Latest news with #People'sDaily
The Star
24 minutes ago
- Business
- The Star
China's local governments urged to use legislation ‘propeller' to power economy
China's local governments should use their legislative power to support private companies, recruit talent and encourage technological innovation to develop their economies, Communist Party mouthpiece People's Daily said in a commentary on Tuesday. 'The reason local legislation can serve as a propeller in economic and social development is that it establishes a stable and open system, where all types of market entities can operate within the framework of the rule of law,' the article said. Cancel anytime. Ad-free. Full access to Web and App. RM 13.90/month RM 9.73 /month Billed as RM 9.73 for the 1st month, RM 13.90 thereafter. RM 12.39/month RM 8.63 /month Billed as RM 103.60 for the 1st year, RM 148 thereafter.
Engadget
2 days ago
- Automotive
- Engadget
Xi Jinping warns against China's overinvestment in EVs and AI
Chinese President Xi Jinping has bluntly questioned a nationwide rush of investment into the AI and EV industries. As deflation anxiety grows and Trump's trade war with China ramps up, the world's second largest economy is turning to fast-growth tech industries to remain competitive. But Xi appears to think that the strategy is flawed. As reported by the Financial Times , China's President sent out a pointed message about over-investment at the two-day Central Urban Work Conference in Beijing. "When it comes to projects, there are a few things — artificial intelligence, computing power and new energy vehicles," he said in a speech that made the front page of the People's Daily , the official newspaper of the Communist Party. "Do all provinces in the country have to develop industries in these directions?" The Financial Times reports that Xi went on to criticise officials who encourage hasty development but don't hang around to face the consequences. 'We should not only focus on how much GDP has grown and how many major projects have been built, but also on how much debt is owed,' Xi told conference attendees. "We should not let some people pass the buck and leave problems to future generations." For now though, there's no suggestion that China is shifting its focus away from the sectors Xi directly referenced. This week, NVIDIA was granted permission by the US government to resume selling its AI chips to China, with the company reportedly holding $8 billion in unshipped orders. It was initially blocked from selling the H20 AI GPU to China over concerns it could aid the nation's military. China is the global leader of the EV industry, and the country is taking on the US in the robotaxi race too. It was announced this week that Uber is partnering with Baidu to bring thousands of the Chinese company's Apollo Go autonomous vehicles onto the Uber network in mainland China and other non-US markets.
Business Insider
2 days ago
- Business
- Business Insider
Xi Jinping is questioning if all of China should chase the same AI and EV dreams
China's focus on EVs and AI industries is facing challenges amid price wars and overcapacity. Chinese leader Xi Jinping recently questioned if all of China should focus on the same high-tech sectors. China's top leadership has pledged to address intensive hyper-competition and price wars. On Monday, Chinese leader Xi Jinping questioned the country's single-minded focus on a few high-tech sectors. "When it comes to new projects, it's always the same few things: artificial intelligence, computing power, and new energy vehicles," Xi said at a meeting about urban development in Beijing, the Chinese Communist Party's People's Daily reported on Thursday. "Do all provinces in the country have to develop industries in these areas?" Xi asked. Xi's unusually blunt remarks questioning China's industrial strategy come as the country's top leadership recently pledged to curb intense "involutionary" competition. The remarks show a shift from Beijing's usual pushback against Western criticisms over industry overcapacity and cheap exports. The comments reflect growing concerns that China's pursuit of dominance in EVs and AI may be backfiring economically and politically. 'Involution' and a deflationary trap The hyper-competition has become especially acute in the EV sector, where an intense price war has squeezed margins and raised alarms about long-term sustainability. Beijing is now encouraging market consolidation and cracking down on unhealthy practices. These include abuses such as "compelling businesses to sell goods on a below-cost basis," wrote Lynn Song, ING's chief economist for Greater China, last week. This comes as deflationary pressure is worsening. China's producer price index, or PPI fell 3.6% in June, the steepest drop in nearly two years. export frontloading ahead of new US tariffs and temporary consumption subsidies. Beneath the headline numbers, the Chinese economy remains under strain as consumer confidence remains depressed and youth unemployment stays high.
Business Insider
2 days ago
- Business
- Business Insider
Xi Jinping is questioning if all of China should chase the same AI and EV dreams
China bet big on electric vehicles and artificial intelligence — but now its top leader is starting to question whether that bet has gone too far. On Monday, Chinese leader Xi Jinping questioned the country's single-minded focus on a few high-tech sectors. "When it comes to new projects, it's always the same few things: artificial intelligence, computing power, and new energy vehicles," Xi said at a meeting about urban development in Beijing, the Chinese Communist Party's People's Daily reported on Thursday. "Do all provinces in the country have to develop industries in these areas?" Xi asked. Xi's unusually blunt remarks questioning China's industrial strategy come as the country's top leadership recently pledged to curb intense "involutionary" competition. The remarks show a shift from Beijing's usual pushback against Western criticisms over industry overcapacity and cheap exports. The comments reflect growing concerns that China's pursuit of dominance in EVs and AI may be backfiring economically and politically. 'Involution' and a deflationary trap The hyper-competition has become especially acute in the EV sector, where an intense price war has squeezed margins and raised alarms about long-term sustainability. Beijing is now encouraging market consolidation and cracking down on unhealthy practices. These include abuses such as "compelling businesses to sell goods on a below-cost basis," wrote Lynn Song, ING's chief economist for Greater China, last week. This comes as deflationary pressure is worsening. China's producer price index, or PPI fell 3.6% in June, the steepest drop in nearly two years. That's not just bad news for businesses and China's economy. It also risks fueling trade tensions as Chinese exports become cheaper and flood global markets. China posted GDP growth of 5.3% in the first half of the year. Much of the momentum is likely driven by export frontloading ahead of new US tariffs and temporary consumption subsidies. Beneath the headline numbers, the Chinese economy remains under strain as consumer confidence remains depressed and youth unemployment stays high. "It appears the persistent PPI deflation has finally caught the attention of the top leadership in Beijing," wrote economists at Nomura last week.
Time of India
3 days ago
- Politics
- Time of India
Trump thinks China will sentence fentanyl traffickers to death
Donald Trump anticipates China will penalize fentanyl producers with death. This comes amid ongoing tensions over fentanyl's role in US overdoses. Washington accuses Beijing of inaction, while China defends its record. Tariffs remain despite trade talks. Lin Jian emphasizes the issue is a US problem. Trump signed the HALT Fentanyl Act, increasing penalties for related offenses. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. President Donald Trump said on Wednesday that he thinks China will soon sentence people to death for fentanyl manufacturing and distribution, as he offered fresh optimism about the prospects of a deal with Beijing on illicit drug trade has joined a range of economic and security issues as a major flashpoint in the relationship between the countries in recent accuses Beijing of failing to curb the flow of precursor chemicals for fentanyl, a leading cause of U.S. overdose deaths. Beijing has defended its drug control record and accused Washington of using fentanyl to "blackmail" imposed 20% tariffs on Chinese imports over the issue in February, and they have remained in effect despite a fragile trade truce reached by both sides in Geneva in May."I think we're going to work it out so that China is going to end up going from that to giving the death penalty to the people that create this fentanyl and send it into our country," Trump said. "I believe that's going to happen soon."Lin Jian, a spokesperson for China's foreign ministry, reiterated on Thursday that fentanyl was a problem for the U.S., not China, and said U.S. tariffs over fentanyl "severely impacted the dialogue and cooperation between China and the U.S. in drug control."The U.S. should "face up to objective facts" and engage in dialogue with China in an "equal, respectful and mutually beneficial" manner if it truly wants to work with China, Lin said at a regular press spoke before he signed the HALT Fentanyl Act , a law that increases prison terms for drug offenses involving fentanyl-related substances. The event was attended by family members of people who had died from fentanyl than 450,000 Americans have died of synthetic opioid overdoses over the past decade, with millions more has been working to lower tensions with Chinese leader Xi Jinping ahead of a potential in-person meeting later this year."I think China's been helping out," Trump told reporters earlier on Wednesday. "Since I came here we're talking to them and they're making big steps... They want to do something. We'll see what happens."China has balked at some of Washington's demands, which include publicizing the crackdown on fentanyl precursors on the front page of the Communist Party mouthpiece People's Daily and tightening regulation of specific Beijing has also taken a series of actions on counter-narcotics in recent weeks. These included adding two more fentanyl precursors, 4-piperidone and 1-boc-4-piperidone, to a list of controlled chemicals starting on month, Chinese state media reported that immigration officials have seized more than 2 tons of drugs and arrested 262 suspects for drug smuggling so far this officials also said they had prosecuted more than 1,300 people and arrested over 700 more nationwide for drug-related money laundering offences between January and May this year, a 2.1% year-on-year increase.A court in the southeastern province of Fujian last month handed a suspended death sentence to former drug control official Liu Yuejin for bribery, state media reported.
