Cyberport landmark to help reshape HK tech ecosystem
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South China Morning Post
41 minutes ago
- South China Morning Post
How China's ‘big winner' BYD conquered Sri Lanka's high-tariff car market
Aggressive pricing, shrewd tax engineering and a trusted local partner have propelled China's BYD to a commanding position in Sri Lanka 's electric vehicle and hybrid market, disrupting a sector long constrained by import restrictions and setting the stage for dramatic expansion. Sri Lanka's car market, starved of new imports for nearly five years under a sweeping ban imposed in the lead up to the economic crisis of 2022 to stabilise foreign reserves, reopened in February as the government lifted restrictions. But a new tariff regime – with excise duties reaching 300 per cent, 18 per cent value-added tax, and luxury taxes of up to 100 per cent – has sent car prices soaring. Crucially, import duties on EVs are calculated based on motor power and year of manufacture, with steep tax increases for vehicles exceeding the 100-kilowatt threshold. Industry analysts say BYD has configured models such as the Atto 3 just below that limit, qualifying for significantly lower duties. In most other markets, the same model features a 150kW motor, making the Sri Lankan variant better value for money. Visitors examine a BYD Atto 3 EV at an auto expo in Bangkok in 2023. Photo: EPA-EFE BYD's aggressive pricing strategy brought affordability back to the market and positioned the company as a disrupter, Sheran Fernando, former chairman of the Ceylon Motor Traders Association, told This Week in Asia.
South China Morning Post
2 hours ago
- South China Morning Post
China calls for global AI centre to reverse ‘fragmented trend' as US tech rivalry deepens
Chinese Premier Li Qiang has called for the establishment of an international centre to better coordinate global cooperation on artificial intelligence (AI) and address the current 'fragmented trend'. The move comes as China looks to expand its influence in the new but rapidly evolving sector amid a bitter tech competition with the United States. Opening the annual World Artificial Intelligence Conference in Shanghai on Saturday, Li said: 'Currently, global AI governance is showing a fragmented trend overall, particularly with significant differences among nations in regulatory approaches, institutional frameworks and rules. 'We should enhance coordination and alignment to establish a widely accepted global governance framework for AI at an early date.' Top AI scholars as well as industrial representatives from China and around the world are attending the three-day event in the Chinese financial and commercial capital. Li's proposal comes days after the US announced its own blueprint on AI development. The White House policy framework released on Wednesday aims to bolster American AI dominance through deregulation, infrastructure investment and expanding AI exports to allies in the technological arms race with China, described by President Donald Trump as a fight that will define the 21st century.
South China Morning Post
6 hours 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.
