State of US-China trade ties, Beijing's tariff relief for Africa: SCMP daily highlights
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
After two days of closely watched trade talks between the United States and China in London, US President Donald Trump has declared the negotiations have led to a wide-ranging deal to maintain the fragile truce laid out after earlier talks in Geneva.
China's home-grown AG600, the world's largest amphibious aircraft, has been given the green light for mass production, marking a step forward in building an independent and globally competitive aviation industry.
Illustration: Henry Wong
Many who entered university during Trump's first trade war with China are ready to become key cogs in China's hi-tech engine.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
16 minutes ago
- South China Morning Post
China and India to work to bring back direct flights in latest drive to stabilise ties
China and India have agreed to work towards the resumption of direct flights and take other moves to boost exchanges as the latest step in their efforts to stabilise relations The measures were announced after Indian foreign secretary Vikram Misri held talks with Chinese foreign vice-minister Sun Weidong, who was on a two-day visit to India. New Delhi's statement released on Friday said the two sides had reviewed developments since their last meeting in January and 'agreed to continue to stabilise and rebuild ties with priority on people-centric engagements'. Both countries agreed to work towards resuming direct flights, a measure first agreed upon in talks held in Beijing in January. 'The two sides further agreed to take practical steps for visa facilitation and exchanges between media and think-tanks,' the statement said. Sun's visit marks the first visit by a senior Chinese official to India since the recent conflict with Pakistan, one of Beijing's main international partners, over Kashmir.
South China Morning Post
34 minutes ago
- South China Morning Post
Huawei's AI semiconductor output limited to 200,000 in 2025, US commerce official says
Huawei Technologies is expected to ship no more than 200,000 of its advanced artificial intelligence (AI) semiconductors this year, according to a senior Trump administration official overseeing US export controls, who estimated that 'most or all of' those chips would be supplied to enterprises within China. That figure would pale in comparison to the more than 1 million China-specific H20 graphics processing units (GPUs) produced by Nvidia in the last nine months of 2024, according to a January report from US research firm SemiAnalysis. Washington in April added the H20 to tightened tech export restrictions on China. At a House Foreign Affairs subcommittee hearing on Thursday, Under Secretary of Commerce for Industry and Security Jeffrey Kessler told lawmakers that the US government should not 'take too much comfort from' Huawei's estimated 2025 Ascend chip production capacity being 'at or below 200,000' units. He did not elaborate on the source of that assessment. 'China is investing huge amounts to increase its AI chip production, as well as the capabilities of the chips it produces,' Kessler said. 'So it's critical for us not to have a false sense of security to understand that China is catching up quickly.' At the congressional hearing, Kessler called for increased funding for US export control measures under the Bureau of Industry and Security. This marked the first time a US government official publicly provided an estimate of Huawei's AI chip output, as the US-sanctioned Chinese firm closely guards details of its Ascend semiconductor technology, development and production.
South China Morning Post
an hour ago
- South China Morning Post
Hong Kong can do more to fuel yuan's international ascent, HSBC co-CEO says
Hong Kong can be a crucial partner in the continued and orderly opening of mainland China's capital markets, particularly in advancing the internationalisation of its currency , according to HSBC 's co-CEO. As a financial hub connecting East and West, Hong Kong 'can play a key role in promoting the yuan's internationalisation by expanding its offshore liquidity while maintaining strong safeguards and effective risk management,' said David Liao, the lender's co-CEO for Asia and the Middle East, at the Caixin Summer Summit in Hong Kong on Friday. According to an HSBC survey, 81 per cent of mainland businesses said they planned to expand overseas, while both institutional and retail investors intended to diversify their portfolios by allocating assets abroad. At the same time, overseas companies were increasing their investment in and trade with China. 'When it comes to choosing financing channels and locations, Hong Kong is often the top choice,' Liao said. Hong Kong could further scale up yuan-denominated trade finance, he said. Liao said the yuan was now the third most used currency for global trade finance, after the US dollar and the euro, but accounted for just 6.15 per cent of the total.
