Latest news with #GaryNg
The Star
11-08-2025
- Business
- The Star
China's exports defy trade war headwinds in July as growth surges to 7.2%
China's exports continued to accelerate in July as a fall in shipments to the United States was offset by growth in a range of markets, including Africa, Europe and Latin America, with chip exports surging by nearly 30 per cent, year on year. The world's largest goods exporter saw outbound shipments rise last month by 7.2 per cent, year on year, to US$321.8 billion, according to customs data released on Thursday. The figure was higher than the 5.8 per cent growth rate recorded in June and beat the 5.8 per cent growth forecast in a market survey by the Chinese financial data provider Wind. China's imports, meanwhile, rose by 4.1 per cent year on year last month, in a possible sign that the country's sluggish domestic demand is starting to pick up. A poll by Wind had predicted a 0.27 per cent growth for July. That led China's trade surplus to narrow slightly to US$98.2 billion for the month. The better-than-expected results come as China's vast export sector continues to face intense pressure from the ongoing US trade war, with the world's two largest economies yet to agree on a permanent deal to prevent tariffs from snapping back to the triple-digit levels seen in April and May. China's exports remained robust throughout the first half of 2025 despite US tariffs, with a decline in American shipments offset by surging trade with Southeast Asia and several other markets. Analysts cautioned, however, that growth was likely to slow in the coming months as the impact of US trade measures gradually takes its toll. In July, China's exports to the US continued to fall, with Chinese goods still facing an average effective US tariff rate of 41.4 per cent despite the trade truce, according to Fitch Ratings. Shipments declined last month by 21.7 per cent, year on year, compared with a decline of 16.1 per cent in June. But China continues to benefit from robust demand for goods across a broad range of categories, including hi-tech products and electric vehicles. China's exports of chips jumped last month by 29.2 per cent, year on year, while shipments of machinery and electrical products grew 8 per cent, year on year, both in value terms. The country shipped 694,000 vehicles in July – up 25.5 per cent compared with the same period last year. The surge in China's chip exports was largely driven by front-loading, as manufacturers worried about the potential expiry of the US-China trade truce in August and the threat of steep new US tariffs targeting the chip industry, according to Gary Ng, a senior economist at Natixis. On Wednesday, US President Donald Trump said the US would impose a tariff of about 100 per cent on chips imported from countries that were not producing in America or planning to do so. Last month, exports to the Association of Southeast Asian Nations rose by 16.6 per cent, year on year, similar to the 16.8 per cent growth recorded in June. Outbound shipments to the European Union increased by 9.2 per cent in July, year on year – up from 7.6 per cent in June. Shipments to Africa and Latin America also grew by 42.4 per cent and 7.7 per cent, respectively. The share of China's total exports going to countries involved in the Belt and Road Initiative rose slightly to 50.4 per cent in July, up from 50.23 per cent the previous month. Analysts remain concerned about China's trade outlook, with uncertainty continuing to hang over the country's exporters as Trump presses ahead with his global trade war. The big question is how much China's exports will slow and how it would spill over to the rest of the economy On Thursday, sweeping US tariffs targeting dozens of trading partners took effect, with levies ranging from 10 to 41 per cent. The steep new duties cover several of China's major export markets in Southeast Asia, with Washington also pressuring its partners to clamp down on transshipment by Chinese exporters. Meanwhile, the US and China have yet to agree on a permanent trade deal. The two sides held a third round of talks in Sweden in late July, after which the Chinese side said they had agreed to extend the tariff pause beyond August 12. American officials, however, said an extension would first require Trump's approval. The strong export growth in July was mostly due to a flattering base for comparison, said Huang Zichun, a China economist at Capital Economics. 'With the temporary boost to demand from the US-China trade truce already fading and tariffs on shipments rerouted via other countries now rising, exports look set to remain under pressure in the near term,' she said. Zhang Zhiwei, president and chief economist at Pinpoint Asset Management, shared the same concern, saying: 'The big question is how much China's exports will slow and how it would spill over to the rest of the economy.' China's exports of rare earths, which have become a key source of leverage for China in its trade negotiations with the US and European Union, were down in July by 17.6 per cent, year on year, easing from a 46.9 per cent decline the previous month. The country's imports of crude oil, meanwhile, surged by 11.5 per cent, year on year, to 47.2 million tonnes. It remains unclear how much of the oil was sourced from Russia, with Chinese authorities set to publish more detailed customs data on August 20. After slapping a punitive 25 per cent tariff on Indian imports over its continued purchase of Russian oil despite his repeated warnings, Trump signalled on Wednesday that China could be next. - SOUTH CHINA MORNING POST
Arab News
10-07-2025
- Business
- Arab News
How AI could make Saudi Arabia's construction sites safer and more efficient
RIYADH: Across the global construction sector, long considered one of the most resistant to digitization, a quiet revolution is unfolding. Artificial intelligence is no longer a mere buzzword confined to laboratories and boardrooms. It is increasingly present in the urban fabric, embedded into scaffolding, concrete and command centers. One company at the heart of this shift is viAct, a Hong Kong-based AI firm co-founded by Gary Ng and Hugo Cheuk. Their aim is to make construction safer, smarter and significantly more productive using a scenario-based AI engine built for complex, high-risk environments. 'Despite being one of the most labor-intensive and hazardous industries, construction remains vastly under-digitized,' Ng told Arab News. 'We saw this as an opportunity to bring AI-driven automation and insights to frontline operations. Unlike conventional surveillance tools that simply record footage, viAct's platform acts like a digital foreman. It interprets real-time visual data to detect unsafe practices, productivity gaps and anomalies, all without human supervision. At the core of the platform are intelligent video analytics powered by edge computing. By processing visuals from jobsite cameras and sensors, viAct can flag whether a worker has entered a restricted zone, whether proper personal protective equipment is being worn, or if a crane is operating unsafely. 'This is not just about object detection,' said Ng. 'Our AI understands context. It recognizes behaviors — like a worker being too close to the edge without a harness or a truck reversing unsafely — and acts in real time.' That ability to contextualize data is crucial in megaprojects, where risks multiply with size. The firm's technology has already been deployed across East Asia and parts of Europe. Now, the company is eyeing Saudi Arabia and the wider Gulf region, where giga-projects are transforming skylines at record speed. Ng confirmed viAct is in active discussions to enter the Saudi market. 'Saudi Arabia's Vision 2030 is deeply aligned with our mission,' he said. 'There's a growing demand for AI in infrastructure — not just for safety, but also for efficiency, environmental compliance, and transparency. From NEOM and The Line to Qiddiya and Diriyah Gate, Saudi Arabia is leading one of the most ambitious construction booms in the world. These projects involve thousands of workers, advanced logistics and constant oversight. However, traditional safety audits and manual inspections are no longer sufficient. 'With projects of this scale, real-time monitoring is not a luxury — it's a necessity,' said Ng. While viAct hasn't yet launched in the Kingdom, its platform is fully prepared for Arabic localization and regional compliance standards, including Saudi labor laws and Gulf Cooperation Council safety codes. What sets viAct apart is how seamlessly it integrates with existing infrastructure. Rather than requiring expensive proprietary equipment, the platform works with standard CCTV cameras and can be deployed in both urban and remote sites. 'Our system is plug-and-play,' said Ng. 'You don't need to overhaul your entire setup to use AI. That makes it ideal for companies in transition or for phased construction timelines.' Its use of edge AI, meaning data is processed on site rather than in a distant cloud, allows viAct to deliver insights even in areas with weak internet connectivity. This feature is particularly useful in Saudi Arabia's more isolated development zones or early-phase sites with minimal setup. Its software is also highly customizable. For instance, a client building a hospital might prioritize fall detection and material delays, while a contractor working on an airport runway may need to monitor large machinery and perimeter access. As automation reshapes industries, many worry that people are being replaced by machines. But Ng insists that viAct's goal is not to eliminate workers — it is to protect them. 'We're not building robots to take over,' he said. 'We're building tools that enhance human judgment and ensure safety. When a worker is alerted to a risk before an accident occurs, that's AI doing its best job.' In fact, many of viAct's clients report that once site workers understand the system is not spying on them, but rather observing unsafe situations, adoption becomes smoother. Managers gain better oversight and laborers gain peace of mind. 'We see this as a collaboration between human intelligence and artificial intelligence,' Ng said. 'Each has strengths. Together, they're far more effective.' Deploying AI in construction also brings ethical questions to the forefront, particularly in projects run by government entities or involving public infrastructure. Ng is upfront about these concerns. 'All our solutions are GDPR-compliant and privacy-first,' he said, referring to the EU's General Data Protection Regulation, a comprehensive set of rules designed to protect the personal data of individuals. 'We don't use facial recognition and we don't track individuals. The focus is purely on safety, compliance and productivity.' Workers are anonymized in the system, with all data encrypted and stored securely. Dashboards used by contractors and project leads include logs, alerts and safety scores, allowing for clear documentation and accountability without compromising personal privacy. This is especially important in the Gulf, where projects often involve multinational labor forces and cross-border stakeholders Looking ahead, viAct plans to double down on its expansion in the Middle East, continue advancing its AI models and advocate for ethical AI deployment in high-risk sectors. The company is also exploring ways to integrate predictive analytics, allowing clients to foresee and prevent incidents before they occur. This could eventually shift AI's role from reactive to proactive, forecasting safety breaches, delivery delays or environmental compliance issues in advance. Ng believes this kind of intelligent foresight will soon become standard across the construction industry. 'It's not about replacing humans,' he said. 'It's about building a smarter site, one where decisions are faster, risks are fewer, and lives are safer.' In the age of giga-projects, that is a future Saudi Arabia is already building.
RTHK
01-07-2025
- Business
- RTHK
'Attract funds from more countries around the world'
'Attract funds from more countries around the world' Experts say while relying on the mainland, the SAR also needs to reach out to different markets in its role as a global financial hub. File photo: RTHK Hong Kong should learn to navigate its relationships with the rest of the world and do more to attract outside capital as it continues to integrate with the mainland, according to observers, with external factors presenting an opportunity for the city to diversify its reach. Experts also believe closer links with the mainland have helped consolidate the SAR's position as a global financial hub. "In the long run, Hong Kong will continue to attract capital from the mainland. But there're also some uncertainties about whether Hong Kong would still be able to attract foreign capital in the same way," Gary Ng, a senior economist at Natixis Corporate and Investment Bank, told the RTHK podcast China Perspectives in an episode marking the 28th anniversary of the SAR. "I think in an ideal situation, Hong Kong should be able to do both. But because of the changing geopolitical environment, how Hong Kong can actually balance the two and make the most, to me, it could be quite challenging in the future." Economics professor Ho Lok-sang, formerly in charge of Lingnan University's economic policy research institute, said challenges remained in the city's bid in attracting capital with some Western countries viewing Hong Kong and the country through "coloured lenses". "We need to do a bit more to show that we are not too restrictive," Ho said. "We are still open culturally, and we are tolerant of different opinions... That would produce a better impression on some investors who may have coloured lenses." Ho praised efforts by the SAR to lure investments and highly-skilled professionals, and agrees with projections that Hong Kong will overtake Switzerland as the world's top cross-border wealth management centre by 2027. "Switzerland did suffer somewhat, because there was pressure for Switzerland to reveal some information about their clients. There was this concern about tax evasion and other problems," Ho said. "Hong Kong is pretty safe in the eyes of the world, and the mainland is also very politically stable. I think people are aware of the fact that we are an open economy." Ng added that Hong Kong could act as a "buffer zone" between warring powers amid current geopolitical tensions. "Let's say, China and the US may be competing at a much higher level on different issues, I think Hong Kong still has a role in a more neutral way to be a buffer zone between all these big powers," the Natixis senior economist said.
South China Morning Post
12-06-2025
- Business
- South China Morning Post
Hong Kong re-exporters urged to remain cautious despite US-China trade talks
The latest US-China trade talks may have alleviated concerns among some Hong Kong re-exporters, but the sector should remain cautious because President Donald Trump's administration has been accused of creating crises to gain bargaining power, according to observers on Thursday. Advertisement High-level officials from the United States and mainland China concluded their two-day economic and trade consultation mechanism meeting in London on Wednesday. Trump announced that a trade agreement had been reached with the mainland, stipulating that tariffs on Chinese imports to the US would increase from the current 30 per cent to 55 per cent, while tariffs on US exports the other way would remain at 10 per cent, pending approval from himself and Chinese President Xi Jinping. According to Trump, the US would also gain access to the mainland's magnets and all necessary rare earth elements, while certain provisions would be offered in exchange, including allowing mainland students to study at American universities. Gary Ng Cheuk-yan, a senior economist at Natixis Corporate and Investment Bank, suggested the deal could offer a slight benefit to Hong Kong, although it was too early to say the dust had settled between the two countries. Advertisement 'For Hong Kong, such a deal may help stabilise its US-China re-exports with less concern about electronic equipment supply chains, which is the largest trade item. Given the less intense environment, the front-loading demand may be lower than in the scenario of a full-fledged trade war,' he cautioned. 'There is no guarantee that what we see right now will remain, and more restrictions can return at any time, especially as the US includes China clauses in its deals with other countries, which may also affect Hong Kong.'
South China Morning Post
08-05-2025
- Business
- South China Morning Post
How China's self-sufficiency drive is dividing the global tech ecosystem
China is rapidly advancing its technological self-sufficiency in semiconductors and biotechnology , a trend accelerated by escalating trade tensions with the US, industry experts said in a webinar hosted by the South China Morning Post's China Future Tech. Advertisement 'We need to be ready to see a world that will be increasingly polarised, basically with the bifurcation in supply chains, which could be about manufacturing, which could be about data flows … could be about investment,' said Gary Ng, senior economist at Natixis Corporate & Investment Bank, during the panel discussion on Thursday. Ng noted that the ongoing US-China trade disputes have spurred China's investment in technological independence, especially in semiconductor capabilities. Since 2018, China's research and development spending in technology has increased from about 2 per cent of gross domestic product to 2.6 per cent, surpassing the European Union but still trailing the US. 'We will begin to see two separate tech ecosystems in the future, one maybe dominated by China, the other one led by the US,' Ng said. 'Different countries … will need to decide which one to get into.' Huawei Technologies ' resurgence epitomises China's strides towards tech independence. 'In 2023, August, Huawei surprised the world by quietly releasing for the domestic market its own 5G smartphone, which they had actually given up … because of the [US] trade sanctions,' said Bien Perez, a senior production editor at the Post. Perez added that while Huawei's domestic revival was robust, the lack of access to foreign tech ecosystems – such as Google services on Android – remained a hurdle in global markets. Advertisement
