Daily Buzz: 1 October 2025

China Rebukes US Expansion of Export Blacklist

China urged the US to abandon policies that "unreasonably suppress" Chinese companies. A spokesman for the Ministry of Commerce was responding to the US announcement that its list of export restrictions will be expanded to include subsidiaries owned 50 percent or more by companies already on the blacklist. The spokesman said the rule is another example of the US "overstretching the concept of national security and abusing export controls" to undermine the legitimate rights of Chinese companies.

Chinese Flexes Retaliatory Powers as US Fees on China Ships Take Effect

The State Council, China's cabinet, has overhauled international maritime regulations to give the government greater clout in responding to discriminatory foreign tariffs as hefty US fees on Chinese-built ships docking in American ports come into effect this month. The revision provides for countermeasures if foreign countries impose discriminatory bans, restrictions or similar measures targeting Chinese operators, vessels or crews engaged in international maritime transport.

China Begins Celebration of National Day and Mid-Autumn Festival

Chinese financial markets, schools, government agencies and many companies close today for the eight-day National Day public holiday that marks the 76th anniversary of the founding of the People's Republic of China. This year, the Mid-Autumn Festival, a lunar holiday, falls on October 6, creating a dual holiday period. Millions of people are expected to travel during the break, with tourism spending forecast to exceed last year's total. Hong Kong bourse is closed today and next Tuesday.

Top Business

Trump Levies Tariffs on Imported Lumber, Household Furnishings

US President Donald Trump imposed a new 10 percent tariff on imports of softwood lumber used in building materials and a 25 percent tariff on imports of kitchen cabinets, bathroom vanities and upholstered wooden furniture. The duties go into effect on October 14. On January 1, the tariff on cabinets will rise to 50 percent and those on furniture to 30 percent. The timber tariffs are likely to hurt Canada the most, while furnishing tariffs will hit suppliers in China, Vietnam and Mexico. Trump justified the new tariffs in a social media post, saying the imports damage US production.

US Seeks to Lower Use of Taiwan Chips

US Commerce Secretary Howard Lutnik said Washington is seeking to reduce its reliance on semiconductors from Taiwan, which produces 90 percent of the world's advanced chips. He told an interview with News Nation that the goal is to get to a 50-50 ratio where "we produce half and they produce half." Taiwan Semiconductor Manufacturing Corp, the leading supplier, is trying to counter US protectionism by building manufacturing facilities in the US. This year it raised its investment there by US$100 billion to US$165 billion, CNBC reported.

China's Debt in the First Half Remains Stable

China's outstanding external debt stood at nearly US$2.44 trillion at the end of June, according to data released by the foreign-exchange regulator on Tuesday. The figure was down 0.6 percent from the end of the first quarter. China reported a current account surplus of US$294 billion in the first half of 2025, with a capital and financial account deficit of US$277.6 billion.

Economy & Markets

Zijin Gold Debuts in Hong Kong with a Midas Touch

Zijin Gold International shares surged 68.5 percent from their offer price on Tuesday as the overseas arm of China's Zijin Mining Group debuted in Hong Kong, the city's second-largest initial public offering this year.

The IPO, which raised about HK$25 billion (US$3.2 billion), was priced at HK$71.59 a share. The sale was heavily oversubscribed, particularly on the retail end, and came as the global price of gold hit a new record high of US$3,839. Major institutional investors include Singapore's sovereign wealth fund, Hillhouse and BlackRock. The IPO was second in size only to Chinese battery maker CATL, which debuted in Hong Kong in May.

Parent Zijin Mining, which is listed on the Shanghai exchange, is China's biggest gold and copper miner. In June, it struck a deal to spend US$1.2 billion to buy a mine site in Kazakhstan, adding to Zijin Gold's portfolio of assets around the world, with major deposits in Central Asia, Australia, Guyana, Colombia, Ghana and Papua New Guinea. The parent's shares closed up 3.1 percent.

Shanghai Opens Options Market to Foreigners, Yuan Increases Global Status

China opened its stock options market to foreign investors on Tuesday as part of its campaign to increase the attractiveness of yuan products and use of the currency globally. The Shanghai stock exchange said qualified foreign institutional investors will be allowed to trade in options for hedging purposes if their applications are approved. Options offer investors the right to buy or sell a stock at a predetermined price at some point in the future. Five options products are traded on the exchange.

Bloomberg reported that global trading in the yuan has surged to US$817 billion a day, near to surpassing the British pound as the world's fourth most traded currency.

Manufacturing, Non-manufacturing Activity Hovers at Expansion Mark

China's official manufacturing purchasing managers index in September came in at 49.8, just shy of the 50-mark threshold that indicates expansion. It rose from a 49.4 reading in August. The non-manufacturing index, which includes services and construction, fell to 50.0 from 50.3 a month earlier, according to the National Bureau of Statistics. A composite of the two indices stood at 50.6, up from 50.5 in August. The figures signal a slow recovery but a positive trend in economic activity.

Bond Sale to Fund Trade-in Subsidies Completed

China sold the last tranche of its 300 billion yuan (US$42 billion) series of ultra-long special treasury bonds on Tuesday. The debt is earmarked to fund the government's trade-in programs, which aim to bolster the economy by using subsidies to encourage consumers to ditch old electronics, vehicles and household goods and buy new ones. In the first eight months of the year, 330 million consumers have claimed trade-in subsidies, generating more than 2 trillion yuan in related sales.

China Seeks to Expand Scope of Health Insurance

China's National Financial Regulatory Administration said it accelerate work on rules that will make health insurance a broader safety net as medical costs rise and the population ages. The rules are expected to encourage more as flexible coverage for new drugs and medical devices, and expanded access to advanced treatments.

Corporate

Huawei Says HarmonyOS Users Have Doubled in Two Months

Chinese technology giant Huawei said the number of users on its HarmonyOS 5 operating system doubled in the past two months to 20 million. The Shenzhen-based company said the number of applications and meta-services available in the ecosystem exceeds 30,000. Huawei said more than 10,000 research and development staff have been assigned to work on Harmony OS since work began on it six years ago, with an investment in the tens of billions of yuan.

JD.com Health Arm Launches 'Pocket Doctor'

The health unit of Chinese technology company JD.com has unveiled a new artificial intelligence-powered platform billed as putting a virtual hospital in a patient's pocket. It integrates services from doctors, pharmacists and nutritionists, ranging from symptom checks and consultations to prescriptions and home testing.

Pop Mart Begins Twinkle Twinkle Sales

Pop Mart shift toy marketing focus to Twinkle Twinkle series as the craze for its Lababu dolls begins to fade. The new blind box series of 50,000 mini cookie-style pendants and designer figurines sold out just seconds after debuting on Alibaba's Tmall online sales platform on Tuesday morning.

Xgimi Files for IPO in Hong Kong

Xgimi Technology, a Chinese maker of cinema-grade home, portable and laser projectors, submitted an application for an initial public offering in Hong Kong. The company, which said it has sold 700 million units globally and has 8,100 online sites, reported that first half income surged 20-fold to 89 million yuan (US$12 million) from a year earlier. It gave no details of the proposed share sale. Xgimi has offices in Los Angeles, Munich, Tokyo, Chengdu and Shenzhen. It is already listed on the Shanghai stock exchange.

Automotive Mapper Navinfo Buys Stake in Robotics Company

China automotive mapping provider Navinfgo, which is backed by Tencent, said it is buying a 39 percent stake in PhiGent Robotics for 250 billion yuan (US$35 million) to focus on intelligent driving solutions. Facing rising competition with Baidu and Alibaba's Amap, Navinfo has expanded into high-precision mapping, autonomous driving, vehicle networking and intelligent cockpits.