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South China Morning Post
4 hours ago
- South China Morning Post
As US and Europe cut aid budgets, China's star is on the rise in Southeast Asia, report says
China's role as Southeast Asia's largest infrastructure financier is increasing its regional influence at a time when the United States and the European Union are slashing their foreign aid budgets, a new report by an Australian think tank said. With the Trump administration in the United States scrapping about US$60 billion in aid and European countries pulling back more than US$25 billion, 'the centre of gravity' in Southeast Asia's development finance landscape 'looks set to drift East, notably to Beijing, but also Tokyo and Seoul', the Lowy Institute report, which was released today, said. 'China is the single largest partner on infrastructure financing in Southeast Asia, but traditional donors combined still outspend it,' the report's lead authors, Alexandre Dayant, Grace Stanhope and Roland Rajah, wrote. 'As Western aid declines and China recalibrates its strategy, Beijing is well positioned to regain dominance.' Southeast Asia's traditional partners include countries such as the US and Australia, and international organisations such as the United Nations, the Asian Development Bank and the World Bank. With the US expected to cut its foreign assistance by 83 per cent this year, the retrenchment of funds from Europe and tariff uncertainties undermining trade ties between the US and other countries, China is enhancing its influence in the region through infrastructure connections. Recent examples include work on high-speed railway links with Vietnam and Thailand. China International Development Cooperation Agency spokesman Li Ming told a news conference in March that China's 'principles related to foreign aid, including non-interference in internal affairs, no political strings attached and no empty promises made, will not change'. 'A major country should act like a major country by shouldering its due international obligations and fulfilling its responsibilities, rather than renege on its promises, be mercenary or bullying,' he said.
The Standard
8 hours ago
- The Standard
Trump urged not to fire Fed chief
US Treasury Secretary Scott Bessent speaks to reporters at the Capitol in Washington, DC, in June. Photo by REUTERS
South China Morning Post
15 hours ago
- South China Morning Post
Hong Kong's future lies in being the finance launch pad for tomorrow's tech
For years, Hong Kong's policy narrative has leaned heavily into national security. From the national security law to Article 23 legislation, the emphasis on stability and control has reshaped the city's global identity. But with geopolitical tensions showing signs of stabilising, the moment is ripe for a strategic shift. Advertisement The next global chapter isn't just about containment and scarcity, it is also about creation and abundance. The rise of artificial intelligence (AI) and digital platforms means abundance can be more evenly distributed, turning technological promise into tangible benefits for both urban centres and rural communities. Hong Kong's future lies in becoming a launch pad for the financial engines of the new technology economy for the next generation, from deep-tech funding to AI-powered green finance. Just as steam power revolutionised Britain's industrial landscape, today's equivalents – batteries , nuclear power generation and solar infrastructure – are poised to redefine global growth. These are not niche technologies; they are the backbone of a new era. Battery development is triggering a transformation across supply chains, from rare earth extraction and refinement to mobility and storage solutions. Hong Kong's financial sector should be underwriting this revolution, crafting instruments that support cross-border logistics and deep-tech ventures. Nuclear power, though politically sensitive, is likely to remain essential to clean energy. Small modular reactors are gaining traction globally, and Hong Kong could position itself as a financing and regulatory sandbox – a neutral and welcoming playground for capital and collaboration. Advertisement Solar power , meanwhile, presents a different opportunity. It is the fastest-growing energy source globally, abundant and safe when compared to nuclear, yet free from strong strategic entanglement. As major nations consider industrial policy, they often weigh whether a sector is strategic, profitable and winnable. Solar technology and production is arguably geopolitically frictionless and commercially scalable. Financing this sector is something Hong Kong can do well.
