No drama in Stockholm; Rare Earths and Trump's China shift; Beijing floods; Ok to say overcapacity, New Shaolin Temple Abbot
The US-China Stockholm talks have concluded. Both sides said they went well, without giving details. The Chinese side said they agreed on an extension, the US side said President Trump has to approve it when they brief him Wednesday.
USTR head Jamieson Greer in comments after the meeting reiterated the importance of rare earths:
We were there in the first purpose to confirm the implementation of what was agreed in London in terms of accelerating the flow of rare earth magnets from China to US companies and then were able to discuss further how to make sure that the entire US supply chain including those that go through third countries could be accelerated.
Earlier Tuesday President Trump in a post to Truth Social expressed his frustration at recent media reports that he has softened on China:
The bigger reason for the Trump Administration shift on China may be rare earth magnets, and this quote from the Financial Times’ Trump blocks Taiwan’s President Lai from New York stopover highlights the massive leverage Xi has created with rare earths:
In addition to concerns about derailing a summit, some officials say the US needs to “hide and bide” with respect to China. The phrase — which was used by China’s former paramount leader Deng Xiaoping — is being invoked to explain that the rare earths leverage China has created over the US limits Washington’s ability to take tough actions against Beijing.
Some Trump defenders are using this quote to argue Trump has no choice but to soften the US stance towards China. But if that is the case then he was really poorly served by Treasury Secretary Bessent, Commerce Secretary Lutnick et al because they should not have been surprised that China had built up this leverage. Instead they went full bore ahead with bad information (remember Bessent saying China is playing with a pair of twos?) and a less robust hand than they realized and ended up making Trump look weak, while giving Xi a win he can tout domestically and to the rest of the world, as the leader who stood up to Trump and the US.
Summary of today’s top items:
2. At least 30 dead in Beijing flooding - The worst of the flooding around Beijing may be over, and so far the offial death toll is 30, with a number of people still missing. A retirement home in Miyun, Beijing was inundated. Officially everyone was rescued but there are rumors going around that not all residents with mobility issues got out. I hope those rumors are wrong.
3. New abbot for Shaolin Temple - Shi Yinle, abbot of the White Horse Temple in Luoyang, is the new abbot of Shaolin Temple, replacing the fallen Shi Yongxin. In May during his Henan inspection tour Xi visited the White Horse Temple and was shown with Shi Yinle. Was that visit also an “interview” for this new post?
4. Two Bank of China overseas executives in trouble - Jiang Xu, president of BOC’s Peru subsidiary, is an expert in factoring, Caixin noted in its exclusive article on the cases. I am speculating here, but given his expertise and experience in factoring, and the recent exit ban of the American Wells Fargo executive who built their international factoring business, is there possibly some large factoring mess we have not yet heard about?
5. It is OK to say “overcapacity” again - Caixin has a brutal article on the state of the PRC auto industry:
For over a decade, Beijing nurtured its nascent NEV industry with generous subsidies, creating a gold rush. Many local governments, eager for investment and jobs, offered lavish incentives to attract automakers.
“In many cases, carmakers didn’t have to pay a cent to build new production capacity,” said a person familiar with China’s auto policy planning. “Once production targets were agreed — say, an annual capacity of 200,000 units — the local government would fund the factory through its affiliated investment platforms.”
After years of rapid expansion, most automakers are now mired in overcapacity. By May 2022, China’s passenger car inventory had already surpassed 3 million units, and it has remained above that level since, hitting a five-year high of 3.45 million units in May 2025. With too many factories chasing too few buyers, a price war was almost inevitable.
Some local governments went even further, directing state capital to set up joint ventures or prop up underperforming companies, which has in some cases hampered the market’s ability to weed out the chaff and hindered consolidation.
People paying attention knew this was the case, but media being this blunt about it feels like a bit of a shift, one that fits with the intensifying campaign talking up addressing “involution” and overcapacity.
Thanks for reading.
1. US-China Stockholm talks
U.S. and China Fail to Reach Immediate Deal to Prolong Trade Truce - The New York Times
Mr. Trump, speaking to reporters on Air Force One on Tuesday, said that he would discuss the situation with his top advisers on Wednesday and “either approve it or not.” He appeared to indicate at one point that the talks between the United States and China had hit some unspecified roadblocks. “I said, ‘Oh, here we go again,’” Mr. Trump said, before adding, “Today it worked out.”..
When pressed to name concessions the U.S. side achieved from the Chinese side, Mr. Greer cited China’s decision to grant U.S. companies licenses to rare earths.
“They blocked all of their rare earth magnets, and now they are getting them,” Mr. Greer said.
Mr. Greer also said tariff levels on some Chinese imports could snap back to above 80 percent if a truce was not extended by Aug. 12. But Mr. Bessent downplayed that possibility.
Trump Tariffs: US, China Agree to Continue Talks on a Truce Extension - Bloomberg
At issue in the ongoing dialog is how the two countries seek to maintain a stable trading relationship while applying barriers like tariffs and export controls to limit each other’s progress in critical sectors ranging from battery technology and defense to semiconductors.
Greer said the US wants assurances that critical materials like magnets keep flowing so the two sides can focus on other priorities. “We don’t ever want to talk about magnets again,” he said.
Greer said the resumption of China’s rare earths exports is Beijing’s biggest concession so far. Asked if the US made any commitments to China on its pending 232 investigations, Greer said China asked for status updates on them, but stressed that the eventual duties would be applied globally and not have any exemptions for particular countries.
China, US trade talks in-depth, candid, constructive: China intl trade representative - Global Times
The trade and economic teams of China and the United States held in-depth, candid and constructive exchanges over important topics of mutual interest, a senior Chinese official said in Sweden on Tuesday, according to the Xinhua News Agency.
Li Chenggang, China international trade representative with the Ministry of Commerce and vice minister of commerce, made the remarks when briefing the press following the new round of economic and trade talks in Stockholm, per Xinhua.
The two sides will continue pushing for the continued extension of the pause on 24 percent of reciprocal tariffs of the U.S. side, as well as counter measures of the Chinese side, said Li.
Differences between countries are inevitable; the key lies in how they are addressed. Dialogue and consultation provide not only a more efficient path forward, but also serve to forestall unnecessary costs. China's development interests must not be compromised. The two sides should explore possible solutions through dialogue based on mutual respect. Upholding the principles of mutual respect, peaceful coexistence, and win-win cooperation in economic and trade consultations aligns with the expectations of both peoples and the wider international community.
Sincerity, however, does not imply compromising on principles. Consultations have bottom lines, and cooperation must be grounded in clear principles. Any dialogue must be conducted based on mutual respect, equality, and mutual benefit.
What China seeks to safeguard is not only its own legitimate rights and interests, but also international fairness and justice. China's development achievements are the result of the hard work of the Chinese people, not bestowed by others, nor achieved at the expense of other countries. These achievements must not be undermined, and China's right to development cannot be denied.
In the face of U.S. tariff blackmail, investment restrictions, and technological blockades, China's determination to defend its legitimate rights and interests remains unwavering, and its capabilities are evident to all.
China Minister Meets US Delegation Including Apple in Beijing - Bloomberg
Minister of Industry and Information Technology Li Lecheng discussed equipment machinery, intelligent manufacturing and business operations in China with the delegation led by US-China Business Council chair and FedEx Corp. Chief Executive Officer Rajesh Subramaniam, according to a government statement. In addition to Apple, executives from companies including Thermo Fisher Scientific Inc. and Otis Worldwide Corp. also attended the meeting, the statement said, without identifying the participants.
During the meeting, Li reiterated that the ministry remains committed to upholding a fair and just market environment for foreign enterprises and encouraged more US companies to invest and participate in China’s industrialization.
Related: Trump softens stance on China, amid trade talks and summit push - The Washington Post
The moves include dissuading Taiwan’s leader from making planned stopovers in the United States next month, postponing a meeting between Taipei’s defense minister and top Pentagon leaders in June, and pausing new export controls on China, according to more than a dozen current and former U.S. officials and other people familiar with the actions…
Lai isn’t the first senior Taiwanese official to see his U.S. trip canceled this year. Taiwanese Minister of National Defense Wellington Koo was scheduled to visit Washington in June for high-level meetings with Pentagon officials, including policy chief Elbridge Colby, according to two other people familiar with the situation. [As I noted in the Monday newsletter]
Those meetings were abruptly canceled by the U.S. after Xi urged Trump to limit U.S. engagement with Taiwan during a phone call earlier in June, the two people said.
Trump may not replace Biden-era AI rule | Semafor
The Trump administration is easing off its tough-on-China approach to technology export controls as it searches for leverage in trade talks and looks to propel US dominance on artificial intelligence.
The administration is debating whether to scrap its plans to replace a Biden-era rule that set up a global framework for export controls designed to prevent US-designed AI technology like chips from flowing to China or Russia, two industry sources told Semafor.
That’s not the only sign of a less hawkish approach to AI policy; the administration’s new AI plan called for more open-source and open-weight models despite concerns that they could benefit Beijing. And US officials recently approved the sale of certain semiconductors produced by Nvidia to China, drawing bipartisan scrutiny on Capitol Hill.
“I think it’s a mistake,” Sen. John Kennedy, R-La., told Semafor of the administration’s approval of selling those chips. “Because all they’re doing is helping China. I just think it’s a huge mistake. And I’m not sure, I think some CEOs talked the president into it. I hope he turns out to be right, but I wouldn’t have done it.”
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2. At least 30 dead in Beijing flooding
At least 30 killed as storms lash Beijing - Financial Times
At least 30 people have been killed as heavy storms lashed Beijing, while authorities relocated tens of thousands of people from the region around the Chinese capital after almost a full season’s worth of rain fell overnight.
More than 80,000 people have been moved following the storms, which caused significant damage in the mountainous areas north of Beijing, according to state broadcaster China Central Television.
President Xi Jinping said on Monday that heavy rainfall had resulted in “significant casualties and property damage” in Beijing as well as China’s northern provinces of Hebei, Shandong and Jilin, according to state news agency Xinhua.
Vice premier urges efforts to safeguard lives and property of people impacted by floods-Xinhua
Zhang Guoqing arrived in Beijing's Miyun District on Monday evening to visit and console residents displaced by torrential rains, and to oversee on-site flood control and relief efforts.
Zhang, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, visited hospitals, temporary shelters and the Miyun Reservoir, entrusted with the task by Xi Jinping, general secretary of the CPC Central Committee.
He conveyed Xi's concerns and learned about search-and-rescue operations, medical care, evacuations and flood-mitigation engineering work in detail.
The PAPF Beijing Corps has mobilized over 1,800 officers and soldiers to deliver supplies to Fengjiayu Township in Miyun district, evacuate residents from Mujiaoyu Township, reinforce embankments along the Chaohe River, and set up emergency shelters in Yanqi Township and Liuli Temple Township in Huairou district. As of press time, over 4,000 residents had been relocated, more than 2,000 boxes of emergency supplies delivered, and over 30,000 sandbags filled.
On Monday evening, more than 500 officers and soldiers from the Beijing Garrison Command braved the rain to rush to the newly built Ningcun Bridge in Miyun district, where they worked overnight to reinforce the riverbank embankments.
中共中央组织部印发《关于在防汛抢险救灾中充分发挥基层党组织战斗堡垒作用和广大党员先锋模范作用的通知》
The Organization Department of the CPC Central Committee has issued a circular calling for the thorough implementation of General Secretary Xi Jinping’s important instructions, with specific requirements to fully leverage the role of grassroots Party organizations as strongholds and the exemplary vanguard role of Party members in flood prevention, emergency rescue, and disaster relief efforts.
中共中央组织部印发通知，就深入贯彻落实习近平总书记重要指示精神，在防汛抢险救灾中充分发挥基层党组织战斗堡垒作用和广大党员先锋模范作用提出要求。
The circular emphasizes that leading officials at all levels must firmly uphold bottom-line and worst-case-scenario thinking, fully carry out their political responsibilities in flood prevention and disaster response, mobilize grassroots Party organizations and a broad range of Party members and cadres to earnestly fulfill all tasks related to flood control and emergency rescue. This includes promptly identifying and addressing potential dangers, decisively relocating and resettling threatened residents, and making every effort to ensure the safety of people’s lives and property.
通知强调，各级领导干部要树牢底线思维、极限思维，全面落实防汛抢险救灾政治责任，广泛动员基层党组织和广大党员干部扎实做好防汛抢险救灾各项工作，及时排查处置险情，果断转移安置受威胁群众，全力保障人民生命财产安全。
Party organization departments at all levels must assess and identify officials on the frontlines of flood prevention and disaster relief, encouraging Party members and cadres to take the lead, step up in times of need, and shoulder their responsibilities with courage and determination.
各级党委组织部门要在防汛抢险救灾一线考察识别干部，激励广大党员干部冲锋在前、挺膺担当。
A total of 550 million yuan (US$76.7 million) has been allocated by the central government to flood-hit regions for disaster relief, with 200 million yuan directed to Beijing’s response to the floods...
From Thursday to midnight on Monday, the average rainfall in the capital was 165.9mm (6.5 inches), with the maximum recorded precipitation reaching 543.4mm (21.4 inches) – which qualifies as an extreme rainstorm, The Beijing News reported on Tuesday.
3. New abbot for Shaolin Temple
Abbot of Luoyang’s White House Temple appointed as new abbot of Shaolin - Global Times
Shi Yinle, abbot of the White Horse Temple in Luoyang, Central China's Henan Province, has reportedly assumed the position of abbot of the Shaolin Temple, according to a statement from the Shaolin Temple following the launch of an investigation into its former abbot.
According to a release from the Shaolin Temple on Tuesday, in accordance with the regulations on the appointment of abbots in Chinese Buddhist Temples, and upon the democratic deliberation and approval by the monastic community of Shaolin Temple, Venerable Yinle has been ceremoniously invited to assume the position of abbot of Shaolin Temple following due procedures...
Shi Yinle previously served as a delegate to the seventh National Congress of the Communist Party of China (CPC), and held the position of deputy secretary-general of the Buddhist Association of Henan Province.
习近平在河南考察时强调：坚定信心推动高质量发展高效能治理 奋力谱写中原大地推进中国式现代化新篇章__中国政府网
Subsequently, Xi Jinping visited the White Horse Temple, which was first built during the Eastern Han Dynasty, to conduct an inspection. He gained a detailed understanding of the Sinicization of Buddhism and the protection of temple cultural relics. He pointed out that the White Horse Temple has witnessed the introduction, development, and continuous Sinicization of Buddhism. History has proven that adhering to the direction of the Sinicization of religion in China is entirely correct. It is necessary to actively guide religions to integrate with the outstanding traditional Chinese culture and adapt to socialist society.
随后，习近平来到始建于东汉年间的白马寺考察，详细了解佛教中国化和寺院文物保护情况。他指出，白马寺见证了佛教传入、发展并不断中国化的进程。历史证明，坚持我国宗教中国化方向是完全正确的，要积极引导宗教同中华优秀传统文化相融合、与社会主义社会相适应。
Here he is with the new abbot of Shaolin Temple:
The abbot of White Horse Temple, Shi Yinle, will replace him, according to a brief statement from the Shaolin Temple on Tuesday.
“In accordance with the regulations on the appointment of abbots of Chinese Buddhist Temples, after democratic evaluation and approval by the Shaolin Temple and following the relevant procedures, Venerable Yinle was invited to be the abbot of the Shaolin Temple,” the one-paragraph statement said...
On Tuesday, the heart of the complex – the fangzhang yuan – was found sealed off by green barriers on all sides. A sign posted outside the area, which serves as abbot’s reception courtyard, stated that this was for “cultural relic preservation”.
A nearby stone stele, erected in 1999 to commemorate Shi’s leadership, had its inscription covered, its celebratory message obscured from view.
Faith, Greed, and Power: The Unraveling of the Shaolin Kingdom - Caixin
Before he formally took the reins in the mid-1990s, Shi’s strategy was clear: take the Shaolin brand to the world. Acknowledging the power of The Shaolin Temple movie, he saw that the temple’s connection to the outside world was its unique blend of Zen and martial arts. He founded the Shaolin Warrior Monk Troupe, which debuted to acclaim in 1989 and soon embarked on international tours, including a historic 1993 visit to Taiwan that marked the first cross-strait religious exchange in over four decades.
His masterstroke came in 1995. Seizing on the temple’s 1,500th anniversary, the 30-year-old Shi organized a lavish, five-day celebration against the wishes of skeptical officials. In his memoir, he recounts his audacious lobbying campaign, which included tracking down the Henan provincial party secretary on an overnight train to Beijing to personally make his case during a two-hour pitch. The gamble worked. The festival drew thousands of guests from over 17 countries and was covered by hundreds of journalists. As a newly installed bell tolled for the first time in 60 years, Shi cemented his position as the temple’s undisputed leader.
His political star rose in tandem. He became a delegate to the National People’s Congress and president of the Henan Buddhist Association. In August 1999, at the age of 34, Shi Yongxin was formally installed as the 30th abbot of the Shaolin Temple in a ceremony attended by top religious leaders and dozens of government officials. The boy who came to learn kung fu was now the master of China’s most famous monastery. He was ready to take it into the 21st century.
4. Two Bank of China overseas executives in trouble
Caixin Exclusive: Two Heads of Bank of China’s Overseas Arms Unreachable
Two presidents at Bank of China Ltd.’s (BOC) overseas arms have become unreachable, with one detained by Chinese graft-busters, Caixin learned from sources with knowledge of the matter.
While the exact reasons remain unclear, Jia Tianbing and Jiang Xu — presidents of BOC’s Macao branch and Peru subsidiary, respectively — are likely to have been ensnared in the country’s long-running crackdown on corruption in finance.
The campaign has involved senior officials at the overseas offices of China’s “Big Four” state-owned commercial banks, including BOC and Industrial and Commercial Bank of China Ltd. (ICBC)...
Industry insiders told Caixin that Jiang Xu is highly experienced in factoring, a type of financial service that can help businesses get cash quickly by selling their unpaid invoices to a bank. His track record in this vein included a stint at the Amsterdam-based Factors Chain International, a global association for the receivables finance industry.
‘Pervasive sense of fear’: China steps up exit bans as US tensions flare - Financial Times
One person, who learned of their exit ban at airport customs, recalled that a “light turned red and a weird siren rang out”. An officer informed them of the ban and handed over a telephone number to call for more information. No one ever picked up, they said.
An investor who was also stopped at the airport said his heart began to pound. “I desperately searched my memory for anything I could possibly have done wrong,” he said. “I was consumed with dread. Each day felt like a year.”
Both individuals, who asked not to be named, said it took months to lift the bans, which were related to cases in which they were tangentially involved. The investor said his case stemmed from a financial dispute at a Chinese company of which he was a director...
In the recent case of the US banker, China’s finance ministry said Chenyue Mao, a top trade finance banker at Wells Fargo, was “involved in a criminal case”, without elaborating.
Wells Fargo’s China operations are limited, but Mao, a US citizen based in Atlanta, had over a decade-long career helped build up the group’s international factoring business, a service that allows domestic exporters to sell overseas account receivables at a slight discount for immediate cash.In the recent case of the US banker, China’s finance ministry said Chenyue Mao, a top trade finance banker at Wells Fargo, was “involved in a criminal case”, without elaborating.
Wells Fargo’s China operations are limited, but Mao, a US citizen based in Atlanta, had over a decade-long career helped build up the group’s international factoring business, a service that allows domestic exporters to sell overseas account receivables at a slight discount for immediate cash.
5. It is OK to say “overcapacity” again
Caixin In Depth: China’s Surging Auto Sales Mask an Industry in Crisis
Over the past two and a half years, China’s auto industry has been gripped by a relentless price war amid a cycle of self-destructive hyper competition, termed “involution.” While price wars are a common feature of commercial competition, in China’s case, the price war has failed to achieve one of its supposed outcomes — accelerating industry consolidation. In fact, the market share of the 15 biggest automakers by sales shrank by 1.4 percentage points from a year earlier to 92.2%, according to CAAM...
For over a decade, Beijing nurtured its nascent NEV industry with generous subsidies, creating a gold rush. Many local governments, eager for investment and jobs, offered lavish incentives to attract automakers.
“In many cases, carmakers didn’t have to pay a cent to build new production capacity,” said a person familiar with China’s auto policy planning. “Once production targets were agreed — say, an annual capacity of 200,000 units — the local government would fund the factory through its affiliated investment platforms.”
After years of rapid expansion, most automakers are now mired in overcapacity. By May 2022, China’s passenger car inventory had already surpassed 3 million units, and it has remained above that level since, hitting a five-year high of 3.45 million units in May 2025. With too many factories chasing too few buyers, a price war was almost inevitable.
Some local governments went even further, directing state capital to set up joint ventures or prop up underperforming companies, which has in some cases hampered the market’s ability to weed out the chaff and hindered consolidation.
Related: Yicai - China's Changan Auto Is Restructured as a State-Owned Enterprise
Changan Automobile Group was established as a standalone central state-owned enterprise in the southwestern municipality of Chongqing today, making it the country’s third centrally owned automaker after FAW Group and Dongfeng Motor, the Chinese vehicle manufacturer told Yicai.
The group was formed by spinning off from the former automobile business of the China South Industries Group. It is the first central SOE to be based in Chongqing and the 100th central SOE nationwide.
Changan Auto completed its commercial registration on July 27, with a registered capital of CNY20 billion (USD2.8 billion), according to corporate data platform Qichacha.
Business, Economy and Trade
多部门透露下半年工作重点：扩内需促消费 反内卷优供给 稳住楼市股市-上海证券报·中国证券网 In reviewing a recent flurry of high-level meetings in China, Shanghai Securities News has identified three key economic priorities in the latter half of this year: 1) increasing domestic demand and consumption; 2) boycotting “involution” and optimizing supply; 3) stabilizing the housing market. Analysts say that the expansion of domestic demand will still need to be supported by fiscal and monetary policy, including the use of ultra-long state bonds toward consumer trade-in programs. Others say efforts to revitalize urban development will also be another important tool to increase domestic demand. On “involution,” analysts say the focus will be the orderly phasing out of “backward industrial capacity,” and some called the anti involution efforts China’s “supply-side reform 2.0.” On housing, some experts predict that more measures — like further relaxation of restrictive rules in first-tier cities — will likely be rolled out in the latter half of the year.
China Social Spending Hits Highest Level in Nearly Two Decades - Bloomberg While Beijing is channeling less on-budget investment into infrastructure, expenditure that covers outlays ranging from education to employment and social security climbed to nearly 5.7 trillion yuan ($795 billion) in the first half — the highest for the period since the data series began in 2007. That represents an increase of 6.4% from a year earlier, according to Bloomberg calculations based on figures published by the Ministry of Finance.
央行二季度问卷调查出炉：三季度经济预期升温，三成居民将增加旅游支出
The People’s Bank of China (PBOC) has released the results of its second-quarter 2025 survey, revealing a rise in public optimism about the economy in the upcoming third quarter. According to the data, economic expectations are heating up, with a notable shift in household consumption intentions.
One key finding: around 30% of surveyed residents indicated plans to increase their spending on travel—reflecting growing consumer confidence and a potential rebound in the services and tourism sectors.
In the survey on residents’ intentions regarding consumption, saving, and investment, in the second quarter, 63.8% of residents preferred “more saving,” 23.3% preferred “more consumption,” and 12.9% preferred “more investment.” The top five investment methods favored by residents were, in order: “non-principal-guaranteed wealth management products from banks,” “fund and trust products,” “stocks,” “bonds,” and “non-consumption insurance.” The proportion of residents choosing these five types of investments were 34.8%, 24.7%, 16.3%, 15.3%, and 9.8%, respectively.
China is also Fighting a Trade War with Europe (and Winning) | Council on Foreign Relations Europe is clearly getting hit hard by China’s industrial policy successes—and now by a weak yuan. Its response has been inadequate. Time for Europe to step up with a counter industrial policy of its own and start to take the issues around China’s macroeconomic imbalances seriously.
China struggles to break its addiction to manufacturing - Financial Times After previously denying the existence of overcapacity — Xi during a trip to France last year said there was no such thing — Qiushi, the Communist party magazine, last month not only used the term but also laid out a forensic analysis of its causes. A swath of measures to try to shore up prices have followed. But with China’s investment in manufacturing still rising at a blistering pace — up 7.5 per cent this year after a 9.5 per cent rise in 2024 — there is no end in sight. Yan Se, assistant professor in the department of applied economics at the Guanghua School of Management in Peking University, said at a recent seminar that China’s share of global manufacturing value-added could rise to 40 per cent in the next five years, from about 27 per cent now.
In this pivotal year marking the conclusion of the 14th Five-Year Plan and the strategic planning of the 15th Five-Year Plan, the “2025 Annual Conference on In-Depth Study and Interpretation of Xi Jinping Economic Thought” was held in Beijing on July 29. The event was hosted by the National Development and Reform Commission (NDRC) to keep pace with the times in studying and implementing Xi Jinping Economic Thought and to solidly advance high-quality economic development.
在“十四五”规划收官和“十五五”规划谋篇布局之年，为与时俱进学习贯彻习近平经济思想，扎实推动经济高质量发展，7月29日，由国家发展改革委主办的“深学笃行阐释习近平经济思想2025年会”在北京举行。
Zheng Shanjie, Secretary of the Party Leadership Group and Director of the NDRC, and Chairman of the Council of the Xi Jinping Economic Thought Research Center, stated in his speech that since last year, General Secretary Xi Jinping has accurately grasped the overall situation and put forward a series of new ideas, viewpoints, and conclusions regarding accelerating the construction of a new development pattern, developing new quality productive forces, deepening reform in all areas, coordinating urban-rural and regional development, advancing a comprehensive green transformation, and enhancing the strategic guiding role of national development planning. He has decisively implemented a package of incremental policies, thereby enriching Xi Jinping Economic Thought. Zheng called for a deep understanding of the latest achievements in Xi Jinping Economic Thought, unwavering implementation of the strategy to expand domestic demand, deeper integration of technological and industrial innovation, continued reform in key areas, high-level opening-up, comprehensive implementation of major regional and urban-rural strategies, and dual control of carbon emissions to drive green and low-carbon development. He emphasized the importance of compiling the 15th Five-Year Plan, mastering the theoretical principles, and putting them into practice, creating a strong atmosphere for learning, researching, publicizing, and interpreting Xi Jinping Economic Thought.
国家发展改革委党组书记、主任，习近平经济思想研究中心理事会理事长郑栅洁在致辞时指出，去年以来，习近平总书记准确把握大势，在加快构建新发展格局、发展新质生产力、进一步全面深化改革、统筹城乡区域协调发展、全面绿色转型、发挥国家发展规划战略导向作用等方面提出一系列新思想新观点新论断，果断部署实施一揽子增量政策，丰富发展了习近平经济思想。要深入学习领会习近平经济思想最新成果，坚定不移实施扩大内需战略，推动科技创新和产业创新深度融合，持续深化重点领域改革和高水平开放，全面推进区域城乡重大战略实施，以碳排放双控全面转型推动绿色低碳发展，做好“十五五”规划纲要编制工作。要进一步学好思想、悟透原理、狠抓落实，共同营造学习研究宣传阐释习近平经济思想的浓厚氛围。
Xi’s $167 Billion Tibet Mega-Dam Promises to Spur China’s Economy - Bloomberg “This is a prelude to the big infrastructure push in the 15th five-year period,” which will run from 2026 to 2030, said Xing Zhaopeng, senior China strategist at ANZ. “Infrastructure projects and ‘anti-involution’ efforts will be the two pillars to support reflating the economy.”
防止“内卷式”恶性竞争！宁波市银行业协会召开推进会，叫停房贷“返点”行为_金改实验室_澎湃新闻-The Paper In Ningbo, the local banking association held a meeting on July 25, urging banks across the city to exercise self-discipline in mortgage businesses and other practices. Officials from the local financial watchdog also attended the meeting. The meeting addressed “invotion-style” competition — its causes, harms, and how it plays out. Banks also signed a pact, officially banning all forms of “rebate” behaviour, aiming to rein in certain interactions between banks and real estate brokerages. A total of 57 banks participated, with representatives from five outlining how they plan to implement the pact. 重点对银行机构与房地产相关机构及其从业人员之间存在的返佣乱象进行整治。《公约》将由银行机构签署后生效，正式叫停任何形式的“返点”行为，为防止“内卷式”恶性竞争贡献力量。
Yicai - China’s Sanxiang Gains on Plan to Build Nuclear Materials Plant in Bid to End Overseas Reliance The project will help ease the shortage of locally produced raw materials for China’s nuclear power, semiconductor and high-temperature alloy materials industries, Sanxiang said. Since zirconium and hafnium are structurally very similar, separating the two chemical elements is extremely difficult. The production of these two types of nuclear-grade compounds has historically been dominated by foreign companies.
Yicai - Easyhome’s Shares Skid After Chinese Home Decor Retailer Confirms Chairman’s Death Wang Linpeng, who was Easyhome’s founder, chairman, chief executive officer, and actual controller, died at home on July 27 aged 57, the Beijing-based firm announced yesterday. According to unconfirmed rumors on Chinese social media, he jumped to his death. Wang had been released from custody four days before following a three-month detention and investigation, about which the authorities have not yet released any information. Detention is a measure usually imposed on individuals suspected of serious job-related offences or crimes.
Exclusive: India buys record soyoil from China in rare move, sources say | Reuters Indian importers have bought a record 150,000 metric tons of soyoil from China in rare purchases, as a supply glut prompted Chinese crushers to sell at a discount to India's traditional suppliers from South America, four trade sources said.
Apple Shift Turns India Into World’s Top Maker of US Smartphones - Bloomberg In the quarter through June, India was the largest manufacturer of smartphones shipped to the US for the first time, accounting for 44% of the market, according to Canalys data. Vietnam, home to much of Samsung Electronics Co.’s production, came in second. China fell from having more than 60% of all estimated shipments a year ago to just 25%.
Politics and Law
全国非公有制经济人士优秀中国特色社会主义事业建设者表彰大会在京召开 王沪宁出席并讲话
The 6th National Commendation Conference for Outstanding Builders of Socialism with Chinese Characteristics from the Non-Public Sector was held in Beijing on the 29th. Wang Huning, member of the Standing Committee of the Political Bureau of the CPC Central Committee and chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), attended and delivered a speech. He emphasized the importance of upholding Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era as the guiding ideology, and thoroughly implementing the Party Central Committee’s major policies regarding the "two unwavering principles," "three unchanging aspects," and "two healthy developments." He encouraged the broad masses of individuals in the non-public sector and new social strata to firmly position themselves as builders of socialism with Chinese characteristics and promoters of Chinese-style modernization.
第六届全国非公有制经济人士优秀中国特色社会主义事业建设者表彰大会29日在京召开。中共中央政治局常委、全国政协主席王沪宁出席并讲话。他表示，要坚持以习近平新时代中国特色社会主义思想为指导，深入贯彻落实党中央关于“两个毫不动摇”“三个没有变”“两个健康”等大政方针，激励广大非公有制经济人士和新的社会阶层人士坚定做中国特色社会主义的建设者、中国式现代化的促进者。
Wang Huning stated that the Party Central Committee, with Comrade Xi Jinping at its core, attaches great importance to the development of the non-public sector and shows deep concern for the growth of individuals within it. People from the non-public economy and new social strata have made significant contributions to advancing the cause of socialism with Chinese characteristics in the new era. He expressed hope that these individuals would take the lead and set an example by being strongly committed to serving the country, consciously integrating their personal struggles and enterprise development with national prosperity, national rejuvenation, and people's well-being; by being dedicated to development, firmly pursuing a path of high-quality growth, and continuously improving enterprise quality, efficiency, and core competitiveness; by operating lawfully and ethically, running their businesses in accordance with laws and regulations and with integrity; and by promoting common prosperity after achieving individual success—being wealthy with responsibility, with a sense of justice, and with compassion. Wang emphasized that Party committees and governments at all levels must earnestly implement policies and measures that promote the development of the private economy and protect the lawful rights and interests of private enterprises and entrepreneurs in accordance with the law.王沪宁表示，以习近平同志为核心的党中央高度重视非公有制经济发展，殷切关怀非公有制经济人士成长，广大非公有制经济人士和新的社会阶层人士为推进新时代中国特色社会主义事业作出重要贡献。希望大家在胸怀报国志上强担当、作示范，自觉把个人奋斗、企业发展同国家繁荣、民族兴盛、人民幸福结合起来；在一心谋发展上强担当、作示范，坚定走高质量发展之路，不断提高企业质量、效益和核心竞争力；在守法善经营上强担当、作示范，遵纪守法办企业、光明正大搞经营；在先富促共富上强担当、作示范，做到富而有责、富而有义、富而有爱。各级党委和政府要扎扎实实落实促进民营经济发展的政策措施，依法保护民营企业和民营企业家合法权益。
中央统战部、工业和信息化部、人力资源社会保障部、市场监管总局、全国工商联关于表彰第六届全国非公有制经济人士优秀中国特色社会主义事业建设者的决定__中国政府网 List of the 100 recipients. CEOs of Unitree and Agibot on the list
Smashing the News - China Media Project
On July 15, journalists investigating consumer reports of substandard electrical cable products at an industrial park complex in the southern Chinese province of Hunan were attacked by the executive of a cable company during a reporting visit to the firm’s offices. In an altercation that was caught on video and took social media by storm, the man was shown smashing a reporter’s filming equipment to pieces.
As the story turned on the perpetrator of the violent act, a 42-year old boss at Hunan Fengxu Cable Company (湖南豐旭線纜有限公司) identified only as Mr. Xie, the All-China Journalists Association (ACJA) — an ostensible professional association for the media that more fully represents the interests of the ruling Chinese Communist Party (CCP) — spoke out in support of the reporters. In a sanctimonious missive, the association declared that “interviewing is a journalist’s right” (采访是记者的权利).
李希：发扬彻底的自我革命精神 进一步把“三化”建设年行动向纵深推进————头条——中央纪委国家监委网站 The work promotion meeting for the “Year of Standardized, Legalized, and Regularized Development of Discipline Inspection and Supervision Work” was held in Beijing on July 29. Li Xi, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Secretary of the Central Commission for Discipline Inspection (CCDI), attended and delivered a speech. He emphasized that discipline inspection and supervision agencies at all levels must uphold Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era—especially the General Secretary’s important thought on the Party’s self-revolution—as the guiding principle. They must earnestly study and implement Xi Jinping’s important speech delivered during the 21st collective study session of the Political Bureau, firmly support the “Two Establishes,” resolutely achieve the “Two Upholds,” and push the “Three Transformations” campaign (standardization, legalization, and regularization) deeper. The goal is to forge a loyal, competent, disciplined, and clean team of discipline inspection and supervision personnel. 中央纪委国家监委网站讯 “纪检监察工作规范化法治化正规化建设年”行动工作推进会7月29日在京召开，中共中央政治局常委、中央纪委书记李希出席会议并讲话。他强调，各级纪检监察机关要坚持以习近平新时代中国特色社会主义思想特别是习近平总书记关于党的自我革命的重要思想为指导，深入学习贯彻习近平总书记在中央政治局第二十一次集体学习时的重要讲话精神，坚定拥护“两个确立”、坚决做到“两个维护”，进一步把“三化”建设年行动向纵深推进，努力打造政治过硬、能力过硬、作风过硬、廉洁过硬的纪检监察铁军。
6月全国查处违反中央八项规定精神问题27977起 --新闻报道-中国共产党新闻网
According to data released on July 28 by the website of the Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission, a monthly report on investigations into violations of the central Party leadership's Eight-Point Decision on improving conduct revealed that in June 2025, a total of 27,977 cases were investigated nationwide. 37,217 individuals were subjected to criticism, education, or disciplinary action—including 1 official at the provincial-ministerial level and 112 officials at the prefecture-department level. Among them, 25,871 individuals received Party or administrative disciplinary sanctions.
纪委国家监委网站7月28日公布全国查处违反中央八项规定精神问题情况月报数据。通报显示，今年6月，全国共查处违反中央八项规定精神问题27977起，批评教育和处理37217人（包括1名省部级干部、112名地厅级干部），给予党纪政务处分25871人。
中共中央办公厅 国务院办公厅印发《地方党政领导干部生态环境保护责任制规定（试行）》_中央有关文件_中国政府网 Provisional Regulations on the Responsibility System for Ecological and Environmental Protection by Local Party and Government Leading Cadres (Approved by the CPC Central Committee on July 18, 2025; Issued by the General Office of the CPC Central Committee and the General Office of the State Council on July 18, 2025)
Foreign and Defense Affairs
赵乐际对匈牙利进行正式友好访问 CCTV on Zhao Leji's visit to Hungary. Excerpt:
In his meeting with Prime Minister Orbán, Zhao Leji stated that China appreciates Hungary’s firm adherence to the one-China principle and is willing to continue firmly supporting each other. China welcomes more high-quality Hungarian agricultural and food products to enter the Chinese market and hopes that Hungary will provide policy support and security guarantees for Chinese enterprises investing and operating in Hungary. China is ready to work with Hungary to promote practical outcomes in China–Central and Eastern Europe cooperation and hopes and believes that Hungary will continue to play a positive role in promoting the sound and stable development of China-EU relations.
会见欧尔班时，赵乐际表示，中方赞赏匈牙利坚定奉行一个中国原则，愿同匈方继续坚定相互支持。中方欢迎更多匈牙利优质农食产品进入中国市场，希望匈方为中国企业在匈投资发展提供政策支持和安全保障。中方愿同匈方一道，继续推动中国—中东欧合作取得务实成果，希望并相信匈方将继续为中欧关系健康稳定发展发挥积极作用。
Prime Minister Orbán stated that President Xi’s state visit to Hungary last year was a milestone in the history of Hungary–China relations. The two countries’ long histories and independent, self-reliant cultures form a solid foundation for their friendship. Developing friendly cooperation with China is a strategic choice for Hungary and will provide important opportunities for advancing technology and expanding markets.
欧尔班表示，习近平主席去年对匈进行国事访问，在匈中关系发展史上具有里程碑意义。两国悠久的历史、独立自主的文化，构成了匈中友好的坚实基础。发展对华友好合作，是匈牙利的战略选择，将为匈发展技术、开拓市场提供重要机遇。
刘建超出席解放运动峰会 --新闻报道-中国共产党新闻网 From July 25 to 27, Liu Jianchao, Minister of the International Department of the Central Committee of the Communist Party of China (IDCPC), led a CPC delegation to attend the Liberation Movements Summit held in Johannesburg, South Africa, where he delivered a speech emphasizing that Chinese and African political parties should strengthen solidarity and cooperation, work together on the path of modernization, and safeguard the common interests of countries in the Global South.
中国人民解放军南部战区位黄岩岛领海领空及周边区域组织战备警巡_军事频道_央视网(cctv.com) According to the official WeChat account of the Southern Theater Command, on July 29, the People's Liberation Army (PLA) Southern Theater Command deployed naval and air forces to conduct a combat readiness patrol in the sea and air space surrounding the territorial waters of China’s Huangyan Island. Since July, the theater’s forces have continuously strengthened patrols and vigilance in the sea and air areas around Huangyan Island, further enhancing control over the relevant maritime and airspace. These actions aim to resolutely safeguard national sovereignty and security, and firmly maintain peace and stability in the South China Sea region. 据南部战区微信公众号消息，7月29日，中国人民解放军南部战区组织海空兵力位中国黄岩岛领海周边海空域开展战备警巡。7月以来，战区部队组织海空兵力持续加强黄岩岛领海周边海空域巡逻警戒，进一步强化有关海空域管控力度，坚决捍卫国家主权安全，坚决维护南海地区和平稳定。
China urges Philippines to stop colluding with other countries to escalate maritime tensions-Xinhua
Spokesperson Guo Jiakun made the remarks during a daily news briefing in response to a media query about the recent announcement of military cooperation between the Philippines and the United States.
According to reports, when the Philippine President Ferdinand Romualdez Marcos was visiting the United States, the two sides announced the launch of military cooperation, and reiterated that the Mutual Defense Treaty is extended to the South China Sea. Marcos said that the promotion of modernizing the Philippine military is a direct response to the changing situation in the South China Sea, and that the United States deploying mid-range missiles and the two countries jointly building arsenal bases are conducive to preparations for possible future situations. Other sources said that Japan has exported six Abukuma-class destroyer escorts to the Philippines.
In response, Guo said that China has always opposed attempts to increase military alliance and engage in military deployment and operation targeting others under the pretext of the South China Sea issue.
Xi sends message to World Youth Conference for Peace-Xinhua
Noting that this year marks the 80th anniversary of the victory in the Chinese People's War of Resistance against Japanese Aggression and the World Anti-Fascist War, Xi said in the message that the Chinese people, together with people around the world, completely defeated fascism and secured a hard-won peace through bloody battles 80 years ago.
Xi stressed that the future of peace lies with the youth, voicing the hope that young friends from all countries will take this event as an opportunity to exchange ideas, enhance mutual understanding and build friendships.
Xi encouraged them to champion the vision of peace, and contribute to peaceful development and the building of a community with a shared future for humanity.
With the theme of "Together for Peace," the conference was co-hosted by the Chinese People's Association for Friendship with Foreign Countries and the All-China Youth Federation
李鸿忠出席世界青年和平大会开幕式 宣读习近平主席致信并致辞-新华网
Li Hongzhong, member of the Political Bureau of the CPC Central Committee and Vice Chairman of the Standing Committee of the National People’s Congress, attended the opening ceremony of the World Youth Peace Conference in Beijing on the 29th, where he read a congratulatory letter from President Xi Jinping and delivered a speech...
中共中央政治局委员、全国人大常委会副委员长李鸿忠29日在京出席世界青年和平大会开幕式，宣读习近平主席致信并致辞。
Li emphasized that the Communist Party of China and the Chinese government will, as always, create favorable conditions for the growth and development of young people, and will encourage and support young people from China and abroad to strengthen exchanges, deepen friendship, and enhance cooperation, working together to build a bright future for a community with a shared future for mankind.
李鸿忠强调，中国共产党和中国政府将一如既往为青年成长和发展创造良好条件，鼓励并支持中外青年加强交流、增进友谊、深化协作，携手共创构建人类命运共同体的美好未来。
The theme of the World Youth Peace Conference is “Together for Peace.” More than 3,000 participants, including youth representatives from over 130 countries across five continents, international students in China, and young representatives from various sectors of Chinese society, attended the event.
世界青年和平大会主题为“一起为和平”，全球五大洲130多个国家的青年代表、各国在华留学生和我国各界青年代表等3000多人参会。
China embraces US YouTubers in push to enhance soft power - Nikkei Asia
MrBeast, whose real name is Jimmy Donaldson, has amassed over 416 million subscribers on YouTube, where he is known for extravagant videos often featuring lavish prizes for participants. On Saturday, he made his livestream debut on a Chinese video platform, broadcasting on the Kuaishou short-video app.
"I've never been live in China before, so I'm excited to say hi," MrBeast said at the beginning of the livestream, which quickly gained 150,000 viewers. Initially scheduled to last an hour, the livestream ended after just 11 minutes, as MrBeast appeared frustrated that he couldn't read the Chinese comments. He said he would try again after figuring out how to translate them.
Apart from Kuaishou, he has also launched accounts on the Bilibili video-streaming platform and the Weibo microblogging app, quickly gaining millions of followers.
Zheng Yongnian, a prominent political scientist, said China must take a leading role in shaping the “Asian narrative” with an open and inclusive mind, invite more Asian scholars to engage, seek common ground and promote dialogue to push back against an entrenched dominance of Western discourse.
Asian values were rooted in the principle of “harmony and diversity” and the region should return to its tradition of consensus-based politics, he said in an interview published on July 17 by China International Communications Group (CICG) Asia-Pacific, a state-owned organisation operated by the Communist Party’s Central Propaganda Department.
“For a long time, Western discourse held absolute dominance, and most Chinese scholars were educated within that framework. As a result, China had struggled to project its voice internationally. Today, that is beginning to change – but it will take time,” he said.
China's police chief meets Interpol secretary general-Xinhua
State Councilor and Minister of Public Security Wang Xiaohong met with Valdecy Urquiza, secretary general of the International Criminal Police Organization (Interpol) here on Tuesday, calling for deepening cooperation in fields such as combating transnational crime.
China firmly supports Interpol's leading role in the multilateral law enforcement frameworks, said Wang, adding that the Chinese side stands ready to work with the organization to implement the Global Security Initiative and ensure the success of the 94th Interpol General Assembly.
Wang called on both sides to strengthen cooperation in areas such as cracking down on transnational crime and enhancing law enforcement capacity, in order to jointly build a community with a shared future for humanity that features universal security.
U.S. military expands in Palau amid China's growing influence - The Washington Post
The U.S. military will next year upgrade Palau’s main harbor, usually frequented by dive boats full of tourists heading to emerald lagoons, so that American warships can enter the Pacific island nation’s narrow channels and dock here...
Complicating that plan, however, is a Chinese-owned hotel overlooking Malakal Harbor that U.S. and Palauan officials worry could be used for surveillance.
Across Palau, Chinese businesses and developers have leased land near a half-dozen strategic locations where the United States is beefing up efforts to detect and deter China’s growing reach into the region, according to intelligence and security documents and interviews with 20 American, Palauan and Taiwanese officials.
Beijing bolsters its position in the Indo-Pacific with little US pushback | Brookings
While the Trump administration has been preoccupied with its trade war with Beijing, Beijing has adopted a two-pronged approach to bolster its own position in the Indo-Pacific region: pushing harder against those in the region that challenge China’s sovereignty claims, while pulling its stalwart partners and so-called swing states closer into its orbit. China has been steadily advancing its territorial claims along its periphery without eliciting much discernible pushback from the Trump administration. As Brookings scholar Lynn Kuok has noted, China in April “made its first on-the-ground, formal assertion of sovereignty over a previously unoccupied land feature in the South China Sea in more than a decade.” Meanwhile, Beijing has continued to ramp up pressure on Taiwan—most notably during its Strait Thunder-2025A exercise in April. These activities are likely designed to establish a “new normal” for Beijing’s coercive activities during the Trump administration. Simultaneously, China has pursued a “charm offensive” with friendly countries and so-called swing states in Southeast Asia.
From Beijing’s perspective, there are a number of compelling reasons to pursue this two-pronged strategy. President Donald Trump and his top foreign policy officials are utterly distracted by their multifront trade war, strikes on Iran, and their quixotic efforts to resolve the conflicts in Ukraine and the Middle East. The dearth of bandwidth at the top is compounded by the lack of staffing to address Beijing’s subtle salami slicing. Moreover, Chinese Foreign Minister Wang Yi told his European Union counterpart in July that Beijing was worried that the United States would turn its full attention to China and the Indo-Pacific after the end of the Ukraine war, an assessment that would only give additional impetus to Beijing to consolidate its position in the region sooner rather than later.
Meanwhile, the Trump administration’s punitive and erratic tariff policy provides an opening for China to make headway with countries in the region at very little cost.
Three terrorists who masterminded attack on Chinese engineers in Karachi in Nov killed in Pakistan counterterrorism operation: media - Global Times Three terrorists, including the mastermind behind the November 2024 attack on Chinese engineers, were killed during a counterterrorism operation in Karachi city in Pakistan, said Pakistan officials as reported by the Dawn. “A terrorist who masterminded an attack on Chinese engineers in November last year has been killed during an operation in Karachi’s Manghopir area,” said Additional Inspector-General of Police, Counter-Terrorism Department (CTD) Azad Khan, per the Dawn. Khan said the slain terrorist was identified as Zafran, while two of his accomplices were also killed in the operation, according to the report.
China’s J-20 stealth aircraft flew through the Tsushima Strait. Did anybody else notice? | South China Morning Post The Chinese air force’s most advanced J-20 stealth fighter has flown through the strategic Tsushima Strait near Japan, an apparent first not reported by any other armed forces with a presence in the region.
In a series aired on Sunday, state broadcaster CCTV reported that the elite air force unit, the First Fighter Brigade, now “flies missions over the Bashi Channel and Tsushima Strait, and conducts patrols around Taiwan”. The unit was among the first to receive the new-generation aircraft and while the report did not refer to the J-20 directly, footage of the stealth fighter was shown throughout the segment, leaving little doubt about the aircraft involved.
China says new Mazu weather warning AI will help developing nations prepare for disaster | South China Morning Post Mazu is one of the most revered Chinese deities in Southeast Asia, sometimes conflated with the Virgin Mary. The Multi-hazard Alert Zero-gap and Universal (Mazu) system was purpose-built for global reach, according to China’s national weather service. The initiative, which was unveiled at the World Artificial Intelligence Conference in Shanghai on Saturday, is expected to support partner countries under China’s Belt and Road Initiative by introducing critical early warning capabilities.
Battle to uphold correct view of history continues after long-ended WWII - China Military
The distortion of WWII history is no longer a purely academic debate or a so-called difference in memory, but has become a deliberate manipulation serving today's geopolitical struggles. For example, certain forces in the US and Europe are trying to erase the Soviet Union's significant contribution and immense sacrifices in defeating Nazi Germany, even going so far as to rewrite WWII history and whitewash Nazi perpetrators and their collaborators. The West's selective memory of WWII has become a tool for geopolitical rivalry, amounting to an act of arrogance and betrayal against historical truth.
For some time now, mainstream Western discourse has fallen into a Normandy-centered narrative trap when commemorating the WWII. Certain voices highlight the D-Day landings as the decisive turning point of the anti-fascist war, while deliberately downplaying or ignoring the decisive contributions made on other fronts. The ironclad fact that the Soviet Union sacrificed 27 million lives and countless wounded on the Eastern Front is now marginalized as a mere "footnote" under today's Western "political correctness."
In the East, right-wing forces in Japan still refuse to face up to their history of aggression, repeatedly attempting to whitewash the militarist invasions of the past, which continues to raise alarm among neighbouring Asian countries and their people. If, in the case of the European theatre, the West's historical manipulation often takes the form of distortion and "reinvention", then when it comes to the Eastern, they tend to simply look the other way, or even tolerate Japan's flawed historical perception out of the pragmatic need to win it over politically. The Chinese people, through the bloody war of resistance, pinned down and destroyed the vast majority of the Japanese militarist army's main forces. At the cost of more than 35 million lives lost and wounded, China made a decisive contribution to the final victory on the Eastern battlefield of the World Anti-Fascist War. Without the Chinese people's determined resistance, the history of Asia, and even the world, could well have been rewritten.
Taiwan
Taiwan foreign ministry denies Financial Times report on Lai's trip - Focus Taiwan President Lai Ching-te (賴清德) currently has no plans to travel overseas, Ministry of Foreign Affairs (MOFA) spokesperson Hsiao Kuangwei (蕭光偉) said Tuesday, denying media reports that Lai's planned trip to Paraguay through New York was blocked by the United States. At a routine MOFA press briefing, Hsiao denied a Financial Times report that said Lai's planned visits to diplomatic allies Paraguay, Guatemala, and Belize were delayed or cancelled due to U.S. President Donald Trump blocking a stopover in New York following protests from China.
In response to a question that whether Chinese government has contacted the US government over Bloomberg's report that Taiwan regional leader Lai Ching-te appeared to call off South America trip after the Trump administration didn't greenlight his stopover in the US, Chinese FM spokesperson Guo Jiakun said on Tuesday that "First of all, Taiwan is a province of China, and there is no such thing as a president."
China has taken note of the relevant reports. I would like to emphasize that the Chinese government firmly opposes any form of official exchanges between the US and the island of Taiwan, and resolutely opposes the leader of the Taiwan region recklessly visiting the US under any name or pretext. This position is consistent, clear, and firm, said Guo.
What is both shocking and infuriating is that the DPP authorities not only refuse to hold commemorative events for the Chinese People's War of Resistance Against Japanese Aggression, but also smear the participation of veteran soldiers from Taiwan in mainland's commemorations as "united front tactics" and "cognitive warfare." They have even gone so far as to threaten these veterans with the revocation of their pensions, which has completely torn off Lai's hypocritical mask and laid bare the DPP's true nature as a "green terror" regime rooted in authoritarianism.
On the issue of wartime history, the DPP authorities have long pushed for "de-Sinicization," deliberately obscuring and distorting Taiwan's historical role in the war, and forcibly severing the deep-rooted blood ties between the residents of Taiwan and the Chinese nation. They seek to make the younger generation forget the bloody sacrifices of their forebears and to detach Taiwan society from its historical identity as part of the Chinese nation. Such shameless manipulation is not only a grave betrayal of historical truth but also a disgraceful insult to the martyrs who gave their lives in the war.
Taiwan mulls chip restrictions amid South Africa name change row - Focus Taiwan Taiwan is considering restricting semiconductor exports to South Africa in response to what it described as a "crude" downgrade of its diplomatic presence in the country, the Ministry of Foreign Affairs (MOFA) said Tuesday. To "safeguard national sovereignty and dignity, we are discussing countermeasures with relevant government agencies, including restricting chip exports to South Africa," Philippe Yen (顏嘉良), director-general for MOFA's Department of West Asian and African Affairs, said at a news briefing.
Tech and Media
The new orders with Taiwan's TMSC would add to existing inventory of 600,000 to 700,000 H20 chips, according to the sources who were not authorised to speak to media and declined to be identified.
For comparison purposes, Nvidia sold around 1 million H20 chips in 2024, according to U.S. research firm SemiAnalysis...
Nvidia needs to obtain export licenses from the U.S. government to ship the H20 chips. It said in mid-July it had been assured by authorities that it would get them soon.
The U.S. Department of Commerce has yet to approve those licenses, one of the sources and a third source said.
China's latest AI model claims to be even cheaper to use than DeepSeek Startup Z.ai, formerly known as Zhipu, announced Monday that its new GLM-4.5 AI model would cost less than DeepSeek to use. Like DeepSeek, the new model is also open source and can be downloaded for free. At about half the size of DeepSeek’s model, GLM-4.5 only needs eight Nvidia H20 chips to operate, Z.ai CEO Zhang Peng told CNBC on Monday.
China’s tech hub Shenzhen mandates leniency for innovators whose state-funded projects fail | South China Morning Post Authorities in China’s southern tech hub of Shenzhen have called for leniency towards innovators whose government-funded projects fail or do not pass evaluation. The first policy statement of its kind from the Shenzhen Science and Technology Innovation Commission comes as China aims to cement the city’s status as a hi-tech powerhouse and reduce reliance on foreign technology amid a sustained strategic rivalry with the United States. The new rules applied to all universities, hospitals and companies that undertake technical innovation with government financial aid, the commission said in a statement on its website last Monday.
How Cursor’s Global Success Is Lifted by China — The Information When a powerful typhoon battered Guangzhou earlier this month, hundreds of programmers in the southern Chinese city braved torrential rain and gusting wind to show up to an event they’d been waiting for: Cursor’s first meetup in the city. More than 300 people turned out to watch a pre-recorded video of Eric Zakariasson, a San Francisco–based employee of Cursor’s parent, Anysphere, responding to questions submitted by participants. Later, attendees discussed how to use Cursor for development of artificial intelligent agents, academic research and retail sector applications. The four-hour gathering, part of a global Cursor program designed to foster use of the AI coding tool, illustrated Cursor’s quietly growing popularity in China, which has helped fuel the company’s global success.
For those of you that have never heard of factoring, this is the business equivilent of a pawn shop. When companies are in great trouble and can't get cash to operate they turn to factoring. If this is in wide use in China it's a sign that more companies are closing in on bankruptcy. What you do is say you are owed 1000 by your debtors you take this obligation to a factoring company and they give you say 800 so you can continue to operate and the factoring company takes on the collection risk. Problem is if your margins are not very big to begin with (typical in China) than taking 800 for a 1000 obligation is really not going to be sustainable.