Global Pulse

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  • Hong Kong’s new budget to propel high-quality growth with innovation, sound financial market

    Hong Kong’s new budget to propel high-quality growth with innovation, sound financial market

    Hong Kong Financial Secretary Paul Chan has presented a forward-looking budget for 2026-27 that positions technological innovation as the primary engine for the region’s next phase of economic development. The budget announcement comes as Hong Kong celebrates a return to fiscal surplus in the 2025-26 financial year, attributed to robust economic performance and strengthened capital markets.

    Chan revealed that Hong Kong’s operating account has achieved surplus status following increased tax revenues from economic expansion. “Overall, Hong Kong’s public finances have markedly improved,” Chan stated, acknowledging the success of fiscal consolidation measures in replenishing government coffers.

    The budget outlines ambitious economic projections, with headline growth forecast between 2.5% and 3.5% for 2026, accompanied by modest inflation rates of 1.7-1.8%. Looking further ahead, the economy is expected to maintain an average annual growth rate of 3% in real terms from 2027 to 2030.

    A cornerstone of the budget is its emphasis on artificial intelligence development. Chan announced the establishment of a Committee on AI+ and Industry Development Strategy, which he will personally chair, to formulate comprehensive strategies for AI integration across industries. The Hong Kong Artificial Intelligence Research and Development Institute Company Limited is scheduled to commence operations in the latter half of 2026, accelerating the transformation of research outcomes into practical applications.

    Infrastructure development features prominently, with the Sandy Ridge data facility cluster offering 250,000 square meters of space to boost computational capabilities. The territory will also establish its first national manufacturing innovation center outside mainland China, supported by key developments including the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone and San Tin Technopole.

    Financial sector enhancements include advancing RMB internationalization, securities market reforms, and new legislation for family office taxation and digital asset licensing frameworks. The budget also allocates HK$4 billion (approximately $512 million) to support long-term housing arrangements for Wang Fuk Court residents affected by last November’s devastating fire.

    Despite projected annual deficits in the capital account due to substantial infrastructure investments, the operating account is expected to maintain surpluses through 2030-31. The government plans increased bond issuance to fund future-oriented projects, with fiscal reserves anticipated to grow beyond HK$700 billion during this period.

  • Afghanistan, Pakistan trade fire at border

    Afghanistan, Pakistan trade fire at border

    Tensions along the volatile Afghanistan-Pakistan border escalated dramatically on Tuesday evening as military forces from both nations engaged in sustained cross-border artillery exchanges across multiple frontier locations. The skirmishes marked a significant deterioration in bilateral relations between the neighboring countries.

    According to Pakistani security officials who spoke with Xinhua News Agency, the confrontations occurred simultaneously in several strategic border areas including Bazar Zakhakhel, Waragha, Maro Sar, and Shako. Both sides deployed heavy weaponry in the exchanges, though initial reports indicated no immediate casualties resulting from the direct clashes.

    The incident sparked a diplomatic blame game between the two nations. Mosharraf Zaidi, spokesperson for the Pakistani prime minister’s office on foreign media, asserted that Afghan forces had initiated “unprovoked firing” in the Torkham and Tirah border regions. In a statement posted on social media platform X, Zaidi claimed Pakistan’s security forces had responded “immediately and effectively” to the provocation and issued a stern warning that any further escalation would be met with “a severe response.”

    Afghan officials presented a contradictory narrative of events. Sediqullah Nusrat, deputy spokesman for Afghanistan’s Ministry of Defense, told Xinhua that Pakistani forces had opened fire first, targeting Afghan personnel conducting routine patrols along the border. This latest confrontation follows Sunday’s airstrikes by Pakistani forces that Afghanistan claims killed 18 people and injured five others near the border region.

    Pakistan defended Sunday’s aerial operations as “intelligence-based, targeted strikes” against seven militant camps and hideouts in response to recent suicide bombings. Pakistani authorities stated these operations eliminated more than 80 terrorists operating in the border area.

    The exchange of fire represents the most serious military confrontation between the two nations in recent months and highlights the ongoing security challenges along their porous, disputed border. Both governments have maintained military readiness in the region amid heightened tensions and conflicting territorial claims.

  • Tariffs, rift dominate State of Union speech

    Tariffs, rift dominate State of Union speech

    In a record-length State of the Union address spanning 108 minutes, President Donald Trump utilized his prime-time platform to champion controversial tariff policies while confronting Democratic opponents who largely refused to applaud his agenda. The February 2026 speech before a joint session of Congress served as a critical opportunity for the Republican president to shape voter perceptions ahead of the impending midterm elections.

    Trump positioned his tariff framework as the cornerstone of what he characterized as a historic economic resurgence, despite recent polling indicating widespread public disapproval. A Washington Post-ABC News-Ipsos survey released concurrently revealed only 39% approval of his job performance, with 60% expressing dissatisfaction. Particularly damaging were the findings on economic perceptions: 57% disapproved of his economic handling, 64% opposed his tariff approach, and nearly half believed the economy had deteriorated since January 2025.

    The president defiantly addressed the Supreme Court’s recent 6-3 ruling that struck down his authority to impose sweeping tariffs under the International Emergency Economic Powers Act, dismissing the decision as “very unfortunate” while vowing to continue the duties through alternative statutory mechanisms. He reiterated his contested assertion that foreign nations bear the cost of tariffs, claiming these revenues could eventually “substantially replace the modern-day system of income tax.”

    This claim stands in direct contradiction to economic analysis from the Federal Reserve Bank of New York, which determined that 94% of tariff costs during the first eight months of implementation were absorbed by U.S. entities rather than foreign exporters.

    The address was marked by persistent tension between Trump and Democratic legislators, most of whom remained seated during standing ovations from Republican colleagues. The president explicitly chastised Democrats for not rising during his statements on immigration enforcement and when honoring a young woman killed by a repeat offender, demanding: “How do you not stand?”

    The proceedings were briefly interrupted when Democratic Representative Al Green of Texas was escorted from the chamber after displaying a protest sign reading “Black People Aren’t Apes!”—a reference to controversial social media content shared from Trump’s account earlier that month depicting the Obamas with primate imagery.

    A rare moment of bipartisan agreement emerged when Trump advocated for legislation to prohibit insider trading among congressional members, drawing surprised approval from both sides of the aisle.

  • DPRK stages military parade to mark major Party Congress: KCNA

    DPRK stages military parade to mark major Party Congress: KCNA

    PYONGYANG – In a display of national strength and political unity, the Democratic People’s Republic of Korea (DPRK) conducted a major military parade on Thursday, commemorating the Ninth Congress of the ruling Workers’ Party of Korea. The event, extensively documented by state media, featured columns of troops, advanced weaponry, and coordinated demonstrations through the capital’s central square.

    The Korean Central News Agency (KCNA) provided comprehensive coverage of the meticulously orchestrated event, highlighting its significance as a manifestation of national unity and military readiness. The parade served as the centerpiece of political celebrations surrounding the landmark Party Congress, which sets the national agenda and leadership direction for the coming years.

    Analysts observing the event noted the parade’s dual purpose: demonstrating internal political cohesion while sending a calculated message of deterrence to international observers. The display included both conventional military units and strategic assets, presented with precision timing and coordination before senior party leadership and assembled dignitaries.

    The military exhibition represents a continuation of Pyongyang’s established practice of using major political events as platforms to showcase defense capabilities. This latest parade reinforces the nation’s narrative of self-reliance and military preparedness amid ongoing international discussions regarding regional security dynamics.

  • Law dedicated to firefighters taking shape

    Law dedicated to firefighters taking shape

    China’s legislative body has initiated formal consideration of the nation’s inaugural specialized law governing firefighters and rescue personnel. The draft legislation, presented to the Standing Committee of the National People’s Congress for preliminary review, represents a comprehensive legal framework consisting of seven chapters and 47 distinct articles.

    Jointly developed by the Ministry of Justice and the Ministry of Emergency Management, the proposed law establishes precise operational parameters for China’s comprehensive national firefighting and rescue teams. These units, recognized as the primary emergency response force and national team for disaster management, will operate under clearly defined command structures and accountability measures.

    The legislative proposal specifies that managerial and command personnel within the firefighting and rescue force will be classified as civil servants, while operational firefighters will be designated as state employees. The draft explicitly outlines their core responsibilities, encompassing both emergency response operations and fire prevention supervision duties.

    A significant component addresses disciplinary protocols, prohibiting conduct such as mission hesitation, unauthorized departures from service, or refusal to execute duties during emergency operations. Individuals dismissed for such violations would be permanently barred from future civil service or public institution employment.

    The legislation also mandates enhanced support systems including structured recruitment processes, performance evaluation mechanisms, specialized training programs, and dedicated exit management procedures. Regarding compensation, the draft guarantees that necessary funding will be incorporated into government budgets, ensuring firefighters receive appropriate salaries, allowances, bonuses, and comprehensive social insurance benefits.

    Additional provisions strengthen occupational safety protections and establish interconnected policies covering medical treatment, retirement benefits, and compensation frameworks. This legislative initiative follows the 2018 institutional reforms that transferred firefighting services from public security authorities to the Ministry of Emergency Management, creating the current national comprehensive firefighting and rescue force.

    The NPC’s Social Development Affairs Committee, which conducted preliminary review of the draft, emphasized that the legislation would significantly enhance China’s capacity to address major disasters and extraordinary accidents, thereby improving protection for public safety and social stability.

  • Kenyan police arrest man accused of recruiting fighters for Russia’s war in Ukraine

    Kenyan police arrest man accused of recruiting fighters for Russia’s war in Ukraine

    NAIROBI, Kenya — Kenyan law enforcement has apprehended Festus Omwamba, a central figure in an elaborate human trafficking operation that deceived Kenyan citizens with false promises of skilled employment in Russia, only to forcibly deploy them to combat zones in Ukraine. The arrest occurred in Moyale, a northern border town near Ethiopia, where Omwamba was attempting to evade capture after recently returning from Russia.

    Police spokesperson Michael Muchiri confirmed Omwamba faces charges related to human trafficking and will be transferred to Nairobi for further investigation. The suspect was identified through testimonies from three Kenyan recruits who managed to escape the conflict and provided statements to The Associated Press.

    This development follows last week’s official government disclosure that over 1,000 Kenyan nationals were recruited to fight for Russian forces in Ukraine. According to current statistics, at least 89 remain actively deployed on front lines, 39 are receiving medical treatment in hospitals, 28 are classified as missing in action, and one casualty has been formally confirmed.

    A parliamentary intelligence report presented by Majority Leader Kimani Ichung’wah revealed disturbing collusion between Kenyan and Russian government officials with unauthorized recruitment agencies to systematically funnel citizens into military service. The Russian Embassy in Nairobi has vehemently denied these allegations, stating they never issued visas for military purposes and maintaining that any foreign enlistment occurs voluntarily.

    Foreign Minister Musalia Mudavadi announced on February 9th that he would undertake diplomatic missions to Russia to address what he termed ‘dubious entities exploiting citizens through this misadventure.’ Simultaneously, efforts are underway to secure the release of Kenyans detained in Ukrainian prisons and facilitate the repatriation of those stranded in Russia.

    Firsthand accounts from escaped recruits describe Omwamba’s operational methods. John Kamau, who sought refuge at the Kenyan Embassy in Russia before returning home, testified that Omwamba housed prospective recruits in Nairobi properties while processing their tourist visas and travel arrangements. Another anonymous recruit revealed how Omwamba avoided digital communication, preferring direct calls or personal meetings to maintain operational secrecy. This individual had been promised plumbing work in Russia but instead had his passport confiscated upon arrival and received immediate military deployment after brief training.

  • Top-ranked Jeeno Thitikul struggles in the first round of the LPGA Singapore tournament

    Top-ranked Jeeno Thitikul struggles in the first round of the LPGA Singapore tournament

    Singapore’s Sentosa Golf Club witnessed a dramatic opening round at the HSBC Women’s World Championship on Thursday, where recent champion Jeeno Thitikul faced unexpected challenges. The world’s top-ranked player carded a disappointing 1-over par 73, placing her seven strokes behind the surprise leader, American Auston Kim.

    Kim delivered an impressive performance with a 6-under 66, capitalizing on two birdies in her final three holes to secure a one-stroke advantage over China’s Yan Liu. The leaderboard remained tightly contested with five players, including 12th-ranked Haeran Ryu, sharing third position at 4-under 68.

    The tournament, featuring nine of the world’s top ten golfers, saw several other highly-ranked competitors struggling to find their rhythm. Defending champion Lydia Ko and Canadian standout Brooke Henderson both finished with respectable 2-under 70s, while third-ranked Charley Hull and fourth-ranked Minjee Lee joined Thitikul in the middle of the pack with matching 72s.

    Notably absent from the Asian swing is world number two Nelly Korda, marking the only top-ten player not competing in Singapore. This event represents the second leg of the LPGA’s three-tournament Asian series, with the circuit moving next to Hainan Island, China for the final stop.

  • Free trains and buses carry migrants back to work

    Free trains and buses carry migrants back to work

    In a massive nationwide effort to facilitate post-Spring Festival workforce mobilization, Chinese authorities are operating complimentary trains and dedicated buses to transport migrant laborers back to their workplaces. This annual migration sees millions of workers transitioning from central and western regions to industrial hubs along the eastern seaboard following the Lunar New Year celebrations.

    The Qianxinan Bouyei and Miao Autonomous Prefecture in Guizhou province has emerged as a focal point of this initiative, with human resources departments coordinating specialized rail services offering approximately 500 seats per train. These services connect workers to major manufacturing centers including Foshan, Hangzhou, and Guangzhou through February 28th.

    One beneficiary, surnamed Yang, described the streamlined application process: “After my village issued the notice, I simply scanned a QR code to register and received confirmation the following day.” This digital approach has significantly reduced the administrative burden on workers traditionally faced with complex multi-transfer journeys carrying heavy luggage.

    Wang Wanmin, Director of the prefecture’s Human Resources and Social Security Bureau, emphasized the program’s scale: “We will continue operating special trains and buses to transport 20,000 fellow townspeople to jobs, further stabilizing employment and boosting incomes.”

    Parallel initiatives are underway across China’s transportation network. The China Railway Chengdu Group plans to operate 32 post-festival special trains serving approximately 18,000 passengers through March 6th, primarily from labor-exporting regions like Sichuan and Guizhou.

    The coordination extends beyond transportation to employment matching. A recent special train from Xi’an to Suzhou carried workers pre-matched with positions in high-end intelligent manufacturing, electronic information, and precision machinery industries. Upon arrival at Suzhou North Railway Station, local authorities provided dedicated shuttle vehicles directly to factory dormitories.

    Guangdong province has implemented additional flexible solutions, introducing point-to-point bus routes from labor-exporting areas. Between February 19-25, workers could scan codes to arrange transportation from Hunan, Jiangxi, and Hubei provinces directly to Guangzhou. Huizhou city has established return-to-work shuttle services at major transport hubs, expected to serve over 3,000 workers with last-mile connections.

  • Li: Partnership with Germany can help boost global growth

    Li: Partnership with Germany can help boost global growth

    In a significant display of economic diplomacy, Chinese Premier Li Qiang and German Chancellor Friedrich Merz convened at Beijing’s Great Hall of the People on Wednesday, emphasizing the critical importance of Sino-German cooperation amidst growing global economic instability. The joint appearance at the China-Germany Economic Advisory Committee symposium highlighted both nations’ commitment to strengthening their economic partnership as a stabilizing force in the international arena.

    Premier Li articulated that the current global economic landscape, characterized by rising unilateralism and protectionism, demands enhanced collaboration between the world’s major economies. “The more severe the situation becomes, the more essential it is for China and Germany to reinforce our cooperative ties,” Li stated, positioning cooperation as the optimal strategy for risk mitigation and development as the fundamental approach to ensuring security.

    The Chinese leader outlined promising prospects for bilateral trade during China’s 15th Five-Year Plan period (2026-2030), emphasizing the strong complementary nature of the two economies. Li highlighted that cooperative elements significantly outweigh competitive aspects, enabling a constructive competitive-cooperative dynamic that fosters mutual development. He called for strengthening traditional cooperation sectors including machinery, equipment, and chemicals while simultaneously pursuing new opportunities in emerging industries.

    Reaffirming China’s commitment to economic openness, Li pledged continued high-level expansion of foreign access and proactive addressing of concerns raised by German and other international enterprises. Simultaneously, he expressed hope that Germany would maintain an open, fair, and non-discriminatory business environment enabling market-based cooperation and competition.

    Chancellor Merz reciprocated these sentiments, acknowledging the crucial economic partnership between the nations. He committed to supporting German companies investing and expanding operations in China while continuously improving Germany’s business climate to welcome Chinese enterprises.

    The economic relationship remains substantial, with recent Ministry of Commerce data revealing consistent bilateral trade exceeding $200 billion and mutual investment stocks surpassing $65 billion. Merz’s visit, accompanied by a delegation of prominent German business leaders, occurs amid Germany’s strategic rebalancing of economic relations with China within the evolving geopolitical context.

    Industry leaders expressed strong confidence in the partnership. DHL Express Global CEO John Pearson described German-Chinese economic cooperation as a “cornerstone of global trade stability,” highlighting the synergy between German engineering innovation and China’s massive consumer market, industrial scale, and advancements in digital transformation and green development.

    Henkel Greater China President Anna An noted China’s increasingly vital role in their global operations after 55 years in the market, citing China’s market resilience and improving business environment. Volkswagen Group CEO Oliver Blume detailed their accelerated ‘In China for China’ strategy, with their Hefei development center now equipped to develop, test, and manufacture next-generation intelligent vehicles specifically for the Chinese market.

    Automotive supplier Aumovio’s CEO Philipp von Hirschheydt announced plans for deeper localization in China, expressing confidence that the nation would become one of their core global growth engines, reflecting the broader trend of German companies strengthening their Chinese operations despite global uncertainties.

  • Time is the essence, as ‘slow travel’ becomes the norm

    Time is the essence, as ‘slow travel’ becomes the norm

    A profound transformation is reshaping China’s tourism landscape as the era of breakneck-paced itineraries gives way to a more contemplative approach to exploration. The emerging ‘slow travel’ movement, spearheaded by Generation Z and millennial travelers, represents a fundamental shift in how vacations are conceived and experienced.

    Recent data from a 2025 China Youth Daily survey reveals that 55.3% of young respondents now express preference for immersive slow travel experiences, with over half opting for independent journeys rather than structured tour packages. This behavioral change reflects a growing desire for meaningful connection over mere destination collection.

    The commercial sector has responded dynamically to this trend. Meituan’s platform data indicates remarkable surges in searches for ‘gentle adventures’ throughout 2025, including a 135% increase in low-impact rafting interest, 65% growth in controlled bungee experiences, and over 80% rise in elevator-assisted mountain climbing inquiries.

    Across scenic regions in Guangdong, Zhejiang, and Hubei provinces, tourism operators have redesigned attractions to accommodate this new pace. At Foshan’s Xiqiao Mountain, modified bungee jumps now feature gentle descents instead of rapid drops. River valleys offer ‘lying-flat rafting’ experiences where participants float leisurely downstream, embracing relaxation over adrenaline.

    Accommodation providers have similarly adapted, prioritizing comfort over convenience by promoting spacious rooms, extended checkout times, and walkable environments. Cultural destinations including museums, historical neighborhoods, and heritage sites have become primary attractions, with 57.2% of young travelers identifying historical locations as their preferred destinations according to the China Youth Daily report.

    This movement transcends mere tourism preference, representing a philosophical reorientation toward quality of experience. As Shanghai office worker Li Yiran explained, ‘I’m not collecting places anymore—I’m collecting moments.’ This sentiment echoes among travelers who value atmospheric immersion and cultural engagement over checklist completion.

    The cultural dimension of this shift proves particularly significant, with many young travelers dedicating afternoons to traditional craft workshops or exploratory walks through ancient alleyways. This approach emphasizes depth over breadth, signaling a broader societal recalibration of values surrounding leisure, self-care, and meaningful experience.