis, a testament to the resilience and enormous untapped potential of bilateral commerce. Laos' largest source of foreign investment, China has invested in nearly all industrial sectors, ranging from aerospace down to grassroots projects, injecting robust momentum into Laos' economic growth.

A railway forges a golden regional economic artery

A landmark in bilateral cooperation, the China-Laos Railway continues to unleash far-reaching benefits. Since its launch in 2021, the railway has evolved into an efficient international logistics corridor linking China, Laos and the broader ASEAN region. To date, it has handled over 70 million passenger trips and more than 80 million tonnes of cargo, including 18 million tonnes of cross-border freight and 3,000 types of commodities, greatly boosting regional logistics efficiency. Centered on the railway, major cross-border infrastructure projects between the two countries have advanced in tandem, driving steady annual growth in cross-border trade with total import and export value exceeding 80 billion yuan. The range of traded goods has increased from over 500 categories to more than 3,800. 

Thanks to the railway, Laos has made solid strides from a land-locked nation to a land-linked hub. More than a mere transport route, the China-Laos Railway stands as a pathway for shared development, win-win cooperation and improved wellbeing for peoples on both sides.

Livelihood-focused cooperation delivers benefits to ordinary households

At its core, economic cooperation is designed to deliver tangible dividends to local people. As Laos' top investor for many years, China has broadened its investment footprint from mining and agriculture to healthcare, education and public services. 

In Vientiane, the Chinese-aided Mahosot Hospital, one of Laos's largest general medical facilities, plays a key role in improving local medical services and enhancing the technical skills of medical staff. 

A poverty-alleviation program has settled in Jinhua Village of Vientiane, rolling out vegetable cultivation pilot schemes with smart greenhouses and supporting cold-chain facilities, lifting local incomes by over 30%. 

On April 20 2026, the China-Laos 500kV power interconnection project linking China's Yunnan Province with northern Laos went into full operation, laying a solid foundation for sharing electricity between Laos and fellow ASEAN members. 

From a railway and hydropower station to a hospital and tailored technical support, these concrete Chinese-initiated solutions enable communities neighboring China to truly experience the fruits of mutually beneficial cooperation.

New growth drivers fuel industrial transformation

Driven by advances in new productive forces, the digital economy has emerged as a fresh growth engine for bilateral ties.

In recent years, China has supported the construction of Laos' nationwide 5G network. The Beidou Satellite System and Laos-1 Satellite have been deployed for agricultural and forestry surveying as well as disaster prevention and mitigation, underpinning smart city and digital governance initiatives across Laos. 

In 2025, the China-Laos AI Innovation Cooperation Center was inaugurated in Laos, the first specialized innovation platform for artificial intelligence cooperation inked between China and any ASEAN member state. It sets a benchmark for inclusive AI development and regulatory collaboration across the region and unlocks fresh opportunities to empower traditional industries with digital technologies. 

From a landlocked economy to a land-linked gateway, Laos is unleashing robust economic momentum; and from conventional commodity trade to digitally-enabled industrial development, the thriving new chapter of China-Laos economic and trade cooperation speaks for itself.

Lao President Thongloun Sisoulith visited DEEP Robotics in Hangzhou City, Zhejiang Province, on Tuesday amid his five-day state visit to China. He operated a robot dog, watched AI-powered robots perform flips and a range of advanced capabilities, gaining a firsthand insight into forward-looking technology developments. 

Price+40% in 6 months. Not chips — another metal powering AI. Investors are watching. Find out which one.

The Urumqi–Frankfurt direct route was launched on June 1, the first nonstop intercontinental link between northwest China and Germany. The 8 hour flight saves 2–5 hours compared to east China detours, connecting Xinjiang Uygur Autonomous Region directly to Europe's aviation hub with over 300 global destinations. 

Border data shows international passenger traffic at Urumqi airport has surged nearly 40% year on year, with 80% of foreign nationals entering visa free. 

RCEP, Regional Comprehensive Economic Partnership, is a free trade agreement aiming to reduce tariffs and trade barriers among 15 Asia-Pacific countries. It collectively accounts for about 30% of the world's population and GDP, highlighting their significance in the global economy.   

The agreement includes 10 member countries of the Association of Southeast Asian Nations (ASEAN) and five Asia-Pacific countries — Australia, China, Japan, New Zealand and the Republic of Korea — with whom ASEAN has existing FTAs. The RCEP agreement came into full effect for all 15 members after the Philippines officially joined on 2 June, 2023.

A study by the Asian Development Bank (ADB) found that fully implementing unified rules, simplifying regulatory procedures and expanding market access would boost incomes across member economies by 0.6%, generating an additional $245 billion in regional income annually and supporting 2.8 million new jobs by 2030.

Beyond the projections, several mechanisms have already been established to further reduce administrative burdens. Businesses can either obtain certificates of origin though customs authorities or issue declarations of origin, allowing them to access preferential tariff treatment.

For example, a Chinese company producing handbags for export to Thailand can use leather imported from Malaysia and still qualify for RCEP tariff preferences. Under the agreement's regional cumulation rules, materials sourced from any RCEP member can be treated as originating within the bloc, making it easier for businesses to meet origin requirements and enjoy lower tariffs.

In April 2026, China's trade system had issued a total of $987 million worth of certificates of origin, up 16.4% from same period last year. The number of certificates stood at 34,840, up 13.77% yea-on-year.

The agreement also promotes faster customs clearance through advance rulings, pre-arrival processing and digitalized supervision measures.

According to China's General Administration of Customs, China's total foreign trade volume surpassed 45.47 trillion yuan ($6.35 trillion) in 2025, up 3.8% year-on-year. Meanwhile, China's total trade with the other RCEP members totaled 13.85 trillion yuan, up 5.3% year-on-year. China's trade with ASEAN, its largest trading partner, surpassed $1 trillion.

China has recently issued new regulations on outbound investment, which will take effect from July 1 2026. The country will support investors in carrying out overseas investment activities in accordance with international market principles.

China's growing integration into global industrial and supply chains had deepened its participation in international economic cooperation, and the newly released regulations were expected to further support the high-quality development of the country's outbound investment, said Kong Yishu, an associate research fellow at the Institute of Foreign Economic Studies under the NDRC's Academy of Macroeconomic Research.

Editor's note: Cai Guiquan, an associate research fellow at the Chinese Academy of International Trade and Economic Cooperation, China's Ministry of Commerce. The article reflects the author's views and not necessarily those of CGTN.

Japan is gradually bidding farewell to its long-standing ultra-low interest rate environment, with rising rates shaking the stable foundation of its high-debt fiscal structure. Against the backdrop of persistently high debt levels, aging-driven increases in social security spending, and intertwined price and livelihood pressures, the economic operating model that has relied on low-cost financing for years has reached a critical turning point. Policymakers are simultaneously facing three core goals: debt stability, inflation control, and livelihood security. The three constrain each other, forming typical policy constraints. This dilemma is not unsolvable, but in Japan's current reality of weak growth, it is hard to find a feasible path that can balance all three at the same time.

The most intuitive pressure signal comes from long-term interest rates climbing steadily in the bond market. Data from Mitsui Sumitomo DS Asset Management shows that Japan's 10-year long-term interest rate has risen from 2.24% to 2.76% in just over 3 months, getting close to the key threshold of 3%. The Bank of Japan has turned hawkish and launched a reduction in government bond purchases, injecting net 12 trillion yen ($75.1 billion) of government bonds into the market per quarter, amounting to 48 trillion yen for the full year. Combined with the government's annual new government bond issuance of 20 trillion to 30 trillion yen, the annual net supply in the government bond market has reached as much as 70 trillion to 80 trillion yen. Domestic funds cannot fully absorb such a large supply, forcing reliance on overseas investors, whose demand for higher risk premiums has further pushed up rates. The BOJ's balance sheet reduction and fiscal expansion have created overlapping pressures in the bond market, directly dismantling the stable pattern of the low-rate era.

Meanwhile, the Nikkei index is running at a high level, but the market is highly sensitive to rate changes. Interest rate hikes will directly raise corporate financing costs, tighten market liquidity, and put obvious pressure on high-valuation sectors. A stronger yen will also erode export companies' profits, potentially triggering large-scale capital outflows. Even if financial sectors benefit from wider interest spreads, they can hardly offset the overall downward pressure on the market, putting the sustained rally of the Nikkei index under significant pressure.

On the real economy side, the contradiction between inflation control and people's livelihoods is far sharper than the data suggests. In 2025, Japan's real wages fell by 0.5% year-on-year, with income growth continuously lagging behind price rises. Since the start of this year, Japan has suppressed price increases through a series of fiscal subsidies and monetary tightening, but livelihood pressures have not really eased. The effect of inflation control has stayed at the data level, failing to translate into perceptible improvements in people's lives. Supermarket consumption data shows that customers' average single purchase amount fell by 4.1% year-on-year, and the average number of items purchased dropped by 2.5%, with lower spending becoming a universal choice across society. The elderly have borne the most direct impact: 93% of elderly people feel the pressure of rising food prices, 58.7% are noticeably affected by higher utility costs, and 44.0% face rising transport costs. A total of 67.8% have been forced to adjust their consumption habits, opting more for discounted goods, cutting back on dining out, and strictly controlling daily expenses.

What constrains fiscal authorities even more is the rigid expenditure structure long locked in by population aging. In 2025, social security benefits reached 140.7 trillion yen, accounting for 22.4% of GDP. Among them, pension spending hit 62.5 trillion yen, medical benefits 43.4 trillion yen, and long-term care related expenses 14 trillion yen, all showing an irreversible upward trend. Social security related expenses in the national general budget reached 38.3 trillion yen, taking up as much as 56.2% of general fiscal expenditure—meaning over half of all fiscal resources are occupied by social security spending. This rigid structure leaves almost no room for compression, becoming a key driver of continuous debt expansion.

The ongoing tensions in the Middle East have added new burdens to an already strained fiscal situation. The Japanese government has capped the average retail gasoline price at around 170 yen per liter, with the current subsidy per liter exceeding 40 yen. Estimates from Nomura Research Institute show that every 10 yen of subsidy per liter consumes about 100 billion yen of fiscal funds per month. At the current pace, the gasoline subsidy fund will be exhausted by the end of June. To cope with the summer peak in power and gas demand, the government plans to extend subsidies for electricity and gas bills, which will require an additional 500 billion yen just to maintain the previous scale. The 1 trillion yen contingency reserve in the 2026 budget is clearly insufficient, and the ruling coalition is discussing a supplementary budget of about 3 trillion yen, funded mainly by deficit-financing bonds. External energy shocks have directly turned into internal fiscal pressures, intensifying the contradiction between debt and interest rates.

All these intertwined constraints form the "impossible triangle" of Japan's economy right now. Sticking to monetary policy normalization and BOJ balance sheet reduction will push up rates and exacerbate debt risks. Maintaining large-scale fiscal subsidies to ease livelihood pressures will expand government bond supply and push rates even higher. Keeping rates stable to protect the high-debt model will require continued loose monetary policy, which in turn will fuel inflation and continuously erode residents' real income. None of the three goals can be achieved at the same time, leaving policymakers with no room to maneuver.

In theory, Japan is not without ways to break the dilemma. Beyond achieving economic growth to expand tax revenue and improve fiscal space, the government could also sell some of its financial assets to pay down debt. However, in reality, neither path is feasible. On growth, the latest survey by Teikoku Databank shows the share of firms planning capital investment in 2026 fell to 56.7%, declining for three straight years, with more than half of companies giving up investment due to high uncertainty. Breaking the deadlock through growth remains a distant hope. On asset sales, while the Japanese government holds large financial assets, most are linked to public pension and social security funds that underpin the aging society. Large-scale asset sales would directly undermine livelihoods and social stability, making them politically and socially unrealistic under a rapidly aging population. With both paths blocked, Japan’s economy remains trapped in its "impossible triangle."

The conflict between high debt and BOJ balance sheet reduction has further cemented this dilemma. Japan's government debt scale has long ranked among the highest in major global economies, with interest payments highly sensitive to rate changes. BOJ balance sheet reduction will directly reduce demand for government bonds, intensifying upward pressure on rates. In turn, higher rates will expand fiscal deficits, forcing the government to issue more bonds, creating a self-reinforcing cycle of rising rates and growing debt. The BOJ is caught in a dilemma: continuing to shrink its balance sheet will hit bond market stability, while resuming large-scale bond purchases could spark concerns over fiscal monetization, which would push market rates even higher.

Livelihood pressures and political constraints have further narrowed the room for policy adjustment. Public opinion polls from the Daily News show that the approval rating of the Takaichi Cabinet has fallen for three consecutive months, dropping from 53% in April to 50%, hitting a new low since the cabinet took office for the second straight month, with the disapproval rate staying at 33%. With persistent livelihood pressures, policymakers can hardly push for large-scale fiscal tightening, making the path of debt expansion hard to break. Meanwhile, the hardline foreign policy of the Takaichi administration has strained China-Japan relations, disrupting bilateral economic, trade and people-to-people exchanges. Weakening external demand has eroded economic growth momentum, leaving the overall economy in a more passive position.

The end of the low-rate era is, in essence, the end of Japan's old growth model. Debt pressures, structural weaknesses, and livelihood dilemmas that were long covered up by monetary easing have all emerged at once during the rate hike cycle. Sluggish corporate investment, stagnant and even falling wages, continuous contraction in household consumption, and inflexible fiscal spending mean Japan can hardly rely on endogenous growth to escape the "impossible triangle". Policy adjustments only create tough trade-offs between short-term stability and long-term risks, but hardly touch the root of the problem.

The room for Japan's high-debt model to continue is narrowing rapidly. Low interest rates are no longer a permanent safe haven. Aging and social security spending are constantly raising the debt floor, while the external environment and geopolitical games are further compressing room for policy maneuver. In the future, Japan's economy will move forward under the triple constraints of debt, rates, and livelihoods for a long time to come. The huge debt left by the low-rate era will eventually have to stand the test of time in a normal rate environment. This is not only a severe test facing Japan's economy, but also a profound warning for all high-debt economies around the world.

When a refrigerated freight train packed with fresh durians and mangosteens arrived at the Chinese rail station of Mohan after journeying from the Lao border town of Boten on May 25, it marked a notable economic milestone.

The arrival officially pushed the volume of cross-border fruits transported via the China-Laos Railway since the start of the year past the 100,000-tonne mark, hitting 107,900 tonnes, in a sharp year-on-year increase of 30%.

Inaugurated in December 2021, the railway connecting Kunming in southwest China's Yunnan Province with Laos' capital Vientiane has become a powerful engine for bilateral trade, practical cooperation and cross-border tourism.

Thriving trade

The launch of the China-Laos Railway has established a stable, efficient cross-border logistics corridor between Kunming and Vientiane, cutting transit times from three to seven days to just one or two days.

According to a World Bank report, the route has slashed shipping costs between the two countries by 40% to 50% and reduced domestic logistics expenses within Laos by 20% to 40%.

Thanks to this rail link, Southeast Asia's seasonal fruits and local specialties including durians, mangosteens and beer can now be shipped rapidly to China and Europe. Meanwhile, China's new energy vehicles, lithium batteries and photovoltaic products – collectively known as the high-tech, green "new three major products" – are gaining faster access to Southeast Asian markets.

As of April 7, 2026, the variety of goods transported via the railway has expanded from over 500 categories at launch to more than 3,800. It now serves over 6,000 Chinese enterprises and covers 19 countries and regions, including Laos and Thailand.

A flagship project aligning the China-proposed Belt and Road Initiative with Laos' strategy to transform from a land-locked nation into a land-linked hub, the China-Laos Railway has grown into a major transport artery connecting China and Southeast Asia.

Data from the China Council for the Promotion of International Trade shows that in the first quarter of 2026, the railway's total import and export volume reached 6.81 billion yuan (about $1 billion), surging 62.7% year on year and setting a new record for the same period.

Speaking at a storytelling event celebrating the China-Laos Railway in April, Lao official Somsavath Phongsa noted that the railway has fueled rapid growth in bilateral trade and freight flows.

It has created numerous jobs and delivered unprecedented travel convenience for the Lao people, he added, hailing it as a "golden route" that brings tangible benefits to communities on both sides of the border.

Connecting hearts

Beyond cargo transport, the railway has forged a strong bond between the two peoples.

Tourism is among the sectors transformed most visibly. Linking popular destinations such as Kunming, Xishuangbanna, Luang Prabang and Vientiane, it has spawned a new travel trend: touring Laos and China's Yunnan Province by bullet train. In 2025, the railway carried around 19.51 million passengers in total, including 282,000 cross-border travelers.

In the first quarter of 2026, cross-border passenger trips stood at 112,000, a year-on-year rise of nearly 33%. The growth has driven consumption up by over 35% at scenic spots, hotels, restaurants and other related businesses along the line.

Currently, four international passenger trains run daily between Kunming and Vientiane. The number of seats for international services has risen from an 250 in the beginning to 420 now. Customs clearance at railway ports has also been shortened to roughly 50 minutes, greatly improving the efficiency and experience of cross-border travel.

Addressing the same April event, Chinese Ambassador to Laos Fang Hong praised the railway as a landmark model of high-quality Belt and Road cooperation. She noted it has undergone steady progress: evolving from basic connectivity to seamless transit, then to accelerated development, and finally into a thriving comprehensive corridor.

Fang added that the event shared touching stories of how the railway has deepened bilateral ties, promoted cultural exchanges and brought people closer. She stressed that this "golden corridor" has truly become a path toward development, happiness and friendship for people of both countries.

China's capital market is rolling out the welcome mat for the country's most promising tech firms, with the latest milestone achieved by humanoid robot company Unitree.

The Shanghai Stock Exchange's STAR Market listing committee officially approved Unitree's initial public offering application on Monday, clearing the path for what will be the first "embodied artificial intelligence" listing on the Chinese A-share market.

The company plans to raise 4.2 billion yuan ($620 million) to fund four major projects: research and development of intelligent robot models, robotics hardware development, new product innovation and a smart manufacturing base. 

Unitree was also selected by Nvidia for the first robotics design the US chipmaker is selling to research institutions, including those from Stanford and ETH Zurich, the company announced Monday.

What makes Unitree's approval particularly striking is its speed: The approval came just 73 days after Unitree's filing was accepted on March 20, setting a new record for the fastest review under the STAR Market's pre-review since the mechanism was introduced in July 2025, according to Science and Technology Daily.

The mechanism has significantly improved the review efficiency for companies operating in critical core technology sectors. 

Wave of 'hard-tech' IPOs

Unitree's rapid breakthrough is part of a broader wave of "hard-tech" listings.

CXMT, the world's fourth-largest DRAM manufacturer with roughly 8% of the market, was approved last Wednesday by the Shanghai Stock Exchange for listing on its Science and Technology Innovation Board. CXMT's lucrative memory chip business, driven by the "AI supercycle," has earned the company 33 billion yuan ($4.58 billion) in the first quarter alone, almost covering the deficit accumulated over the past decade.

YMTC, China's only 3D NAND flash memory manufacturer, began its pre-IPO preparation in May. Counterpoint data shows YMTC's market share edged up to 11% in the last quarter of 2025, just 2 percentage points behind SanDisk and Micron, ranking sixth globally. The company is also expected to become a trillion-yuan stock.

The accelerating wave of tech IPOs underscores the rapid ascent of China's advanced technology sectors and promises to significantly enhance the pricing authority and investment appeal of A-shares in advanced manufacturing and core technologies. 

(With input from Xinhua; Cover via VCG) 

Chinese Premier Li Qiang has signed a State Council decree issuing a new regulation on outbound investment, which will take effect from July 1, 2026.

The regulation aims to promote the country's high-standard opening-up and the high-quality development of its outbound investment, protect the legitimate rights and interests of investors and their outbound investment, and safeguard national sovereignty, security and development interests.

Consisting of 34 articles, the regulation highlights efforts to proactively align with international high-standard economic and trade rules, advance high-quality Belt and Road cooperation, and promote international cooperation in industrial and supply chains.

The country will support investors in carrying out overseas investment activities in accordance with market principles and actively participating in international cooperation and competition, according to the regulation.

It stresses the importance of improving comprehensive services, involving relevant authorities, professional institutions, industry associations, as well as trade and investment promotion organizations.

The rules also stress strengthening risk prevention and control, improving the soundness and security of outbound investment, as well as reinforcing investors' primary responsibility and preventing any disruption to the outbound investment market order.

Underscoring active work to negotiate and conclude international economic and trade agreements, the regulation encourages the resolution of investment disputes via various mechanisms.

Efforts should also be stepped up to effectively safeguard the safety and legitimate rights and interests of investors and their outbound investment, as well as the country's overseas interests, according to the regulation.

Alataw Pass in China's Xinjiang Uygur Autonomous Region hit a record 10.72 million tonnes of freight in the January-April period, up 11% year on year.

Road cargo jumped 46% to 517,000 tonnes, while its railway port leads China in China-Europe freight train services with 128 routes to 21 countries. 

Thanks to streamlined customs and "railway fast clearance," the port now handles over 200 types of goods for over 80 countries and regions.