China is pushing ahead with the construction of a second satellite megaconstellation to provide broadband internet services and compete with SpaceX’s Starlink. G60 Starlink, which is backed by the Shanghai municipal government, will eventually comprise more than 12,000 satellites in low earth orbit. Its potential size is similar to Guo Wang, or National Network, a separate constellation consisting of some 13,000 satellites and commonly known as China’s answer to Starlink. It is now under construction by the state-owned Guo Wang company. 01:27 China beats SpaceX with world’s first methane-powered rocket…
Month: September 2023
China’s plan to boost tourism promises easier visas, payment methods and travel bookings for foreigners
China unveiled a plan to boost the tourism industry and attract more foreign visitors by resuming visa-free policies and making travel and payments easier as the country began its National Day “golden week” holiday. The plan was published on the website of the State Council, China’s cabinet, on Friday night but was dated Wednesday. It came as travellers are expected to make nearly 900 million trips in mainland China during the public holiday marking National Day on October 1. This year the Mid-Autumn Festival overlaps with the National Day break,…
Alarm in Taiwan as online map appears to show PLA ‘Trojan horse’ flight
The ministry’s statement was referring to PLA activities over the previous week involving aircraft and ground troops at Dacheng Bay in Fujian province. The exercises appeared to be a series of amphibious drills involving fighters, drones, bombers and other aircraft, as well as warships and were in addition to the PLA’s regular fly-bys or crossovers of the median line to areas close to the island, the ministry said. 03:15 Taiwan holds nuclear emergency drill as mainland Chinese planes enter island’s air defence zone Taiwan holds nuclear emergency drill as mainland…
Maldives vote: runoff for presidency begins in shadow of India-China tussle for influence
The Maldives started voting on Saturday to decide their next president, in an elections widely seen as a referendum on whether to hitch their fortunes to China or India, both vying for influence in the island nation. Ibrahim Mohamed Solih, 61, faces an uphill battle to secure a second mandate after a term that saw renewed ties with New Delhi, the archipelago’s traditional benefactor. Frontrunner Mohamed Muizzu, 45, has vowed closer ties with Beijing and a review of relations with India if he is elected. Muizzu won 46% of the…
China Evergrande’s Problems Are Only Getting Worse
For months, the unwinding of China Evergrande, the world’s most indebted property developer, played out like a slow-moving train crash. After filing for bankruptcy protection last month — nearly two years after the company defaulted on payments to some creditors — Evergrande appeared on the path toward a more typical debt restructuring for creditors. But it now has more than $300 billion in debt, and any semblance of normalcy is gone. In a filing with the Hong Kong Stock Exchange, Evergrande announced on Thursday that Hui Ka Yan, the company’s…
China’s manufacturing expands for first time in 6 months in latest sign of stabilising economy
“The survey showed a rise in the proportion of manufacturing factories reporting intensified competition, high costs of raw materials and tightness in funds. The recovery and development of the manufacturing sector still face some difficulties,” Zhao said in a separate statement on the NBS website. He added that the government should strengthen implementation of support policies to consolidate the recovery. Within the official manufacturing PMI, the new orders subindex rose to 50.5 in September from 50.2 a month earlier, while the new export orders subindex improved slightly to 47.8 from…
How China’s Property Crisis Is Testing Its Too-Big-to-Fail Banks
China’s giant banking system, the world’s largest, is heavily exposed to the real estate crisis: Nearly 40 percent of all bank loans are related to property. And pressure is building on those banks as dozens of real estate developers have defaulted or missed payments on overseas bonds, led by China Evergrande, the world’s most indebted developer. The scale of China’s property problems — enormous levels of debt, an oversupply of apartments and consumers increasingly wary of buying — means the government could be forced in the coming years to spend…
Maldives Votes in Presidential Runoff Overshadowed by India and China
As voting began on Saturday in the presidential runoff in the Maldives, the race was proving to be as much a referendum on the competition between India and China for influence as it was a chance to determine the small island nation’s next leader. The pro-India incumbent, President Ibrahim Mohamed Solih, has trailed Mohamed Muizzu, the mayor of the capital, Malé City, who has pushed for stronger ties with China. When neither managed a first-round victory with half the vote early this month, the race was pushed into a runoff.…
Japan’s toddler superstar: the baby bringing hope to a ghost village
In the playground on the western edge of Ichinono, a mother watches fussily over a group of children as steel-grey clouds pause between autumn downpours. Two children are on scooters. One is on a wooden swing. A fourth is pedalling off towards the woods on a pink bicycle. None of them are actually real. The rain begins again and the five figures — along with the dozens of other life-size stuffed dolls positioned around Ichinono and conceived to populate a depopulating village — remain rooted to their spots. The roughly…
A breakout year for Japanese stocks
Receive free Markets Insight updates We’ll send you a myFT Daily Digest email rounding up the latest Markets Insight news every morning. Japanese stocks have a way of turning people into professional cynics. So it is perhaps fitting that after months of gains, some investors are starting to wonder whether this famously fickle market has gone too far. There is no small irony in getting to this point. It has taken more than 30 years for the Topix and Nikkei indices to meaningfully recover from the market’s spectacular crash, and…