Latest news with #Hunan
South China Morning Post
2 days ago
- Business
- South China Morning Post
Crackdown on illegal mines as China tightens critical mineral controls amid row with US
Parts of China that are rich in critical minerals are stepping up enforcement of tighter export controls as the country doubles down on its dominance of world supplies in the face of increasing pressure from the United States. China, the world's biggest producer of critical minerals, supplies 92 per cent of the refined rare earth elements that are essential in the production of consumer electronics, electric vehicles and hi-tech defence systems. Its export controls mean companies must obtain regulatory approvals from Chinese authorities before shipping such minerals overseas. Authorities in places such as the Guangxi Zhuang autonomous region and the provinces of Guizhou and Hunan have been inspecting exporters' operations and cracking down on illegal mining as they implement a directive from Beijing that called for tighter 'whole-chain' control over strategic mineral exports, the state-owned Securities Times reported on Monday. The moves come as Beijing continues to tighten its grip on global critical mineral supplies – a long-held ace in its dealings with Washington – after new US curbs on jet engine and chip design technology reignited bilateral tensions. Securities Times said Hunan, in Central China, has pledged to map out all its strategic mineral exporters and help them strengthen their compliance systems and ability to follow export rules. Guangxi, in South China, has vowed to step up supervision on the mining and exploration side, cracking down harder on illegal activities such as unlicensed extraction and mining outside approved areas. Two cities, Wuzhou in Guangxi and Yunfu in Guangdong province, have established a cross-regional coordination mechanism to crack down on illegal mining, the newspaper said.
South China Morning Post
3 days ago
- Science
- South China Morning Post
Mathematician Zhong Xiao leaves Finland for China with award-winning work critical for AI
Award-winning mathematician Professor Zhong Xiao has departed Finland after nearly three decades, bringing his foundational research critical to artificial intelligence back to China Zhong, a fellow of Finland 's Academy of Science and Humanities and recent recipient of its prestigious Väisälä Prize, joined Sun Yat-sen University full-time in April, according to information on the university's website. His groundbreaking work on the Poincaré inequality provides essential mathematical underpinnings for modern machine learning algorithms. Zhong was born in Changsha, Hunan province. In 1985, he was admitted to the top university, the University of Science and Technology of China. In 1995, he graduated with a master's degree from the Wuhan Institute of Mathematics and Physics, affiliated with the Chinese Academy of Sciences. After working for one year, he went abroad in 1996 to study at the University of Jyväskylä in Finland under the mentorship of the renowned Finnish mathematician Tero Kilpeläinen.
News.com.au
3 days ago
- Business
- News.com.au
$83bn discovery throws market into frenzy
Have we accidentally found El Dorado? It seems Chinese geologists from the Bureau of Hunan Province may have stumbled upon a literal mountain of wealth. Scientists are already suggesting it might be the largest precious metal deposit ever discovered. The jackpot is located beneath the Wangu gold field in Pingjiang County. Initial drilling 2,011 metres beneath the surface has uncovered more than 40 gold veins. This preliminary detection alone is estimated to hold around 330 tonnes, equivalent to 330,000 kilograms, of gold ore. It has already been classified as a 'supergiant' gold ore deposit. 3D modelling reveals the deposit could stretch nearly 3,048 metres down, and sitting deep within the Earth at those depths could be a mind-blowing 1,100 tonnes of gold ore. The estimated value? A staggering $83 billion To put that into perspective, South Africa's 'South Deep' gold mine, currently one of the world's largest, holds around 1,025 tonnes. This new Chinese discovery could potentially dethrone it and become the largest gold mine on the planet. Other major players globally are located in Indonesia, Russia, New Guinea, Chile, and the USA. It's not just the sheer volume either – the quality is reportedly ridiculously high. The deposit is averaging 138 grams of gold per metric tonne of ore, which experts describe as a valuable rate 'not often found in gold mining.' According to Chen Rulin, an ore-prospecting expert at China's Hunan Province's Geological Bureau, 'Many drilled rock cores showed visible gold' in samples. This discovery comes at a crucial time for China. The nation is already the world's top gold producer, accounting for about 10 per cent of global production. However, China is also heavily dependent on gold, using approximately three times more than it mines annually thanks to booming demand for jewellery, tech, and central bank reserves. As China seeks to protect itself from geopolitical risks - especially ongoing trade tensions and the threat of financial sanctions from the U.S - this breakthrough is expected to reduce the country's reliance on imports and boost its self-sufficiency in a critical resource. According to the New York Post, this news 'put the world's gold markets on notice.' Following the announcement, gold prices reportedly surged to $130 per gram, as reported by CCN. Social media lit up with reactions - one user on X commented, 'Oo. That's why GOVT spiked after close,' while another simply said, 'America is mad.' This jump in gold prices could bring both opportunities and challenges for Australia. In the short term, higher prices may benefit Aussie gold miners through increased profits. But over time, global demand for Australian gold could decline - putting pressure on the broader trade relationship between the two countries. Geologists also believe the nearby geological formations could be part of a much larger, interconnected system. According to Liu Yongjun, vice head of the bureau, additional gold ore was found during drilling in the peripheral areas surrounding the main discovery site. This suggests this 'supergiant' find could potentially be just the beginning. 'It will take a while to get down there.' Source: X 'They dug so deep that they came up from the bottom of Fort Knox.' Source: X Historically, 233,000 tonnes of gold have been mined worldwide, with two-thirds of that mined since 1950. Unlike many other natural resources, gold is resistant to corrosion, and nearly indestructible - which means that virtually all of the gold ever mined is believed to still exist in some form. Wowser.
South China Morning Post
28-05-2025
- Business
- South China Morning Post
China stops Labubu, Molly doll smugglers as prices soar, fights reported overseas
Chinese customs authorities have repeatedly stopped suspected smugglers of Pop Mart toys, including its Labubu and Molly series, as prices for the dolls soar amid a global expansion for the Beijing-based retailer. Customs agents have intercepted undeclared toys multiple times from passengers 'allegedly seeking to profit from resales', China Daily reported. In one case, 318 toys were confiscated from three travellers at Changsha Huanghua International Airport in Hunan province, according to the state-run news outlet. In another case, it reported that a passenger at Hefei Xinqiao International Airport in Anhui province was caught with 94 toys, all intended for resale. Travellers are reportedly buying the toys overseas and bringing them back into China, according to media reports and analysts. Founded in 2010, Pop Mart is rapidly expanding internationally and now has more than 500 stores in over 30 countries and regions. The company's most sought-after toys sometimes sell at lower prices offshore than in China because of currency fluctuations or local discounts. 'To put it simply, the high price is both about hype and the effect of international popularity,' said Peng Peng, executive chairman of the Guangdong Society of Reform think tank. 'Chinese consumers and businesspeople are interested, more or less,' he added. 'Business opportunities that can promote consumption cannot be missed.'
The Independent
27-05-2025
- Business
- The Independent
Chinese customs seize hundreds of Labubu toys amid worldwide resale craze
Chinese customs authorities have intensified efforts to prevent smuggling of Labubu dolls, as the worldwide craze for the gremlin-like toys most often seen dangling from bags shows no sign of slowing down. Created by Hong Kong -born illustrator Kasing Lung, as part of a whimsical collection of characters dubbed The Monsters inspired by Dutch and Nordic folklore, the Labubus' appeal lies in their ugly-cute aesthetic. The toys are sold predominantly by the Chinese toy company Pop Mart, which has stores located all around the world, including the US and UK, and are usually sold in 'blind boxes,' each containing a randomly chosen toy, meaning you won't know which Labubu or colour you've received until you open it. In recent months there have been multiple reports of smuggling that highlight just how high the demand for the toys has become. Customs officials seized 318 Pop Mart toys from three travellers at the Changsha Huanghua International Airport in Hunan province, and 94 from one at the Hefei Xinqiao International Airport in Anhui province, all intended for resale, reported China Daily based on data from the General Administration of Customs of China. According to China's Customs Law, transporting undeclared goods that exceed the prescribed limits for personal use with the intent to profit constitutes smuggling. If the evaded tax amount surpasses 50,000 yuan (£5,127), it is considered a criminal offence, potentially leading to severe penalties up to life imprisonment. Even within China itself, the resale market for Labubus is booming. Limited-edition figures, like the 'hidden edition' of Labubu 3.0, originally priced at 99 yuan (£10), now command prices exceeding 2,600 yuan (£266) on Chinese resale platforms. One particular listing was reportedly posted for 2,699 yuan (£277) and saw over 2,300 users marking it as 'wanted'. 'Pop Mart is a Chinese brand, but overseas toy editions often feature exclusive collaborations not available in China, making them even more desirable,' a buyer named Mr Sun Yuzhuoran told China Daily. The frenzy for Labubus isn't restricted to China. Pop Mart's overseas revenue jumped 475 per cent year-on-year in Q1 2024, fuelled by high demand from cities outside of China, reported CNN. The Labubu brand alone generated 3bn yuan (£307.5m) of Pop Mart's total 2024 revenue, reflecting its meteoric rise from niche figurine to international pop culture icon. Unsurprisingly, supply of the toys has not always managed to keep up with demand. In the UK, Pop Mart was forced to suspend in-store Labubu sales after brawls and crowd surges broke out during restocks. 'To ensure safety and comfort, we have temporarily paused all in-store and Roboshop sales of THE MONSTERS plush toys,' the company said via Instagram. A queue outside the Birmingham Pop Mart store became so long it made headlines, while rare Labubus are being re-sold on third-party sellers sites for more than £1,000 a pop. In Kuala Lumpur, a man dubbed the 'blind box bandit' was caught on security footage stuffing Labubu boxes worth around RM400 (£69) down his shorts at the Ace Cards & Collectibles, according to The South China Morning Post. In Hong Kong, a couple was filmed stealing Labubu toys worth HK$5,000 (£471) from a claw machine, while another group made off with 13 toys valued at HK$10,000 (£942) after damaging the machine. With official supplies out of stock at many US Pop Mart branches, enthusiasts there have also turned to resale sites. On Detroit-based resale website StockX, Labubus originally priced at around $50 (£37) are being sold for anywhere between $143 (£105) and $310 (£229).
