Day: May 7, 2025

China will use a recently passed law supporting its private economy as a springboard for growth, officials said, with the non-state sector becoming all the more crucial as the country looks inward for economic momentum amid an unprecedented trade war with the United States. Advertisement “There is an urgent need to improve relevant institutional measures in response to prominent problems encountered [by the private enterprises] in practice,” said Wang Zhenjiang, China’s vice-minister of justice, at a press conference for the new law on Thursday. Wang added that private enterprises still…

President Xi Jinping has arrived in Moscow for a high-profile state visit underscoring efforts to strengthen ties with his Russian counterpart Vladimir Putin amid growing trade pressures from the US and scepticism from European allies. Advertisement Upon landing at Moscow’s Vnukovo-2 airport on Wednesday afternoon local time, Xi expressed confidence that the trip would deepen bilateral cooperation between the two nations. “I will meet with President Putin to have an in-depth exchange of views over bilateral relations, practical cooperation as well as major international and regional issues of mutual interest,”…

The West is at an inflection point. The rise, fall and transformation of civilisations are often traced to the decisions of their leaders. US President Donald Trump’s policies and rhetoric are accelerating the unravelling of the Western world order, echoing the mistakes of past rulers whose unwise actions led to irreversible decline. Advertisement After World War II, the Western world order was built on globalisation and international law. But as global competition intensifies, the concepts that once enforced Western hegemony are being abandoned. Trump and his advisers are desperately trying…

Pakistan has claimed it used Chinese-made J-10C fighter jets against India’s air force in a brief military encounter on Wednesday. Advertisement Pakistani Prime Minister Shehbaz Sharif and the country’s military said five Indian aircraft had been shot down in the latest armed conflict over Kashmir and other disputed regions along the South Asian neighbours’ border. India has yet to comment on the claim. Ishaq Dar, Pakistan’s foreign minister, separately told parliament that it was J-10C jets that shot down the Indian warplanes, with the five including three Rafale fighter jets.…

Advertisement The HKMA maintained the base rate at 4.75 per cent on Thursday after the Fed left its target in a range of 4.25 to 4.5 per cent overnight, following the third Federal Open Market Committee (FOMC) meeting of the year. At a press conference after the announcement, Fed chairman Jerome Powell said there was no need to be in a hurry to change US monetary policy and “the decision was clear” to wait and watch data for any inflationary impact from tariffs. The Fed, which runs its monetary policy…

US President Donald Trump on Wednesday said he would not lower tariffs on imports from China to kick-start trade talks with Beijing in high-level talks scheduled to take place soon in Switzerland, while his Commerce Department said it would simplify some restrictions on the export of advanced semiconductor chips to the country. Advertisement Responding “no” when asked by media whether he was open to pulling back the levies to pave the way for the negotiations, Trump also said stopping fentanyl from entering America would be “a very big part” of…