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Stay informed with free updatesSimply sign up to the Chinese economy myFT Digest — delivered directly to your inbox.China’s President Xi Jinping has stepped up calls for greater “self-reliance” in the country’s manufacturing sector, emphasising a strategy critics say has fuelled tensions with trading partners.Xi’s comments on Tuesday, which the Chinese leader made on a visit to a ballbearing factory that dates back to Mao Zedong’s era, came barely a week after the US and China agreed to a 90-day truce in their trade war.The two sides agreed to slash tariffs from levels as high as 145 per cent, which…

The Chinese yuan fell in Asian trade on Tuesday against a basket of major rivals, extending losses against the dollar for the third straight session and plumbing a week low, after the decision by the People’s Bank of China to cut interest rates for the first time in 2025.   The decision is in line with expectations as the Chinese authorities seek to ease the monetary policies and protect the economy from the impact of US tariffs.   The Price   The US dollar rose 0.2% on the yuan to 7.2260, the highest since May 12, with a session-low at…

The Philippines could withstand the impact of US tariffs due to its high levels of domestic consumption, the new CEO of Globe Telecom has said, as he laid out his vision for the telecommunications company’s future anchored in artificial intelligence.Carl Raymond Cruz, who was elevated to the role of CEO and president of Globe Telecom in April, also said that the company was waiting for the “right time” to launch the highly anticipated initial public offering (IPO) for its e-wallet affiliate GCash, owing to uncertainties in the capital markets.GCash is operated by Mynt, which is a joint venture that includes…

Taiwan’s coastguard has requested special funding to boost coastal surveillance after a series of alarming undetected landings on sensitive shores by people in inflatable boats from mainland China.The call for better surveillance came after two mainland Chinese residents – a 41-year-old man and his 17-year-old son, surnamed Song – sailed to Taiwan illegally on Thursday by crossing the Taiwan Strait in a 3.3-metre (11-foot) inflatable boat. They landed on Guanyin Beach in Taoyuan, a zone regularly used by the military for live-fire exercises.The pair turned themselves in the next morning, claiming they were fleeing persecution and seeking freedom in Taiwan.Also…

In the Philippines, a spate of arrests of Chinese nationals using fake local identities has reignited espionage fears, following President Ferdinand Marcos Jnr’s directive to defend the nation’s sovereignty from foreign criminal activity.On May 14, Immigration Commissioner Joel Anthony Viado announced the arrest of Wang Chaoxin, a 32-year-old Chinese national caught posing as a Filipino while managing a trading company.Authorities also detained four of Wang’s Chinese associates. Of the group, three held working visas but were employed by companies other than those listed in their documents, while the fourth lacked a permit altogether. Viado revealed that Wang had used a…

BRUSSELS (AP) — The European Union on Tuesday agreed to impose fresh sanctions on Russia, notably targeting almost 200 ships from the shadow fleet illicitly transporting oil to skirt Western restrictions put in place over Moscow’s war in Ukraine. The 27-nation bloc targeted 189 ships in all, and imposed asset freezes and travel bans on several officials as well as on a number of Russian companies. The measures were endorsed by EU foreign ministers in Brussels.EU foreign policy chief Kaja Kallas said that while President Vladimir “Putin feigns interest in peace, more sanctions are in the works. Russia’s actions and…

Contemporary Amperex Technology (CATL), the world’s largest electric vehicle (EV) battery maker, expects to become carbon neutral this year, burnishing its image as a leading developer of zero-carbon solutions.“This year, all CATL battery factories will achieve carbon neutrality,” Robin Zeng Yuqun, founder and chairman, said before the company’s debut on the Hong Kong stock exchange on Tuesday. “This listing signifies our deeper integration into the global capital markets and marks a new milestone in our mission to drive the global zero-carbon economy.”He said the company would offer its technologies and solutions to its partners globally to promote the transition of…

Contemporary Amperex Technology (CATL), the world’s largest electric vehicle (EV) battery maker, expects to become carbon neutral this year, burnishing its image as a leading developer of zero-carbon solutions.“This year, all CATL battery factories will achieve carbon neutrality,” Robin Zeng Yuqun, founder and chairman, said before the company’s debut on the Hong Kong stock exchange on Tuesday. “This listing signifies our deeper integration into the global capital markets and marks a new milestone in our mission to drive the global zero-carbon economy.”He said the company would offer its technologies and solutions to its partners globally to promote the transition of…

Pakistan tobacco exporters have warned that the current tax structure ‘poses a challenge’, especially for smaller players, and urged the government to adopt a more competitive taxation model. A delegation of leading tobacco exporters raised these concerns during a meeting with Federal Minister for Commerce Jam Kamal Khan on Monday, read a statement released by the commerce ministry on Tuesday. During the meeting, exporters pointed out that the current tax structure—which includes a Federal Excise Duty (FED) of Rs390 per kg, Provincial Excise Duty (PED) of Rs50 per kg, Federal Tobacco Cess of Rs15.15 per kg, and a Provincial Development…

Pakistani Foreign Minister Ishaq Dar’s three-day visit to China is expected to highlight both nations’ growing enthusiasm for deepening defence and security cooperation, according to analysts.However, as Dar’s first overseas trip since the military tensions with neighbouring power India, the visit was likely to be viewed by New Delhi as a show of support for Islamabad – even though it was probably arranged well before the conflict, they added.Dar, who is also deputy prime minister, will be in Beijing until Wednesday. He is expected to hold talks with Chinese Foreign Minister Wang Yi as well as take part in a…