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South China Morning Post
39 minutes ago
- South China Morning Post
China's next-generation nuclear plans take step forward with fast gigawatt reactor design
China's state-owned nuclear power firm has unveiled the design for an advanced nuclear reactor that could mark a 'crucial step' in the country's plans to develop next-generation nuclear energy Named the CFR-1000, it will be China's first commercial fourth-generation gigawatt-level fast neutron reactor. The facility is now awaiting approval and expected to become operational after 2030. Other major nuclear powers, including Russia and the United States, are also working on advanced reactors with the aim of developing a more fuel-efficient source of power. The China National Nuclear Corporation (CNNC) told a symposium on advanced nuclear energy held on Tuesday in Fuzhou that the preliminary design of the reactor – which has a maximum output capacity of up to 1.2 gigawatts of electricity – had been completed. The event in the capital of southeastern Fujian province – where China has built a demonstration reactor – was attended by representatives from the China Atomic Energy Authority and National Energy Administration.
South China Morning Post
3 hours ago
- South China Morning Post
China's quant hedge funds stock up on talent – at US expense – to fuel expansion, AI use
Yuan Yu, founder of Shanghai-based quantitative hedge fund Mingshi, recognised an opportunity when several intern prospects studying in the US said they were struggling to complete their PhDs amid university funding cuts and stricter visa policies under President Donald Trump. 'They told us that their supervisor's funding had been cut, so they couldn't continue their studies,' said Yuan, whose investment firm manages US$2.5 billion in assets. 'They felt lost and didn't know what to do. This prompted us to consider extending our internship offers to full-time job offers.' By seizing the chance to snap up the candidates, Mingshi echoed a larger trend in China's rapidly evolving quant hedge fund sector. The US upheaval in academia – and the government's antipathy towards foreign students – is helping such funds secure the brain power that they will need to harness China's breakthroughs in artificial intelligence (AI) and fuel their expansion beyond the domestic market. Companies like Mingshi often compete against local rivals and larger, more established global giants for the world's top scientists and engineers, many of whom would have stayed in the US in the past. 'We are hungry for top talent,' Yuan said. 'In the past two to three years, we have been offering salaries that are higher than some of the top US firms.' The sector has been growing rapidly. The yuan-denominated market is now the world's second largest, with a combined capitalisation of more than US$11 trillion, feeding demand for financial products aimed at wealth preservation or hedging. Quant products managed by domestic hedge fund firms totalled 837 billion yuan (US$117 billion) at the end of 2024, with 768 billion yuan invested in stocks, according to Citic Securities. Such products from mutual-fund firms, mostly index-reinforcing offerings, held 295 billion yuan, it said.
South China Morning Post
4 hours ago
- South China Morning Post
China airport lounge criticised for demanding proof of assets worth US$2.8 million for entry
A VIP lounge at a Chinese airport has ignited considerable controversy after mandating proof of assets worth at least 20 million yuan (US$2.8 million) for entry, citing a desire to 'ensure the quality of service.' Advertisement On July 17, a Chinese netizen shared online that, as a client of China Merchants Bank's 'Golden Sunflower' programme, she inquired about accessing the international First Class Lounge at Chengdu Tianfu International Airport in Sichuan province in southwestern China. She was informed that, in addition to using reward points, she would also need to provide proof of assets amounting to at least 20 million yuan. The netizen explained that she had bought an economy class ticket but aspired to rest in the international First and Business Class Lounge at Terminal 1. She wrote: 'I arrived at the airport early and searched online for available lounges. I noticed that Golden Sunflower clients could use them, and since I happen to be one, I called for clarification. But then I learned I needed to verify 20 million yuan in assets! Moreover, property and vehicles don't count! Poverty really limits my imagination!' Many banks commonly include airport lounge access as a benefit in their credit card and banking product redemption programmes to attract and retain clients. Photo: Shutterstock She continued: 'I'm baffled as to how they determined this 20 million yuan and 9 points threshold. Anyone with such wealth would likely just purchase a business-class ticket outright. Why would they bother redeeming points for lounge access?' According to publicly available information, Golden Sunflower cards typically require an average monthly balance of at least 500,000 yuan (US$70,000) to open, with airport lounge access being a primary benefit promised to cardholders. In response to the requirements, airport staff explained: 'If you've bought a first or business class international ticket, you can access the lounge directly. If not, you can pay 600 yuan (US$85) for individual use. For China Merchants Bank cardholders, verifying assets over 20 million yuan is necessary. Lounge access is by reservation only, and cardholders must contact the issuing bank to verify eligibility and complete the booking process.' Passengers flying in first or business class typically enjoy VIP lounge access, enhancing their overall travel experience. Photo: Shutterstock China Merchants Bank later confirmed that this rule has been effective since June 2024.
