Daily Buzz: 24 October 2025

China's Leaders Vow Continued Progress

China's top leaders wrapped up a major four-day meeting with a communique outlining goals of the nation's 15th Five-Year Plan (2026-30) that include putting people's quality of life first, pursuing quality development, deepening economic reforms and promoting an efficient market, Xinhua reported. The Central Committee of the Communist Party also signaled a focus on advanced technologies, boosting domestic consumption, greater self-reliance in science and technology, accelerating rural modernization and strengthening national security.

China-US Trade Talks Set

China confirmed that Vice Premier He Lifeng will meet US Treasury Secretary Scott Bessent in Malaysia today for three days of trade talks that follow a recent flare-up of bilaterial tensions. Bessent told the Fox Business Network that both sides will seek to overcome obstacles and move toward constructive dialogue. Among the current obstacles are US restrictions on exports of chips and other advanced technology to China, and Chinese restrictions on exports of industrial-use rare earth minerals and a boycott of American soybean purchases. The talks come ahead of next week's summit of Asia Pacific Economic Cooperation members in South Korea, where the White House confirmed that President Donald Trump with meet Chinese President Xi Jinping on the sidelines. China hasn't confirmed such a meeting.

Putin Defiant After US Sanctions

Russian President Vladimir Putin called new US sanctions on Russia's two largest oil companies an

"unfriendly act that will have consequences." He said, "This is, of course, an attempt to put pressure on Russia, but no self-respecting country ever decides anything under pressure." US President Trump a day earlier announced sanctions on Rosneft and Lukoil in response to what he called Putin's lack of serious commitment to peace in Ukraine. Former Russian president Dmitry Medvedev, known for his ultra-hawkish comments, called the sanctions an "act of war."

In the aftermath of the sanctions, global oil prices jumped. Benchmark Brent crude rose 5 percent in New York to US$65.78 a barrel. Russia is the one of the world's leading oil producers, with September output at 9 million barrels a day.

Separately, the 27 members of the EU officially adopted a 19th package of sanctions against Moscow, including a ban on imports of Russian liquefied natural gas.

UN Court Rules on Gaza Aid

The UN's International Court of Justice ruled that Israel must allow full access for humanitarian aid into Gaza and said its restrictions in the past two years have put it in breach of its legal obligations under international law. Israel, which doesn't recognize the court's jurisdiction, rejected the decision. The court's findings included declarations that the humanitarian situation inside Gaza remains catastrophic and that Israel as an occupying power cannot use starvation as a tool of warfare. The court's rulings have no legal enforcement provisions but carry weight in world opinion.

Binance Founder Pardoned

Chinese-Canadian entrepreneur Changpeng Zhao, founder of the world's largest cryptocurrency exchange Binance, has been pardoned by US President Donald Trump. Zhao, known as "CZ" was sentenced to prison in April 2024 after pleading guilty to violating US money laundering laws. The White House said the prosecution of Zhao under the previous Biden administration was part of a "war against cryptocurrency."

Top Business

Verdict on IPhone Air: Thumbs Down

Apple is sharply reducing production of its new iPhone Air after disappointing demand, according to Nikkei Asia. Supply chains are reporting a drop in orders to below 10 percent of September levels. The Air phone is Apple's thinnest and lightest model, featuring a 48-megapixel camera and all-day battery life, but customers appear to prefer the new iPhone 17 series models. Survey data from KeyBanc Capital Markets show "virtually no demand" for the iPhone Air and limited interest in foldable devices in general. Apple competitor Samsung is apparently seeing the same response to its super thin smartphone, the Galaxy S25 Edge. Reports suggest that the South Korean company has canceled next-generation development of the series.

Huawei Releases 'Milestone' Operating System

Shenzhen-based technology giant Huawei has released its next-generation operating system HarmonyOS 6, calling it a "milestone" in the application of artificial intelligence. HarmonyOS 6 allows developers to create agents possessing intelligent interaction, autonomous decision-making and collaborative capabilities with no need to build underlying algorithms. The first group of 80 AI agents released under the system cover the fields of education, medical care entertainment and life services apps. JD.com, for one, has used the system to develop a shopping assistant agent that can recommend products based on user needs, available discounts and price comparison.

Sinopec Finds New Shale Oil Reserve

China Petroleum & Chemical (Sinopec) announced the discovery of a major shale oil deposit in the Sichuan Basin, with reserves estimated at 100 million metric tons. Located within the jurisdiction of Chongqing, a test well achieved production of about 243 barrels of crude oil and 10,000 cubic meters of natural gas per day, Sinopec said. In 2024, the company's shale oil output totaled 705,000 tons.

Economy & Markets

Factory Utilization Rises Quarter-on-Quarter

China's factory capacity utilization, a key measure of industrial efficiency, rose to 74.6 percent in the third quarter from the 74 percent in the prior three months but fell from 75.1 percent a year earlier, according to National Bureau of Statistics data released this week. Analysts said the quarter-on-quarter gain reflects the government's crackdown on cutthroat, self-defeating competition.

China-German Trade Climbs

China has overtaken the US as Germany's largest trading partner in the first eight months of the year, with imports and exports totaling 163.4 billion euros (US$190.7 billion). The shift reflects changing global trade dynamics after the US imposed import tariffs on its trading partners this year.

China Forex Shows Net Inflows

China's foreign-exchange market recorded a net inflow of US$120 billion capital in the first three quarters of the year, the State Administration of Foreign Exchange announced. The banking sector had a net surplus of US$63.2 billion.

South Korea Leaves Rate Unchanged

South Korea's central bank held its benchmark rate unchanged at 2.5 percent, as markets expected. The Bank of Korea, in a statement, cited stable inflation and an improving economy though it said it is monitoring the stability of the housing market and household debt.

Corporate

Yakult to Close Second China Plant

Yakult, a Japanese maker of probiotic milk, said it will close a second production factory in China as part of a business reorganization. The latest plant closure will come next month in Guangzhou, which employs nearly 2,000 workers. Yakult shut a factory in Shanghai earlier this year, shifting production to the cities of Tianjin and Wuxi. The latest closure will leave the company with four plants in China.

Guangxi Unveils Electric Car

Guangxi Automobile Group, part of the stable of SAIC-GM-Wuling venture companies, unveiled its first model of the new electric car Aishang, with a sticker price of between 39,800 yuan (US$5,587) and 52,800 yuan. The vehicle, which has a battery range of 220 kilometers, was

jointly developed by Wuling NEV and Henan Senyuan Electric Vehicle.

Jingu to Sell Wheels to Europe

Jingu Group, an auto-parts supplier to General Motors, Ford and Volkswagen plants in China, said it has been named designated supplier of lightweight, low-carbon wheels for the European factory of a well-known carmaker, entering Europe with the product for the first time. It didn't identify the European partner. The Fuyang-based company said deliveries will start in 2027.