China’s state security chief Chen Yixin has met his Cuban counterpart in Beijing and pledged better intelligence sharing to help the US neighbour maintain social stability, against a backdrop of heightened pressure from the Donald Trump administration. Advertisement Chen and Lazaro Alberto Alvarez Casas, Cuba’s interior minister, opened the meeting by marking 65 years of diplomatic relations between the two countries, according to a report posted to social media on Monday by China’s Ministry of State Security. Cuba was the first country in the western hemisphere to establish diplomatic relations…
Month: August 2025
China’s yuan fixing rate hits 9-month high after dovish pivot by US Fed chair
China’s central bank has set the yuan’s daily reference rate against the US dollar at the strongest level in more than nine months, as bets on rate cuts by the Federal Reserve are growing following a dovish pivot by its chair, Jerome Powell. Advertisement On Monday, the People’s Bank of China set the yuan’s midpoint rate – also known as the daily fixing rate – at 7.1161 per US dollar, its strongest showing since early November. Compared with 7.1321 in the previous release, Monday’s fixing also marked the largest upwards…
How SoftBank’s Son became Trump’s favoured foreign investor
Anti-establishment and with a history of losing and gaining vast fortunes, it may be no surprise that Donald Trump and Masayoshi Son see eye-to-eye. But the past eight months have deepened the rapport, raising the financial stakes for both the US and Japan and creating an unofficial diplomatic channel between the SoftBank billionaire founder and the US president. SoftBank has become a crucial foreign investor in the US. The Japanese group is increasing its stake in OpenAI and has invested $2bn in Intel while eyeing a takeover of the struggling…
China’s new floating wind power tech may rival traditional windmills: engineer
Chinese scientists expect to soon make a breakthrough in airborne wind turbine technology, with the world’s first megawatt-level system set to take flight, according to the project team. Advertisement The floating wind power generation system resembles an airship and is being held up as a possible power solution for remote locations and disaster zones where conventional power supplies cannot be used or are inadequate. The researchers said their system’s output – more than 30 times more powerful than the best in other countries – could turn a scientific vision first…
Trade war deepens decline in China’s economic powerhouse province
During the heyday of Chinese low-cost manufacturing, the town of Houjie was renowned for both its shoemakers and the raucous nightlife laid on for the thousands of foreign and domestic buyers who visited each year. Like other parts of Guangdong, it boomed after China became the world’s export powerhouse and the southern province became a test bed for capitalism and foreign investment as the home of the country’s first special economic zones. But now, many of its factories are empty, and their surrounding restaurants and businesses are suffering, locals say, as trade tensions unleashed…
Trade war deepens decline for China’s economic powerhouse province
During the heyday of Chinese low-cost manufacturing, the town of Houjie was renowned for both its shoemakers and the raucous nightlife laid on for the thousands of foreign and domestic buyers who visited each year. Like other parts of Guangdong, it boomed after China became the world’s export powerhouse and the southern province became a test bed for capitalism and foreign investment as the home of the country’s first special economic zones. But now, many of its factories are empty, and their surrounding restaurants and businesses are suffering, locals say, as trade tensions unleashed…
Red Arsenal: a new databank on China’s latest military hardware
The People’s Liberation Army is arguably the world’s most rapidly evolving military, yet it remains the least understood by outsiders. Advertisement The PLA has not engaged in a war in more than four decades and has left no footprint in actual combat in that time, but the intensity of its exercises and expansion of its arsenal have attracted global attention. As China prepares for a major military parade next month to mark the 80th anniversary of Japan’s defeat in World War II, the PLA is expected to showcase its newest…
How China’s Gen Z sparked a doll fashion craze – and its impact on the economy
A booming market for miniature clothing has become the latest growth driver in China’s “doll economy” – fuelled by Gen Z’s passion for the toys and the emotional comfort they provide. Advertisement “Loving ball-jointed dolls is as natural as breathing,” said 21-year-old Clementine Cai from Zhejiang. Two years after falling in love with the toys, she had spent over 3,000 yuan (US$417) on outfits alone – a sizeable amount given her roughly 2,000 yuan in monthly expenses. Unlike the wildly popular Labubu vinyl plush toys, ball-jointed dolls are typically made…
‘Ignorance and neglect’ mark flawed US policy in China race: Da Wei
Da Wei is director of Tsinghua University’s Centre for International Security and Strategy in Beijing. His research focuses on China-US relations and US security and foreign policy. In this interview, he discusses the prospects for a trade deal between Beijing and Washington and examines China’s role on the global stage in light of America’s current foreign policy. Advertisement This interview first appeared in SCMP Plus. For other interviews in the Open Questions series, click here. China and the United States have held several rounds of high-level trade talks recently, and…
China’s triple stock markets are too much of a good thing
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Three’s a crowd — at least, it should be when it comes to stock markets in the same country doing the same thing. Fragmentation divides investor attention and liquidity. And when new entrants steal all the limelight, it can lead to a predictable cycle of booms and busts. For evidence, take a look at China’s Beijing Stock Exchange, the newest of its innovation-focused bourses. This year it has attracted more…