Mainland student expelled after pro gamer 'Zeus' drops intimate relationship online
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South China Morning Post
18 minutes ago
- South China Morning Post
Chinese companies must turn involution into sustainable evolution
Beijing is trying to curb cutthroat price wars that have broken out in multiple sectors. Caused by overcapacity and insufficient demand, many companies have been locked into an unsustainable spiral of price-cutting that not only forgoes profits but imperils their very business survival. Ultimately, job losses will be a lose-lose for all sides concerned. Advertisement Whether in food delivery, e-commerce or advanced manufacturing for batteries, solar panels and electric vehicles, excessive competition has created a vicious cycle that Beijing fears is contributing to price deflation. Such deflation is sticky and difficult to reverse once established. Factory gate prices fell for the 33rd month in June, hindering official efforts to boost domestic consumption. The term neijuan, or involution, has gained currency to describe excessive competition . There is emerging consensus among officials and businesses on the need to turn neijuan into sustainable evolution to boost consumption. Online food delivery platforms Meituan and are among the latest to be hauled before regulators and urged to engage in 'rational' competition. All three have been locked in a price war since February. Meituan's core local commerce business director, Wang Puzhong, even admitted that the price war made no sense but that his company was forced to join to avoid looking like 'the loser'. Meanwhile, Industry and Information Technology Minister Li Lecheng warned solar panel makers that excessive competition and oversupply were hurting their industry. It is hardly the only one. Key sectors such as electrical machinery, steel, cement, ceramics and glass have all experienced price declines. Interestingly, the price of polysilicon, a key component of photovoltaic solar panels, rose significantly not long after Li met industry representatives. Advertisement
South China Morning Post
an hour ago
- South China Morning Post
Which countries will pick sides in a US-China conflict over Taiwan?
There has been much speculation as to which third parties might get involved if war broke out between China and the United States in the Taiwan Strait. In June, The Economist published an article on this very question. More recently, the Financial Times reported that the US had been putting pressure on Japan and Australia to clarify what role they would play in such a situation. Advertisement It appears that there would be few countries on China's side. China's only treaty ally is North Korea. A 1961 treaty obliges the two sides to take 'all necessary measures' to oppose any country or coalition of countries that attack either nation unprovoked. Although North Korea sending soldiers to fight for Russia in Ukraine could raise the same prospect one day, and Beijing certainly matters much more than Moscow to the survival of a country under extensive international sanctions, currently China's ties with North Korea appear less warm than those between Russia and North Korea Pakistan has been described as an 'iron brother' of China. Given its almost unsalvageable relationship with India, Pakistan might seriously consider following through if China asked it to help take on India in a worst-case scenario. However, Islamabad joining a war to assist China against the US – which is a major provider of aid to Pakistan – is highly unlikely. China's most useful strategic partner is unquestionably Russia. Their closeness is reflected in their regular air and sea exercises. But why would Russia choose to get involved in a conflict in the Taiwan Strait if China has not provided Russia with military assistance in the Ukraine war? Presumably Russia would continue to sell China oil and gas , just like China is still selling Russia non-military items, but that's probably all. On the American side, not more than a handful of countries would provide military assistance to the US in a conflict with China, and each would do so half-heartedly at best. The Economist article seems to share this view as it quotes a recent paper from the Centre for a New American Security (CNAS), though the paper's analysis is not entirely convincing. 02:57 Shandong aircraft carrier moves into Taiwan response zone ahead of PLA drills Shandong aircraft carrier moves into Taiwan response zone ahead of PLA drills Its first conclusion is obvious: if the US stays out of the war, its allies will, too. The second is that if the US does step in, its most affected allies would be Japan and the Philippines. Japan's participation would be unlikely to go much further than submarine patrols or missile strikes. The Philippines would be more cautious, the CNAS paper said, but if Chinese forces were bogged down, it might be tempted to advance its claims in the South China Sea.
South China Morning Post
8 hours ago
- South China Morning Post
Imported workers ‘lifeline' for struggling Hong Kong restaurants: trade chiefs
Restaurant industry leaders have defended Hong Kong's labour importation scheme as a crucial 'lifeline' for their struggling sector, arguing that it injects much-needed new blood and improves service standards rather than taking jobs from local workers. They also dismissed accusations that operators were using the scheme to hire cheap labour, insisting the total cost of employing an imported worker, including accommodation and medical expenses, was higher than for a local employee. Their backing on Wednesday followed a wave of restaurant closures and concern over rising unemployment in the catering industry, which has been hit hard by a shift in consumer habits and a persistent manpower crunch since the pandemic. 'If we had been able to import labour sooner, I believe the recent wave of closures could have been avoided,' legislator Tommy Cheung Yu-yan, who represents the catering sector, said at a briefing. He argued that sufficient manpower was key to improving service and food quality, which had fallen behind competitors in the Greater Bay Area. The city's supplementary labour scheme was expanded last year to cover 26 roles, including waiters and junior chefs, in a bid to ease chronic staff shortages.
