Global Pulse

分类： business

  • China ramps up financial support for tech innovation: senior official

    China ramps up financial support for tech innovation: senior official

    China has unveiled a comprehensive financial ecosystem to accelerate technological self-reliance, featuring a massive national venture capital fund approaching 1 trillion yuan ($144.45 billion). The announcement came from Pan Xiaodong, Secretary General of the Ministry of Science and Technology, during a Friday press briefing in Beijing.

    The groundbreaking initiative represents China’s strategic push to establish robust technology-finance integration, targeting early-stage enterprises specializing in hard-tech innovations with long development cycles. The ministry has coordinated with eight government bodies including the People’s Bank of China to implement this financial framework, already demonstrating significant progress since its policy introduction last year.

    Complementing the primary fund, authorities have established supplementary financial instruments exceeding 350 billion yuan through collaborations with financial institutions and local governments. These include specialized technology-industry integration funds and secondary market vehicles designed to optimize venture capital circulation and deployment efficiency.

    Concurrent banking sector enhancements have substantially expanded credit accessibility for tech enterprises. The relending quota for technological innovation and transformation has been elevated to 1.2 trillion yuan, accompanied by reduced interest rates of 1.25 percent and broader eligibility criteria.

    Implementation of a specialized guarantee program has facilitated contracts totaling over 390 billion yuan between 26 banking institutions and technology firms. Outstanding loans to technology-focused small and medium enterprises reached 3.63 trillion yuan by December 2025, reflecting a robust 19.8 percent annual growth rate.

    Capital market reforms have simultaneously strengthened service capacity for innovation sectors, with targeted enhancements to the Science and Technology Innovation Board (STAR Market) improving inclusiveness and adaptability. The bond market has emerged as a vital financing channel, with various entities issuing 1.8 trillion yuan in technology innovation bonds throughout 2025, creating sustained low-cost financing opportunities for financial institutions and technology enterprises alike.

  • S. Africa eyes more visitors with visa push

    S. Africa eyes more visitors with visa push

    South Africa is embarking on an ambitious global tourism promotion campaign specifically targeting China and India, the world’s fastest-growing outbound travel markets. The strategic initiative follows the successful pilot of the country’s digitized visa processing system during the G20 summit in Johannesburg last November.

    Tourism Minister Patricia de Lille announced the campaign at Meetings Africa 2026 in Johannesburg, highlighting the breakthrough in addressing long-standing visa bottlenecks that have historically constrained tourism growth. The digital system, which processed travelers from China, India, Indonesia, and Mexico during the pilot phase, was described as “seamless” in operation.

    “We shouldn’t assume that people know about the digitized visa system, especially the main source markets like India and China,” de Lille stated, emphasizing the need for targeted promotion.

    The ministry has been collaborating with Chinese tourism authorities for two years to increase visitor numbers from China. South African tourism offices in Beijing and Shanghai have been instructed to appoint local destination marketing companies to position the country as a preferred travel destination. Parallel efforts are underway in the Indian market.

    Tshifhiwa Tshivhengwa, CEO of the Tourism Business Council of South Africa, identified both markets as critical to achieving South Africa’s target of 15.6 million international tourist arrivals annually by 2030. The industry aims to attract 500,000 visitors annually from each country.

    China receives particular focus as a priority market due to its massive population and expanding middle class. South Africa is developing a comprehensive “China-ready” strategy that includes adaptation to Chinese digital platforms, payment systems, and cultural preferences. The strategy addresses language barriers through Mandarin instruction programs and culinary training for chefs to better accommodate Chinese visitors.

    The Trusted Tour Operators Scheme, launched in early 2025, has simplified visa applications through a fully digital platform. Government-approved operators can now submit applications online with processing times of three to five working days.

    Air connectivity emerges as another critical component under the Tourism Growth Partnership Plan. South Africa is currently negotiating with China and India to increase direct flight capacity. South African Airways will relaunch its Hong Kong route, strengthening connectivity to mainland China.

    The economic significance of tourism growth is substantial, with de Lille noting that every 13 international arrivals create one permanent job and three indirect jobs in South Africa’s economy.

  • Target to pull cereals with synthetic colours from its shelves

    Target to pull cereals with synthetic colours from its shelves

    In a significant move within the US retail sector, Target Corporation has announced it will cease sales of breakfast cereals containing synthetic colors by the end of May 2025. This decision positions the retail giant ahead of both competitors and manufacturing partners in responding to growing consumer and regulatory pressures against ultra-processed foods.

    The Friday announcement follows intensified scrutiny from the Trump administration’s Health Secretary Robert F. Kennedy Jr. and his Make America Healthy Again initiative, which has targeted artificial additives as part of broader food industry reforms. While political pressure has contributed to industry-wide changes, evolving consumer preferences have emerged as equally influential, with shoppers increasingly examining ingredient labels on packaged goods.

    Target’s Chief Merchandising Officer Cara Sylvester stated: ‘Consumers are progressively prioritizing healthier lifestyles, and we’re moving swiftly to evolve our offerings to meet their needs.’ Notably, approximately 85% of Target’s current cereal sales already come from products free of synthetic dyes, though the company declined to specify whether brands would reformulate products specifically for Target’s shelves.

    This development occurs alongside similar industry movements. Walmart committed last year to removing synthetic dyes from its private-label products by January 2027, while major food manufacturers including General Mills, Kraft Heinz, and Conagra Brands have announced multi-year timelines to eliminate artificial colors. General Mills confirmed it remains on track to remove certified synthetic colors from all US cereals by summer 2025.

    Meanwhile, WK Kellogg Company, producer of Froot Loops and Rice Krispies, maintains a 2027 deadline for dye removal and did not immediately respond to requests for comment.

    The regulatory landscape shifted substantially last April when Health Secretary Kennedy announced a ban on eight commonly used artificial food dyes. The Make America Healthy Again movement has additionally advocated against corn syrup, seed oils, and other additives linked to health concerns—a position that prompted Coca-Cola to transition to real cane sugar in US products last summer.

    Remarkably, concerns about ultra-processed foods have created unusual political alignment between some left-leaning officials and the Trump administration, despite disagreements on other Kennedy policies such as vaccine skepticism. This consensus recently manifested in San Francisco’s December lawsuit against ten major food manufacturers, alleging knowingly sale of products connected to serious health conditions.

  • What the Warner Bros deal could mean for streaming, cinemas and news

    What the Warner Bros deal could mean for streaming, cinemas and news

    A potential seismic shift in the media landscape is underway as Paramount Skydance advances its proposed acquisition of Warner Bros, though regulatory approval remains a significant hurdle. This consolidation would fundamentally alter Hollywood’s competitive dynamics while raising critical questions about content strategy, pricing models, and editorial independence.

    The centerpiece of the proposed merger involves combining Paramount+ with HBO Max to create a strengthened streaming platform capable of competing with industry giants Netflix, Amazon, and Disney. Subscribers would gain access to an extensive content library spanning current productions like ‘The Pitt’ to iconic franchises including ‘Star Trek’, ‘Friends’, ‘The Sopranos’, and classic films such as ‘Casablanca’.

    Financial analysts present diverging views on subscription pricing implications. Initially, bundled services might offer cost savings for existing subscribers of both platforms. However, reduced market competition could eventually enable price increases, though industry experts note Netflix would likely remain the market’s primary price-setter, potentially limiting significant hikes.

    The merger’s regulatory pathway appears complex. While approval might proceed rapidly under the current administration, state attorneys general—particularly California’s—have pledged vigorous investigations focusing on potential consumer harm and workforce impacts. The complete integration timeline extends years due to regulatory processes and existing distribution agreements.

    Unlike purely streaming-focused companies, both Paramount and Warner Bros maintain substantial theatrical distribution operations. Industry observers note this traditional studio approach would likely continue prioritizing cinema releases rather than rushing films directly to streaming platforms—a development that would provide stability for theater operators despite not reversing long-term attendance declines.

    Concerns have emerged regarding editorial independence should the merger proceed. The Ellison family’s existing relationship with the White House has raised questions about potential influences on CNN’s coverage, with media advocates warning about possible reduced criticism of the administration and personnel changes affecting journalists known for adversarial reporting.

    The financial viability of combining two legacy media companies facing significant debt obligations remains uncertain. Content investment constraints may emerge as both entities seek to manage financial burdens acquired through previous mergers and acquisitions.

    Beyond traditional streaming competition, industry analysts identify YouTube’s evolution toward long-form content as the most substantial threat. The platform’s trending videos increasingly resemble traditional television programming, positioning it as a direct competitor to ad-supported streaming services while short-form content continues eroding traditional media audiences.

  • How Hollywood and Maga aligned over Warner Bros deal

    How Hollywood and Maga aligned over Warner Bros deal

    In a stunning reversal, streaming giant Netflix has abruptly terminated its proposed $82.7 billion acquisition of Warner Bros, capitulating to both financial pressures and mounting political opposition within the Trump administration. The deal’s collapse represents a significant victory for conservative critics and creates an unexpected alliance between Hollywood traditionalists and MAGA supporters.

    The termination emerged just one day after Netflix CEO Ted Sarandos met with Department of Justice officials and Attorney General Pam Bondi at the White House. While Netflix maintains the decision was purely financial—citing Paramount Skydance’s superior $111 billion offer—the meeting underscored the intense political scrutiny surrounding the proposed merger. The administration’s opposition had become increasingly vocal, with President Trump himself demanding Netflix dismiss board member Susan Rice, former National Security Advisor to Barack Obama, via his Truth Social platform.

    Conservative commentators, including far-right activist Laura Loomer and Senator Ted Cruz, had framed Netflix as a ‘woke’ corporation hostile to conservative values, particularly citing the company’s production deal with the Obamas’ Higher Ground Productions. This political pressure created a pincer movement alongside opposition from Hollywood figures like director James Cameron, who warned the merger would be ‘disastrous for the theatrical motion picture business.’

    The collapse clears the path for Paramount Skydance’s competing bid, which presents its own regulatory concerns. Unlike Netflix’s proposal to spin off Warner’s news assets including CNN, Paramount Skydance plans to acquire the entire company—potentially placing major news networks under control of Trump associates, given that Paramount Skydance leadership maintains ties to the former president.

  • IMF urges Washington to work with partners to ease trade restrictions

    IMF urges Washington to work with partners to ease trade restrictions

    The International Monetary Fund has issued a compelling appeal to Washington, urging collaborative engagement with global trading partners to mutually reduce restrictive trade measures. This recommendation comes as part of the IMF’s comprehensive review of the world’s largest economy during the first year of President Donald Trump’s second term.

    IMF Managing Director Kristalina Georgieva presented the findings, which highlight concerns about the administration’s widespread tariff implementations targeting both allies and competitors. These measures, intended to shrink the U.S. trade deficit and stimulate domestic manufacturing, have instead created significant market volatility and supply chain disruptions throughout 2025.

    The report specifically recommends that U.S. authorities work constructively with international counterparts to address unfair trade practices through coordinated reduction of trade restrictions and industrial policy distortions. The IMF emphasized that national security-related trade measures should be applied with precision and narrow scope to minimize cross-border economic impacts.

    Notably, the assessment was finalized before the recent Supreme Court decision that struck down numerous Trump administration tariffs last Friday. In response to this judicial setback, the administration has utilized alternative legal mechanisms to implement a new 10% global tariff, with threats of escalation to 15%.

    The IMF simultaneously expressed concern about America’s substantial trade and current account deficits, which Georgieva characterized as ‘too big.’ Additionally, the continuing ascent of public debt presents a growing stability risk to both the U.S. and global economy, despite current low sovereign stress levels.

    While projecting U.S. GDP growth acceleration from 2.2% in 2025 to 2.6% in 2026, the IMF warned that ongoing trade policy uncertainties could exert greater-than-expected drag on economic activity. The fund noted that productivity growth remained robust despite government shutdown impacts in the fourth quarter.

    The unpredictable tariff environment has particularly strained relations with key allies including the United Kingdom and Australia, creating uneven economic consequences across global markets. British business representatives estimate approximately 40,000 UK exporting firms face significant impacts, while analysts note that modern multinational production networks amplify the ripple effects of tariff changes throughout international supply chains.

  • Dyson settles forced labour suit in landmark UK case

    Dyson settles forced labour suit in landmark UK case

    British electronics manufacturer Dyson has reached a confidential settlement with 24 migrant workers from Nepal and Bangladesh who brought forth allegations of forced labor and abusive conditions at a Malaysian factory producing components for the company. The landmark case, originally filed in 2022, accused the supplier of subjecting workers to modern slavery practices.

    The plaintiffs detailed severe mistreatment, including physical assaults, passport confiscation, and being compelled to work excessive hours in unhygienic environments. Legal representatives from Leigh Day further alleged that workers were systematically denied basic toilet breaks, forcing them to endure shifts exceeding 12 hours without relief.

    While the specific financial terms of the settlement remain undisclosed, parallel statements released by both Dyson and the workers’ legal team emphasized the resolution was motivated by a desire to avoid protracted litigation costs, explicitly stating it does not constitute an admission of liability from Dyson. The company had previously denied knowledge of the alleged abuses and contended that its Malaysian supplier bore sole responsibility.

    A pivotal aspect of this case was a UK Supreme Court ruling permitting the trial to proceed in England rather than Malaysia. This judicial decision establishes a significant legal precedent, enabling British companies to be held accountable in domestic courts for labor violations committed by their overseas supply chain partners.

    The settlement concludes a case that has heightened scrutiny on labor conditions for migrant workers in Malaysia’s manufacturing sector. Dyson, renowned for its premium hair dryers and vacuum cleaners, relocated its manufacturing from the UK to Malaysia in 2002 and subsequently moved its global headquarters to Singapore in 2019.

  • Bonded zone in Xiong’an gets nod

    Bonded zone in Xiong’an gets nod

    Xiong’an New Area has reached a significant milestone in its development as the comprehensive bonded zone received official approval for its second phase, enabling full operational capacity. The General Administration of Customs granted formal approval on Tuesday, allowing the entire 0.63-square-kilometer facility to commence complete operations following verification that all infrastructure met regulatory standards.

    The newly activated second phase, spanning 0.21 square kilometers, will specialize in high-end manufacturing, intelligent logistics systems, research and development design services, and comprehensive inspection and maintenance operations. This expansion integrates seamlessly with the initial phase to create substantially enhanced industrial development space within the strategic economic zone.

    According to Zhang Jing, deputy director of the Xiong’an Free Trade Zone administrative committee, the fully operational bonded zone represents a special customs supervision area offering the highest level of openness and most favorable policies available. The facility will serve as a cornerstone for implementing the Beijing-Tianjin-Hebei coordinated development strategy while advancing Xiong’an New Area’s transformation into a modern, high-standard urban center.

    The zone has already demonstrated substantial economic impact, recording over 60 billion yuan ($8.8 billion) in total import and export value during the previous year. To date, 121 enterprises have registered within the zone, including 47 customs-registered companies and three subsidiaries of central State-owned enterprises, with industrial projects attracting 520 million yuan in investment.

    Customs authorities have implemented innovative clearance models including direct loading for exports and streamlined inspection protocols for imports. The zone has pioneered intelligent automatic inspection systems and supports mixed container shipments combining domestic and foreign trade goods. Core policies such as ‘classified supervision’ have enabled significant reductions in transportation and operational costs for enterprises.

    Li Yufeng, deputy head of Xiong’an Customs, emphasized ongoing enhancements to supervision services including one-stop clearance procedures, improved logistics connectivity with surrounding ports, and the implementation of advanced technologies including internet of things and blockchain systems to develop sophisticated digital supervision models.

    Enterprise representatives reported substantial operational benefits, with Yuan Longzhou, deputy general manager of Xiong’an Electronic Port Co, noting that authorities have provided comprehensive support including warehouse rent subsidies and assistance with local hiring. The construction of a dedicated airfreight station has significantly streamlined customs clearance processes for import and export goods.

    Established with State Council approval in June 2023, the bonded zone represents a critical component of China’s continued push for high-level opening-up and regional economic integration, creating what officials describe as a ‘dual-engine opening pattern’ that combines the advantages of both the bonded zone and free trade zone mechanisms.

  • Measures to spur services consumption

    Measures to spur services consumption

    In a strategic move to rebalance its economic model, China has unveiled comprehensive sector-specific measures designed to catalyze growth in services consumption. This initiative, spearheaded by the State Council, targets the cultivation of new economic drivers as the nation navigates a significant structural shift in domestic demand, where spending on services is rapidly eclipsing goods consumption as a primary growth engine.

    The detailed work plan, released in late January, focuses on two tiers of service sectors. For established sectors like transportation, domestic services, online audiovisual content, tourism, automotive aftermarket, and inbound consumption, the strategy emphasizes enhancing service quality, expanding pilot programs, creating innovative consumption scenarios, and developing professional talent.

    For emerging potential sectors—including performance arts, sports events, and emotion/experience-oriented services—the plan outlines measures to refine incentive mechanisms, strengthen safety protocols, cultivate premium brands, and construct supporting digital and physical platforms.

    This consumption-focused transition comes amid persistent external demand uncertainties. Officials highlight that China’s consumption structure is undergoing a fundamental transformation. Ministry of Commerce data reveals that between 2020 and 2025, per capita service consumption expenditure grew at an impressive 8.5% annual rate. Services now constitute 46.1% of total household spending, marking a 3.5 percentage point increase over the five-year period.

    To operationalize this vision, the Ministries of Commerce and Finance have launched extensive pilot programs across 50 selected cities with a combined population exceeding 480 million. These cities, which account for over half of national retail sales, have received an initial fiscal injection of 8.6 billion yuan ($1.25 billion) to test innovative consumption models and business formats.

    The economic impact is already materializing. National Bureau of Statistics data shows service retail sales grew 5.5% year-on-year in 2025, outpacing goods retail sales by 1.7 percentage points. Sub-sectors including culture, sports, tourism, and transportation all maintained robust double-digit growth.

    Winter tourism exemplifies this surge. China’s ski resorts recorded 118 million visits during the November 2025-January 2026 peak season, generating 69.15 billion yuan in spending through 890 million transactions—a 6% annual increase. Particularly striking was the 89.2% surge in overseas visitors hitting Chinese slopes.

    Concurrently, China is aggressively opening its services sector to international consumers through extended visa-free policies covering over 40 countries until December 2026 and expanded visa-free transit arrangements at 65 ports. The effectiveness is undeniable: Spring Festival period flight bookings to China skyrocketed 400% year-on-year, with Argentine travelers showing a 900% increase and European nations exceeding 200% growth.

    The comprehensive strategy represents more than economic rebalancing—it aligns with broader social priorities including aging-in-place services for a graying population, cultural enrichment, and sustainable tourism development that distributes economic benefits beyond traditional coastal manufacturing hubs.

    As Yuekai Securities Chief Economist Luo Zhiheng notes, with China’s per capita GDP exceeding $10,000, consumption upgrading is accelerating rapidly. However, services’ share in household spending remains below the 60-70% typical in developed economies, indicating substantial expansion potential still lies ahead in China’s consumption transformation journey.

  • Weak yen weighs on livelihoods

    Weak yen weighs on livelihoods

    Japan’s currency crisis is deepening as the yen plunges to historic lows, creating severe economic pressures that are eroding living standards and threatening stagflation. The Bank for International Settlements revealed in February that the yen’s real effective exchange rate plummeted to 67.73 in January—the lowest level since Japan adopted floating exchange rates in 1973, representing approximately one-third of its 1995 peak value.

    This dramatic depreciation stems from fundamental structural weaknesses including prolonged economic stagnation, widening interest rate differentials with the United States, heavy dependence on energy imports, demographic decline, and mounting fiscal burdens. According to Professor Yangchoon Kwak of Rikkyo University’s College of Economics, these factors collectively exert sustained medium to long-term pressure on the currency.

    The weak yen has triggered a dangerous inflationary spiral in the import-dependent nation. Japan’s core consumer price index rose 3.1% year-on-year in 2025, marking the fourth consecutive annual increase. Among 522 surveyed items, 440 recorded price hikes with rice prices skyrocketing 67.2% and egg prices increasing 10.3%.

    Compounding the crisis, real wages adjusted for inflation fell 1.3% in 2025—the fourth straight annual decline—creating a painful squeeze on household budgets. The situation has prompted major corporations including McDonald’s Japan and East Japan Railway to announce significant price increases, while Tokyo apartment rents have surged by ¥63,000 ($400) over five years.

    Economists warn that if prices continue outpacing wage growth, Japan could face stagflation—a combination of economic stagnation and inflation that further undermines consumer confidence. The government has implemented temporary relief measures including gasoline tax cuts and utility subsidies, but experts question whether these will offset broader inflationary pressures.

    Meanwhile, Prime Minister Sanae Takaichi faces criticism after admitting to distributing ¥30,000 congratulatory gifts to ruling party lawmakers following recent elections—a move opposition leaders characterize as reflecting outdated political culture amid ongoing public distrust over money and politics.