Latest from Malaysia Sun
Malaysia Sun
3 hours ago
- Business
- Malaysia Sun
World Insights: China's economic resilience drives global growth
Since the beginning of 2025, the international economic and trade order has experienced severe shocks and increasing uncertainties. In the face of mounting pressure, China's economy has maintained a steady and positive momentum, presenting a high-quality performance. BEIJING, July 17 (Xinhua) -- In the face of a complex international landscape and mounting challenges, China achieved steady economic growth in the first half of 2025, boosting confidence in global growth potential. According to data released by the National Bureau of Statistics (NBS) on Tuesday, China's gross domestic product (GDP) grew 5.3 percent year on year in the first half of 2025 and 5.2 percent year on year in the second quarter. Analysts noted that by steadfastly advancing high-quality development and steadily expanding high-level opening-up, the Chinese economy has demonstrated strong resilience, providing a reliable driving force for global economic growth. STRONG RESILIENCE Since the beginning of 2025, the international economic and trade order has experienced severe shocks and increasing uncertainties. In the face of mounting pressure, China's economy has maintained a steady and positive momentum, presenting a high-quality performance. "Resilience" has become a key word used by overseas media when reporting on the Chinese economy, with many noting that China's economic data in the first half of the year exceeded market expectations and that the country stays on course to meet its annual growth target of around 5 percent. China's GDP growth, despite the impact of U.S. tariff policy, signals strong resilience, highlighting China's adaptive policies and manufacturing depth, said Philippe Monnier, former executive director of the Greater Geneva Berne area (GGBa), the investment promotion agency for Western Switzerland. The encouraging growth of the Chinese economy is mainly attributed to the strong performance in trade, industrial production and retail sales, said Lynn Song, chief economist for Greater China at ING, a Dutch bank. He added that the solid results in the first half should keep China on track to achieve its full-year growth target. Thanks to efforts to strengthen economic and trade ties globally, China's foreign trade sector delivered a strong performance, significantly contributing to overall economic growth. In the first half of the year, China's total goods trade hit 21.79 trillion yuan (3.04 trillion U.S. dollars), reaching a record high for the same period. During this time, China's imports and exports with more than 190 countries and regions registered growth, with 61 trading partners posting trade volumes exceeding 50 billion yuan (6.96 billion dollars). In addition to increased trade with traditional markets such as the European Union, Japan and Britain, emerging markets provided additional momentum. Notably, China's trade with Africa and Central Asia rose by 14.4 percent and 13.8 percent year on year, respectively. EFFECTIVE POLICY Facing an increasingly complex and challenging external environment, China has effectively implemented more proactive and effective macroeconomic policies, further strengthened the domestic economic circulation, continued to advance high-level opening-up and steadily pushed forward economic transformation and high-quality development. In the first half of 2025, domestic demand contributed 68.8 percent to GDP growth, serving as the main engine of economic expansion, according to the NBS. China's emphasis on household subsidies, fiscal support and credit access for small businesses has helped stabilize internal demand while shielding the economy from external shocks, making it more resilient to trade tensions and global slowdowns, Rwandan economic analyst Teddy Kaberuka told Xinhua. Japan's Jiji Press noted that the Chinese government's implementation of a moderately accommodative monetary policy has yielded tangible results in supporting the real economy, and measures introduced to boost consumption also played a positive role in driving economic growth. During the first half of 2025, China saw rapid growth in high-tech sectors such as scientific innovation and green development. Value-added industrial output in high-tech manufacturing rose by 9.5 percent, 3.1 percentage points higher than that of overall industrial output during the same period. With strategic support for sectors such as artificial intelligence, semiconductors, electric vehicles and clean energy, China is transitioning toward a more sustainable, consumption-driven growth model that benefits global supply chains and investment flows, said Monnier. Karim Adel, head of the Cairo-based Al Adl Center for Economic and Strategic Studies, noted that in the challenging year of 2025, China has introduced a series of proactive policies not only to advance its own growth objectives but also to provide sustained momentum for the global economy. BENEFIT THE WORLD In the face of the challenging international landscape, the Chinese economy has demonstrated strong resilience and vast development potential. Driven by innovation, it is advancing high-quality development, contributing to global economic growth and sharing development opportunities with the world. Nicole Hoffmeister-Kraut, minister of economic affairs of the German state of Baden-Wurttemberg, who led a delegation to visit China recently, told Xinhua that she was deeply impressed by China's achievement in science and technology, adding that China is an exciting market in intelligent transportation, robot industry and other emerging areas. In recent years, Germany and China have been deepening cooperation in cutting-edge areas, said Bernd Einmeier, president of the German-Chinese Association for Economy, Education, and Culture. German enterprises remain enthusiastic about investing in China, while a growing number of Chinese companies view Germany as a strategic gateway for expanding into the European market, said Einmeier, noting that this two-way interaction serves as a stabilizing force for global industrial and supply chains. Munetsi Madakufamba, executive director of the Southern African Research and Documentation Center, praised China's zero-tariff measures covering all taxable products for 53 African countries, saying it represents a significant development that has the potential to enhance China-Africa trade relations. The positive performance of the Chinese economy can help Africa unlock its vast economic potential and contribute to its development aspirations, he added. In an era marked by uncertainty, China's stability and development represent confidence and opportunity, said Ng Chin Long, chairman of the Malaysia Friends of Silk Road Club.
Malaysia Sun
3 hours ago
- Automotive
- Malaysia Sun
Tesla debuts Model Y in India at record $70,000 price tag
MUMBAI, India: On July 15, Tesla officially launched the Model Y in India, pricing it at around 6 million rupees (approximately US$70,000) — its most expensive offering in any significant market. The launch in Mumbai comes as the U.S. automaker, facing slowing global sales and surplus factory capacity, turns to India with cautious optimism, despite CEO Elon Musk's past criticism of the country's steep import tariffs. Deliveries are expected to begin in the third quarter. Tesla is aiming for the premium electric vehicle (EV) segment in India, which currently represents just four percent of the nation's total car sales — the third-largest automobile market in the world. Rather than competing with domestic EV makers like Tata Motors and Mahindra, Tesla will primarily go head-to-head with luxury German brands such as BMW and Mercedes-Benz. On launch day, the company also inaugurated its first showroom in Mumbai, the capital of the western state of Maharashtra and the nation's commercial capital, and began accepting orders for the Model Y via its Indian website. This marks Tesla's long-anticipated entry into the Indian market, where Elon Musk had previously floated plans to build a factory. For now, Tesla will import vehicles into India — a market where combined import duties and taxes can exceed 100 percent, significantly inflating prices for local buyers. Despite these costs, Tesla has opted for imports as an initial strategy while continuing to push for tariff reductions. Tesla has long urged Indian authorities to lower import duties, and discussions between Indian officials and the U.S. government are reportedly ongoing in the context of a broader trade agreement. However, the cars displayed at the Mumbai showroom were manufactured in China. Tesla's U.S. plants currently do not produce right-hand drive models, which are required for India. In India, the Model Y rear-wheel drive costs 6 million rupees ($70,000), while the long-range rear-wheel drive version costs 6.8 million rupees ($79,000). By comparison, the Model Y starts at $44,990 in the United States, 263,500 yuan (around $36,700) in China, and 45,970 euros ($53,700) in Germany. Tesla's Full Self-Driving (FSD) system is available as an optional feature in India for 600,000 rupees ($7,200), with future software updates expected to offer more autonomous functionality. Security was tight at Tesla's Mumbai launch event, with police stationed outside the office complex to manage crowds and media. Maharashtra Chief Minister Devendra Fadnavis, who attended the event, said: "In the future, we hope to see Tesla establish R&D and manufacturing operations in India — and I am confident that, at the right time, they will consider it."
Malaysia Sun
3 hours ago
- Business
- Malaysia Sun
Trump softening on China Bloomberg
The US presidents less confrontational trade stance divides advisers as some push for a tougher approach on Beijing, sources have told the agency US President Donald Trump has relaxed his combative stance toward China to boost the chances of a meeting with his Chinese counterpart Xi Jinping and secure a trade deal with the world's second largest economy, Bloomberg reported Wednesday, citing people familiar with the matter. A summit between Trump and Xi now appears likely after US Secretary of State Marco Rubio met with Chinese Foreign Minister Wang Yi in Malaysia last week. Rubio described the meeting as "positive" and said both sides strongly desire a leadership summit. The Chinese government echoed the sentiment, calling the talks "pragmatic and constructive." Trump is now more interested in signing purchase deals with Beijing and celebrating quick wins instead of tackling the root causes of trade imbalances, the sources told the agency. This contrasts with his earlier stance, which centered on cutting the US trade deficit through aggressive tariffs. In April, Trump imposed broad duties on over 90 countries, including China. Beijing retaliated, leading to a tariff standoff that peaked at 145% by the US and 125% by China. Talks in Geneva in May led to a temporary suspension of most new tariffs. On Tuesday, Trump said the US would be fighting China "in a very friendly fashion," suggesting a preference for negotiation over confrontation. Treasury Secretary Scott Bessent hinted the US may delay the August 12 tariff snapback deadline, which is poised to raise tariffs on Chinese goods to 145%. A person familiar with the plan told Bloomberg the truce may be extended by three months. Trump's softer trade stance has caused friction among advisers, some of whom want a tougher line on Beijing, Bloomberg reported. Earlier, the US allowed chipmaker Nvidia to resume sales of its downgraded H20 chips to China, despite earlier pledges to keep AI tech out of Beijing's hands. Some officials argue that loosening chip rules will embolden Chinese tech firms, while others, including Commerce Secretary Howard Lutnick and White House tech czar David Sacks, view limited chip exports as part of winning the AI race. "You want to sell the Chinese enough that their developers get addicted to the American technology stack," Lutnick told CNBC. (
Malaysia Sun
9 hours ago
- General
- Malaysia Sun
Xinhua Silk Road: Ancient ethnic Chinese legacy revealing cultural fusion inscribed as UNESCO World Heritage
BEIJING , July 17, 2025 /PRNewswire/ -- The Xixia Imperial Tombs were inscribed on the World Heritage List on July 11 during the 47th session of the UNESCO World Heritage Committee in Paris, France. This marks China's 60th World Heritage site. A drone photo taken on July 10, 2025 shows two Xixia imperial tombs in northwest China's Ningxia Hui Autonomous Region. (By Wang Peng) Located at the foot of Helan Mountain in Yinchuan, northwest China's Ningxia Hui Autonomous Region, the Xixia Imperial Tombs represent the largest, highest-ranking, and best-preserved archaeological remains of the Xixia Dynasty (1038-1227). The heritage area encompasses nine imperial mausoleums, 271 subordinate tombs, one architectural complex at the northern end, and 32 flood control facilities. Through nearly half a century of excavation, over 7,100 exquisite artifacts have been unearthed, including a gilded bronze ox and a glazed Chiwen. These findings vividly showcase the features of Xixia civilization. The UNESCO World Heritage Committee recognized the Xixia Imperial Tombs as an outstanding testament to multicultural fusion. Their spatial layout, design philosophy, and architectural forms inherited the Tang (618-907) and Song (960-1279) dynasties' imperial mausoleum systems while integrating Buddhist beliefs and ancient local ethnic customs. This created unique funerary traditions and demonstrated the dynasty's significant role in cultural and commercial exchanges along the Silk Road during the 11th to 13th centuries. The Chinese government's tremendous efforts and outstanding achievements in protecting the cultural heritage of the Xixia Imperial Tombs were highly commended by the Committee. Since being designated as a National Key Cultural Relics Protection Unit in 1988, the site has established comprehensive laws, regulations, and a management system. Particularly since 2000, in collaboration with professional institutions, 60 major reinforcement projects have been successfully implemented on the tombs themselves. These have essentially eliminated instability risks and surface erosion issues affecting the imperial mausoleums and main subordinate tombs. Furthermore, the removal of approximately 100,000 square meters of buildings and modern facilities within the heritage zone, combined with the establishment of a comprehensive monitoring and early-warning platform, has effectively ensured the site's authenticity, integrity, and preservation environment. International scholars point out that the Xixia Imperial Tombs serve as crucial physical evidence for studying ancient ethnic relations, architectural arts, and funerary traditions in China. Their successful inscription enriches the diversity of global cultural heritage. Original link:
Malaysia Sun
19 hours ago
- Business
- Malaysia Sun
Defense Department backs top AI firms with $200M contracts
WASHINGTON, D.C.: The U.S. Department of Defense has awarded major AI contracts to leading American firms, including OpenAI, Google, Anthropic, and Elon Musk's xAI, as part of an effort to deepen its use of advanced artificial intelligence tools across defense operations. The contracts, each with a ceiling of US$200 million, aim to develop agentic AI workflows to address critical national security challenges, according to the Department's Chief Digital and Artificial Intelligence Office. "Establishing these partnerships will broaden DoD use of and experience in frontier AI capabilities and increase the ability of these companies to understand and address critical national security needs," the office said. OpenAI was previously named as one of the first recipients in June. At the time, the Pentagon said the maker of ChatGPT would "develop prototype frontier AI capabilities" that could support both warfighting and enterprise domains. These efforts align with a broader government strategy to foster a competitive and secure U.S. AI ecosystem. In April, the White House's Office of Management and Budget released new guidance directing federal agencies to ensure that the public benefits from a vibrant domestic AI market. The contracts mark a significant expansion in federal engagement with cutting-edge AI firms, especially as geopolitical tensions and evolving battlefield technologies increase the demand for real-time, autonomous decision-making tools.
