Top News
President Xi says an 'unstoppable' China won't be intimidated by bullies
Xi Jinping, hosting a massive Victory Day parade displaying new laser weapons, nuclear ballistic missiles and giant underwater drones, said China is "unstoppable" and will never be intimidated by bullies. Flanked by Russian President Vladimir Putin and North Korean leader Kim Jong Un on Tian'anmen Square in Beijing on Wednesday and joined by 24 other world leaders, Xi said the world must "never return to the law of the jungle, where the strong prey on the weak." The parade marking the 80th anniversary of the defeat of Japan invaders, also featured precision marching by 10,000 soldiers, part of the world's largest standing army. The parade officially debuted new strategic forces in aerospace, cyberspace, information support and joint logistics, highlighting modern military development focusing on integrated, high-tech capabilities.
In an online post, US President Donald Trump, who didn't attend, said the parade was impressive but accused Xi, Kim and Putin of "conspiring" against the US.
US Supreme Court ruling on tariffs could jeopardize trade deals
The US may have to "unwind" trade deals signed with Japan, the EU, South Korea and other countries if the Supreme Court rules his tariffs illegal, President Donald Trump said, without offering details. The Trump administration has appealed a lower court decision that ruled the president doesn't have the constitutional right to levy tariffs under emergency powers if no emergency exists. Only Congress has that authority, it said. Import tariffs have underpinned all trade deals reached so far, and collections from importers are proving a boon to the US treasury. "Our country has a chance to be unbelievably rich again," Trump said. "It could also be unbelievably poor again. If we don't win that case, our country is going to suffer greatly."
Spanish prime minister calls EU response to Gaza 'a failure'
Spain's Prime Minister Pedro Sánchez said Europe's response to the war in Gaza has been "a failure" and characterized the conflict as "perhaps one of the darkest episodes of international relations in the 21st century." In an interview with the Guardian, he said the EU bloc has maintained a double standard by supporting the rights of Ukraine but ignoring the rights of Palestinians in Gaza. Sánchez, who presides over one of the fastest-growing economies in the EU bloc, was the first European leader to accuse Israel of genocide in Gaza and recognize a Palestinian state.
US revokes TSMC's privileged status in exports to China
The US revoked "fast-track" export authorization for Taiwan Semiconductor Manufacturing Co's shipments of chip-making equipment from the US to China. TSMC, the world's largest contract chipmaker, has a manufacturing site in the Chinese city of Nanjing. The US decision means that the Trump administration is withdrawing what it calls "validated end user" privilege and TSMC will have to apply for export licenses for shipments after December 31. The Nanjing facility accounts for only about 2.5 percent of TSMC's revenue. Washington's decision came days after it revoked the same status for shipments to China by South Korea's Samsung Electronics and SK Hynix, which both have more extensive production in China than TSMC.
Top Business
Google keeps Chrome browser under antitrust ruling
A US federal district judge ruled that Google will not be forced to sell its Chrome web browser but must share information with competitors. The long-running antitrust case was brought by the Department of Justice, which alleged that Google's position as the default search engine on a range of apps gave it undue market dominance.
Zhongji Innolight shares soar, ranking it second to CATL
Shares in Zhongji Innolight, a provider of high-speed optical transceiver modules and a key player in the Nvidia supply chain, soared 10.99 percent to a record, pushing its market cap to 473.55 billion yuan (US$66.4 billion), surpassing East Money to become the second-largest company on Shenzhen's ChiNext board, behind only CATL. The rally reflects strong investor interest in technology-component companies, particularly related to artificial intelligence and data centers.
Eve Energy's solid-state battery breakthrough
China's Eve Energy, a maker of lithium-ion batteries, launched its Longquan II solid-state battery at its new Chengdu production facility. The 10 amp-hours battery, boasting 300 watt-hours per kilogram of energy density and 700 watt-hours per liter of volume density, has applications in the production of humanoid robots, low-altitude aircraft and artificial intelligence equipment. The new factory, which is designed to produce 500,000 cells annually, will complete its first phase by December 2025. Eve shares have surged 45 percent in the past month.
China carmakers struggle to make profits, turn to cheaper models
First-half results from listed Chinese automakers show a struggle to increase profit in an industry beset by price wars and despite rising global sales. Only BYD reported net profit exceeding 10 billion yuan (US$1.4 billion), while the rest posted lower profits or even losses. The combined profit of the top three earners - BYD, Geely Automobile Holdings and Great Wall Motor – reached 31.1 billion yuan, accounting for almost 80 percent of the total for the 17 carmakers listed on the Chinese mainland or in Hong Kong. BYD's 15.5 billion yuan profit constituted almost 40 percent. Seven companies, including Changan Automobile, Geely, Great Wall Motor and SAIC Motor reported profit declines, and others such as Xpeng and Nio posted losses.
In August, electric carmakers Leapmotor, Xpeng and Galaxy reported increased sales on cheaper models that still offer self-driving and entertainment features. Leapmotor, backed by Fiat owner Stellantis, broke its sales record for a fourth consecutive month at 57,066 units, up 14 percent from July. Xpeng reported sales of 37,709 vehicles in the month, while Geely said its Galaxy sold a record 110,666 vehicles.
Economy & Markets
China stock markets close mixed
China stock markets ended mixed, with the Shanghai Composite declining 1.16 percent to 3,813.56 and the Shenzhen Component falling 0.65 percent to 12,472.00. The tech-oriented ChiNext index gained 0.95 percent to 2,899.37. Trading value dropped by 510.9 billion yuan to 2.36 trillion yuan. Gold stocks rallied as gold prices hit record highs, with energy storage and gaming sectors also strong. Military stocks weakened despite a Beijing parade showcasing advanced weaponry.
Mainland-listed companies show combined 2.5 profit growth in first half
Chinese companies listed on exchanges in Shanghai, Shenzhen and Beijing posted first-half aggregate profits of 3 trillion yuan (US$420 billion, a 2.5 percent increase from a year earlier, the South China Morning Post reported, citing the China Association for Public Companies. Nearly three-quarters of 5,432 companies showed profits. Kenny Ng Lia-Yin, an analyst at Everbright Securities International, told the newspaper that the results showed "stable performance" in Class A share markets, though profit growth was "not particularly pronounced."
Companies listed on Shanghai's STAR market, Shenzhen's ChiNext board and the Beijing Stock Exchange – bourses oriented toward promising technology startups - outperformed the broader market. In a breakdown of profit by segments, the manufacturing sector rose 7.8 percent, home appliances rose 9 percent, and gaming and cinemas shot up 70 percent. Export-oriented firms, and the shipping industry also fared well.
Chinese banks report 8 percent rise in loans at end of first half
China's 42 banks listed banks had 184.4 trillion yuan (US$26 trillion) in outstanding loans at the end of the first half, an increase of almost 8 percent from a year earlier, Xinhua reported, citing information database Wind. Loan quality generally improved, with a drop in non-performing loan ratios at 20 of the banks. Lending to advanced technology companies, startups and green energy firms increased in support of government economic priorities.
Australian economy expands faster than expected
Australia's economy in the second quarter grew a faster-than-expected 1.8 percent from a year earlier, driven by strong consumer spending and a rebound in exports, particularly iron ore and natural gas. It was the fastest quarterly growth in almost two years. Exports account for about a quarter of the nation's GDP. Since China is Australia's largest trading partner, the base 10 percent US tariff levied on Australian imports this year hasn't hit the economy significantly.
Corporate
Shanghai funeral firm posts first loss in 15 years
Shanghai-based Fu Shou Yuan, China's largest undertaker, reported its first loss since 2010 on what it called more cautious consumer spending and rising competition in the industry. The cemetery and funeral services company reported a loss of 261 million yuan (US$37 million) on a 44.5 drop in revenue to 610.9 million yuan. Sale of burial plots fell 47 percent and revenue from funeral services was down 34 percent.
PetroChina stake transfer to China Mobile
Oil and gas giant China National Petroleum Corp will transfer a 0.3 percent stake in its listed arm PetroChina to China Mobile to strengthen their alliance. The deal will give involve about 541 million PetroChina shares. National Petroleum will still retain 82.2 percent of PetroChina after the transfer.
Ikea China to lower prices to increase competitive edge
Swedish flat-pack furniture giant Ikea said its China arm will spend 160 million yuan (US$22 million) to reduce product prices in the Chinese market and develop the most popular merchandise as it seeks to fend off rivals in the competitive market. Ikea China will release more than 1,600 new furniture and home appliance products starting this month. It also announced plans to open new "small-format" stores in several Chinese cities, based on the success of its experimental outlet in Shenzhen, offering customers more personalized design services.
What slowdown? Developers snap up building sites
Despite a lingering slowdown in China's property market, the nation's top 100 developers increased spending on land purchases by almost 30 percent in the first eight months of 2025, compared with a year earlier. The property companies invested 605.6 billion yuan (US$83.4 billion) to buy sites for future development. They are focused on prime locations in major cities, where upmarket construction has shown resilience to the industry price slump triggered five years ago by some developer debt defaults.
Panasonic to increase AI-related investment in China
Japanese electronics giant Panasonic Holdings will increase its investment in AI-related industries in China and start building a new electronics materials factory in Shanghai this month, Tetsuro Homma, company executive vice president, told Yicai. The new 120-million-yuan plant in Shanghai will mainly produce electronic materials for AI servers, with mass production set to start in early 2027. The company additionally plans to increase its investment in its plant in Guangzhou.
Alibaba, Bosch form partnership
China's technology and e-commerce giant Alibaba and German engineering and technology firm Bosch announced a new partnership to accelerate digital transformation through advanced cloud computing and AI technologies. The collaboration will focus on cloud-based operations, AI-driven business innovations and e-commerce expansion.
Zeiss expands customer experience center in Shanghai
Zeiss, a German manufacturer of optical systems and optoelectronics, has unveiled a newly upgraded Customer Experience Center in Shanghai, which features enhanced demos, service, training and educational functionalities. The expansion strengthens technical support and service capabilities in the local market.