China's domestic economic challenges
In this series, the Post explores the various domestic economic issues that China faces as it navigates an unprecedented trade war with the United States.
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South China Morning Post
2 hours ago
- South China Morning Post
US court says Trump's Doge team can access sensitive data
A US appeal court on Tuesday rejected a bid by a group of unions to block the Trump administration's government downsizing team known as the Department of Government Efficiency (Doge) from accessing sensitive data on Americans. The Virginia-based 4th US Circuit Court of Appeals, in a 2-1 decision, said the unions were unlikely to prevail on claims that Doge would violate federal privacy laws by accessing data at the US Department of Education, the Treasury Department, and the Office of Personnel Management. The court refused to block Doge's access to the agencies' computer systems and data such as Social Security numbers and individuals' citizenship status pending the outcome of the case. The decision reverses a temporary injunction issued by a federal judge in Maryland, which had been paused by the appeal court in April. The agencies involved in the case and the unions that sued, which include the American Federation of Teachers and the National Federation of Federal Employees, did not immediately respond to requests for comment. Amy Gleason, acting administrator of Doge, speaks during an event on improving Americans' access to their medical records at the White House in July. Photo: AP President Donald Trump, after taking office in January, launched Doge, then headed by billionaire Elon Musk, to dramatically shrink government bureaucracy and federal spending.
South China Morning Post
3 hours ago
- South China Morning Post
What's next after US-China tariff truce, and why is it ‘far from a walk in the park'?
With the tariff truce between China and the United States extended for another 90 days , and in the lead-up to a potential meeting of their presidents later this year, room for 'piecemeal agreements' exists for the two countries in terms of export controls and purchases of goods, according to analysts. But the odds of significant breakthroughs – at least in the short term – are unlikely, as negotiations between the superpowers will continue to be difficult and serve as a long-term test of trade resilience, they added. 'It is in neither party's interest to see tariffs re-escalate,' said Lynn Song, Greater China chief economist at Dutch bank ING. 'But at the same time, it is also difficult to envision a grand bargain to resolve issues once and for all. 'It's likely that we will continue to see these extensions and adjustments, moving forward.' Pushing Beijing to buy more US goods is one of Washington's priorities. Just ahead of the tariff truce deadline, US President Donald Trump urged China to quadruple its orders of American soybeans – a major US export to China. Trump said last week that he and President Xi Jinping could meet 'before the end of the year' if both sides can come to a trade deal.
RTHK
4 hours ago
- RTHK
Evergrande to delist from Hong Kong stock market
Evergrande to delist from Hong Kong stock market Evergrande says the city's stock exchange has decided to delist its shares per listing rules. File photo: AFP China Evergrande Group has announced its shares will be delisted from the Hong Kong Stock Exchange, as court-appointed liquidators warned of the real estate firm's debt load was far bigger than earlier estimated. In a filing on Tuesday, the company said the stock exchange has decided to cancel its listing from August 25 – as trading had not resumed by July 28 – and it would not apply for a review of the decision. "The last day of the listing of the shares will be on August 22, 2025 and the listing of the Shares will be cancelled with effect from 9am on August 25, 2025," the filing read. "All shareholders, investors and potential investors of the company should note that after the last listing date, whilst the share certificates of the shares will remain valid, the shares will not be listed on, and will not be tradeable on the stock exchange." Hong Kong's High Court issued a winding-up order for Evergrande in January 2024, ruling that the debt-laden company had failed to come up with a viable restructuring plan. Trading of its shares has since been suspended. In an attached progress report, liquidators Edward Middleton and Tiffany Wong said a "holistic" restructuring is out of reach. They also said Evergrande's debt load exceeded the US$27.5 billion of liabilities disclosed in its financial statement in December 2022. "As at July 31, 2025, this claims' discovery exercise had resulted in 187 proofs of debt being submitted, by which claims of approximately HK$350 billion (US$45 billion) in aggregate have been made," the document read. But the latest figure was not to be taken as final, the liquidators added.
