Global Pulse

标签： Asia

亚洲

  • 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.

  • 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.

  • 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.

  • Sixth round of Sino-US trade talks expected

    Sixth round of Sino-US trade talks expected

    Diplomatic channels between Beijing and Washington are reactivating as the world’s two largest economies prepare for their sixth round of high-stakes trade negotiations. This forthcoming dialogue occurs against a backdrop of significant legal and policy shifts that have fundamentally altered the bilateral trade environment.

    The catalyst for renewed discussions emerged from a landmark US Supreme Court decision that invalidated sweeping tariffs previously imposed under the International Emergency Economic Powers Act. This judicial ruling effectively nullified both the 10% ‘fentanyl tariff’ and the 34% ‘reciprocal tariff’ targeting Chinese imports.

    In response to this legal setback, the US administration swiftly pivoted to Section 122 of the Trade Act of 1974, implementing a blanket 10% import surcharge affecting all trading partners. This temporary measure, effective immediately, carries a predetermined 150-day expiration timeline. White House officials have concurrently signaled their intention to pursue more permanent tariff mechanisms through Section 301 and Section 232 investigations.

    China’s Ministry of Commerce has articulated a firm position, urging the United States to dismantle existing unilateral tariffs and abstain from implementing new protectionist measures. Beijing remains prepared to engage in candid consultations while maintaining vigilant oversight of US policy developments. A ministry spokesperson emphasized that China will conduct comprehensive assessments and implement countermeasures at strategically appropriate junctures.

    Analysts highlight that these negotiations will address critical expiring agreements established during previous rounds, including temporary tariff arrangements and rare earth export policies. Researcher Bai Ming of the Chinese Academy of International Trade and Economic Cooperation identifies technology restrictions and resource export controls as particularly contentious negotiation points.

    Economic experts including Luo Zhiheng of Yuekai Securities anticipate protracted, complex negotiations characterized by cyclical patterns. The ultimate bargaining power, analysts suggest, will derive from each nation’s economic resilience and technological capabilities rather than short-term tactical maneuvers.

    Despite the turbulent policy environment, China’s export sector demonstrates strengthened resilience through diversified markets and optimized trade structures. Chief economist Ming Ming of CITIC Securities projects relatively contained impact on China’s 2026 export performance, reflecting the nation’s enhanced capacity to absorb external trade shocks.

  • Father of Hong Kong activist sentenced to eight months in prison

    Father of Hong Kong activist sentenced to eight months in prison

    In a precedent-setting judicial ruling, Hong Kong’s West Kowloon Magistrates’ Court has sentenced 69-year-old Kwok Yin-sang to eight months imprisonment for violating national security provisions. This case represents the first criminal conviction of a family member of an overseas-based activist wanted under Hong Kong’s national security legislation.

    The conviction stems from financial transactions involving Kwok’s daughter, Anna Kwok, a prominent pro-democracy activist currently residing in the United States. The court found that in 2023, Kwok Yin-sang attempted to withdraw approximately $11,000 from an insurance policy originally purchased for his daughter during her childhood.

    Legal proceedings revealed a complex ownership dispute regarding the insurance funds. Defense attorneys maintained that the policy remained legally under the father’s ownership, while prosecutors successfully argued that automatic ownership transfer occurred when Anna Kwok reached adulthood, making the transaction a violation of national security provisions.

    The judgment was delivered under Article 23 legislation, a locally enacted statute that expands upon the national security law implemented by China’s central government. This legal framework criminalizes various activities including treason, secession, and collusion with foreign forces.

    Anna Kwok, who serves as executive director of the Hong Kong Democracy Council, faces allegations of inciting secession and foreign collusion. Hong Kong authorities have issued a HK$1 million bounty for her capture among 34 wanted activists.

    In responses to media inquiries, Hong Kong officials emphasized that enforcement actions are strictly based on legal violations rather than political affiliations. Government statements affirmed their obligation to pursue national security cases regardless of whether suspects have fled overseas.

    The defendant had pleaded not guilty during proceedings that concluded earlier this month, with sentencing announced this week. This case emerges amid ongoing debates about the balance between national security concerns and civil liberties in Hong Kong’s legal landscape.