Mainland China says Taiwan recall vote shows how ‘political manipulation’ failed

Beijing has criticised Taiwan’s failed recall vote as a “political manipulation” that was “completely contrary” to the will of the people. Advertisement In Saturday’s vote, all 24 lawmakers from the Beijing-friendly Kuomintang (KMT) survived the recall attempt backed by the ruling Democratic Progressive Party (DPP). Chen Binhua, a spokesman for mainland China’s Taiwan Affairs Office, criticised the DPP for “repeatedly provoking political strife” at the expense of Taiwanese people’s well-being, state news agency Xinhua reported. Chen also said the DPP wanted a one-party monopoly and “real authoritarianism”, while resorting to…

Will the Fed bow to pressure from Trump for a rate cut?

Stay informed with free updates Simply sign up to the Global Economy myFT Digest — delivered directly to your inbox. While the Federal Reserve is widely expected to keep interest rates on hold when it meets next week — despite intense pressure from US President Donald Trump for a cut — investors will be closely watching for any hints from chair Jay Powell about the pace of future easing. Markets are currently pricing in a less than 3 per cent chance that the Fed will cut in July, but economists…

No more Achilles’ heel? Huge find boosts China’s zirconium reserve five-fold

In a discovery that could reshape the global balance of strategic mineral supply, Chinese geologists have uncovered a huge zirconium deposit in the Kubai Basin, on the northern fringe of the Tarim Basin in Xinjiang – a deadly stretch of arid land that may now become a new driver of China’s hi-tech military ambitions. Advertisement The newly identified deposit, embedded within Cenozoic continental sedimentary layers dating to the Paleogene and Neogene periods, represents the first super-large zirconium resource ever discovered in a terrestrial, non-marine basin in China. Unlike traditional zirconium…

China’s battle with deflation isn’t just a demand problem

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China shows no sign of securing lasting victory in its battle with deflation. Although annual consumer price inflation turned positive in June — for the first time since January — there are few who believe that sustained price growth is returning. A lack of demand remains a problem. Beijing has made a few efforts to encourage consumers, but it will need to go further, including by bolstering the country’s patchy…

China and the US wanted Sweden to host their next round of trade talks – why?

Chinese and American negotiators will gather in Stockholm for a much-anticipated third round of trade talks on Monday, putting the Swedish capital in the spotlight and prompting questions as to why the Scandinavian country was the venue of choice for the world’s two biggest economies. Advertisement It began at a meeting of finance chiefs from the Group of 20 countries in South Africa earlier this month, where Sweden had been invited for the first time. Both China and the US approached the delegation from Stockholm about holding the talks in…

Australian battery scientist Guo Zaiping joins CityU as energy material chair

World leading Chinese scientist Guo Zaiping, who specialises in the field of batteries, has taken up a prestigious new role at City University of Hong Kong after a two-decade career in Australia. Advertisement The university said she had beenappointed as chair professor of energy materials earlier this month. The university’s materials science programme is ranked number one in Hong Kong and number seven in the world, according to the latest USNEWS University Rankings. Before her move to Hong Kong, Guo was a Professor and Australian laureate fellow in the School…

US business leaders to visit China as both sides meet for latest trade talks

A high-level American business delegation will visit China this week on a trip that coincides with the latest round of US-China trade talks, according to two sources familiar with the matter. Advertisement The trip to Beijing will be organised by the US-China Business Council and led by FedEx chief executive Rajesh Subramaniam, the council’s board chair. The full list of visiting business leaders and schedule is not known but both sources said that Boeing executives and the president of the council Sean Stein were certain to be part of the…

Flooding rain in China’s north leaves two people dead and displaces thousands

Heavy rain around Beijing and across northern China killed two people and forced thousands to relocate as authorities warned of further widespread rain and the risk of disasters including landslides and flooding. Two people were dead and two missing in Hebei province, state broadcaster CCTV reported on Sunday morning. Overnight rain dumped a record 145mm per hour on Fuping county in the industrial city of Baoding. China’s water ministry issued targeted flood warnings to 11 provinces and regions, including Beijing and neighbouring Hebei, for floods from small and midsize rivers…

Ancient history call raises spectre of sensitivities in China-South Korea ties

A provincial Chinese official’s call for clarity on the history of three ancient kingdoms could revive a diplomatic row between China and South Korea and test the recent thaw in relations between the two Asian neighbours, experts said. Advertisement At the heart of the issue is a contested view of the kingdoms that arose in today’s northeastern China and the Korean peninsula in the second century BC and lasted more than 1,120 years. Huang Qiang, party chief of Jilin province – which covers the area that once comprised what Chinese…

Stablecoins craze pits central bank against lawmakers in South Korea

Stay informed with free updates Simply sign up to the Financial & markets regulation myFT Digest — delivered directly to your inbox. South Korea’s central bank is clashing with lawmakers over how to regulate one of the world’s largest cryptocurrency markets amid fears that frenzied demand for stablecoins is stoking capital outflows. The ruling party has proposed legislation allowing companies with as little as Won500mn ($360,000) in equity capital to issue won-based stablecoins, a type of cryptocurrency backed by fiat money holdings. But the central bank is concerned that allowing…