The Asia Trade 8/14/25
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Beyond chow mein: How a new wave of restaurants is redefining Chinese food abroad
Grilled fish on a generous bed of numbing chillis and peppercorns from China's south-western metropolis, Chongqing; cumin-laced lamb skewers from Xinjiang in the far north; and fiery rice noodles flavoured with snails from the famed rivers of Guangxi in the south. All of this on a walk down Liang Seah Street in Singapore. Chinese food is having a moment outside China, driven by huge success and intense competition back home. And nowhere is this clearer than in Singapore, where ethnically Chinese people make up more than three-quarters of the multicultural population. The trend is not surprising given that Chinese soft power seems to be on the rise – think viral Labubu dolls, humanoid robots and futuristic cities that are impressing travellers. Centuries-old and sophisticated, Chinese cooking is not among Beijing's list of priorities for turning the country into "a powerhouse in culture" by 2035. And yet, as an increasingly authoritarian China tries hard to win the world over, a sumptuous table may just be its most effective, and underrated, draw. First stop: Singapore Luckin, China's answer to Starbucks, opened its first overseas store in Singapore in March 2023. Two years on, there are more than 60. Last month, the chain made its US debut with two New York stores. Five major Chinese brands, Luckin included, currently run 124 outlets in Singapore, double the number they owned in 2023. It's hard to miss the evidence: huge, bright ads of chilli-laced dishes and, sometimes, Chinese idioms, in malls, buses and subway stations. From established chains to mom-and-pop stores and chic restaurants that challenge tired stereotypes, they have all been taking off here before leapfrogging further afield, to elsewhere in South East Asia and then across the world. Succeeding in Singapore is "a proof of concept for later expansion, convincing potential investors that the chain is ready to go global," says Thomas DuBois, a historian of modern China. It's an easy enough place for new restaurants to set up shop. And it is diverse, which makes it a great test kitchen for very different palates, from South Asian to European. And importantly, Singapore is a travel hub where, Mr Dubois says, eating is almost like a national pastime: "People go to Singapore to eat." And what they will find is menus that go beyond the ubiquitous dumplings and hot pot. The entrepreneurs behind the new Chinese culinary wave want to show people just how vast and diverse China is. And they cannot fake it. Many of the visitors to Singapore are ethnic Chinese – not just from China, but from Bangkok, Kuala Lumpur, Manila, Jakarta and so on – with a sophisticated understanding of Chinese cuisine. There is no one kind of fiery, says Claire Wang, the marketing manager for Nong Geng Ji, a chain from Hunan in central China, which is famous for its spicy dishes. Hunan's fare has "a tangy aftertaste achieved through fermented chilli peppers", she says, unlike "Sichuan's numbing-spicy or Guizhou's sour-spicy". After launching more than 100 restaurants in China, Nong Geng Ji opened its first overseas stop in Singapore in late 2023. It has since set up six more here, five in Malaysia, one in Canada, and is now eyeing opportunities in Thailand, Japan, South Korea and the US. It's certainly proof of the growing appetite for chillies, especially the Chinese kind – a trend that would please China's former leader Mao Zedong. Born and raised in Hunan, he believed, "You can't be a revolutionary if you don't eat chillies". Finally, 'proper' Chinese food For the less revolutionary among us, there is plenty more on the table: steamed buns, red meats, preserved vegetables, rice, seasonal stir-fries and delicately-flavoured seafood. It's quite the spread compared to the "Chinese food" much of the world has become used to, especially in the West – food cooked up by Chinese immigrants in the 19th and 20th Centuries, whose scrubby, nondescript restaurants were often seen as low-brow. The food was simplified to suit local tastes, and that's how the US ended up with un-Chinese staples such as orange chicken and chop suey, and the UK with its chow mein and sweet-and-sour chicken balls. These very basic, largely made-up dishes "clouded appreciation of the diversity and sophistication of Chinese gastronomic culture", writes Fuchsia Dunlop in her new book, Invitation to a Banquet. Ms Dunlop, a British food writer, has spent her career cooking in China's kitchens and studying its food. Then there is the stereotype, dubbed the Chinese Restaurant Syndrome, a partly xenophobic myth that the food can make people feel sick because of supposedly high concentration of additives, particularly the flavouring agent MSG. New research suggests MSG does not make you sick, and while older Chinese restaurants probably used shortcuts to flavour, they were hardly unique in using additives. Now, a growing diaspora is making it possible for Chinese restaurants to stay true to their roots, knowing they have customers demanding "proper Chinese food". And that has coincided with more adventurous palates in the world's biggest cities. When Thomas Tao was a student in New York in the 2010s, he says he rarely came across Chinese fine-dining, but Americans were very willing to pay for, say, Japanese sashimi. Now he is the vice-president of the Green Tea Restaurant chain, which has more than 400 outlets in China serving fresh seafood and savoury soups from Zhejiang. It will open its first outpost in Singapore later this month. And it goes beyond food, with "immersive" restaurants. Diners listen to the guzheng, a Chinese zither, while they sit at boat-shaped tables surrounded by landscapes around the West Lake, an icon of the coastal province. "We want to help people be more accepting of our culture and to correct the idea that Chinese cuisine is 'lousy'," Mr Tao says. It is not the only chain to try this. Sichuan Alley, which opened its first outlet in New York last year, is inspired by "alley culture" characteristic of early 20th Century Chengdu – a warren of old streets where people mingled and feasted. Food tells the story of a people, and short of visiting a place, it is perhaps the best glimpse into it. So can the Chinese table help soften the image of a country whose ambitions often clash with those of Western powers and neighbours? The price of soft power In her book, Dunlop cites one of her readers suggesting that Beijing could more effectively project its soft power by "changing its controversial overseas Confucius Institutes into top-notch Chinese restaurants". Beijing is battling plenty on the international front: Trump's tariffs, alleged espionage plots and a world that is wary of its economic might. Even this explosion in Chinese restaurant chains is worrying local businesses in Singapore who wonder if they can keep up. Stiff competition in China and a spending dip are forcing these chains offshore. And their pace of expansion is insatiable – they bring with them a reliable supply chain, marketing acumen, and deep pockets that allow them to sacrifice profit. And they have a playbook. First you are encouraged to sign up for a free membership that gets you a discount. The meals come with a free flow of tea, dipping sauces and pickled vegetables. The winner? Unlike in most Singaporean restaurants, tissues – much-needed after a spicy meal – are free. It is not the first time the exports of China's success have sparked anxiety in its smaller South East Asian neighbours. It has already happened with plenty of Chinese imports, from clothing to gadgets. But food, some believe, can sweeten that deal. "Chinese people take great pride in their culinary culture, which also serves as a powerful form of diplomacy," says Felix Ren, director of Singapore-based food consultancy WeMedia. He is encouraged by the table tennis matches that helped thaw historic tensions between Beijing and Washington in 1971. "Chinese cuisine," he says, "may just be the new ping-pong diplomacy." Adorable or just weird? How Labubu dolls conquered the world The year China's famous road-tripping 'auntie' found freedom Hackers, secret cables and security fears: The explosive fight over China's new embassy in the UK A furious Chinese internet takes on privilege Solve the daily Crossword
Yahoo
2 hours ago
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LexinFintech Holdings (LX) Announces Unaudited Results for Fiscal Q2 2025
LexinFintech Holdings Ltd. (NASDAQ:LX) is one of the top cheap stocks that will go to the moon according to Reddit. LexinFintech Holdings Ltd. (NASDAQ:LX) announced its unaudited financial results for fiscal Q2 2025 on August 7, reporting a revenue of RMB 3.59 billion, up 15.6% quarter-over-quarter. A business professional using the company's technology-driven platform to access location-based services for a shopping experience. Profit (Non-GAAP EBIT) for the quarter reached RMB 670 million, up 15.2% quarter-over-quarter and 116.4% year-over-year. Management reported that Q2 profit was 'the highest in 14 quarters, marking the fifth straight quarter of sequential growth, while multiple core business indicators continued to improve.' Headquartered in Shenzhen, China, LexinFintech Holdings Ltd. (NASDAQ:LX) is involved in the business of matching consumers with credit needs with its financial institution partners via its proprietary platform and mobile application. While we acknowledge the potential of XXXX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
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Why the U.S. and China Are Playing Nice
Credit - Getty Images The U.S. and the People's Republic of China are strategic rivals in the battle for global leadership in the 21st century. So it was no surprise when President Donald Trump hit China with 20% tariffs in the first few weeks of his second term and then imposed reciprocal tariffs of 34% on 'Liberation Day.' And when Trump a few days later lowered tariff rates for everyone else to calm markets, he quadrupled duties on China to a whopping 145%. But all that now feels like ancient history. Over the past four months, Trump has bent over backwards to be kind to Beijing. The two sides announced a 90-day ceasefire in Geneva in early May, agreeing to reduce tariffs and negotiate their differences over export controls and other issues. (Remaining U.S. tariffs on China are still at roughly 55%, and China's tariffs on the U.S. stand at almost 33%. These are historically high levels, but not sufficient to outright stop trade.) Further discussions in London and Stockholm made enough progress for the two sides this week to announce another extension of the ceasefire, with the White House praising Beijing for being cooperative and flexible in the negotiations to date. Read More: Why Trump Will Blink First on China In the same vein, the Trump Administration has not shut down TikTok in the U.S. despite the fact that it is still Chinese-controlled, in contravention of American law; it denied a transit visa for Taiwanese President William Lai; and it is allowing Nvidia and AMD to sell advanced chips in China despite originally blocking many of these sales, following a pay-for-play deal. So why the sudden about-face on China? It is doubly odd given the U.S.'s simultaneous tough tact toward other members of the BRICS—a rival to the U.S.-led G7 that includes Brazil, Russia, India, and South Africa—not to mention many of America's traditional allies. Three reasons stand out. First, both Washington and Beijing now have proven weapons that are restraining the aggressive instincts of the other side. Unlike others who caved in to Trump's pressure, Beijing retaliated, first with its own high tariffs, and then, more importantly, with restrictions on rare earth minerals, over which they have a global chokehold. Once Trump began lowering most of the initial reciprocal tariffs and calling for talks with Xi, they had confidence that restricting rare earths minerals and magnets would be met not with counterstrikes but with concessions. That includes the Trump Administration backing off imposing new export controls on several technologies and scrapping their threat to 'aggressively revoke' Chinese student visas. Beijing now believes it has perfected the recipe for making a 'TACO' ('Trump always chickens out'). Second, Trump and Xi both have an interest in strengthening economic confidence at home. With persistent overcapacity and price wars across industrial and consumer sectors, 'involution' has become the word of the year in China, a nod to the excessive competition that is hurting local businesses. Xi needs to shore up government finances, consolidate industries, and avoid further international barriers to Chinese exports and investment. The U.S.'s current economic picture is stronger, but constituents in town halls across the country have expressed deep worries about lost export markets, inflation, budget deficits, and a potential recession. Third, both Trump and Xi want to meet each other, most likely in the Fall in Asia. Trump has been signaling his desire for direct communication with Xi since at least April. He wants to assemble a deal that he can sell at home as boosting U.S. business opportunities and stopping the fentanyl epidemic, given China's role in producing most of the precursors in the synthetic opiod that is trafficked to America. The Chinese have played hard to get, privately saying any summit must be preceded by detailed negotiations and planning. Based on my conversations with experts in China in recent weeks, Xi wants to avoid being disrespected, as Ukrainian President Zelensky and other world leaders were during their White House visits. And with Trump making concession after concession, Beijing may want to consolidate its recent gains and aim even higher, perhaps inducing Trump to make further compromises over tariffs, export controls, and Taiwan. Read More: It's Time for Trump and Xi to Meet Although one should not dismiss the value of stable ties between the world's two largest economies, each equipped with massive stockpiles of nuclear weapons, this warming trend is unlikely to last very long. Both sides prefer calmness now because it aligns with their short-term interests. Chinese official rhetoric aside, neither side sees the relationship in cooperative terms, and neither is willing to take major steps to provide strategic reassurance to the other. The underlying fundamental challenges created by the countries' deep divisions over their economic ties, the potential for conflict over Taiwan and other hotspots, and their competing visions of the international order can only be papered over for so long. At some point Beijing may run out of luck, and either not concede enough in negotiations or push too hard to make a TACO, and instead generate a Trumpian tirade or policy overreaction. Trump's unpredictability make linear extrapolations of any U.S. policy or strategy a risky bet. At some point, for either reasons of policy or fashion, the U.S.'s current gentle approach toward Beijing is likely to eventually harden, and for a new scene in the drama to unfold. Read More: Why China Can't Win a Trade War Beijing knows no deal with Trump is permanent. They will enjoy the peace and quiet as long as they can, but they know they need to be prepared for the next round of escalation—whenever it arrives. Other countries, companies, and markets should, too. Contact us at letters@ Solve the daily Crossword
