‘Nothing new’: US Army parade holds no surprises for Chinese military minds

The US Army’s parade through Washington on Saturday offered no surprises, Chinese military observers said, while cautioning that the full force of American power was not on show. Advertisement The parade for the US Army’s 250th anniversary showcased a range of American equipment, including Abrams tanks, Paladin artillery, robot dogs, reconnaissance drones, AH-64 Apache helicopters and Joint Light Tactical Vehicles. Most of the technology is well known, with machinery such as the Abrams tanks deployed widely in conflicts ranging from the Middle East to Ukraine. The US equipment also has…

Study shows China’s temples act as rare sanctuaries for ancient trees

At the foot of Zhongnan Mountain in the Chinese city of Xian, the ancient Guanyin Chan Temple is home to a ginkgo tree with a history spanning over 1,400 years. Advertisement As autumn approaches each year, this ancient ginkgo tree bursts into a spectacular golden display. The tree is said to have been planted by Emperor Li Shimin of the Tang dynasty (618-907) during a visit to the temple. According to a new study, temples across China – both Buddhist and Taoist – have safeguarded tens of thousands of ancient…

1 dead, 4 injured in Chongqing after driver runs into crowd: district police

One person is dead and four others injured after a driver allegedly drove into a crowd in Chongqing, a city in southwestern China, on Saturday after onlookers reportedly criticised him for repeatedly sounding the horn on his car. Advertisement A police statement issued on Sunday by the Banan district branch of the Chongqing Public Security Bureau alleged the driver, surnamed Xiong, repeatedly sounded the horn after finding his path blocked by another vehicle in Banan, a district in southern Chongqing. The driver of the other vehicle was unloading goods in…

China’s Wang Yi decries ‘unacceptable’ Israeli attack on Iran, urges diplomacy

Chinese Foreign Minister Wang Yi has labelled Israel’s attack on Iran as an “unacceptable” breach of international law, and urged the two countries to de-escalate. Advertisement In a phone call with his Israeli counterpart Gideon Saar on Saturday, Wang said China could play a “constructive role” in the peaceful resolution of the Iran nuclear issue, saying diplomatic solutions remained viable and a peaceful resolution was still achievable. “Such actions are particularly unacceptable while the international community is still seeking a political resolution to the Iran nuclear issue,” Wang said, referring…

Corporate bond defaults disappear from China’s onshore market

As China grapples with a trade war, a four-year property slowdown and lingering weakness in consumer confidence, one typical gauge of corporate distress has been conspicuous by its absence. There has been only one first-time default in China’s $4tn onshore corporate bond market so far this year, according to data from S&P Ratings. That compares with 16 in 2024 as a whole, and multiple defaults by this stage in every year since 2013. Rather than a definitive indication of corporate distress across the economy, the absence of defaults points to…

Australian pension fund Aware Super cites ‘significant’ opportunities in Europe

Stay informed with free updates Simply sign up to the Pensions industry myFT Digest — delivered directly to your inbox. One of Australia’s largest pension funds is ahead of schedule with its plans to invest billions in the UK and Europe, citing attractive investment opportunities, while the US outlook has become more uncertain. Deanne Stewart, chief executive of Aware Super, which manages A$190bn ($124bn) for more than 1.1mn savers, said she saw a “really significant opportunity for Europe and the UK”, and while there were trade challenges with the US “if…

Seoul’s radical drone carrier bids to shape future of next-gen naval warfare

South Korea’s recent unveiling of a model of a radical new type of naval drone carrier signalled its intention to become the fourth country to join an exclusive group of militaries, after China, Turkey and Iran, as it bids to influence the future of warfare. Advertisement HD Hyundai Heavy Industries revealed the model of the 15,000-tonne HCX-23 Plus drone carrier in late May at the 2025 International Maritime Defence Industry Exhibition in the South Korean port city of Busan. The concept hinted at how rapidly naval warfare is being redefined…

Gen Z’s ‘emotional consumption’ fuels surge in consumer stocks like Pop Mart

Stock investors are capitalising on the spending power of China’s Generation Z consumers, who splurge on everything from gold jewellery to low-priced drinks, delivering multifold returns on so-called new consumer stocks. Advertisement The ascent of Pop Mart International Group, Mixue Group and Laopu Gold is one of the few bright spots in China’s sluggish consumer industry, which has been plagued by a weak jobs market and the deflationary trend. The robust performance has come at the cost of traditional industry names, including liquor producer Kweichow Moutai, with traders pulling out…

Why Chinese firms building foreign factories are no longer focused on US market

This year’s escalation of the US-China trade war has led many Chinese companies to rethink their overseas expansion strategies, with accessing the American market no longer their top priority when considering building factories in foreign countries, industry insiders said. Advertisement There had been a “drastic downshift” in inquiries from Chinese companies seeking land to rent or purchase in Mexico, one of their hottest overseas investment destinations in the past, said Jack Lee, an industrial property agent based in the United States whose clients are mostly Chinese firms. Mexico had become…

Lee Jae-myung turns to China to ease North Korea ties, but will it take sides?

Newly elected South Korean President Lee Jae-myung has signalled a desire to ease tensions with North Korea, halting propaganda loudspeaker broadcasts along the border, and he has turned to China for support. Advertisement In a 30-minute phone call with Chinese President Xi Jinping on Tuesday, six days after taking office, Lee urged China to play a “constructive role” in the denuclearisation of the Korean peninsula. Xi responded that China would make efforts to resolve the issue, saying that peace and stability on the peninsula were in the common interest of…