Top News
China convenes high-profile summit of world leaders
Some 20 world leaders -- including Russian President Vladimir Putin, India Prime Minister Narendra Modi, Turkish President Recep Tayyip Erdogan, Egyptian Prime Minister Mostafa Madbouly and UN Secretary-General Antonio Guterres -- are joining Chinese President Xi Jinping at the annual summit of the Shanghai Cooperation Organization, hosted by China in the northern city of Tianjin. The two-day meeting, the largest gathering of the group since it was founded in 2001, ends today. The organization started as a trade and security alliance of six founding members. It has since grown to include 10 countries, two observer states and 14 dialogue partners, who together comprise half the world's population and a quarter of its gross domestic product. Geopolitical and trade tensions have boosted the profile of the group as a counter to US dominance in world affairs.
At a welcoming banquet on Sunday, Xi said the Shanghai Cooperation Organization is shouldering greater responsibilities for safeguarding regional peace and stability and for boosting development of poorer countries in a world of increasing uncertainties and accelerated changes.
In a series of sideline meetings with visiting dignitaries, Xi told Modi, on his first trip to China in seven years, that it is the "right choice" for both neighbors to have amical ties, characterizing it as the "dragon and the elephant dancing together." Apparently putting past border disputes aside, Modi said India wants to take bilateral relations forward. Both countries share trade frictions with the US. In a meeting with Guterres, Xi said China supports the UN role in maintaining "true multilateralism."
Indonesian President Prabowo Subianto canceled his trip to China amid anti-government protests that have left five people dead and torched a regional parliament and the homes of some politicians.
Red Cross denounces mass evacuation of Gaza City
The Red Cross said Israel's plans for a mass evacuation of populous Gaza City are logistically impossible, amid reports that Israel plans to halt air drops over the city and restrict entry of relief trucks. The Israeli military is mounting a major offensive against Gaza's largest city – which it declared "dangerous combat zone" on Friday -- as part of its goal of occupying the whole of the Palestinian territory.
Separately, Reuters reported that Israel is considering annexing the occupied West Bank in response to decisions by the UK, France, Canada and Australia to recognize a Palestinian state at this month's meeting of the UN General Assembly. The West Bank has been occupied by Israel since 1967 and has long been considered by the UN as part of any two-state solution involving a Palestinian state. The US has denied Palestinian President Mahmoud Abbas a visa to attend the gathering of world leaders at the UN General Assembly in New York later this month.
Prominent Ukrainian politician assassinated
A Ukrainian lawmaker who previously chaired the nation's parliament was shot dead in the Western city of Lviv. Andriy Parubiy, 54, was shot several times in broad daylight. The killer, described as a man on an e-bike posing as a courier, is still at large. President Volodymyr Zelensky said the assassination was "carefully planned.
Yemen Houthis say top officials killed in Israel strike
Yemen's Houthi rebel movement said an Israeli air strike killed Ahmed Ghaleb Nasser al-Rahawi, prime minister of the territory they control, along with other senior officials in the capital Sanaa. The Houthis have controlled most of northern Yemen since they toppled the internationally recognized government in 2014. The Iran-allied group, which has been attacking Israel with missiles and interrupting shipping in the Red Sea in support of Gaza's Palestinians, said it will avenge the deaths.
Top Business
Great Wall Auto, Guangzhou Auto earnings suffer from price war
Beijing-based Great Wall Auto posted a 10 percent decline in first half profit to 6.3 billion yuan (US$883 million) on a 1 percent gain in revenue from a year earlier to 92 billion yuan. The Hong Kong-listed company blamed fierce competition in the mainland Chinese market, where an industry price war has eroded automaker margins. Sales in the six months grew 2.5 percent to 568,852 vehicles, with electric cars accounting for 28 percent; hybrids, 16 percent. Great Wall Motor exports to more than 170 countries. The company produces models that include Haval, Tank and Ora. Looking ahead to the last six months of the year, the company said it sees a complex environment of severe competition.
Guangzhou Auto swung to a first-half loss of 2.5 billion yuan (US$356 million) from a year-earlier profit of 1.5 billion yuan as revenue fell 8 percent to 4.26 billion yuan. The Hong Kong-listed company said mainland car sales tumbled 12 percent and overseas sales dropped 7.9 percent. The company, which has joint ventures with Toyota and Honda, makes 12 sedan models and 23 SUVs.
China's business activity shows signs of improvement
China's purchasing managers' index for manufacturing, a widely watched indicator of business conditions, edged up to 49.4 in August from 49.3 in July. The threshold of 50 separates expansion from contraction. The Bureau of Statistics also reported that a separate index for non-manufacturing increased to 50.3 from 50.1.
In manufacturing, the subindex for production stood at 50.8, remaining within the expansion zone for the fourth consecutive month, while the gauge for new factory orders rose to 49.5 percent. The index for high-tech manufacturing stood at 51.9, and the gauge of business activity expectations increased to 53.7 from 52.6. In the non-manufacturing segment, indices stood above 60 for railway, water and air transport; for telecom, radio, television and satellite transmission services; and for capital markets. Activity in retailing and real estate was below the boom-bust line.
Starbucks opens cultural concept store as it seeks to improve China sales
Starbucks, which is struggling to regain lost ground in the mainland Chinese market amid stiff competition from domestic rivals like Luckin, opened a new concept shop in the city of Hangzhou that draws on Chinese cultural heritage. The new outlet, located on a historical pedestrian street, features a décor with hangluo gauze, a famous silk made in the city. US-based Starbucks, which has suffered a drop in mainland market share to 14 percent in 2024 from 34 percent in 2019, has asked for bids from investment firms for the possible sale of a stake in its mainland operations, which could value the China unit at up to US$10 billion.
China tightens e-bike standards
China will enforce new national safety standards for electric bicycles, effective today, aimed at curbing fire hazards, traffic risks and illegal modifications. The new rules raise the weight limit for lead-acid battery bikes from 55 kilograms to 63 kilograms to extend range, halve braking distances even in rain and cap plastic parts at 5.5 percent of vehicle mass to reduce fire risks. Bikes must also feature BeiDou navigation positioning and anti-tampering controls to ensure speeds stay under 25 kilometers per hour.
Economy & Markets
China's home sales slump in August
China's home sales in August extended their slump even as prices and Shanghai and Beijing rolled out stimulus measures, Bloomberg reported. The value of new home sales from the 100 largest property companies fell 18 percent from a year earlier to 207 billion yuan (US$29 billion), according to preliminary data from China Real Estate Information on Sunday. That followed a 14 percent decline in July. The mainland property market has been in a slump for five years, triggered by debt defaults by some major developers.
Trump rails against anti-tariff court ruling, importers left in limbo
President Donald Trump said a federal appeals court ruling that most of his global import tariffs are illegal will "destroy the United States" if left stand. The court, by a 7-4 decision, said only Congress, not the president, has the power to impose such tariffs. It said Trump's justification that he could levy tariffs under emergency national security powers wasn't valid because it could find no emergency existing. The ruling applies only to Trump's reciprocal tariffs and not industry-specific tariffs like those on steel and aluminum, which were imposed under a different authority. The court left existing tariffs in place until October, giving the administration time to appeal the ruling to the Supreme Court.
Lawyers said levies already paid under voided tariffs may have to be reimbursed if the decision stands. The confusion may inhibit some importers from bringing good into the country until the matter is resolved. Linda Yueh, an economist at Oxford University, told the BBC, "Businesses are going to be subject to uncertainty" that could have a knock-on effect for the US economy.
Hong Kong overtakes New York in Chinese IPOs
Hong Kong has overtaken New York as the listing go-to venue for Chinese mainland companies, the South China Morning Post reported, citing Bloomberg data. About 46 China-based companies raised a combined HK$118 billion (US$16.5 billion) via initial public offerings in Hong Kong so far this year, compared with 16 share sales totaling US$741 million by Chinese companies in the New York.
Brokerage profits surge on booming mainland markets
China's securities firms reported strong earnings in the first half of 2025, lifted by surging stock prices and numbers of retail investors, according to the Securities Association of China. The country's 150 brokerages booked aggregate revenue of 251 billion yuan (US$35 billion), up 23 percent year-on-year, while net profits jumped 40 percent to 112 billion yuan, with margins nearing 45 percent. Brokerage income accounted for a quarter of revenue, while investment gains comprised 40 percent. Total industry assets rose 15 percent from a year earlier to 13.5 trillion yuan.
China's robotaxis poised for big expansion
China is likely to have 300,000 robotaxis operating in its top four cities as early as 2030, the South China Morning Post reported, citing investment bank UBS. Paul Gong, head of automotive research at the bank, said the rapid increase is possible because China has promoted development of new technologies and consumers have embraced autonomous driving. "The robotaxi market in mainland China could eventually hit US$183 billion a year if all the two million taxis and five million cars running on ride-hailing platforms are replaced by driverless cabs," Gong said.
China's summer film box-office overtakes 2024 receipts
The summer movie season in China, the world's second-largest film market, ended with box-office receipts higher than a year earlier. Ticket platform Maoyan said cinemas took in 11.6 billion yuan (US$1.6 billion). The summer season ended on Sunday.
Corporate
Pop Mart says new series of mini dolls sold out on first day
Chinese trendy toy maker Pop Mart said 300,000 elfish creature dolls in its newly launched Labubu mini-sized collection sold out within two minutes after appearing on its Tmall platform store. Pop Mart, which started off as a vendor of "blind-box" toys, is the company behind the Labubu doll frenzy that has captured the collectible toy market, sending its share price and his first-half revenue more than tripling this year.
Chinalco embarks on restructuring with three of its units
Aluminum Corporation of China (Chinalco) said it is undergoing a consolidation with its three listed units to commercialize the group's rare minerals resources and strengthen its leading industry position. The units will contribute cash and assets to the project. Under the restructuring, Chinalco will hold the largest stake, at 25 percent. The assets include productions lines of minerals such as gallium and germanium, which are both critical in modern electronics production.
Golden Empire Precision to invest in new plants to supply green industries
Golden Empire Precision Machinery Technology, based in China's Shandong Province, said it will 1.1 billion yuan (US$153.8 million) to build two factories for precision components to supply the nation's green industries and expand the production capacity of its plant in Serbia, Yicai reported. The new factories will components for electric vehicles, wind turbines, robots and low-altitude aerial vehicles. The company said it will invest (US$35 million) to upgrade its factory in Serbia.