Top News
US-Russian summit ends with no details of outcome
US President Donald Trump and Russian President Vladimir Putin ended a three-hour meeting in Alaska with warm praise for one another but no details on ending the Ukraine war. Trump said headway was made but there's "no deal until there's a deal." He suggested a second meeting would be forthcoming. Putin said the two nations "reached an understanding." At a press conference, both leaders declined to take questions from reporters. Trump said he will be calling Ukraine President Volodymyr Zelensky and European leaders to brief them on "productive" talks.
After the meeting, Trump told Fox News that any decision on his threat to impose special tariffs on countries buying Russian oil, including China, is on hold for now. He didn't elaborate on what that means for India, which has already been slapped with a 25 percent tariff because of its Russian energy purchases.
Analysts, trying to read between the lines, said the summit was an apparent setback for Trump, who had suggested earlier the talks could produce a ceasefire. For Putin, they said, it was a victory to be seen with a US president on the world stage, helping soften his status as a pariah among Western nations.
JD profit plunges, food delivery business bites into revenue
E-commerce giant JD.com, China's largest retailer by revenue, said net profit in the second quarter plunged 51 percent from a year earlier to 6.2 billion yuan (US$864 million), as the cost of its fast-food delivery service overwhelmed a 22 percent rise in overall company net revenue to 356.7 billion yuan. The Hong Kong and US-listed company, which entered the instant food delivery market in March, showed an operating loss of 14.8 billion yuan for JD Food Delivery and other new businesses. The company has been in a fierce price war with rivals Alibaba and Meituan, pouring money into a market that promises delivery of online-ordered food within an hour. The company said marketing expenses, which include promotions such as hefty discounts to consumers, surged 128 percent to 27 billion yuan in the latest quarter. JD reported 1.5 million participating food merchants and 150,000 full-time delivery riders.
In other business segments, JD Retail reported revenue rose 21 percent to 310.1 billion yuan, with operating income rising to 14 billion yuan from 10 billion yuan a year earlier. JD Logistics revenue increased 17 percent, with operating income up at 2.2 billion yuan from 2 billion yuan in the same period of 2024.
'Godfather of AI' warns of Frankenstein peril
US Nobel Prize winning scientist Geoffrey Hinton, called the "godfather of AI," told an industry conference in the US that he thinks there is a 10 percent-20 percent chance that artificial intelligence can one day wipe out the human race. The technology industry, he explains, is taking the wrong approach to ensure that doesn't happen.
"They're going to be much smarter than us," he said of machine intelligence, citing instances when AI systems have deceived, cheated and stolen to achieve their goals. Instead of forcing AI to submit to human will, Hinton said one solution would be to build "compassionate instincts" into AI models so they "really care about people." Otherwise, he added, these models will quickly develop two other human traits: self-preservation and desire for more control.
Texas law restricting Chinese property rights set to take effect
A US federal court in Texas is poised to dismiss a legal challenge to a state law that would restrict Chinese property ownership, the South China Morning Post reported. The law, due to take effect on September 1, restricts real estate purchases by companies, individual or government entities linked to countries considered US security threats, including China, Iran, North Korea and Russia. The lawsuit seeking to overturn the law was brought by the non-profit Chinese American Legal Defense Alliance on behalf of three Chinese nationals living in Texas. The alliance argued that the law is discriminatory and unconstitutional, but an attorney representing the plaintiffs said the judge will rule the suit is inadmissible.
World's first robotics sports meet opens in Beijing
The inaugural World Humanoid Robot Games opened in Beijing with 280 teams from 16 countries putting 500 robots through their paces. The games highlight China's leadership role in development of robots and show cutting-edge advancements in the technology. AI-powered robots at the event play soccer, box, dance, play ping pong, perform gymnastics and even model fashions, among other activities. The event ends on Sunday.
Top Business
NetEase profit rises on success of video games
NetEase, one of the world's largest Internet and video game companies, reported a 27 percent increase in second-quarter profit from a year earlier to 8.6 billion yuan (US$1.2 billion) on a 9.4 percent jump in revenue to 28 billion yuan. Revenue from games and related services rose 14 percent, with its "FragPunk" ranked No. 2 on PlayStation's North America free-to-play download chart in May, and "Dunk City Dynasty" also gaining users. The company's launch of "Marvel Mystic Mayhem" is June ranked No. 1 on download charts in multiple regions. NetEase Cloud Music showed a 3.5 percent drop in revenue. The Hangzhou-based company's shares trade on Hong Kong and New York exchanges.
China challenges Canada tariffs
China lodged a complaint with the World Trade Organization over Canada's import restrictions on steel and other products, accusing Ottawa of trade protectionism. Canada's tariff-rate quotas and "discriminatory" duties on goods with Chinese steel content harm China's legitimate interests and disrupt global supply chains, according to the Ministry of Commerce. The case comes amid wider strains in global steel markets.
China central bank boosts market liquidity
China's central bank injected 500 billion yuan (US$69 billion) into the banking system Friday via six-month outright reverse repos, the second such operation this month. On August 8, the People's Bank of China added 700 billion yuan through three-month repos, marking a net August liquidity injection of 300 billion yuan after maturities. The rare back-to-back, large-scale operations highlight the bank's commitment to keeping money market conditions loose amid economic headwinds and market volatility.
Economy and Markets
China retail sales, industrial output increase
China's retail sales in July rose 3.7 percent from a year earlier, slowing from June's 4.8 percent growth, according to data released by the National Bureau of Statistics. Industrial production logged a 5.7 percent increase. The bureau said investment in fixed assets in the first seven months of this year expanded 1.6 percent, slowing from 2.8 percent in the prior six months. Investment in property contracted 12 percent.
The bureau said the figures, which missed analysts' forecasts, were due to "ongoing challenges from the complex and unpredictable external environment" and from extreme weather that forced closure of some factories and construction sites. Yuhan Zhang, principal economist at the Conference Board's China Center, was quoted by Reuters as saying the real story of fixed-asset investment is in the fine print, not the headline figures, with sectors such as carmaking, shipbuilding, aerospace and technology still attracting strong capital investment.
The central government this year has adopted a series of measures to encourage consumer spending, support industrial growth and crackdown on dog-eat-dog market competition that has eaten into company profits.
Prices of new homes decline, Shanghai bucks trend
New home prices in the top Chinese cities of Beijing, Shanghai, Guangzhou and Shenzhen in July fell 1.1 percent from a year earlier, narrowing from a 1.4 percent decline in June. Shanghai bucked the trend with a 6.1 percent increase, the Bureau of Statistics reported. Beijing prices were down 3.6 percent; Guangzhou, 4.6 percent; and Shenzhen, 2.2 percent. On a monthly basis, prices in the top four cities dropped 0.2 percent from June. A survey of 70 cities across the country showed price declines in 60. Home prices have been sliding since 2022, after some major property developers began defaulting on debt. The bureau reported that investment in property in the first seven months of the year fell 12 percent.
China thermal power output increases
China's thermal power generation, fed mostly by coal, rose 4.3 percent in July from a year earlier to 602 billion kilowatt-hours, according to the National Bureau of Statistics. The increase reflected record-breaking heat in some parts of the country, which bumped up use of air conditioners.
Malaysian palm oil giant poised to delist
Malaysia's FGV Holdings, a major global producer of palm cooking oil, is set to delist from the Kuala Lumpur stock exchange, 13 years after its US$3.3 billion initial share sale was the world's second-largest, Bloomberg reported. Its share price has since dropped 70 percent, or a third of its IPO price, on declining palm oil prices, poor investments and management in-fighting.
Singapore sovereign wealth fund shifts investment strategy in China
Singapore sovereign wealth fund Temasek Holding has shifted investment in China to consumer businesses from technology companies, the South China Morning Post. According to a recent disclosure, Singapore's Temasek Holdings slashed its holdings in major tech firms like Alibaba and JD.com, and increased its stakes in consumer companies, including PDD Holdings and Yum China, which operates KFC and Pizza Hut. Temasek also made new investments in the real estate and electric vehicle sectors, buying shares of KE Holdings and Xpeng. The value of Temasek's portfolio of Chinese stocks listed in the US decreased by over one-third in the second quarter.
Solar panel prices increase
China's top solar panel makers raised prices to 0.70 yuan (9 US cents) per watt, up from about 0.66 yuan in late June, amid higher raw material costs and limited production capacity. Dealers said the price change is not driven by a demand spike, unlike the "installation rush" earlier this year, but by higher upstream polysilicon costs and limited production capacity for certain 710-watt large-format panels. Polysilicon prices, a key raw material for modules, climbed from 36,000 yuan per ton in early July to 48,000 yuan, pushing module production costs from about 0.626 yuan per watt to 0.679 yuan per watt.
Deep Dive
The 'Growth Goes Green' series
China's economic miracle was once viewed as a calamity for the environment, but the nation has achieved what was once thought impossible: achieving growth while protecting the natural world. This series explores how the world's second-largest economy is reducing its carbon footprint even as its economy powers ahead.
'Great Green Wall' along the Old Silk Road
Loulan, a legendary city and trading hub on the ancient Silk Road, vanished a millennium ago, swallowed by the shifting sands of the Taklamakan Desert in northwestern China.
Today, however, the tide is turning. Modern technology has entered the battlefield, empowering locals to combat desertification and plant cash crops.
Silkworms, camellias create livelihoods from once poor, rocky soils
Shuanglong Village in rural Chongqing starts the day before sunrise. Local workers gather to pick white mulberry leaves, which are collected by silkworm raisers to feed the larvae of silk moths.
Yang's story is the tale of how many mountainous rural areas of Chongqing have forged a new future on land with thin, dry soils and large rocks embedded in the earth.
A textile powerhouse wears a new look as it transitions to a greener future
At the Qianyong Textile showroom in the Zhejiang Province city of Keqiao, bolts of fabric in neon oranges, moss greens and icy blues are stacked against the wall, and mannequins wear Olympic ski jackets, Lululemon yoga sets and sleek Canada Goose shells.
It is the modern face of a green revolution in the fabric industry – a volte-face from a decade ago, when he was just another middleman in Keqiao's fabric trade, haggling over prices in a market stall.
Shanghai companies measure their carbon footprints
When China embarked on a national campaign toward carbon neutrality, Shanghai was quick to answer the call, becoming a national trend-setter in eco-friendly policies.
(Click the headline to read the full article.)
Corporate
Weibo posts 12 percent rise in quarterly profit
Weibo, one of China's most popular microblogging platforms, said second-quarter net profit rose 12 percent from a year earlier to US$126 million, on a 2 percent rise in revenue to US$445 million. The company, listed in both Hong Kong and New York, said it had 588 million monthly active users in June.
Ant denies any holdup in Bright Smart acquisition
China fintech company Ant, an affiliate of Alibaba and operator of Alipay, rebuffed media reports that its acquisition of Bright Smart Securities & Commodities Group may be stalled by regulatory scrutiny. Ant is seeking to buy a 51 percent stake in the Hong Kong investment holding company for HK$2.81 (US$360 million) Both companies are listed in Hong Kong.
CK Asset's profit drops despite surge in discount home sales
CK Asset Holdings, a property firm under Hong Kong billionaire Li Ka-shing's empire, will continue discounted home sales despite a 27 percent fall in first-half profit. The company's profit dropped to HK$6.3 billion (US$805 million) on lower investment valuations, though revenue rose 15 percent. The discount strategy to clear inventory has proven effective, with property sales surging almost 59 percent. An executive noted that profits from property development are not expected to be significant in coming years as the firm focuses on selling off existing stock.
Nio's Firefly brand begins European deliveries
Chinese automaker Nio officially began deliveries of its new Firefly brand in Europe. The compact electric vehicles first reached customers in Norway and the Netherlands this week, with plans for a wider European rollout. The Firefly models are priced from 279,900 Norwegian kroner (US$27,505) and 29,900 euros (US$34,992) in their respective markets.
Chinese online retail Shein releases some financial details
The UK arm of Chinese fast-fashion online retailer Shein, in a filing, said 2024 profit rose 32 percent from a year earlier to 2.05 billion pounds (US$2.8 billion). Shein may be releasing such figures to build up its confidential application for a listing in Hong Kong, after attempts to do an initial public offering in London have failed to win regulatory approval. The figures don't cover this year, when Shein, now headquartered in Singapore, has been beset by the US and Europe ending postal free deliveries of its small parcels and by European fines for alleged misleading advertising.