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Why ‘Western hegemony is over', learning lessons from Ukraine war: SCMP daily highlights

Why ‘Western hegemony is over', learning lessons from Ukraine war: 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
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The appearance of President Xi Jinping's chief of staff at the Beidaihe resort on Sunday indicates that senior Chinese leaders have started their annual summer break.
USA Rare Earth is receiving a surge in investment as America rushes to reduce its reliance on Chinese rare earth magnets.
Illustration: Henry Wong
The American economist sees China as key to the global energy transition to zero-carbon energy, especially in markets outside US and Europe.
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Yum China raises target for opening mainland coffee shops as cafe culture takes hold
Yum China raises target for opening mainland coffee shops as cafe culture takes hold

South China Morning Post

time10 minutes ago

  • South China Morning Post

Yum China raises target for opening mainland coffee shops as cafe culture takes hold

Yum China Holdings , owner of the KFC and Pizza Hut restaurant brands on the mainland, has raised its target for opening new coffee shops as a cafe culture has spurred consumer spending. The company was expected to operate 1,700 KCoffee cafes across the country by the end of 2025, up from the previous target of 1,500 outlets, according to CEO Joey Wat. 'KCoffee Cafes have been effective in driving incremental traffic, sales and profit,' she said at a briefing on Tuesday evening, according to a copy of the minutes seen by the Post. 'Average cups sold at the cafes continued to increase in the quarter, bolstered by our menu innovations and growth in delivery.' Yum China would need to open 1,000 cafes in 2025 to meet its goal; it managed 700 outlets as of December 2024. By June, the company ran 1,300 KCoffee cafes after opening 300 new outlets in the second quarter of this year. The KCoffee business uses KFC store space to serve customers coffee. 'We are always exploring ways to broaden our addressable market,' Wat said. 'With the strength of our brands and our strategies, we are confident in delivering sustainable, long-term value for our shareholders.' She spoke after Yum China said its second-quarter net profit rose 1.4 per cent from a year earlier to US$215 million. The company's diluted earnings per share of US$0.58 beat a consensus estimate of US$0.56 from a Bloomberg survey of analysts.

World robotics conference in China marks 10th year with JD.com as strategic partner
World robotics conference in China marks 10th year with JD.com as strategic partner

South China Morning Post

time40 minutes ago

  • South China Morning Post

World robotics conference in China marks 10th year with JD.com as strategic partner

At the conference, which will run from Friday to Tuesday, would announce 'a major strategic plan to promote the development of the robotics industry and further deepen strategic cooperation with intelligent robot brands', the company said in a statement on Tuesday posted on the event's website. is expected to collaborate with some of the country's leading humanoid robot makers, including Unitree Robotics and AgiBot , on an immersive, hi-tech exhibition area at the conference. did not immediately respond to a request for comment on Wednesday. 01:44 Beijing hosts World Robot Conference as China eyes expanding humanoid robot market Beijing hosts World Robot Conference as China eyes expanding humanoid robot market has been making investments in humanoid robot technology since March and has set up internal units focused on robotics, according to a report by the Shanghai Securities Journal.

China's childcare subsidy likely to be first of many family-friendly policies
China's childcare subsidy likely to be first of many family-friendly policies

South China Morning Post

timean hour ago

  • South China Morning Post

China's childcare subsidy likely to be first of many family-friendly policies

Ten years after China formally abandoned its one-child policy, it has unveiled a national childcare subsidy to encourage couples to have children. This is not only to stem a decline in the population but also to address a worrying trend in its structure that could ultimately pose social and economic problems. Advertisement The government has announced it will provide an annual subsidy of 3,600 yuan (US$501) for every child born on or after January 1 this year until they turn three, regardless of whether they are the first, second or third child. Last year, births in China rose for the first time since 2017, an uptick partly attributed to the auspicious Year of the Dragon in the Chinese zodiac. This year, China's population will slip below 1.4 billion people. While some may argue that, given its natural resources, the country could do with a smaller population, the effect of ageing and shrinking of the workforce on the structural population balance in the future has become a worry for policymakers. It has given rise to concerns about a 'super-aged' society comparable demographically with Japan, where nearly 30 per cent of people are over 65. The key to sustainable population planning now is not to reverse the population trend but to optimise the structure to help maintain economic growth and stability. A related issue is the need for China to boost domestic economic consumption. One of the reasons that Chinese consumers are not spending more – including on having more children – is because of the state of the social welfare system. Many families still have to save their disposable income for elderly and child care and medical expenses. Advertisement More than 20 provinces across China have already experimented with childcare subsidies at various local levels, but this marks the first nationwide scheme introduced by the central government.

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