Global Pulse

标签： Asia

亚洲

  • HK’s safe-haven appeal to capital lauded

    HK’s safe-haven appeal to capital lauded

    Amid escalating geopolitical tensions and shifting international dynamics, Hong Kong is reinforcing its position as a premier safe harbor for global capital through its unique combination of institutional stability, growth potential, and technological advancement. The special administrative region’s appeal was prominently showcased during the fourth Wealth for Good Summit, which attracted approximately 400 family office decision-makers and successors from across Asia, Europe, the Americas, Oceania, and Africa.

    Co-hosted by the Financial Services and the Treasury Bureau alongside Invest Hong Kong, the ‘Building Lasting Legacies’ themed summit facilitated cross-sector dialogues exploring innovative approaches to intergenerational wealth management, cultural legacy development, philanthropic initiatives, and technological innovation.

    Financial Secretary Paul Chan Mo-po emphasized Hong Kong’s distinctive advantages during the summit’s gala dinner, stating: ‘Families seeking to preserve their legacy look for a safe haven—not merely a place to park capital, but a environment offering institutional strengths, legal clarity and credible commitments.’

    The data substantiates Hong Kong’s growing prominence: assets under management surged 13% annually to exceed $4.5 trillion in 2024—equivalent to 11 times the city’s GDP. This momentum persisted through 2025, with Hong Kong-domiciled funds recording robust net inflows of $45.8 billion. The city currently ranks as the world’s second-largest hub for ultra-high-net-worth individuals.

    Deputy Financial Secretary Michael Wong Wai-lun highlighted the city’s fundamental attractions: ‘Our common law legal system, independent judiciary, open economy, free capital flow, freely convertible currency, straightforward tax regime, and dynamic financial market collectively create an ideal environment for global family offices.’

    Significant regulatory enhancements are underway, with the SAR government preparing to expand preferential tax regimes for funds, family-owned investment holding vehicles, and carried interest by June. These reforms will grant family offices increased flexibility as qualifying investment vehicles expand to include private credit, precious metals, commodities, carbon credits, insurance-linked securities, and digital assets.

    The government has additionally implemented tax incentives to encourage philanthropic activities, while maintaining the absence of estate duty, capital gains tax, or dividend taxes—features particularly appealing to family office managers.

    Secretary for Financial Services and the Treasury Christopher Hui Ching-yu affirmed: ‘Hong Kong offers the safe harbor, policy stability, and sophisticated ecosystem that ambitious families require to transform vision into lasting impact. We remain fully committed to strengthening this foundation to position Hong Kong as a nexus of legacies and innovation.’

    The results are already materializing: Under Secretary Joseph Chan Ho-lim reported that over 20 family offices utilized InvestHK’s assistance to establish or expand their Hong Kong operations in January and February alone. As of February’s conclusion, InvestHK has facilitated 242 family offices in establishing or expanding their local presence—a 20% increase since September 2023. An additional 156 family offices are presently preparing or have committed to establishing operations in Hong Kong, with 60% originating from the Chinese mainland and Hong Kong, and the remainder from Europe, the United States, the Middle East, and other regions.

    Chan further noted that established family offices can leverage Hong Kong’s efficient refinancing platform for share placements, bond issuances, and diverse business operations, thereby expanding market breadth and depth. The evolving family office ecosystem is maturing into a powerful network that connects various family offices with alternative or impact investing opportunities, enabling effective resource integration.

  • Chinese researchers develop high-efficiency thin-film photovoltaic for space energy

    Chinese researchers develop high-efficiency thin-film photovoltaic for space energy

    Chinese researchers have made a significant advancement in photovoltaic technology with the development of a high-efficiency thin-film solar cell specifically designed for space applications. The breakthrough comes from the Institute of Physics at the Chinese Academy of Sciences, where scientists have achieved a certified efficiency rating of 16.6% for their CZTSSe photovoltaic technology.

    This innovation addresses critical needs in space infrastructure development and deep-space exploration, where solar technology must meet stringent requirements including lightweight design, radiation resistance, long operational lifespan, and sustainable resource utilization. The CZTSSe technology, composed of abundant elements including copper, zinc, and tin, offers distinct advantages over conventional solar solutions through its environmental friendliness, cost-effectiveness, and natural resistance to space radiation.

    Led by researcher Meng Qingbo, the team overcame fundamental challenges in material crystallization, atomic structure, and defect control. Their novel approach involved developing an atomic vacancy strategy that guides the precise positioning of copper and zinc atoms within the material matrix. This breakthrough fundamentally reduces defect activity and minimizes internal energy losses, resulting in significantly improved performance.

    The research team has already developed flexible cells and modules based on this technology, with the current efficiency level providing a solid foundation for industrial applications. Scientists project that once cell efficiency approaches 20% and module efficiency reaches 18%, enabling mass production, the technology will become commercially competitive and widely applicable in aerospace equipment and other advanced scenarios.

  • China to open 10 major scientific facilities to international academia in 2026

    China to open 10 major scientific facilities to international academia in 2026

    In a groundbreaking move for global scientific collaboration, China has announced it will grant international researchers access to ten of its most advanced scientific facilities throughout 2026. The announcement was made during the opening ceremony of the Zhongguancun Forum Annual Conference in Beijing, marking a significant step in international scientific cooperation.

    The facilities opening to global academia represent China’s cutting-edge research infrastructure, including the remarkable Five-hundred-meter Aperture Spherical Radio Telescope (FAST) in Guizhou province—the world’s largest single-dish radio telescope. Also available will be the Space Environment Simulation and Research Infrastructure in Heilongjiang province and the Experimental Advanced Superconducting Tokamak nuclear fusion research facility in Anhui province, among other premier installations.

    This initiative forms part of the Action Plan for International Cooperation in Open Science, launched collaboratively by China and international partners in 2025. The program aims to establish a more transparent, equitable, and non-discriminatory global environment for scientific and technological advancement. The move aligns with China’s broader strategy of driving innovation through high-level international partnerships, as outlined in the recently released 15th Five-Year Plan (2026-30) for national economic and social development.

    The policy framework emphasizes creating an open innovation ecosystem with global competitiveness while supporting collaborative efforts among scientists worldwide to address fundamental and frontier scientific challenges. This unprecedented access to China’s scientific infrastructure represents a new chapter in global research cooperation, potentially accelerating breakthroughs across multiple scientific disciplines.

  • Data product IPs drive value creation in Shanghai

    Data product IPs drive value creation in Shanghai

    Shanghai has emerged as a pioneering force in data intellectual property commercialization, generating approximately 19.6 billion yuan ($2.84 billion) in economic value through its groundbreaking data product IP registration system. The municipal initiative, launched in December 2024 as China’s first comprehensive data IP framework, has transformed how digital assets are valued, traded, and leveraged within the commercial ecosystem.

    The Shanghai Intellectual Property Administration (SIPA) revealed that 837 registered data products have facilitated economic activity through licensing agreements, market transactions, and service fees as of February 2026. Beyond direct monetization, the program has enabled 16 enterprises to secure 355 million yuan in loans using their data IP as collateral, demonstrating the tangible asset value now attributed to processed digital resources.

    Industry analysts characterize the IP registration mechanism as the critical bridge converting raw data from mere resource to recognized asset class. The framework establishes legal rights for individuals and entities over data resources that undergo substantial processing and innovation, creating commercially valuable intellectual assets. These rights encompass three primary categories: data processing collections, processed data products, and proprietary technical algorithms.

    SIPA officials emphasized that data has evolved into a fundamental production factor within modern economies, with proper ownership confirmation and registration serving as essential prerequisites for value creation. The administration has received over 1,500 registration applications since program inception, granting certification to more than 1,100 qualified data products from nearly 600 legal entities and 200 individuals.

    The applicant pool reflects Shanghai’s innovative economic structure, with over 80% representing high-technology enterprises or specialized innovative firms according to Xu Shang, head of SIPA’s strategic planning division. Registered products predominantly address artificial intelligence and biopharmaceutical applications—sectors aligned with Shanghai’s strategic industrial priorities—while also spanning financial services, educational resources, cultural content, and transportation systems.

    Notably, the judicial system has recognized data IP certificates as valid evidence in infringement cases. A landmark 2025 ruling by Nanjing Intermediate People’s Court awarded Taobao 30 million yuan in damages after the e-commerce platform successfully demonstrated proprietary rights over its processed data products. The case involved malicious data scraping through unauthorized browser plugins that circumvented Taobao’s commercial data services, generating approximately 23 million yuan in illicit revenue.

    This legal precedent reinforces the program’s significance in protecting data innovation investments while establishing clear ownership frameworks for derivative data products. Shanghai’s model demonstrates how systematic data IP management can accelerate digital economic growth while providing legal protection for increasingly valuable digital assets.

  • Australians worry about fuel supplies

    Australians worry about fuel supplies

    Australia is confronting a severe fuel supply crisis as escalating Middle East tensions trigger widespread panic buying and send gasoline prices to unprecedented levels. The situation has prompted authorities to implement emergency measures while urging consumers to avoid stockpiling behaviors that exacerbate shortages.

    According to New South Wales’ official fuel monitoring platform, Premium 95 gasoline reached a record A$2.58 per liter on Monday, significantly exceeding the previous high of A$2.27 recorded just twelve days earlier. Gas stations across the nation are displaying substantially higher prices while implementing purchase limitations and anti-hoarding notices. National broadcaster ABC reports that rural and regional stations are experiencing particularly acute shortages due to consumer stockpiling.

    Despite the visible disruptions, government officials maintain that adequate fuel supplies continue entering the country. The crisis stems primarily from the effective closure of the Strait of Hormuz, which has disrupted crude oil shipments from Australia’s primary suppliers in the Asia-Pacific region.

    Financial expert Lurion De Mello of Macquarie University warned that panic purchasing “risks creating the very shortages we are worried about,” noting that while gasoline supplies remain relatively secure, Australia’s diesel-dependent economy faces greater vulnerability to supply chain interruptions.

    University of Sydney supply chain management professor Ben Fahimnia characterized the situation as “primarily an upstream supply disruption” exacerbated by consumer behavior. He explained that panic buying creates false demand signals that ripple through the entire supply chain, ultimately driving prices higher across transportation and production systems.

    In response to the crisis, Prime Minister Anthony Albanese met with International Energy Agency Executive Director Fatih Birol and announced the release of 20% of national fuel reserves following agency recommendations. The government has implemented additional measures to secure supply chains and address distribution challenges.

    The Middle East conflict has simultaneously disrupted global liquefied natural gas supplies, driving international prices upward. ABC reports the Australian government is considering implementing a “windfall tax” on the domestic LNG industry to address resulting economic pressures.

  • ‘Hydrogen pony’ bikes gaining traction

    ‘Hydrogen pony’ bikes gaining traction

    In the streets of Chengdu, Sichuan province, a transportation revolution is quietly unfolding as residents embrace a novel form of clean mobility. The city has become the testing ground for hydrogen-powered shared bicycles, locally nicknamed ‘hydrogen ponies,’ which are transforming urban transportation with their innovative technology and impressive performance metrics.

    Qinglv Technology, a Chengdu-based startup, has deployed 11,000 hydrogen bicycles since August, accumulating over 550,000 registered users and facilitating more than 3.5 million rides. This represents one of the world’s first large-scale commercial operations of hydrogen-powered mobility solutions.

    The bicycles operate on a sophisticated hydrogen fuel cell system that generates electricity to power the vehicle. Each unit carries a compact storage tank containing 100 grams of hydrogen, enabling an impressive range of nearly 100 kilometers—approximately double the distance of conventional shared e-bikes. The pricing structure remains accessible at 2.5 yuan (36 cents) for the initial 10 minutes, with an additional one yuan charged for every subsequent five minutes.

    According to Yang Hao, co-founder of Qinglv Technology, the hydrogen bicycles employ groundbreaking solid-state hydrogen storage technology that combines hydrogen with a specialized metal powder. This innovative approach maintains internal pressure at just 2 MPa, significantly lower than conventional high-pressure hydrogen tanks that operate at 35-70 MPa. ‘This technology ensures that even in the unlikely event of a leak, it would occur gradually and pose minimal safety risks,’ Yang explained.

    The technological advantages become particularly evident in colder climates. While lithium batteries experience rapid energy depletion in low temperatures, hydrogen fuel cells maintain consistent performance regardless of temperature variations, making them ideally suited for northern winters.

    With strong governmental support, Qinglv Technology plans to expand its fleet by 15,000-30,000 additional bicycles within Chengdu this year. The company has also established partnerships to launch services in multiple Chinese cities including Hangzhou, Jinan, Sanya, Shenyang, and Ganzhou.

    International interest has surged, with the company securing orders for 50,000 units from markets across the Middle East, Europe, the United States, and Southeast Asia. These export models will require design modifications to accommodate local preferences and regulations.

    To support this growing demand, the company is constructing a new production facility in Xindu dedicated to manufacturing small-power hydrogen fuel cell systems specifically for bicycles. The facility, scheduled for completion by July, will boast an annual production capacity of 300,000 units.

    Yang acknowledges that current market penetration faces challenges due to the higher costs associated with onboard power generation and hydrogen storage systems. However, he projects that achieving mass production scale will drive costs down to levels comparable with lithium battery-powered alternatives.

    This innovation emerges against the backdrop of China’s massive electric bicycle market, which reached 380 million units in operation as of September 2025 according to the China Bicycle Association. LeadLeo Research Institute forecasts continued market expansion, with annual sales expected to grow from 51.2 million units in 2025 to 59.3 million units by 2030.

    ‘Our objective isn’t to replace lithium battery-powered bicycles with hydrogen alternatives,’ Yang emphasized. ‘There exists ample space for both technologies to coexist and complement each other within the evolving urban mobility landscape.’

  • Small theaters drive Changsha’s cultural rise

    Small theaters drive Changsha’s cultural rise

    Changsha, the capital of Hunan province renowned for its fiery cuisine and dynamic entertainment landscape, is experiencing a cultural transformation driven by an unexpected force: small-scale theaters. These intimate venues, typically seating fewer than 500 patrons, are becoming epicenters of creative expression and immersive tourism, attracting young travelers seeking authentic cultural engagement beyond traditional sightseeing.

    The phenomenon exemplifies a broader shift in China’s cultural tourism preferences, where interactive and participatory experiences are increasingly valued. At venues like the pioneering Xiaoma Theater, audiences don’t merely observe performances but actively contribute to them. The theater’s improvisational comedy nights regularly incorporate spontaneous audience input directly into shows, creating a unique co-creation dynamic that resonates particularly with younger demographics.

    Wu Xiangrong, a 23-year-old university student from Yueyang, represents this new generation of cultural consumer. After attending an improv comedy show, she described the experience as “less structured but far more engaging” than scripted performances, noting the “unexpected surprises” that characterize live interactive theater.

    The success of these venues stems from their distinctive characteristics: intimate performer-audience proximity, highly interactive formats, and accessible pricing. Li Weisheng, founder of Xiaoma Theater and known professionally as “Wei Daye,” emphasizes that “there is no ‘wall’ between on- and off-stage at small theaters.” He describes the atmosphere as “free, relaxing, engaging, grassroots-oriented and inclusive” compared to larger, more formal venues.

    The economic impact is substantial. In 2025 alone, Changsha hosted approximately 17,000 small theater performances, drawing 4.54 million spectators and generating box office revenues of 366 million yuan ($53 million). During peak travel periods like the National Day holiday, over half of attendees were tourists specifically seeking these cultural experiences.

    Beyond comedy, venues like Jiangtian Muxue Theater on Orange Isle offer historically-grounded immersive experiences. Their signature production, “Twilight River Dance of Snowflakes,” creatively blends Northern Song Dynasty history with modern dance and projection technologies. Unlike traditional theater, audiences move through various scenes alongside performers, becoming active participants in the narrative.

    According to Chen Zhangyi, branding director at Jiangtian Muxue Theater, tourist feedback significantly influences programming decisions. The venue has welcomed over 400,000 visitors since opening in November 2024, with approximately 60% being tourists. Many express surprise at both the quality of productions and the historical education they receive simultaneously.

    This cultural movement benefits from municipal government support optimizing the business environment for small cultural enterprises. The convergence of historical depth, contemporary creativity, and governmental encouragement has positioned Changsha as a model for cultural urban development, demonstrating how medium-sized cities can leverage their unique assets to drive both cultural enrichment and economic growth.

  • New India bill to amend transgender rights sparks protests

    New India bill to amend transgender rights sparks protests

    India’s parliamentary system has ratified contentious legislation that fundamentally alters the legal recognition framework for transgender individuals, eliminating the right to self-identification established by the nation’s Supreme Court in 2014. The amended Transgender Persons (Protection of Rights) Bill has ignited substantial opposition from LGBTQ+ advocacy groups, civil society organizations, and opposition political parties across the country.

    The government maintains that these legislative modifications will enhance the delivery of welfare benefits and strengthen existing protections against exploitation and human trafficking. Officials argue that the previous definition of transgender identity was excessively broad, creating administrative challenges in identifying the most marginalized community members. The revised legislation now limits legal recognition to individuals defined by specific biological characteristics and intersex variations, while also mandating medical board certifications for gender-affirming procedures.

    Despite governmental assurances, critics have condemned the legislation as a severe regression in human rights protections. Prominent activists including Laxmi Narayan Tripathi and Grace Banu have characterized the bill as an assault on personal dignity and autonomy, with Banu declaring it represents ‘violation rather than protection’ during recent press conferences in Delhi. Legal experts have echoed these concerns, noting that the elimination of self-determination principles contradicts the landmark 2014 Supreme Court ruling that originally recognized transgender people as a ‘third gender’.

    The legislative controversy has triggered nationwide demonstrations, with transgender community members and allies organizing rallies and protests over the past fortnight. Opposition leaders have joined the criticism, with Congress party’s Rahul Gandhi denouncing the legislation as a ‘brazen attack’ on fundamental rights. A Supreme Court-appointed advisory panel has formally requested the government withdraw the bill, warning that the changes could significantly undermine years of progress in transgender rights advocacy.

    India’s transgender population, estimated at approximately two million individuals, continues to experience substantial discrimination in education, healthcare, and employment sectors despite previous legal protections. The legislation now awaits presidential assent to become enforceable law, while advocacy groups prepare potential legal challenges to the controversial measures.

  • Dual-degree pilot to fuel innovation

    Dual-degree pilot to fuel innovation

    China has initiated a groundbreaking higher education pilot program designed to cultivate top-tier interdisciplinary talent by enabling doctoral candidates to concurrently pursue a master’s degree in a distinct field. This strategic national initiative, unveiled by the State Council Academic Degrees Committee, directly addresses the escalating demand for scholars capable of solving complex, cross-boundary challenges in science, technology, and critical industries.

    The program mandates a rigorous framework. Participating universities must leverage their most advantaged disciplines and established interdisciplinary platforms. Both degree-granting disciplines are generally required to hold doctoral conferring authority, with the primary PhD discipline expected to rank among the nation’s elite. Each institution must develop meticulous implementation plans, subject to evaluation by a panel of no fewer than seven experts.

    A core tenet of the curriculum is fulfilling the essential requirements of both degrees while deliberately integrating multidisciplinary knowledge and significantly enhancing interdisciplinary research capabilities. Crucially, the master’s research must intersect with and substantively support the doctoral research. To facilitate this, universities are encouraged to utilize interdisciplinary centers for student guidance and management.

    Incorporating a robust quality assurance mechanism, the program features a structured exit pathway. Students failing to meet doctoral requirements or choosing to withdraw may still qualify for the master’s degree if eligible. Those unable to fulfill the dual master’s criteria can receive formal recognition for completed coursework.

    Targeting current doctoral students through a secondary selection process, the program identifies individuals demonstrating exceptional capacity and foundational aptitude for an additional rigorous master’s. Participants retain their original doctoral enrollment status. Separate theses or practical achievements are mandatory for each degree, with the master’s degree conferred concurrently with or subsequent to the doctorate.

    Oversight is stringent. Universities must conduct comprehensive mid-term evaluations in the third year and final assessments in the fifth year, publicly disclosing the results. The national committee will dynamically monitor quality nationwide, possessing the authority to impose sanctions or revoke degree-granting rights for underperforming institutions.

    An official from the Ministry of Education emphasized the program’s ‘small and refined’ approach, with a limited number of projects to be established in a well-organized manner, anchored by interdisciplinary platforms, innovation teams, and research projects.

    Shandong University stands as an early adopter, establishing its interdisciplinary center in March 2024. The center comprises 40 cross-disciplinary supervisory teams focusing on 23 major interdisciplinary problem areas. ‘The purpose is to break down barriers between schools and design entirely new interdisciplinary training programs,’ stated Professor Han Bo, executive vice-dean of the university’s graduate school. From its inaugural cohort of 125 doctoral candidates, 10 students voluntarily entered the dual-degree pilot.

    Professor Han acknowledged the significant academic pressure, noting students must complete two theses, and confirmed the program is tailored for exceptional talent, unlikely to become a mass trend. He powerfully argued for its necessity: ‘Many scientific problems require interdisciplinary solutions… The current disciplinary divisions are man-made, but real-world problems know no boundaries.’

    The program’s impact is evidenced by its participants. Fan Xuhan, a geotechnical engineering PhD candidate simultaneously pursuing a master’s in materials science, applies his dual knowledge to developing anti-corrosion coatings for extreme environments in deep-sea mining and offshore energy projects. ‘I feel energetic and wanted to challenge myself to learn richer knowledge,’ he said.

    Similarly, Chang Mengyuan, a clinical medicine doctoral candidate working toward a master’s in artificial intelligence, sees the fusion as inevitable. ‘Medical-engineering integration is the trend,’ she stated. Her AI work brings her lymphoma research closer to clinical practice, aiming to build a large model system for diagnosis, subtype classification, and treatment decision support. While intense, she finds the two programs ‘complementary and synergistic,’ and believes such training will significantly boost employability across medical institutions, research academies, and health-tech companies.

    As China’s doctoral student population grows—reaching 676,300 enrolled and 97,200 graduates in 2024—the structural need for such interdisciplinary talent becomes increasingly acute. Experts like Chen Zhiwen, editor-in-chief of EOL, hail the pilot as a significant institutional push that transforms encouragement into actionable university responsibility, helping align resources and drive systemic reform. Success, experts concur, hinges on selecting the right students—those genuinely driven by interest or research needs—coupled with stringent selection, rigorous quality monitoring, and clear exit mechanisms to ensure the program’s lofty goals are achieved.

  • China to establish nationwide long-term care insurance system

    China to establish nationwide long-term care insurance system

    BEIJING – In a landmark move to address its rapidly aging population, China has announced comprehensive guidelines to establish a nationwide long-term care insurance system. The policy directive, jointly issued by the General Offices of the Communist Party of China Central Committee and the State Council on March 26, 2026, represents a significant expansion of the country’s social safety net.

    The newly formalized system is structured as a social insurance program specifically designed to provide both services and financial assistance to citizens with severe disabilities who require sustained daily living support. This initiative aims to cover fundamental care needs including meal assistance, personal hygiene maintenance, and mobility support, alongside essential medical services such as routine health assessments and rehabilitative therapies.

    Building upon pilot programs initiated in 2016, the insurance framework has already demonstrated substantial impact during its trial phase. Current figures indicate nearly 310 million citizens have enrolled in the system, with over 3.3 million individuals with disabilities having received tangible benefits since its inception.

    According to an official service catalog released in September 2025, the long-term care fund will comprehensively cover 20 distinct living care services and 16 medical care provisions for qualified participants. This systematic approach establishes long-term care insurance as an integral component of China’s overarching social security architecture while simultaneously addressing demographic challenges posed by an increasingly elderly population.

    The national implementation strategy reflects China’s proactive response to population aging trends through institutional innovation within its welfare system, potentially establishing new global benchmarks for large-scale care provision.