
BOC Life, C-Mer Medical to collaborate on elderly care in GBA
Wilson Tang, sitting second from left, Dennis Lam, sitting third from left, and other representatives at a joint press conference on May 7, 2025.
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South China Morning Post
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- South China Morning Post
European Union to China: your ‘impressive rise' must not crush our industries
The European Union 's trade chief Maros Sefcovic has warned China that its 'impressive rise must not come at the expense of the European economy' as the bloc continues to push for Beijing to loosen export controls on rare earths and act on trade diversion. Advertisement Speaking in Brussels on Thursday, two days after meeting Chinese Commerce Minister Wang Wentao , Sefcovic stated that 'China has a responsibility to match its support for multilateralism with full respect for the rules meant to ensure fairness and equity'. 'Hence, our calls on China to address systemic issues affecting Europe and other partners, such as overcapacity, subsidies, market access barriers, critical minerals export restrictions, investment conditions and trade diversion,' the Slovakian official said at the Brussels Economic Security Forum. 'We are committed to rebalancing this relationship and establishing a level playing field in trade and investment, with symmetrical market opening.' Sefcovic met Wang on the sidelines of an OECD ministerial summit in Paris and said he raised as a top priority China's export controls on rare earth minerals and magnets, which have threatened to undermine European industries.


South China Morning Post
2 hours ago
- South China Morning Post
Hong Kong proposes 50% duty on net profits from basketball betting
Hong Kong authorities have proposed a 50 per cent duty on the operators' net betting profits from basketball gambling, while a public consultation found that 94 per cent of respondents supported legalising such activities. In a paper submitted to the Legislative Council on Thursday, the government said that the existing calculation and collection methods for football betting tax could be adopted for basketball gambling as one of the amendments to the Betting Duty Ordinance. The duty on football betting is levied at 50 per cent of the net stake receipts. 'The government's policy is not to encourage gambling. We adopt a multipronged approach targeting illegal betting. Law enforcement and strengthening efforts in it are our foremost measures,' Secretary for Home and Youth Affairs Alice Mak Mei-kuen said. 'Another measure will be promotion, education and counselling services. The last resort is when illegal gambling activities have become rampant; we need a limited and legal channel to divert illegal gambling activities into legal betting.' The proposal will be discussed at a meeting of Legco's home affairs, culture and sports panel on Monday. Authorities earlier proposed establishing a regulatory regime for basketball betting by modelling it on the existing one for football wagering. The Hong Kong Jockey Club's latest assessment showed that illegal basketball betting turnover reached HK$70 billion to HK$90 billion last year.


South China Morning Post
3 hours ago
- South China Morning Post
Harvard speech by Chinese graduate exposes class disillusionment and education gap at home
Controversy surrounding a speech given by a Chinese Harvard graduate reflects the Chinese public's 'disillusionment' with elite education and 'anger at class rigidity', according to a Chinese academic. Advertisement Jiang was the first Chinese woman selected as the student speaker at a Harvard graduation ceremony. 03:40 Absurd, anxious, concerned: Students react to US revoking Chinese student visas Absurd, anxious, concerned: Students react to US revoking Chinese student visas While her success was initially praised by the Chinese media, it soon drew criticism from social media users who questioned whether her 'privileged' family background truly represented the broader Chinese student population. As the controversy escalates, some academics and commentators have begun to examine how it reflects the Chinese public's growing disillusionment with elite education. Yuan Changgeng, an anthropologist at Yunnan University who has long studied changes in social attitudes, said that in recent years 'China's social classes have become increasingly rigid and tensions between them have been on the rise'. Advertisement He added that within the past two years, few of the 'elites' active on Chinese social media had been held up to public scrutiny without having flaws in their experience or morals exposed. 'People are increasingly recognising that competition in education is ultimately a competition of family finances and social capital [connections and resources],' said Yuan, referring to the fact that children from wealthy families in China often have access to more educational resources, both at home and abroad.