As the world mines new rare earth veins, is China still king of the mountain?
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China's status as the world's top exporter of rare earth minerals is being challenged as more countries, including Australia, the United States, Myanmar, Laos, Malaysia, and Vietnam, find and explore their own reserves. China's share of total rare earth exports has dropped from about 90% a decade ago to roughly 70% in 2022. The global supply chain for rare earth minerals is diversifying, leading to more options for foreign buyers and potentially lower prices. However, China still has expertise and a mature network of companies in refining rare earth minerals. The United States has restarted some rare earth mining operations to reduce dependence on China. Environmental concerns and regulations are factors in the extraction and export of rare earth minerals. China has implemented its own environmental and industrial standards to protect the environment.
#RareEarthMinerals #China #Export #SupplyChain #Diversification
Hong Kong man hospitalised after knife attack by 3 suspects in early hours
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A 63-year-old man was hospitalized after being attacked by three men wielding knives and hard objects in Sheung Shui, Hong Kong's New Territories. The attack occurred in the early hours of Sunday, and the suspects fled the scene in a private vehicle. The victim, who did not know the attackers, made his way to North District Hospital for treatment. The cause of the attack is unknown, and the Tai Po district criminal investigation team is handling the case.
#KnifeAttack #Assault #Crime #HongKong
Letter | How Hong Kong can help the idea of green burials gain ground
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The article discusses the idea of green burials in Hong Kong as a sustainable solution to the scarcity of burial sites. Due to limited land resources and an aging population, traditional burial methods are becoming less feasible. However, the idea of not having a permanent spot for storage of urns containing ancestors' ashes may not appeal to some who see tombs or plaques as a way to memorialize loved ones. Education and promotional campaigns are necessary to promote green burials and encourage open discussions about end-of-life wishes. The article also includes a letter from a reader highlighting the need for improvements in the taxi industry, particularly in rewarding friendly and helpful drivers.
#GreenBurials #BurialSites #Ancestors'Ashes #Memorialize #EndoflifeWishes #TaxiIndustry #FriendlyDrivers
Race Result | 20 Apr 2024 | Sha Tin | Race 1 RACING FOR CHARITY HANDICAP | HK Racing | South China Morning Post
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The article provides the race result for Race 1, RACING FOR CHARITY HANDICAP, held on 20 April 2024 at Sha Tin. The winning horse was Charming Steed, ridden by jockey C. Y. Ho and trained by C. Fownes. The race was a Class 5 race on a 1650M all-weather track. Charming Steed won with a time of 1:39:35, followed by Eagle Run in second place and M M Nebula in third place. The article also includes a recap of the race, with Charming Steed being the post-time favorite and drawing clear to win after a dream trip in the box seat. The article mentions other horses and their performances in the race, as well as a racing incident report that includes comments from jockeys and a veterinary inspection. The article concludes with links to other racing news and tips & previews.
#HorseRacing #RaceResult #ShaTin #RacingForCharityHandicap #HkRacing
House approves bill to possibly ban TikTok in the US within a year
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The US House of Representatives has approved a bill that could ban TikTok in the country unless its Chinese parent company, ByteDance, divests it within a year. The bill, which was included in a package of four bills being voted on, passed with a vote of 360-58. A similar bill with a shorter divestment period of six months had previously passed in the Republican-controlled House but stalled in the Democratic-controlled Senate. The Senate is expected to take up the package once it arrives, and US President Joe Biden has said he would sign it. Critics argue that the divestment period is still relatively short and may not address the core barrier to divestiture, which is China's export control law that could prevent the sale of TikTok's algorithm. TikTok has said it will fight the potential ban in court if necessary.
#Tiktok #Bytedance #UsHouseOfRepresentatives #Divestment #China #Senate #JoeBiden
House approves bill to possibly ban TikTok in the US within a year
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The US House of Representatives has approved a bill that could ban TikTok in the country unless its Chinese parent company, ByteDance, divests it within a year. The bill, which was included in a package of four bills being voted on, passed with a vote of 360-58. A similar bill with a shorter divestment period of six months had previously passed in the Republican-controlled House but stalled in the Democratic-controlled Senate. The Senate is expected to take up the package once it arrives, and US President Joe Biden has said he would sign it. Critics argue that the divestment period is still relatively short and may not address the core barrier to divestiture, which is China's export control law that could prevent the sale of TikTok's algorithm. TikTok has said it will fight the potential ban in court if necessary.
#Tiktok #Bytedance #UsHouseOfRepresentatives #Divestment #China #Senate #JoeBiden
China-Africa trade gets a boost from critical minerals needed for EV battery production
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Trade between China and Africa grew by 5.9% to $70.86 billion in Q1 2024. The rise in trade is attributed to higher commodity prices and incentives introduced by Beijing. China's imports from Africa grew 8% to $29.42 billion, boosted by a rise in imports of critical minerals used for EV battery production. China's exports to Africa increased 4.4% to $41.4 billion. Resource-rich nations such as South Africa, Angola, the Democratic Republic of the Congo, Nigeria, Egypt, Liberia, Guinea, and Morocco were China's largest trading partners in Africa. Zimbabwe's exports to China rose 255.5% to $320.54 million, driven by an increase in exports of lithium and tobacco. The rising price of gold, oil, and copper has contributed to the increase in China-Africa trade. The Chinese middle class has been buying gold to preserve their wealth amid real estate woes and geopolitical tensions. Government support measures and global security and economic factors have also influenced the trade figures.
#ChinaafricaTrade #EvBatteryProduction #CommodityPrices #Imports #Exports #ResourcerichNations #Gold #Oil #Copper #GovernmentSupportMeasures
China’s first quarter online retail sales expand, with travel sector doubling
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China’s online retail market expanded in the first quarter, with online retail sales rising 12.4% year on year to 3.3 trillion yuan ($456 billion). The growth was driven by rebounds in sectors such as online travel and robust cross-border e-commerce trade. Online travel nearly doubled year-on-year growth in the quarter, while the online food category grew 27.8%. Sales of smart wearable gadgets jumped 30.9% year on year, and online retail sales of agricultural products grew 28.2%. Cross-border e-commerce expanded 9.6% in the first quarter, reaching 577.6 billion yuan. The Chinese government has encouraged consumers to trade-in and upgrade their existing home appliances and vehicles to boost domestic demand and consumption. The State Council announced a goal of raising the recycling volume of old home appliances by 30% by 2027. China had a total of 336 million cars at the end of 2023. The growth in online retail sales and cross-border e-commerce is seen as a positive sign for China's post-Covid recovery.
#China #OnlineRetail #TravelSector #PostcovidRebound #Ecommerce #CrossborderTrade
US joint drill with Japan, S Korea likely to unnerve China: experts
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The US-South Korea-Japan joint naval exercise in the East China Sea is aimed at improving joint operability against North Korea's nuclear and missile threats. The exercise involved six warships and focused on anti-submarine warfare training, maritime interception training, and search and rescue training. The trilateral naval exercises are also seen as a check on China's influence in the region, particularly on the Taiwan Strait issue. China is concerned that the drills are targeting itself and views the trilateral ties as inconvenient. Beijing's strengthened ties with Pyongyang are seen as transactional, given North Korea's pariah status and lack of transparency. China's attitude towards North Korea focuses on political and diplomatic cooperation to contain the trilateral cooperation between South Korea, the US, and Japan without risking military consequences.
#Us #SouthKorea #Japan #China #NorthKorea #NavalExercise #MilitaryCooperation #TaiwanStrait #AntisubmarineWarfare #MaritimeInterception #SearchAndRescue #Diplomacy
US military strategy tested as Iran-Israel’s shadow warfare becomes more direct
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US military forces are not positioned for a major, sustained conflict in the Middle East and may need to revisit assumptions about military needs in the region if the crisis between Iran and Israel deepens. The US has rushed thousands of troops to the region in response to the escalating conflict, but many of these troops are only temporarily deployed on warships and aircraft. The success of the US military in downing Iran's drones and missiles last Saturday was aided by detailed US intelligence. However, there are concerns about the US military's ability to be responsive over a sustained period of time. The US has a dangerous shortfall in intelligence assets, targeting expertise, and linguists, which hampers its ability to detect and disrupt plots by violent extremist organizations. Sending more troops to the Middle East and bolstering intelligence assets long-term could prove difficult due to troop deployments in Europe and the focus on the challenge from China in Asia. The US should strengthen its position in the Middle East without abandoning its focus on China.
#UsMilitary #Iran #Israel #MiddleEast #Conflict
Former China central bank official warns against miscategorising ‘virtual economy’
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Sheng Songcheng, former chief of the central bank’s statistics department, warns against miscategorising the 'virtual economy' in China. He emphasizes the importance of modern services, particularly producer services, in the country's push for new productive forces. China's service sector accounted for 54.6% of the national GDP last year, lower than the US's 81.2%. Sheng argues that high-end elements of manufacturing, including R&D, design, patents, branding, and sales, also fall into the realm of producer services. He calls for increased support for high-end producer services and the integration of service sectors with manufacturing. Beijing is seeking new growth sources for the economy and promoting home-grown innovation and tech-heavy strategies.
#China #Economy #ServiceSector #VirtualEconomy #ProducerServices #Manufacturing #R&d #Innovation #Tech
‘Broker butcher’s’ bold steps to breathe life into China’s moribund stock market
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Since Wu Qing’s appointment as chairman of the China Securities Regulatory Commission (CSRC) in February, benchmarks tracking China’s yuan-traded onshore stocks have risen by over a tenth from their lows. Overseas investors are now taking a more favourable view of the world’s second-largest stock market because the new regulations lower the threshold for and strengthen regulations on delisting, raise the bar for new listings and strengthen oversight of high-frequency trading and the mutual-fund industry. Wu’s elixir for reviving the ailing stock markets is a cocktail of state intervention, strict law enforcement and tougher crackdowns on offences ranging from fraudulent listings to stock-price manipulation. Despite these gains, Chinese stocks remain undervalued, reflecting in part the investor hesitancy. Wu believes in state intervention and proclaimed in his first press conference that it was necessary and justified in times of “market dysfunction”. Wu's focus on investor protection has impressed the market. The CSRC has issued a slew of draft rules seeking to raise the bar for company listings and tighter oversight of high-frequency trading. The watchdog has pledged tougher new listing rules, especially for companies that have not turned profitable, as well as more on-site inspections of listing candidates’ financial records. It is also seeking to moderate the supply of new shares while encouraging share buy-backs and dividend payouts to enhance shareholder returns. Wu's image as a hawkish regulator stands in sharp contrast with his predecessor Yi Huiman, whose policy approach seemed to be milder. Wu, a veteran financial industry regulator, gained the sobriquet of “broker butcher” for spearheading the closure of more than 20 insolvent domestic securities firms in the aftermath of the 2008 global financial crisis. With the re-rating of the market spurred by the state intervention having run its course, Wu now faces the challenge of further restoring investor confidence and sustaining the market rebound.
#China #StockMarket #Csrc #WuQing #StateIntervention #InvestorConfidence
Is Indonesia’s Prabowo solidifying legitimacy with visits to foreign leaders?
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Indonesia's President-elect Prabowo Subianto has visited China, Japan, and Malaysia, which may indicate that influential countries recognize him as the next Indonesian president and lend him more legitimacy. The visits also signal that Prabowo still has a good relationship with President Joko Widodo and may smooth his path to office. Prabowo's visit to China aims to promote cordial relations and continue cooperation on trade and economics. His visit to Japan showcases Indonesia's non-aligned foreign policy, and his visit to Malaysia aims to strengthen political support from Indonesia's Muslim community. Indonesia will strengthen cooperation with China, Japan, and the US in different ways. Prabowo's visits solidify his domestic legitimacy as president-elect and have future implications.
#Indonesia #PrabowoSubianto #China #Japan #Malaysia #Legitimacy #ForeignPolicy
China-Middle East ties enjoy a ‘renaissance’ as trade spats strengthen ties
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China's trade relations with the West are strengthening bonds with the Middle East, with trade volume nearly doubling to US$507.2 billion in 2022 from 2017. Chinese electric vehicle (EV) makers are increasingly investing in other markets, easing trade tensions and supporting employment growth. However, trade tensions between China and the West are expected to persist and could worsen, with concerns about excess production of EVs, batteries, and solar panels. Despite this, China will remain the world's top manufacturing hub and a major exporting country due to its size, efficiency, speed, and innovation.
#China #MiddleEast #Trade #CommercialTies #ElectricVehicles #TradeTensions #Manufacturing
China-Middle East ties enjoy a ‘renaissance’ as trade spats strengthen ties
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China's trade relations with the West are strengthening bonds with the Middle East, with trade volume nearly doubling to US$507.2 billion in 2022 from 2017. Chinese electric vehicle (EV) makers are increasingly investing in other markets, easing trade tensions and supporting employment growth. However, trade tensions between China and the West are expected to persist and could worsen, with concerns about excess production of EVs, batteries, and solar panels. Despite this, China will remain the world's top manufacturing hub and a major exporting country due to its size, efficiency, speed, and innovation.
#China #MiddleEast #Trade #CommercialTies #ElectricVehicles #TradeTensions #Manufacturing
US tests China’s metal with steel tariff plan, opening new front in trade war
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US President Joe Biden has proposed tripling import tariffs on Chinese steel and aluminium, which is likely to trigger a response from China. This move opens a new front in the trade war between the two countries and highlights concerns over China's industrial overcapacity. The US Trade Representative's office has also initiated a probe into China's maritime, logistics, and shipbuilding industries. Analysts expect China to impose countermeasures against the proposed tariffs, potentially through countervailing duties against US firms. China's Ministry of Commerce has expressed dissatisfaction and opposition to the US investigations, stating that the accusations have no factual basis. The American Iron and Steel Institute has noted that while there hasn't been a surge in Chinese steel shipments to the US, the metal is often sent to third countries to be processed into other products that then enter the US market. The proposed tariffs would have a small impact on overall US-China trade, but could signal the start of a new round of trade retaliations. Other countries, such as Thailand and the European Union, have also launched investigations into Chinese steel exports and manufacturers due to concerns over overcapacity. Chinese manufacturers may consider moving their manufacturing bases overseas to diversify potential risks.
#UschinaTradeWar #Tariffs #SteelIndustry #IndustrialOvercapacity
Chinese and US firms collaborate on first global generative AI standards
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China's Ant Group, Baidu, and Tencent collaborate with US firms OpenAI, Microsoft, and Nvidia to publish two international standards on generative artificial intelligence (GenAI) and large language models (LLMs). The standards, released during a side event at the United Nations Science and Technology Conference, are the first global standards specifically covering GenAI and LLM. The GenAI standard provides a framework for testing and validating the security of GenAI applications, while the LLM guideline outlines attack methodologies to test an LLM's resistance to hacks. The collaboration aims to keep the technology safe as GenAI develops rapidly and becomes increasingly used by businesses and individual users. China became the first country to regulate GenAI in July 2021, and since then, Beijing has approved several tech companies, including Ant, Baidu, and Tencent, to open their LLMs for commercial use. International standards and regulations on AI have existed before GenAI became popular, including Unesco's "Recommendation on the Ethics of AI" and AI-related guidelines published by the International Organisation for Standardisation.
#China #AntGroup #Baidu #Tencent #Openai #Microsoft #Nvidia #GenerativeArtificialIntelligence #LargeLanguageModels #Standards #UnScienceAndTechnologyConference #Security #Regulation #CommercialUse #InternationalStandards #AiEthics
Hong Kong authorities deactivate more than 1 million SIM cards after owners fail to complete real-name registration
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Hong Kong authorities have deactivated over 1 million SIM cards in the past year due to owners failing to complete real-name registration. The Commerce and Economic Development Bureau reported that telecoms companies cancelled about 1.18 million SIM cards in the 12 months leading up to January, while an additional 1.33 million cards were rejected for registration due to incomplete applications. The regulation, which took effect in September 2021, requires all SIM card users in Hong Kong to register their personal information before February 2023. The measure has been effective in reducing the number of scams in Hong Kong, with a 38.1% decrease in telephone fraud cases in the fourth quarter of 2023 compared to the same period in 2022. The real-name registration system helps law enforcement agencies investigate and prevent crimes, including telephone fraud, conducted using prepaid SIM cards. As of February, approximately 14 million SIM cards have completed real-name registration.
#SimCards #RealnameRegistration #Telecoms #Scams #TelephoneFraud #PrepaidSimCards
China sells more US Treasury bills as Fed signals low interest in rate cuts
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China has unloaded $22.7 billion of US Treasury bills in February, reducing its total holdings to $775 billion. The UK is expected to surpass China as the second-largest foreign holder of US Treasury bills. Japan remains the top buyer with a total of $1.168 trillion of US debt. China's diversification of its foreign holdings is driven by concerns over security and the delay of expected interest rate cuts by the Federal Reserve. Beijing is also increasing its investments in gold. Analysts believe further sell-offs of US Treasury bills are possible, despite discussions between US Treasury Secretary Janet Yellen and her Chinese counterparts. The combined holdings of Europe and Japan are larger than China's, which could mitigate the impact of the sell-off on the US.
#China #UsTreasuryBills #FederalReserve #InterestRateCuts
Opinion | US-China trade rivalry boils down to competition for jobs and prosperity
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The US-China trade rivalry is driven by competition for jobs and prosperity. Both US President Joe Biden and Chinese President Xi Jinping share similar beliefs in seeking to transform their economies. Bidenomics focuses on a worker-centric trade policy that aims to help industries and areas that have suffered from trade-related job declines. Xi's vision for China emphasizes more equitable development and returning more enterprise profits to society. Both leaders aim to bring manufacturing jobs to lagging regions. However, these similar aspirations have led to conflict rather than cooperation. Tensions arise from trade's role in linking both economies and the competition for technological leadership. The decline in US manufacturing employment is due to productivity increases, not China's rise or trade. Punitive tariffs have burdened US consumers and producers. The competition for tech leadership has led to reciprocal punitive actions and security concerns. The lack of trust makes it difficult to address security risks and mitigate them.
#UschinaTrade #Competition #Jobs #Prosperity #Bidenomics #XiJinping #TradePolicy #Manufacturing #Technology #SecurityRisks