Month: July 2025

US Treasury Secretary Scott Bessent said on Monday that the Trump administration was in no rush to cut a trade deal with China, but that talks were “in a good place” as both countries engage in discussions ahead of the expiration of a pause in tariffs next month. Advertisement In an interview with CNBC, Bessent also said he intended to include in his discussions China’s purchases of Russian and Iranian oil. “I think trade is in a good place,” Bessent said, adding that the administration was more concerned with the…

Following the acceleration of licence approvals for the export of rare earth elements, China’s shipments of the minerals rebounded in June – and the proportion of its permanent magnets sent to the European Union rose to its highest level this year. Advertisement Last month, China exported 3,188 tonnes of rare earth permanent magnets – an essential component for a variety of products, including electric vehicles (EVs), wind turbines, smartphones and aerospace vessels. This represented a 157.5 per cent increase from May and a 38.2 per cent drop year on year,…

A Chinese energy giant has claimed a new benchmark in exploration of uranium, a resource growing in demand and importance in the country’s quest for energy security. Advertisement State-owned China National Nuclear Corporation (CNNC) said on Friday that it had detected a deposit of sandstone-type industrial uranium mineralisation at a record depth of 1,820 metres (5,971 feet) underground in the Tarim Basin in Xinjiang Uygur autonomous region. This type of uranium deposit is generally bigger and easier and cheaper to mine than other kinds of reserves, such as volcanic rock…

Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing. 1. China says Wells Fargo exec banned from leaving country due to ‘criminal case’ China has confirmed that it barred a senior Wells Fargo executive from leaving the country, saying it banned her exit because of a “criminal case” investigation. 2. Sean Stein on why US businesses are walking a tightrope to stay in China The US-China Business Council president says even in a fraught…

As the world’s brightest young mathematical minds gathered last week at Australia’s Sunshine Coast for the biggest global maths competition of the year, one moment stood out before the contest had even begun. Advertisement During the opening ceremony for the International Mathematical Olympiad (IMO), the audience erupted into lengthy cheers and applause as China’s six-person team was introduced among the more than 100 taking part. The team was led by second-year Wuhan high school student Xu Qiming, who helped to carry China’s national flag as he shuffled unsteadily alongside his…

At least a quarter of Taiwanese companies have put expansion plans on hold, and 5 per cent have started cutting staff in the shadow of US President Donald Trump’s tariffs on the island, according to a new study. Advertisement The findings come amid persistent uncertainty over the potential economic fallout from Washington’s tariff plan, especially following speculation that Taiwan could face a steep 32 per cent import duty – matching the level initially proposed by Trump in early April. A midterm assessment report released on Monday by two opposition-aligned think…

Stimulating consumer demand and encouraging sustainable innovation are vital to China’s efforts to combat excessive competition – termed neijuan in Chinese, or “involution” – and could even help turn the trend into a virtuous cycle, analysts said. Advertisement Top-down macroeconomic policies are also crucial, as actions taken by enterprises alone are insufficient, they added. “The essence of ‘involutional’ competition is inefficient competition in a limited market space,” analysts from China International Capital Corporation (CICC) said in a research note. “Therefore, boosting demand to create an ‘incremental cake’ by expanding the…